$ARES

ARES MANAGEMENT LP

CIK:0001176948|SEC Filings

Condensed Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Total revenues	$ 1,428,610	$ 1,350,128	$ 2,825,046	$ 2,438,933
Expenses
Compensation and benefits	688,660	643,709	1,381,067	1,300,834
Performance related compensation	231,927	234,706	460,263	357,339
General, administrative and other expenses	255,715	232,156	496,152	460,070
Expenses of Consolidated Funds	3,675	27,007	10,958	33,663
Total expenses	1,179,977	1,137,578	2,348,440	2,151,906
Other income (expense)
Total other income (expense), net	137,309	74,388	222,257	140,949
Income before taxes	385,942	286,938	698,863	427,976
Income tax expense	72,977	60,958	132,849	78,495
Net income	312,965	225,980	566,014	349,481
Less: Net income attributable to non-controlling interests in Consolidated Funds	71,241	3,999	100,888
Net income attributable to Ares Operating Group entities	241,724	221,981	465,126
Less: Net income (loss) attributable to redeemable interest in Ares Operating Group entities	1,845	(274)	732
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	89,244	85,193	171,170
Net income attributable to Ares Management Corporation	150,635	137,062	293,224	184,232
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	125,323	111,750	242,599	133,607
Series B Mandatory Convertible Preferred Stock
Other income (expense)
Less: Series B mandatory convertible preferred stock dividends declared	25,312	25,312	50,625	50,625
Class A Common Stock and Non-Voting Common Stock
Other income (expense)
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	$ 125,323	$ 111,750	$ 242,599	$ 133,607
Net income per share of Class A and non-voting common stock
Basic (in dollars per share)	$ 0.49	$ 0.46	$ 0.95	$ 0.48
Diluted (in dollars per share)	$ 0.49	$ 0.46	$ 0.95	$ 0.48
Weighted-average shares of Class A and non-voting common stock
Basic (in shares)	226,304,870	218,915,599	225,175,788	214,158,085
Diluted (in shares)	226,304,870	218,915,599	225,175,788	214,158,085
Ares Operating Group
Other income (expense)
Net realized and unrealized gains on investments	$ 72,710	$ 12,708	$ 76,099	$ 12,976
Interest and dividend income	6,522	7,772	13,621	25,428
Interest expense	(52,195)	(43,575)	(102,955)	(79,962)
Other income (expense), net	(21,092)	(46,521)	3,468	(57,235)
Net income attributable to Ares Operating Group entities	241,724	221,981	465,126	289,505
Less: Net income (loss) attributable to redeemable interest in Ares Operating Group entities	1,845	(274)	732	42
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	89,244	85,193	171,170	105,231
Consolidated Funds
Expenses
Expenses of Consolidated Funds			10,958
Other income (expense)
Net realized and unrealized gains on investments	176,396	127,752	310,412	216,158
Interest expense	(104,155)	(145,638)	(242,956)	(298,378)
Interest and other income of Consolidated Funds	59,123	161,890	164,568	321,962
Less: Net income attributable to non-controlling interests in Consolidated Funds	71,241	3,999	100,888	59,976
Management fees
Revenues
Total revenues	1,017,563	900,622	2,007,090	1,717,609
Carried interest allocation
Revenues
Total revenues	249,914	323,901	396,545	483,909
Incentive fees
Revenues
Total revenues	42,753	23,079	204,687	55,127
Principal investment income
Revenues
Total revenues	2,288	10,963	2,765	32,961
Administrative, transaction and other fees
Revenues
Total revenues	$ 116,092	$ 91,563	$ 213,959	$ 149,327

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 566,014	$ 349,481
Net cash provided by operating activities	55,070	2,409,904
Cash flows from investing activities
Net cash used in investing activities	(40,363)	(1,767,608)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Net cash provided by (used in) financing activities	77,945	(1,744,928)
Effect of exchange rate changes	(24,454)	104,312
Net change in cash and cash equivalents	68,198	(998,320)
Cash and cash equivalents, beginning of period	488,896
Cash and cash equivalents, end of period	557,094	509,656
Supplemental disclosure of non-cash financing activities:
Equity issued in connection with acquisition-related activities	15,997	1,657,881
Consolidated Funds
Cash flows from operating activities
Adjustments to reconcile net income to net cash provided (used in) by operating activities	(1,021,132)	1,163,402
Cash flows due to changes in operating assets and liabilities allocable to redeemable and non-controlling interest in Consolidated Funds	(251,525)	245,027
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds	639,766	160,147
Distributions to non-controlling interests in Consolidated Funds	(85,379)	(319,756)
Redemptions of redeemable interests in Consolidated Funds	0	(7,143)
Borrowings under loan obligations by Consolidated Funds	1,648,487	312,491
Repayments under loan obligations by Consolidated Funds	(1,371,066)	(1,717,589)
Ares Management L.P
Cash flows from operating activities
Adjustments to reconcile net income to net cash provided (used in) by operating activities	614,650	462,314
Cash flows due to changes in operating assets and liabilities	147,063	189,680
Cash flows from investing activities
Purchase of furniture, equipment and leasehold improvements, net of disposals	(48,693)	(44,893)
Acquisitions, net of cash acquired	8,330	(1,722,715)
Cash flows from financing activities
Proceeds from Credit Facility	955,000	1,525,000
Proceeds from Term Loan	399,415	0
Repayments of Credit Facility	(720,000)	(410,000)
Dividends and distributions	(1,036,513)	(873,259)
Taxes paid related to net share settlement of equity awards	(364,484)	(416,609)
Other financing activities	12,719	1,790
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Cash and cash equivalents, beginning of period	488,896	1,507,976
Cash and cash equivalents, end of period	$ 557,094	$ 509,656

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Intangible assets, net	$ 730,777	$ 798,430
Goodwill	3,464,289	3,454,107
Total assets	29,631,399	28,633,369
Liabilities
Operating lease liabilities	812,596
Total liabilities	21,003,486	19,931,981
Commitments and contingencies
Stockholders’ Equity
Additional paid-in-capital	4,346,419	4,242,678
Accumulated deficit	(1,854,800)	(1,452,259)
Accumulated other comprehensive income, net of tax	13,122	21,743
Total stockholders’ equity	3,968,073	4,275,463
Total equity	8,602,265	8,676,092
Total liabilities, redeemable interest, non-controlling interests and equity	29,631,399	28,633,369
Series B Mandatory Convertible Preferred Stock
Stockholders’ Equity
Series B mandatory convertible preferred stock, $0.01 par value, 1,000,000,000 shares authorized (30,000,000 shares issued and outstanding as of June 30, 2026 and December 31, 2025)	1,460,030	1,460,030
Class A Common Stock
Stockholders’ Equity
Common stock	2,239	2,185
Non-voting Common Stock
Stockholders’ Equity
Common stock	35	35
Class B Common Stock
Stockholders’ Equity
Common stock	0	0
Class C Common Stock
Stockholders’ Equity
Common stock	1,028	1,051
Consolidated Entity, Excluding VIE, Including Parent
Assets
Total assets	29,631,399	28,633,369
Liabilities
Total liabilities	21,003,486	19,931,981
Ares Management L.P
Assets
Cash and cash equivalents	557,094	488,896
Investments	5,546,255	5,508,447
Due from affiliates	1,377,120	1,420,218
Other assets	1,090,376	1,032,138
Right-of-use operating lease assets	633,385	517,351
Intangible assets, net	2,095,022	2,115,830
Goodwill	3,464,289	3,454,107
Liabilities
Accounts payable, accrued expenses and other liabilities	$ 1,227,298	$ 1,204,467
Accounts Payable, Related Party, Type [Extensible Enumeration]	Affiliated entity	Affiliated entity
Accrued compensation	$ 635,157	$ 472,978
Due to affiliates	764,768	810,409
Performance related compensation payable	3,122,566	2,951,333
Debt obligations	4,577,159	3,941,415
Operating lease liabilities	812,596	669,999
Redeemable interest in Ares Operating Group entities	25,648	25,296
Non-controlling interests in Ares Operating Group entities	1,307,531	1,496,771
Stockholders’ Equity
Additional paid-in-capital	4,346,419	4,242,678
Accumulated deficit	(1,854,800)	(1,452,259)
Accumulated other comprehensive income, net of tax	13,122	21,743
Total stockholders’ equity	3,968,073	4,275,463
Ares Management L.P \| Series B Mandatory Convertible Preferred Stock
Stockholders’ Equity
Series B mandatory convertible preferred stock, $0.01 par value, 1,000,000,000 shares authorized (30,000,000 shares issued and outstanding as of June 30, 2026 and December 31, 2025)	1,460,030	1,460,030
Ares Management L.P \| Class A Common Stock
Stockholders’ Equity
Common stock	2,239	2,185
Ares Management L.P \| Non-voting Common Stock
Stockholders’ Equity
Common stock	35	35
Ares Management L.P \| Class C Common Stock
Stockholders’ Equity
Common stock	1,028	1,051
Consolidated Funds
Assets
Cash and cash equivalents	1,295,264	959,088
Investments	13,393,347	12,844,886
Other assets	65,953	63,966
Receivable for securities sold	113,294	228,442
Liabilities
Accounts payable, accrued expenses and other liabilities	$ 124,570	$ 105,137
Accounts Payable, Related Party, Type [Extensible Enumeration]	Affiliated entity	Affiliated entity
Due to affiliates	$ 0	$ 0
Payable for securities purchased	256,519	165,391
CLO loan obligations, at fair value	6,951,657	7,359,072
Fund borrowings	2,531,196	2,251,780
Non-controlling interests in Ares Operating Group entities	$ 3,326,661	$ 2,903,858