v3.26.1
FAIR VALUE - Schedule of Quantitative Inputs and Assumptions Used for Level III Inputs (Details)
$ in Thousands
Jun. 30, 2026
USD ($)
Dec. 31, 2025
USD ($)
Consolidated Funds     
Assets    
Equity securities $ 4,209,805 $ 3,265,720
Fixed income investments 4,539,689 5,788,110
Total assets, at fair value 13,393,347 12,849,775
Liabilities    
Total liabilities, at fair value (6,951,657) (7,364,028)
Consolidated Funds  | Level III     
Assets    
Equity securities 3,676,243 3,003,449
Fixed income investments 163,833 633,515
Total assets, at fair value 3,840,076 3,636,964
Liabilities    
Total liabilities, at fair value 0 (114)
Consolidated Funds  | Level III  | Market approach    
Assets    
Fixed income investments 1,585 370,588
Consolidated Funds  | Level III  | Market approach | Equity Securities One    
Assets    
Equity securities 1,272,981 1,078,401
Consolidated Funds  | Level III  | Market approach | Equity Securities Two    
Assets    
Equity securities $ 1,061,342 278,992
Consolidated Funds  | Level III  | Market approach | Equity Securities Three    
Assets    
Equity securities   $ 492
Consolidated Funds  | Level III  | Market approach | Multiple of book value | Minimum | Equity Securities One    
Significant Unobservable Input(s)    
Equity securities 1.0 1.0
Consolidated Funds  | Level III  | Market approach | Multiple of book value | Maximum | Equity Securities One    
Significant Unobservable Input(s)    
Equity securities 1.7 1.7
Consolidated Funds  | Level III  | Market approach | Multiple of book value | Weighted Average | Equity Securities One    
Significant Unobservable Input(s)    
Equity securities 1.4 1.3
Consolidated Funds  | Level III  | Market approach | EBITDA multiple | Minimum | Equity Securities Two    
Significant Unobservable Input(s)    
Equity securities 14,700 5.4
Consolidated Funds  | Level III  | Market approach | EBITDA multiple | Maximum | Equity Securities Two    
Significant Unobservable Input(s)    
Equity securities 25,400 33.0
Consolidated Funds  | Level III  | Market approach | EBITDA multiple | Weighted Average | Equity Securities Two    
Significant Unobservable Input(s)    
Equity securities 19.1 13.9
Consolidated Funds  | Level III  | Market approach | Yield | Minimum    
Significant Unobservable Input(s)    
Fixed income investments 0.079 0.061
Consolidated Funds  | Level III  | Market approach | Yield | Minimum | Equity Securities Three    
Significant Unobservable Input(s)    
Equity securities   0.105
Consolidated Funds  | Level III  | Market approach | Yield | Maximum    
Significant Unobservable Input(s)    
Fixed income investments 0.122 0.140
Consolidated Funds  | Level III  | Market approach | Yield | Maximum | Equity Securities Three    
Significant Unobservable Input(s)    
Equity securities   0.140
Consolidated Funds  | Level III  | Market approach | Yield | Weighted Average    
Significant Unobservable Input(s)    
Fixed income investments 0.094 0.092
Consolidated Funds  | Level III  | Market approach | Yield | Weighted Average | Equity Securities Three    
Significant Unobservable Input(s)    
Equity securities   0.115
Consolidated Funds  | Level III  | Discounted cash flow    
Assets    
Equity securities $ 1,341,920 $ 1,295,564
Fixed income investments $ 785 $ 1,182
Consolidated Funds  | Level III  | Discounted cash flow | Discount rate    
Significant Unobservable Input(s)    
Fixed income investments 0.122  
Consolidated Funds  | Level III  | Discounted cash flow | Discount rate | Minimum    
Significant Unobservable Input(s)    
Equity securities 0.090 0.090
Fixed income investments   0.122
Consolidated Funds  | Level III  | Discounted cash flow | Discount rate | Maximum    
Significant Unobservable Input(s)    
Equity securities 0.130 0.200
Fixed income investments   0.200
Consolidated Funds  | Level III  | Discounted cash flow | Discount rate | Weighted Average    
Significant Unobservable Input(s)    
Equity securities 0.110 11
Fixed income investments 0.122 0.123
Consolidated Funds  | Level III  | Broker quotes and/or third-party pricing services    
Assets    
Fixed income investments $ 161,463 $ 232,261
Liabilities    
Derivative instruments   (114)
Consolidated Funds  | Level III  | Transaction price    
Assets    
Equity securities   350,000
Fixed income investments   29,484
Ares Management L.P    
Assets    
Total assets, at fair value 975,075 1,084,314
Liabilities    
Contingent consideration (793,790) (765,370)
Total liabilities, at fair value (794,236) (767,997)
Ares Management L.P | Level III     
Assets    
Total assets, at fair value 278,831 750,059
Liabilities    
Contingent consideration (793,790) (765,370)
Total liabilities, at fair value $ (793,790) $ (765,370)
Ares Management L.P | Level III  | Volatility | Minimum    
Significant Unobservable Input(s)    
Contingent consideration 0.100 0.100
Ares Management L.P | Level III  | Volatility | Maximum    
Significant Unobservable Input(s)    
Contingent consideration 0.111 0.111
Ares Management L.P | Level III  | Volatility | Weighted Average    
Significant Unobservable Input(s)    
Contingent consideration 0.100 0.100
Ares Management L.P | Level III  | Market approach | Equity Securities One    
Assets    
Equity securities $ 89,518 $ 84,737
Ares Management L.P | Level III  | Market approach | Equity Securities Two    
Assets    
Equity securities 33,879 $ 33,810
Ares Management L.P | Level III  | Market approach | Equity Securities Three    
Assets    
Equity securities $ 16,183  
Ares Management L.P | Level III  | Market approach | Multiple of book value | Minimum | Equity Securities One    
Significant Unobservable Input(s)    
Equity securities 0.5 0.6
Ares Management L.P | Level III  | Market approach | Multiple of book value | Maximum | Equity Securities One    
Significant Unobservable Input(s)    
Equity securities 1.5 1.5
Ares Management L.P | Level III  | Market approach | Multiple of book value | Weighted Average | Equity Securities One    
Significant Unobservable Input(s)    
Equity securities 1.3 1.2
Ares Management L.P | Level III  | Market approach | EBITDA multiple | Minimum | Equity Securities Two    
Significant Unobservable Input(s)    
Equity securities   11.0
Ares Management L.P | Level III  | Market approach | EBITDA multiple | Minimum | Equity Securities Three    
Significant Unobservable Input(s)    
Equity securities 2.7  
Ares Management L.P | Level III  | Market approach | EBITDA multiple | Maximum | Equity Securities Two    
Significant Unobservable Input(s)    
Equity securities   13.0
Ares Management L.P | Level III  | Market approach | EBITDA multiple | Maximum | Equity Securities Three    
Significant Unobservable Input(s)    
Equity securities 10.0  
Ares Management L.P | Level III  | Market approach | EBITDA multiple | Weighted Average | Equity Securities Two    
Significant Unobservable Input(s)    
Equity securities   11.8
Ares Management L.P | Level III  | Market approach | EBITDA multiple | Weighted Average | Equity Securities Three    
Significant Unobservable Input(s)    
Equity securities 9.9  
Ares Management L.P | Level III  | Discounted cash flow    
Assets    
Equity securities $ 39,108 $ 59,136
Ares Management L.P | Level III  | Discounted cash flow | Discount rate | Minimum    
Significant Unobservable Input(s)    
Equity securities 0.110 0.110
Ares Management L.P | Level III  | Discounted cash flow | Discount rate | Maximum    
Significant Unobservable Input(s)    
Equity securities 0.150 0.170
Ares Management L.P | Level III  | Discounted cash flow | Discount rate | Weighted Average    
Significant Unobservable Input(s)    
Equity securities 0.130 0.140
Ares Management L.P | Level III  | Option pricing model    
Assets    
Equity securities $ 35,615 $ 81,905
Ares Management L.P | Level III  | Option pricing model | Volatility    
Significant Unobservable Input(s)    
Equity securities   0.500
Ares Management L.P | Level III  | Option pricing model | Volatility | Minimum    
Significant Unobservable Input(s)    
Equity securities 0.200  
Ares Management L.P | Level III  | Option pricing model | Volatility | Maximum    
Significant Unobservable Input(s)    
Equity securities 0.525  
Ares Management L.P | Level III  | Option pricing model | Volatility | Weighted Average    
Significant Unobservable Input(s)    
Equity securities 26.9 0.500
Ares Management L.P | Level III  | Income approach    
Assets    
Equity securities $ 33,879  
Ares Management L.P | Level III  | Income approach | Credit spread | Minimum    
Significant Unobservable Input(s)    
Equity securities 0.030  
Ares Management L.P | Level III  | Income approach | Credit spread | Maximum    
Significant Unobservable Input(s)    
Equity securities 0.045  
Ares Management L.P | Level III  | Income approach | Credit spread | Weighted Average    
Significant Unobservable Input(s)    
Equity securities 0.036  
Ares Management L.P | Level III  | Market yield analysis    
Assets    
Equity securities   $ 100,000
Fixed income investments $ 12,173 $ 11,252
Ares Management L.P | Level III  | Market yield analysis | Market interest rate    
Significant Unobservable Input(s)    
Equity securities   0.080
Fixed income investments 16 0.165
Ares Management L.P | Level III  | Market yield analysis | Market interest rate | Weighted Average    
Significant Unobservable Input(s)    
Equity securities   0.080
Fixed income investments 0.160 0.165
Ares Management L.P | Level III  | Monte Carlo simulation    
Assets    
Equity securities $ 13,078 $ 58,060
Liabilities    
Contingent consideration $ (793,790) $ (765,370)
Ares Management L.P | Level III  | Monte Carlo simulation | Discount rate | Minimum    
Significant Unobservable Input(s)    
Contingent consideration 0.058 0.058
Ares Management L.P | Level III  | Monte Carlo simulation | Discount rate | Maximum    
Significant Unobservable Input(s)    
Contingent consideration 0.066 0.066
Ares Management L.P | Level III  | Monte Carlo simulation | Discount rate | Weighted Average    
Significant Unobservable Input(s)    
Contingent consideration 0.058 0.058
Ares Management L.P | Level III  | Monte Carlo simulation | Volatility    
Significant Unobservable Input(s)    
Equity securities 0.575 0.525
Ares Management L.P | Level III  | Monte Carlo simulation | Volatility | Weighted Average    
Significant Unobservable Input(s)    
Equity securities 0.575 0.525
Ares Management L.P | Level III  | Broker quotes and/or third-party pricing services    
Assets    
Fixed income investments $ 5,398 $ 13,217
Ares Management L.P | Level III  | Transaction price    
Assets    
Equity securities   $ 307,942