CONSOLIDATION (Tables)

3 Months Ended

Mar. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

The Company's interests and the Consolidated Funds' interests in consolidated and non-consolidated VIEs, as presented in the Condensed Consolidated Statements of Financial Condition, and their respective maximum exposure to loss relating to non-consolidated VIEs (excluding fixed arrangements) are as follows:



	As of March 31,		As of December 31,
	2017		2016
Maximum exposure to loss attributable to the Company's investment in non-consolidated VIEs	$	281,719	$	268,950
Maximum exposure to loss attributable to the Company's investment in consolidated VIEs	$	164,204	$	153,746
Assets of consolidated VIEs	$	3,812,093	$	3,822,010
Liabilities of consolidated VIEs	$	3,309,327	$	3,360,329



	For the Three Months Ended March 31,
	2017		2016
Net income (loss) attributable to non-controlling interests related to consolidated VIEs	$	15,855	$	(11,979	)

Schedule of consolidating effects of the Consolidated Funds on the Company's financial condition

The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Company's financial condition as of March 31, 2017 and December 31, 2016 and results from operations for the three months ended March 31, 2017 and 2016.



	As of March 31, 2017
	Consolidated Company Entities			Consolidated Funds		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	103,989		$	—	$	—		$	103,989
Investments (includes fair value investments of $467,918)	652,684			—		(164,204		)	488,480
Performance fees receivable	816,786			—		(7,778		)	809,008
Due from affiliates	186,886			—		(5,979		)	180,907
Deferred tax asset, net	43,929			—		—			43,929
Other assets	82,902			—		—			82,902
Intangible assets, net	53,040			—		—			53,040
Goodwill	143,755			—		—			143,755
Assets of Consolidated Funds
Cash and cash equivalents	—			346,312		—			346,312
Investments, at fair value	—			3,405,891		—			3,405,891
Due from affiliates	—			2,880		—			2,880
Dividends and interest receivable	—			7,426		—			7,426
Receivable for securities sold	—			45,936		—			45,936
Other assets	—			3,648		—			3,648
Total assets	$	2,083,971		$	3,812,093	$	(177,961	)	$	5,718,103
Liabilities
Accounts payable, accrued expenses and other liabilities	$	78,788		$	—	$	—		$	78,788
Accrued compensation	56,256			—		—			56,256
Due to affiliates	21,075			—		(308		)	20,767
Performance fee compensation payable	631,460			—		—			631,460
Debt obligations	488,221			—		—			488,221
Liabilities of Consolidated Funds
Accounts payable, accrued expenses and other liabilities	—			29,852		—			29,852
Due to affiliates	—			8,791		(8,791		)	—
Payable for securities purchased	—			211,001		—			211,001
CLO loan obligations	—			3,011,027		(35,543		)	2,975,484
Fund borrowings	—			48,656		—			48,656
Total liabilities	1,275,800			3,309,327		(44,642		)	4,540,485
Commitments and contingencies
Preferred equity (12,400,000 units issued and outstanding at March 31, 2017)	298,761			—		—			298,761
Non-controlling interest in Consolidated Funds	—			502,766		(133,319		)	369,447
Non-controlling interest in Ares Operating Group entities	278,936			—		—			278,936
Controlling interest in Ares Management, L.P.:
Partners' Capital (81,307,431 units issued and outstanding)	238,212			—		—			238,212
Accumulated other comprehensive loss, net of tax	(7,738		)	—		—			(7,738		)
Total controlling interest in Ares Management, L.P.	230,474			—		—			230,474
Total equity	808,171			502,766		(133,319		)	1,177,618
Total liabilities, non-controlling interests and equity	$	2,083,971		$	3,812,093	$	(177,961	)	$	5,718,103



	As of December 31, 2016
	Consolidated Company Entities			Consolidated Funds		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	342,861		$	—	$	—		$	342,861
Investments (includes fair value investments of $448,336)	622,215			—		(153,744		)	468,471
Performance fees receivable	767,429			—		(8,330		)	759,099
Due from affiliates	169,252			—		(6,316		)	162,936
Deferred tax asset, net	6,731			—		—			6,731
Other assets	65,565			—		—			65,565
Intangible assets, net	58,315			—		—			58,315
Goodwill	143,724			—		—			143,724
Assets of Consolidated Funds
Cash and cash equivalents	—			455,280		—			455,280
Investments, at fair value	—			3,330,203		—			3,330,203
Due from affiliates	—			3,592		—			3,592
Dividends and interest receivable	—			8,479		—			8,479
Receivable for securities sold	—			21,955		—			21,955
Other assets	—			2,501		—			2,501
Total assets	$	2,176,092		$	3,822,010	$	(168,390	)	$	5,829,712
Liabilities
Accounts payable, accrued expenses and other liabilities	$	83,336		$	—	$	—		$	83,336
Accrued compensation	131,736			—		—			131,736
Due to affiliates	17,959			—		(395		)	17,564
Performance fee compensation payable	598,050			—		—			598,050
Debt obligations	305,784			—		—			305,784
Liabilities of Consolidated Funds
Accounts payable, accrued expenses and other liabilities	—			21,056		—			21,056
Due to affiliates	—			10,599		(10,599		)	—
Payable for securities purchased	—			208,742		—			208,742
CLO loan obligations	—			3,064,862		(33,750		)	3,031,112
Fund borrowings	—			55,070		—			55,070
Total liabilities	1,136,865			3,360,329		(44,744		)	4,452,450
Commitments and contingencies
Preferred equity (12,400,000 units issued and outstanding at December 31, 2016)	298,761			—		—			298,761
Non-controlling interest in Consolidated Funds	—			461,681		(123,646		)	338,035
Non-controlling interest in Ares Operating Group entities	447,615			—		—			447,615
Controlling interest in Ares Management, L.P.:
Partners' Capital (80,814,732 units issued and outstanding)	301,790			—		—			301,790
Accumulated other comprehensive loss, net of tax	(8,939		)	—		—			(8,939		)
Total controlling interest in Ares Management, L.P.	292,851			—		—			292,851
Total equity	1,039,227			461,681		(123,646		)	1,377,262
Total liabilities, non-controlling interests and equity	$	2,176,092		$	3,822,010	$	(168,390	)	$	5,829,712

Schedule of results from operations



	For the Three Months Ended March 31, 2017
	Consolidated Company Entities			Consolidated Funds		Eliminations			Consolidated
Revenues
Management fees (includes ARCC Part I Fees of $33,257)	$	176,781		$	—	$	(4,736	)	$	172,045
Performance fees	58,042			—		(2,870		)	55,172
Administrative and other fees	14,440			—		—			14,440
Total revenues	249,263			—		(7,606		)	241,657
Expenses
Compensation and benefits	124,339			—		—			124,339
Performance fee compensation	40,702			—		—			40,702
General, administrative and other expense	47,338			—		—			47,338
Transaction support expense	275,177			—		—			275,177
Expenses of the Consolidated Funds	—			10,509		(6,598		)	3,911
Total expenses	487,556			10,509		(6,598		)	491,467
Other income (expense)
Net interest and investment expense (includes interest expense of $4,879)	(961		)	—		(1,174		)	(2,135		)
Other income, net	16,496			—		—			16,496
Net realized and unrealized gain (loss) on investments	15,847			—		(13,192		)	2,655
Net interest and investment income of the Consolidated Funds (includes interest expense of $31,322)	—			8,006		2,164			10,170
Net realized and unrealized income on investments of the Consolidated Funds	—			30,439		1,597			32,036
Total other income	31,382			38,445		(10,605		)	59,222
Income (loss) before taxes	(206,911		)	27,936		(11,613		)	(190,588		)
Income tax expense (benefit)	(34,732		)	468		—			(34,264		)
Net income (loss)	(172,179		)	27,468		(11,613		)	(156,324		)
Less: Net income attributable to non-controlling interests in Consolidated Funds	—			27,468		(11,613		)	15,855
Less: Net loss attributable to non-controlling interests in Ares Operating Group entities	(131,045		)	—		—			(131,045		)
Net loss attributable to Ares Management, L.P.	(41,134		)	—		—			(41,134		)
Less: Preferred equity distributions paid	5,425			—		—			5,425
Net loss attributable to Ares Management, L.P. common unitholders	$	(46,559	)	$	—	$	—		$	(46,559	)



	For the Three Months Ended March 31, 2016
	Consolidated Company Entities			Consolidated Funds			Eliminations			Consolidated
Revenues
Management fees (includes ARCC Part I Fees of $28,625)	$	162,668		$	—		$	(4,235	)	$	158,433
Performance fees	(31,571		)	—			1,624			(29,947		)
Administrative and other fees	7,529			—			—			7,529
Total revenues	138,626			—			(2,611		)	136,015
Expenses
Compensation and benefits	110,679			—			—			110,679
Performance fee compensation	(21,330		)	—			—			(21,330		)
General, administrative and other expense	39,962			—			—			39,962
Expenses of the Consolidated Funds	—			5,979			(5,752		)	227
Total expenses	129,311			5,979			(5,752		)	129,538
Other income (expense)
Net interest and investment expense (includes interest expense of $4,855)	(1,993		)	—			(1,366		)	(3,359		)
Other income, net	5,241			—			—			5,241
Net realized and unrealized gain (loss) on investments	(8,135		)	—			13,277			5,142
Net interest and investment income of the Consolidated Funds (includes interest expense of $22,449)	—			5,274			2,058			7,332
Net realized and unrealized loss on investments of the Consolidated Funds	—			(28,077		)	(1,730		)	(29,807		)
Total other expense	(4,887		)	(22,803		)	12,239			(15,451		)
Income (loss) before taxes	4,428			(28,782		)	15,380			(8,974		)
Income tax expense (benefit)	6,088			(1,423		)	—			4,665
Net loss	(1,660		)	(27,359		)	15,380			(13,639		)
Less: Net loss attributable to non-controlling interests in Consolidated Funds	—			(27,359		)	15,380			(11,979		)
Less: Net income attributable to redeemable interests in Ares Operating Group entities	10			—			—			10
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	1,420			—			—			1,420
Net loss attributable to Ares Management, L.P.	$	(3,090	)	$	—		$	—		$	(3,090	)

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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