<?xml version="1.0" encoding="UTF-8"?>

<!--XBRL Document Created with the Workiva Platform-->
<!--Copyright 2026 Workiva-->
<!--r:019c9ddb-cbc2-7a32-a7df-b0ad54d64d04,g:83d188a3-b62a-4d1a-85ee-ad2104bdba05-->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:arcroleRef arcroleURI="https://xbrl.org/2023/arcrole/summation-item" xlink:type="simple" xlink:href="https://www.xbrl.org/2023/calculation-1.1.xsd#summation-item"/>
  <link:roleRef roleURI="http://www.aresmgmt.com/role/CondensedConsolidatedStatementsofFinancialCondition" xlink:type="simple" xlink:href="ares-20260331.xsd#CondensedConsolidatedStatementsofFinancialCondition"/>
  <link:calculationLink xlink:role="http://www.aresmgmt.com/role/CondensedConsolidatedStatementsofFinancialCondition" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquity_019c9ddb-d514-713d-9448-6dd5010a92ad" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_StockholdersEquity"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockValue_019c9ddb-d514-7248-82cc-7223e03e46aa" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_CommonStockValue"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity_019c9ddb-d514-713d-9448-6dd5010a92ad" xlink:to="loc_us-gaap_CommonStockValue_019c9ddb-d514-7248-82cc-7223e03e46aa" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_019c9ddb-d514-74d8-babd-08f90c6f04ac" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity_019c9ddb-d514-713d-9448-6dd5010a92ad" xlink:to="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_019c9ddb-d514-74d8-babd-08f90c6f04ac" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetainedEarningsAccumulatedDeficit_019c9ddb-d514-7d3a-ba4f-e0028f4af400" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_RetainedEarningsAccumulatedDeficit"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity_019c9ddb-d514-713d-9448-6dd5010a92ad" xlink:to="loc_us-gaap_RetainedEarningsAccumulatedDeficit_019c9ddb-d514-7d3a-ba4f-e0028f4af400" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockValue_019c9ddb-d514-77e9-b27b-8adc9b36ef4a" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_PreferredStockValue"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity_019c9ddb-d514-713d-9448-6dd5010a92ad" xlink:to="loc_us-gaap_PreferredStockValue_019c9ddb-d514-77e9-b27b-8adc9b36ef4a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AdditionalPaidInCapital_019c9ddb-d514-7437-b253-f60c81247b40" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_AdditionalPaidInCapital"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity_019c9ddb-d514-713d-9448-6dd5010a92ad" xlink:to="loc_us-gaap_AdditionalPaidInCapital_019c9ddb-d514-7437-b253-f60c81247b40" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity_019c9ddb-d514-7059-b25f-38d0bbbe37e9" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_LiabilitiesAndStockholdersEquity"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount_019c9ddb-d514-7153-9f94-1a9d9b5ef7d2" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity_019c9ddb-d514-7059-b25f-38d0bbbe37e9" xlink:to="loc_us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount_019c9ddb-d514-7153-9f94-1a9d9b5ef7d2" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_019c9ddb-d514-77dd-b58a-f12d7c01a760" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity_019c9ddb-d514-7059-b25f-38d0bbbe37e9" xlink:to="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_019c9ddb-d514-77dd-b58a-f12d7c01a760" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Liabilities_019c9ddb-d514-78b9-94fe-8d5722d95f9e" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_Liabilities"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity_019c9ddb-d514-7059-b25f-38d0bbbe37e9" xlink:to="loc_us-gaap_Liabilities_019c9ddb-d514-78b9-94fe-8d5722d95f9e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommitmentsAndContingencies_019c9ddb-d514-759b-a37b-d713ab4c23fb" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_CommitmentsAndContingencies"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity_019c9ddb-d514-7059-b25f-38d0bbbe37e9" xlink:to="loc_us-gaap_CommitmentsAndContingencies_019c9ddb-d514-759b-a37b-d713ab4c23fb" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_019c9ddb-d514-705e-a82b-dc67d9c3650f" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquity_019c9ddb-d514-71a9-af7d-f22fc3699a7d" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_StockholdersEquity"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_019c9ddb-d514-705e-a82b-dc67d9c3650f" xlink:to="loc_us-gaap_StockholdersEquity_019c9ddb-d514-71a9-af7d-f22fc3699a7d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MinorityInterest_019c9ddb-d514-7752-a2d5-71a76ebc6e03" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_MinorityInterest"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_019c9ddb-d514-705e-a82b-dc67d9c3650f" xlink:to="loc_us-gaap_MinorityInterest_019c9ddb-d514-7752-a2d5-71a76ebc6e03" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Assets_019c9ddb-d514-7140-8adf-37d9a6b82456" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_Assets"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_019c9ddb-d514-7820-bc98-ca34a3911840" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019c9ddb-d514-7140-8adf-37d9a6b82456" xlink:to="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_019c9ddb-d514-7820-bc98-ca34a3911840" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Investments_019c9ddb-d514-77c3-95b5-130650d7bd89" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_Investments"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019c9ddb-d514-7140-8adf-37d9a6b82456" xlink:to="loc_us-gaap_Investments_019c9ddb-d514-77c3-95b5-130650d7bd89" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherAssets_019c9ddb-d514-77c5-804d-3cdd5242b277" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_OtherAssets"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019c9ddb-d514-7140-8adf-37d9a6b82456" xlink:to="loc_us-gaap_OtherAssets_019c9ddb-d514-77c5-804d-3cdd5242b277" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ares_ReceivableForSecuritiesSold_019c9ddb-d514-7a84-a84c-6d85d0f9037c" xlink:href="ares-20260331.xsd#ares_ReceivableForSecuritiesSold"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019c9ddb-d514-7140-8adf-37d9a6b82456" xlink:to="loc_ares_ReceivableForSecuritiesSold_019c9ddb-d514-7a84-a84c-6d85d0f9037c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseRightOfUseAsset_019c9ddb-d514-7b96-a808-d9a51f4b9a7a" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_OperatingLeaseRightOfUseAsset"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019c9ddb-d514-7140-8adf-37d9a6b82456" xlink:to="loc_us-gaap_OperatingLeaseRightOfUseAsset_019c9ddb-d514-7b96-a808-d9a51f4b9a7a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherInvestments_019c9ddb-d514-7333-ad1c-f83ee68162f8" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_OtherInvestments"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019c9ddb-d514-7140-8adf-37d9a6b82456" xlink:to="loc_us-gaap_OtherInvestments_019c9ddb-d514-7333-ad1c-f83ee68162f8" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsNet_019c9ddb-d514-74b6-92c6-8a321c922cb9" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FiniteLivedIntangibleAssetsNet"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019c9ddb-d514-7140-8adf-37d9a6b82456" xlink:to="loc_us-gaap_FiniteLivedIntangibleAssetsNet_019c9ddb-d514-74b6-92c6-8a321c922cb9" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Goodwill_019c9ddb-d514-7cd8-9103-5d7d8906a1b3" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_Goodwill"/>
    <link:calculationArc order="8" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019c9ddb-d514-7140-8adf-37d9a6b82456" xlink:to="loc_us-gaap_Goodwill_019c9ddb-d514-7cd8-9103-5d7d8906a1b3" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherReceivables_019c9ddb-d514-7db8-b5d0-c10b056fb23b" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_OtherReceivables"/>
    <link:calculationArc order="9" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019c9ddb-d514-7140-8adf-37d9a6b82456" xlink:to="loc_us-gaap_OtherReceivables_019c9ddb-d514-7db8-b5d0-c10b056fb23b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Liabilities_019c9ddb-d514-725e-a1d3-f7ecd0893675" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_Liabilities"/>
    <link:loc xlink:type="locator" xlink:label="loc_ares_PerformanceFeeCompensationPayable_019c9ddb-d514-7e5f-abdd-262e9554c12c" xlink:href="ares-20260331.xsd#ares_PerformanceFeeCompensationPayable"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_019c9ddb-d514-725e-a1d3-f7ecd0893675" xlink:to="loc_ares_PerformanceFeeCompensationPayable_019c9ddb-d514-7e5f-abdd-262e9554c12c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ares_PayableForSecuritiesPurchased_019c9ddb-d514-7bfb-8f71-0647cd41ac36" xlink:href="ares-20260331.xsd#ares_PayableForSecuritiesPurchased"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_019c9ddb-d514-725e-a1d3-f7ecd0893675" xlink:to="loc_ares_PayableForSecuritiesPurchased_019c9ddb-d514-7bfb-8f71-0647cd41ac36" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ares_FundBorrowings_019c9ddb-d514-715d-aff1-a507a87ba2ee" xlink:href="ares-20260331.xsd#ares_FundBorrowings"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_019c9ddb-d514-725e-a1d3-f7ecd0893675" xlink:to="loc_ares_FundBorrowings_019c9ddb-d514-715d-aff1-a507a87ba2ee" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseLiability_019c9ddb-d514-7f4b-8549-be8b38094e75" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_OperatingLeaseLiability"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_019c9ddb-d514-725e-a1d3-f7ecd0893675" xlink:to="loc_us-gaap_OperatingLeaseLiability_019c9ddb-d514-7f4b-8549-be8b38094e75" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebt_019c9ddb-d514-786d-8515-12484dccbf88" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_LongTermDebt"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_019c9ddb-d514-725e-a1d3-f7ecd0893675" xlink:to="loc_us-gaap_LongTermDebt_019c9ddb-d514-786d-8515-12484dccbf88" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ares_CollateralizedLoanObligations_019c9ddb-d514-7025-870a-ade46c31f0d0" xlink:href="ares-20260331.xsd#ares_CollateralizedLoanObligations"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_019c9ddb-d514-725e-a1d3-f7ecd0893675" xlink:to="loc_ares_CollateralizedLoanObligations_019c9ddb-d514-7025-870a-ade46c31f0d0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EmployeeRelatedLiabilitiesCurrentAndNoncurrent_019c9ddb-d514-788f-9a43-45326ac7306d" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_EmployeeRelatedLiabilitiesCurrentAndNoncurrent"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_019c9ddb-d514-725e-a1d3-f7ecd0893675" xlink:to="loc_us-gaap_EmployeeRelatedLiabilitiesCurrentAndNoncurrent_019c9ddb-d514-788f-9a43-45326ac7306d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountsPayableAndOtherAccruedLiabilities_019c9ddb-d514-73fb-adf4-5232bea8bade" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_AccountsPayableAndOtherAccruedLiabilities"/>
    <link:calculationArc order="8" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_019c9ddb-d514-725e-a1d3-f7ecd0893675" xlink:to="loc_us-gaap_AccountsPayableAndOtherAccruedLiabilities_019c9ddb-d514-73fb-adf4-5232bea8bade" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountsPayableOtherCurrentAndNoncurrent_019c9ddb-d514-73c2-be6f-093de4765c70" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_AccountsPayableOtherCurrentAndNoncurrent"/>
    <link:calculationArc order="9" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_019c9ddb-d514-725e-a1d3-f7ecd0893675" xlink:to="loc_us-gaap_AccountsPayableOtherCurrentAndNoncurrent_019c9ddb-d514-73c2-be6f-093de4765c70" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.aresmgmt.com/role/CondensedConsolidatedStatementsofOperationsunaudited" xlink:type="simple" xlink:href="ares-20260331.xsd#CondensedConsolidatedStatementsofOperationsunaudited"/>
  <link:calculationLink xlink:role="http://www.aresmgmt.com/role/CondensedConsolidatedStatementsofOperationsunaudited" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_019c9ddb-d514-7f16-ae3d-1f91e946cecf" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax_019c9ddb-d514-78d8-9635-f1b5b300883b" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_019c9ddb-d514-7f16-ae3d-1f91e946cecf" xlink:to="loc_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax_019c9ddb-d514-78d8-9635-f1b5b300883b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NonoperatingIncomeExpense_019c9ddb-d514-7e99-8760-b64f752977cd" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_NonoperatingIncomeExpense"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_019c9ddb-d514-7f16-ae3d-1f91e946cecf" xlink:to="loc_us-gaap_NonoperatingIncomeExpense_019c9ddb-d514-7e99-8760-b64f752977cd" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingExpenses_019c9ddb-d514-7c4e-97d4-ec442906df9b" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_OperatingExpenses"/>
    <link:calculationArc order="3" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_019c9ddb-d514-7f16-ae3d-1f91e946cecf" xlink:to="loc_us-gaap_OperatingExpenses_019c9ddb-d514-7c4e-97d4-ec442906df9b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingExpenses_019c9ddb-d514-7ea2-a933-d550ae56da2b" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_OperatingExpenses"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LaborAndRelatedExpense_019c9ddb-d514-732e-8724-817a5052d366" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_LaborAndRelatedExpense"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingExpenses_019c9ddb-d514-7ea2-a933-d550ae56da2b" xlink:to="loc_us-gaap_LaborAndRelatedExpense_019c9ddb-d514-732e-8724-817a5052d366" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ares_NoninterestExpenseRelatedToPerformanceFeesNet_019c9ddb-d514-74ee-8d0f-bdb86d81fb50" xlink:href="ares-20260331.xsd#ares_NoninterestExpenseRelatedToPerformanceFeesNet"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingExpenses_019c9ddb-d514-7ea2-a933-d550ae56da2b" xlink:to="loc_ares_NoninterestExpenseRelatedToPerformanceFeesNet_019c9ddb-d514-74ee-8d0f-bdb86d81fb50" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SellingGeneralAndAdministrativeExpense_019c9ddb-d514-7ff2-a88d-a64d7b01d0ad" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_SellingGeneralAndAdministrativeExpense"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingExpenses_019c9ddb-d514-7ea2-a933-d550ae56da2b" xlink:to="loc_us-gaap_SellingGeneralAndAdministrativeExpense_019c9ddb-d514-7ff2-a88d-a64d7b01d0ad" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ares_NoninterestExpenseRelatedToExpensesOfTheConsolidatedFundsNet_019c9ddb-d514-79f4-be07-0747cf165006" xlink:href="ares-20260331.xsd#ares_NoninterestExpenseRelatedToExpensesOfTheConsolidatedFundsNet"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingExpenses_019c9ddb-d514-7ea2-a933-d550ae56da2b" xlink:to="loc_ares_NoninterestExpenseRelatedToExpensesOfTheConsolidatedFundsNet_019c9ddb-d514-79f4-be07-0747cf165006" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_019c9ddb-d514-721f-8e99-bd78bc7cbdc4" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLoss_019c9ddb-d514-7bfe-bc07-01356b9cf657" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_NetIncomeLoss"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_019c9ddb-d514-721f-8e99-bd78bc7cbdc4" xlink:to="loc_us-gaap_NetIncomeLoss_019c9ddb-d514-7bfe-bc07-01356b9cf657" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockDividendsIncomeStatementImpact_019c9ddb-d514-7944-a8fc-198ccf76aff6" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_PreferredStockDividendsIncomeStatementImpact"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_019c9ddb-d514-721f-8e99-bd78bc7cbdc4" xlink:to="loc_us-gaap_PreferredStockDividendsIncomeStatementImpact_019c9ddb-d514-7944-a8fc-198ccf76aff6" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NonoperatingIncomeExpense_019c9ddb-d514-7903-91cc-bcd49850deab" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_NonoperatingIncomeExpense"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherNonoperatingIncomeExpense_019c9ddb-d514-784a-8f4e-988e67100255" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_OtherNonoperatingIncomeExpense"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NonoperatingIncomeExpense_019c9ddb-d514-7903-91cc-bcd49850deab" xlink:to="loc_us-gaap_OtherNonoperatingIncomeExpense_019c9ddb-d514-784a-8f4e-988e67100255" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestExpenseNonoperating_019c9ddb-d514-7020-85a7-098208151e08" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InterestExpenseNonoperating"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NonoperatingIncomeExpense_019c9ddb-d514-7903-91cc-bcd49850deab" xlink:to="loc_us-gaap_InterestExpenseNonoperating_019c9ddb-d514-7020-85a7-098208151e08" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_GainLossOnInvestments_019c9ddb-d514-77ea-9197-75dcc826ab0b" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_GainLossOnInvestments"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NonoperatingIncomeExpense_019c9ddb-d514-7903-91cc-bcd49850deab" xlink:to="loc_us-gaap_GainLossOnInvestments_019c9ddb-d514-77ea-9197-75dcc826ab0b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentIncomeInterestAndDividend_019c9ddb-d514-7122-821a-8a9b8688b88b" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentIncomeInterestAndDividend"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NonoperatingIncomeExpense_019c9ddb-d514-7903-91cc-bcd49850deab" xlink:to="loc_us-gaap_InvestmentIncomeInterestAndDividend_019c9ddb-d514-7122-821a-8a9b8688b88b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentIncomeNet_019c9ddb-d514-7e73-a8fa-ddfde7338bdc" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentIncomeNet"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NonoperatingIncomeExpense_019c9ddb-d514-7903-91cc-bcd49850deab" xlink:to="loc_us-gaap_InvestmentIncomeNet_019c9ddb-d514-7e73-a8fa-ddfde7338bdc" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ares_NetIncomeLossIncludingPortionAttributableToNoncontrollingInterestAndConsolidatedEntities_019c9ddb-d514-765a-802c-f8d252d56d20" xlink:href="ares-20260331.xsd#ares_NetIncomeLossIncludingPortionAttributableToNoncontrollingInterestAndConsolidatedEntities"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefit_019c9ddb-d514-7537-b822-524b6ca01520" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_IncomeTaxExpenseBenefit"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ares_NetIncomeLossIncludingPortionAttributableToNoncontrollingInterestAndConsolidatedEntities_019c9ddb-d514-765a-802c-f8d252d56d20" xlink:to="loc_us-gaap_IncomeTaxExpenseBenefit_019c9ddb-d514-7537-b822-524b6ca01520" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_019c9ddb-d514-75a3-87f4-352fc0cee1c0" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ares_NetIncomeLossIncludingPortionAttributableToNoncontrollingInterestAndConsolidatedEntities_019c9ddb-d514-765a-802c-f8d252d56d20" xlink:to="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_019c9ddb-d514-75a3-87f4-352fc0cee1c0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLoss_019c9ddb-d514-79d3-a680-35a3c99f2ad6" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_NetIncomeLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_ares_NetIncomeLossAttributableToNoncontrollingInterestParentOnly_019c9ddb-d514-7811-8012-29652177dc0f" xlink:href="ares-20260331.xsd#ares_NetIncomeLossAttributableToNoncontrollingInterestParentOnly"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLoss_019c9ddb-d514-79d3-a680-35a3c99f2ad6" xlink:to="loc_ares_NetIncomeLossAttributableToNoncontrollingInterestParentOnly_019c9ddb-d514-7811-8012-29652177dc0f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss_019c9ddb-d514-74e6-99d5-53820043bb10" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ProfitLoss"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLoss_019c9ddb-d514-79d3-a680-35a3c99f2ad6" xlink:to="loc_us-gaap_ProfitLoss_019c9ddb-d514-74e6-99d5-53820043bb10" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest_019c9ddb-d514-7afc-9bd9-43664b0e2951" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest"/>
    <link:calculationArc order="3" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLoss_019c9ddb-d514-79d3-a680-35a3c99f2ad6" xlink:to="loc_us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest_019c9ddb-d514-7afc-9bd9-43664b0e2951" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss_019c9ddb-d514-727c-bfe6-dff562a66cd8" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ProfitLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_ares_NetIncomeLossIncludingPortionAttributableToNoncontrollingInterestAndConsolidatedEntities_019c9ddb-d514-7e14-952a-fd414ed0041d" xlink:href="ares-20260331.xsd#ares_NetIncomeLossIncludingPortionAttributableToNoncontrollingInterestAndConsolidatedEntities"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_019c9ddb-d514-727c-bfe6-dff562a66cd8" xlink:to="loc_ares_NetIncomeLossIncludingPortionAttributableToNoncontrollingInterestAndConsolidatedEntities_019c9ddb-d514-7e14-952a-fd414ed0041d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ares_NetIncomeLossAttributableToNoncontrollingInterestConsolidatedEntities_019c9ddb-d514-7bc9-9262-e01edc3ab455" xlink:href="ares-20260331.xsd#ares_NetIncomeLossAttributableToNoncontrollingInterestConsolidatedEntities"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_019c9ddb-d514-727c-bfe6-dff562a66cd8" xlink:to="loc_ares_NetIncomeLossAttributableToNoncontrollingInterestConsolidatedEntities_019c9ddb-d514-7bc9-9262-e01edc3ab455" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.aresmgmt.com/role/CondensedConsolidatedStatementsofComprehensiveIncomeunaudited" xlink:type="simple" xlink:href="ares-20260331.xsd#CondensedConsolidatedStatementsofComprehensiveIncomeunaudited"/>
  <link:calculationLink xlink:role="http://www.aresmgmt.com/role/CondensedConsolidatedStatementsofComprehensiveIncomeunaudited" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTax_019c9ddb-d514-775e-b316-dd65a16694d6" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ComprehensiveIncomeNetOfTax"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_019c9ddb-d514-7f37-8011-6993d8348648" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTax_019c9ddb-d514-775e-b316-dd65a16694d6" xlink:to="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_019c9ddb-d514-7f37-8011-6993d8348648" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest_019c9ddb-d514-7ced-881f-7dbb22a4c92a" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTax_019c9ddb-d514-775e-b316-dd65a16694d6" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest_019c9ddb-d514-7ced-881f-7dbb22a4c92a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest_019c9ddb-d514-7758-a61e-d7f5060a93f3" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest"/>
    <link:loc xlink:type="locator" xlink:label="loc_ares_ComprehensiveIncomeLossNetOfTaxAttributableToRedeemableNoncontrollingInterest_019c9ddb-d514-7799-b633-16ddb25e24ee" xlink:href="ares-20260331.xsd#ares_ComprehensiveIncomeLossNetOfTaxAttributableToRedeemableNoncontrollingInterest"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest_019c9ddb-d514-7758-a61e-d7f5060a93f3" xlink:to="loc_ares_ComprehensiveIncomeLossNetOfTaxAttributableToRedeemableNoncontrollingInterest_019c9ddb-d514-7799-b633-16ddb25e24ee" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ares_ComprehensiveIncomeLossNetOfTaxAttributableToNonredeemableNoncontrollingInterest_019c9ddb-d514-7a26-8450-d3dbfbc872ea" xlink:href="ares-20260331.xsd#ares_ComprehensiveIncomeLossNetOfTaxAttributableToNonredeemableNoncontrollingInterest"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest_019c9ddb-d514-7758-a61e-d7f5060a93f3" xlink:to="loc_ares_ComprehensiveIncomeLossNetOfTaxAttributableToNonredeemableNoncontrollingInterest_019c9ddb-d514-7a26-8450-d3dbfbc872ea" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_019c9ddb-d514-7669-af6a-ebc29c530a0f" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:loc xlink:type="locator" xlink:label="loc_ares_NetIncomeLossIncludingPortionAttributableToNoncontrollingInterestAndConsolidatedEntities_019c9ddb-d514-758a-85a5-ee5f7bdc7cbc" xlink:href="ares-20260331.xsd#ares_NetIncomeLossIncludingPortionAttributableToNoncontrollingInterestAndConsolidatedEntities"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_019c9ddb-d514-7669-af6a-ebc29c530a0f" xlink:to="loc_ares_NetIncomeLossIncludingPortionAttributableToNoncontrollingInterestAndConsolidatedEntities_019c9ddb-d514-758a-85a5-ee5f7bdc7cbc" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_019c9ddb-d514-7e4e-8c8e-2be0999dedf5" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_019c9ddb-d514-7669-af6a-ebc29c530a0f" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_019c9ddb-d514-7e4e-8c8e-2be0999dedf5" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.aresmgmt.com/role/CondensedConsolidatedStatementsofCashFlowsunaudited" xlink:type="simple" xlink:href="ares-20260331.xsd#CondensedConsolidatedStatementsofCashFlowsunaudited"/>
  <link:calculationLink xlink:role="http://www.aresmgmt.com/role/CondensedConsolidatedStatementsofCashFlowsunaudited" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_019cebc2-517c-73f6-b4fe-1ca8576fd12c" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019cebc2-517c-7395-bd88-6dcbcb0ded35" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_019cebc2-517c-73f6-b4fe-1ca8576fd12c" xlink:to="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019cebc2-517c-7395-bd88-6dcbcb0ded35" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019cebc2-517c-75b1-9f59-b5081f212a0b" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_019cebc2-517c-73f6-b4fe-1ca8576fd12c" xlink:to="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019cebc2-517c-75b1-9f59-b5081f212a0b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019cebc2-517c-7a30-b0b7-9a51aa06e557" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_019cebc2-517c-73f6-b4fe-1ca8576fd12c" xlink:to="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019cebc2-517c-7a30-b0b7-9a51aa06e557" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_019cebc3-db93-7b11-9565-19e0ee1d2875" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_019cebc2-517c-73f6-b4fe-1ca8576fd12c" xlink:to="loc_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_019cebc3-db93-7b11-9565-19e0ee1d2875" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019cebc0-f582-72c6-bcdd-0fb914f3a8de" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment_019cebc0-f582-779b-8f56-6c48294f8e46" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019cebc0-f582-72c6-bcdd-0fb914f3a8de" xlink:to="loc_us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment_019cebc0-f582-779b-8f56-6c48294f8e46" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired_019cebc0-f582-7d0a-b19b-adfe90413c0b" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019cebc0-f582-72c6-bcdd-0fb914f3a8de" xlink:to="loc_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired_019cebc0-f582-7d0a-b19b-adfe90413c0b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019cebc0-7ad3-7421-8637-faeae9dddace" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
    <link:loc xlink:type="locator" xlink:label="loc_ares_NetIncomeLossIncludingPortionAttributableToNoncontrollingInterestAndConsolidatedEntities_019cebc0-7ad3-70e2-8afc-c2b0a682f02d" xlink:href="ares-20260331.xsd#ares_NetIncomeLossIncludingPortionAttributableToNoncontrollingInterestAndConsolidatedEntities"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019cebc0-7ad3-7421-8637-faeae9dddace" xlink:to="loc_ares_NetIncomeLossIncludingPortionAttributableToNoncontrollingInterestAndConsolidatedEntities_019cebc0-7ad3-70e2-8afc-c2b0a682f02d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_019cebc0-7ad3-7fd4-ac68-d1fbb8ced725" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019cebc0-7ad3-7421-8637-faeae9dddace" xlink:to="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_019cebc0-7ad3-7fd4-ac68-d1fbb8ced725" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherOperatingActivitiesCashFlowStatement_019cebc0-7ad3-7d92-9dbf-cc1fbcb5848a" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_OtherOperatingActivitiesCashFlowStatement"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019cebc0-7ad3-7421-8637-faeae9dddace" xlink:to="loc_us-gaap_OtherOperatingActivitiesCashFlowStatement_019cebc0-7ad3-7d92-9dbf-cc1fbcb5848a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ares_IncreaseDecreaseInCashAndCashEquivalentsForOperatingActivities_019cebc0-7ad3-7f18-9665-8e37f12922c5" xlink:href="ares-20260331.xsd#ares_IncreaseDecreaseInCashAndCashEquivalentsForOperatingActivities"/>
    <link:calculationArc order="4" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019cebc0-7ad3-7421-8637-faeae9dddace" xlink:to="loc_ares_IncreaseDecreaseInCashAndCashEquivalentsForOperatingActivities_019cebc0-7ad3-7f18-9665-8e37f12922c5" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019cebc1-7795-7cb9-ab92-0a7d4ccf1977" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromLongTermLinesOfCredit_019cebc1-7795-7346-8e73-f18ac1447284" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ProceedsFromLongTermLinesOfCredit"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019cebc1-7795-7cb9-ab92-0a7d4ccf1977" xlink:to="loc_us-gaap_ProceedsFromLongTermLinesOfCredit_019cebc1-7795-7346-8e73-f18ac1447284" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfOtherLongTermDebt_019cebc1-7795-7879-9802-0999e44c9c0a" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ProceedsFromIssuanceOfOtherLongTermDebt"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019cebc1-7795-7cb9-ab92-0a7d4ccf1977" xlink:to="loc_us-gaap_ProceedsFromIssuanceOfOtherLongTermDebt_019cebc1-7795-7879-9802-0999e44c9c0a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RepaymentsOfLongTermLinesOfCredit_019cebc1-7795-70ce-aee2-1a7516663207" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_RepaymentsOfLongTermLinesOfCredit"/>
    <link:calculationArc order="3" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019cebc1-7795-7cb9-ab92-0a7d4ccf1977" xlink:to="loc_us-gaap_RepaymentsOfLongTermLinesOfCredit_019cebc1-7795-70ce-aee2-1a7516663207" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsOfCapitalDistribution_019cebc1-7795-719d-83cc-a583da9077a7" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_PaymentsOfCapitalDistribution"/>
    <link:calculationArc order="4" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019cebc1-7795-7cb9-ab92-0a7d4ccf1977" xlink:to="loc_us-gaap_PaymentsOfCapitalDistribution_019cebc1-7795-719d-83cc-a583da9077a7" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForRepurchaseOfEquity_019cebc1-7795-7357-85e3-6080c1a84774" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_PaymentsForRepurchaseOfEquity"/>
    <link:calculationArc order="5" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019cebc1-7795-7cb9-ab92-0a7d4ccf1977" xlink:to="loc_us-gaap_PaymentsForRepurchaseOfEquity_019cebc1-7795-7357-85e3-6080c1a84774" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities_019cebc1-7795-7fb1-aa3b-5f1e05f2dc6e" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ProceedsFromPaymentsForOtherFinancingActivities"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019cebc1-7795-7cb9-ab92-0a7d4ccf1977" xlink:to="loc_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities_019cebc1-7795-7fb1-aa3b-5f1e05f2dc6e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromPaymentsToMinorityShareholders_019cebc1-7795-7eff-9b17-c793c3ff048b" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ProceedsFromPaymentsToMinorityShareholders"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019cebc1-7795-7cb9-ab92-0a7d4ccf1977" xlink:to="loc_us-gaap_ProceedsFromPaymentsToMinorityShareholders_019cebc1-7795-7eff-9b17-c793c3ff048b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToMinorityShareholders_019cebc1-7795-7372-9f89-b4ebe1c5221f" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_PaymentsToMinorityShareholders"/>
    <link:calculationArc order="8" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019cebc1-7795-7cb9-ab92-0a7d4ccf1977" xlink:to="loc_us-gaap_PaymentsToMinorityShareholders_019cebc1-7795-7372-9f89-b4ebe1c5221f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfDebt_019d85cd-44da-782f-a6ae-994bdc9b8999" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ProceedsFromIssuanceOfDebt"/>
    <link:calculationArc order="9" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019cebc1-7795-7cb9-ab92-0a7d4ccf1977" xlink:to="loc_us-gaap_ProceedsFromIssuanceOfDebt_019d85cd-44da-782f-a6ae-994bdc9b8999" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RepaymentsOfDebt_019d951e-47fe-76f5-83e1-8dffddbea32d" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_RepaymentsOfDebt"/>
    <link:calculationArc order="10" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019cebc1-7795-7cb9-ab92-0a7d4ccf1977" xlink:to="loc_us-gaap_RepaymentsOfDebt_019d951e-47fe-76f5-83e1-8dffddbea32d" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.aresmgmt.com/role/GOODWILLANDINTANGIBLEASSETSScheduleofCarryingValueofIntangibleAssetsDetails" xlink:type="simple" xlink:href="ares-20260331.xsd#GOODWILLANDINTANGIBLEASSETSScheduleofCarryingValueofIntangibleAssetsDetails"/>
  <link:calculationLink xlink:role="http://www.aresmgmt.com/role/GOODWILLANDINTANGIBLEASSETSScheduleofCarryingValueofIntangibleAssetsDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_ares_FiniteLivedIntangibleAssetsNetOfForeignCurrencyTranslation_019c9ddb-d5e7-7e1a-af10-9a9e5f69a185" xlink:href="ares-20260331.xsd#ares_FiniteLivedIntangibleAssetsNetOfForeignCurrencyTranslation"/>
    <link:loc xlink:type="locator" xlink:label="loc_ares_FiniteLivedIntangibleAssetsForeignCurrencyTranslation_019c9ddb-d5e7-75e1-b22c-ad2591072a20" xlink:href="ares-20260331.xsd#ares_FiniteLivedIntangibleAssetsForeignCurrencyTranslation"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ares_FiniteLivedIntangibleAssetsNetOfForeignCurrencyTranslation_019c9ddb-d5e7-7e1a-af10-9a9e5f69a185" xlink:to="loc_ares_FiniteLivedIntangibleAssetsForeignCurrencyTranslation_019c9ddb-d5e7-75e1-b22c-ad2591072a20" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsGross_019c9ddb-d5e7-7f12-8e1c-c23d64932f22" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FiniteLivedIntangibleAssetsGross"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ares_FiniteLivedIntangibleAssetsNetOfForeignCurrencyTranslation_019c9ddb-d5e7-7e1a-af10-9a9e5f69a185" xlink:to="loc_us-gaap_FiniteLivedIntangibleAssetsGross_019c9ddb-d5e7-7f12-8e1c-c23d64932f22" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IntangibleAssetsGrossExcludingGoodwill_019c9ddb-d5e7-70f2-8dd4-9d2bf850067d" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_IntangibleAssetsGrossExcludingGoodwill"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IndefiniteLivedIntangibleAssetsExcludingGoodwill_019c9ddb-d5e7-7ca7-8dd3-c61c7ba4c1c2" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_IndefiniteLivedIntangibleAssetsExcludingGoodwill"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_IntangibleAssetsGrossExcludingGoodwill_019c9ddb-d5e7-70f2-8dd4-9d2bf850067d" xlink:to="loc_us-gaap_IndefiniteLivedIntangibleAssetsExcludingGoodwill_019c9ddb-d5e7-7ca7-8dd3-c61c7ba4c1c2" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsNet_019c9ddb-d5e7-78f8-b5ac-065e418fbc66" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FiniteLivedIntangibleAssetsNet"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_IntangibleAssetsGrossExcludingGoodwill_019c9ddb-d5e7-70f2-8dd4-9d2bf850067d" xlink:to="loc_us-gaap_FiniteLivedIntangibleAssetsNet_019c9ddb-d5e7-78f8-b5ac-065e418fbc66" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsNet_019c9ddb-d5e7-7c82-822d-9c0d42b7f4f5" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FiniteLivedIntangibleAssetsNet"/>
    <link:loc xlink:type="locator" xlink:label="loc_ares_FiniteLivedIntangibleAssetsNetOfForeignCurrencyTranslation_019c9ddb-d5e7-7a2c-990c-3e0ce9a176c0" xlink:href="ares-20260331.xsd#ares_FiniteLivedIntangibleAssetsNetOfForeignCurrencyTranslation"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsNet_019c9ddb-d5e7-7c82-822d-9c0d42b7f4f5" xlink:to="loc_ares_FiniteLivedIntangibleAssetsNetOfForeignCurrencyTranslation_019c9ddb-d5e7-7a2c-990c-3e0ce9a176c0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_019c9ddb-d5e7-7ba3-bc58-4a37dc7c79f7" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsNet_019c9ddb-d5e7-7c82-822d-9c0d42b7f4f5" xlink:to="loc_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_019c9ddb-d5e7-7ba3-bc58-4a37dc7c79f7" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.aresmgmt.com/role/INVESTMENTSScheduleofInvestmentsDetails" xlink:type="simple" xlink:href="ares-20260331.xsd#INVESTMENTSScheduleofInvestmentsDetails"/>
  <link:calculationLink xlink:role="http://www.aresmgmt.com/role/INVESTMENTSScheduleofInvestmentsDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Investments_019c9ddb-d5e7-7779-b328-1d5b1d2116c8" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_Investments"/>
    <link:loc xlink:type="locator" xlink:label="loc_ares_CollateralizedLoanObligationsFairValue_019c9ddb-d5e7-7872-85c9-1e48ad999e61" xlink:href="ares-20260331.xsd#ares_CollateralizedLoanObligationsFairValue"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Investments_019c9ddb-d5e7-7779-b328-1d5b1d2116c8" xlink:to="loc_ares_CollateralizedLoanObligationsFairValue_019c9ddb-d5e7-7872-85c9-1e48ad999e61" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityMethodInvestmentsFairValueDisclosure_019c9ddb-d5e7-7d8a-b8f3-b693df79e8c0" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_EquityMethodInvestmentsFairValueDisclosure"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Investments_019c9ddb-d5e7-7779-b328-1d5b1d2116c8" xlink:to="loc_us-gaap_EquityMethodInvestmentsFairValueDisclosure_019c9ddb-d5e7-7d8a-b8f3-b693df79e8c0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AlternativeInvestment_019c9ddb-d5e7-7a31-aaba-94f7019a8e33" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_AlternativeInvestment"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Investments_019c9ddb-d5e7-7779-b328-1d5b1d2116c8" xlink:to="loc_us-gaap_AlternativeInvestment_019c9ddb-d5e7-7a31-aaba-94f7019a8e33" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentsFairValueDisclosure_019c9ddb-d5e7-7d76-b5fd-06a103259353" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentsFairValueDisclosure"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Investments_019c9ddb-d5e7-7779-b328-1d5b1d2116c8" xlink:to="loc_us-gaap_InvestmentsFairValueDisclosure_019c9ddb-d5e7-7d76-b5fd-06a103259353" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquitySecuritiesFvNi_019c9ddb-d5e7-73c5-874d-85bbe0308637" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_EquitySecuritiesFvNi"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Investments_019c9ddb-d5e7-7779-b328-1d5b1d2116c8" xlink:to="loc_us-gaap_EquitySecuritiesFvNi_019c9ddb-d5e7-73c5-874d-85bbe0308637" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.aresmgmt.com/role/FAIRVALUEScheduleofAssetsandLiabilitiesMeasuredatFairValueDetails" xlink:type="simple" xlink:href="ares-20260331.xsd#FAIRVALUEScheduleofAssetsandLiabilitiesMeasuredatFairValueDetails"/>
  <link:calculationLink xlink:role="http://www.aresmgmt.com/role/FAIRVALUEScheduleofAssetsandLiabilitiesMeasuredatFairValueDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentsFairValueDisclosure_019c9ddb-d5e7-7b6d-ba51-d027bdd5f3f9" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentsFairValueDisclosure"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesDebtSecurities_019c9ddb-d5e7-726c-aeef-91fc0cb1f9f0" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_AvailableForSaleSecuritiesDebtSecurities"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_InvestmentsFairValueDisclosure_019c9ddb-d5e7-7b6d-ba51-d027bdd5f3f9" xlink:to="loc_us-gaap_AvailableForSaleSecuritiesDebtSecurities_019c9ddb-d5e7-726c-aeef-91fc0cb1f9f0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquitySecuritiesFvNi_019c9ddb-d5e7-7a0f-b10e-115ea14f434d" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_EquitySecuritiesFvNi"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_InvestmentsFairValueDisclosure_019c9ddb-d5e7-7b6d-ba51-d027bdd5f3f9" xlink:to="loc_us-gaap_EquitySecuritiesFvNi_019c9ddb-d5e7-7a0f-b10e-115ea14f434d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AlternativeInvestment_019c9ddb-d5e7-73c6-aa92-b17a125164a7" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_AlternativeInvestment"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_InvestmentsFairValueDisclosure_019c9ddb-d5e7-7b6d-ba51-d027bdd5f3f9" xlink:to="loc_us-gaap_AlternativeInvestment_019c9ddb-d5e7-73c6-aa92-b17a125164a7" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ares_EquitySecuritiesFVNICurrentAndEquityMethodInvestmentsFairValueDisclosure_019c9ddb-d5e7-7d6b-91e1-d16ba5a038ac" xlink:href="ares-20260331.xsd#ares_EquitySecuritiesFVNICurrentAndEquityMethodInvestmentsFairValueDisclosure"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_InvestmentsFairValueDisclosure_019c9ddb-d5e7-7b6d-ba51-d027bdd5f3f9" xlink:to="loc_ares_EquitySecuritiesFVNICurrentAndEquityMethodInvestmentsFairValueDisclosure_019c9ddb-d5e7-7d6b-91e1-d16ba5a038ac" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsFairValueDisclosure_019c9ddb-d5e7-7d22-b7d7-0010a49f326f" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_AssetsFairValueDisclosure"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentsFairValueDisclosure_019c9ddb-d5e7-72d9-8800-5fe1146754da" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentsFairValueDisclosure"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsFairValueDisclosure_019c9ddb-d5e7-7d22-b7d7-0010a49f326f" xlink:to="loc_us-gaap_InvestmentsFairValueDisclosure_019c9ddb-d5e7-72d9-8800-5fe1146754da" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssets_019c9ddb-d5e7-7673-8c62-c5a8e954054b" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_DerivativeAssets"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsFairValueDisclosure_019c9ddb-d5e7-7d22-b7d7-0010a49f326f" xlink:to="loc_us-gaap_DerivativeAssets_019c9ddb-d5e7-7673-8c62-c5a8e954054b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesFairValueDisclosure_019c9ddb-d5e7-7f3f-89b4-79ce32922843" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_LiabilitiesFairValueDisclosure"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilities_019c9ddb-d5e7-72ab-8f99-6a18c863fa24" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_DerivativeLiabilities"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesFairValueDisclosure_019c9ddb-d5e7-7f3f-89b4-79ce32922843" xlink:to="loc_us-gaap_DerivativeLiabilities_019c9ddb-d5e7-72ab-8f99-6a18c863fa24" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationContingentConsiderationLiability_019c9ddb-d5e7-778c-a14d-1b365ed9bf31" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_BusinessCombinationContingentConsiderationLiability"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesFairValueDisclosure_019c9ddb-d5e7-7f3f-89b4-79ce32922843" xlink:to="loc_us-gaap_BusinessCombinationContingentConsiderationLiability_019c9ddb-d5e7-778c-a14d-1b365ed9bf31" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentFairValue_019c9ddb-d5e7-790f-bfe2-9d7d24810ce7" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_DebtInstrumentFairValue"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesFairValueDisclosure_019c9ddb-d5e7-7f3f-89b4-79ce32922843" xlink:to="loc_us-gaap_DebtInstrumentFairValue_019c9ddb-d5e7-790f-bfe2-9d7d24810ce7" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.aresmgmt.com/role/COMMITMENTSANDCONTINGENCIESScheduleofMaturityofLeaseLiabilitiesDetails" xlink:type="simple" xlink:href="ares-20260331.xsd#COMMITMENTSANDCONTINGENCIESScheduleofMaturityofLeaseLiabilitiesDetails"/>
  <link:calculationLink xlink:role="http://www.aresmgmt.com/role/COMMITMENTSANDCONTINGENCIESScheduleofMaturityofLeaseLiabilitiesDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_019cf5b4-1783-7d5e-93e9-9fa79b4ee1e9" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear_019cf5b4-1783-780e-8b81-6724cb59f178" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_019cf5b4-1783-7d5e-93e9-9fa79b4ee1e9" xlink:to="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear_019cf5b4-1783-780e-8b81-6724cb59f178" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_019cf5b4-1783-77b8-a2a0-39f1ce992daf" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_019cf5b4-1783-7d5e-93e9-9fa79b4ee1e9" xlink:to="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_019cf5b4-1783-77b8-a2a0-39f1ce992daf" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_019cf5b4-1783-7331-9ded-4553c20b1409" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_019cf5b4-1783-7d5e-93e9-9fa79b4ee1e9" xlink:to="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_019cf5b4-1783-7331-9ded-4553c20b1409" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree_019cf5b4-1783-79c4-b466-7d3a0d98e19a" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_019cf5b4-1783-7d5e-93e9-9fa79b4ee1e9" xlink:to="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree_019cf5b4-1783-79c4-b466-7d3a0d98e19a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour_019cf5b4-1783-74b9-b4bc-62f6c515e4a0" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_019cf5b4-1783-7d5e-93e9-9fa79b4ee1e9" xlink:to="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour_019cf5b4-1783-74b9-b4bc-62f6c515e4a0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ares_LesseeOperatingLeaseLiabilityToBePaidAfterYearFour_019cf5b4-1783-70bd-bc71-2617ff915fda" xlink:href="ares-20260331.xsd#ares_LesseeOperatingLeaseLiabilityToBePaidAfterYearFour"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_019cf5b4-1783-7d5e-93e9-9fa79b4ee1e9" xlink:to="loc_ares_LesseeOperatingLeaseLiabilityToBePaidAfterYearFour_019cf5b4-1783-70bd-bc71-2617ff915fda" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.aresmgmt.com/role/COMMITMENTSANDCONTINGENCIESScheduleofMaturityofLeaseLiabilitiesDetails_1" xlink:type="simple" xlink:href="ares-20260331.xsd#COMMITMENTSANDCONTINGENCIESScheduleofMaturityofLeaseLiabilitiesDetails_1"/>
  <link:calculationLink xlink:role="http://www.aresmgmt.com/role/COMMITMENTSANDCONTINGENCIESScheduleofMaturityofLeaseLiabilitiesDetails_1" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_019cf5b3-f39f-7933-bd10-948b46052b51" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_019cf5b3-f39f-7823-96d2-ddae0041f1f1" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_019cf5b3-f39f-7933-bd10-948b46052b51" xlink:to="loc_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_019cf5b3-f39f-7823-96d2-ddae0041f1f1" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseLiability_019cf5b3-f39f-7f22-b880-08e88e77e1b9" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_OperatingLeaseLiability"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_019cf5b3-f39f-7933-bd10-948b46052b51" xlink:to="loc_us-gaap_OperatingLeaseLiability_019cf5b3-f39f-7f22-b880-08e88e77e1b9" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.aresmgmt.com/role/EARNINGSPERSHAREScheduleofComputationofBasicandDilutedEarningsPerShareDetails" xlink:type="simple" xlink:href="ares-20260331.xsd#EARNINGSPERSHAREScheduleofComputationofBasicandDilutedEarningsPerShareDetails"/>
  <link:calculationLink xlink:role="http://www.aresmgmt.com/role/EARNINGSPERSHAREScheduleofComputationofBasicandDilutedEarningsPerShareDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_019c9ddb-d5e8-79c4-b6ca-45ee9b0192e8" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_019c9ddb-d5e8-7efe-b67a-03b380064e17" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_019c9ddb-d5e8-79c4-b6ca-45ee9b0192e8" xlink:to="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_019c9ddb-d5e8-7efe-b67a-03b380064e17" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ares_DistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted_019c9ddb-d5e8-71fd-9d97-707a2e52a431" xlink:href="ares-20260331.xsd#ares_DistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_019c9ddb-d5e8-79c4-b6ca-45ee9b0192e8" xlink:to="loc_ares_DistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted_019c9ddb-d5e8-71fd-9d97-707a2e52a431" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_UndistributedEarnings_019c9ddb-d5e8-7ae6-a115-b7a84177ace2" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_UndistributedEarnings"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_019c9ddb-d5e8-7f98-b64c-8d95a6f80d63" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_UndistributedEarnings_019c9ddb-d5e8-7ae6-a115-b7a84177ace2" xlink:to="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_019c9ddb-d5e8-7f98-b64c-8d95a6f80d63" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DividendsCommonStockStock_019c9ddb-d5e8-7b80-a6df-92611fab235f" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_DividendsCommonStockStock"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_UndistributedEarnings_019c9ddb-d5e8-7ae6-a115-b7a84177ace2" xlink:to="loc_us-gaap_DividendsCommonStockStock_019c9ddb-d5e8-7b80-a6df-92611fab235f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ares_DistributedEarningsLossAllocatedToParticipatingSecuritiesBasic_019c9ddb-d5e8-71e7-89e4-2b15e2f43c62" xlink:href="ares-20260331.xsd#ares_DistributedEarningsLossAllocatedToParticipatingSecuritiesBasic"/>
    <link:calculationArc order="3" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_UndistributedEarnings_019c9ddb-d5e8-7ae6-a115-b7a84177ace2" xlink:to="loc_ares_DistributedEarningsLossAllocatedToParticipatingSecuritiesBasic_019c9ddb-d5e8-71e7-89e4-2b15e2f43c62" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.aresmgmt.com/role/SEGMENTREPORTINGScheduleofFinancialResultsforCompanysOperatingSegmentsandOMGDetails" xlink:type="simple" xlink:href="ares-20260331.xsd#SEGMENTREPORTINGScheduleofFinancialResultsforCompanysOperatingSegmentsandOMGDetails"/>
  <link:calculationLink xlink:role="http://www.aresmgmt.com/role/SEGMENTREPORTINGScheduleofFinancialResultsforCompanysOperatingSegmentsandOMGDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_ares_PerformanceFeesNet_019c9ddb-d6ad-775e-8d93-38b8fa29017b" xlink:href="ares-20260331.xsd#ares_PerformanceFeesNet"/>
    <link:loc xlink:type="locator" xlink:label="loc_ares_PerformanceFeesRealizedRevenue_019c9ddb-d6ad-7378-9cb0-019ed46ecaa5" xlink:href="ares-20260331.xsd#ares_PerformanceFeesRealizedRevenue"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ares_PerformanceFeesNet_019c9ddb-d6ad-775e-8d93-38b8fa29017b" xlink:to="loc_ares_PerformanceFeesRealizedRevenue_019c9ddb-d6ad-7378-9cb0-019ed46ecaa5" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ares_PerformanceFeesCompensationExpenseRealized_019c9ddb-d6ad-7b4c-adc0-9a03b72a872d" xlink:href="ares-20260331.xsd#ares_PerformanceFeesCompensationExpenseRealized"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ares_PerformanceFeesNet_019c9ddb-d6ad-775e-8d93-38b8fa29017b" xlink:to="loc_ares_PerformanceFeesCompensationExpenseRealized_019c9ddb-d6ad-7b4c-adc0-9a03b72a872d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ares_InvestmentIncomeLossNet_019c9ddb-d6ad-7483-ac3b-27218c95df7a" xlink:href="ares-20260331.xsd#ares_InvestmentIncomeLossNet"/>
    <link:loc xlink:type="locator" xlink:label="loc_ares_InvestmentIncomeLossRealized_019c9ddb-d6ad-7d25-a35d-6daad5b905c7" xlink:href="ares-20260331.xsd#ares_InvestmentIncomeLossRealized"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ares_InvestmentIncomeLossNet_019c9ddb-d6ad-7483-ac3b-27218c95df7a" xlink:to="loc_ares_InvestmentIncomeLossRealized_019c9ddb-d6ad-7d25-a35d-6daad5b905c7" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentIncomeInvestmentExpense_019c9ddb-d6ad-7f31-b52e-c11d4b6a9f28" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentIncomeInvestmentExpense"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ares_InvestmentIncomeLossNet_019c9ddb-d6ad-7483-ac3b-27218c95df7a" xlink:to="loc_us-gaap_InvestmentIncomeInvestmentExpense_019c9ddb-d6ad-7f31-b52e-c11d4b6a9f28" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentIncomeInterest_019c9ddb-d6ad-7b28-9247-6788e474ab23" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentIncomeInterest"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ares_InvestmentIncomeLossNet_019c9ddb-d6ad-7483-ac3b-27218c95df7a" xlink:to="loc_us-gaap_InvestmentIncomeInterest_019c9ddb-d6ad-7b28-9247-6788e474ab23" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingIncomeLoss_019c9ddb-d6ad-7b4c-8a1d-49e691f20183" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_OperatingIncomeLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LaborAndRelatedExpense_019c9ddb-d6ad-774e-bfa1-9d47473f93e4" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_LaborAndRelatedExpense"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingIncomeLoss_019c9ddb-d6ad-7b4c-8a1d-49e691f20183" xlink:to="loc_us-gaap_LaborAndRelatedExpense_019c9ddb-d6ad-774e-bfa1-9d47473f93e4" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax_019c9ddb-d6ad-7d7b-80e2-bab2ac44248f" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingIncomeLoss_019c9ddb-d6ad-7b4c-8a1d-49e691f20183" xlink:to="loc_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax_019c9ddb-d6ad-7d7b-80e2-bab2ac44248f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SellingGeneralAndAdministrativeExpense_019c9ddb-d6ad-7cae-853d-07dc62f1dd79" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_SellingGeneralAndAdministrativeExpense"/>
    <link:calculationArc order="3" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingIncomeLoss_019c9ddb-d6ad-7b4c-8a1d-49e691f20183" xlink:to="loc_us-gaap_SellingGeneralAndAdministrativeExpense_019c9ddb-d6ad-7cae-853d-07dc62f1dd79" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ares_RealizedIncomeLoss_019c9ddb-d6ad-7d83-bad6-aabc4e7dd206" xlink:href="ares-20260331.xsd#ares_RealizedIncomeLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingIncomeLoss_019c9ddb-d6ad-7ae7-8c10-fe6e53547a6c" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_OperatingIncomeLoss"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ares_RealizedIncomeLoss_019c9ddb-d6ad-7d83-bad6-aabc4e7dd206" xlink:to="loc_us-gaap_OperatingIncomeLoss_019c9ddb-d6ad-7ae7-8c10-fe6e53547a6c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ares_PerformanceFeesNet_019c9ddb-d6ad-72f4-a5a2-c576736e06ba" xlink:href="ares-20260331.xsd#ares_PerformanceFeesNet"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ares_RealizedIncomeLoss_019c9ddb-d6ad-7d83-bad6-aabc4e7dd206" xlink:to="loc_ares_PerformanceFeesNet_019c9ddb-d6ad-72f4-a5a2-c576736e06ba" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ares_InvestmentIncomeLossNet_019c9ddb-d6ad-7e48-a2b3-aa6e515b348d" xlink:href="ares-20260331.xsd#ares_InvestmentIncomeLossNet"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ares_RealizedIncomeLoss_019c9ddb-d6ad-7d83-bad6-aabc4e7dd206" xlink:to="loc_ares_InvestmentIncomeLossNet_019c9ddb-d6ad-7e48-a2b3-aa6e515b348d" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.aresmgmt.com/role/SEGMENTREPORTINGScheduleofSegmentRevenueExpensesandRealizedNetInvestmentIncomeExpenseDetails" xlink:type="simple" xlink:href="ares-20260331.xsd#SEGMENTREPORTINGScheduleofSegmentRevenueExpensesandRealizedNetInvestmentIncomeExpenseDetails"/>
  <link:calculationLink xlink:role="http://www.aresmgmt.com/role/SEGMENTREPORTINGScheduleofSegmentRevenueExpensesandRealizedNetInvestmentIncomeExpenseDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Revenues_019c9ddb-d6ad-71f4-ad59-657c67e39295" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_Revenues"/>
    <link:loc xlink:type="locator" xlink:label="loc_ares_PerformanceFeesRealizedRevenue_019c9ddb-d6ad-791c-ac26-f2b685258ace" xlink:href="ares-20260331.xsd#ares_PerformanceFeesRealizedRevenue"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Revenues_019c9ddb-d6ad-71f4-ad59-657c67e39295" xlink:to="loc_ares_PerformanceFeesRealizedRevenue_019c9ddb-d6ad-791c-ac26-f2b685258ace" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax_019c9ddb-d6ad-7e4d-ab03-cd479543cf8b" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Revenues_019c9ddb-d6ad-71f4-ad59-657c67e39295" xlink:to="loc_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax_019c9ddb-d6ad-7e4d-ab03-cd479543cf8b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NonoperatingIncomeExpense_019c9ddb-d6ad-7c6c-8a7a-ebe5b0db2051" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_NonoperatingIncomeExpense"/>
    <link:loc xlink:type="locator" xlink:label="loc_ares_InvestmentIncomeLossRealized_019c9ddb-d6ad-7ab4-bc22-45f5749e7909" xlink:href="ares-20260331.xsd#ares_InvestmentIncomeLossRealized"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NonoperatingIncomeExpense_019c9ddb-d6ad-7c6c-8a7a-ebe5b0db2051" xlink:to="loc_ares_InvestmentIncomeLossRealized_019c9ddb-d6ad-7ab4-bc22-45f5749e7909" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentIncomeInterest_019c9ddb-d6ad-7abc-b9d4-9b5401361d57" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentIncomeInterest"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NonoperatingIncomeExpense_019c9ddb-d6ad-7c6c-8a7a-ebe5b0db2051" xlink:to="loc_us-gaap_InvestmentIncomeInterest_019c9ddb-d6ad-7abc-b9d4-9b5401361d57" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentIncomeInvestmentExpense_019c9ddb-d6ad-7453-bcd8-20f06f18544d" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentIncomeInvestmentExpense"/>
    <link:calculationArc order="3" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NonoperatingIncomeExpense_019c9ddb-d6ad-7c6c-8a7a-ebe5b0db2051" xlink:to="loc_us-gaap_InvestmentIncomeInvestmentExpense_019c9ddb-d6ad-7453-bcd8-20f06f18544d" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.aresmgmt.com/role/SEGMENTREPORTINGScheduleofReconciliationofSegmentResultstotheCompanysIncomeBeforeTaxesandTotalAssetsDetails" xlink:type="simple" xlink:href="ares-20260331.xsd#SEGMENTREPORTINGScheduleofReconciliationofSegmentResultstotheCompanysIncomeBeforeTaxesandTotalAssetsDetails"/>
  <link:calculationLink xlink:role="http://www.aresmgmt.com/role/SEGMENTREPORTINGScheduleofReconciliationofSegmentResultstotheCompanysIncomeBeforeTaxesandTotalAssetsDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_ares_RealizedIncomeLoss_019c9ddb-d6ad-7451-a049-da079f35b925" xlink:href="ares-20260331.xsd#ares_RealizedIncomeLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_ares_PerformanceFeesUnrealizedRevenue_019c9ddb-d6ad-7779-ae73-406c20963639" xlink:href="ares-20260331.xsd#ares_PerformanceFeesUnrealizedRevenue"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ares_RealizedIncomeLoss_019c9ddb-d6ad-7451-a049-da079f35b925" xlink:to="loc_ares_PerformanceFeesUnrealizedRevenue_019c9ddb-d6ad-7779-ae73-406c20963639" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments_019c9ddb-d6ad-7d51-b8c4-9f7cbcd9c677" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ares_RealizedIncomeLoss_019c9ddb-d6ad-7451-a049-da079f35b925" xlink:to="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments_019c9ddb-d6ad-7d51-b8c4-9f7cbcd9c677" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherNonrecurringIncomeExpense_019c9ddb-d6ad-716a-a80f-7db835021c48" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_OtherNonrecurringIncomeExpense"/>
    <link:calculationArc order="3" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ares_RealizedIncomeLoss_019c9ddb-d6ad-7451-a049-da079f35b925" xlink:to="loc_us-gaap_OtherNonrecurringIncomeExpense_019c9ddb-d6ad-716a-a80f-7db835021c48" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ares_PerformanceFeesExpenseUnrealized_019c9ddb-d6ad-7529-a871-2582488465d5" xlink:href="ares-20260331.xsd#ares_PerformanceFeesExpenseUnrealized"/>
    <link:calculationArc order="4" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ares_RealizedIncomeLoss_019c9ddb-d6ad-7451-a049-da079f35b925" xlink:to="loc_ares_PerformanceFeesExpenseUnrealized_019c9ddb-d6ad-7529-a871-2582488465d5" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_019c9ddb-d6ad-7c79-9051-6d4b6fb693f0" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_NetIncomeLossAttributableToNoncontrollingInterest"/>
    <link:calculationArc order="5" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ares_RealizedIncomeLoss_019c9ddb-d6ad-7451-a049-da079f35b925" xlink:to="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_019c9ddb-d6ad-7c79-9051-6d4b6fb693f0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ares_AcquisitionRelatedCompensationExpenses_019c9ddb-d6ad-7e41-b480-5d43f6f76dd3" xlink:href="ares-20260331.xsd#ares_AcquisitionRelatedCompensationExpenses"/>
    <link:calculationArc order="6" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ares_RealizedIncomeLoss_019c9ddb-d6ad-7451-a049-da079f35b925" xlink:to="loc_ares_AcquisitionRelatedCompensationExpenses_019c9ddb-d6ad-7e41-b480-5d43f6f76dd3" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AmortizationOfIntangibleAssets_019c9ddb-d6ad-79bc-b8f6-e6c6644066bc" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_AmortizationOfIntangibleAssets"/>
    <link:calculationArc order="7" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ares_RealizedIncomeLoss_019c9ddb-d6ad-7451-a049-da079f35b925" xlink:to="loc_us-gaap_AmortizationOfIntangibleAssets_019c9ddb-d6ad-79bc-b8f6-e6c6644066bc" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AllocatedShareBasedCompensationExpense_019c9ddb-d6ad-71b2-a5db-683a5820512f" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_AllocatedShareBasedCompensationExpense"/>
    <link:calculationArc order="8" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ares_RealizedIncomeLoss_019c9ddb-d6ad-7451-a049-da079f35b925" xlink:to="loc_us-gaap_AllocatedShareBasedCompensationExpense_019c9ddb-d6ad-71b2-a5db-683a5820512f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationAcquisitionRelatedCosts_019c9ddb-d6ad-7e60-95fa-37908e7d811f" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_BusinessCombinationAcquisitionRelatedCosts"/>
    <link:calculationArc order="9" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ares_RealizedIncomeLoss_019c9ddb-d6ad-7451-a049-da079f35b925" xlink:to="loc_us-gaap_BusinessCombinationAcquisitionRelatedCosts_019c9ddb-d6ad-7e60-95fa-37908e7d811f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ares_InvestmentIncomeLossUnrealized_019c9ddb-d6ad-72fd-bf3c-e65db8ff0219" xlink:href="ares-20260331.xsd#ares_InvestmentIncomeLossUnrealized"/>
    <link:calculationArc order="10" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ares_RealizedIncomeLoss_019c9ddb-d6ad-7451-a049-da079f35b925" xlink:to="loc_ares_InvestmentIncomeLossUnrealized_019c9ddb-d6ad-72fd-bf3c-e65db8ff0219" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ares_ExpenseRelatedToDistributionOrServicingAndUnderwritingFeesNet_019c9ddb-d6ad-7a57-b0a5-5be14bb8509c" xlink:href="ares-20260331.xsd#ares_ExpenseRelatedToDistributionOrServicingAndUnderwritingFeesNet"/>
    <link:calculationArc order="11" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ares_RealizedIncomeLoss_019c9ddb-d6ad-7451-a049-da079f35b925" xlink:to="loc_ares_ExpenseRelatedToDistributionOrServicingAndUnderwritingFeesNet_019c9ddb-d6ad-7a57-b0a5-5be14bb8509c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherNoncashIncomeExpense_019c9ddb-d6ad-7b66-8004-7320f3396f86" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_OtherNoncashIncomeExpense"/>
    <link:calculationArc order="12" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ares_RealizedIncomeLoss_019c9ddb-d6ad-7451-a049-da079f35b925" xlink:to="loc_us-gaap_OtherNoncashIncomeExpense_019c9ddb-d6ad-7b66-8004-7320f3396f86" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingIncomeLoss_019c9ddb-d6ad-7d70-98e5-65efc398582b" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_OperatingIncomeLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_ares_PerformanceFeesRealizedRevenue_019c9ddb-d6ad-73ad-9975-fc1f83ada8db" xlink:href="ares-20260331.xsd#ares_PerformanceFeesRealizedRevenue"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingIncomeLoss_019c9ddb-d6ad-7d70-98e5-65efc398582b" xlink:to="loc_ares_PerformanceFeesRealizedRevenue_019c9ddb-d6ad-73ad-9975-fc1f83ada8db" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ares_RealizedIncomeLoss_019c9ddb-d6ad-73ca-8322-dfda43e760e8" xlink:href="ares-20260331.xsd#ares_RealizedIncomeLoss"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingIncomeLoss_019c9ddb-d6ad-7d70-98e5-65efc398582b" xlink:to="loc_ares_RealizedIncomeLoss_019c9ddb-d6ad-73ca-8322-dfda43e760e8" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentIncomeNet_019c9ddb-d6ad-7ed1-8ca7-2940beed186f" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentIncomeNet"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingIncomeLoss_019c9ddb-d6ad-7d70-98e5-65efc398582b" xlink:to="loc_us-gaap_InvestmentIncomeNet_019c9ddb-d6ad-7ed1-8ca7-2940beed186f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ares_PerformanceFeesCompensationExpenseRealized_019c9ddb-d6ad-7e24-8edb-77e164a9b8e8" xlink:href="ares-20260331.xsd#ares_PerformanceFeesCompensationExpenseRealized"/>
    <link:calculationArc order="4" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingIncomeLoss_019c9ddb-d6ad-7d70-98e5-65efc398582b" xlink:to="loc_ares_PerformanceFeesCompensationExpenseRealized_019c9ddb-d6ad-7e24-8edb-77e164a9b8e8" xlink:type="arc"/>
  </link:calculationLink>
</link:linkbase>
