v3.26.1
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net income $ 566,014 $ 349,481
Net cash provided by operating activities 55,070 2,409,904
Cash flows from investing activities    
Net cash used in investing activities (40,363) (1,767,608)
Allocable to redeemable and non-controlling interests in Consolidated Funds:    
Net cash provided by (used in) financing activities 77,945 (1,744,928)
Effect of exchange rate changes (24,454) 104,312
Net change in cash and cash equivalents 68,198 (998,320)
Cash and cash equivalents, beginning of period 488,896  
Cash and cash equivalents, end of period 557,094 509,656
Supplemental disclosure of non-cash financing activities:    
Equity issued in connection with acquisition-related activities 15,997 1,657,881
Consolidated Funds     
Cash flows from operating activities    
Adjustments to reconcile net income to net cash provided (used in) by operating activities (1,021,132) 1,163,402
Cash flows due to changes in operating assets and liabilities allocable to redeemable and non-controlling interest in Consolidated Funds (251,525) 245,027
Allocable to redeemable and non-controlling interests in Consolidated Funds:    
Contributions from redeemable and non-controlling interests in Consolidated Funds 639,766 160,147
Distributions to non-controlling interests in Consolidated Funds (85,379) (319,756)
Redemptions of redeemable interests in Consolidated Funds 0 (7,143)
Borrowings under loan obligations by Consolidated Funds 1,648,487 312,491
Repayments under loan obligations by Consolidated Funds (1,371,066) (1,717,589)
Ares Management L.P    
Cash flows from operating activities    
Adjustments to reconcile net income to net cash provided (used in) by operating activities 614,650 462,314
Cash flows due to changes in operating assets and liabilities 147,063 189,680
Cash flows from investing activities    
Purchase of furniture, equipment and leasehold improvements, net of disposals (48,693) (44,893)
Acquisitions, net of cash acquired 8,330 (1,722,715)
Cash flows from financing activities    
Proceeds from Credit Facility 955,000 1,525,000
Proceeds from Term Loan 399,415 0
Repayments of Credit Facility (720,000) (410,000)
Dividends and distributions  (1,036,513) (873,259)
Taxes paid related to net share settlement of equity awards (364,484) (416,609)
Other financing activities 12,719 1,790
Allocable to redeemable and non-controlling interests in Consolidated Funds:    
Cash and cash equivalents, beginning of period 488,896 1,507,976
Cash and cash equivalents, end of period $ 557,094 $ 509,656