falsedesktopARES2020-09-30000162828020015976{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "\tPage\nPART I-FINANCIAL INFORMATION\t\nItem 1. Financial Information - Unaudited\t8\nCondensed Consolidated Statements of Financial Condition as of September 30 2020 and December 31 2019\t8\nCondensed Consolidated Statements of Operations for the three and nine months ended September 30 2020 and 2019\t9\nCondensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30 2020 and 2019\t10\nCondensed Consolidated Statements of Changes in Equity for the three and nine months ended September 30 2020 and for the year ended December 31 2019\t11\nCondensed Consolidated Statements of Cash Flows for the nine months ended September 30 2020 and 2019\t13\nNotes to the Condensed Consolidated Financial Statements\t14\nItem 2. Management's Discussion And Analysis Of Financial Condition And Results Of Operations\t56\nItem 3. Quantitative and Qualitative Disclosures about Market Risk\t104\nItem 4. Controls And Procedures\t105\nPART II-OTHER INFORMATION\t\nItem 1. Legal Proceedings\t106\nItem 1A. Risk Factors\t106\nItem 2. Unregistered Sales of Equity Securities and Use of Proceeds\t109\nItem 3. Defaults Upon Senior Securities\t109\nItem 4. Mine Safety Disclosure\t109\nItem 5. Other Information\t109\nItem 6. Exhibits\t110\nSignatures\t111\n", "q10k_tbl_1": "\tAs of September 30\tAs of December 31\n\t2020\t2019\n\t(unaudited)\t\nAssets\t\t\nCash and cash equivalents\t868752\t138384\nInvestments (includes accrued carried interest of $1063570 and $1134967 at September 30 2020 and December 31 2019 respectively)\t1601916\t1663664\nDue from affiliates\t328059\t268099\nOther assets\t781295\t341293\nRight-of-use operating lease assets\t136392\t143406\nAssets of Consolidated Funds:\t\t\nCash and cash equivalents\t365185\t606321\nInvestments at fair value\t10604856\t8727947\nDue from affiliates\t8684\t6192\nReceivable for securities sold\t197518\t88809\nOther assets\t36336\t30081\nTotal assets\t14928993\t12014196\nLiabilities\t\t\nAccounts payable accrued expenses and other liabilities\t126113\t88173\nAccrued compensation\t215765\t37795\nDue to affiliates\t63853\t71445\nPerformance related compensation payable\t741635\t829764\nDebt obligations\t642665\t316609\nOperating lease liabilities\t161737\t168817\nLiabilities of Consolidated Funds:\t\t\nAccounts payable accrued expenses and other liabilities\t51454\t61857\nPayable for securities purchased\t684591\t500146\nCLO loan obligations at fair value\t9608127\t7973748\nFund borrowings\t162733\t107244\nTotal liabilities\t12458673\t10155598\nCommitments and contingencies\t\t\nRedeemable interest in Ares Operating Group entities\t99439\t0\nNon-controlling interests in Consolidated Funds\t537101\t618020\nNon-controlling interests in Ares Operating Group entities\t691609\t472288\nStockholders' Equity\t\t\nSeries A Preferred Stock $0.01 par value 1000000000 shares authorized (12400000 shares issued and outstanding at September 30 2020 and December 31 2019)\t298761\t298761\nClass A common stock $0.01 par value 1500000000 shares authorized (143826710 shares and 115242028 shares issued and outstanding at September 30 2020 and December 31 2019 respectively)\t1438\t1152\nClass B common stock $0.01 par value 1000 shares authorized (1000 shares issued and outstanding at September 30 2020 and December 31 2019)\t0\t0\nClass C common stock $0.01 par value 499999000 shares authorized (114618803 shares and 1 share issued and outstanding at September 30 2020 and December 31 2019 respectively)\t1146\t0\nAdditional paid-in-capital\t1011697\t525244\nRetained earnings\t(164084)\t(50820)\nAccumulated other comprehensive loss net of tax\t(6787)\t(6047)\nTotal stockholders' equity\t1142171\t768290\nTotal equity\t2370881\t1858598\nTotal liabilities redeemable interest non-controlling interests and equity\t14928993\t12014196\n", "q10k_tbl_2": "\tThree months ended September 30\t\tNine months ended September 30\t\n\t2020\t2019\t2020\t2019\nRevenues\t\t\t\t\nManagement fees (includes ARCC Part I Fees of $41643 $126872 and $38786 $116336 for the three and nine months ended September 30 2020 and 2019 respectively)\t292434\t251591\t823150\t714096\nCarried interest allocation\t168978\t186803\t241380\t503808\nIncentive fees\t7194\t1712\t4276\t28747\nPrincipal investment income\t11408\t11389\t8330\t45992\nAdministrative transaction and other fees\t9852\t14995\t28897\t35866\nTotal revenues\t489866\t466490\t1106033\t1328509\nExpenses\t\t\t\t\nCompensation and benefits\t194267\t166216\t559482\t485232\nPerformance related compensation\t122356\t139216\t191565\t388424\nGeneral administrative and other expenses\t69938\t79385\t190353\t195988\nExpenses of Consolidated Funds\t6019\t10884\t16706\t30865\nTotal expenses\t392580\t395701\t958106\t1100509\nOther income (expense)\t\t\t\t\nNet realized and unrealized gains (losses) on investments\t(2607)\t1522\t(10351)\t5519\nInterest and dividend income\t1344\t2030\t5112\t5526\nInterest expense\t(6815)\t(4691)\t(18203)\t(16073)\nOther income (expense) net\t2203\t(1870)\t9848\t(1570)\nNet realized and unrealized gains (losses) on investments of Consolidated Funds\t17971\t(992)\t(153268)\t3256\nInterest and other income of Consolidated Funds\t116581\t107922\t346120\t303312\nInterest expense of Consolidated Funds\t(66322)\t(71134)\t(222860)\t(204051)\nTotal other income (expense)\t62355\t32787\t(43602)\t95919\nIncome before taxes\t159641\t103576\t104325\t323919\nIncome tax expense\t18314\t11701\t22119\t35590\nNet income\t141327\t91875\t82206\t288329\nLess: Net loss attributable to redeemable interest in Ares Operating Group entities\t(1007)\t0\t(1007)\t0\nLess: Net income (loss) attributable to non-controlling interests in Consolidated Funds\t42627\t15908\t(38593)\t41878\nLess: Net income attributable to non-controlling interests in Ares Operating Group entities\t52162\t42636\t48926\t136032\nNet income attributable to Ares Management Corporation\t47545\t33331\t72880\t110419\nLess: Series A Preferred Stock dividends paid\t5425\t5425\t16275\t16275\nNet income attributable to Ares Management Corporation Class A common stockholders\t42120\t27906\t56605\t94144\nNet income per share of Class A common stock:\t\t\t\t\nBasic\t0.27\t0.24\t0.37\t0.84\nDiluted\t0.27\t0.23\t0.37\t0.81\nWeighted-average shares of Class A common stock:\t\t\t\t\nBasic\t143466209\t108481929\t131866471\t105546219\nDiluted\t158122563\t121890022\t131866471\t116418136\n", "q10k_tbl_3": "\tThree months ended September 30\t\tNine months ended September 30\t\n\t2020\t2019\t2020\t2019\nNet income\t141327\t91875\t82206\t288329\nOther comprehensive income:\t\t\t\t\nForeign currency translation adjustments net of tax\t16893\t(9429)\t5372\t(10336)\nTotal comprehensive income\t158220\t82446\t87578\t277993\nLess: Comprehensive loss attributable to redeemable interest in Ares Operating Group entities\t(365)\t0\t(365)\t0\nLess: Comprehensive income (loss) attributable to non-controlling interests in Consolidated Funds\t50300\t10962\t(32478)\t36779\nLess: Comprehensive income attributable to non-controlling interests in Ares Operating Group entities\t56290\t40284\t48281\t133281\nComprehensive income attributable to Ares Management Corporation\t51995\t31200\t72140\t107933\n", "q10k_tbl_4": "\tSeries A Preferred Stock\tClass A Common Stock\tClass C Common Stock\tAdditional Paid-in-Capital\tRetained Earnings\tAccumulated Other Comprehensive Income (loss)\tNon-Controlling Interest in Ares Operating Group Entities\tNon-Controlling Interest in Consolidated Funds\tTotal Equity\nBalance at December 31 2019\t298761\t1152\t0\t525244\t(50820)\t(6047)\t472288\t618020\t1858598\nConsolidation and deconsolidation of funds net\t0\t0\t0\t0\t0\t0\t0\t(3882)\t(3882)\nChanges in ownership interests and related tax benefits\t0\t40\t0\t(196670)\t0\t0\t122551\t0\t(74079)\nIssuances of common stock\t0\t121\t1152\t382061\t0\t0\t0\t0\t383334\nCapital contributions\t0\t0\t0\t0\t0\t0\t42012\t133265\t175277\nDividends/Distributions\t(5425)\t0\t0\t0\t(51090)\t0\t(55748)\t(13492)\t(125755)\nNet loss\t5425\t0\t0\t0\t(36461)\t0\t(78355)\t(166406)\t(275797)\nCurrency translation adjustment net of tax\t0\t0\t0\t0\t0\t(4802)\t(4719)\t(4687)\t(14208)\nEquity compensation\t0\t0\t0\t16420\t0\t0\t16137\t0\t32557\nStock option exercises\t0\t11\t0\t19540\t0\t0\t0\t0\t19551\nBalance at March 31 2020\t298761\t1324\t1152\t746595\t(138371)\t(10849)\t514166\t562818\t1975596\nConsolidation and deconsolidation of funds net\t0\t0\t0\t0\t0\t0\t0\t1475\t1475\nChanges in ownership interests and related tax benefits\t0\t4\t(4)\t(9702)\t0\t0\t9796\t0\t94\nExpenses incurred upon issuance of common stock\t0\t0\t0\t(181)\t0\t0\t0\t0\t(181)\nCapital contributions\t0\t0\t0\t0\t0\t0\t229\t(9570)\t(9341)\nDividends/Distributions\t(5425)\t0\t0\t0\t(57620)\t0\t(59949)\t(136837)\t(259831)\nNet income\t5425\t0\t0\t0\t50946\t0\t75119\t85186\t216676\nCurrency translation adjustment net of tax\t0\t0\t0\t0\t0\t(388)\t(54)\t3129\t2687\nEquity compensation\t0\t0\t0\t15500\t0\t0\t13183\t0\t28683\nStock option exercises\t0\t25\t0\t47865\t0\t0\t0\t0\t47890\nBalance at June 30 2020\t298761\t1353\t1148\t800077\t(145045)\t(11237)\t552490\t506201\t2003748\nChanges in ownership interests and related tax benefits\t0\t2\t(2)\t(122555)\t0\t0\t118804\t0\t(3751)\nCapital contributions\t0\t0\t0\t481\t0\t0\t0\t18\t499\nIssuances of common stock\t0\t77\t0\t305261\t0\t0\t0\t0\t305338\nDividends/Distributions\t(5425)\t0\t0\t0\t(61159)\t0\t(49391)\t(19418)\t(135393)\nNet income\t5425\t0\t0\t0\t42120\t0\t52162\t42627\t142334\nCurrency translation adjustment net of tax\t0\t0\t0\t0\t0\t4450\t4128\t7673\t16251\nEquity compensation\t0\t0\t0\t16921\t0\t0\t13416\t0\t30337\nStock option exercises\t0\t6\t0\t11512\t0\t0\t0\t0\t11518\nBalance at September 30 2020\t298761\t1438\t1146\t1011697\t(164084)\t(6787)\t691609\t537101\t2370881\n", "q10k_tbl_5": "\tSeries A Preferred Stock\tClass A Common Stock\tAdditional Paid-in-Capital\tRetained Earnings\tAccumulated Other Comprehensive Income (loss)\tNon-Controlling Interest in Ares Operating Group Entities\tNon-Controlling Interest in Consolidated Funds\tTotal Equity\nBalance at December 31 2018\t298761\t1016\t326007\t(29336)\t(8524)\t302780\t503637\t1394341\nRelinquished with deconsolidation of funds\t0\t0\t0\t0\t0\t0\t(55)\t(55)\nChanges in ownership interests and related tax benefits\t0\t15\t(6339)\t0\t0\t(12073)\t0\t(18397)\nContributions\t0\t0\t0\t0\t0\t1876\t54035\t55911\nDividends/Distributions\t(5425)\t0\t0\t(35367)\t0\t(40112)\t(20736)\t(101640)\nNet income\t5425\t0\t0\t39524\t0\t59003\t17624\t121576\nCurrency translation adjustment net of tax\t0\t0\t0\t0\t1284\t1459\t(1659)\t1084\nEquity compensation\t0\t0\t12637\t0\t0\t14367\t0\t27004\nBalance at March 31 2019\t298761\t1031\t332305\t(25179)\t(7240)\t327300\t552846\t1479824\nChanges in ownership interests and related tax benefits\t0\t5\t(32128)\t0\t0\t20615\t0\t(11508)\nRepurchases of Class A common stock\t0\t(4)\t(10445)\t0\t0\t0\t0\t(10449)\nContributions\t0\t0\t0\t0\t0\t0\t61464\t61464\nDividends/Distributions\t(5425)\t0\t0\t(36782)\t0\t(40103)\t(10219)\t(92529)\nNet income\t5425\t0\t0\t26714\t0\t34393\t8346\t74878\nCurrency translation adjustment net of tax\t0\t0\t0\t0\t(1639)\t(1858)\t1506\t(1991)\nEquity compensation\t0\t0\t11306\t0\t0\t12535\t0\t23841\nStock option exercises\t0\t43\t78751\t0\t0\t0\t0\t78794\nBalance at June 30 2019\t298761\t1075\t379789\t(35247)\t(8879)\t352882\t613943\t1602324\nChanges in ownership interests and related tax benefits\t0\t1\t(94004)\t0\t0\t95212\t0\t1209\nContributions\t0\t70\t206635\t0\t0\t0\t49391\t256096\nDividends/Distributions\t(5425)\t0\t0\t(36967)\t0\t(48970)\t(34620)\t(125982)\nNet income\t5425\t0\t0\t27906\t0\t42636\t15908\t91875\nCurrency translation adjustment net of tax\t0\t0\t0\t0\t(2131)\t(2352)\t(4946)\t(9429)\nEquity compensation\t0\t0\t10816\t0\t0\t11577\t0\t22393\nStock option exercises\t0\t1\t4295\t0\t0\t0\t0\t4296\nBalance at September 30 2019\t298761\t1147\t507531\t(44308)\t(11010)\t450985\t639676\t1842782\nChanges in ownership interests and related tax benefits\t0\t1\t(1505)\t0\t0\t1587\t0\t83\nContributions\t0\t0\t0\t0\t0\t0\t7961\t7961\nDividends/Distributions\t(5425)\t0\t0\t(39552)\t0\t(45814)\t(30707)\t(121498)\nNet income\t5425\t0\t0\t33040\t0\t48184\t(2174)\t84475\nCurrency translation adjustment net of tax\t0\t0\t0\t0\t4963\t5431\t3264\t13658\nEquity compensation\t0\t0\t11801\t0\t0\t11915\t0\t23716\nStock option exercises\t0\t4\t7417\t0\t0\t0\t0\t7421\nBalance at December 31 2019\t298761\t1152\t525244\t(50820)\t(6047)\t472288\t618020\t1858598\n", "q10k_tbl_6": "\tNine months ended September 30\t\n\t2020\t2019\nCash flows from operating activities:\t\t\nNet income\t82206\t288329\nAdjustments to reconcile net income to net cash used in operating activities\t184586\t59736\nAdjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds\t(766399)\t(1826610)\nCash flows due to changes in operating assets and liabilities\t145702\t19038\nCash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds:\t366367\t(220577)\nNet cash provided by (used in) operating activities\t12462\t(1680084)\nCash flows from investing activities:\t\t\nPurchase of furniture equipment and leasehold improvements net\t(8608)\t(12073)\nAcquisitions net of cash acquired\t(117829)\t0\nNet cash used in investing activities\t(126437)\t(12073)\nCash flows from financing activities:\t\t\nNet proceeds from issuance of Class A common stock\t383154\t206705\nProceeds from credit facility\t790000\t265000\nProceeds from senior notes\t399084\t0\nRepayments of credit facility\t(860000)\t(500000)\nDividends and distributions\t(334957)\t(238301)\nSeries A Preferred Stock dividends\t(16275)\t(16275)\nRepurchases of Class A common stock\t0\t(10449)\nStock option exercises\t78959\t83090\nTaxes paid related to net share settlement of equity awards\t(75657)\t(32022)\nOther financing activities\t(4137)\t(3240)\nAllocable to non-controlling interests in Consolidated Funds:\t\t\nContributions from non-controlling interests in Consolidated Funds\t123713\t164890\nDistributions to non-controlling interests in Consolidated Funds\t(169747)\t(65575)\nBorrowings under loan obligations by Consolidated Funds\t618207\t2482341\nRepayments under loan obligations by Consolidated Funds\t(104794)\t(585496)\nNet cash provided by financing activities\t827550\t1750668\nEffect of exchange rate changes\t16793\t(16555)\nNet change in cash and cash equivalents\t730368\t41956\nCash and cash equivalents beginning of period\t138384\t110247\nCash and cash equivalents end of period\t868752\t152203\nSupplemental disclosure of non-cash financing activities\t\t\nIssuance of Class A common stock in connection with acquisitions\t305338\t0\n", "q10k_tbl_7": "\tWeighted Average Amortization Period as of September 30 2020\t\tAs of September 30\t\tAs of December 31\n\t\t2020\t\t2019\nManagement contracts\t5.7 years\t\t214247\t\t12498\nClient relationships\t9.3 years\t\t25141\t\t6341\nTrade name\t9.6 years\t\t11079\t\t378\nIntangible assets\t\t\t250467\t\t19217\nForeign currency translation\t\t\t1259\t\t0\nTotal intangible assets\t\t\t251726\t\t19217\nLess: accumulated amortization\t\t\t(20331)\t\t(11242)\nIntangible assets net\t\t\t231395\t\t7975\n", "q10k_tbl_8": "\tCredit Group\tPrivate Equity Group\tReal Estate Group\tStrategic Initiatives\tTotal\nBalance as of December 31 2019\t32196\t58600\t53059\t0\t143855\nAcquisitions\t0\t0\t0\t224601\t224601\nForeign currency translation\t0\t0\t(48)\t1086\t1038\nBalance as of September 30 2020\t32196\t58600\t53011\t225687\t369494\n", "q10k_tbl_9": "\t\t\tPercentage of total investments as of\t\n\tSeptember 30\tDecember 31\tSeptember 30\tDecember 31\n\t2020\t2019\t2020\t2019\nEquity method investments:\t\t\t\t\nEquity method private investment partnership interests - principal (1)\t348553\t390407\t21.8%\t23.5%\nEquity method - carried interest (1)\t1063570\t1134967\t66.4\t68.2\nEquity method private investment partnership interests and other (held at fair value)(1)\t90408\t51528\t5.6\t3.1\nEquity method private investment partnership interests and other(1)\t22811\t16536\t1.4\t1.0\nTotal equity method investments\t1525342\t1593438\t95.2\t95.8\nCollateralized loan obligations (2)\t26411\t22265\t1.6\t1.3\nOther fixed income\t49203\t46918\t3.1\t2.8\nCollateralized loan obligations and other fixed income at fair value\t75614\t69183\t4.7\t4.1\nCommon stock at fair value\t960\t1043\t0.1\t0.1\nTotal investments\t1601916\t1663664\t\t\n", "q10k_tbl_10": "\tFair Value at\t\tPercentage of total investments as of\t\n\tSeptember 30\tDecember 31\tSeptember 30\tDecember 31\n\t2020\t2019\t2020\t2019\nFixed income investments:\t\t\t\t\nBonds\t331228\t212376\t3.2%\t2.4%\nLoans\t9917197\t8062740\t93.5\t92.4\nInvestments in CLO warehouse\t0\t44435\t0\t0.5\nTotal fixed income investments\t10248425\t8319551\t96.7\t95.3\nEquity securities\t47197\t112384\t0.4\t1.3\nPartnership interests\t309234\t296012\t2.9\t3.4\nTotal investments at fair value\t10604856\t8727947\t\t\n", "q10k_tbl_11": "Financial Instruments of the Company\tLevel I\tLevel II\tLevel III\tInvestments Measured at NAV\tTotal\nAssets at fair value\t\t\t\t\t\nInvestments:\t\t\t\t\t\nCollateralized loan obligations and other fixed income\t0\t0\t75614\t0\t75614\nCommon stock and other equity securities\t0\t960\t85925\t0\t86885\nPartnership interests\t0\t0\t2575\t1908\t4483\nTotal investments at fair value\t0\t960\t164114\t1908\t166982\nDerivatives-foreign exchange contracts\t0\t2760\t0\t0\t2760\nTotal assets at fair value\t0\t3720\t164114\t1908\t169742\nLiabilities at fair value\t\t\t\t\t\nDerivatives-foreign exchange contracts\t0\t(284)\t0\t0\t(284)\nTotal liabilities at fair value\t0\t(284)\t0\t0\t(284)\n", "q10k_tbl_12": "Financial Instruments of the Consolidated Funds\tLevel I\tLevel II\tLevel III\tTotal\nAssets at fair value\t\t\t\t\nInvestments:\t\t\t\t\nFixed income investments:\t\t\t\t\nBonds\t0\t331228\t0\t331228\nLoans\t0\t9403316\t513881\t9917197\nTotal fixed income investments\t0\t9734544\t513881\t10248425\nEquity securities\t3985\t0\t43212\t47197\nPartnership interests\t0\t0\t309234\t309234\nTotal investments at fair value\t3985\t9734544\t866327\t10604856\nDerivatives-asset swaps-other\t0\t0\t1857\t1857\nTotal assets at fair value\t3985\t9734544\t868184\t10606713\nLiabilities at fair value\t\t\t\t\nDerivatives-asset swaps-other\t0\t0\t(3)\t(3)\nLoan obligations of CLOs\t0\t(9608127)\t0\t(9608127)\nTotal liabilities at fair value\t0\t(9608127)\t(3)\t(9608130)\n", "q10k_tbl_13": "Financial Instruments of the Company\tLevel I\tLevel II\tLevel III\tInvestments Measured at NAV\tTotal\nAssets at fair value\t\t\t\t\t\nInvestments:\t\t\t\t\t\nCollateralized loan obligations and other fixed income\t0\t0\t69183\t0\t69183\nCommon stock and other equity securities\t0\t1043\t14704\t0\t15747\nPartnership interests\t0\t0\t35192\t1632\t36824\nTotal investments at fair value\t0\t1043\t119079\t1632\t121754\nDerivatives-foreign exchange contracts\t0\t4023\t0\t0\t4023\nTotal assets at fair value\t0\t5066\t119079\t1632\t125777\nLiabilities at fair value\t\t\t\t\t\nDerivatives-foreign exchange contracts\t0\t(113)\t0\t0\t(113)\nTotal liabilities at fair value\t0\t(113)\t0\t0\t(113)\n", "q10k_tbl_14": "Financial Instruments of the Consolidated Funds\tLevel I\tLevel II\tLevel III\tTotal\nAssets at fair value\t\t\t\t\nInvestments:\t\t\t\t\nFixed income investments:\t\t\t\t\nBonds\t0\t207966\t4410\t212376\nLoans\t0\t7728014\t334726\t8062740\nInvestments in CLO warehouse\t0\t44435\t0\t44435\nTotal fixed income investments\t0\t7980415\t339136\t8319551\nEquity securities\t26396\t0\t85988\t112384\nPartnership interests\t0\t0\t296012\t296012\nTotal investments at fair value\t26396\t7980415\t721136\t8727947\nDerivatives-foreign exchange contracts\t0\t667\t0\t667\nTotal assets at fair value\t26396\t7981082\t721136\t8728614\nLiabilities at fair value\t\t\t\t\nDerivatives:\t\t\t\t\nForeign exchange contracts\t0\t(670)\t0\t(670)\nAsset swaps-other\t0\t0\t(4106)\t(4106)\nTotal derivative liabilities at fair value\t0\t(670)\t(4106)\t(4776)\nLoan obligations of CLOs\t0\t(7973748)\t0\t(7973748)\nTotal liabilities at fair value\t0\t(7974418)\t(4106)\t(7978524)\n", "q10k_tbl_15": "\tLevel III Assets\t\t\t\nLevel III Assets of the Company\tEquity Securities\tFixed Income\tPartnership Interests\tTotal\nBalance beginning of period\t14704\t67355\t2575\t84634\nAdditions(1)\t72967\t0\t0\t72967\nPurchases(2)\t0\t5983\t0\t5983\nSales/settlements(3)\t0\t(899)\t0\t(899)\nRealized and unrealized appreciation (depreciation) net\t(1746)\t3175\t0\t1429\nBalance end of period\t85925\t75614\t2575\t164114\nChange in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date\t(1746)\t3175\t0\t1429\n", "q10k_tbl_16": "Level III Net Assets of Consolidated Funds\tEquity Securities\tFixed Income\tPartnership Interests\tDerivatives Net\tTotal\nBalance beginning of period\t42259\t586287\t312636\t1402\t942584\nTransfer in\t0\t96671\t0\t0\t96671\nTransfer out\t0\t(230326)\t0\t0\t(230326)\nPurchases(2)\t150\t118558\t0\t0\t118708\nSales/settlements(3)\t(25)\t(73010)\t(2000)\t705\t(74330)\nAmortized discounts/premiums\t0\t(135)\t0\t140\t5\nRealized and unrealized appreciation (depreciation) net\t828\t15836\t(1402)\t(393)\t14869\nBalance end of period\t43212\t513881\t309234\t1854\t868181\nChange in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date\t878\t13690\t(1402)\t(604)\t12562\n", "q10k_tbl_17": "\tLevel III Assets\t\t\t\nLevel III Assets of the Company\tEquity Securities\tFixed Income\tPartnership Interests\tTotal\nBalance beginning of period\t12397\t64051\t35192\t111640\nPurchases(1)\t0\t25010\t0\t25010\nSales/settlements(2)\t0\t(5243)\t0\t(5243)\nRealized and unrealized depreciation net\t0\t(1305)\t0\t(1305)\nBalance end of period\t12397\t82513\t35192\t130102\nChange in net unrealized depreciation included in earnings related to financial assets still held at the reporting date\t0\t(1357)\t0\t(1357)\n", "q10k_tbl_18": "Level III Net Assets of Consolidated Funds\tEquity Securities\tFixed Income\tPartnership Interests\tDerivatives Net\tTotal\nBalance beginning of period\t131732\t274412\t293857\t58\t700059\nTransfer in\t0\t122554\t0\t0\t122554\nTransfer out\t0\t(103148)\t0\t0\t(103148)\nPurchases(1)\t710\t95011\t2000\t0\t97721\nSales/settlements(2)\t(13597)\t(102198)\t(5000)\t(1848)\t(122643)\nAmortized discounts/premiums\t0\t107\t0\t(17)\t90\nRealized and unrealized appreciation (depreciation) net\t(4004)\t(1578)\t8300\t(745)\t1973\nBalance end of period\t114841\t285160\t299157\t(2552)\t696606\nChange in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date\t(3582)\t(765)\t8300\t(1023)\t2930\n", "q10k_tbl_19": "\tLevel III Assets\t\t\t\nLevel III Assets of the Company\tEquity Securities\tFixed Income\tPartnership Interests\tTotal\nBalance beginning of period\t14704\t69183\t35192\t119079\nAdditions(1)\t72967\t3686\t0\t76653\nPurchases(2)\t0\t7285\t0\t7285\nSales/settlements(3)\t0\t(1587)\t(32430)\t(34017)\nRealized and unrealized depreciation net\t(1746)\t(2953)\t(187)\t(4886)\nBalance end of period\t85925\t75614\t2575\t164114\nChange in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date\t(1746)\t(1917)\t5511\t1848\n", "q10k_tbl_20": "Level III Net Assets of Consolidated Funds\tEquity Securities\tFixed Income\tPartnership Interests\tDerivatives Net\tTotal\nBalance beginning of period\t85988\t339136\t296012\t(4106)\t717030\nAdditions net(1)\t(635)\t392672\t0\t0\t392037\nTransfer in\t0\t146839\t0\t0\t146839\nTransfer out\t0\t(350078)\t0\t0\t(350078)\nPurchases(2)\t551\t256514\t64000\t0\t321065\nSales/settlements(3)\t(714)\t(249027)\t(58000)\t813\t(306928)\nAmortized discounts/premiums\t0\t777\t0\t291\t1068\nRealized and unrealized appreciation (depreciation) net\t(41978)\t(22952)\t7222\t4856\t(52852)\nBalance end of period\t43212\t513881\t309234\t1854\t868181\nChange in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date\t(41930)\t(25701)\t7222\t4439\t(55970)\n", "q10k_tbl_21": "\tLevel III Assets\t\t\t\nLevel III Assets of the Company\tEquity Securities\tFixed Income\tPartnership Interests\tTotal\nBalance beginning of period\t10397\t60824\t35192\t106413\nDeconsolidation of fund\t0\t10021\t0\t10021\nPurchases(1)\t2000\t27157\t0\t29157\nSales/settlements(2)\t0\t(16413)\t0\t(16413)\nRealized and unrealized appreciation net\t0\t924\t0\t924\nBalance end of period\t12397\t82513\t35192\t130102\nChange in net unrealized appreciation included in earnings related to financial assets still held at the reporting date\t0\t1121\t0\t1121\n", "q10k_tbl_22": "Level III Net Assets of Consolidated Funds\tEquity Securities\tFixed Income\tPartnership Interests\tDerivatives Net\tTotal\nBalance beginning of period\t150752\t547958\t271447\t680\t970837\nDeconsolidation of fund\t(10325)\t(174593)\t0\t0\t(184918)\nTransfer in\t0\t85179\t0\t0\t85179\nTransfer out\t0\t(199498)\t0\t0\t(199498)\nPurchases(1)\t11595\t282190\t10000\t0\t303785\nSales/settlements(2)\t(18734)\t(260422)\t(7000)\t(2424)\t(288580)\nAmortized discounts/premiums\t0\t17\t0\t4\t21\nRealized and unrealized appreciation (depreciation) net\t(18447)\t4329\t24710\t(812)\t9780\nBalance end of period\t114841\t285160\t299157\t(2552)\t696606\nChange in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date\t(18018)\t1017\t24710\t(1031)\t6678\n", "q10k_tbl_23": "Level III Measurements of the Company\tFair Value\tValuation Technique(s)\tSignificant Unobservable Input(s)\tRange\nAssets\t\t\t\t\nEquity securities\t14704\tTransaction price(1)\tN/A\tN/A\n\t34538\tDiscounted cash flow\tDiscount rates\t14.0% - 25.0%\n\t36683\tMarket approach\tMultiple of book value\t1.5x\nPartnership interests\t2575\tOther\tN/A\tN/A\nCollateralized loan obligations\t26411\tBroker quotes and/or 3rd party pricing services\tN/A\tN/A\nOther fixed income\t49203\tOther\tN/A\tN/A\nTotal\t164114\t\t\t\n", "q10k_tbl_24": "Level III Measurements of the Consolidated Funds\tFair Value\tValuation Technique(s)\tSignificant Unobservable Input(s)\tRange\tWeighted Average\nAssets\t\t\t\t\t\nEquity securities\t\t\t\t\t\n\t221\tMarket approach\tEBITDA multiple(2)\t3.0x - 19.4x\t14.1x\n\t40848\tOther\tNet income multiple\t32.5x\t32.5x\n\t\t\tIlliquidity discount\t25.0%\t25.0%\n\t143\tBroker quotes and/or 3rd party pricing services\tN/A\tN/A\tN/A\n\t2000\tTransaction price(1)\tN/A\tN/A\tN/A\nPartnership interest\t309234\tDiscounted cash flow\tDiscount rate\t15.7%\t15.7%\nFixed income securities\t\t\t\t\t\n\t410781\tBroker quotes and/or 3rd party pricing services\tN/A\tN/A\tN/A\n\t2043\tMarket approach\tEBITDA multiple(2)\t7.8x\t7.8x\n\t96629\tIncome approach\tYield\t2.7% - 53.4%\t7.5%\n\t4428\tTransaction price(1)\tN/A\tN/A\tN/A\nDerivative instruments\t1857\tBroker quotes and/or 3rd party pricing services\tN/A\tN/A\tN/A\nTotal assets\t868184\t\t\t\t\nLiabilities\t\t\t\t\t\nDerivatives instruments\t(3)\tBroker quotes and/or 3rd party pricing services\tN/A\tN/A\tN/A\nTotal liabilities\t(3)\t\t\t\t\n", "q10k_tbl_25": "Level III Measurements of the Company\tFair Value\tValuation Technique(s)\tSignificant Unobservable Input(s)\tRange\nAssets\t\t\t\t\nEquity securities\t14704\tTransaction price(1)\tN/A\tN/A\nPartnership interests\t32661\tTransaction price(1)\tN/A\tN/A\n\t2531\tOther\tN/A\tN/A\nCollateralized loan obligations\t22265\tBroker quotes and/or 3rd party pricing services\tN/A\tN/A\nOther fixed income\t46918\tOther\tN/A\tN/A\nTotal\t119079\t\t\t\n", "q10k_tbl_26": "Level III Measurements of the Consolidated Funds\tFair Value\tValuation Technique(s)\tSignificant Unobservable Input(s)\tRange\tWeighted Average\nAssets\t\t\t\t\t\nEquity securities\t\t\t\t\t\n\t431\tMarket approach\tEBITDA multiple(2)\t8.2x - 21.3x\t16.1x\n\t40745\tOther\tNet income multiple\t36.2x\t36.2x\n\t\t\tIlliquidity discount\t25.0%\t25.0%\n\t44812\tTransaction price(1)\tN/A\tN/A\tN/A\nPartnership interests\t296012\tDiscounted cash flow\tDiscount rate\t19.6%\t19.6%\nFixed income securities\t\t\t\t\t\n\t271919\tBroker quotes and/or 3rd party pricing services\tN/A\tN/A\tN/A\n\t67217\tIncome approach\tYield\t4.8% - 14.3%\t9.7%\nTotal assets\t721136\t\t\t\t\nLiabilities\t\t\t\t\t\nDerivatives instruments\t(4106)\tBroker quotes and/or 3rd party pricing services\tN/A\tN/A\tN/A\nTotal liabilities\t(4106)\t\t\t\t\n", "q10k_tbl_27": "\tAs of September 30 2020\t\t\t\tAs of December 31 2019\t\t\t\n\tAssets\t\tLiabilities\t\tAssets\t\tLiabilities\t\nThe Company\tNotional(1)\tFair Value\tNotional(1)\tFair Value\tNotional(1)\tFair Value\tNotional(1)\tFair Value\nForeign exchange contracts\t54021\t2760\t12824\t284\t67930\t4023\t10846\t113\nTotal derivatives at fair value(2)\t54021\t2760\t12824\t284\t67930\t4023\t10846\t113\n", "q10k_tbl_28": "\tAs of September 30 2020\t\t\t\tAs of December 31 2019\t\t\t\n\tAssets\t\tLiabilities\t\tAssets\t\tLiabilities\t\nConsolidated Funds\tNotional(1)\tFair Value\tNotional(1)\tFair Value\tNotional(1)\tFair Value\tNotional(1)\tFair Value\nForeign exchange contracts\t0\t0\t0\t0\t667\t667\t667\t670\nAsset swap - other\t7407\t1857\t153\t3\t0\t0\t7640\t4106\nTotal derivatives at fair value(3)\t7407\t1857\t153\t3\t667\t667\t8307\t4776\n", "q10k_tbl_29": "\t\t\t\tAs of September 30 2020\t\tAs of December 31 2019\t\n\tDebt Origination Date\tMaturity\tOriginal Borrowing Amount\tCarrying Value\tInterest Rate\tCarrying Value\tInterest Rate\nCredit Facility(1)\tRevolver\t3/30/2025\tN/A\t0\t-%\t70000\t3.06%\n2024 Senior Notes(2)\t10/8/2014\t10/8/2024\t250000\t247112\t4.21\t246609\t4.21\n2030 Senior Notes(3)\t6/15/2020\t6/15/2030\t400000\t395553\t3.28\t0\t0\nTotal debt obligations\t\t\t\t642665\t\t316609\t\n", "q10k_tbl_30": "\tCredit Facility\tSenior Notes\nUnamortized debt issuance costs as of December 31 2019\t5255\t1102\nDebt issuance costs incurred\t1217\t3677\nAmortization of debt issuance costs\t(932)\t(297)\nUnamortized debt issuance costs as of September 30 2020\t5540\t4482\n", "q10k_tbl_31": "\tAs of September 30 2020\t\t\tAs of December 31 2019\t\t\n\tLoan Obligations\tFair Value of Loan Obligations\tWeighted Average Remaining Maturity In Years\tLoan Obligations\tFair Value of Loan Obligations\tWeighted Average Remaining Maturity In Years\nSenior secured notes(1)\t9679210\t9361670\t10.2\t7738337\t7700038\t11.0\nSubordinated notes(2)\t523459\t246457\t10.4\t449877\t273710\t11.0\nTotal loan obligations of Consolidated CLOs\t10202669\t9608127\t\t8188214\t7973748\t\n", "q10k_tbl_32": "\t\t\tAs of September 30 2020\t\t\tAs of December 31 2019\t\t\nConsolidated Funds' Debt Facilities\tMaturity Date\tTotal Capacity\tOutstanding Loan(1)\tEffective Rate\t\tOutstanding Loan(1)\tEffective Rate\t\nCredit Facilities:\t\t\t\t\t\t\t\t\n\t3/5/2021\t71500\t71500\t1.59%\t\t71500\t3.14%\t\n\t6/30/2021\t117195\t67324\t1.00\t(2)\t0\tN/A\t(2)\n\t1/1/2023\t18000\t17909\t1.77\t\t17550\t3.44\t\n\t7/15/2028\t75000\t6000\t2.72\t\t17000\t4.75\t\nRevolving Term Loan\t2/9/2022(3)\t0\t0\t0\t\t1194\t7.70\t\nTotal borrowings of Consolidated Funds\t\t\t162733\t\t\t107244\t\t\n", "q10k_tbl_33": "\t\tAs of September 30\tAs of December 31\n\tClassification\t2020\t2019\nOperating lease assets\tRight-of-use operating lease assets\t136392\t143406\nFinance lease assets\tOther assets(1)\t1508\t1787\nTotal lease assets\t\t137900\t145193\nOperating lease liabilities\tOperating lease liabilities\t161737\t168817\nFinance lease obligations\tAccounts payable accrued expenses and other liabilities\t1306\t1651\nTotal lease liabilities\t\t163043\t170468\n", "q10k_tbl_34": "\t\tThree months ended September 30\t\tNine months ended September 30\t\n\tClassification\t2020\t2019\t2020\t2019\nOperating lease expense\tGeneral administrative and other expenses\t7701\t7314\t23138\t21463\nFinance lease expense:\t\t\t\t\t\nAmortization of finance lease assets\tGeneral administrative and other expenses\t127\t89\t346\t194\nInterest on finance lease liabilities\tInterest expense\t11\t9\t33\t30\nTotal lease expense\t\t7839\t7412\t23517\t21687\n", "q10k_tbl_35": "Other information\tNine months ended September 30 2020\tNine months ended September 30 2019\nCash paid for amounts included in the measurement of lease liabilities:\t\t\nOperating cash flows for operating leases\t23098\t23273\nOperating cash flows for finance leases\t48\t54\nFinancing cash flows for finance leases\t412\t283\nLeased assets obtained in exchange for new finance lease liabilities\t0\t128\nLeased assets obtained in exchange for new operating lease liabilities\t12477\t49833\n", "q10k_tbl_36": "\tAs of September 30\tAs of December 31\nLease term and discount rate\t2020\t2019\nWeighted-average remaining lease terms (in years):\t\t\nOperating leases\t5.9\t6.5\nFinance leases\t2.9\t3.3\nWeighted-average discount rate:\t\t\nOperating leases\t3.97%\t4.00%\nFinance leases\t3.26%\t3.39%\n", "q10k_tbl_37": "Maturity of lease liabilities\tOperating Leases\tFinance Leases\n2020\t8647\t45\n2021\t31044\t518\n2022\t31925\t485\n2023\t28549\t158\n2024\t25593\t156\nAfter 2024\t55850\t8\nTotal future payments\t181608\t1370\nLess: interest\t19871\t64\nTotal lease liabilities\t161737\t1306\n", "q10k_tbl_38": "\tAs of September 30\tAs of December 31\n\t2020\t2019\nDue from affiliates:\t\t\nManagement fees receivable from non-consolidated funds\t257029\t203554\nPayments made on behalf of and amounts due from non-consolidated funds and employees\t71030\t64545\nDue from affiliates-Company\t328059\t268099\nAmounts due from portfolio companies and non-consolidated funds\t8684\t6192\nDue from affiliates-Consolidated Funds\t8684\t6192\nDue to affiliates:\t\t\nManagement fee rebate payable to non-consolidated funds\t1725\t2420\nManagement fees received in advance\t6291\t3012\nTax receivable agreement liability\t36443\t26542\nUndistributed carried interest and incentive fees\t4369\t28086\nPayments made by non-consolidated funds on behalf of and payable by the Company\t15025\t11385\nDue to affiliates-Company\t63853\t71445\n", "q10k_tbl_39": "\tThree months ended September 30\t\tNine months ended September 30\t\n\t2020\t2019\t2020\t2019\t\t\t\t\t\t\nRestricted units\t572\t40\t0\t53\t\t\t\t\t\t\nAOG Units\t114726173\t116707849\t0\t116844099\t\t\t\t\t\t\n", "q10k_tbl_40": "\tThree months ended September 30\t\tNine months ended September 30\t\n\t2020\t2019\t2020\t2019\nBasic earnings per share of Class A common stock:\t\t\t\t\nNet income attributable to Ares Management Corporation Class A common stockholders\t42120\t27906\t56605\t94144\nDistributions on unvested restricted units\t(2757)\t(1927)\t(7715)\t(5630)\nNet income available to Class A common stockholders\t39363\t25979\t48890\t88514\nBasic weighted-average shares of Class A common stock\t143466209\t108481929\t131866471\t105546219\nBasic earnings per share of Class A common stock\t0.27\t0.24\t0.37\t0.84\nDiluted earnings per share of Class A common stock:\t\t\t\t\nNet income available to Class A common stockholders\t42120\t27906\t56605\t94144\nDistributions on unvested restricted units\t0\t0\t(7715)\t0\nNet income attributable to Ares Management Corporation Class A common stockholders\t42120\t27906\t48890\t94144\nEffect of dilutive shares:\t\t\t\t\nRestricted units\t9762645\t8722690\t0\t7140271\nOptions\t4893709\t4685403\t0\t3731646\nDiluted weighted-average shares of Class A common stock\t158122563\t121890022\t131866471\t116418136\nDiluted earnings per share of Class A common stock\t0.27\t0.23\t0.37\t0.81\nDividend declared and paid per Class A common stock\t0.40\t0.32\t1.20\t0.96\n", "q10k_tbl_41": "\tThree months ended September 30\t\tNine months ended September 30\t\n\t2020\t2019\t2020\t2019\nRestricted units\t30036\t21430\t86804\t66226\nRestricted units with a market condition\t300\t911\t4729\t2702\nOptions\t0\t52\t43\t4310\nPhantom shares\t0\t0\t0\t736\nEquity-based compensation expense\t30336\t22393\t91576\t73974\n", "q10k_tbl_42": "\tRestricted Units\tWeighted Average Grant Date Fair Value Per Unit\nBalance - January 1 2020\t16810473\t20.07\nGranted\t3716355\t36.52\nVested\t(3990212)\t19.45\nForfeited\t(220421)\t23.24\nBalance - September 30 2020\t16316195\t23.97\n", "q10k_tbl_43": "\tMarket Condition Awards Units\tWeighted Average Grant Date Fair Value Per Unit\nBalance - January 1 2020\t1333334\t9.30\nGranted\t0\t0\nVested\t(666667)\t10.92\nForfeited\t0\t0\nBalance - September 30 2020\t666667\t7.68\n", "q10k_tbl_44": "\tOptions\tWeighted Average Exercise Price\tWeighted Average Remaining Life (in years)\tAggregate Intrinsic Value\nBalance - January 1 2020\t13426870\t18.99\t4.3\t224260\nGranted\t0\t0\t0\t0\nExercised\t(4382165)\t18.98\t0\t0\nExpired\t0\t0\t0\t0\nForfeited\t0\t0\t0\t0\nBalance - September 30 2020\t9044705\t18.99\t3.6\t193831\nExercisable at September 30 2020\t9044705\t18.99\t3.6\t193831\n", "q10k_tbl_45": "\tClass A Common Stock\tClass B Common Stock\tClass C Common Stock\tTotal\nBalance - January 1 2020\t115242028\t1000\t1\t115243029\nIssuance of stock (1)\t19854764\t0\t115199620\t135054384\nExchanges of AOG Units (2)\t1891240\t0\t(514818)\t1376422\nRedemptions of AOG Units\t0\t0\t(66000)\t(66000)\nStock option exercises net of shares withheld for tax\t4216240\t0\t0\t4216240\nVesting of restricted stock awards net of shares withheld for tax\t2622438\t0\t0\t2622438\nBalance Outstanding - September 30 2020\t143826710\t1000\t114618803\t258446513\n", "q10k_tbl_46": "\t\t\t\t\tDaily Average Ownership\t\t\t\t\n\tAs of September 30 2020\t\tAs of December 31 2019\t\t\tThree months ended September 30\t\tNine months ended September 30\t\t\t\t\t\t\t\n\tAOG Units\tDirect Ownership Interest\tAOG Units\tDirect Ownership Interest\t\t2020\t2019\t2020\t2019\t\t\t\t\t\t\nAres Management Corporation\t143826710\t55.65%\t115242028\t49.70%\t\t55.57%\t48.17%\t53.33%\t47.46%\t\t\t\t\t\t\nAres Owners Holding L.P.\t114618803\t44.35\t116641833\t50.30\t\t44.43\t51.83\t46.67\t52.54\t\t\t\t\t\t\nTotal\t258445513\t100.00%\t231883861\t100.00%\t\t\t\t\t\t\t\t\t\t\t\n", "q10k_tbl_47": "\tTotal\nAdditions\t99804\nNet loss\t(1007)\nCurrency translation adjustment net of tax\t642\nBalance at September 30 2020\t99439\n", "q10k_tbl_48": "\tThree months ended September 30 2020\t\t\t\t\t\t\n\tCredit Group\tPrivate Equity Group\tReal Estate Group\tStrategic Initiatives\tTotal Segments\tOMG\tTotal\nManagement fees (Credit Group includes ARCC Part I Fees of $41643)\t208371\t54653\t23787\t13320\t300131\t0\t300131\nOther fees\t4898\t2\t5\t6\t4911\t0\t4911\nCompensation and benefits\t(74373)\t(21224)\t(13011)\t(4241)\t(112849)\t(41551)\t(154400)\nGeneral administrative and other expenses\t(13789)\t(6002)\t(2987)\t(1514)\t(24292)\t(19519)\t(43811)\nFee related earnings\t125107\t27429\t7794\t7571\t167901\t(61070)\t106831\nPerformance income-realized\t7069\t115997\t199\t0\t123265\t0\t123265\nPerformance related compensation-realized\t(4131)\t(93284)\t(123)\t0\t(97538)\t0\t(97538)\nRealized net performance income\t2938\t22713\t76\t0\t25727\t0\t25727\nInvestment income-realized\t0\t16351\t486\t0\t16837\t0\t16837\nInterest and other investment income (expense) -realized\t1962\t1065\t1308\t(4)\t4331\t(503)\t3828\nInterest expense\t(2340)\t(2216)\t(1389)\t(729)\t(6674)\t(141)\t(6815)\nRealized net investment income (loss)\t(378)\t15200\t405\t(733)\t14494\t(644)\t13850\nRealized income\t127667\t65342\t8275\t6838\t208122\t(61714)\t146408\n\tThree months ended September 30 2019\t\t\t\t\t\t\n\tCredit Group\tPrivate Equity Group\tReal Estate Group\tStrategic Initiatives\tTotal Segments\tOMG\tTotal\nManagement fees (Credit Group includes ARCC Part I Fees of $38786)\t178447\t54543\t26988\t0\t259978\t0\t259978\nOther fees\t5174\t141\t28\t0\t5343\t0\t5343\nCompensation and benefits\t(67770)\t(19226)\t(14523)\t0\t(101519)\t(34061)\t(135580)\nGeneral administrative and other expenses\t(12789)\t(5532)\t(3341)\t0\t(21662)\t(21405)\t(43067)\nFee related earnings\t103062\t29926\t9152\t0\t142140\t(55466)\t86674\nPerformance income-realized\t1037\t0\t6277\t0\t7314\t0\t7314\nPerformance related compensation-realized\t(630)\t0\t(1412)\t0\t(2042)\t0\t(2042)\nRealized net performance income\t407\t0\t4865\t0\t5272\t0\t5272\nInvestment income-realized\t114\t47\t2015\t0\t2176\t0\t2176\nInterest and other investment income (expense) -realized\t6964\t435\t1588\t0\t8987\t(11)\t8976\nInterest expense\t(1561)\t(1628)\t(967)\t0\t(4156)\t(535)\t(4691)\nRealized net investment income (loss)\t5517\t(1146)\t2636\t0\t7007\t(546)\t6461\nRealized income\t108986\t28780\t16653\t0\t154419\t(56012)\t98407\n", "q10k_tbl_49": "\tNine months ended September 30 2020\t\t\t\t\t\t\n\tCredit Group\tPrivate Equity Group\tReal Estate Group\tStrategic Initiatives\tTotal Segments\tOMG\tTotal\nManagement fees (Credit Group includes ARCC Part I Fees of $126872)\t606596\t160206\t71459\t13320\t851581\t0\t851581\nOther fees\t12057\t142\t716\t6\t12921\t0\t12921\nCompensation and benefits\t(222063)\t(62946)\t(38159)\t(4241)\t(327409)\t(114916)\t(442325)\nGeneral administrative and other expenses\t(41626)\t(16083)\t(9185)\t(1514)\t(68408)\t(56877)\t(125285)\nFee related earnings\t354964\t81319\t24831\t7571\t468685\t(171793)\t296892\nPerformance income-realized\t16085\t276469\t27106\t0\t319660\t0\t319660\nPerformance related compensation-realized\t(12142)\t(222949)\t(17484)\t0\t(252575)\t0\t(252575)\nRealized net performance income\t3943\t53520\t9622\t0\t67085\t0\t67085\nInvestment income (loss)-realized\t(843)\t35866\t2740\t0\t37763\t(5698)\t32065\nInterest and other investment income (expense) -realized\t13166\t2364\t3024\t(4)\t18550\t(588)\t17962\nInterest expense\t(6391)\t(6106)\t(3715)\t(729)\t(16941)\t(1262)\t(18203)\nRealized net investment income (loss)\t5932\t32124\t2049\t(733)\t39372\t(7548)\t31824\nRealized income\t364839\t166963\t36502\t6838\t575142\t(179341)\t395801\n\tNine months ended September 30 2019\t\t\t\t\t\t\n\tCredit Group\tPrivate Equity Group\tReal Estate Group\tStrategic Initiatives\tTotal Segments\tOMG\tTotal\nManagement fees (Credit Group includes ARCC Part I Fees of $116336)\t513760\t158101\t67408\t0\t739269\t0\t739269\nOther fees\t12179\t141\t709\t0\t13029\t0\t13029\nCompensation and benefits\t(193083)\t(61713)\t(35735)\t0\t(290531)\t(100716)\t(391247)\nGeneral administrative and other expenses\t(39675)\t(14501)\t(9996)\t0\t(64172)\t(61911)\t(126083)\nFee related earnings\t293181\t82028\t22386\t0\t397595\t(162627)\t234968\nPerformance income-realized\t38921\t62492\t10468\t0\t111881\t0\t111881\nPerformance related compensation-realized\t(22857)\t(49993)\t(3638)\t0\t(76488)\t0\t(76488)\nRealized net performance income\t16064\t12499\t6830\t0\t35393\t0\t35393\nInvestment income-realized\t662\t12013\t7041\t0\t19716\t0\t19716\nInterest and other investment income (expense) -realized\t14500\t4047\t4812\t0\t23359\t(13)\t23346\nInterest expense\t(5368)\t(6239)\t(3136)\t0\t(14743)\t(1330)\t(16073)\nRealized net investment income (loss)\t9794\t9821\t8717\t0\t28332\t(1343)\t26989\nRealized income\t319039\t104348\t37933\t0\t461320\t(163970)\t297350\n", "q10k_tbl_50": "\tThree months ended September 30\t\tNine months ended September 30\t\n\t2020\t2019\t2020\t2019\nSegment revenues\t\t\t\t\nManagement fees (includes ARCC Part I Fees of $41643 $126872 and $38786 $116336 for the three and nine months ended September 30 2020 and 2019 respectively)\t300131\t259978\t851581\t739269\nOther fees\t4911\t5343\t12921\t13029\nPerformance income-realized\t123265\t7314\t319660\t111881\nTotal segment revenues\t428307\t272635\t1184162\t864179\nSegment expenses\t\t\t\t\nCompensation and benefits\t112849\t101519\t327409\t290531\nGeneral administrative and other expenses\t24292\t21662\t68408\t64172\nPerformance related compensation-realized\t97538\t2042\t252575\t76488\nTotal segment expenses\t234679\t125223\t648392\t431191\nSegment realized net investment income\t\t\t\t\nInvestment income-realized\t16837\t2176\t37763\t19716\nInterest and other investment income -realized\t4331\t8987\t18550\t23359\nInterest expense\t(6674)\t(4156)\t(16941)\t(14743)\nTotal segment realized net investment income\t14494\t7007\t39372\t28332\n", "q10k_tbl_51": "\tThree months ended September 30\t\tNine months ended September 30\t\n\t2020\t2019\t2020\t2019\nTotal consolidated revenue\t489866\t466490\t1106033\t1328509\nPerformance (income) loss-unrealized\t(52488)\t(181174)\t77866\t(426411)\nManagement fees of Consolidated Funds eliminated in consolidation\t11719\t8780\t33601\t25928\nIncentive fees of Consolidated Funds eliminated in consolidation\t0\t0\t(70)\t5184\nAdministrative transaction and other fees of Consolidated Funds eliminated in consolidation\t4448\t0\t12249\t0\nAdministrative fees(1)\t(9216)\t(9649)\t(27715)\t(22853)\nPerformance income (loss) reclass(2)\t(291)\t(27)\t(3664)\t553\nPrincipal investment income net of eliminations\t(11408)\t(11389)\t(8330)\t(45992)\nNet income of non-controlling interests in consolidated subsidiaries\t(4323)\t(396)\t(5808)\t(739)\nTotal consolidation adjustments and reconciling items\t(61559)\t(193855)\t78129\t(464330)\nTotal segment revenue\t428307\t272635\t1184162\t864179\n", "q10k_tbl_52": "\tThree months ended September 30\t\tNine months ended September 30\t\n\t2020\t2019\t2020\t2019\nTotal consolidated expenses\t392580\t395701\t958106\t1100509\nPerformance related compensation-unrealized\t(24818)\t(137174)\t61010\t(311936)\nExpenses of Consolidated Funds added in consolidation\t(17737)\t(19664)\t(50237)\t(61977)\nExpenses of Consolidated Funds eliminated in consolidation\t11718\t8780\t33531\t31112\nAdministrative fees(1)\t(9216)\t(9649)\t(27715)\t(22853)\nOMG expenses\t(61070)\t(55466)\t(171793)\t(162627)\nAcquisition and merger-related expense\t(3474)\t(4777)\t(9430)\t(10757)\nEquity compensation expense\t(30336)\t(22393)\t(91576)\t(73974)\nDeferred placement fees\t(2942)\t(4366)\t(18677)\t(17319)\nDepreciation and amortization expense\t(14336)\t(24564)\t(26197)\t(35609)\nExpense of non-controlling interests in consolidated subsidiaries\t(5690)\t(1205)\t(8630)\t(3378)\nTotal consolidation adjustments and reconciling items\t(157901)\t(270478)\t(309714)\t(669318)\nTotal segment expenses\t234679\t125223\t648392\t431191\n", "q10k_tbl_53": "\tThree months ended September 30\t\tNine months ended September 30\t\n\t2020\t2019\t2020\t2019\nTotal consolidated other income (expense)\t62355\t32787\t(43602)\t95919\nInvestment (income) loss-unrealized\t1479\t(4138)\t83369\t(12703)\nInterest and other investment (income) loss-unrealized\t(1390)\t3044\t(10330)\t3394\nOther (income) loss from Consolidated Funds added in consolidation net\t(68132)\t(37070)\t20719\t(101285)\nOther income from Consolidated Funds eliminated in consolidation net\t(3470)\t(1124)\t(11478)\t(1214)\nOMG other (income) expense\t(1820)\t87\t(781)\t(71)\nPerformance (income) loss reclass(1)\t291\t27\t3664\t(553)\nPrincipal investment income (loss)\t18080\t13865\t(24951)\t45336\nOther (income) expense net(2)\t9534\t(461)\t9903\t(460)\nOther (income) loss of non-controlling interests in consolidated subsidiaries\t(2433)\t(10)\t12859\t(31)\nTotal consolidation adjustments and reconciling items\t(47861)\t(25780)\t82974\t(67587)\nTotal segment realized net investment income\t14494\t7007\t39372\t28332\n", "q10k_tbl_54": "\tThree months ended September 30\t\tNine months ended September 30\t\n\t2020\t2019\t2020\t2019\nIncome before taxes\t159641\t103576\t104325\t323919\nAdjustments:\t\t\t\t\nDepreciation and amortization expense\t14336\t24564\t26197\t35609\nEquity compensation expense\t30336\t22393\t91576\t73974\nAcquisition and merger-related expense\t3490\t4777\t9815\t10757\nDeferred placement fees\t2942\t4366\t18677\t17319\nOMG expense net\t59250\t55553\t171012\t162556\nOther (income) expense net(1)\t9518\t(461)\t9518\t(460)\nNet (income) expense of non-controlling interests in consolidated subsidiaries\t(1066)\t799\t15681\t2608\n(Income) loss before taxes of non-controlling interests in Consolidated Funds net of eliminations\t(42744)\t(16054)\t38446\t(41178)\nTotal performance (income) loss-unrealized\t(52488)\t(181174)\t77866\t(426411)\nTotal performance related compensation - unrealized\t24818\t137174\t(61010)\t311936\nTotal investment (income) loss-unrealized\t89\t(1094)\t73039\t(9309)\nRealized income\t208122\t154419\t575142\t461320\nTotal performance income - realized\t(123265)\t(7314)\t(319660)\t(111881)\nTotal performance related compensation - realized\t97538\t2042\t252575\t76488\nTotal investment income - realized\t(14494)\t(7007)\t(39372)\t(28332)\nFee related earnings\t167901\t142140\t468685\t397595\n", "q10k_tbl_55": "\tAs of September 30\tAs of December 31\n\t2020\t2019\nMaximum exposure to loss attributable to the Company's investment in non-consolidated VIEs(1)\t233394\t260520\nMaximum exposure to loss attributable to the Company's investment in consolidated VIEs(1)\t168603\t181856\nAssets of consolidated VIEs\t11217650\t9454572\nLiabilities of consolidated VIEs\t10568273\t8679869\n", "q10k_tbl_56": "\tThree months ended September 30\t\tNine months ended September 30\t\n\t2020\t2019\t2020\t2019\nNet income (loss) attributable to non-controlling interests related to consolidated VIEs\t42627\t15908\t(38593)\t41878\n", "q10k_tbl_57": "\tAs of September 30 2020\t\t\t\n\tConsolidated Company Entities\tConsolidated Funds\tEliminations\tConsolidated\nAssets\t\t\t\t\nCash and cash equivalents\t868752\t0\t0\t868752\nInvestments (includes $1063570 of accrued carried interest)\t1761000\t0\t(159084)\t1601916\nDue from affiliates\t347067\t0\t(19008)\t328059\nOther assets\t781295\t0\t0\t781295\nRight-of-use operating lease assets\t136392\t0\t0\t136392\nAssets of Consolidated Funds\t\t\t\t\nCash and cash equivalents\t0\t365185\t0\t365185\nInvestments at fair value\t0\t10600408\t4448\t10604856\nDue from affiliates\t0\t18203\t(9519)\t8684\nReceivable for securities sold\t0\t197518\t0\t197518\nOther assets\t0\t36336\t0\t36336\nTotal assets\t3894506\t11217650\t(183163)\t14928993\nLiabilities\t\t\t\t\nAccounts payable accrued expenses and other liabilities\t135632\t0\t(9519)\t126113\nAccrued compensation\t215765\t0\t0\t215765\nDue to affiliates\t63853\t0\t0\t63853\nPerformance related compensation payable\t741635\t0\t0\t741635\nDebt obligations\t642665\t0\t0\t642665\nOperating lease liabilities\t161737\t0\t0\t161737\nLiabilities of Consolidated Funds\t\t\t\t\nAccounts payable accrued expenses and other liabilities\t0\t51454\t0\t51454\nDue to affiliates\t0\t14560\t(14560)\t0\nPayable for securities purchased\t0\t684591\t0\t684591\nCLO loan obligations at fair value\t0\t9654935\t(46808)\t9608127\nFund borrowings\t0\t162733\t0\t162733\nTotal liabilities\t1961287\t10568273\t(70887)\t12458673\nCommitments and contingencies\t\t\t\t\nRedeemable interest in Ares Operating Group entities\t99439\t0\t0\t99439\nNon-controlling interest in Consolidated Funds\t0\t649377\t(112276)\t537101\nNon-controlling interest in Ares Operating Group entities\t691609\t0\t0\t691609\nStockholders' Equity\t\t\t\t\nSeries A Preferred Stock $0.01 par value 1000000000 shares authorized (12400000 shares issued and outstanding)\t298761\t0\t0\t298761\nClass A common stock $0.01 par value 1500000000 shares authorized (143826710 shares issued and outstanding)\t1438\t0\t0\t1438\nClass B common stock $0.01 par value 1000 shares authorized (1000 shares issued and outstanding)\t0\t0\t0\t0\nClass C common stock $0.01 par value 499999000 shares authorized (114618803 shares issued and outstanding)\t1146\t0\t0\t1146\nAdditional paid-in-capital\t1011697\t0\t0\t1011697\nRetained earnings\t(164084)\t0\t0\t(164084)\nAccumulated other comprehensive loss net of tax\t(6787)\t0\t0\t(6787)\nTotal stockholders' equity\t1142171\t0\t0\t1142171\nTotal equity\t1833780\t649377\t(112276)\t2370881\nTotal liabilities redeemable interest non-controlling interests and equity\t3894506\t11217650\t(183163)\t14928993\n", "q10k_tbl_58": "\tAs of December 31 2019\t\t\t\n\tConsolidated Company Entities\tConsolidated Funds\tEliminations\tConsolidated\nAssets\t\t\t\t\nCash and cash equivalents\t138384\t0\t0\t138384\nInvestments (includes $1134967 of accrued carried interest)\t1845520\t0\t(181856)\t1663664\nDue from affiliates\t282197\t0\t(14098)\t268099\nOther assets\t343674\t0\t(2381)\t341293\nRight-of-use operating lease assets\t143406\t0\t0\t143406\nAssets of Consolidated Funds\t\t\t\t\nCash and cash equivalents\t0\t606321\t0\t606321\nInvestments at fair value\t0\t8723169\t4778\t8727947\nDue from affiliates\t0\t6192\t0\t6192\nReceivable for securities sold\t0\t88809\t0\t88809\nOther assets\t0\t30081\t0\t30081\nTotal assets\t2753181\t9454572\t(193557)\t12014196\nLiabilities\t\t\t\t\nAccounts payable accrued expenses and other liabilities\t88173\t0\t0\t88173\nAccrued compensation\t37795\t0\t0\t37795\nDue to affiliates\t71445\t0\t0\t71445\nPerformance related compensation payable\t829764\t0\t0\t829764\nDebt obligations\t316609\t0\t0\t316609\nOperating lease liabilities\t168817\t0\t0\t168817\nLiabilities of Consolidated Funds\t\t\t\t\nAccounts payable accrued expenses and other liabilities\t0\t61857\t0\t61857\nDue to affiliates\t0\t11700\t(11700)\t0\nPayable for securities purchased\t0\t500146\t0\t500146\nCLO loan obligations\t0\t7998922\t(25174)\t7973748\nFund borrowings\t0\t107244\t0\t107244\nTotal liabilities\t1512603\t8679869\t(36874)\t10155598\nCommitments and contingencies\t\t\t\t\nNon-controlling interest in Consolidated Funds\t0\t774703\t(156683)\t618020\nNon-controlling interest in Ares Operating Group entities\t472288\t0\t0\t472288\nStockholders' Equity\t\t\t\t\nSeries A Preferred Stock $0.01 par value 1000000000 shares authorized (12400000 shares issued and outstanding)\t298761\t0\t0\t298761\nClass A common stock $0.01 par value 1500000000 shares authorized (115242028 shares issued and outstanding)\t1152\t0\t0\t1152\nClass B common stock $0.01 par value 1000 shares authorized (1000 shares issued and outstanding)\t0\t0\t0\t0\nClass C common stock $0.01 par value 499999000 shares authorized (1 share issued and outstanding)\t0\t0\t0\t0\nAdditional paid-in-capital\t525244\t0\t0\t525244\nRetained earnings\t(50820)\t0\t0\t(50820)\nAccumulated other comprehensive loss net of tax\t(6047)\t0\t0\t(6047)\nTotal stockholders' equity\t768290\t0\t0\t768290\nTotal equity\t1240578\t774703\t(156683)\t1858598\nTotal liabilities non-controlling interests and equity\t2753181\t9454572\t(193557)\t12014196\n", "q10k_tbl_59": "\tThree months ended September 30 2020\t\t\t\n\tConsolidated Company Entities\tConsolidated Funds\tEliminations\tConsolidated\nRevenues\t\t\t\t\nManagement fees (includes ARCC Part I Fees of $41643)\t304153\t0\t(11719)\t292434\nCarried interest allocation\t168978\t0\t0\t168978\nIncentive fees\t7194\t0\t0\t7194\nPrincipal investment income\t18080\t0\t(6672)\t11408\nAdministrative transaction and other fees\t14300\t0\t(4448)\t9852\nTotal revenues\t512705\t0\t(22839)\t489866\nExpenses\t\t\t\t\nCompensation and benefits\t194267\t0\t0\t194267\nPerformance related compensation\t122356\t0\t0\t122356\nGeneral administrative and other expense\t69938\t0\t0\t69938\nExpenses of the Consolidated Funds\t0\t17737\t(11718)\t6019\nTotal expenses\t386561\t17737\t(11718)\t392580\nOther income (expense)\t\t\t\t\nNet realized and unrealized gains (losses) on investments\t2303\t0\t(4910)\t(2607)\nInterest and dividend income\t1602\t0\t(258)\t1344\nInterest expense\t(6815)\t0\t0\t(6815)\nOther income (expense) net\t(6337)\t0\t8540\t2203\nNet realized and unrealized gains on investments of the Consolidated Funds\t0\t9850\t8121\t17971\nInterest and other income of the Consolidated Funds\t0\t126100\t(9519)\t116581\nInterest expense of the Consolidated Funds\t0\t(67818)\t1496\t(66322)\nTotal other income (expense)\t(9247)\t68132\t3470\t62355\nIncome before taxes\t116897\t50395\t(7651)\t159641\nIncome tax expense\t18197\t117\t0\t18314\nNet income\t98700\t50278\t(7651)\t141327\nLess: Net loss attributable to redeemable interest in Ares Operating Group entities\t(1007)\t0\t0\t(1007)\nLess: Net income attributable to non-controlling interests in Consolidated Funds\t0\t50278\t(7651)\t42627\nLess: Net income attributable to non-controlling interests in Ares Operating Group entities\t52162\t0\t0\t52162\nNet income attributable to Ares Management Corporation\t47545\t0\t0\t47545\nLess: Series A Preferred Stock dividends paid\t5425\t0\t0\t5425\nNet income attributable to Ares Management Corporation Class A common stockholders\t42120\t0\t0\t42120\n", "q10k_tbl_60": "\tThree months ended September 30 2019\t\t\t\n\tConsolidated Company Entities\tConsolidated Funds\tEliminations\tConsolidated\nRevenues\t\t\t\t\nManagement fees (includes ARCC Part I Fees of $38786)\t260371\t0\t(8780)\t251591\nCarried interest allocation\t186803\t0\t0\t186803\nIncentive fees\t1712\t0\t0\t1712\nPrincipal investment income\t13865\t0\t(2476)\t11389\nAdministrative transaction and other fees\t14995\t0\t0\t14995\nTotal revenues\t477746\t0\t(11256)\t466490\nExpenses\t\t\t\t\nCompensation and benefits\t166216\t0\t0\t166216\nPerformance related compensation\t139216\t0\t0\t139216\nGeneral administrative and other expense\t79385\t0\t0\t79385\nExpenses of the Consolidated Funds\t0\t19664\t(8780)\t10884\nTotal expenses\t384817\t19664\t(8780)\t395701\nOther income (expense)\t\t\t\t\nNet realized and unrealized gains (losses) on investments\t(522)\t0\t2044\t1522\nInterest and dividend income\t2800\t0\t(770)\t2030\nInterest expense\t(4691)\t0\t0\t(4691)\nOther expense net\t(2994)\t0\t1124\t(1870)\nNet realized and unrealized gains (losses) on investments of the Consolidated Funds\t0\t1399\t(2391)\t(992)\nInterest and other income of the Consolidated Funds\t0\t107922\t0\t107922\nInterest expense of the Consolidated Funds\t0\t(72251)\t1117\t(71134)\nTotal other income (expense)\t(5407)\t37070\t1124\t32787\nIncome before taxes\t87522\t17406\t(1352)\t103576\nIncome tax expense\t11555\t146\t0\t11701\nNet income\t75967\t17260\t(1352)\t91875\nLess: Net income attributable to non-controlling interests in Consolidated Funds\t0\t17260\t(1352)\t15908\nLess: Net income attributable to non-controlling interests in Ares Operating Group entities\t42636\t0\t0\t42636\nNet income attributable to Ares Management Corporation\t33331\t0\t0\t33331\nLess: Series A Preferred Stock dividends paid\t5425\t0\t0\t5425\nNet income attributable to Ares Management Corporation Class A common stockholders\t27906\t0\t0\t27906\n", "q10k_tbl_61": "\tNine months ended September 30 2020\t\t\t\n\tConsolidated Company Entities\tConsolidated Funds\tEliminations\tConsolidated\nRevenues\t\t\t\t\nManagement fees (includes ARCC Part I Fees of $126872)\t856751\t0\t(33601)\t823150\nCarried interest allocation\t241380\t0\t0\t241380\nIncentive fees\t4206\t0\t70\t4276\nPrincipal investment income (loss)\t(24951)\t0\t33281\t8330\nAdministrative transaction and other fees\t41146\t0\t(12249)\t28897\nTotal revenues\t1118532\t0\t(12499)\t1106033\nExpenses\t\t\t\t\nCompensation and benefits\t559482\t0\t0\t559482\nPerformance related compensation\t191565\t0\t0\t191565\nGeneral administrative and other expense\t190353\t0\t0\t190353\nExpenses of the Consolidated Funds\t0\t50237\t(33531)\t16706\nTotal expenses\t941400\t50237\t(33531)\t958106\nOther income (expense)\t\t\t\t\nNet realized and unrealized losses on investments\t(25360)\t0\t15009\t(10351)\nInterest and dividend income\t8102\t0\t(2990)\t5112\nInterest expense\t(18203)\t0\t0\t(18203)\nOther income net\t1100\t0\t8748\t9848\nNet realized and unrealized losses on investments of the Consolidated Funds\t0\t(148826)\t(4442)\t(153268)\nInterest and other income of the Consolidated Funds\t0\t355639\t(9519)\t346120\nInterest expense of the Consolidated Funds\t0\t(227532)\t4672\t(222860)\nTotal other expense\t(34361)\t(20719)\t11478\t(43602)\nIncome (loss) before taxes\t142771\t(70956)\t32510\t104325\nIncome tax expense\t21972\t147\t0\t22119\nNet income (loss)\t120799\t(71103)\t32510\t82206\nLess: Net loss attributable to redeemable interest in Ares Operating Group entities\t(1007)\t0\t0\t(1007)\nLess: Net loss attributable to non-controlling interests in Consolidated Funds\t0\t(71103)\t32510\t(38593)\nLess: Net income attributable to non-controlling interests in Ares Operating Group entities\t48926\t0\t0\t48926\nNet income attributable to Ares Management Corporation\t72880\t0\t0\t72880\nLess: Series A Preferred Stock dividends paid\t16275\t0\t0\t16275\nNet income attributable to Ares Management Corporation Class A common stockholders\t56605\t0\t0\t56605\n", "q10k_tbl_62": "\tNine months ended September 30 2019\t\t\t\n\tConsolidated Company Entities\tConsolidated Funds\tEliminations\tConsolidated\nRevenues\t\t\t\t\nManagement fees (includes ARCC Part I Fees of $116336)\t740024\t0\t(25928)\t714096\nCarried interest allocation\t503808\t0\t0\t503808\nIncentive fees\t33931\t0\t(5184)\t28747\nPrincipal investment income\t45336\t0\t656\t45992\nAdministrative transaction and other fees\t35866\t0\t0\t35866\nTotal revenues\t1358965\t0\t(30456)\t1328509\nExpenses\t\t\t\t\nCompensation and benefits\t485232\t0\t0\t485232\nPerformance related compensation\t388424\t0\t0\t388424\nGeneral administrative and other expense\t195988\t0\t0\t195988\nExpenses of the Consolidated Funds\t0\t61977\t(31112)\t30865\nTotal expenses\t1069644\t61977\t(31112)\t1100509\nOther income (expense)\t\t\t\t\nNet realized and unrealized gains on investments\t4829\t0\t690\t5519\nInterest and dividend income\t7448\t0\t(1922)\t5526\nInterest expense\t(16073)\t0\t0\t(16073)\nOther expense net\t(2784)\t0\t1214\t(1570)\nNet realized and unrealized gains on investments of the Consolidated Funds\t0\t4661\t(1405)\t3256\nInterest and other income of the Consolidated Funds\t0\t303312\t0\t303312\nInterest expense of the Consolidated Funds\t0\t(206688)\t2637\t(204051)\nTotal other income (expense)\t(6580)\t101285\t1214\t95919\nIncome before taxes\t282741\t39308\t1870\t323919\nIncome tax expense (benefit)\t36290\t(700)\t0\t35590\nNet income\t246451\t40008\t1870\t288329\nLess: Net income attributable to non-controlling interests in Consolidated Funds\t0\t40008\t1870\t41878\nLess: Net income attributable to non-controlling interests in Ares Operating Group entities\t136032\t0\t0\t136032\nNet income attributable to Ares Management Corporation\t110419\t0\t0\t110419\nLess: Series A Preferred Stock dividends paid\t16275\t0\t0\t16275\nNet income attributable to Ares Management Corporation Class A common stockholders\t94144\t0\t0\t94144\n", "q10k_tbl_63": "\tNine months ended September 30 2020\t\t\t\n\tConsolidated Company Entities\tConsolidated Funds\tEliminations\tConsolidated\nCash flows from operating activities:\t\t\t\t\nNet income (loss)\t120799\t(71103)\t32510\t82206\nAdjustments to reconcile net income to net cash used in operating activities\t207358\t0\t(22772)\t184586\nAdjustments to reconcile net loss to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds\t0\t(733607)\t(32792)\t(766399)\nCash flows due to changes in operating assets and liabilities\t152691\t0\t(6989)\t145702\nCash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds:\t0\t105992\t260375\t366367\nNet cash provided by (used in) operating activities\t480848\t(698718)\t230332\t12462\nCash flows from investing activities:\t\t\t\t\nPurchase of furniture equipment and leasehold improvements net\t(8608)\t0\t0\t(8608)\nAcquisitions net of cash acquired\t(117829)\t0\t0\t(117829)\nNet cash used in investing activities\t(126437)\t0\t0\t(126437)\nCash flows from financing activities:\t\t\t\t\nNet proceeds from issuance of Class A common stock\t383154\t0\t0\t383154\nProceeds from credit facility\t790000\t0\t0\t790000\nProceeds from senior notes\t399084\t0\t0\t399084\nRepayments of credit facility\t(860000)\t0\t0\t(860000)\nDividends and distributions\t(334957)\t0\t0\t(334957)\nSeries A Preferred Stock dividends\t(16275)\t0\t0\t(16275)\nStock option exercises\t78959\t0\t0\t78959\nTaxes paid related to net share settlement of equity awards\t(75657)\t0\t0\t(75657)\nOther financing activities\t(4137)\t0\t0\t(4137)\nAllocable to non-controlling interests in Consolidated Funds:\t\t\t\t\nContributions from non-controlling interests in Consolidated Funds\t0\t138760\t(15047)\t123713\nDistributions to non-controlling interests in Consolidated Funds\t0\t(195598)\t25851\t(169747)\nBorrowings under loan obligations by Consolidated Funds\t0\t618207\t0\t618207\nRepayments under loan obligations by Consolidated Funds\t0\t(104794)\t0\t(104794)\nNet cash provided by financing activities\t360171\t456575\t10804\t827550\nEffect of exchange rate changes\t15786\t1007\t0\t16793\nNet change in cash and cash equivalents\t730368\t(241136)\t241136\t730368\nCash and cash equivalents beginning of period\t138384\t606321\t(606321)\t138384\nCash and cash equivalents end of period\t868752\t365185\t(365185)\t868752\nSupplemental disclosure of non-cash financing activities\t\t\t\t\nIssuance of Class A common stock in connection with acquisitions\t305338\t0\t0\t305338\n", "q10k_tbl_64": "\tNine months ended September 30 2019\t\t\t\n\tConsolidated Company Entities\tConsolidated Funds\tEliminations\tConsolidated\nCash flows from operating activities:\t\t\t\t\nNet income\t246451\t40008\t1870\t288329\nAdjustments to reconcile net income to net cash used in operating activities\t49996\t0\t9740\t59736\nAdjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds\t0\t(1913517)\t86907\t(1826610)\nCash flows due to changes in operating assets and liabilities\t18855\t0\t183\t19038\nCash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds:\t0\t(29418)\t(191159)\t(220577)\nNet cash provided by (used in) operating activities\t315302\t(1902927)\t(92459)\t(1680084)\nCash flows from investing activities:\t\t\t\t\nPurchase of furniture equipment and leasehold improvements net\t(12073)\t0\t0\t(12073)\nNet cash used in investing activities\t(12073)\t0\t0\t(12073)\nCash flows from financing activities:\t\t\t\t\nProceeds from issuance of Class A common stock\t206705\t0\t0\t206705\nProceeds from credit facility\t265000\t0\t0\t265000\nRepayments of credit facility\t(500000)\t0\t0\t(500000)\nDividends and distributions\t(238301)\t0\t0\t(238301)\nSeries A Preferred Stock dividends\t(16275)\t0\t0\t(16275)\nRepurchases of Class A common stock\t(10449)\t0\t0\t(10449)\nStock option exercises\t83090\t0\t0\t83090\nTaxes paid related to net share settlement of equity awards\t(32022)\t0\t0\t(32022)\nOther financing activities\t(3240)\t0\t0\t(3240)\nAllocable to non-controlling interests in Consolidated Funds:\t\t\t\t\nContributions from non-controlling interests in Consolidated Funds\t0\t281305\t(116415)\t164890\nDistributions to non-controlling interests in Consolidated Funds\t0\t(78220)\t12645\t(65575)\nBorrowings under loan obligations by Consolidated Funds\t0\t2487112\t(4771)\t2482341\nRepayments under loan obligations by Consolidated Funds\t0\t(595517)\t10021\t(585496)\nNet cash provided by (used in) financing activities\t(245492)\t2094680\t(98520)\t1750668\nEffect of exchange rate changes\t(15781)\t(774)\t0\t(16555)\nNet change in cash and cash equivalents\t41956\t190979\t(190979)\t41956\nCash and cash equivalents beginning of period\t110247\t384644\t(384644)\t110247\nCash and cash equivalents end of period\t152203\t575623\t(575623)\t152203\n", "q10k_tbl_65": "($ in millions)\tCredit Group\tPrivate Equity Group\tReal Estate Group\tStrategic Initiatives\tTotal AUM\nBalance at 6/30/2020\t117413\t26602\t14395\t0\t158410\nAcquisitions\t0\t0\t0\t6871\t6871\nNet new par/equity commitments\t10111\t475\t26\t190\t10802\nNet new debt commitments\t1701\t0\t23\t0\t1724\nCapital reductions\t(206)\t(18)\t(186)\t0\t(410)\nDistributions\t(568)\t(1066)\t(161)\t(122)\t(1917)\nRedemptions\t(301)\t(5)\t0\t0\t(306)\nChange in fund value\t3078\t702\t282\t1\t4063\nBalance at 9/30/2020\t131228\t26690\t14379\t6940\t179237\nAverage AUM(1)\t124323\t26647\t14388\t6906\t172264\n\tCredit Group\tPrivate Equity Group\tReal Estate Group\tStrategic Initiatives\tTotal AUM\nBalance at 6/30/2019\t105505\t24735\t11868\t0\t142108\nNet new par/equity commitments\t593\t267\t953\t0\t1813\nNet new debt commitments\t1704\t25\t0\t0\t1729\nCapital reductions\t(320)\t0\t0\t0\t(320)\nDistributions\t(542)\t(80)\t(331)\t0\t(953)\nRedemptions\t(311)\t0\t0\t0\t(311)\nChange in fund value\t(327)\t568\t(9)\t0\t232\nBalance at 9/30/2019\t106302\t25515\t12481\t0\t144298\nAverage AUM(1)\t105905\t25126\t12176\t0\t143207\n(1) Represents a two-point average of quarter-end balances for each period; except for Strategic Initiatives which represents the average calculated using AUM on the date of the SSG Acquisition and September 30 2020.\t\t\t\t\t\n\tCredit Group\tPrivate Equity Group\tReal Estate Group\tStrategic Initiatives\tTotal AUM\nBalance at 12/31/2019\t110543\t25166\t13207\t0\t148916\nAcquisitions\t2693\t0\t0\t6871\t9564\nNet new par/equity commitments\t14257\t5593\t1992\t190\t22032\nNet new debt commitments\t5704\t0\t287\t0\t5991\nCapital reductions\t(350)\t(133)\t(222)\t0\t(705)\nDistributions\t(1905)\t(3293)\t(993)\t(122)\t(6313)\nRedemptions\t(1592)\t(5)\t0\t0\t(1597)\nChange in fund value\t1878\t(638)\t108\t1\t1349\nBalance at 9/30/2020\t131228\t26690\t14379\t6940\t179237\nAverage AUM(1)\t117924\t25119\t14024\t6906\t163973\n\tCredit Group\tPrivate Equity Group\tReal Estate Group\tStrategic Initiatives\tTotal AUM\nBalance at 12/31/2018\t95836\t23487\t11340\t0\t130663\nNet new par/equity commitments\t5507\t1295\t1569\t0\t8371\nNet new debt commitments\t8009\t25\t583\t0\t8617\nCapital reductions\t(1207)\t(5)\t(89)\t0\t(1301)\nDistributions\t(1628)\t(1275)\t(1230)\t0\t(4133)\nRedemptions\t(2060)\t0\t0\t0\t(2060)\nChange in fund value\t1845\t1988\t308\t0\t4141\nBalance at 9/30/2019\t106302\t25515\t12481\t0\t144298\nAverage AUM(1)\t102180\t24379\t11875\t0\t138434\n(1) Represents a four-point average of quarter-end balances for each period; except for Strategic Initiatives which represents the average calculated using AUM on the date of the SSG Acquisition and September 30 2020.\t\t\t\t\t\n", "q10k_tbl_66": "($ in millions)\tCredit Group\tPrivate Equity Group\tReal Estate Group\tStrategic Initiatives\tTotal\nFPAUM Balance at 6/30/2020\t78744\t17473\t9331\t0\t105548\nAcquisitions\t0\t0\t0\t4183\t4183\nCommitments\t323\t210\t43\t0\t576\nSubscriptions/deployment/increase in leverage\t2152\t310\t76\t278\t2816\nCapital reductions\t(547)\t0\t(2)\t(22)\t(571)\nDistributions\t(686)\t(219)\t(85)\t(174)\t(1164)\nRedemptions\t(281)\t0\t0\t0\t(281)\nChange in fund value\t1600\t(33)\t156\t0\t1723\nChange in fee basis\t0\t(22)\t(86)\t24\t(84)\nFPAUM Balance at 9/30/2020\t81305\t17719\t9433\t4289\t112746\nAverage FPAUM(1)\t80027\t17596\t9383\t4236\t111242\n\tCredit Group\tPrivate Equity Group\tReal Estate Group\tStrategic Initiatives\tTotal\nFPAUM Balance at 6/30/2019\t64763\t17188\t7463\t0\t89414\nCommitments\t690\t161\t426\t0\t1277\nSubscriptions/deployment/increase in leverage\t4769\t174\t275\t0\t5218\nCapital reductions\t(53)\t0\t(74)\t0\t(127)\nDistributions\t(621)\t0\t(160)\t0\t(781)\nRedemptions\t(297)\t0\t0\t0\t(297)\nChange in fund value\t(270)\t(4)\t(96)\t0\t(370)\nChange in fee basis\t0\t(599)\t(418)\t0\t(1017)\nFPAUM Balance at 9/30/2019\t68981\t16920\t7416\t0\t93317\nAverage FPAUM(1)\t66873\t17056\t7440\t0\t91369\n(1) Represents a two-point average of quarter-end balances for each period; except for Strategic Initiatives which represents the average calculated using FPAUM on the date of the SSG Acquisition and September 30 2020.\t\t\t\t\t\n\tCredit Group\tPrivate Equity Group\tReal Estate Group\tStrategic Initiatives\tTotal\nFPAUM Balance at 12/31/2019\t71880\t17040\t7963\t0\t96883\nAcquisitions\t2596\t0\t0\t4183\t6779\nCommitments\t2844\t210\t1541\t0\t4595\nSubscriptions/deployment/increase in leverage\t9691\t1330\t608\t278\t11907\nCapital reductions\t(1519)\t0\t(49)\t(22)\t(1590)\nDistributions\t(2866)\t(801)\t(394)\t(174)\t(4235)\nRedemptions\t(1605)\t0\t0\t0\t(1605)\nChange in fund value\t324\t(39)\t161\t0\t446\nChange in fee basis\t(40)\t(21)\t(397)\t24\t(434)\nFPAUM Balance at 9/30/2020\t81305\t17719\t9433\t4289\t112746\nAverage FPAUM(1)\t76922\t17313\t8987\t4236\t107458\n\tCredit Group\tPrivate Equity Group\tReal Estate Group\tStrategic Initiatives\tTotal\nFPAUM Balance at 12/31/2018\t57847\t17071\t6952\t0\t81870\nCommitments\t4098\t242\t790\t0\t5130\nSubscriptions/deployment/increase in leverage\t11396\t675\t835\t0\t12906\nCapital reductions\t(1281)\t(8)\t(142)\t0\t(1431)\nDistributions\t(1793)\t(462)\t(503)\t0\t(2758)\nRedemptions\t(2352)\t0\t0\t0\t(2352)\nChange in fund value\t1200\t1\t(98)\t0\t1103\nChange in fee basis\t(134)\t(599)\t(418)\t0\t(1151)\nFPAUM Balance at 9/30/2019\t68981\t16920\t7416\t0\t93317\nAverage FPAUM(1)\t63631\t17125\t7202\t0\t87958\n(1) Represents a four-point average of quarter-end balances for each period; except for Strategic Initiatives which represents the average calculated using FPAUM on the date of the SSG Acquisition and September 30 2020.\t\t\t\t\t\n", "q10k_tbl_67": "\tThree months ended September 30\t\tFavorable (Unfavorable)\t\tNine months ended September 30\t\tFavorable (Unfavorable)\t\n($ in thousands)\t2020\t2019\t Change\t% Change\t2020\t2019\t Change\t% Change\nRevenues\t\t\t\t\t\t\t\t\nManagement fees (includes ARCC Part I Fees of $41643 $126872 and $38786 $116336 for the three and nine months ended September 30 2020 and 2019 respectively)\t292434\t251591\t40843\t16%\t823150\t714096\t109054\t15%\nCarried interest allocation\t168978\t186803\t(17825)\t(10)\t241380\t503808\t(262428)\t(52)\nIncentive fees\t7194\t1712\t5482\tNM\t4276\t28747\t(24471)\t(85)\nPrincipal investment income\t11408\t11389\t19\t0\t8330\t45992\t(37662)\t(82)\nAdministrative transaction and other fees\t9852\t14995\t(5143)\t(34)\t28897\t35866\t(6969)\t(19)\nTotal revenues\t489866\t466490\t23376\t5\t1106033\t1328509\t(222476)\t(17)\nExpenses\t\t\t\t\t\t\t\t\nCompensation and benefits\t194267\t166216\t(28051)\t(17)\t559482\t485232\t(74250)\t(15)\nPerformance related compensation\t122356\t139216\t16860\t12\t191565\t388424\t196859\t51\nGeneral administrative and other expenses\t69938\t79385\t9447\t12\t190353\t195988\t5635\t3\nExpenses of Consolidated Funds\t6019\t10884\t4865\t45\t16706\t30865\t14159\t46\nTotal expenses\t392580\t395701\t3121\t1\t958106\t1100509\t142403\t13\nOther income (expense)\t\t\t\t\t\t\t\t\nNet realized and unrealized gains (losses) on investments\t(2607)\t1522\t(4129)\tNM\t(10351)\t5519\t(15870)\tNM\nInterest and dividend income\t1344\t2030\t(686)\t(34)\t5112\t5526\t(414)\t(7)\nInterest expense\t(6815)\t(4691)\t(2124)\t(45)\t(18203)\t(16073)\t(2130)\t(13)\nOther income (expense) net\t2203\t(1870)\t4073\tNM\t9848\t(1570)\t11418\tNM\nNet realized and unrealized gains (losses) on investments of Consolidated Funds\t17971\t(992)\t18963\tNM\t(153268)\t3256\t(156524)\tNM\nInterest and other income of Consolidated Funds\t116581\t107922\t8659\t8\t346120\t303312\t42808\t14\nInterest expense of Consolidated Funds\t(66322)\t(71134)\t4812\t7\t(222860)\t(204051)\t(18809)\t(9)\nTotal other income (expense)\t62355\t32787\t29568\t90\t(43602)\t95919\t(139521)\tNM\nIncome before taxes\t159641\t103576\t56065\t54\t104325\t323919\t(219594)\t(68)\nIncome tax expense\t18314\t11701\t(6613)\t(57)\t22119\t35590\t13471\t38\nNet income\t141327\t91875\t49452\t54\t82206\t288329\t(206123)\t(71)\nLess: Net loss attributable to redeemable interest in Ares Operating Group entities\t(1007)\t0\t(1007)\tNM\t(1007)\t0\t(1007)\tNM\nLess: Net income (loss) attributable to non-controlling interests in Consolidated Funds\t42627\t15908\t26719\t168\t(38593)\t41878\t(80471)\tNM\nLess: Net income attributable to non-controlling interests in Ares Operating Group entities\t52162\t42636\t9526\t22\t48926\t136032\t(87106)\t(64)\nNet income attributable to Ares Management Corporation\t47545\t33331\t14214\t43\t72880\t110419\t(37539)\t(34)\nLess: Series A Preferred Stock dividends paid\t5425\t5425\t0\t0\t16275\t16275\t0\t0\nNet income attributable to Ares Management Corporation Class A common stockholders\t42120\t27906\t14214\t51\t56605\t94144\t(37539)\t(40)\n", "q10k_tbl_68": "($ in millions)\tThree months ended September 30 2020\tPrimary Drivers\tThree months ended September 30 2019\tPrimary Drivers\nCredit funds\t62.9\tFour direct lending funds and one alternative credit fund with $11.1 billion of IGAUM generating returns in excess of their hurdle rates. Ares Private Credit Solutions L.P. (\"PCS\") and Ares Capital Europe IV L.P. (\"ACE IV\") generated carried interest allocation of $19.4 million and $17.6 million respectively that was driven by net investment income on an increasing invested capital base. An alternative credit fund generated carried interest allocation of $9.7 million primarily driven by net investment income during the period. Ares Capital Europe III L.P. (\"ACE III\") generated carried interest allocation of $9.4 million primarily due to a partial recovery of unrealized losses related to market volatility driven by the COVID-19 pandemic.\t25.2\t10 direct lending funds with $8.9 billion of IGAUM generating returns in excess of their hurdle rates primarily from PCS ACE III and ACE IV that generated $7.2 million $5.5 million and $14.0 million of carried interest allocation during the period respectively.\nPrivate equity funds\t82.0\tAres Corporate Opportunities Fund IV L.P. (\"ACOF IV\") generated carried interest allocation of $43.7 million primarily driven by market appreciation of its investment in The AZEK Company (\"AZEK\") following its initial public offering. In addition market appreciation across several investments generated carried interest allocation of $24.2 million for Ares Special Opportunities Fund L.P. (\"ASOF\"). The market appreciation was driven by the recovery of investment valuations from the market lows from the COVID-19 pandemic.\t146.3\tMarket appreciation across several Ares Corporate Opportunities Fund V L.P. (\"ACOF V\") portfolio companies; and market appreciation of ACOF III investments in Floor & Decor Holdings Inc. (\"FND\") and a professional service company resulting from a pending sale of the company which closed in the fourth quarter of 2019.\nReal estate funds\t24.1\tMarket appreciation from properties within real estate equity funds that was driven by the recovery of valuations from the market lows from the COVID-19 pandemic primarily from two of our U.S. real estate equity funds and Ares European Real Estate Fund IV L.P. (\"EF IV\") in the amount of $9.1 million and $11.2 million respectively.\t15.3\tMarket appreciation from multiple properties within three of our U.S. real estate equity funds EF IV and a certain European real estate equity fund.\nCarried interest allocation\t169.0\t\t186.8\t\n", "q10k_tbl_69": "($ in millions)\tNine months ended September 30 2020\tPrimary Drivers\tNine months ended September 30 2019\tPrimary Drivers\nCredit funds\t77.9\tFour direct lending funds and one alternative credit fund with $8.9 billion of IGAUM generating returns in excess of their hurdle rates. PCS and ACE IV generated carried interest allocation of $25.7 million and $34.1 million respectively driven by net investment income on an increasing invested capital base that was partially offset by net unrealized losses on investments that were primarily incurred during the first quarter of 2020 due to the market volatility driven by the COVID-19 pandemic. An alternative credit fund generated carried interest allocation of $10.1 million primarily driven by net investment income during the period.\t97.9\t10 direct lending funds with $8.9 billion of IGAUM generating returns in excess of their hurdle rates primarily from PCS ACE III and ACE IV that generated $23.6 million $25.4 million and $33.7 million of carried interest allocation during the period respectively.\nPrivate equity funds\t152.6\tACOF IV generated carried interest allocation of $199.7 million primarily due to market appreciation of its investment in AZEK following its initial public offering. In addition market appreciation across several investments generated carried interest allocation of $53.1 million for ASOF. Market depreciation across several investments led to the reversal of unrealized carried interest allocation of $75.1 million for ACOF V and $27.4 million for Ares Energy Opportunities Fund L.P. (\"AEOF\"). The market depreciation for investments of these funds was driven by depressed prices in the energy market.\t355.5\tMarket appreciation of ACOF III's investments in FND and a professional service company resulting from a pending sale of this company; increased fair value of ACOF IV investment in a professional services company resulting from a pending sale of the company which closed in the fourth quarter of 2019; and market appreciation across several ACOF IV and ACOF V portfolio companies.\nReal estate funds\t10.9\tMarket appreciation from properties within real estate equity funds that was driven by the recovery of valuations from the market lows from the COVID-19 pandemic. In addition there were gains generated in multiple funds resulting from the sale of a pan-European logistics portfolio at a higher price than the December 31 2019 price. This activity was offset by net market depreciation that led to the reversal of unrealized carried interest allocation primarily from US Real Estate Fund IX L.P. (\"US IX\") and EF IV in the amount of $6.8 million and $4.6 million respectively.\t50.4\tMarket appreciation from multiple properties within four of our U.S. real estate equity funds EF IV and three European real estate equity funds.\nCarried interest allocation\t241.4\t\t503.8\t\n", "q10k_tbl_70": "($ in millions)\tThree months ended September 30 2020\tPrimary Drivers\tThree months ended September 30 2019\tPrimary Drivers\nCredit funds\t7.2\tAn alternative credit fund with incentive fees that crystallized during the period.\t1.0\tAn alternative credit fund and a direct lending fund with incentive fees that crystallized during the period.\nReal estate funds\t0\tNo activity\t0.7\tIncentive fees generated from a real estate debt fund.\nIncentive fees\t7.2\t\t1.7\t\n($ in millions)\tNine months ended September 30 2020\tPrimary Drivers\tNine months ended September 30 2019\tPrimary Drivers\nCredit funds\t4.0\tAn alternative credit fund with incentive fees that crystallized during the period offset by a one-time reversal of incentive fees following management's decision to extend the measurement period after the fees were crystallized.\t28.0\t16 direct lending funds with incentive fees that crystallized during the period.\nReal estate funds\t0.3\tIncentive fees generated from a real estate debt fund.\t0.7\tIncentive fees generated from a real estate debt fund.\nIncentive fees\t4.3\t\t28.7\t\n", "q10k_tbl_71": "\tThree months ended September 30\t\tFavorable (Unfavorable)\t\tNine months ended September 30\t\tFavorable (Unfavorable)\t\t\n($ in thousands)\t2020\t2019\t Change\t% Change\t2020\t2019\t\t Change\t% Change\t\t\t\t\t\t\t\t\t\nExpenses of the Consolidated Funds\t(6019)\t(10884)\t4865\t45%\t(16706)\t(30865)\t\t14159\t46%\t\t\t\t\t\t\t\t\t\nNet realized and unrealized gains (losses) on investments of Consolidated Funds\t17971\t(992)\t18963\tNM\t(153268)\t3256\t\t(156524)\tNM\t\t\t\t\t\t\t\t\t\nInterest and other income of Consolidated Funds\t116581\t107922\t8659\t8\t346120\t303312\t\t42808\t14\t\t\t\t\t\t\t\t\t\nInterest expense of Consolidated Funds\t(66322)\t(71134)\t4812\t7\t(222860)\t(204051)\t\t(18809)\t(9)\t\t\t\t\t\t\t\t\t\nIncome (loss) before taxes\t62211\t24912\t37299\t150\t(46714)\t71652\t\t(118366)\tNM\t\t\t\t\t\t\t\t\t\nIncome tax benefit (expense) of Consolidated Funds\t(117)\t(146)\t29\t20\t(147)\t700\t\t(847)\tNM\t\t\t\t\t\t\t\t\t\nNet income (loss)\t62094\t24766\t37328\t151\t(46861)\t72352\t\t(119213)\tNM\t\t\t\t\t\t\t\t\t\nLess: Revenues attributable to Ares Management Corporation eliminated upon consolidation\t22839\t11256\t11583\t103\t12499\t30456\t\t(17957)\t(59)\t\t\t\t\t\t\t\t\t\nLess: Other income (expense) net attributable to Ares Management Corporation eliminated upon consolidation\t(3372)\t(2398)\t(974)\t(41)\t(20767)\t18\t\t(20785)\tNM\t\t\t\t\t\t\t\t\t\nNet income (loss) attributable to non-controlling interests in Consolidated Funds\t42627\t15908\t26719\t168\t(38593)\t41878\t\t(80471)\tNM\t\t\t\t\t\t\t\t\t\n", "q10k_tbl_72": "\tThree months ended September 30\t\tFavorable (Unfavorable)\t\tNine months ended September 30\t\tFavorable (Unfavorable)\t\n($ in thousands)\t2020\t2019\t Change\t% Change\t2020\t2019\t Change\t% Change\nFee Related Earnings:\t\t\t\t\t\t\t\t\nCredit Group\t125107\t103062\t22045\t21%\t354964\t293181\t61783\t21%\nPrivate Equity Group\t27429\t29926\t(2497)\t(8)\t81319\t82028\t(709)\t(1)\nReal Estate Group\t7794\t9152\t(1358)\t(15)\t24831\t22386\t2445\t11\nStrategic Initiatives\t7571\t0\t7571\tNM\t7571\t0\t7571\tNM\nOperations Management Group\t(61070)\t(55466)\t(5604)\t(10)\t(171793)\t(162627)\t(9166)\t(6)\nFee Related Earnings\t106831\t86674\t20157\t23\t296892\t234968\t61924\t26\nRealized Income:\t\t\t\t\t\t\t\t\nCredit Group\t127667\t108986\t18681\t17%\t364839\t319039\t45800\t14%\nPrivate Equity Group\t65342\t28780\t36562\t127\t166963\t104348\t62615\t60\nReal Estate Group\t8275\t16653\t(8378)\t(50)\t36502\t37933\t(1431)\t(4)\nStrategic Initiatives\t6838\t0\t6838\tNM\t6838\t0\t6838\tNM\nOperations Management Group\t(61714)\t(56012)\t(5702)\t(10)\t(179341)\t(163970)\t(15371)\t(9)\nRealized Income\t146408\t98407\t48001\t49\t395801\t297350\t98451\t33\n", "q10k_tbl_73": "\tThree months ended September 30\t\tNine months ended September 30\t\n($ in thousands)\t2020\t2019\t2020\t2019\nIncome before taxes\t159641\t103576\t104325\t323919\nAdjustments:\t\t\t\t\nDepreciation and amortization expense\t14336\t24564\t26197\t35609\nEquity compensation expense\t30336\t22393\t91576\t73974\nAcquisition and merger-related expense\t3490\t4777\t9815\t10757\nDeferred placement fees\t2942\t4366\t18677\t17319\nOther (income) expense net\t9518\t(461)\t9518\t(460)\nNet (income) expense of non-controlling interests in consolidated subsidiaries\t(1066)\t799\t15681\t2608\n(Income) loss before taxes of non-controlling interests in Consolidated Funds net of eliminations\t(42744)\t(16054)\t38446\t(41178)\nUnconsolidated performance (income) loss - unrealized\t(52488)\t(181174)\t77866\t(426411)\nUnconsolidated performance related compensation - unrealized\t24818\t137174\t(61010)\t311936\nUnconsolidated net investment (income) loss - unrealized\t(2375)\t(1553)\t64710\t(10723)\nRealized Income\t146408\t98407\t395801\t297350\nUnconsolidated performance income-realized\t(123265)\t(7314)\t(319660)\t(111881)\nUnconsolidated performance related compensation - realized\t97538\t2042\t252575\t76488\nUnconsolidated investment income-realized\t(13850)\t(6461)\t(31824)\t(26989)\nFee Related Earnings\t106831\t86674\t296892\t234968\n", "q10k_tbl_74": "\tThree months ended September 30\t\tFavorable (Unfavorable)\t\tNine months ended September 30\t\tFavorable (Unfavorable)\t\n($ in thousands)\t2020\t2019\t Change\t% Change\t2020\t2019\t Change\t% Change\nManagement fees (includes ARCC Part I Fees of $41643 $126872 and $38786 $116336 for the three and nine months ended September 30 2020 and 2019 respectively)\t208371\t178447\t29924\t17%\t606596\t513760\t92836\t18%\nOther fees\t4898\t5174\t(276)\t(5)\t12057\t12179\t(122)\t(1)\nCompensation and benefits\t(74373)\t(67770)\t(6603)\t(10)\t(222063)\t(193083)\t(28980)\t(15)\nGeneral administrative and other expenses\t(13789)\t(12789)\t(1000)\t(8)\t(41626)\t(39675)\t(1951)\t(5)\nFee Related Earnings\t125107\t103062\t22045\t21\t354964\t293181\t61783\t21\n", "q10k_tbl_75": "\tThree months ended September 30\t\tFavorable (Unfavorable)\t\tNine months ended September 30\t\tFavorable (Unfavorable)\t\n($ in thousands)\t2020\t2019\t Change\t% Change\t2020\t2019\t Change\t% Change\nFee Related Earnings\t125107\t103062\t22045\t21%\t354964\t293181\t61783\t21%\nPerformance income-realized\t7069\t1037\t6032\tNM\t16085\t38921\t(22836)\t(59)\nPerformance related compensation-realized\t(4131)\t(630)\t(3501)\tNM\t(12142)\t(22857)\t10715\t47\nRealized net performance income\t2938\t407\t2531\tNM\t3943\t16064\t(12121)\t(75)\nInvestment income (loss)-realized\t0\t114\t(114)\t(100)\t(843)\t662\t(1505)\tNM\nInterest and other investment income-realized\t1962\t6964\t(5002)\t(72)\t13166\t14500\t(1334)\t(9)\nInterest expense\t(2340)\t(1561)\t(779)\t(50)\t(6391)\t(5368)\t(1023)\t(19)\nRealized net investment income (loss)\t(378)\t5517\t(5895)\tNM\t5932\t9794\t(3862)\t(39)\nRealized Income\t127667\t108986\t18681\t17\t364839\t319039\t45800\t14\n", "q10k_tbl_76": "\tAs of September 30\t\t\tAs of December 31\t\t\n\t2020\t\t\t2019\t\t\n($ in thousands)\tAccrued Performance Income\tAccrued Performance Compensation\tAccrued Net Performance Income\tAccrued Performance Income\tAccrued Performance Compensation\tAccrued Net Performance Income\nACE III\t74617\t44770\t29847\t76628\t45977\t30651\nACE IV\t93803\t58158\t35645\t57388\t35581\t21807\nCSF III\t14927\t8956\t5971\t13991\t8394\t5597\nPCS\t78139\t46184\t31955\t52029\t30751\t21278\nOther credit funds\t76439\t45543\t30896\t112959\t65335\t47624\nTotal Credit Group\t337925\t203611\t134314\t312995\t186038\t126957\n", "q10k_tbl_77": "\tThree months ended September 30 2020\t\t\tThree months ended September 30 2019\t\t\n($ in thousands)\tRealized\tUnrealized net\tTotal Change in Unrealized\tRealized\tUnrealized net\tTotal Change in Unrealized\t\t\t\t\t\t\t\t\t\t\t\t\nACE III\t0\t9410\t9410\t0\t5482\t5482\t\t\t\t\t\t\t\t\t\t\t\t\nACE IV\t0\t17647\t17647\t0\t14030\t14030\t\t\t\t\t\t\t\t\t\t\t\t\nCSF III\t0\t572\t572\t0\t(219)\t(219)\t\t\t\t\t\t\t\t\t\t\t\t\nPCS\t0\t19416\t19416\t0\t7166\t7166\t\t\t\t\t\t\t\t\t\t\t\t\nOther credit funds\t7069\t15806\t22875\t1037\t(1282)\t(245)\t\t\t\t\t\t\t\t\t\t\t\t\nTotal Credit Group\t7069\t62851\t69920\t1037\t25177\t26214\t\t\t\t\t\t\t\t\t\t\t\t\n\tNine months ended September 30 2020\t\t\tNine months ended September 30 2019\t\t\n($ in thousands)\tRealized\tUnrealized net\tTotal Change in Unrealized\tRealized\tUnrealized net\tTotal Change in Unrealized\t\t\t\t\t\t\t\t\t\t\t\t\nACE III\t5255\t(3803)\t1452\t4706\t20738\t25444\t\t\t\t\t\t\t\t\t\t\t\t\nACE IV\t0\t34087\t34087\t0\t33731\t33731\t\t\t\t\t\t\t\t\t\t\t\t\nCSF III\t0\t936\t936\t0\t2876\t2876\t\t\t\t\t\t\t\t\t\t\t\t\nPCS\t0\t25722\t25722\t0\t23565\t23565\t\t\t\t\t\t\t\t\t\t\t\t\nOther credit funds\t10830\t8588\t19418\t34215\t10803\t45018\t\t\t\t\t\t\t\t\t\t\t\t\nTotal Credit Group\t16085\t65530\t81615\t38921\t91713\t130634\t\t\t\t\t\t\t\t\t\t\t\t\n", "q10k_tbl_78": "($ in millions)\tSyndicated Loans\tHigh Yield\tMulti-Asset Credit\tAlternative Credit\tU.S. Direct Lending\tEuropean Direct Lending\tTotal Credit Group\nBalance at 6/30/2020\t25451\t2660\t2812\t8821\t50784\t26885\t117413\nNet new par/equity commitments\t19\t139\t1\t1017\t139\t8796\t10111\nNet new debt commitments\t501\t0\t0\t0\t1200\t0\t1701\nCapital reductions\t(38)\t0\t0\t0\t(46)\t(122)\t(206)\nDistributions\t(19)\t0\t(7)\t(115)\t(239)\t(188)\t(568)\nRedemptions\t(64)\t(213)\t(4)\t0\t(20)\t0\t(301)\nChange in fund value\t304\t117\t111\t381\t953\t1212\t3078\nBalance at 9/30/2020\t26154\t2703\t2913\t10104\t52771\t36583\t131228\nAverage AUM(1)\t25803\t2682\t2863\t9463\t51778\t31734\t124323\n\tSyndicated Loans\tHigh Yield\tMulti-Asset Credit\tAlternative Credit\tU.S. Direct Lending\tEuropean Direct Lending\tTotal Credit Group\nBalance at 6/30/2019\t20924\t3494\t2497\t7339\t46292\t24959\t105505\nNet new par/equity commitments\t95\t49\t4\t81\t146\t218\t593\nNet new debt commitments\t472\t0\t0\t0\t1232\t0\t1704\nCapital reductions\t(29)\t0\t0\t0\t(274)\t(17)\t(320)\nDistributions\t(27)\t0\t0\t(88)\t(265)\t(162)\t(542)\nRedemptions\t(71)\t(201)\t(14)\t0\t(25)\t0\t(311)\nChange in fund value\t(89)\t70\t25\t(61)\t297\t(569)\t(327)\nBalance at 9/30/2019\t21275\t3412\t2512\t7271\t47403\t24429\t106302\nAverage AUM(1)\t21100\t3453\t2505\t7305\t46848\t24694\t105905\n(1) Represents a two-point average of quarter-end balances for each period.\t\t\t\t\t\t\t\n\tSyndicated Loans\tHigh Yield\tMulti-Asset Credit\tAlternative Credit\tU.S. Direct Lending\tEuropean Direct Lending\tTotal Credit Group\nBalance at 12/31/2019\t22320\t3492\t2611\t7571\t48431\t26118\t110543\nAcquisitions\t2693\t0\t0\t0\t0\t0\t2693\nNet new par/equity commitments\t140\t367\t431\t2874\t1553\t8892\t14257\nNet new debt commitments\t1236\t0\t0\t0\t3349\t1119\t5704\nCapital reductions\t(70)\t0\t0\t0\t(128)\t(152)\t(350)\nDistributions\t(52)\t0\t(15)\t(299)\t(899)\t(640)\t(1905)\nRedemptions\t(241)\t(1093)\t(96)\t(96)\t(66)\t0\t(1592)\nChange in fund value\t128\t(63)\t(18)\t54\t531\t1246\t1878\nBalance at 9/30/2020\t26154\t2703\t2913\t10104\t52771\t36583\t131228\nAverage AUM(1)\t24649\t2922\t2640\t8495\t50306\t28912\t117924\n\tSyndicated Loans\tHigh Yield\tMulti-Asset Credit\tAlternative Credit\tU.S. Direct Lending\tEuropean Direct Lending\tTotal Credit Group\nBalance at 12/31/2018\t18880\t4024\t2761\t5448\t40668\t24055\t95836\nNet new par/equity commitments\t929\t124\t(70)\t2047\t1736\t741\t5507\nNet new debt commitments\t2435\t0\t0\t75\t5160\t339\t8009\nCapital reductions\t(697)\t0\t0\t0\t(460)\t(50)\t(1207)\nDistributions\t(73)\t(22)\t(70)\t(194)\t(803)\t(466)\t(1628)\nRedemptions\t(323)\t(1158)\t(315)\t(220)\t(44)\t0\t(2060)\nChange in fund value\t124\t444\t206\t115\t1146\t(190)\t1845\nBalance at 9/30/2019\t21275\t3412\t2512\t7271\t47403\t24429\t106302\nAverage AUM(1)\t20580\t3794\t2558\t6659\t44090\t24499\t102180\n(1) Represents a four-point average of quarter-end balances for each period.\t\t\t\t\t\t\t\n", "q10k_tbl_79": "($ in millions)\tSyndicated Loans\tHigh Yield\tMulti-Asset Credit\tAlternative Credit\tU.S. Direct Lending\tEuropean Direct Lending\tTotal Credit Group\nFPAUM Balance at 6/30/2020\t24832\t2621\t2278\t5352\t28679\t14982\t78744\nCommitments\t9\t126\t1\t48\t139\t0\t323\nSubscriptions/deployment/increase in leverage\t15\t13\t7\t152\t1699\t266\t2152\nCapital reductions\t(38)\t0\t0\t(227)\t(27)\t(255)\t(547)\nDistributions\t(13)\t0\t(10)\t(161)\t(373)\t(129)\t(686)\nRedemptions\t(64)\t(185)\t(11)\t0\t(20)\t(1)\t(281)\nChange in fund value\t226\t116\t108\t194\t468\t488\t1600\nChange in fee basis\t0\t0\t0\t0\t0\t0\t0\nFPAUM Balance at 9/30/2020\t24967\t2691\t2373\t5358\t30565\t15351\t81305\nAverage FPAUM(1)\t24900\t2657\t2326\t5355\t29622\t15167\t80027\n\tSyndicated Loans\tHigh Yield\tMulti-Asset Credit\tAlternative Credit\tU.S. Direct Lending\tEuropean Direct Lending\tTotal Credit Group\nFPAUM Balance at 6/30/2019\t20195\t3496\t2092\t3828\t24365\t10787\t64763\nCommitments\t551\t46\t3\t80\t10\t0\t690\nSubscriptions/deployment/increase in leverage\t338\t3\t8\t274\t2711\t1435\t4769\nCapital reductions\t(30)\t0\t0\t0\t(6)\t(17)\t(53)\nDistributions\t(13)\t0\t(11)\t(131)\t(386)\t(80)\t(621)\nRedemptions\t(72)\t(110)\t(19)\t0\t(26)\t(70)\t(297)\nChange in fund value\t(119)\t(21)\t25\t(79)\t155\t(231)\t(270)\nFPAUM Balance at 9/30/2019\t20850\t3414\t2098\t3972\t26823\t11824\t68981\nAverage FPAUM(1)\t20523\t3455\t2095\t3900\t25594\t11306\t66873\n(1) Represents a two-point average of quarter-end balances for each period.\t\t\t\t\t\t\t\n\tSyndicated Loans\tHigh Yield\tMulti-Asset Credit\tAlternative Credit\tU.S. Direct Lending\tEuropean Direct Lending\tTotal Credit Group\nFPAUM Balance at 12/31/2019\t21458\t3495\t2144\t4340\t27876\t12567\t71880\nAcquisitions\t2596\t0\t0\t0\t0\t0\t2596\nCommitments\t1309\t354\t379\t527\t275\t0\t2844\nSubscriptions/deployment/increase in leverage\t15\t13\t57\t1184\t5220\t3202\t9691\nCapital reductions\t(89)\t0\t(59)\t(227)\t(857)\t(287)\t(1519)\nDistributions\t(39)\t0\t(31)\t(370)\t(1905)\t(521)\t(2866)\nRedemptions\t(241)\t(1065)\t(99)\t(96)\t(65)\t(39)\t(1605)\nChange in fund value\t(42)\t(66)\t(18)\t0\t21\t429\t324\nChange in fee basis\t0\t(40)\t0\t0\t0\t0\t(40)\nFPAUM Balance at 9/30/2020\t24967\t2691\t2373\t5358\t30565\t15351\t81305\nAverage FPAUM(1)\t23845\t2912\t2127\t4805\t28982\t14251\t76922\n\tSyndicated Loans\tHigh Yield\tMulti-Asset Credit\tAlternative Credit\tU.S. Direct Lending\tEuropean Direct Lending\tTotal Credit Group\nFPAUM Balance at 12/31/2018\t18328\t4025\t2196\t2826\t21657\t8815\t57847\nCommitments\t3179\t121\t105\t663\t30\t0\t4098\nSubscriptions/deployment/increase in leverage\t354\t3\t31\t889\t6158\t3961\t11396\nCapital reductions\t(650)\t0\t(10)\t0\t(558)\t(63)\t(1281)\nDistributions\t(40)\t(22)\t(90)\t(229)\t(1058)\t(354)\t(1793)\nRedemptions\t(324)\t(1066)\t(333)\t(220)\t(40)\t(369)\t(2352)\nChange in fund value\t3\t353\t199\t43\t634\t(32)\t1200\nChange in fee basis\t0\t0\t0\t0\t0\t(134)\t(134)\nFPAUM Balance at 9/30/2019\t20850\t3414\t2098\t3972\t26823\t11824\t68981\nAverage FPAUM(1)\t19760\t3796\t2112\t3454\t24132\t10377\t63631\n(1) Represents a four-point average of quarter-end balances for each period.\t\t\t\t\t\t\t\n", "q10k_tbl_80": "\t\t\tReturns(%)(1)\t\t\t\t\t\t\n($ in millions)\tYear of Inception\tAUM\tCurrent Quarter\t\tYear-To-Date\t\tSince Inception(2)\t\tPrimary Investment Strategy\nFund\t\tGross\tNet\tGross\tNet\tGross\tNet\nARCC(3)\t2004\t18892\tN/A\t6.5\tN/A\t2.4\tN/A\t11.4\tU.S. Direct Lending\nASIF(4)\t2018\t1066\t2.3\t2.1\t0.3\t(0.1)\t2.0\t1.3\tAlternative Credit\n", "q10k_tbl_81": "($ in millions)\tYear of Inception\tAUM\tOriginal Capital Commitments\tCapital Invested to Date\t\tRealized Value(1)\t\tUnrealized Value(2)\t\tTotal Value\t\tMoIC\t\tIRR(%)\t\tPrimary Investment Strategy\nFund\t\t\t\t\tGross(3)\t\tNet(4)\t\tGross(5)\t\tNet(6)\t\nFunds Harvesting Investments\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nCSF III\t2010\t1598\t1135\t1297\t\t867\t\t1031\t\t1898\t\t1.5x\t1.5x\t8.9\t7.6\tEuropean & U.S. Direct Lending\nACE III(7)\t2015\t5097\t2822\t2562\t\t682\t\t2587\t\t3269\t\t1.4x\t1.3x\t11.5\t8.1\tEuropean Direct Lending\nFunds Deploying Capital\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nPCS\t2017\t3758\t3365\t2381\t\t303\t\t2476\t\t2779\t\t1.2x\t1.1x\t11.6\t8.0\tU.S. Direct Lending\nACE IV Unlevered(8)\t2018\t10541\t2851\t1962\t\t104\t\t2006\t\t2110\t\t1.1x\t1.1x\t8.7\t6.0\tEuropean Direct Lending\nACE IV Levered(8)\t\t4819\t3279\t241\t\t3433\t\t3674\t\t1.2x\t\t1.1x\t13.1\t9.3\nSDL Unlevered\t2018\t5029\t922\t471\t\t862\t\t408\t\t1270\t\t1.1x\t1.0x\t8.3\t5.7\tU.S. Direct Lending\nSDL Levered\t\t2045\t1045\t258\t\t878\t\t1136\t\t1.1x\t\t1.1x\t15.5\t10.3\n", "q10k_tbl_82": "\tThree months ended September 30\t\tFavorable (Unfavorable)\t\tNine months ended September 30\t\tFavorable (Unfavorable)\t\n($ in thousands)\t2020\t2019\t Change\t% Change\t2020\t2019\t Change\t% Change\nManagement fees\t54653\t54543\t110\t0%\t160206\t158101\t2105\t1%\nOther fees\t2\t141\t(139)\t(99)\t142\t141\t1\t1\nCompensation and benefits\t(21224)\t(19226)\t(1998)\t(10)\t(62946)\t(61713)\t(1233)\t(2)\nGeneral administrative and other expenses\t(6002)\t(5532)\t(470)\t(8)\t(16083)\t(14501)\t(1582)\t(11)\nFee Related Earnings\t27429\t29926\t(2497)\t(8)\t81319\t82028\t(709)\t(1)\n", "q10k_tbl_83": "\tThree months ended September 30\t\tFavorable (Unfavorable)\t\tNine months ended September 30\t\tFavorable (Unfavorable)\t\n($ in thousands)\t2020\t2019\t Change\t% Change\t2020\t2019\t Change\t% Change\nFee Related Earnings\t27429\t29926\t(2497)\t(8)%\t81319\t82028\t(709)\t(1)%\nPerformance income-realized\t115997\t0\t115997\tNM\t276469\t62492\t213977\tNM\nPerformance related compensation-realized\t(93284)\t0\t(93284)\tNM\t(222949)\t(49993)\t(172956)\tNM\nRealized net performance income\t22713\t0\t22713\tNM\t53520\t12499\t41021\tNM\nInvestment income-realized\t16351\t47\t16304\tNM\t35866\t12013\t23853\t199\nInterest and other investment income-realized\t1065\t435\t630\t145\t2364\t4047\t(1683)\t(42)\nInterest expense\t(2216)\t(1628)\t(588)\t(36)\t(6106)\t(6239)\t133\t2\nRealized net investment income (loss)\t15200\t(1146)\t16346\tNM\t32124\t9821\t22303\t227\nRealized Income\t65342\t28780\t36562\t127\t166963\t104348\t62615\t60\n", "q10k_tbl_84": "\tAs of September 30\t\t\tAs of December 31\t\t\n\t2020\t\t\t2019\t\t\n($ in thousands)\tAccrued Performance Income\tAccrued Performance Compensation\tAccrued Net Performance Income\tAccrued Performance Income\tAccrued Performance Compensation\tAccrued Net Performance Income\nACOF III\t54641\t43713\t10928\t156053\t124842\t31211\nACOF IV\t376128\t300902\t75226\t343546\t274837\t68709\nACOF V\t0\t0\t0\t75099\t60079\t15020\nEIF V\t41059\t30692\t10367\t28242\t21040\t7202\nAEOF\t0\t0\t0\t27377\t16426\t10951\nASOF\t63779\t44645\t19134\t10709\t7496\t3213\nOther funds\t(563)\t(563)\t0\t17867\t11524\t6343\nTotal Private Equity Group\t535044\t419389\t115655\t658893\t516244\t142649\n", "q10k_tbl_85": "\tThree months ended September 30 2020\t\t\tThree months ended September 30 2019\t\t\n($ in thousands)\tRealized\tUnrealized net\tTotal Change in Unrealized\tRealized\tUnrealized net\tTotal Change in Unrealized\t\t\t\t\t\t\t\t\t\t\t\t\nACOF III\t62677\t(55230)\t7447\t0\t45693\t45693\t\t\t\t\t\t\t\t\t\t\t\t\nACOF IV\t53320\t(9629)\t43691\t0\t(1746)\t(1746)\t\t\t\t\t\t\t\t\t\t\t\t\nACOF V\t0\t0\t0\t0\t85774\t85774\t\t\t\t\t\t\t\t\t\t\t\t\nEIF V\t0\t7823\t7823\t0\t(1121)\t(1121)\t\t\t\t\t\t\t\t\t\t\t\t\nAEOF\t0\t0\t0\t0\t14963\t14963\t\t\t\t\t\t\t\t\t\t\t\t\nASOF\t0\t24172\t24172\t0\t2746\t2746\t\t\t\t\t\t\t\t\t\t\t\t\nOther funds\t0\t(1108)\t(1108)\t0\t34\t34\t\t\t\t\t\t\t\t\t\t\t\t\nTotal Private Equity Group\t115997\t(33972)\t82025\t0\t146343\t146343\t\t\t\t\t\t\t\t\t\t\t\t\n\tNine months ended September 30 2020\t\t\tNine months ended September 30 2019\t\t\n($ in thousands)\tRealized\tUnrealized net\tTotal Change in Unrealized\tRealized\tUnrealized net\tTotal Change in Unrealized\t\t\t\t\t\t\t\t\t\t\t\t\nACOF III\t109388\t(101412)\t7976\t64665\t63787\t128452\t\t\t\t\t\t\t\t\t\t\t\t\nACOF IV\t167081\t32582\t199663\t0\t101952\t101952\t\t\t\t\t\t\t\t\t\t\t\t\nACOF V\t0\t(75099)\t(75099)\t0\t85774\t85774\t\t\t\t\t\t\t\t\t\t\t\t\nEIF V\t0\t12817\t12817\t0\t14573\t14573\t\t\t\t\t\t\t\t\t\t\t\t\nAEOF\t0\t(27377)\t(27377)\t0\t25996\t25996\t\t\t\t\t\t\t\t\t\t\t\t\nASOF\t0\t53069\t53069\t0\t5561\t5561\t\t\t\t\t\t\t\t\t\t\t\t\nOther funds\t0\t(18401)\t(18401)\t(2173)\t(4684)\t(6857)\t\t\t\t\t\t\t\t\t\t\t\t\nTotal Private Equity Group\t276469\t(123821)\t152648\t62492\t292959\t355451\t\t\t\t\t\t\t\t\t\t\t\t\n", "q10k_tbl_86": "($ in millions)\tCorporate Private Equity\tInfrastructure & Power\tSpecial Opportunities\tEnergy Opportunities\tTotal Private Equity Group\nBalance at 6/30/2020\t17404\t3169\t5343\t686\t26602\nNet new par/equity commitments\t270\t235\t(30)\t0\t475\nCapital reductions\t(3)\t0\t(15)\t0\t(18)\nDistributions\t(966)\t(90)\t(10)\t0\t(1066)\nRedemptions\t(5)\t0\t0\t0\t(5)\nChange in fund value\t488\t59\t170\t(15)\t702\nBalance at 9/30/2020\t17188\t3373\t5458\t671\t26690\nAverage AUM(1)\t17296\t3271\t5401\t679\t26647\n\tCorporate Private Equity\tInfrastructure & Power\tSpecial Opportunities\tEnergy Opportunities\tTotal Private Equity Group\nBalance at 6/30/2019\t17421\t3557\t2872\t885\t24735\nNet new par/equity commitments\t100\t0\t4\t163\t267\nNet new debt commitments\t0\t0\t25\t0\t25\nDistributions\t(38)\t(42)\t0\t0\t(80)\nBalance at 9/30/2019\t17949\t3518\t2924\t1124\t25515\nAverage AUM(1)\t17685\t3538\t2898\t1005\t25126\n(1) Represents a two-point average of quarter-end balances for each period.\t\t\t\t\t\n\tCorporate Private Equity\tInfrastructure & Power\tSpecial Opportunities\tEnergy Opportunities\tTotal Private Equity Group\nBalance at 12/31/2019\t17153\t3233\t3527\t1253\t25166\nNet new par/equity commitments\t3558\t235\t1800\t0\t5593\nCapital reductions\t(7)\t0\t(125)\t(1)\t(133)\nDistributions\t(3173)\t(108)\t(12)\t0\t(3293)\nRedemptions\t(5)\t0\t0\t0\t(5)\nChange in fund value\t(338)\t13\t268\t(581)\t(638)\nBalance at 9/30/2020\t17188\t3373\t5458\t671\t26690\nAverage AUM(1)\t16452\t3251\t4511\t905\t25119\n\tCorporate Private Equity\tInfrastructure & Power\tSpecial Opportunities\tEnergy Opportunities\tTotal Private Equity Group\nBalance at 12/31/2018\t17159\t3842\t1733\t753\t23487\nNet new par/equity commitments\t(25)\t0\t1076\t244\t1295\nNet new debt commitments\t0\t0\t25\t0\t25\nCapital reductions\t(4)\t0\t0\t(1)\t(5)\nDistributions\t(982)\t(250)\t(43)\t0\t(1275)\nChange in fund value\t1801\t(74)\t133\t128\t1988\nBalance at 9/30/2019\t17949\t3518\t2924\t1124\t25515\nAverage AUM(1)\t17512\t3627\t2334\t906\t24379\n(1) Represents a four-point average of quarter-end balances for each period.\t\t\t\t\t\n", "q10k_tbl_87": "($ in millions)\tCorporate Private Equity\tInfrastructure & Power\tSpecial Opportunities\tEnergy Opportunities\tTotal Private Equity Group\nFPAUM Balance at 6/30/2020\t10704\t3300\t2425\t1044\t17473\nCommitments\t0\t210\t0\t0\t210\nSubscriptions/deployment/increase in leverage\t16\t0\t294\t0\t310\nDistributions\t(170)\t(7)\t(42)\t0\t(219)\nChange in fund value\t(33)\t0\t0\t0\t(33)\nChange in fee basis\t(17)\t(5)\t0\t0\t(22)\nFPAUM Balance at 9/30/2020\t10500\t3498\t2677\t1044\t17719\nAverage FPAUM(1)\t10602\t3399\t2551\t1044\t17596\n\tCorporate Private Equity\tInfrastructure & Power\tSpecial Opportunities\tEnergy Opportunities\tTotal Private Equity Group\nFPAUM Balance at 6/30/2019\t11570\t3409\t1446\t763\t17188\nCommitments\t0\t0\t0\t161\t161\nSubscriptions/deployment/increase in leverage\t27\t23\t124\t0\t174\nChange in fund value\t(4)\t0\t0\t0\t(4)\nChange in fee basis\t(526)\t0\t(73)\t0\t(599)\nFPAUM Balance at 9/30/2019\t11067\t3432\t1497\t924\t16920\nAverage FPAUM(1)\t11319\t3421\t1472\t844\t17056\n(1) Represents a two-point average of quarter-end balances for each period.\t\t\t\t\t\n\tCorporate Private Equity\tInfrastructure & Power\tSpecial Opportunities\tEnergy Opportunities\tTotal Private Equity Group\nFPAUM Balance at 12/31/2019\t10924\t3352\t1720\t1044\t17040\nCommitments\t0\t210\t0\t0\t210\nSubscriptions/deployment/increase in leverage\t35\t0\t1295\t0\t1330\nDistributions\t(404)\t(59)\t(338)\t0\t(801)\nChange in fund value\t(39)\t0\t0\t0\t(39)\nChange in fee basis\t(16)\t(5)\t0\t0\t(21)\nFPAUM Balance at 9/30/2020\t10500\t3498\t2677\t1044\t17719\nAverage FPAUM(1)\t10709\t3376\t2184\t1044\t17313\n\tCorporate Private Equity\tInfrastructure & Power\tSpecial Opportunities\tEnergy Opportunities\tTotal Private Equity Group\nFPAUM Balance at 12/31/2018\t11716\t3472\t1201\t682\t17071\nCommitments\t0\t0\t0\t242\t242\nSubscriptions/deployment/increase in leverage\t227\t70\t378\t0\t675\nCapital reductions\t0\t0\t(8)\t0\t(8)\nDistributions\t(351)\t(110)\t(1)\t0\t(462)\nChange in fund value\t1\t0\t0\t0\t1\nChange in fee basis\t(526)\t0\t(73)\t0\t(599)\nFPAUM Balance at 9/30/2019\t11067\t3432\t1497\t924\t16920\nAverage FPAUM(1)\t11500\t3432\t1370\t823\t17125\n(1) Represents a four-point average of quarter-end balances for each period.\t\t\t\t\t\n", "q10k_tbl_88": "($ in millions)\tYear of Inception\tAUM\tOriginal Capital Commitments\tCapital Invested to Date\t\tRealized Value(1)\t\tUnrealized Value(2)\t\tTotal Value\t\tMoIC\t\tIRR(%)\t\tPrimary Investment Strategy\nFund\t\t\t\t\tGross(3)\t\tNet(4)\t\tGross(5)\t\tNet(6)\t\nFunds Harvesting Investments\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nUSPF IV\t2010\t1272\t1688\t2121\t\t1394\t\t1255\t\t2649\t\t1.2x\t1.1x\t6.0\t2.3\tInfrastructure and Power\nACOF IV\t2012\t4387\t4700\t4251\t\t5304\t\t3714\t\t9018\t\t2.1x\t1.8x\t20.1\t13.8\tCorporate Private Equity\nSSF IV\t2015\t1484\t1515\t3489\t\t2221\t\t1326\t\t3547\t\t1.0x\t1.0x\t1.2\t(0.5)\tSpecial Opportunities\nFunds Deploying Capital\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nACOF V\t2017\t7242\t7850\t6589\t\t537\t\t6016\t\t6553\t\t1.0x\t0.9x\t(0.3)\t(4.3)\tCorporate Private Equity\nAEOF\t2018\t672\t1120\t936\t\t16\t\t534\t\t550\t\t0.6x\t0.5x\tN/A\tN/A\tEnergy Opportunities\nASOF\t2019\t3836\t3518\t2049\t\t568\t\t1839\t\t2407\t\t1.2x\t1.2x\t43.4\t38.8\tSpecial Opportunities\n", "q10k_tbl_89": "\tThree months ended September 30\t\tFavorable (Unfavorable)\t\tNine months ended September 30\t\tFavorable (Unfavorable)\t\n($ in thousands)\t2020\t2019\t Change\t% Change\t2020\t2019\t Change\t% Change\nManagement fees\t23787\t26988\t(3201)\t(12)%\t71459\t67408\t4051\t6%\nOther fees\t5\t28\t(23)\t(82)\t716\t709\t7\t1\nCompensation and benefits\t(13011)\t(14523)\t1512\t10\t(38159)\t(35735)\t(2424)\t(7)\nGeneral administrative and other expenses\t(2987)\t(3341)\t354\t11\t(9185)\t(9996)\t811\t8\nFee Related Earnings\t7794\t9152\t(1358)\t(15)\t24831\t22386\t2445\t11\n", "q10k_tbl_90": "\tThree months ended September 30\t\tFavorable (Unfavorable)\t\tNine months ended September 30\t\tFavorable (Unfavorable)\t\n($ in thousands)\t2020\t2019\t Change\t% Change\t2020\t2019\t Change\t% Change\nFee Related Earnings\t7794\t9152\t(1358)\t(15)%\t24831\t22386\t2445\t11%\nPerformance income-realized\t199\t6277\t(6078)\t(97)\t27106\t10468\t16638\t159\nPerformance related compensation-realized\t(123)\t(1412)\t1289\t91\t(17484)\t(3638)\t(13846)\tNM\nRealized net performance income\t76\t4865\t(4789)\t(98)\t9622\t6830\t2792\t41\nInvestment income-realized\t486\t2015\t(1529)\t(76)\t2740\t7041\t(4301)\t(61)\nInterest and other investment income-realized\t1308\t1588\t(280)\t(18)\t3024\t4812\t(1788)\t(37)\nInterest expense\t(1389)\t(967)\t(422)\t(44)\t(3715)\t(3136)\t(579)\t(18)\nRealized net investment income\t405\t2636\t(2231)\t(85)\t2049\t8717\t(6668)\t(76)\nRealized Income\t8275\t16653\t(8378)\t(50)\t36502\t37933\t(1431)\t(4)\n", "q10k_tbl_91": "\tAs of September 30\t\t\tAs of December 31\t\t\n\t2020\t\t\t2019\t\t\n($ in thousands)\tAccrued Performance Income\tAccrued Performance Compensation\tAccrued Net Performance Income\tAccrued Performance Income\tAccrued Performance Compensation\tAccrued Net Performance Income\nUS IX\t0\t0\t0\t6844\t4243\t2601\nEF IV\t66143\t39687\t26456\t70440\t42265\t28175\nOther real estate funds\t124994\t78947\t46047\t128826\t80974\t47852\nSubtotal\t191137\t118634\t72503\t206110\t127482\t78628\nOther fee generating funds(1)\t2891\t0\t2891\t7268\t0\t7268\nTotal Real Estate Group\t194028\t118634\t75394\t213378\t127482\t85896\n", "q10k_tbl_92": "\tThree months ended September 30 2020\t\t\tThree months ended September 30 2019\t\t\n($ in thousands)\tRealized\tUnrealized net\tTotal Change in Unrealized\tRealized\tUnrealized net\tTotal Change in Unrealized\t\t\t\t\t\t\t\t\t\t\t\t\nUS IX\t0\t0\t0\t0\t144\t144\t\t\t\t\t\t\t\t\t\t\t\t\nEF IV\t0\t11179\t11179\t0\t6953\t6953\t\t\t\t\t\t\t\t\t\t\t\t\nOther real estate funds\t174\t12747\t12921\t2318\t6542\t8860\t\t\t\t\t\t\t\t\t\t\t\t\nSubtotal\t174\t23926\t24100\t2318\t13639\t15957\t\t\t\t\t\t\t\t\t\t\t\t\nOther fee generating funds(1)\t25\t(317)\t(292)\t3959\t(3985)\t(26)\t\t\t\t\t\t\t\t\t\t\t\t\nTotal Real Estate Group\t199\t23609\t23808\t6277\t9654\t15931\t\t\t\t\t\t\t\t\t\t\t\t\n\tNine months ended September 30 2020\t\t\tNine months ended September 30 2019\t\t\n($ in thousands)\tRealized\tUnrealized net\tTotal Change in Unrealized\tRealized\tUnrealized net\tTotal Change in Unrealized\t\t\t\t\t\t\t\t\t\t\t\t\nUS IX\t0\t(6844)\t(6844)\t0\t144\t144\t\t\t\t\t\t\t\t\t\t\t\t\nEF IV\t0\t(4562)\t(4562)\t0\t8025\t8025\t\t\t\t\t\t\t\t\t\t\t\t\nOther real estate funds\t26571\t(3970)\t22601\t6042\t37442\t43484\t\t\t\t\t\t\t\t\t\t\t\t\nSubtotal\t26571\t(15376)\t11195\t6042\t45611\t51653\t\t\t\t\t\t\t\t\t\t\t\t\nOther fee generating funds(1)\t535\t(4199)\t(3664)\t4426\t(3872)\t554\t\t\t\t\t\t\t\t\t\t\t\t\nTotal Real Estate Group\t27106\t(19575)\t7531\t10468\t41739\t52207\t\t\t\t\t\t\t\t\t\t\t\t\n", "q10k_tbl_93": "($ in millions)\tReal Estate Equity - U.S.\tReal Estate Equity - Europe\tReal Estate Debt\tTotal Real Estate Group\nBalance at 6/30/2020\t4148\t4606\t5641\t14395\nNet new par/equity commitments\t30\t(25)\t21\t26\nNet new debt commitments\t0\t0\t23\t23\nCapital reductions\t0\t0\t(186)\t(186)\nDistributions\t(70)\t(71)\t(20)\t(161)\nChange in fund value\t82\t171\t29\t282\nBalance at 9/30/2020\t4190\t4681\t5508\t14379\nAverage AUM(1)\t4169\t4644\t5575\t14388\n\tReal Estate Equity - U.S.\tReal Estate Equity - Europe\tReal Estate Debt\tTotal Real Estate Group\nBalance at 6/30/2019\t3504\t4182\t4182\t11868\nNet new par/equity commitments\t8\t496\t449\t953\nDistributions\t(207)\t(112)\t(12)\t(331)\nChange in fund value\t50\t(71)\t12\t(9)\nBalance at 9/30/2019\t3355\t4495\t4631\t12481\nAverage AUM(1)\t3430\t4339\t4407\t12176\n(1) Represents a two-point average of quarter-end balances for each period.\t\t\t\t\n\tReal Estate Equity - U.S.\tReal Estate Equity - Europe\tReal Estate Debt\tTotal Real Estate Group\nBalance at 12/31/2019\t3793\t4588\t4826\t13207\nNet new par/equity commitments\t664\t687\t641\t1992\nNet new debt commitments\t0\t0\t287\t287\nCapital reductions\t0\t0\t(222)\t(222)\nDistributions\t(214)\t(722)\t(57)\t(993)\nChange in fund value\t(53)\t128\t33\t108\nBalance at 9/30/2020\t4190\t4681\t5508\t14379\nAverage AUM(1)\t4076\t4597\t5351\t14024\n\tReal Estate Equity - U.S.\tReal Estate Equity - Europe\tReal Estate Debt\tTotal Real Estate Group\nBalance at 12/31/2018\t4163\t3711\t3466\t11340\nNet new par/equity commitments\t(64)\t966\t667\t1569\nNet new debt commitments\t0\t0\t583\t583\nCapital reductions\t0\t0\t(89)\t(89)\nDistributions\t(995)\t(204)\t(31)\t(1230)\nChange in fund value\t251\t22\t35\t308\nBalance at 9/30/2019\t3355\t4495\t4631\t12481\nAverage AUM(1)\t3729\t4071\t4075\t11875\n(1) Represents a four-point average of quarter-end balances for each period.\t\t\t\t\n", "q10k_tbl_94": "($ in millions)\tReal Estate Equity - U.S.\tReal Estate Equity - Europe\tReal Estate Debt\tTotal Real Estate Group\nFPAUM Balance at 6/30/2020\t3508\t3965\t1858\t9331\nCommitments\t43\t0\t0\t43\nSubscriptions/deployment/increase in leverage\t18\t3\t55\t76\nCapital reductions\t0\t0\t(2)\t(2)\nDistributions\t(17)\t(48)\t(20)\t(85)\nChange in fund value\t0\t130\t26\t156\nChange in fee basis\t(86)\t0\t0\t(86)\nFPAUM Balance at 9/30/2020\t3466\t4050\t1917\t9433\nAverage FPAUM(1)\t3487\t4008\t1888\t9383\n\tReal Estate Equity - U.S.\tReal Estate Equity - Europe\tReal Estate Debt\tTotal Real Estate Group\nFPAUM Balance at 6/30/2019\t2628\t3638\t1197\t7463\nCommitments\t0\t426\t0\t426\nSubscriptions/deployment/increase in leverage\t31\t99\t145\t275\nCapital reductions\t0\t0\t(74)\t(74)\nDistributions\t(95)\t(53)\t(12)\t(160)\nChange in fund value\t(3)\t(102)\t9\t(96)\nChange in fee basis\t(221)\t(197)\t0\t(418)\nFPAUM Balance at 9/30/2019\t2340\t3811\t1265\t7416\nAverage FPAUM(1)\t2484\t3725\t1231\t7440\n(1) Represents a two-point average of quarter-end balances for each period.\t\t\t\t\n\tReal Estate Equity - U.S.\tReal Estate Equity - Europe\tReal Estate Debt\tTotal Real Estate Group\nFPAUM Balance at 12/31/2019\t2635\t3792\t1536\t7963\nCommitments\t874\t594\t73\t1541\nSubscriptions/deployment/increase in leverage\t114\t151\t343\t608\nCapital reductions\t0\t(17)\t(32)\t(49)\nDistributions\t(71)\t(267)\t(56)\t(394)\nChange in fund value\t0\t108\t53\t161\nChange in fee basis\t(86)\t(311)\t0\t(397)\nFPAUM Balance at 9/30/2020\t3466\t4050\t1917\t9433\nAverage FPAUM(1)\t3257\t3930\t1800\t8987\n\tReal Estate Equity - U.S.\tReal Estate Equity - Europe\tReal Estate Debt\tTotal Real Estate Group\nFPAUM Balance at 12/31/2018\t2739\t3269\t944\t6952\nCommitments\t0\t790\t0\t790\nSubscriptions/deployment/increase in leverage\t186\t187\t462\t835\nCapital reductions\t0\t0\t(142)\t(142)\nDistributions\t(361)\t(111)\t(31)\t(503)\nChange in fund value\t(3)\t(127)\t32\t(98)\nChange in fee basis\t(221)\t(197)\t0\t(418)\nFPAUM Balance at 9/30/2019\t2340\t3811\t1265\t7416\nAverage FPAUM(1)\t2583\t3509\t1110\t7202\n(1) Represents a four-point average of quarter-end balances for each period.\t\t\t\t\n", "q10k_tbl_95": "($ in millions)\tYear of Inception\tAUM\tOriginal Capital Commitments\tCapital Invested to Date\t\tRealized Value(1)\t\tUnrealized Value(2)\t\tTotal Value\t\tMoIC\t\tIRR(%)\t\tPrimary Investment Strategy\nFund\t\t\t\t\tGross(3)\t\tNet(4)\t\tGross(5)\t\tNet(6)\t\nFunds Deploying Capital\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nEF V(7)\t2018\t1996\t1968\t714\t\t49\t\t712\t\t761\t\t1.1x\t0.9x\t6.4\t(7.1)\tEuropean Real Estate Equity\nThird U.S. opportunistic real estate equity fund\t2019\t1174\t1189\t44\t\t0\t\t40\t\t40\t\t0.9x\t0.7x\tN/A\tN/A\tU.S. Real Estate Equity\n", "q10k_tbl_96": "($ in millions)\tYear of Inception\tAUM\tOriginal Capital Commitments\tCapital Invested to Date\t\tRealized Value(1)\t\tUnrealized Value(2)\t\tTotal Value\t\tMoIC\t\tIRR(%)\t\tPrimary Investment Strategy\nFund\t\t\t\t\tGross(3)\t\tNet(4)\t\tGross(5)\t\tNet(6)\t\nFunds Deploying Capital\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nSSG Fund IV\t2016\t1310\t1181\t1213\t\t649\t\t690\t\t1339\t\t1.2x\t1.1x\t13.9\t8.0\tAsian Special Situations\nSSG Fund V\t2018\t1890\t1878\t327\t\t162\t\t176\t\t338\t\t1.2x\t1.0x\tN/A\tN/A\tAsian Special Situations\n", "q10k_tbl_97": "\tThree months ended September 30\t\tFavorable (Unfavorable)\t\tNine months ended September 30\t\tFavorable (Unfavorable)\t\n($ in thousands)\t2020\t2019\t Change\t% Change\t2020\t2019\t Change\t% Change\nCompensation and benefits\t(41551)\t(34061)\t(7490)\t(22)%\t(114916)\t(100716)\t(14200)\t(14)%\nGeneral administrative and other expenses\t(19519)\t(21405)\t1886\t9\t(56877)\t(61911)\t5034\t8\nFee Related Earnings\t(61070)\t(55466)\t(5604)\t(10)\t(171793)\t(162627)\t(9166)\t(6)\n", "q10k_tbl_98": "\tThree months ended September 30\t\tFavorable (Unfavorable)\t\tNine months ended September 30\t\tFavorable (Unfavorable)\t\n($ in thousands)\t2020\t2019\t Change\t% Change\t2020\t2019\t Change\t% Change\nFee Related Earnings\t(61070)\t(55466)\t(5604)\t(10)%\t(171793)\t(162627)\t(9166)\t(6)%\nInvestment loss-realized\t0\t0\t0\t0\t(5698)\t0\t(5698)\tNM\nInterest and other investment loss-realized\t(503)\t(11)\t(492)\tNM\t(588)\t(13)\t(575)\tNM\nInterest expense\t(141)\t(535)\t394\t74\t(1262)\t(1330)\t68\t5\nRealized net investment loss\t(644)\t(546)\t(98)\t(18)\t(7548)\t(1343)\t(6205)\tNM\nRealized Income\t(61714)\t(56012)\t(5702)\t(10)\t(179341)\t(163970)\t(15371)\t(9)\n", "q10k_tbl_99": "\tNine months ended September 30\t\n($ in thousands)\t2020\t2019\nNet cash provided by operating activities\t480848\t315302\nNet cash used in the Consolidated Funds' operating activities net of eliminations\t(468386)\t(1995386)\nNet cash provided by (used in) operating activities\t12462\t(1680084)\nNet cash used in the Company's investing activities\t(126437)\t(12073)\nNet cash provided by (used in) the Company's financing activities\t360171\t(245492)\nNet cash provided by the Consolidated Funds' financing activities net of eliminations\t467379\t1996160\nNet cash provided by financing activities\t827550\t1750668\nEffect of exchange rate changes\t16793\t(16555)\nNet change in cash and cash equivalents\t730368\t41956\n", "q10k_tbl_100": "\tNine months ended September 30\t\n\t2020\t2019\nPurchase of furniture equipment and leasehold improvements net\t(8608)\t(12073)\nAcquisitions net of cash acquired\t(117829)\t0\nNet cash used in investing activities\t(126437)\t(12073)\n", "q10k_tbl_101": "\tNine months ended September 30\t\n\t2020\t2019\nNet proceeds from issuance of Class A common stock\t383154\t206705\nNet repayments of credit facility\t(70000)\t(235000)\nProceeds from senior notes\t399084\t0\nClass A common stock dividends\t(169870)\t(109116)\nAOG unitholder distributions\t(165087)\t(129185)\nSeries A Preferred Stock dividends\t(16275)\t(16275)\nRepurchases of Class A common stock\t0\t(10449)\nStock option exercises\t78959\t83090\nTaxes paid related to net share settlement of equity awards\t(75657)\t(32022)\nOther financing activities\t(4137)\t(3240)\nNet cash provided by (used in) the Company's financing activities\t360171\t(245492)\n", "q10k_tbl_102": "\tNine months ended September 30\t\n\t2020\t2019\nContributions from non-controlling interests in Consolidated Funds net of eliminations\t123713\t164890\nDistributions to non-controlling interests in Consolidated Funds net of eliminations\t(169747)\t(65575)\nBorrowings under loan obligations by Consolidated Funds\t618207\t2482341\nRepayments under loan obligations by Consolidated Funds\t(104794)\t(585496)\nNet cash provided by the Consolidated Funds' financing activities\t467379\t1996160\n", "q10k_tbl_103": "Period\tTotal Number of Shares Purchased\tAverage Price Paid Per Share\tTotal Number of Shares Purchased as Part of Publicly Announced Plans or Programs\tApproximate Dollar Value of Shares That May Yet be Purchased Under the Plans or Programs (1)\nJuly 1 2020 - July 31 2020\t0\t0\t0\t150000\nAugust 1 2020 - August 31 2020\t0\t0\t0\t150000\nSeptember 1 2020 - September 30 2020\t0\t0\t0\t150000\nTotal\t0\t\t0\t\n", "q10k_tbl_104": "Exhibit No.\tDescription\n3.1**\tRestated Certificate of Incorporation of Ares Management Corporation.\n3.2\tBylaws of Ares Management Corporation (incorporated by reference to Exhibit 99.4 to the Registrant's Current Report on Form 8-K (File No. 001-36429) filed with the SEC on November 15 2018).\n31.1*\tCertification of the Chief Executive Officer pursuant to Rule 13a-14(a).\n31.2*\tCertification of the Chief Financial Officer pursuant to Rule 13a-14(a).\n32.1*\tCertification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350.\n101.INS*\tXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.\n101.SCH*\tInline XBRL Taxonomy Extension Schema Document.\n101.CAL*\tInline XBRL Taxonomy Extension Calculation Linkbase Document.\n101.DEF*\tInline XBRL Taxonomy Extension Definition Linkbase Document.\n101.LAB*\tInline XBRL Taxonomy Extension Label Linkbase Document.\n101.PRE*\tInline XBRL Taxonomy Extension Presentation Linkbase Document.\n104*\tCover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.\n"}{"bs": "q10k_tbl_1", "is": "q10k_tbl_2", "cf": "q10k_tbl_6"}None
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File No. 001-36429
ARES MANAGEMENT CORPORATION
(Exact name of Registrant as specified in its charter)
Delaware
80-0962035
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification Number)
2000 Avenue of the Stars, 12th Floor, Los Angeles, CA90067
(Address of principal executive office) (Zip Code)
(310) 201-4100
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Class A common stock, par value $0.01 per share
ARES
New York Stock Exchange
7.00% Series A Preferred Stock, par value $0.01 per share
ARES.PRA
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yesx No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yesx No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company.” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
x
Accelerated Filer
☐
Non-Accelerated Filer
☐
Smaller Reporting Company
☐
Emerging Growth Company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x
As of November 2, 2020 there were 143,831,710 of the registrant’s shares of Class A common stock outstanding, 1,000 shares of the registrant's Class B common stock outstanding, and 114,618,803 of the registrant's Class C common stock outstanding.
This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which reflect our current views with respect to, among other things, future events, operations and financial performance. You can identify these forward-looking statements by the use of forward-looking words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of those words, other comparable words or other statements that do not relate to historical or factual matters. The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. Such forward-looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity. Some of these factors are described in this report and in our Annual Report on Form 10-K for the year ended December 31, 2019, under the headings “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors”. These factors should not be construed as exhaustive and should be read in conjunction with the risk factors and other cautionary statements that are included in this report and in our other periodic filings. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from those indicated in these forward-looking statements. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. Therefore, you should not place undue reliance on these forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made. We do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. For a discussion of risks resulting from the coronavirus (“COVID-19”) pandemic and the impact on the U.S. and global economy, along with the oil and gas market volatility, see “Item 1A. Risk Factors” in this Quarterly Report on Form 10-Q.
References in this Quarterly Report on Form 10-Q to the “Ares Operating Group” refer to, collectively, Ares Holdings L.P. (“Ares Holdings”), Ares Offshore Holdings L.P. (“Ares Offshore”) and Ares Investments L.P. (“Ares Investments”). References in this Quarterly Report on Form 10-Q to an “Ares Operating Group Unit” or an “AOG Unit” refer to, collectively, a partnership unit in each of the Ares Operating Group entities. The use of any defined term in this report to mean more than one entities, persons, securities or other items collectively is solely for convenience of reference and in no way implies that such entities, persons, securities or other items are one indistinguishable group. For example, notwithstanding the use of the defined terms “Ares,” “we” and “our” in this report to refer to Ares Management Corporation and its subsidiaries, each subsidiary of Ares Management Corporation is a standalone legal entity that is separate and distinct from Ares Management Corporation and any of its other subsidiaries.
Under generally accepted accounting principles in the United States (“GAAP”), we are required to consolidate (a) entities other than limited partnerships and entities similar to limited partnerships in which we hold a majority voting interest or have majority ownership and control over the operational, financial and investing decisions of that entity, including Ares-affiliates and affiliated funds and co-investment entities, for which we are presumed to have controlling financial interests, and (b) entities that we concluded are variable interest entities (“VIEs”), including limited partnerships and collateralized loan obligations, for which we are deemed to be the primary beneficiary. When an entity is consolidated, we reflect the assets, liabilities, revenues, expenses and cash flows of the entity in our consolidated financial statements on a gross basis, subject to eliminations from consolidation, including the elimination of the management fees, performance income and other fees that we earn from the entity. However, the presentation of performance related compensation and other expenses associated with generating such revenues is not affected by the consolidation process. In addition, as a result of the consolidation process, the net income attributable to third-party investors in consolidated entities is presented as net income attributable to non-controlling interests in Consolidated Funds in our Condensed Consolidated Statements of Operations. We also consolidate joint ventures that we have established with third-party investors for strategic distribution partnerships. The results of these entities are reflected on a gross basis in the consolidated financial statements, subject to eliminations from consolidation, and net income attributable to third-party investors in the consolidated joint ventures is included in net income attributable to redeemable interest and non-controlling interests in Ares Operating Group entities.
In this Quarterly Report on Form 10-Q, in addition to presenting our results on a consolidated basis in accordance with GAAP, we present revenues, expenses and other results on a (i) “segment basis,” which deconsolidates the consolidated funds and removes the proportional results attributable to third-party investors in the consolidated joint ventures, and therefore shows the results of our reportable segments without giving effect to the consolidation of these entities and (ii) “unconsolidated reporting basis,” which shows the results of our reportable segments on a combined segment basis together with our Operations Management Group. In addition to our reportable segments, we have an Operations Management Group (the “OMG”). The OMG consists of shared resource groups to support our reportable segments by providing infrastructure and administrative support in the areas of accounting/finance, operations, information technology, strategy and relationship management, legal, compliance and human resources. The OMG’s expenses are not allocated to our reportable segments but we consider the cost
structure of the OMG when evaluating our financial performance. This information constitutes non-GAAP financial information within the meaning of Regulation G, as promulgated by the SEC. Our management uses this information to assess the performance of our reportable segments and the OMG, and we believe that this information enhances the ability of shareholders to analyze our performance. For more information, see “Notes to the Condensed Consolidated Financial Statements - Note 14. Segment Reporting.”
When used in this report, unless the context otherwise requires:
•“ARCC Part I Fees” refers to a quarterly performance income on the net investment income of Ares Capital Corporation (NASDAQ: ARCC) (“ARCC”). Such fees from ARCC are classified as management fees as they are predictable and recurring in nature, not subject to contingent repayment and generally cash-settled each quarter, unless subject to a payment deferral;
•“ARCC Part II Fees” refers to fees that are paid in arrears as of the end of each calendar year when the cumulative aggregate realized capital gains exceed the cumulative aggregate realized capital losses and aggregate unrealized capital depreciation, less the aggregate amount of ARCC Part II Fees paid in all prior years since inception;
•“Ares”, the “Company”, “we”, “us” and “our” refer to Ares Management Corporation and its subsidiaries;
•“Ares Operating Group Unit” or an “AOG Unit” refers to, collectively, a partnership unit in each of the Ares Operating Group entities;
•“assets under management” or “AUM” refers to the assets we manage. For our funds other than CLOs, our AUM represents the sum of the net asset value ("NAV") of such funds, the drawn and undrawn debt (at the fund-level including amounts subject to restrictions) and uncalled committed capital (including commitments to funds that have yet to commence their investment periods). NAV refers to the fair value of the assets of a fund less the liabilities of the fund. For our funds that are CLOs, our AUM is equal to initial principal amounts adjusted for paydowns;
•“AUM not yet paying fees” (also referred to as "shadow AUM") refers to AUM that is not currently paying fees and is eligible to earn management fees upon deployment;
•“available capital” (also referred to as “dry powder”) is comprised of uncalled committed capital and undrawn amounts under credit facilities and may include AUM that may be canceled or not otherwise available to invest;
•“catch-up fees” refers to management fees that are one-time in nature and represents management fees charged to fund investors in subsequent closings of a fund that apply to the time period between the fee initiation date and the subsequent closing date;
•“Class B membership interests” refers to the interests that were retained by the former owners of Crestline Denali Capital LLC and represent the financial interests in the subordinated notes of the related CLOs;
•“CLOs” refers to “our funds” that are structured as collateralized loan obligations;
•“Consolidated Funds” refers collectively to certain Ares-affiliated funds, related co-investment entities and certain CLOs that are required under GAAP to be consolidated in our consolidated financial statements;
•“Credit Facility” refers to the revolving credit facility of the Ares Operating Group;
•“effective management fee rate” represents the annualized fees divided by the average fee paying AUM for the period, excluding the impact of one-time catch-up fees;
•“fee paying AUM” or “FPAUM” refers to the AUM from which we directly earn management fees. FPAUM is equal to the sum of all the individual fee bases of our funds that directly contribute to our management fees. For our funds other than CLOs, our FPAUM represents the amount of limited partner capital commitments for certain closed-end funds within the reinvestment period, the amount of limited partner invested capital for the aforementioned closed-end funds beyond the reinvestment period and the portfolio value, gross asset value or NAV. For our funds that are CLOs, our FPAUM is equal to the gross amount of aggregate collateral balance, at par, adjusted for defaulted or discounted collateral;
•“fee related earnings” or “FRE”, a non-GAAP measure, is used to assess core operating performance by determining whether recurring revenue, primarily consisting of management fees, is sufficient to cover operating expenses and to generate profits. FRE differs from income before taxes computed in accordance with GAAP as it excludes performance income, performance related compensation, investment income from our Consolidated Funds and non-consolidated funds and certain other items that we believe are not indicative of our core operating performance;
•“GAAP” refers to accounting principles generally accepted in the United States of America;
•“Holdco Members” refers to Michael Arougheti, David Kaplan, Antony Ressler, Bennett Rosenthal, Ryan Berry, R. Kipp deVeer and Michael McFerran;
•“Incentive eligible AUM” or “IEAUM” refers to the AUM of our funds from which performance income may be generated, regardless of whether or not they are currently generating performance income. It generally represents the NAV plus uncalled equity or total assets plus uncalled debt, as applicable, of our funds for which we are entitled to receive performance income, excluding capital committed by us and our professionals (from which we generally do not earn performance income). With respect to ARCC's AUM, only ARCC Part II Fees may be generated from IEAUM;
•“Incentive generating AUM” or “IGAUM” refers to the AUM of our funds that are currently generating performance income on a realized or unrealized basis. It generally represents the NAV or total assets of our funds, as applicable, for which we are entitled to receive performance income, excluding capital committed by us and our professionals (from which we generally do not earn performance income). ARCC is only included in IGAUM when ARCC Part II Fees are being generated;
•“management fees” refers to fees we earn for advisory services provided to our funds, which are generally based on a defined percentage of fair value of assets, total commitments, invested capital, net asset value, net investment income, total assets or par value of the investment portfolios managed by us and include ARCC Part I Fees;
•“net inflows of capital” refers to net new commitments during the period, including equity and debt commitments and gross inflows into our open-ended managed accounts and sub-advised accounts, as well as new debt and equity issuances by our publicly traded vehicles minus redemptions from our open-ended funds, managed accounts and sub-advised accounts;
•“net performance income” refers to performance income net of performance related compensation. Performance related compensation is the portion of performance income that is payable to our professionals;
•“our funds” refers to the funds, alternative asset companies, co-investment vehicles and other entities and accounts that are managed or co-managed by the Ares Operating Group, and which are structured to pay fees. It also includes funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of ARCC and a registered investment adviser;
•“performance income” refers to income we earn based on the performance of a fund that is generally based on certain specific hurdle rates as defined in the fund’s investment management or partnership agreements and may be either an incentive fee or carried interest;
•“permanent capital” refers to capital of our funds that do not have redemption provisions or a requirement to return capital to investors upon exiting the investments made with such capital, except as required by applicable law. Such funds currently consist of ARCC, Ares Commercial Real Estate Corporation (“ACRE”) and Ares Dynamic Credit Allocation Fund, Inc. (“ARDC”). Such funds may be required, or elect, to return all or a portion of capital gains and investment income;
•“realized income” or “RI”, a non-GAAP measure, is an operating metric used by management to evaluate performance of the business based on operating performance and the contribution of each of the business
segments to that performance, while removing the fluctuations of unrealized income and losses, which may or may not be eventually realized at the levels presented and whose realizations depend more on future outcomes than current business operations. RI differs from income before taxes by excluding (a) operating results of our Consolidated Funds, (b) depreciation and amortization expense, (c) the effects of changes arising from corporate actions, (d) unrealized gains and losses related to performance income and investment performance and (e) certain other items that we believe are not indicative of our operating performance. Changes arising from corporate actions include equity-based compensation expenses, the amortization of intangible assets, transaction costs associated with mergers, acquisitions and capital transactions, underwriting costs and expenses incurred in connection with corporate reorganization;
•“SEC” refers to the Securities and Exchange Commission;
•“Series A Preferred Stock” refers to the preferred stock, $0.01 par value per share, of the Company designated as 7.00% Series A Preferred Stock;
•“2024 Senior Notes” refers to senior notes issued by a wholly owned subsidiary of Ares Holdings in October 2014 with a maturity in October 2024; and
•“2030 Senior Notes” refers to senior notes issued by a wholly owned subsidiary of Ares Holdings in June 2020 with a maturity in June 2030.
Many of the terms used in this report, including AUM, FPAUM, FRE and RI, may not be comparable to similarly titled measures used by other companies. In addition, our definitions of AUM and FPAUM are not based on any definition of AUM or FPAUM that is set forth in the agreements governing the investment funds that we manage and may differ from definitions of AUM or FPAUM set forth in other agreements to which we are a party or definitions used by the SEC or other regulatory bodies. Further, FRE and RI are not measures of performance calculated in accordance with GAAP. We use FRE and RI as measures of operating performance, not as measures of liquidity. FRE and RI should not be considered in isolation or as substitutes for operating income, net income, operating cash flows, or other income or cash flow statement data prepared in accordance with GAAP. The use of FRE and RI without consideration of related GAAP measures is not adequate due to the adjustments described above. Our management compensates for these limitations by using FRE and RI as supplemental measures to our GAAP results. We present these measures to provide a more complete understanding of our performance as our management measures it. Amounts and percentages throughout this report may reflect rounding adjustments and consequently totals may not appear to sum.
Condensed Consolidated Statements of Financial Condition
(Amounts in Thousands, ExceptShareData)
As of September 30,
As of December 31,
2020
2019
(unaudited)
Assets
Cash and cash equivalents
$
868,752
$
138,384
Investments (includes accrued carried interest of $1,063,570 and $1,134,967 at September 30, 2020 and December 31, 2019, respectively)
1,601,916
1,663,664
Due from affiliates
328,059
268,099
Other assets
781,295
341,293
Right-of-use operating lease assets
136,392
143,406
Assets of Consolidated Funds:
Cash and cash equivalents
365,185
606,321
Investments, at fair value
10,604,856
8,727,947
Due from affiliates
8,684
6,192
Receivable for securities sold
197,518
88,809
Other assets
36,336
30,081
Total assets
$
14,928,993
$
12,014,196
Liabilities
Accounts payable, accrued expenses and other liabilities
$
126,113
$
88,173
Accrued compensation
215,765
37,795
Due to affiliates
63,853
71,445
Performance related compensation payable
741,635
829,764
Debt obligations
642,665
316,609
Operating lease liabilities
161,737
168,817
Liabilities of Consolidated Funds:
Accounts payable, accrued expenses and other liabilities
51,454
61,857
Payable for securities purchased
684,591
500,146
CLO loan obligations, at fair value
9,608,127
7,973,748
Fund borrowings
162,733
107,244
Total liabilities
12,458,673
10,155,598
Commitments and contingencies
Redeemable interest in Ares Operating Group entities
99,439
—
Non-controlling interests in Consolidated Funds
537,101
618,020
Non-controlling interests in Ares Operating Group entities
691,609
472,288
Stockholders' Equity
Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (12,400,000 shares issued and outstanding at September 30, 2020 and December 31, 2019)
298,761
298,761
Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (143,826,710 shares and 115,242,028 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively)
1,438
1,152
Class B common stock, $0.01 par value, 1,000 shares authorized (1,000 shares issued and outstanding at September 30, 2020 and December 31, 2019)
—
—
Class C common stock, $0.01 par value, 499,999,000 shares authorized (114,618,803 shares and 1 share issued and outstanding at September 30, 2020 and December 31, 2019, respectively)
1,146
—
Additional paid-in-capital
1,011,697
525,244
Retained earnings
(164,084)
(50,820)
Accumulated other comprehensive loss, net of tax
(6,787)
(6,047)
Total stockholders' equity
1,142,171
768,290
Total equity
2,370,881
1,858,598
Total liabilities, redeemable interest, non-controlling interests and equity
$
14,928,993
$
12,014,196
See accompanying notes to the condensed consolidated financial statements.
Management fees (includes ARCC Part I Fees of $41,643, $126,872 and $38,786, $116,336 for the three and nine months ended September 30, 2020 and 2019, respectively)
$
292,434
$
251,591
$
823,150
$
714,096
Carried interest allocation
168,978
186,803
241,380
503,808
Incentive fees
7,194
1,712
4,276
28,747
Principal investment income
11,408
11,389
8,330
45,992
Administrative, transaction and other fees
9,852
14,995
28,897
35,866
Total revenues
489,866
466,490
1,106,033
1,328,509
Expenses
Compensation and benefits
194,267
166,216
559,482
485,232
Performance related compensation
122,356
139,216
191,565
388,424
General, administrative and other expenses
69,938
79,385
190,353
195,988
Expenses of Consolidated Funds
6,019
10,884
16,706
30,865
Total expenses
392,580
395,701
958,106
1,100,509
Other income (expense)
Net realized and unrealized gains (losses) on investments
(2,607)
1,522
(10,351)
5,519
Interest and dividend income
1,344
2,030
5,112
5,526
Interest expense
(6,815)
(4,691)
(18,203)
(16,073)
Other income (expense), net
2,203
(1,870)
9,848
(1,570)
Net realized and unrealized gains (losses) on investments of Consolidated Funds
17,971
(992)
(153,268)
3,256
Interest and other income of Consolidated Funds
116,581
107,922
346,120
303,312
Interest expense of Consolidated Funds
(66,322)
(71,134)
(222,860)
(204,051)
Total other income (expense)
62,355
32,787
(43,602)
95,919
Income before taxes
159,641
103,576
104,325
323,919
Income tax expense
18,314
11,701
22,119
35,590
Net income
141,327
91,875
82,206
288,329
Less: Net loss attributable to redeemable interest in Ares Operating Group entities
(1,007)
—
(1,007)
—
Less: Net income (loss) attributable to non-controlling interests in Consolidated Funds
42,627
15,908
(38,593)
41,878
Less: Net income attributable to non-controlling interests in Ares Operating Group entities
52,162
42,636
48,926
136,032
Net income attributable to Ares Management Corporation
47,545
33,331
72,880
110,419
Less: Series A Preferred Stock dividends paid
5,425
5,425
16,275
16,275
Net income attributable to Ares Management Corporation Class A common stockholders