
	As of June 30, 2026
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Assets
Cash and cash equivalents	$	557,094	$	—	$	—	$	557,094
Investments (includes $4,141,111 of accrued carried interest)	7,333,193		—		(1,786,938)		5,546,255
Due from affiliates	1,402,537		—		(25,417)		1,377,120
Other assets	1,090,945		—		(569)		1,090,376
Right-of-use operating lease assets	633,385		—		—		633,385
Intangible assets, net	2,095,022		—		—		2,095,022
Goodwill	3,464,289		—		—		3,464,289
Assets of Consolidated Funds
Cash and cash equivalents	—		1,295,264		—		1,295,264

Investments, at fair value	—		13,393,347		—		13,393,347
Due from affiliates	—		—		—		—
Receivable for securities sold	—		113,294		—		113,294
Other assets	—		68,328		(2,375)		65,953
Total assets	$	16,576,465	$	14,870,233	$	(1,815,299)	$	29,631,399
Liabilities
Accounts payable, accrued expenses and other liabilities	$	1,227,445	$	—	$	(147)	$	1,227,298
Accrued compensation	635,157		—		—		635,157
Due to affiliates	767,143		—		(2,375)		764,768
Performance related compensation payable	3,122,566		—		—		3,122,566
Debt obligations	4,577,159		—		—		4,577,159

Operating lease liabilities	812,596		—		—		812,596
Liabilities of Consolidated Funds
Accounts payable, accrued expenses and other liabilities	—		125,923		(1,353)		124,570
Due to affiliates	—		24,607		(24,607)		—
Payable for securities purchased	—		256,519		—		256,519
CLO loan obligations, at fair value	—		7,015,534		(63,877)		6,951,657
Fund borrowings	—		2,531,196		—		2,531,196
Total liabilities	11,142,066		9,953,779		(92,359)		21,003,486
Commitments and contingencies

Redeemable interest in Ares Operating Group entities	25,648		—		—		25,648
Non-controlling interest in Consolidated Funds	—		4,916,454		(1,589,793)		3,326,661
Non-controlling interest in Ares Operating Group entities	1,348,995		—		(41,464)		1,307,531
Stockholders’ Equity

Series B mandatory convertible preferred stock, $0.01 par value, 1,000,000,000 shares authorized (30,000,000 shares issued and outstanding)	1,460,030		—		—		1,460,030
Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (223,882,317 shares issued and outstanding)	2,239		—		—		2,239
Non-voting common stock, $0.01 par value, 500,000,000 shares authorized (3,489,911 shares issued and outstanding)	35		—		—		35
Class B common stock, $0.01 par value, 1,000 shares authorized (1,000 shares issued and outstanding)	—		—		—		—
Class C common stock, $0.01 par value, 499,999,000 shares authorized (102,828,576 shares issued and outstanding)	1,028		—		—		1,028
Additional paid-in-capital	4,438,102		—		(91,683)		4,346,419
Accumulated deficit	(1,854,800)		—		—		(1,854,800)
Accumulated other comprehensive income, net of tax	13,122		—		—		13,122
Total stockholders’ equity	4,059,756		—		(91,683)		3,968,073
Total equity	5,408,751		4,916,454		(1,722,940)		8,602,265
Total liabilities, redeemable interest, non-controlling interests and equity	$	16,576,465	$	14,870,233	$	(1,815,299)	$	29,631,399


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

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

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

Redeemable interest in Ares Operating Group entities	25,296		—		—		25,296
Non-controlling interest in Consolidated Funds	—		4,123,751		(1,219,893)		2,903,858
Non-controlling interest in Ares Operating Group entities	1,543,823		—		(47,052)		1,496,771
Stockholders’ Equity

Series B mandatory convertible preferred stock, $0.01 par value, 1,000,000,000 shares authorized (30,000,000 shares issued and outstanding)	1,460,030		—		—		1,460,030
Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (218,465,429 shares issued and outstanding)	2,185		—		—		2,185
Non-voting common stock, $0.01 par value, 500,000,000 shares authorized (3,489,911 shares issued and outstanding)	35		—		—		35
Class B common stock, $0.01 par value, 1,000 shares authorized (1,000 shares issued and outstanding)	—		—		—		—
Class C common stock, $0.01 par value, 499,999,000 shares authorized (105,079,121 shares issued and outstanding)	1,051		—		—		1,051
Additional paid-in-capital	4,342,063		—		(99,385)		4,242,678
Accumulated deficit	(1,452,259)		—		—		(1,452,259)
Accumulated other comprehensive income, net of tax	21,743		—		—		21,743
Total stockholders’ equity	4,374,848		—		(99,385)		4,275,463
Total equity	5,918,671		4,123,751		(1,366,330)		8,676,092
Total liabilities, redeemable interest, non-controlling interests and equity	$	15,994,719	$	14,096,382	$	(1,457,732)	$	28,633,369


	Three months ended June 30, 2026
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Revenues
Management fees	$	1,039,177	$	—	$	(21,614)	$	1,017,563
Carried interest allocation	262,974		—		(13,060)		249,914
Incentive fees	42,753		—		—		42,753
Principal investment income	18,442		—		(16,154)		2,288
Administrative, transaction and other fees	118,470		—		(2,378)		116,092
Total revenues	1,481,816		—		(53,206)		1,428,610
Expenses
Compensation and benefits	688,660		—		—		688,660
Performance related compensation	231,927		—		—		231,927
General, administrative and other expenses	255,715		—		—		255,715
Expenses of the Consolidated Funds	—		27,668		(23,993)		3,675
Total expenses	1,176,302		27,668		(23,993)		1,179,977
Other income (expense)
Net realized and unrealized gains on investments	73,208		—		(498)		72,710
Interest and dividend income	6,522		—		—		6,522
Interest expense	(52,195)		—		—		(52,195)
Other expense, net	(21,257)		—		165		(21,092)
Net realized and unrealized gains on investments of the Consolidated Funds	—		175,899		497		176,396
Interest and other income of the Consolidated Funds	—		59,123		—		59,123
Interest expense of the Consolidated Funds	—		(104,326)		171		(104,155)
Total other income, net	6,278		130,696		335		137,309
Income before taxes	311,792		103,028		(28,878)		385,942
Income tax expense	70,068		2,909		—		72,977
Net income	241,724		100,119		(28,878)		312,965
Less: Net income attributable to non-controlling interests in Consolidated Funds	—		100,119		(28,878)		71,241
Net income attributable to Ares Operating Group entities	241,724		—		—		241,724
Less: Net income attributable to redeemable interest in Ares Operating Group entities	1,845		—		—		1,845
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	89,244		—		—		89,244
Net income attributable to Ares Management Corporation	150,635		—		—		150,635


Less: Series B mandatory convertible preferred stock dividends declared	25,312		—		—		25,312

Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	$	125,323	$	—	$	—	$	125,323


	Three months ended June 30, 2025
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Revenues
Management fees	$	909,576	$	—	$	(8,954)	$	900,622
Carried interest allocation	330,735		—		(6,834)		323,901
Incentive fees	23,341		—		(262)		23,079
Principal investment income	91,377		—		(80,414)		10,963
Administrative, transaction and other fees	98,118		—		(6,555)		91,563
Total revenues	1,453,147		—		(103,019)		1,350,128
Expenses
Compensation and benefits	643,709		—		—		643,709
Performance related compensation	234,706		—		—		234,706
General, administrative and other expenses	232,156		—		—		232,156
Expenses of the Consolidated Funds	—		42,778		(15,771)		27,007
Total expenses	1,110,571		42,778		(15,771)		1,137,578
Other income (expense)
Net realized and unrealized gains on investments	22,551		—		(9,843)		12,708
Interest and dividend income	7,813		—		(41)		7,772
Interest expense	(43,575)		—		—		(43,575)
Other expense, net	(47,135)		—		614		(46,521)
Net realized and unrealized gains on investments of the Consolidated Funds	—		130,282		(2,530)		127,752
Interest and other income of the Consolidated Funds	—		161,890		—		161,890
Interest expense of the Consolidated Funds	—		(146,467)		829		(145,638)
Total other income (expense), net	(60,346)		145,705		(10,971)		74,388
Income before taxes	282,230		102,927		(98,219)		286,938
Income tax expense	60,249		709		—		60,958
Net income	221,981		102,218		(98,219)		225,980
Less: Net income attributable to non-controlling interests in Consolidated Funds	—		102,218		(98,219)		3,999
Net income attributable to Ares Operating Group entities	221,981		—		—		221,981
Less: Net loss attributable to redeemable interest in Ares Operating Group entities	(274)		—		—		(274)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	85,193		—		—		85,193
Net income attributable to Ares Management Corporation	137,062		—		—		137,062
Less: Series B mandatory convertible preferred stock dividends declared	25,312		—		—		25,312
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	$	111,750	$	—	$	—	$	111,750


	Six months ended June 30, 2026
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Revenues
Management fees	$	2,050,217	$	—	$	(43,127)	$	2,007,090
Carried interest allocation	425,723		—		(29,178)		396,545
Incentive fees	204,687		—		—		204,687
Principal investment income	47,454		—		(44,689)		2,765
Administrative, transaction and other fees	216,420		—		(2,461)		213,959
Total revenues	2,944,501		—		(119,455)		2,825,046
Expenses
Compensation and benefits	1,381,067		—		—		1,381,067
Performance related compensation	460,263		—		—		460,263
General, administrative and other expenses	496,152		—		—		496,152
Expenses of the Consolidated Funds	—		56,546		(45,588)		10,958
Total expenses	2,337,482		56,546		(45,588)		2,348,440
Other income (expense)
Net realized and unrealized gains on investments	70,366		—		5,733		76,099
Interest and dividend income	13,621		—		—		13,621
Interest expense	(102,955)		—		—		(102,955)
Other income, net	3,238		—		230		3,468
Net realized and unrealized gains on investments of the Consolidated Funds	—		315,807		(5,395)		310,412
Interest and other income of the Consolidated Funds	—		164,568		—		164,568
Interest expense of the Consolidated Funds	—		(242,959)		3		(242,956)
Total other income (expense), net	(15,730)		237,416		571		222,257
Income before taxes	591,289		180,870		(73,296)		698,863
Income tax expense	126,163		6,686		—		132,849
Net income	465,126		174,184		(73,296)		566,014
Less: Net income attributable to non-controlling interests in Consolidated Funds	—		174,184		(73,296)		100,888
Net income attributable to Ares Operating Group entities	465,126		—		—		465,126
Less: Net income attributable to redeemable interest in Ares Operating Group entities	732		—		—		732
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	171,170		—		—		171,170
Net income attributable to Ares Management Corporation	293,224		—		—		293,224
Less: Series B mandatory convertible preferred stock dividends declared	50,625		—		—		50,625
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	$	242,599	$	—	$	—	$	242,599


	Six months ended June 30, 2025
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Revenues
Management fees	$	1,736,457	$	—	$	(18,848)	$	1,717,609
Carried interest allocation	495,861		—		(11,952)		483,909
Incentive fees	55,399		—		(272)		55,127
Principal investment income	118,216		—		(85,255)		32,961
Administrative, transaction and other fees	156,006		—		(6,679)		149,327
Total revenues	2,561,939		—		(123,006)		2,438,933
Expenses
Compensation and benefits	1,300,834		—		—		1,300,834
Performance related compensation	357,339		—		—		357,339
General, administrative and other expenses	460,070		—		—		460,070
Expenses of the Consolidated Funds	—		59,462		(25,799)		33,663
Total expenses	2,118,243		59,462		(25,799)		2,151,906
Other income (expense)
Net realized and unrealized gains on investments	33,182		—		(20,206)		12,976
Interest and dividend income	26,016		—		(588)		25,428
Interest expense	(79,962)		—		—		(79,962)
Other expense, net	(57,643)		—		408		(57,235)
Net realized and unrealized gains on investments of the Consolidated Funds	—		214,009		2,149		216,158
Interest and other income of the Consolidated Funds	—		321,962		—		321,962
Interest expense of the Consolidated Funds	—		(303,844)		5,466		(298,378)
Total other income (expense), net	(78,407)		232,127		(12,771)		140,949
Income before taxes	365,289		172,665		(109,978)		427,976
Income tax expense	75,784		2,711		—		78,495
Net income	289,505		169,954		(109,978)		349,481
Less: Net income attributable to non-controlling interests in Consolidated Funds	—		169,954		(109,978)		59,976
Net income attributable to Ares Operating Group entities	289,505		—		—		289,505
Less: Net income attributable to redeemable interest in Ares Operating Group entities	42		—		—		42
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	105,231		—		—		105,231
Net income attributable to Ares Management Corporation	184,232		—		—		184,232
Less: Series B mandatory convertible preferred stock dividends declared	50,625		—		—		50,625
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	$	133,607	$	—	$	—	$	133,607


	Six months ended June 30, 2026
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Cash flows from operating activities
Net income	$	465,126	$	174,184	$	(73,296)	$	566,014
Adjustments to reconcile net income to net cash provided by (used in) operating activities	449,016		—		165,634		614,650







Adjustments to reconcile net income to net cash provided by (used in) operating activities allocable to non-controlling interests in Consolidated Funds	—		(1,022,900)		1,768		(1,021,132)




Cash flows due to changes in operating assets and liabilities	106,539		—		40,524		147,063





Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds	—		82,628		(334,153)		(251,525)




Net cash provided by (used in) operating activities	1,020,681		(766,088)		(199,523)		55,070
Cash flows from investing activities
Purchase of furniture, equipment and leasehold improvements, net of disposals	(48,693)		—		—		(48,693)
Acquisitions, net of cash acquired	8,330		—		—		8,330
Net cash used in investing activities	(40,363)		—		—		(40,363)
Cash flows from financing activities


Proceeds from Credit Facility	955,000		—		—		955,000
Proceeds from Term Loan	399,415		—		—		399,415

Repayments of Credit Facility	(720,000)		—		—		(720,000)


Dividends and distributions	(1,036,513)		—		—		(1,036,513)



Taxes paid related to net share settlement of equity awards	(364,484)		—		—		(364,484)
Other financing activities	12,719		—		—		12,719
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds	—		825,582		(185,816)		639,766
Distributions to non-controlling interests in Consolidated Funds	—		(134,542)		49,163		(85,379)

Borrowings under loan obligations by Consolidated Funds	—		1,648,487		—		1,648,487
Repayments under loan obligations by Consolidated Funds	—		(1,371,066)		—		(1,371,066)
Net cash provided by (used in) financing activities	(753,863)		968,461		(136,653)		77,945
Effect of exchange rate changes	(11,597)		(12,857)		—		(24,454)
Net change in cash and cash equivalents	214,858		189,516		(336,176)		68,198
Cash and cash equivalents, beginning of period	488,896		959,088		(959,088)		488,896
Cash and cash equivalents, end of period	$	703,754	$	1,148,604	$	(1,295,264)	$	557,094
Supplemental disclosure of non-cash financing activities:
Equity issued in connection with acquisition-related activities	$	15,997	$	—	$	—	$	15,997


	Six months ended June 30, 2025
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Cash flows from operating activities
Net income	$	289,505	$	169,954	$	(109,978)	$	349,481
Adjustments to reconcile net income to net cash provided by operating activities	548,460		—		(86,146)		462,314







Adjustments to reconcile net income to net cash provided by operating activities allocable to non-controlling interests in Consolidated Funds	—		1,175,691		(12,289)		1,163,402





Cash flows due to changes in operating assets and liabilities	326,562		—		(136,882)		189,680





Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds	—		(189,822)		434,849		245,027




Net cash provided by operating activities	1,164,527		1,155,823		89,554		2,409,904
Cash flows from investing activities
Purchase of furniture, equipment and leasehold improvements, net of disposals	(44,893)		—		—		(44,893)
Acquisitions, net of cash acquired	(1,722,715)		—		—		(1,722,715)
Net cash used in investing activities	(1,767,608)		—		—		(1,767,608)
Cash flows from financing activities


Proceeds from Credit Facility	1,525,000		—		—		1,525,000


Repayments of Credit Facility	(410,000)		—		—		(410,000)


Dividends and distributions	(873,259)		—		—		(873,259)




Taxes paid related to net share settlement of equity awards	(416,609)		—		—		(416,609)
Other financing activities	1,790		—		—		1,790
Allocable to non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds	—		167,832		(7,685)		160,147
Distributions to non-controlling interests in Consolidated Funds	—		(443,128)		123,372		(319,756)
Redemptions of redeemable interests in Consolidated Funds	—		(7,143)		—		(7,143)
Borrowings under loan obligations by Consolidated Funds	—		312,491		—		312,491
Repayments under loan obligations by Consolidated Funds	—		(1,717,589)		—		(1,717,589)
Net cash used in financing activities	(173,078)		(1,687,537)		115,687		(1,744,928)
Effect of exchange rate changes	27,962		76,350		—		104,312
Net change in cash and cash equivalents	(748,197)		(455,364)		205,241		(998,320)
Cash and cash equivalents, beginning of period	1,507,976		1,227,489		(1,227,489)		1,507,976
Cash and cash equivalents, end of period	$	759,779	$	772,125	$	(1,022,248)	$	509,656
Supplemental disclosure of non-cash financing activities:
Equity issued in connection with acquisition-related activities	$	1,657,881	$	—	$	—	$	1,657,881