CONSOLIDATION (Tables)

12 Months Ended

Dec. 31, 2024

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,
	2024		2023
Maximum exposure to loss attributable to the Company’s investment in non-consolidated VIEs	$	386,927	$	503,376
Maximum exposure to loss attributable to the Company’s investment in consolidated VIEs	791,133		910,600
Assets of consolidated VIEs	13,698,611		15,484,962
Liabilities of consolidated VIEs	10,879,735		13,409,257


	Year ended December 31,
		2024		2023		2022
Net income attributable to non-controlling interests related to consolidated VIEs		$	269,743	$	204,571	$	105,797

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, 2024
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Assets
Cash and cash equivalents	$	1,507,976	$	—	$	—	$	1,507,976
Investments (includes $3,495,115 of accrued carried interest)	5,485,012		—		(840,237)		4,644,775
Due from affiliates	1,236,450		—		(179,842)		1,056,608
Other assets	774,654		—		—		774,654
Right-of-use operating lease assets	511,319		—		—		511,319
Intangible assets, net	975,828		—		—		975,828
Goodwill	1,162,636		—		—		1,162,636
Assets of Consolidated Funds
Cash and cash equivalents	—		1,227,489		—		1,227,489
Investments held in trust account	—		550,800		—		550,800
Investments, at fair value	—		12,187,044		—		12,187,044

Receivable for securities sold	—		202,782		—		202,782
Other assets	—		82,397		—		82,397
Total assets	$	11,653,875	$	14,250,512	$	(1,020,079)	$	24,884,308
Liabilities
Accounts payable, accrued expenses and other liabilities	$	364,152	$	—	$	(280)	$	363,872
Accrued compensation	280,894		—		—		280,894
Due to affiliates	500,480		—		—		500,480
Performance related compensation payable	2,537,203		—		—		2,537,203
Debt obligations	2,558,914		—		—		2,558,914

Operating lease liabilities	641,864		—		—		641,864
Liabilities of Consolidated Funds
Accounts payable, accrued expenses and other liabilities	—		323,566		(466)		323,100
Due to affiliates	—		178,409		(178,409)		—
Payable for securities purchased	—		332,406		—		332,406
CLO loan obligations, at fair value	—		9,793,645		(121,456)		9,672,189
Fund borrowings	—		275,000		—		275,000
Total liabilities	6,883,507		10,903,026		(300,611)		17,485,922
Commitments and contingencies
Redeemable interest in Consolidated Funds	—		550,700		—		550,700
Redeemable interest in Ares Operating Group entities	23,496		—		—		23,496
Non-controlling interest in Consolidated Funds	—		2,796,786		(771,120)		2,025,666
Non-controlling interest in Ares Operating Group entities	1,236,767		—		18,111		1,254,878
Stockholders’ Equity

Series B mandatory convertible preferred stock, $0.01 par value, 1,000,000,000 shares authorized (30,000,000 shares issued and outstanding)	1,458,771		—		—		1,458,771
Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (199,872,571 shares issued and outstanding)	1,999		—		—		1,999
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 (109,806,689 shares issued and outstanding)	1,098		—		—		1,098
Additional paid-in-capital	2,903,253		—		33,541		2,936,794
Accumulated deficit	(837,294)		—		—		(837,294)
Accumulated other comprehensive loss, net of tax	(17,757)		—		—		(17,757)
Total stockholders’ equity	3,510,105		—		33,541		3,543,646
Total equity	4,746,872		2,796,786		(719,468)		6,824,190
Total liabilities, redeemable interest, non-controlling interests and equity	$	11,653,875	$	14,250,512	$	(1,020,079)	$	24,884,308


	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

Receivable for securities sold	—		146,851		—		146,851
Other assets	—		112,466		(11,643)		100,823
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

Schedule of Results from Operations


	Year ended December 31, 2024
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Revenues
Management fees	$	2,988,723	$	—	$	(46,597)	$	2,942,126
Carried interest allocation	416,995		—		(26,815)		390,180
Incentive fees	345,477		—		(1,320)		344,157
Principal investment income	38,367		—		7,057		45,424
Administrative, transaction and other fees	163,419		—		(525)		162,894
Total revenues	3,952,981		—		(68,200)		3,884,781
Expenses
Compensation and benefits	1,731,747		—		—		1,731,747
Performance related compensation	449,564		—		—		449,564
General, administrative and other expense	736,501		—		—		736,501
Expenses of the Consolidated Funds	—		69,320		(48,441)		20,879
Total expenses	2,917,812		69,320		(48,441)		2,938,691
Other income (expense)
Net realized and unrealized gains on investments	31,214		—		(14,644)		16,570
Interest and dividend income	48,484		—		(5,430)		43,054
Interest expense	(142,966)		—		—		(142,966)
Other income, net	605		—		22		627
Net realized and unrealized gains on investments of the Consolidated Funds	—		291,534		22,429		313,963
Interest and other income of the Consolidated Funds	—		933,349		—		933,349
Interest expense of the Consolidated Funds	—		(845,793)		10,458		(835,335)
Total other income (expense), net	(62,663)		379,090		12,835		329,262
Income before taxes	972,506		309,770		(6,924)		1,275,352
Income tax expense	157,543		7,074		—		164,617
Net income	814,963		302,696		(6,924)		1,110,735
Less: Net income attributable to non-controlling interests in Consolidated Funds	—		302,696		(6,924)		295,772
Net income attributable to Ares Operating Group entities	814,963		—		—		814,963
Less: Net income attributable to redeemable interest in Ares Operating Group entities	103		—		—		103
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	351,118		—		—		351,118
Net income attributable to Ares Management Corporation	463,742		—		—		463,742


Less: Series B mandatory convertible preferred stock dividends declared	22,781		—		—		22,781

Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	$	440,961	$	—	$	—	$	440,961


	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

Schedule of Cash Flows


	Year ended December 31, 2024
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Cash flows from operating activities:
Net income	$	814,963	$	302,696	$	(6,924)	$	1,110,735
Adjustments to reconcile net income to net cash provided by operating activities:
Equity compensation expense	352,851		—		—		352,851
Depreciation and amortization	158,578		—		—		158,578
Net realized and unrealized gains on investments	(3,399)		—		(18,064)		(21,463)

Other non-cash amounts	11,755		—		—		11,755
Investments purchased	(606,536)		—		25,792		(580,744)
Proceeds from sale of investments	799,221		—		(115,583)		683,638
Adjustments to reconcile net income to net cash provided by operating activities allocable to non-controlling interests in Consolidated Funds:
Net realized and unrealized gains on investments	—		(291,534)		(22,429)		(313,963)
Other non-cash amounts	—		(48,963)		—		(48,963)
Investments purchased	—		(5,927,444)		—		(5,927,444)
Proceeds from sale of investments	—		7,569,165		—		7,569,165
Cash flows due to changes in operating assets and liabilities:
Net carried interest and incentive fees receivable	(214,989)		—		26,815		(188,174)
Due to/from affiliates	214,999		—		8,499		223,498
Other assets	(252,644)		—		—		(252,644)
Accrued compensation and benefits	(7,096)		—		—		(7,096)
Accounts payable, accrued expenses and other liabilities	137,021		—		11,363		148,384
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	—		—		(77,978)		(77,978)
Net cash relinquished with deconsolidation of Consolidated Funds	—		(46,205)		—		(46,205)
Change in other assets and receivables held at Consolidated Funds	—		(44,647)		(5,127)		(49,774)
Change in other liabilities and payables held at Consolidated Funds	—		47,464		(466)		46,998
Net cash provided by operating activities	1,404,724		1,560,532		(174,102)		2,791,154
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(91,509)		—		—		(91,509)
Acquisitions, net of cash acquired	(67,895)		—		—		(67,895)
Net cash used in investing activities	(159,404)		—		—		(159,404)
Cash flows from financing activities:
Net proceeds from issuance of Series B mandatory convertible preferred stock	1,458,771		—		—		1,458,771
Net proceeds from issuance of Class A common stock	407,124		—		—		407,124
Proceeds from Credit Facility	1,210,000		—		—		1,210,000
Proceeds from issuance of senior notes	736,010		—		—		736,010
Repayments of Credit Facility	(2,105,000)		—		—		(2,105,000)
Repayment of senior notes	(250,000)		—		—		(250,000)

Dividends and distributions	(1,310,896)		—		—		(1,310,896)


Stock option exercises	1,511		—		—		1,511
Taxes paid related to net share settlement of equity awards	(227,532)		—		—		(227,532)
Other financing activities	2,285		—		—		2,285
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds	—		569,479		69,675		639,154
Distributions to non-controlling interests in Consolidated Funds	—		(150,470)		26,449		(124,021)

Borrowings under loan obligations by Consolidated Funds	—		359,351		—		359,351
Repayments under loan obligations by Consolidated Funds	—		(2,228,351)		—		(2,228,351)
Net cash used in financing activities	(77,727)		(1,449,991)		96,124		(1,431,594)
Effect of exchange rate changes	(7,892)		(32,562)		—		(40,454)
Net change in cash and cash equivalents	1,159,701		77,979		(77,978)		1,159,702
Cash and cash equivalents, beginning of period	348,274		1,149,511		(1,149,511)		348,274
Cash and cash equivalents, end of period	$	1,507,975	$	1,227,490	$	(1,227,489)	$	1,507,976
Supplemental disclosure of non-cash financing activities:
Equity issued in connection with acquisition-related activities	$	21,002	$	—	$	—	$	21,002

Supplemental disclosure of cash flow information:

Cash paid during the period for interest	$	132,645	$	734,115	$	—	$	866,760
Cash paid during the period for income taxes	$	107,193	$	377	$	—	$	107,570


	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 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 non-controlling interests in Consolidated Funds:
Contributions from 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:
Equity issued in connection with acquisition-related activities	$	239,545	$	—	$	—	$	239,545
Equity issued 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 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:
Equity issued 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

- 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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