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CONSOLIDATION
 6 Months Ended
Jun. 30, 2022
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 June 30,As of December 31,
20222021
Maximum exposure to loss attributable to the Company's investment in non-consolidated VIEs(1)
$387,860 $353,768 
Maximum exposure to loss attributable to the Company's investment in consolidated VIEs(1)
508,060 583,192 
Assets of consolidated VIEs
12,622,718 13,197,321 
Liabilities of consolidated VIEs
11,350,132 12,018,655 
(1)As of June 30, 2022 and December 31, 2021, 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 $85.5 million and $103.8 million, respectively.

Three months ended June 30,Six months ended June 30,
2022202120222021
Net income (loss) attributable to non-controlling interests related to consolidated VIEs$(18,725)$17,872 $19,737 $45,688 
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 June 30, 2022
 Consolidated
Company 
Entities 		Consolidated
Funds 		Eliminations Consolidated 
Assets    
Cash and cash equivalents$252,867 $— $— $252,867 
Investments (includes $3,120,192 of accrued carried interest)
4,428,324 — (500,818)3,927,506 
Due from affiliates692,408 — (140,271)552,137 
Other assets265,166 — — 265,166 
Right-of-use operating lease assets153,929 — — 153,929 
Intangible assets, net1,453,678 — — 1,453,678 
Goodwill998,444 — — 998,444 
Assets of Consolidated Funds
Cash and cash equivalents— 824,110 — 824,110 
U.S. Treasury securities, at fair value— 1,000,490 — 1,000,490 
Investments, at fair value— 11,542,498 8,984 11,551,482 
Due from affiliates— 17,491 (10,332)7,159 
Receivable for securities sold— 195,831 — 195,831 
Other assets— 43,416 — 43,416 
Total assets$8,244,816 $13,623,836 $(642,437)$21,226,215 
Liabilities    
Accounts payable, accrued expenses and other liabilities$266,952 $— $(10,332)$256,620 
Accrued compensation404,821 — — 404,821 
Due to affiliates133,422 — — 133,422 
Performance related compensation payable2,280,764 — — 2,280,764 
Debt obligations1,967,989 — — 1,967,989 
Operating lease liabilities189,175 — — 189,175 
Liabilities of Consolidated Funds
Accounts payable, accrued expenses and other liabilities— 102,607 (3,065)99,542 
Due to affiliates— 131,287 (131,287)— 
Payable for securities purchased— 667,375 — 667,375 
CLO loan obligations, at fair value— 10,339,193 (29,718)10,309,475 
Fund borrowings— 155,367 — 155,367 
Total liabilities5,243,123 11,395,829 (174,402)16,464,550 
Commitments and contingencies
Redeemable interest in Consolidated Funds— 1,000,000 — 1,000,000 
Redeemable interest in Ares Operating Group entities93,518 — — 93,518 
Non-controlling interest in Consolidated Funds— 1,228,007 (429,531)798,476 
Non-controlling interest in Ares Operating Group entities1,245,899 — (15,594)1,230,305 
Stockholders' Equity
Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (171,837,350 shares issued and outstanding)
1,718 — — 1,718 
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 (118,448,147 shares issued and outstanding)
1,184 — — 1,184 
Additional paid-in-capital1,903,231 — (22,910)1,880,321 
Accumulated deficit(226,700)— — (226,700)
Accumulated other comprehensive loss, net of tax(17,192)— — (17,192)
       Total stockholders' equity1,662,276 — (22,910)1,639,366 
       Total equity2,908,175 1,228,007 (468,035)3,668,147 
Total liabilities, redeemable interest, non-controlling interests and equity$8,244,816 $13,623,836 $(642,437)$21,226,215 
 As of December 31, 2021
 Consolidated
Company 
Entities 		Consolidated
Funds 		EliminationsConsolidated 
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 affiliates696,963 — (26,580)670,383 
Other assets338,685 — (3,930)334,755 
Right-of-use operating lease assets167,652 — — 167,652 
Intangible assets, net1,422,818 — — 1,422,818 
Goodwill787,972 — — 787,972 
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 compensation310,222 — — 310,222 
Due to affiliates198,553 — — 198,553 
Performance related compensation payable2,190,352 — — 2,190,352 
Debt obligations1,503,709 — — 1,503,709 
Operating lease liabilities205,075 — — 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 liabilities4,697,111 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 entities96,008 — — 96,008 
Non-controlling interest in Consolidated Funds— 1,110,635 (519,183)591,452 
Non-controlling interest in Ares Operating Group entities1,403,255 — (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-capital1,921,539 — (7,980)1,913,559 
Accumulated deficit(89,382)— — (89,382)
   Accumulated other comprehensive income, net of tax(1,855)— — (1,855)
       Total stockholders' equity1,833,207 — (7,980)1,825,227 
       Total equity3,236,462 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 
Three months ended June 30, 2022
Consolidated
Company 
Entities 		Consolidated
Funds 		Eliminations Consolidated 
Revenues
Management fees $531,922 $— $(11,362)$520,560 
Carried interest allocation47,304 — — 47,304 
Incentive fees4,675 — — 4,675 
Principal investment income (loss)13,493 — (17,880)(4,387)
Administrative, transaction and other fees37,593 — (4,315)33,278 
Total revenues634,987 — (33,557)601,430 
Expenses
Compensation and benefits375,775 — — 375,775 
Performance related compensation41,073 — — 41,073 
General, administrative and other expense122,793 — (227)122,566 
Expenses of the Consolidated Funds— 24,865 (11,411)13,454 
Total expenses539,641 24,865 (11,638)552,868 
Other income (expense)
Net realized and unrealized losses on investments(10,433)— 8,658 (1,775)
Interest and dividend income8,375 — (6,899)1,476 
Interest expense(17,221)— — (17,221)
Other income, net5,998 — (189)5,809 
Net realized and unrealized losses on investments of the Consolidated Funds— (6,806)(1,101)(7,907)
Interest and other income of the Consolidated Funds— 117,186 189 117,375 
Interest expense of the Consolidated Funds— (82,810)3,557 (79,253)
Total other income (expense), net(13,281)27,570 4,215 18,504 
Income before taxes82,065 2,705 (17,704)67,066 
Income tax expense13,437 23 — 13,460 
Net income68,628 2,682 (17,704)53,606 
Less: Net income (loss) attributable to non-controlling interests in Consolidated Funds— 2,682 (17,704)(15,022)
Net income attributable to Ares Operating Group entities68,628 — — 68,628 
Less: Net loss attributable to redeemable interest in Ares Operating Group entities(457)— — (457)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities29,354 — — 29,354 
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders$39,731 $— $— $39,731 
 Three months ended June 30, 2021
 Consolidated
Company 
Entities 		Consolidated
Funds 		Eliminations Consolidated 
Revenues    
Management fees $377,945 $— $(10,659)$367,286 
Carried interest allocation852,521 — — 852,521 
Incentive fees15,907 — (3)15,904 
Principal investment income50,634 — (3,507)47,127 
Administrative, transaction and other fees16,729 — (4,748)11,981 
Total revenues1,313,736 — (18,917)1,294,819 
Expenses
Compensation and benefits269,689 — — 269,689 
Performance related compensation656,381 — — 656,381 
General, administrative and other expense83,362 — — 83,362 
Expenses of the Consolidated Funds— 26,011 (10,711)15,300 
Total expenses1,009,432 26,011 (10,711)1,024,732 
Other income (expense)
Net realized and unrealized gains on investments13,961 — (8,984)4,977 
Interest and dividend income5,130 — (648)4,482 
Interest expense(6,907)— — (6,907)
Other expense, net(1,784)— (35)(1,819)
Net realized and unrealized losses on investments of the Consolidated Funds— (16,622)10,675 (5,947)
Interest and other income of the Consolidated Funds— 113,843 35 113,878 
Interest expense of the Consolidated Funds— (62,629)3,655 (58,974)
Total other income, net10,400 34,592 4,698 49,690 
Income before taxes314,704 8,581 (3,508)319,777 
Income tax expense48,412 46 — 48,458 
Net income266,292 8,535 (3,508)271,319 
Less: Net income attributable to non-controlling interests in Consolidated Funds— 8,535 (3,508)5,027 
Net income attributable to Ares Operating Group entities266,292 — — 266,292 
Less: Net income attributable to redeemable interest in Ares Operating Group entities337 — — 337 
Less: Net income attributable to non-controlling interests in Ares Operating Group entities124,311 — — 124,311 
Net income attributable to Ares Management Corporation141,644 — — 141,644 
Less: Series A Preferred Stock dividends paid5,425 — — 5,425 
Less: Series A Preferred Stock redemption premium11,239 — — 11,239 
Net income attributable to Ares Management Corporation Class A common stockholders$124,980 $— $— $124,980 
 
Six months ended June 30, 2022
 Consolidated
Company 
Entities 		Consolidated
Funds 		Eliminations Consolidated
Revenues    
Management fees$1,020,733 $— $(22,841)$997,892 
Carried interest allocation225,593 — — 225,593 
Incentive fees21,131 — (34)21,097 
Principal investment income27,983 — (24,044)3,939 
Administrative, transaction and other fees76,992 — (9,084)67,908 
Total revenues1,372,432 — (56,003)1,316,429 
Expenses    
Compensation and benefits729,612 — — 729,612 
Performance related compensation173,884 — — 173,884 
General, administrative and other expense243,316 — (227)243,089 
Expenses of the Consolidated Funds— 40,942 (22,975)17,967 
Total expenses1,146,812 40,942 (23,202)1,164,552 
Other income (expense)    
Net realized and unrealized gains (losses) on investments(15,359)— 21,693 6,334 
Interest and dividend income11,785 — (8,807)2,978 
Interest expense(32,867)— — (32,867)
Other income, net6,788 — 805 7,593 
Net realized and unrealized gains on investments of the Consolidated Funds— 16,205 (8,144)8,061 
Interest and other income of the Consolidated Funds— 238,470 (805)237,665 
Interest expense of the Consolidated Funds— (160,257)6,991 (153,266)
Total other income (expense)(29,653)94,418 11,733 76,498 
Income before taxes195,967 53,476 (21,068)228,375 
Income tax expense33,823 48 — 33,871 
Net income162,144 53,428 (21,068)194,504 
Less: Net income attributable to non-controlling interests in Consolidated Funds— 53,428 (21,068)32,360 
Net income attributable to Ares Operating Group entities162,144 — — 162,144 
Less: Net loss attributable to redeemable interest in Ares Operating Group entities(58)— — (58)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities76,608 — — 76,608 
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders$85,594 $— $— $85,594 
 Six months ended June 30, 2021
 Consolidated
Company 
Entities 		Consolidated
Funds 		EliminationsConsolidated 
Revenues    
Management fees$709,924 $— $(22,365)$687,559 
Carried interest allocation1,150,056 — — 1,150,056 
Incentive fees20,252 — (1,528)18,724 
Principal investment income75,729 — (3,502)72,227 
Administrative, transaction and other fees33,534 — (8,893)24,641 
Total revenues1,989,495 — (36,288)1,953,207 
Expenses
Compensation and benefits501,539 — — 501,539 
Performance related compensation877,813 — — 877,813 
General, administrative and other expense151,018 — — 151,018 
Expenses of the Consolidated Funds— 43,447 (23,976)19,471 
Total expenses1,530,370 43,447 (23,976)1,549,841 
Other income (expense)
Net realized and unrealized gains on investments7,843 — 2,567 10,410 
Interest and dividend income6,993 — (1,551)5,442 
Interest expense(13,602)— — (13,602)
Other expense, net(5,477)— (491)(5,968)
Net realized and unrealized gains on investments of the Consolidated Funds— 9,846 629 10,475 
Interest and other income of the Consolidated Funds— 229,226 491 229,717 
Interest expense of the Consolidated Funds— (137,164)7,165 (129,999)
Total other income (expense)(4,243)101,908 8,810 106,475 
Income before taxes454,882 58,461 (3,502)509,841 
Income tax expense74,138 74 — 74,212 
Net income380,744 58,387 (3,502)435,629 
Less: Net income attributable to non-controlling interests in Consolidated Funds— 58,387 (3,502)54,885 
Net income attributable to Ares Operating Group entities380,744 — — 380,744 
Less: Net income attributable to redeemable interest in Ares Operating Group entities369 — — 369 
Less: Net income attributable to non-controlling interests in Ares Operating Group entities180,353 — — 180,353 
Net income attributable to Ares Management Corporation200,022 — — 200,022 
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 common stockholders$177,933 $— $— $177,933 
 
Six months ended June 30, 2022
 Consolidated
Company 
Entities 		Consolidated
Funds		EliminationsConsolidated
Cash flows from operating activities:  
Net income$162,144 $53,428 $(21,068)$194,504 
Adjustments to reconcile net income to net cash provided by (used in) operating activities147,828 — (86,755)61,073 
Adjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds— (863,947)8,144 (855,803)
Cash flows due to changes in operating assets and liabilities48,203 — 108,957 157,160 
Cash flows due to changes in operating assets and liabilities allocable to redeemable and non-controlling interest in Consolidated Funds— (255,233)130,101 (125,132)
Net cash provided by (used in) operating activities358,175 (1,065,752)139,379 (568,198)
Cash flows from investing activities: 
Purchase of furniture, equipment and leasehold improvements, net of disposals(18,448)— — (18,448)
Acquisitions, net of cash acquired(301,677)— — (301,677)
Net cash used in investing activities(320,125)— — (320,125)
Cash flows from financing activities: 
Proceeds from Credit Facility700,000 — — 700,000 
Proceeds from senior notes488,915 — — 488,915 
Repayments of Credit Facility(720,000)— — (720,000)
Dividends and distributions (406,366)— — (406,366)
Stock option exercises8,644 — — 8,644 
Taxes paid related to net share settlement of equity awards(189,485)— — (189,485)
Other financing activities1,834 — — 1,834 
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds— 242,975 (24,695)218,280 
Distributions to non-controlling interests in Consolidated Funds— (164,035)110,397 (53,638)
Borrowings under loan obligations by Consolidated Funds— 814,183 — 814,183 
Repayments under loan obligations by Consolidated Funds— (46,873)— (46,873)
Net cash provided by (used in) financing activities(116,458)846,250 85,702 815,494 
Effect of exchange rate changes(12,380)(5,579)— (17,959)
Net change in cash and cash equivalents(90,788)(225,081)225,081 (90,788)
Cash and cash equivalents, beginning of period343,655 1,049,191 (1,049,191)343,655 
Cash and cash equivalents, end of period$252,867 $824,110 $(824,110)$252,867 
Supplemental disclosure of non-cash financing activities:
Issuance of Class A common stock in connection with acquisitions$12,835 $— $— $12,835 
 Six months ended June 30, 2021
 Consolidated
Company 
Entities 		Consolidated
Funds		EliminationsConsolidated
Cash flows from operating activities:  
Net income$380,744 $58,387 $(3,502)$435,629 
Adjustments to reconcile net income to net cash provided by (used in) operating activities6,925 — 16,482 23,407 
Adjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds— (1,818,767)6,994 (1,811,773)
Cash flows due to changes in operating assets and liabilities(133,573)— 2,737 (130,836)
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds— 757,955 (343,425)414,530 
Net cash provided by (used in) operating activities254,096 (1,002,425)(320,714)(1,069,043)
Cash flows from investing activities: 
Purchase of furniture, equipment and leasehold improvements, net of disposals(7,952)— — (7,952)
Acquisitions, net of cash acquired(778,144)— — (778,144)
Net cash used in investing activities(786,096)— — (786,096)
Cash flows from financing activities: 
Net proceeds from issuance of Class A common stock827,430 — — 827,430 
Proceeds from Credit Facility318,000 — — 318,000 
Proceeds from subordinated notes450,000 — — 450,000 
Repayments of Credit Facility(318,000)— — (318,000)
Dividends and distributions (288,178)— — (288,178)
Series A Preferred Stock dividends(10,850)— — (10,850)
Redemption of Series A Preferred Stock(310,000)— — (310,000)
Stock option exercises14,027 — — 14,027 
Taxes paid related to net share settlement of equity awards(100,838)— — (100,838)
Other financing activities(10,415)— — (10,415)
Allocable to non-controlling interests in Consolidated Funds: 
Contributions from non-controlling interests in Consolidated Funds— 984,954 (22,125)962,829 
Distributions to non-controlling interests in Consolidated Funds— (88,630)16,341 (72,289)
Borrowings under loan obligations by Consolidated Funds— 492,887 — 492,887 
Repayments under loan obligations by Consolidated Funds— (59,731)— (59,731)
Net cash provided by financing activities571,176 1,329,480 (5,784)1,894,872 
Effect of exchange rate changes3,918 (557)— 3,361 
Net change in cash and cash equivalents43,094 326,498 (326,498)43,094 
Cash and cash equivalents, beginning of period539,812 522,377 (522,377)539,812 
Cash and cash equivalents, end of period$582,906 $848,875 $(848,875)$582,906 
Supplemental disclosure of non-cash financing activities
Issuance of AOG Units in connection with acquisitions$299,640 $— $— $299,640