CONSOLIDATION

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

CONSOLIDATION

17. CONSOLIDATION

Deconsolidated Funds

Certain funds that have historically been consolidated in the financial statements that are no longer consolidated because, as of the reporting period: (a) such funds have been liquidated or dissolved; or (b) the Company is no longer deemed to be the primary beneficiary of the VIEs as it no longer has a significant economic interest. During the year ended December 31, 2021, no entities were liquidated/dissolved and one CLO experienced a significant change in ownership that resulted in deconsolidation of the entity during the period. During the year ended December 31, 2020, one entity was liquidated/dissolved and one CLO experienced a significant change in ownership that resulted in deconsolidation of the entity during the period. During the year ended December 31, 2019 two entities were liquidated/dissolved and two entities experienced a significant change in ownership or control that resulted in deconsolidation during each of the periods. For deconsolidated funds, the Company will continue to serve as the general partner and/or investment manager until such funds are fully liquidated.

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 Consolidated Statements of Financial Condition, and its respective maximum exposure to loss relating to non-consolidated VIEs are as follows:

	As of December 31,
	2021		2020
Maximum exposure to loss attributable to the Company's investment in non-consolidated VIEs(1)	$	353,768	$	224,203
Maximum exposure to loss attributable to the Company's investment in consolidated VIEs(1)	583,192		391,963
Assets of consolidated VIEs	13,197,321		11,580,003
Liabilities of consolidated VIEs	12,018,655		10,716,438

(1)As of December 31, 2021 and 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 $103.8 million and $107.7 million, respectively.

	Year ended December 31,
	2021		2020		2019
Net income attributable to non-controlling interests related to consolidated VIEs	$	115,217	$	28,085	$	39,704

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 December 31, 2021
	Consolidated Company  Entities		Consolidated Funds		Eliminations		Consolidated
Assets
Cash and cash equivalents	$	343,655	$	—	$	—	$	343,655
Investments (includes $2,998,421 of accrued carried interest)	4,271,836		—		(587,572)		3,684,264
Due from affiliates	696,963		—		(26,580)		670,383
Other assets	1,126,657		—		(3,930)		1,122,727
Intangible assets, net	1,422,818		—		—		1,422,818
Right-of-use operating lease assets	167,652		—		—		167,652
Assets of Consolidated Funds
Cash and cash equivalents	—		1,049,191		—		1,049,191
U.S. Treasury securities, at fair value	—		1,000,285		—		1,000,285
Investments, at fair value	—		11,812,093		4,300		11,816,393
Due from affiliates	—		16,761		(9,527)		7,234
Receivable for securities sold	—		281,132		—		281,132
Other assets	—		39,430		—		39,430
Total assets	$	8,029,581	$	14,198,892	$	(623,309)	$	21,605,164
Liabilities
Accounts payable, accrued expenses and other liabilities	$	289,200	$	—	$	(9,527)	$	279,673
Accrued compensation	310,222		—		—		310,222
Due to affiliates	198,553		—		—		198,553
Performance related compensation payable	2,190,352		—		—		2,190,352
Debt obligations	1,503,709		—		—		1,503,709
Operating lease liabilities	205,075		—		—		205,075
Liabilities of Consolidated Funds
Accounts payable, accrued expenses and other liabilities	—		117,139		(13,881)		103,258
Due to affiliates	—		26,210		(26,210)		—
Payable for securities purchased	—		1,118,456		—		1,118,456
CLO loan obligations, at fair value	—		10,698,681		(41,020)		10,657,661
Fund borrowings	—		127,771		—		127,771
Total liabilities	4,697,111		12,088,257		(90,638)		16,694,730
Commitments and contingencies
Redeemable interest in Consolidated Funds	—		1,000,000		—		1,000,000
Redeemable interest in Ares Operating Group entities	96,008		—		—		96,008
Non-controlling interest in Consolidated Funds	—		1,110,635		(519,183)		591,452
Non-controlling interest in Ares Operating Group entities	1,403,255		—		(5,508)		1,397,747
Stockholders' Equity
Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (168,351,305 shares issued and outstanding)	1,684		—		—		1,684
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 (118,609,332 shares issued and outstanding)	1,186		—		—		1,186
Additional paid-in-capital	1,921,539		—		(7,980)		1,913,559
Retained earnings	(89,382)		—		—		(89,382)
Accumulated other comprehensive loss, net of tax	(1,855)		—		—		(1,855)
Total stockholders' equity	1,833,207		—		(7,980)		1,825,227
Total equity	3,236,462		1,110,635		(532,671)		3,814,426
Total liabilities, redeemable interest, non-controlling interests and equity	$	8,029,581	$	14,198,892	$	(623,309)	$	21,605,164

	As of December 31, 2020
	Consolidated Company  Entities		Consolidated Funds		Eliminations		Consolidated
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 affiliates	426,021		—		(20,134)		405,887
Other assets	590,543		—		(211)		590,332
Intangible assets, net	222,087		—		—		222,087
Right-of-use operating lease assets	154,742		—		—		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 compensation	121,927		—		—		121,927
Due to affiliates	100,186		—		—		100,186
Performance related compensation payable	794,461		—		—		794,461
Debt obligations	642,998		—		—		642,998
Operating lease liabilities	180,236		—		—		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, at fair value	—		10,015,989		(57,913)		9,958,076
Fund borrowings	—		121,909		—		121,909
Total liabilities	1,965,302		10,716,438		(84,888)		12,596,852
Commitments and contingencies
Redeemable interest in Ares Operating Group entities	100,366		—		—		100,366
Non-controlling interest in Consolidated Funds	—		863,565		(323,845)		539,720
Non-controlling interest in Ares Operating Group entities	738,369		—		—		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 shares issued and outstanding)	1,124		—		—		1,124
Additional paid-in-capital	1,043,669		—		—		1,043,669
Retained earnings	(151,824)		—		—		(151,824)
Accumulated other comprehensive income, net of tax	483		—		—		483
Total stockholders' equity	1,193,685		—		—		1,193,685
Total equity	1,932,054		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

	Year ended December 31, 2021
	Consolidated Company  Entities		Consolidated Funds		Eliminations		Consolidated
Revenues
Management fees	$	1,655,943	$	—	$	(44,896)	$	1,611,047
Carried interest allocation	2,073,551		—		—		2,073,551
Incentive fees	338,334		—		(5,458)		332,876
Principal investment income	120,896		—		(21,463)		99,433
Administrative, transaction and other fees	99,667		—		(4,483)		95,184
Total revenues	4,288,391		—		(76,300)		4,212,091
Expenses
Compensation and benefits	1,162,633		—		—		1,162,633
Performance related compensation	1,740,786		—		—		1,740,786
General, administrative and other expense	444,178		—		—		444,178
Expenses of the Consolidated Funds	—		113,024		(50,538)		62,486
Total expenses	3,347,597		113,024		(50,538)		3,410,083
Other income (expense)
Net realized and unrealized gains on investments	11,920		—		7,182		19,102
Interest and dividend income	14,199		—		(4,334)		9,865
Interest expense	(36,760)		—		—		(36,760)
Other income, net	15,080		—		(678)		14,402
Net realized and unrealized gains on investments of the Consolidated Funds	—		91,390		(14,087)		77,303
Interest and other income of the Consolidated Funds	—		437,140		678		437,818
Interest expense of the Consolidated Funds	—		(272,155)		14,107		(258,048)
Total other income	4,439		256,375		2,868		263,682
Income before taxes	945,233		143,351		(22,894)		1,065,690
Income tax expense	147,297		88		—		147,385
Net income	797,936		143,263		(22,894)		918,305
Less: Net income attributable to non-controlling interests in Consolidated Funds	—		143,263		(22,894)		120,369
Net income attributable to Ares Operating Group entities	797,936		—		—		797,936
Less: Net loss attributable to redeemable interest in Ares Operating Group entities	(1,341)		—		—		(1,341)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	390,440		—		—		390,440
Net income attributable to Ares Management Corporation	408,837		—		—		408,837
Less: Series A Preferred Stock dividends paid	10,850		—		—		10,850
Less: Series A Preferred Stock redemption premium	11,239		—		—		11,239
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	$	386,748	$	—	$	—	$	386,748

	Year ended December 31, 2020
	Consolidated Company  Entities		Consolidated Funds		Eliminations		Consolidated
Revenues
Management fees	$	1,195,876	$	—	$	(45,268)	$	1,150,608
Carried interest allocation	505,608		—		—		505,608
Incentive fees	38,043		—		(141)		37,902
Principal investment income	4,044		—		24,508		28,552
Administrative, transaction and other fees	57,200		—		(15,824)		41,376
Total revenues	1,800,771		—		(36,725)		1,764,046
Expenses
Compensation and benefits	767,252		—		—		767,252
Performance related compensation	404,116		—		—		404,116
General, administrative and other expense	258,999		—		—		258,999
Expenses of the Consolidated Funds	—		65,527		(45,408)		20,119
Total expenses	1,430,367		65,527		(45,408)		1,450,486
Other income (expense)
Net realized and unrealized losses on investments	(8,720)		—		(288)		(9,008)
Interest and dividend income	11,641		—		(3,570)		8,071
Interest expense	(24,908)		—		—		(24,908)
Other income, net	2,858		—		8,433		11,291
Net realized and unrealized losses on investments of the Consolidated Funds	—		(109,387)		12,523		(96,864)
Interest and other income of the Consolidated Funds	—		473,857		(10,205)		463,652
Interest expense of the Consolidated Funds	—		(293,476)		7,160		(286,316)
Total other income (expense)	(19,129)		70,994		14,053		65,918
Income before taxes	351,275		5,467		22,736		379,478
Income tax expense	54,875		118		—		54,993
Net income	296,400		5,349		22,736		324,485
Less: Net income attributable to non-controlling interests in Consolidated Funds	—		5,349		22,736		28,085
Net income attributable to Ares Operating Group entities	296,400		—		—		296,400
Less: Net loss attributable to redeemable interest in Ares Operating Group entities	(976)		—		—		(976)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	145,234		—		—		145,234
Net income attributable to Ares Management Corporation	152,142		—		—		152,142
Less: Series A Preferred Stock dividends paid	21,700		—		—		21,700
Net income attributable to Ares Management Corporation Class A common stockholders	$	130,442	$	—	$	—	$	130,442

	Year ended December 31, 2019
	Consolidated Company  Entities		Consolidated Funds		Eliminations		Consolidated
Revenues
Management fees	$	1,014,337	$	—	$	(34,920)	$	979,417
Carried interest allocation	621,872		—		—		621,872
Incentive fees	83,048		—		(13,851)		69,197
Principal investment income	44,320		—		12,235		56,555
Administrative, transaction and other fees	51,038		—		(12,641)		38,397
Total revenues	1,814,615		—		(49,177)		1,765,438
Expenses
Compensation and benefits	653,352		—		—		653,352
Performance related compensation	497,181		—		—		497,181
General, administrative and other expense	270,219		—		—		270,219
Expenses of the Consolidated Funds	—		90,816		(48,771)		42,045
Total expenses	1,420,752		90,816		(48,771)		1,462,797
Other income (expense)
Net realized and unrealized gains on investments	10,405		—		(851)		9,554
Interest and dividend income	9,599		—		(2,093)		7,506
Interest expense	(19,671)		—		—		(19,671)
Other expense, net	(8,190)		—		350		(7,840)
Net realized and unrealized gains on investments of the Consolidated Funds	—		3,312		11,824		15,136
Interest and other income of the Consolidated Funds	—		395,599		—		395,599
Interest expense of the Consolidated Funds	—		(281,506)		3,761		(277,745)
Total other income (expense)	(7,857)		117,405		12,991		122,539
Income before taxes	386,006		26,589		12,585		425,180
Income tax expense (benefit)	52,906		(530)		—		52,376
Net income	333,100		27,119		12,585		372,804
Less: Net income attributable to non-controlling interests in Consolidated Funds	—		27,119		12,585		39,704
Net income attributable to Ares Operating Group entities	333,100		—		—		333,100
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	184,216		—		—		184,216
Net income attributable to Ares Management Corporation	148,884		—		—		148,884
Less: Series A Preferred Stock dividends paid	21,700		—		—		21,700
Net income attributable to Ares Management Corporation Class A common stockholders	$	127,184	$	—	$	—	$	127,184

	Year ended December 31, 2021
	Consolidated Company  Entities		Consolidated Funds		Eliminations		Consolidated
Cash flows from operating activities:
Net income	$	797,936	$	143,263	$	(22,894)	$	918,305
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity compensation expense	237,191		—		—		237,191
Depreciation and amortization	113,293		—		—		113,293
Net realized and unrealized gains on investments	(96,331)		—		7,353		(88,978)
Other non-cash amounts	(31,070)		—		—		(31,070)
Investments purchased	(561,762)		—		221,563		(340,199)
Proceeds from sale of investments	296,483		—		(23,101)		273,382
Adjustments to reconcile net income to net cash provided by (used in) operating activities allocable to non-controlling interests in Consolidated Funds:
Net realized and unrealized gains on investments	—		(91,390)		14,087		(77,303)
Other non-cash amounts	—		(35,879)		—		(35,879)
Investments purchased	—		(13,075,187)		7,623		(13,067,564)
Proceeds from sale of investments	—		9,970,609		—		9,970,609
Cash flows due to changes in operating assets and liabilities
Net carried interest and incentive fees receivable	(745,021)		—		—		(745,021)
Due to/from affiliates	(187,374)		—		6,446		(180,928)
Other assets	210,106		—		3,719		213,825
Accrued compensation and benefits	142,815		—		—		142,815
Accounts payable, accrued expenses and other liabilities	124,489		—		679		125,168
Cash flows due to changes in operating assets and liabilities allocable to redeemable and non-controlling interest in Consolidated Funds:
Change in cash and cash equivalents held at Consolidated Funds	—		—		(526,815)		(526,815)
Net cash relinquished with consolidation/deconsolidation of Consolidated Funds	—		(39,539)		—		(39,539)
Change in other assets and receivables held at Consolidated Funds	—		(174,409)		(6,544)		(180,953)
Change in other liabilities and payables held at Consolidated Funds	—		746,616		(23,000)		723,616
Net cash provided by (used in) operating activities	300,755		(2,555,916)		(340,884)		(2,596,045)
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(27,226)		—		—		(27,226)
Acquisitions, net of cash acquired	(1,057,407)		—		—		(1,057,407)
Net cash used in investing activities	(1,084,633)		—		—		(1,084,633)
Cash flows from financing activities:
Net proceeds from issuance of Class A and non-voting common stock	827,430		—		—		827,430
Proceeds from Credit Facility	883,000		—		—		883,000
Proceeds from subordinated notes	450,000		—		—		450,000
Repayments of Credit Facility	(468,000)		—		—		(468,000)
Dividends and distributions	(593,506)		—		—		(593,506)
Series A Preferred Stock dividends	(10,850)		—		—		(10,850)
Redemption of Series A Preferred Stock	(310,000)		—		—		(310,000)
Stock option exercises	37,216		—		—		37,216
Taxes paid related to net share settlement of equity awards	(226,101)		—		—		(226,101)
Other financing activities	11,509		—		—		11,509
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds	—		1,239,831		(206,187)		1,033,644
Distributions to non-controlling interests in Consolidated Funds	—		(119,153)		20,256		(98,897)
Borrowings under loan obligations by Consolidated Funds	—		2,048,932		—		2,048,932
Repayments under loan obligations by Consolidated Funds	—		(80,752)		—		(80,752)
Net cash provided by financing activities	600,698		3,088,858		(185,931)		3,503,625
Effect of exchange rate changes	(12,977)		(6,127)		—		(19,104)
Net change in cash and cash equivalents	(196,157)		526,815		(526,815)		(196,157)
Cash and cash equivalents, beginning of period	539,812		522,376		(522,376)		539,812
Cash and cash equivalents, end of period	$	343,655	$	1,049,191	$	(1,049,191)	$	343,655
Supplemental disclosure of non-cash financing activities:
Issuance of AOG Units in connection with acquisitions	$	510,848	$	—	$	—	$	510,848
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	$	34,170	$	170,915	$	—	$	205,085
Cash paid during the period for income taxes	$	22,603	$	185	$	—	$	22,788

	Year ended December 31, 2020
	Consolidated Company  Entities		Consolidated Funds		Eliminations		Consolidated
Cash flows from operating activities:
Net income	$	296,400	$	5,349	$	22,736	$	324,485
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity compensation expense	122,986		—		—		122,986
Depreciation and amortization	41,248		—		—		41,248
Net realized and unrealized (gains) losses on investments	20,651		—		(28,690)		(8,039)
Investments purchased	(352,750)		—		261,899		(90,851)
Proceeds from sale of investments	207,986		—		(33,307)		174,679
Adjustments to reconcile net income to net cash provided by (used in) operating activities allocable to non-controlling interests in Consolidated Funds:
Net realized and unrealized losses on investments	—		109,387		(12,523)		96,864
Other non-cash amounts	—		(34,297)		—		(34,297)
Investments purchased	—		(6,580,784)		(34,948)		(6,615,732)
Proceeds from sale of investments	—		5,502,325		—		5,502,325
Cash flows due to changes in operating assets and liabilities:
Net carried interest and incentive fees receivable	(17,687)		—		—		(17,687)
Due to/from affiliates	(82,222)		—		6,037		(76,185)
Other assets	(34,523)		—		(2,171)		(36,694)
Accrued compensation and benefits	47,875		—		—		47,875
Accounts payable, accrued expenses and other liabilities	31,240		—		(10,205)		21,035
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds:
Change in cash and cash equivalents held at Consolidated Funds	—		—		83,945		83,945
Net cash acquired with consolidation/deconsolidation of Consolidated Funds	—		60,895		—		60,895
Change in other assets and receivables held at Consolidated Funds	—		(55,461)		22,163		(33,298)
Change in other liabilities and payables held at Consolidated Funds	—		10,787		—		10,787
Net cash provided by (used in) operating activities	281,204		(981,799)		274,936		(425,659)
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(15,942)		—		—		(15,942)
Acquisitions, net of cash acquired	(120,822)		—		—		(120,822)
Net cash used in investing activities	(136,764)		—		—		(136,764)
Cash flows from financing activities:
Net proceeds from issuance of Class A common stock	383,154		—		—		383,154
Proceeds from Credit Facility	790,000		—		—		790,000
Proceeds from Senior Notes	399,084		—		—		399,084
Repayments of Credit Facility	(860,000)		—		—		(860,000)
Dividends and distributions	(446,780)		—		—		(446,780)
Series A Preferred Stock dividends	(21,700)		—		—		(21,700)
Stock option exercises	92,877		—		—		92,877
Taxes paid related to net share settlement of equity awards	(95,368)		—		—		(95,368)
Other financing activities	(1,531)		—		—		(1,531)
Allocable to non-controlling interests in Consolidated Funds:
Contributions from non-controlling interests in Consolidated Funds	—		359,381		(226,951)		132,430
Distributions to non-controlling interests in Consolidated Funds	—		(287,467)		35,960		(251,507)
Borrowings under loan obligations by Consolidated Funds	—		1,013,291		—		1,013,291
Repayments under loan obligations by Consolidated Funds	—		(190,055)		—		(190,055)
Net cash provided by financing activities	239,736		895,150		(190,991)		943,895
Effect of exchange rate changes	17,252		2,704		—		19,956
Net change in cash and cash equivalents	401,428		(83,945)		83,945		401,428
Cash and cash equivalents, beginning of period	138,384		606,321		(606,321)		138,384
Cash and cash equivalents, end of period	$	539,812	$	522,376	$	(522,376)	$	539,812
Supplemental disclosure of non-cash financing activities
Issuance of Class A common stock in connection with acquisitions	$	305,388	$	—	$	—	$	305,338
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	$	22,127	$	235,005	$	—	$	257,132
Cash paid during the period for income taxes	$	38,005	$	169	$	—	$	38,174

	Year ended December 31, 2019
	Consolidated Company  Entities		Consolidated Funds		Eliminations		Consolidated
Cash flows from operating activities:
Net income	$	333,100	$	27,119	$	12,585	$	372,804
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity compensation expense	97,691		—		—		97,691
Depreciation and amortization	39,459		—		—		39,459
Net realized and unrealized gains on investments	(37,211)		—		(15,881)		(53,092)
Investments purchased	(401,266)		—		122,468		(278,798)
Proceeds from sale of investments	395,997		—		(111,187)		284,810
Adjustments to reconcile net income to net cash provided by (used in) operating activities allocable to non-controlling interests in Consolidated Funds:
Net realized and unrealized gains on investments	—		(3,312)		(11,824)		(15,136)
Other non-cash amounts	—		(8,383)		—		(8,383)
Investments purchased	—		(5,310,296)		93,365		(5,216,931)
Proceeds from sale of investments	—		3,077,755		—		3,077,755
Cash flows due to changes in operating assets and liabilities:
Net carried interest and incentive fees receivable	(94,755)		—		—		(94,755)
Due to/from affiliates	(80,689)		—		5,551		(75,138)
Other assets	24,303		—		2,381		26,684
Accrued compensation and benefits	(1,557)		—		—		(1,557)
Accounts payable, accrued expenses and other liabilities	30,669		—		—		30,669
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds:
Change in cash and cash equivalents held at Consolidated Funds	—		—		(221,677)		(221,677)
Cash relinquished with deconsolidation of Consolidated Funds	—		(81,059)		—		(81,059)
Change in other assets and receivables held at Consolidated Funds	—		(51,681)		(3,153)		(54,834)
Change in other liabilities and payables held at Consolidated Funds	—		88,467		—		88,467
Net cash provided by (used in) operating activities	305,741		(2,261,390)		(127,372)		(2,083,021)
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(16,796)		—		—		(16,796)
Net cash used in investing activities	(16,796)		—		—		(16,796)
Cash flows from financing activities:
Net proceeds from issuance of Class A common stock	206,705		—		—		206,705
Proceeds from Credit Facility	335,000		—		—		335,000
Repayments of Credit Facility	(500,000)		—		—		(500,000)
Dividends and distributions	(323,667)		—		—		(323,667)
Series A Preferred Stock dividends	(21,700)		—		—		(21,700)
Repurchases of Class A common stock	(10,449)		—		—		(10,449)
Stock option exercises	90,511		—		—		90,511
Taxes paid related to net share settlement of equity awards	(33,554)		—		—		(33,554)
Other financing activities	(3,212)		—		—		(3,212)
Allocable to non-controlling interests in Consolidated Funds:
Contributions from non-controlling interests in Consolidated Funds	—		290,677		(117,826)		172,851
Distributions to non-controlling interests in Consolidated Funds	—		(117,599)		21,317		(96,282)
Borrowings under loan obligations by Consolidated Funds	—		3,349,654		(7,817)		3,341,837
Repayments under loan obligations by Consolidated Funds	—		(1,045,731)		10,021		(1,035,710)
Net cash provided by (used in) financing activities	(260,366)		2,477,001		(94,305)		2,122,330
Effect of exchange rate changes	(442)		6,066		—		5,624
Net change in cash and cash equivalents	28,137		221,677		(221,677)		28,137
Cash and cash equivalents, beginning of period	110,247		384,644		(384,644)		110,247
Cash and cash equivalents, end of period	$	138,384	$	606,321	$	(606,321)	$	138,384
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	$	17,922	$	215,168	$	—	$	233,090
Cash paid during the period for income taxes	$	35,021	$	604	$	—	$	35,625