CONSOLIDATION (Tables)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

The Company’s interests in consolidated and non-consolidated VIEs, as presented within the Consolidated Statements of Financial Condition, its respective maximum exposure to loss relating to non-consolidated VIEs, and its net income attributable to non-controlling interests related to consolidated VIEs, as presented within the Consolidated Statements of Operations, are as follows:



	As of December 31,
	2023		2022
Maximum exposure to loss attributable to the Company’s investment in non-consolidated VIEs(1)	$	503,376	$	393,549
Maximum exposure to loss attributable to the Company’s investment in consolidated VIEs(1)	910,600		537,239
Assets of consolidated VIEs	15,484,962		13,128,088
Liabilities of consolidated VIEs	13,409,257		11,593,867

(1)As of December 31, 2023 and 2022, the Company’s maximum exposure of loss for CLO securities was equal to the cumulative fair value of our capital interest in CLOs and totaled $83.1 million and $82.0 million, respectively.


	Year ended December 31,
		2023		2022		2021
Net income attributable to non-controlling interests related to consolidated VIEs		$	204,571	$	105,797	$	115,217

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, results from operations and cash flows:


	As of December 31, 2023
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Assets
Cash and cash equivalents	$	348,274	$	—	$	—	$	348,274
Investments (includes $3,413,007 of accrued carried interest)	5,546,209		—		(921,277)		4,624,932
Due from affiliates	1,068,089		—		(171,343)		896,746
Other assets	429,979		—		—		429,979
Right-of-use operating lease assets	249,326		—		—		249,326
Intangible assets, net	1,058,495		—		—		1,058,495
Goodwill	1,123,976		—		—		1,123,976
Assets of Consolidated Funds
Cash and cash equivalents	—		1,149,511		—		1,149,511
Investments held in trust account	—		523,038		—		523,038
Investments, at fair value	—		14,078,549		—		14,078,549
Due from affiliates	—		25,794		(11,643)		14,151
Receivable for securities sold	—		146,851		—		146,851
Other assets	—		86,672		—		86,672
Total assets	$	9,824,348	$	16,010,415	$	(1,104,263)	$	24,730,500
Liabilities
Accounts payable, accrued expenses and other liabilities	$	245,526	$	—	$	(11,642)	$	233,884
Accrued compensation	287,259		—		—		287,259
Due to affiliates	240,254		—		—		240,254
Performance related compensation payable	2,514,610		—		—		2,514,610
Debt obligations	2,965,480		—		—		2,965,480

Operating lease liabilities	319,572		—		—		319,572
Liabilities of Consolidated Funds
Accounts payable, accrued expenses and other liabilities	—		189,523		—		189,523
Due to affiliates	—		174,897		(171,343)		3,554
Payable for securities purchased	—		484,117		—		484,117
CLO loan obligations, at fair value	—		12,458,266		(112,609)		12,345,657
Fund borrowings	—		125,241		—		125,241
Total liabilities	6,572,701		13,432,044		(295,594)		19,709,151
Commitments and contingencies
Redeemable interest in Consolidated Funds	—		522,938		—		522,938
Redeemable interest in Ares Operating Group entities	24,098		—		—		24,098
Non-controlling interest in Consolidated Funds	—		2,055,433		(796,988)		1,258,445
Non-controlling interest in Ares Operating Group entities	1,326,913		—		(4,444)		1,322,469
Stockholders’ Equity

Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (187,069,907 shares issued and outstanding)	1,871		—		—		1,871
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 (117,024,758 shares issued and outstanding)	1,170		—		—		1,170
Additional paid-in-capital	2,398,273		—		(7,237)		2,391,036
Accumulated deficit	(495,083)		—		—		(495,083)
Accumulated other comprehensive loss, net of tax	(5,630)		—		—		(5,630)
Total stockholders’ equity	1,900,636		—		(7,237)		1,893,399
Total equity	3,227,549		2,055,433		(808,669)		4,474,313
Total liabilities, redeemable interest, non-controlling interests and equity	$	9,824,348	$	16,010,415	$	(1,104,263)	$	24,730,500


	As of December 31, 2022
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Assets
Cash and cash equivalents	$	389,987	$	—	$	—	$	389,987
Investments (includes $3,106,577 of accrued carried interest)	4,515,955		—		(541,221)		3,974,734
Due from affiliates	949,532		—		(191,060)		758,472
Other assets	381,137		—		—		381,137
Right-of-use operating lease assets	155,950		—		—		155,950
Intangible assets, net	1,208,220		—		—		1,208,220
Goodwill	999,656		—		—		999,656
Assets of Consolidated Funds
Cash and cash equivalents	—		724,641		—		724,641
Investments held in trust account	—		1,013,382		—		1,013,382
Investments, at fair value	—		12,187,392		3,859		12,191,251
Due from affiliates	—		26,531		(10,742)		15,789
Receivable for securities sold	—		124,050		—		124,050
Other assets	—		65,570		—		65,570
Total assets	$	8,600,437	$	14,141,566	$	(739,164)	$	22,002,839
Liabilities
Accounts payable, accrued expenses and other liabilities	$	242,663	$	—	$	(10,742)	$	231,921
Accrued compensation	510,130		—		—		510,130
Due to affiliates	252,798		—		—		252,798
Performance related compensation payable	2,282,209		—		—		2,282,209
Debt obligations	2,273,854		—		—		2,273,854
Operating lease liabilities	190,616		—		—		190,616
Liabilities of Consolidated Funds
Accounts payable, accrued expenses and other liabilities	—		175,435		(7,149)		168,286
Due to affiliates	—		191,238		(187,201)		4,037
Payable for securities purchased	—		314,193		—		314,193
CLO loan obligations, at fair value	—		10,797,332		(95,612)		10,701,720
Fund borrowings	—		168,046		—		168,046
Total liabilities	5,752,270		11,646,244		(300,704)		17,097,810
Commitments and contingencies
Redeemable interest in Consolidated Funds	—		1,013,282		—		1,013,282
Redeemable interest in Ares Operating Group entities	93,129		—		—		93,129
Non-controlling interest in Consolidated Funds	—		1,482,040		(407,684)		1,074,356
Non-controlling interest in Ares Operating Group entities	1,147,269		—		(12,246)		1,135,023
Stockholders’ Equity

Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (173,892,036 shares issued and outstanding)	1,739		—		—		1,739
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 (117,231,288 shares issued and outstanding)	1,172		—		—		1,172
Additional paid-in-capital	1,989,284		—		(18,530)		1,970,754
Accumulated deficit	(369,475)		—		—		(369,475)
Accumulated other comprehensive loss, net of tax	(14,986)		—		—		(14,986)
Total stockholders’ equity	1,607,769		—		(18,530)		1,589,239
Total equity	2,755,038		1,482,040		(438,460)		3,798,618
Total liabilities, redeemable interest, non-controlling interests and equity	$	8,600,437	$	14,141,566	$	(739,164)	$	22,002,839

Schedule of Results from Operations


	Year ended December 31, 2023
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Revenues
Management fees	$	2,599,351	$	—	$	(48,201)	$	2,551,150
Carried interest allocation	631,150		—		(12,571)		618,579
Incentive fees	277,728		—		(1,101)		276,627
Principal investment income	155,632		—		(119,116)		36,516
Administrative, transaction and other fees	156,178		—		(7,166)		149,012
Total revenues	3,820,039		—		(188,155)		3,631,884
Expenses
Compensation and benefits	1,486,698		—		—		1,486,698
Performance related compensation	607,522		—		—		607,522
General, administrative and other expense	660,579		—		(433)		660,146
Expenses of the Consolidated Funds	—		93,167		(49,675)		43,492
Total expenses	2,754,799		93,167		(50,108)		2,797,858
Other income (expense)
Net realized and unrealized gains on investments	76,415		—		1,158		77,573
Interest and dividend income	29,850		—		(10,574)		19,276
Interest expense	(106,276)		—		—		(106,276)
Other income (expense), net	(10,285)		—		15,104		4,819
Net realized and unrealized gains on investments of the Consolidated Funds	—		239,802		22,898		262,700
Interest and other income of the Consolidated Funds	—		1,010,649		(15,104)		995,545
Interest expense of the Consolidated Funds	—		(757,603)		3,003		(754,600)
Total other income (expense), net	(10,296)		492,848		16,485		499,037
Income before taxes	1,054,944		399,681		(121,562)		1,333,063
Income tax expense	169,148		3,823		—		172,971
Net income	885,796		395,858		(121,562)		1,160,092
Less: Net income attributable to non-controlling interests in Consolidated Funds	—		395,858		(121,562)		274,296
Net income attributable to Ares Operating Group entities	885,796		—		—		885,796
Less: Net income attributable to redeemable interest in Ares Operating Group entities	226		—		—		226
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	411,244		—		—		411,244



Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	$	474,326	$	—	$	—	$	474,326


	Year ended December 31, 2022
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Revenues
Management fees	$	2,182,757	$	—	$	(46,324)	$	2,136,433
Carried interest allocation	465,561		—		(7,549)		458,012
Incentive fees	305,167		—		(3,980)		301,187
Principal investment income	48,222		—		(35,943)		12,279
Administrative, transaction and other fees	164,545		—		(17,013)		147,532
Total revenues	3,166,252		—		(110,809)		3,055,443
Expenses
Compensation and benefits	1,498,590		—		—		1,498,590
Performance related compensation	518,829		—		—		518,829
General, administrative and other expense	695,511		—		(255)		695,256
Expenses of the Consolidated Funds	—		86,988		(50,578)		36,410
Total expenses	2,712,930		86,988		(50,833)		2,749,085
Other income (expense)
Net realized and unrealized gains (losses) on investments	(27,924)		—		32,656		4,732
Interest and dividend income	25,196		—		(15,797)		9,399
Interest expense	(71,356)		—		—		(71,356)
Other income, net	11,904		—		1,215		13,119
Net realized and unrealized gains on investments of the Consolidated Funds	—		87,287		(13,901)		73,386
Interest and other income of the Consolidated Funds	—		587,744		(1,215)		586,529
Interest expense of the Consolidated Funds	—		(424,887)		13,526		(411,361)
Total other income (expense), net	(62,180)		250,144		16,484		204,448
Income before taxes	391,142		163,156		(43,492)		510,806
Income tax expense	71,560		331		—		71,891
Net income	319,582		162,825		(43,492)		438,915
Less: Net income attributable to non-controlling interests in Consolidated Funds	—		162,825		(43,492)		119,333
Net income attributable to Ares Operating Group entities	319,582		—		—		319,582
Less: Net loss attributable to redeemable interest in Ares Operating Group entities	(851)		—		—		(851)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	152,892		—		—		152,892



Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	$	167,541	$	—	$	—	$	167,541


	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, net	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

Schedule of Cash Flows


	Year ended December 31, 2023
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Cash flows from operating activities:
Net income	$	885,796	$	395,858	$	(121,562)	$	1,160,092

Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity compensation expense	255,965		—		—		255,965
Depreciation and amortization	231,712		—		—		231,712
Net realized and unrealized gains on investments	(197,874)		—		107,137		(90,737)

Other non-cash amounts	74		—		—		74
Investments purchased	(726,051)		—		218,119		(507,932)
Proceeds from sale of investments	214,938		—		(8,775)		206,163

Adjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds:
Net realized and unrealized gains on investments	—		(239,802)		(22,898)		(262,700)
Other non-cash amounts	—		(101,465)		—		(101,465)
Investments purchased	—		(8,847,856)		—		(8,847,856)
Proceeds from sale of investments	—		8,149,617		—		8,149,617
Cash flows due to changes in operating assets and liabilities:
Net carried interest and incentive fees receivable	(61,429)		—		12,571		(48,858)
Due to/from affiliates	(200,704)		—		(19,717)		(220,421)
Other assets	21,532		—		—		21,532
Accrued compensation and benefits	20,383		—		—		20,383
Accounts payable, accrued expenses and other liabilities	28,765		—		(901)		27,864
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	—		—		(424,870)		(424,870)
Net cash relinquished with consolidation/deconsolidation of Consolidated Funds	—		(623)		—		(623)
Change in other assets and receivables held at Consolidated Funds	—		(53,916)		33,669		(20,247)
Change in other liabilities and payables held at Consolidated Funds	—		219,046		—		219,046
Net cash provided by (used in) operating activities	473,107		(479,141)		(227,227)		(233,261)
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(67,183)		—		—		(67,183)
Acquisitions, net of cash acquired	(43,896)		—		—		(43,896)
Net cash used in investing activities	(111,079)		—		—		(111,079)
Cash flows from financing activities:

Proceeds from Credit Facility	1,410,000		—		—		1,410,000
Proceeds from issuance of senior notes	499,010		—		—		499,010
Repayments of Credit Facility	(1,215,000)		—		—		(1,215,000)

Dividends and distributions	(1,030,666)		—		—		(1,030,666)

Stock option exercises	85,959		—		—		85,959
Taxes paid related to net share settlement of equity awards	(157,007)		—		—		(157,007)
Other financing activities	2,943		—		—		2,943
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds	—		1,071,575		(216,119)		855,456
Distributions to non-controlling interests in Consolidated Funds	—		(119,604)		18,476		(101,128)
Redemptions of redeemable interests in Consolidated Funds	—		(1,045,874)		—		(1,045,874)
Borrowings under loan obligations by Consolidated Funds	—		1,387,297		—		1,387,297
Repayments under loan obligations by Consolidated Funds	—		(398,864)		—		(398,864)
Net cash provided by (used in) financing activities	(404,761)		894,530		(197,643)		292,126
Effect of exchange rate changes	1,020		9,481		—		10,501
Net change in cash and cash equivalents	(41,713)		424,870		(424,870)		(41,713)
Cash and cash equivalents, beginning of period	389,987		724,641		(724,641)		389,987
Cash and cash equivalents, end of period	$	348,274	$	1,149,511	$	(1,149,511)	$	348,274
Supplemental disclosure of non-cash financing activities:
Issuance of Class A common stock in connection with acquisition-related activities	$	239,545	$	—	$	—	$	239,545
Issuance of AOG Units in connection with settlement of management incentive program	$	245,647	$	—	$	—	$	245,647
Supplemental disclosure of cash flow information:

Cash paid during the period for interest	$	98,920	$	623,723	$	—	$	722,643
Cash paid during the period for income taxes	$	61,563	$	444	$	—	$	62,007


	Year ended December 31, 2022
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Cash flows from operating activities:
Net income	$	319,582	$	162,825	$	(43,492)	$	438,915
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity compensation expense	200,391		—		—		200,391
Depreciation and amortization	341,341		—		—		341,341
Net realized and unrealized losses on investments	15,717		—		(4,788)		10,929


Investments purchased	(443,505)		—		72,381		(371,124)
Proceeds from sale of investments	303,987		—		(121,494)		182,493
Adjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds:

Net realized and unrealized gains on investments	—		(87,287)		13,901		(73,386)
Other non-cash amounts	—		(33,822)		—		(33,822)
Investments purchased	—		(9,408,078)		(25,951)		(9,434,029)
Proceeds from sale of investments	—		8,198,812		—		8,198,812
Cash flows due to changes in operating assets and liabilities:
Net carried interest and incentive fees receivable	(28,161)		—		7,549		(20,612)
Due to/from affiliates	(125,407)		—		164,480		39,073
Other assets	(101,275)		—		(3,930)		(105,205)
Accrued compensation and benefits	200,769		—		—		200,769
Accounts payable, accrued expenses and other liabilities	(50,471)		—		(1,214)		(51,685)
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	—		—		324,550		324,550

Change in other assets and receivables held at Consolidated Funds	—		286,895		(135,000)		151,895
Change in other liabilities and payables held at Consolidated Funds	—		(733,417)		—		(733,417)
Net cash provided by (used in) operating activities	632,968		(1,614,072)		246,992		(734,112)
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(35,796)		—		—		(35,796)
Acquisitions, net of cash acquired	(301,583)		—		—		(301,583)
Net cash used in investing activities	(337,379)		—		—		(337,379)
Cash flows from financing activities:

Proceeds from Credit Facility	1,380,000		—		—		1,380,000
Proceeds from issuance of senior notes	488,915		—		—		488,915

Repayments of Credit Facility	(1,095,000)		—		—		(1,095,000)
Dividends and distributions	(836,364)		—		—		(836,364)


Stock option exercises	21,205		—		—		21,205
Taxes paid related to net share settlement of equity awards	(201,311)		—		—		(201,311)
Other financing activities	4,055		—		—		4,055
Allocable to non-controlling interests in Consolidated Funds:
Contributions from non-controlling interests in Consolidated Funds	—		596,777		(47,381)		549,396
Distributions to non-controlling interests in Consolidated Funds	—		(303,230)		124,939		(178,291)

Borrowings under loan obligations by Consolidated Funds	—		1,140,680		—		1,140,680
Repayments under loan obligations by Consolidated Funds	—		(145,222)		—		(145,222)
Net cash provided by (used in) financing activities	(238,500)		1,289,005		77,558		1,128,063
Effect of exchange rate changes	(10,757)		517		—		(10,240)
Net change in cash and cash equivalents	46,332		(324,550)		324,550		46,332
Cash and cash equivalents, beginning of period	343,655		1,049,191		(1,049,191)		343,655
Cash and cash equivalents, end of period	$	389,987	$	724,641	$	(724,641)	$	389,987
Supplemental disclosure of non-cash financing activities:
Issuance of Class A common stock in connection with acquisition-related activities	$	12,835	$	—	$	—	$	12,835
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	$	59,463	$	260,866	$	—	$	320,329
Cash paid during the period for income taxes	$	104,544	$	320	$	—	$	104,864


	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 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 non-controlling interest in Consolidated Funds:
Change in cash and cash equivalents held at Consolidated Funds	—		—		(526,815)		(526,815)
Net cash acquired 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 common stock	827,430		—		—		827,430
Proceeds from Credit Facility	883,000		—		—		883,000

Proceeds from issuance of 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 non-controlling interests in Consolidated Funds:
Contributions from 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 acquisition-related activities	$	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

- 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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