XML 80 R5.htm IDEA: XBRL DOCUMENT v3.25.4
Consolidated Statements of Operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues      
Total revenues $ 5,601,482 $ 3,884,781 $ 3,631,884
Expenses      
Compensation and benefits 2,565,625 1,731,747 1,486,698
Performance related compensation 1,094,355 449,564 607,522
General, administrative and other expenses 996,075 736,501 660,146
Expenses of the Consolidated Funds 52,711 20,879 43,492
Total expenses 4,708,766 2,938,691 2,797,858
Other income (expense)      
Total other income (expense), net 394,177 329,262 499,037
Income before taxes 1,286,893 1,275,352 1,333,063
Income tax expense 198,535 164,617 172,971
Net income 1,088,358 1,110,735 1,160,092
Less: Net income attributable to non-controlling interests in Consolidated Funds 253,904    
Net income attributable to Ares Operating Group entities 834,454    
Less: Net income attributable to redeemable interest in Ares Operating Group entities 1,349    
Less: Net income attributable to non-controlling interests in Ares Operating Group entities 305,743    
Net income attributable to Ares Management Corporation 527,362 463,742 474,326
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders 426,112 440,961 474,326
Series B Mandatory Convertible Preferred Stock      
Other income (expense)      
Less: Series B mandatory convertible preferred stock dividends declared 101,250 22,781 0
Class A Common Stock and Non-Voting Common Stock      
Other income (expense)      
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 426,112 $ 440,961 $ 474,326
Net income per share of Class A and non-voting common stock      
Basic (in dollars per share) $ 1.71 $ 2.04 $ 2.44
Diluted (in dollars per share) $ 1.71 $ 2.04 $ 2.42
Weighted-average shares of Class A and non-voting common stock      
Basic (in shares) 217,361,945 198,054,451 184,523,524
Diluted (in shares) 217,361,945 198,054,451 195,773,426
Ares Operating Group      
Other income (expense)      
Net realized and unrealized gains on investments $ 307,582 $ 16,570 $ 77,573
Interest and dividend income 47,451 43,054 19,276
Interest expense (171,642) (142,966) (106,276)
Other income (expense), net (319,745) 627 4,819
Net income attributable to Ares Operating Group entities 834,454 814,963 885,796
Less: Net income attributable to redeemable interest in Ares Operating Group entities 1,349 103 226
Less: Net income attributable to non-controlling interests in Ares Operating Group entities 305,743 351,118 411,244
Consolidated Funds       
Expenses      
Expenses of the Consolidated Funds 52,711    
Other income (expense)      
Net realized and unrealized gains on investments 551,076 313,963 262,700
Interest expense (595,818) (835,335) (754,600)
Interest and other income of Consolidated Funds 575,273 933,349 995,545
Income tax expense 6,128 7,074 3,823
Less: Net income attributable to non-controlling interests in Consolidated Funds 253,904 295,772 274,296
Management fees      
Revenues      
Total revenues 3,680,467 2,942,126 2,551,150
Carried interest allocation      
Revenues      
Total revenues 1,153,976 390,180 618,579
Incentive fees      
Revenues      
Total revenues 362,453 344,157 276,627
Principal investment income      
Revenues      
Total revenues 48,149 45,424 36,516
Administrative, transaction and other fees      
Revenues      
Total revenues $ 356,437 $ 162,894 $ 149,012