EQUITY AND REDEEMABLE INTEREST

3 Months Ended

Mar. 31, 2022

Stockholders' Equity Note [Abstract]

EQUITY AND REDEEMABLE INTEREST

14. EQUITY AND REDEEMABLE INTEREST

Common Stock

The Company's common stock consists of Class A, Class B, Class C and non-voting common stock, each $0.01 par value per share. The non-voting common stock has the same economic rights as the Class A common stock. Sumitomo Mitsui Banking Corporation (“SMBC”) is the sole holder of the non-voting common stock. The Class B common stock and Class C common stock are non-economic and holders are not entitled to dividends from the Company or to receive any assets of the Company in the event of any dissolution, liquidation or winding up of the Company. Ares Management GP LLC is the sole holder of the Class B common stock and Ares Voting LLC (“Ares Voting”) is the sole holder of the Class C common stock.

In February 2022, the Company's board of directors authorized the renewal of the stock repurchase program that allows for the repurchase of up to $150 million of shares of Class A common stock. Under the program, shares may be repurchased from time to time in open market purchases, privately negotiated transactions or otherwise, including in reliance on Rule 10b5-1 of the Securities Act. The program is scheduled to expire in March 2023. Repurchases under the program, if any, will depend on the prevailing market conditions and other factors. During the three months ended March 31, 2022 and 2021, the Company did not repurchase any shares as part of the stock repurchase program.

The following table presents the changes in each class of common stock:

	Class A Common Stock	Non-Voting Common Stock	Class B Common Stock	Class C Common Stock	Total
Balance - December 31, 2021	168,351,305	3,489,911	1,000	118,609,332	290,451,548
Exchanges of AOG Units	140,229	—	—	(140,229)	—
Stock option exercises, net of shares withheld for tax	176,154	—	—	—	176,154
Vesting of restricted stock awards, net of shares withheld for tax	2,793,427	—	—	—	2,793,427
Cancellation of AOG Units	—	—	—	(4,135)	(4,135)
Balance - March 31, 2022	171,461,115	3,489,911	1,000	118,464,968	293,416,994

The following table presents each partner's AOG Units and corresponding ownership interest in each of the Ares Operating Group entities, as well as its daily average ownership of AOG Units in each of the Ares Operating Group entities:

							Daily Average Ownership
	As of March 31, 2022			As of December 31, 2021			Three months ended March 31,
	AOG Units	Direct Ownership Interest		AOG Units	Direct Ownership Interest		2022		2021
Ares Management Corporation	174,951,026	59.63	%	171,841,216	59.16	%	59.51	%	57.06	%
Ares Owners Holdings, L.P.	118,464,968	40.37		118,609,332	40.84		40.49		42.94
Total	293,415,994	100.00	%	290,450,548	100.00	%

Redeemable Interest

The following table summarizes the activities associated with the redeemable interest in Ares Operating Group entities:

	Total
Balance - December 31, 2021	$	96,008
Changes in ownership interests and related tax benefits	231
Distributions	(8)
Net income	399
Currency translation adjustment, net of tax	(331)
Equity compensation	48
Balance - March 31, 2022	$	96,347

The following table summarizes the activities associated with the redeemable interest in Consolidated Funds:

	Total
Balance - December 31, 2021	$	1,000,000
Change in redemption value	—
Balance - March 31, 2022	$	1,000,000