CONSOLIDATION

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

CONSOLIDATION

16. CONSOLIDATION

Deconsolidation of Funds

As of the end of the reporting period, certain funds that have historically been consolidated in the financial statements are no longer consolidated because: (i) such funds have been liquidated or dissolved; or (ii) the Company is no longer deemed to be the primary beneficiary of the VIEs as it no longer has a significant economic interest.

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 its direct investments in 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 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,
	2025		2024
Maximum exposure to loss attributable to the Company’s investment in non-consolidated VIEs(1)	$	469,455	$	386,927
Maximum exposure to loss attributable to the Company’s investment in consolidated VIEs(1)	1,346,592		791,133
Assets of consolidated VIEs	13,468,979		13,698,611
Liabilities of consolidated VIEs	9,354,024		10,879,735

(1) The Company’s maximum exposure of loss for CLO securities was $78.4 million as of December 31, 2025, which represents the fair value of its capital interests in CLOs that are managed by the Company.

	Year ended December 31,
	2025		2024		2023
Net income attributable to non-controlling interests related to consolidated VIEs	$	271,362	$	269,743	$	204,571

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, 2025
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Assets
Cash and cash equivalents	$	488,896	$	—	$	—	$	488,896
Investments (includes $3,972,748 of accrued carried interest)	6,940,314		—		(1,431,867)		5,508,447
Due from affiliates	1,446,083		—		(25,865)		1,420,218
Other assets	1,032,138		—		—		1,032,138
Right-of-use operating lease assets	517,351		—		—		517,351
Intangible assets, net	2,115,830		—		—		2,115,830
Goodwill	3,454,107		—		—		3,454,107
Assets of Consolidated Funds
Cash and cash equivalents	—		959,088		—		959,088
Investments, at fair value	—		12,844,886		—		12,844,886
Receivable for securities sold	—		228,442		—		228,442
Other assets	—		63,966		—		63,966
Total assets	$	15,994,719	$	14,096,382	$	(1,457,732)	$	28,633,369
Liabilities
Accounts payable, accrued expenses and other liabilities	$	1,204,618	$	—	$	(151)	$	1,204,467
Accrued compensation	472,978		—		—		472,978
Due to affiliates	810,409		—		—		810,409
Performance related compensation payable	2,951,333		—		—		2,951,333
Debt obligations	3,941,415		—		—		3,941,415
Operating lease liabilities	669,999		—		—		669,999
Liabilities of Consolidated Funds
Accounts payable, accrued expenses and other liabilities	—		105,722		(585)		105,137
Due to affiliates	—		25,021		(25,021)		—
Payable for securities purchased	—		165,391		—		165,391
CLO loan obligations, at fair value	—		7,424,717		(65,645)		7,359,072
Fund borrowings	—		2,251,780		—		2,251,780
Total liabilities	10,050,752		9,972,631		(91,402)		19,931,981
Commitments and contingencies
Redeemable interest in Ares Operating Group entities	25,296		—		—		25,296
Non-controlling interest in Consolidated Funds	—		4,123,751		(1,219,893)		2,903,858
Non-controlling interest in Ares Operating Group entities	1,543,823		—		(47,052)		1,496,771
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)	1,460,030		—		—		1,460,030
Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (218,465,429 shares issued and outstanding)	2,185		—		—		2,185
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 (105,079,121 shares issued and outstanding)	1,051		—		—		1,051
Additional paid-in-capital	4,342,063		—		(99,385)		4,242,678
Accumulated deficit	(1,452,259)		—		—		(1,452,259)
Accumulated other comprehensive income, net of tax	21,743		—		—		21,743
Total stockholders’ equity	4,374,848		—		(99,385)		4,275,463
Total equity	5,918,671		4,123,751		(1,366,330)		8,676,092
Total liabilities, redeemable interest, non-controlling interests and equity	$	15,994,719	$	14,096,382	$	(1,457,732)	$	28,633,369

	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, 1000 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

	Year ended December 31, 2025
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Revenues
Management fees	$	3,725,239	$	—	$	(44,772)	$	3,680,467
Carried interest allocation	1,185,584		—		(31,608)		1,153,976
Incentive fees	364,718		—		(2,265)		362,453
Principal investment income	138,608		—		(90,459)		48,149
Administrative, transaction and other fees	366,106		—		(9,669)		356,437
Total revenues	5,780,255		—		(178,773)		5,601,482
Expenses
Compensation and benefits	2,565,625		—		—		2,565,625
Performance related compensation	1,094,355		—		—		1,094,355
General, administrative and other expense	996,075		—		—		996,075
Expenses of the Consolidated Funds	—		106,639		(53,928)		52,711
Total expenses	4,656,055		106,639		(53,928)		4,708,766
Other income (expense)
Net realized and unrealized gains on investments	346,588		—		(39,006)		307,582
Interest and dividend income	48,039		—		(588)		47,451
Interest expense	(171,642)		—		—		(171,642)
Other expense, net	(320,324)		—		579		(319,745)
Net realized and unrealized gains on investments of the Consolidated Funds	—		554,513		(3,437)		551,076
Interest and other income of the Consolidated Funds	—		575,273		—		575,273
Interest expense of the Consolidated Funds	—		(603,338)		7,520		(595,818)
Total other income (expense), net	(97,339)		526,448		(34,932)		394,177
Income before taxes	1,026,861		419,809		(159,777)		1,286,893
Income tax expense	192,407		6,128		—		198,535
Net income	834,454		413,681		(159,777)		1,088,358
Less: Net income attributable to non-controlling interests in Consolidated Funds	—		413,681		(159,777)		253,904
Net income attributable to Ares Operating Group entities	834,454		—		—		834,454
Less: Net income attributable to redeemable interest in Ares Operating Group entities	1,349		—		—		1,349
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	305,743		—		—		305,743
Net income attributable to Ares Management Corporation	527,362		—		—		527,362
Less: Series B mandatory convertible preferred stock dividends declared	101,250		—		—		101,250
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	$	426,112	$	—	$	—	$	426,112

	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, 2025
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Cash flows from operating activities
Net income	$	834,454	$	413,681	$	(159,777)	$	1,088,358
Adjustments to reconcile net income to net cash provided by operating activities:
Equity compensation expense	740,549		—		—		740,549
Depreciation and amortization	243,149		—		—		243,149
Net realized and unrealized gains on investments	(438,992)		—		123,623		(315,369)
Changes in value of contingent earnout arrangements	349,706		—		—		349,706
Investments purchased	(349,387)		—		128,541		(220,846)
Proceeds from sale of investments	474,211		—		(149,777)		324,434
Other non-cash amounts	923		—		—		923
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	—		(554,513)		3,437		(551,076)
Investments purchased	—		(8,284,076)		—		(8,284,076)
Proceeds from sale of investments	—		9,830,928		—		9,830,928
Other non-cash amounts	—		(212,962)		—		(212,962)
Cash flows due to changes in operating assets and liabilities:
Net carried interest and incentive fees receivable	(76,075)		—		38,273		(37,802)
Due to/from affiliates	338,727		—		(153,976)		184,751
Other assets	(228,410)		—		—		(228,410)
Accrued compensation and benefits	132,401		—		—		132,401
Accounts payable, accrued expenses and other liabilities	91,832		—		130		91,962
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	—		—		268,401		268,401
Net cash relinquished with deconsolidation of Consolidated Funds	—		(151,500)		—		(151,500)
Change in other assets and receivables held at Consolidated Funds	—		(163,403)		205,762		42,359
Change in other liabilities and payables held at Consolidated Funds	—		(28,801)		(120)		(28,921)
Net cash provided by operating activities	2,113,088		849,354		304,517		3,266,959
Cash flows from investing activities
Purchase of furniture, equipment and leasehold improvements, net of disposals	(72,178)		—		—		(72,178)
Acquisitions, net of cash acquired	(1,731,461)		—		—		(1,731,461)
Net cash used in investing activities	(1,803,639)		—		—		(1,803,639)
Cash flows from financing activities
Proceeds from Credit Facility	2,860,000		—		—		2,860,000
Repayments of Credit Facility	(1,480,000)		—		—		(1,480,000)
Dividends and distributions	(1,756,688)		—		—		(1,756,688)
Taxes paid related to net share settlement of equity awards	(436,869)		—		—		(436,869)
Other financing activities	1,914		—		—		1,914
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds	—		906,990		(59,559)		847,431
Distributions to non-controlling interests in Consolidated Funds	—		(889,978)		23,443		(866,535)
Redemptions of redeemable interests in Consolidated Funds	—		(509,503)		—		(509,503)
Borrowings under loan obligations by Consolidated Funds	—		1,551,874		—		1,551,874
Repayments under loan obligations by Consolidated Funds	—		(2,638,793)		—		(2,638,793)
Net cash used in financing activities	(811,643)		(1,579,410)		(36,116)		(2,427,169)
Effect of exchange rate changes	(65,915)		10,684		—		(55,231)
Net change in cash and cash equivalents	(568,109)		(719,372)		268,401		(1,019,080)
Cash and cash equivalents, beginning of period	1,507,975		1,227,490		(1,227,489)		1,507,976
Cash and cash equivalents, end of period	$	939,866	$	508,118	$	(959,088)	$	488,896
Supplemental disclosure of non-cash financing activities:
Equity issued in connection with acquisition-related activities	$	1,657,882	$	—	$	—	$	1,657,882
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	$	165,392	$	510,410	$	—	$	675,802
Cash paid during the period for income taxes	$	91,015	$	318	$	—	$	91,333

	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)
Investments purchased	(606,536)		—		25,792		(580,744)
Proceeds from sale of investments	799,221		—		(115,583)		683,638
Other non-cash amounts	11,755		—		—		11,755
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)
Investments purchased	—		(5,927,444)		—		(5,927,444)
Proceeds from sale of investments	—		7,569,165		—		7,569,165
Other non-cash amounts	—		(48,963)		—		(48,963)
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 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)
Investments purchased	(726,051)		—		218,119		(507,932)
Proceeds from sale of investments	214,938		—		(8,775)		206,163
Other non-cash amounts	74		—		—		74
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	—		(239,802)		(22,898)		(262,700)
Investments purchased	—		(8,847,856)		—		(8,847,856)
Proceeds from sale of investments	—		8,149,617		—		8,149,617
Other non-cash amounts	—		(101,465)		—		(101,465)
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