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CONSOLIDATION
 9 Months Ended
Sep. 30, 2021
Condensed Financial Information Disclosure [Abstract]  
CONSOLIDATION
16. CONSOLIDATION
Investments in Consolidated Variable Interest Entities
The Company consolidates entities in which the Company has a variable interest and as the general partner or investment manager, has both the power to direct the most significant activities and a potentially significant economic interest. Investments in the consolidated VIEs are reported at fair value and represent the Company’s maximum exposure to loss.
Investments in Non-Consolidated Variable Interest Entities
The Company holds interests in certain VIEs that are not consolidated as the Company is not the primary beneficiary. The Company's interest in such entities generally is in the form of direct equity interests, fixed fee arrangements or both. The maximum exposure to loss represents the potential loss of assets by the Company relating to these non-consolidated entities. Investments in the non-consolidated VIEs are carried at fair value.
The Company's interests in consolidated and non-consolidated VIEs, as presented in the Condensed Consolidated Statements of Financial Condition, and its respective maximum exposure to loss relating to non-consolidated VIEs are as follows:

As of September 30,As of December 31,
20212020
Maximum exposure to loss attributable to the Company's investment in non-consolidated VIEs(1)
$340,988 $224,203 
Maximum exposure to loss attributable to the Company's investment in consolidated VIEs(1)
478,164 391,963 
Assets of consolidated VIEs
12,190,617 11,580,003 
Liabilities of consolidated VIEs
11,238,928 10,716,438 
(1)As of September 30, 2021 and December 31, 2020, the Company's maximum exposure of loss for CLO securities was equal to the cumulative fair value of our capital interest in CLOs that are managed and totaled $104.4 million and $107.7 million, respectively.

Three months ended September 30,Nine months ended September 30,
2021202020212020
Net income (loss) attributable to non-controlling interests related to consolidated VIEs$38,597 $42,627 $84,285 $(38,593)
Consolidating Schedules
The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Company's financial condition, results from operations and cash flows:
 As of September 30, 2021
 Consolidated
Company 
Entities 		Consolidated
Funds 		Eliminations Consolidated 
Assets    
Cash and cash equivalents$295,704 $— $— $295,704 
Investments (includes $2,625,319 of accrued carried interest)
3,804,023 — (481,358)3,322,665 
Due from affiliates517,504 — (24,093)493,411 
Other assets1,006,870 — — 1,006,870 
Intangible assets, net1,452,690 — — 1,452,690 
Right-of-use operating lease assets176,511 — — 176,511 
Assets of Consolidated Funds
Cash and cash equivalents— 1,581,433 — 1,581,433 
U.S. Treasury securities, at fair value— 1,000,165 — 1,000,165 
Investments, at fair value— 10,356,640 4,214 10,360,854 
Due from affiliates— 19,089 (10,030)9,059 
Receivable for securities sold— 187,230 — 187,230 
Other assets— 47,806 — 47,806 
Total assets$7,253,302 $13,192,363 $(511,267)$19,934,398 
Liabilities    
Accounts payable, accrued expenses and other liabilities$218,171 $— $(10,030)$208,141 
Accrued compensation309,569 — — 309,569 
Due to affiliates202,438 — — 202,438 
Performance related compensation payable1,895,343 — — 1,895,343 
Debt obligations1,238,325 — — 1,238,325 
Operating lease liabilities214,681 — — 214,681 
Liabilities of Consolidated Funds
Accounts payable, accrued expenses and other liabilities— 102,883 (13,198)89,685 
Due to affiliates— 19,880 (19,880)— 
Payable for securities purchased— 863,007 — 863,007 
CLO loan obligations, at fair value— 10,220,040 (45,246)10,174,794 
Fund borrowings— 99,240 — 99,240 
Total liabilities4,078,527 11,305,050 (88,354)15,295,223 
Commitments and contingencies
Redeemable interest in Consolidated Funds— 1,000,000 — 1,000,000 
Redeemable interest in Ares Operating Group entities98,649 — — 98,649 
Non-controlling interest in Consolidated Funds— 887,313 (422,913)464,400 
Non-controlling interest in Ares Operating Group entities1,322,866 — — 1,322,866 
Stockholders' Equity
Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (zero shares issued and outstanding)
— — — — 
Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (167,581,165 shares issued and outstanding)
1,676 — — 1,676 
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 (118,803,257 shares issued and outstanding)
1,188 — — 1,188 
Additional paid-in-capital1,881,913 — — 1,881,913 
Retained earnings(128,981)— — (128,981)
Accumulated other comprehensive loss, net of tax(2,571)— — (2,571)
       Total stockholders' equity1,753,260 — — 1,753,260 
       Total equity3,076,126 887,313 (422,913)3,540,526 
Total liabilities, redeemable interest, non-controlling interests and equity$7,253,302 $13,192,363 $(511,267)$19,934,398 
 As of December 31, 2020
 Consolidated
Company 
Entities 		Consolidated
Funds 		EliminationsConsolidated 
Assets    
Cash and cash equivalents$539,812 $— $— $539,812 
Investments (includes $1,145,853 of accrued carried interest)
2,064,517 — (381,758)1,682,759 
Due from affiliates426,021 — (20,134)405,887 
Other assets590,543 — (211)590,332 
Intangible assets, net222,087 — — 222,087 
Right-of-use operating lease assets154,742 — — 154,742 
Assets of Consolidated Funds
Cash and cash equivalents— 522,377 — 522,377 
Investments, at fair value— 10,873,522 3,575 10,877,097 
Due from affiliates— 27,377 (10,205)17,172 
Receivable for securities sold— 121,225 —121,225 
Other assets— 35,502 —35,502 
Total assets$3,997,722 $11,580,003 $(408,733)$15,168,992 
Liabilities    
Accounts payable, accrued expenses and other liabilities$125,494 $— $(10,205)$115,289 
Accrued compensation103,010 — — 103,010 
Due to affiliates100,186 — — 100,186 
Performance related compensation payable813,378 — — 813,378 
Debt obligations642,998 — — 642,998 
Operating lease liabilities180,236 — — 180,236 
Liabilities of Consolidated Funds
Accounts payable, accrued expenses and other liabilities— 46,824 — 46,824 
Due to affiliates— 16,770 (16,770)— 
Payable for securities purchased— 514,946 — 514,946 
CLO loan obligations— 10,015,989 (57,913)9,958,076 
Fund borrowings— 121,909 — 121,909 
Total liabilities1,965,302 10,716,438 (84,888)12,596,852 
Commitments and contingencies
Redeemable interest in Ares Operating Group entities100,366 — — 100,366 
Non-controlling interest in Consolidated Funds— 863,565 (323,845)539,720 
Non-controlling interest in Ares Operating Group entities738,369 — — 738,369 
Stockholders' Equity
Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (12,400,000 shares issued and outstanding)
298,761 — — 298,761 
Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (147,182,562 shares issued and outstanding)
1,472 — — 1,472 
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 (112,447,618 share issued and outstanding)
1,124 — — 1,124 
Additional paid-in-capital1,043,669 — — 1,043,669 
Retained earnings(151,824)— — (151,824)
   Accumulated other comprehensive income, net of tax483 — — 483 
       Total stockholders' equity1,193,685 — — 1,193,685 
       Total equity1,932,054 863,565 (323,845)2,471,774 
       Total liabilities, redeemable interest, non-controlling interests and equity$3,997,722 $11,580,003 $(408,733)$15,168,992 
Three months ended September 30, 2021
Consolidated
Company 
Entities 		Consolidated
Funds 		Eliminations Consolidated 
Revenues
Management fees $459,313 $— $(11,051)$448,262 
Carried interest allocation460,651 — — 460,651 
Incentive fees696 — — 696 
Principal investment income20,719 — (6,469)14,250 
Administrative, transaction and other fees29,124 — (4,264)24,860 
Total revenues970,503 — (21,784)948,719 
Expenses
Compensation and benefits335,569 — — 335,569 
Performance related compensation331,141 — — 331,141 
General, administrative and other expense134,453 — — 134,453 
Expenses of the Consolidated Funds— 23,206 (11,102)12,104 
Total expenses801,163 23,206 (11,102)813,267 
Other income (expense)
Net realized and unrealized gains on investments2,759 — 5,575 8,334 
Interest and dividend income2,702 — (1,326)1,376 
Interest expense(11,523)— — (11,523)
Other income, net36,338 — 316 36,654 
Net realized and unrealized gains on investments of the Consolidated Funds— 36,695 (2,450)34,245 
Interest and other income of the Consolidated Funds— 104,344 (316)104,028 
Interest expense of the Consolidated Funds— (64,752)3,174 (61,578)
Total other income30,276 76,287 4,973 111,536 
Income before taxes199,616 53,081 (5,709)246,988 
Income tax expense30,273 2 — 30,275 
Net income169,343 53,079 (5,709)216,713 
Less: Net income attributable to non-controlling interests in Consolidated Funds— 53,079 (5,709)47,370 
Net income attributable to Ares Operating Group entities169,343 — — 169,343 
Less: Net income attributable to redeemable interest in Ares Operating Group entities324 — — 324 
Less: Net income attributable to non-controlling interests in Ares Operating Group entities84,293 — — 84,293 
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders$84,726 $— $— $84,726 
 Three months ended September 30, 2020
 Consolidated
Company 
Entities 		Consolidated
Funds 		Eliminations Consolidated 
Revenues    
Management fees $304,153 $— $(11,719)$292,434 
Carried interest allocation168,978 — — 168,978 
Incentive fees7,194 — — 7,194 
Principal investment income18,080 — (6,672)11,408 
Administrative, transaction and other fees14,300 — (4,448)9,852 
Total revenues512,705 — (22,839)489,866 
Expenses
Compensation and benefits194,267 — — 194,267 
Performance related compensation122,356 — — 122,356 
General, administrative and other expense69,938 — — 69,938 
Expenses of the Consolidated Funds— 17,737 (11,718)6,019 
Total expenses386,561 17,737 (11,718)392,580 
Other income (expense)
Net realized and unrealized gains (losses) on investments2,303 — (4,910)(2,607)
Interest and dividend income1,602 — (258)1,344 
Interest expense(6,815)— — (6,815)
Other income (expense), net(6,337)— 8,540 2,203 
Net realized and unrealized gains on investments of the Consolidated Funds— 9,850 8,121 17,971 
Interest and other income of the Consolidated Funds— 126,100 (9,519)116,581 
Interest expense of the Consolidated Funds— (67,818)1,496 (66,322)
Total other income (expense)(9,247)68,132 3,470 62,355 
Income before taxes116,897 50,395 (7,651)159,641 
Income tax expense18,197 117 — 18,314 
Net income98,700 50,278 (7,651)141,327 
Less: Net income attributable to non-controlling interests in Consolidated Funds— 50,278 (7,651)42,627 
Net income attributable to Ares Operating Group entities98,700 — — 98,700 
Less: Net loss attributable to redeemable interest in Ares Operating Group entities(1,007)— — (1,007)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities52,162 — — 52,162 
Net income attributable to Ares Management Corporation47,545 — — 47,545 
Less: Series A Preferred Stock dividends paid5,425 — — 5,425 
Net income attributable to Ares Management Corporation Class A common stockholders$42,120 $— $— $42,120 
 
Nine months ended September 30, 2021
 Consolidated
Company 
Entities 		Consolidated
Funds 		Eliminations Consolidated
Revenues    
Management fees$1,169,237 $— $(33,416)$1,135,821 
Carried interest allocation1,610,707 — — 1,610,707 
Incentive fees20,948 — (1,528)19,420 
Principal investment income96,448 — (9,971)86,477 
Administrative, transaction and other fees62,658 — (13,157)49,501 
Total revenues2,959,998 — (58,072)2,901,926 
Expenses    
Compensation and benefits837,108 — — 837,108 
Performance related compensation1,208,954 — — 1,208,954 
General, administrative and other expense285,471 — — 285,471 
Expenses of the Consolidated Funds— 66,653 (35,078)31,575 
Total expenses2,331,533 66,653 (35,078)2,363,108 
Other income (expense)    
Net realized and unrealized gains on investments10,602 — 8,142 18,744 
Interest and dividend income9,695 — (2,877)6,818 
Interest expense(25,125)— — (25,125)
Other income, net30,861 — (175)30,686 
Net realized and unrealized gains on investments of the Consolidated Funds— 46,541 (1,821)44,720 
Interest and other income of the Consolidated Funds— 333,570 175 333,745 
Interest expense of the Consolidated Funds— (201,916)10,339 (191,577)
Total other income26,033 178,195 13,783 218,011 
Income before taxes654,498 111,542 (9,211)756,829 
Income tax expense104,411 76 — 104,487 
Net income550,087 111,466 (9,211)652,342 
Less: Net income attributable to non-controlling interests in Consolidated Funds— 111,466 (9,211)102,255 
Net income attributable to Ares Operating Group entities550,087 — — 550,087 
Less: Net income attributable to redeemable interest in Ares Operating Group entities693 — — 693 
Less: Net income attributable to non-controlling interests in Ares Operating Group entities264,646 — — 264,646 
Net income attributable to Ares Management Corporation284,748 — — 284,748 
Less: Series A Preferred Stock dividends paid10,850 — — 10,850 
Less: Series A Preferred Stock redemption premium11,239 — — 11,239 
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders$262,659 $— $— $262,659 
 Nine months ended September 30, 2020
 Consolidated
Company 
Entities 		Consolidated
Funds 		EliminationsConsolidated 
Revenues    
Management fees$856,751 $— $(33,601)$823,150 
Carried interest allocation241,380 — — 241,380 
Incentive fees4,206 — 70 4,276 
Principal investment income (loss)(24,951)— 33,281 8,330 
Administrative, transaction and other fees41,146 — (12,249)28,897 
Total revenues1,118,532 — (12,499)1,106,033 
Expenses
Compensation and benefits559,482 — — 559,482 
Performance related compensation191,565 — — 191,565 
General, administrative and other expense190,353 — — 190,353 
Expenses of the Consolidated Funds— 50,237 (33,531)16,706 
Total expenses941,400 50,237 (33,531)958,106 
Other income (expense)
Net realized and unrealized losses on investments(25,360)— 15,009 (10,351)
Interest and dividend income8,102 — (2,990)5,112 
Interest expense(18,203)— — (18,203)
Other income, net1,100 — 8,748 9,848 
Net realized and unrealized losses on investments of the Consolidated Funds— (148,826)(4,442)(153,268)
Interest and other income of the Consolidated Funds— 355,639 (9,519)346,120 
Interest expense of the Consolidated Funds— (227,532)4,672 (222,860)
Total other expense(34,361)(20,719)11,478 (43,602)
Income (loss) before taxes142,771 (70,956)32,510 104,325 
Income tax expense21,972 147 — 22,119 
Net income (loss)120,799 (71,103)32,510 82,206 
Less: Net loss attributable to non-controlling interests in Consolidated Funds— (71,103)32,510 (38,593)
Net income attributable to Ares Operating Group entities120,799 — — 120,799 
Less: Net loss attributable to redeemable interest in Ares Operating Group entities(1,007)— — (1,007)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities48,926 — — 48,926 
Net income attributable to Ares Management Corporation72,880 — — 72,880 
Less: Series A Preferred Stock dividends paid16,275 — — 16,275 
Net income attributable to Ares Management Corporation Class A common stockholders$56,605 $— $— $56,605 
 
Nine months ended September 30, 2021
 Consolidated
Company 
Entities 		Consolidated
Funds		EliminationsConsolidated
Cash flows from operating activities:  
Net income$550,087 $111,466 $(9,211)$652,342 
Adjustments to reconcile net income to net cash provided by (used in) operating activities(28,467)— 99,600 71,133 
Adjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds— (1,697,529)9,444 (1,688,085)
Cash flows due to changes in operating assets and liabilities(153,361)— 3,923 (149,438)
Cash flows due to changes in operating assets and liabilities allocable to redeemable and non-controlling interest in Consolidated Funds— 343,253 (1,072,956)(729,703)
Net cash provided by (used in) operating activities368,259 (1,242,810)(969,200)(1,843,751)
Cash flows from investing activities: 
Purchase of furniture, equipment and leasehold improvements, net of disposals(15,152)— — (15,152)
Acquisitions, net of cash acquired(1,057,426)— — (1,057,426)
Net cash used in investing activities(1,072,578)— — (1,072,578)
Cash flows from financing activities: 
Net proceeds from issuance of Class A and non-voting common stock827,430 — — 827,430 
Proceeds from Credit Facility468,000 — — 468,000 
Proceeds from subordinated notes450,000 — — 450,000 
Repayments of Credit Facility(318,000)— — (318,000)
Dividends and distributions (438,568)— — (438,568)
Series A Preferred Stock dividends(10,850)— — (10,850)
Redemption of Series A Preferred Stock(310,000)— — (310,000)
Stock option exercises27,409 — — 27,409 
Taxes paid related to net share settlement of equity awards(221,287)— — (221,287)
Other financing activities1,976 — — 1,976 
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds— 1,027,454 (107,788)919,666 
Distributions to non-controlling interests in Consolidated Funds— (102,701)17,931 (84,770)
Borrowings under loan obligations by Consolidated Funds— 1,456,887 — 1,456,887 
Repayments under loan obligations by Consolidated Funds— (74,909)— (74,909)
Net cash provided by financing activities476,110 2,306,731 (89,857)2,692,984 
Effect of exchange rate changes(15,899)(4,864)— (20,763)
Net change in cash and cash equivalents(244,108)1,059,057 (1,059,057)(244,108)
Cash and cash equivalents, beginning of period539,812 522,377 (522,377)539,812 
Cash and cash equivalents, end of period$295,704 $1,581,434 $(1,581,434)$295,704 
Supplemental disclosure of non-cash financing activities:
Issuance of AOG Units in connection with acquisitions$511,069 $— $— $511,069 
 Nine months ended September 30, 2020
 Consolidated
Company 
Entities 		Consolidated
Funds		EliminationsConsolidated
Cash flows from operating activities:  
Net income (loss)$120,799 $(71,103)$32,510 $82,206 
Adjustments to reconcile net income to net cash provided by operating activities207,358 — (22,772)184,586 
Adjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds— (733,607)(32,792)(766,399)
Cash flows due to changes in operating assets and liabilities152,691 — (6,989)145,702 
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds— 105,992 260,375 366,367 
Net cash provided by (used in) operating activities480,848 (698,718)230,332 12,462 
Cash flows from investing activities: 
Purchase of furniture, equipment and leasehold improvements, net of disposals(8,608)— — (8,608)
Cash paid for asset acquisition(117,829)— — (117,829)
Net cash used in investing activities(126,437)— — (126,437)
Cash flows from financing activities: 
Proceeds from issuance of Class A common stock383,154 — — 383,154 
Proceeds from Credit Facility790,000 — — 790,000 
Proceeds from Senior Notes399,084 — — 399,084 
Repayments of Credit Facility(860,000)— — (860,000)
Dividends and distributions (334,957)— — (334,957)
Series A Preferred Stock dividends(16,275)— — (16,275)
Stock option exercises78,959 — — 78,959 
Taxes paid related to net share settlement of equity awards(75,657)— — (75,657)
Other financing activities(4,137)— — (4,137)
Allocable to non-controlling interests in Consolidated Funds: 
Contributions from non-controlling interests in Consolidated Funds— 138,760 (15,047)123,713 
Distributions to non-controlling interests in Consolidated Funds— (195,598)25,851 (169,747)
Borrowings under loan obligations by Consolidated Funds— 618,207 — 618,207 
Repayments under loan obligations by Consolidated Funds— (104,794)— (104,794)
Net cash provided by financing activities360,171 456,575 10,804 827,550 
Effect of exchange rate changes15,786 1,007 — 16,793 
Net change in cash and cash equivalents730,368 (241,137)241,137 730,368 
Cash and cash equivalents, beginning of period138,384 606,321 (606,321)138,384 
Cash and cash equivalents, end of period$868,752 $365,185 $(365,185)$868,752 
Supplemental disclosure of non-cash financing activities
Issuance of Class A common stock in connection with acquisitions$305,388 $— $— $305,338