← Filings of ARES
Tables in the 10-Q of Ares Management Corp
135 tables with numbers, filed Nov 6, 2025. Each one downloads as a CSV for Excel or
Google Sheets, with the filing's address in the last row. Only the layout is tidied (a "$" or ")" in a cell of its own is joined to its number); no value is changed.
Open the filing on sec.gov ↗
| Page |
| PART I—FINANCIAL INFORMATION | |
| Item 1. Financial Statements | 9 |
| Condensed Consolidated Statements of Financial Condition as of September 30, 2025 and December 31, 2024 | 9 |
| Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 | 10 |
| Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2025 and 2024 | 11 |
| Condensed Consolidated Statements of Changes in Equity for the three and nine months ended September 30, 2025 and for the year ended December 31, 2024 | 12 |
| Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 | 14 |
First 8 of 21 rows. The CSV has all of them.
| As of | | |
| September 30, 2025 | December 31, 2024 | |
| (unaudited) | | |
| Assets | | | |
| Cash and cash equivalents | $496,669 | | $1,507,976 |
| Investments (includes accrued carried interest of $4,119,700 and $3,495,115 as of September 30, 2025 and December 31, 2024, respectively) | 5,755,803 | | 4,644,775 |
| Due from affiliates | 1,334,225 | | 1,056,608 |
| Other assets | 857,551 | | 774,654 |
First 8 of 48 rows. The CSV has all of them.
| Three months ended September 30, | Nine months ended September 30, | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| Revenues | | | | | | |
| Management fees | $971,762 | | $753,597 | | $2,689,371 | $2,162,970 |
| Carried interest allocation | 464,666 | | 277,651 | | 948,575 | 194,006 |
| Incentive fees | 100,668 | | 48,638 | | 155,795 | 105,039 |
| Principal investment income | 17,976 | | 8,036 | | 50,937 | 44,547 |
| Administrative, transaction and other fees | 102,556 | | 41,817 | | 251,883 | 119,222 |
First 8 of 40 rows. The CSV has all of them.
| Three months ended September 30, | Nine months ended September 30, | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| Net income | $540,379 | | $280,653 | | $889,860 | $760,719 |
| Foreign currency translation adjustments, net of tax | (4,770) | | 37,167 | | 91,342 | 23,608 |
| Total comprehensive income | 535,609 | | 317,820 | | 981,202 | 784,327 |
| Less: Comprehensive income attributable to non-controlling interests in Consolidated Funds | 66,795 | | 70,798 | | 146,677 | 237,476 |
| Less: Comprehensive income attributable to redeemable interest in Ares Operating Group entities | 1,615 | | 1,933 | | 2,554 | 1,315 |
| Less: Comprehensive income attributable to non-controlling interests in Ares Operating Group entities | 180,756 | | 107,698 | | 311,343 | 245,031 |
First 8 of 9 rows. The CSV has all of them.
| Series B Mandatory Convertible Preferred Stock | Class A Common Stock | | Non-voting Common Stock | Class C Common Stock | Additional Paid-in-Capital | | Accumulated Deficit | Accumulated Other Comprehensive Loss | Non-Controlling Interest in Ares Operating Group Entities | | Non-Controlling Interest in Consolidated Funds | Total Equity | | | |
| Balance as of December 31, 2024 | $1,458,771 | | $1,999 | | $35 | | $1,098 | | $2,936,794 | | $(837,294) | | $(17,757) | $1,254,878 | $2,025,666 | $6,824,190 |
| Changes in ownership interests and related tax benefits | — | | 47 | | — | | (20) | | (707,255) | | — | | — | 354,253 | (34,832) | (387,807) |
| Adjustment to issuance costs of Series B mandatory convertible preferred stock | 1,147 | | — | | — | | — | | — | | — | | — | — | — | 1,147 |
| Issuances of common stock | — | | 103 | | — | | — | | 1,642,214 | | — | | — | — | — | 1,642,317 |
| Issuances of AOG Units | — | | — | | — | | 3 | | — | | — | | — | 15,561 | — | 15,564 |
| Capital contributions | — | | — | | — | | — | | — | | — | | — | 120 | 295,750 | 295,870 |
| Dividends/distributions | (25,313) | | — | | — | | — | | — | | (258,691) | | — | (138,003) | (208,855) | (630,862) |
First 8 of 28 rows. The CSV has all of them.
| Series B Mandatory Convertible Preferred Stock | Class A Common Stock | | Non-voting Common Stock | Class C Common Stock | Additional Paid-in-Capital | | Accumulated Deficit | Accumulated Other Comprehensive Loss | Non-Controlling Interest in Ares Operating Group Entities | | Non-Controlling Interest in Consolidated Funds | Total Equity | | | |
| Balance as of December 31, 2023 | $— | | $1,871 | | $35 | | $1,170 | | $2,391,036 | | $(495,083) | | $(5,630) | $1,322,469 | $1,258,445 | $4,474,313 |
| Changes in ownership interests and related tax benefits | — | | 39 | | — | | (20) | | (62,709) | | — | | — | (103,599) | 51,984 | (114,305) |
| Issuances of common stock | — | | — | | — | | 1 | | — | | — | | — | 7,723 | — | 7,724 |
| Capital contributions | — | | — | | — | | — | | — | | — | | — | 1,034 | 168,673 | 169,707 |
| Dividends/distributions | — | | — | | — | | — | | — | | (190,504) | | — | (129,240) | (26,908) | (346,652) |
| Net income | — | | — | | — | | — | | — | | 73,027 | | — | 63,999 | 66,716 | 203,742 |
| Currency translation adjustment, net of tax | — | | — | | — | | — | | — | | — | | (4,850) | (2,932) | (3,608) | (11,390) |
First 8 of 36 rows. The CSV has all of them.
| Nine months ended September 30, | | |
| 2025 | 2024 | |
| Cash flows from operating activities: | | | |
| Net income | $889,860 | | $760,719 |
| Adjustments to reconcile net income to net cash provided by operating activities | 491,735 | | 429,097 |
| Adjustments to reconcile net income to net cash provided by operating activities allocable to non-controlling interests in Consolidated Funds | 1,620,528 | | 835,340 |
| Cash flows due to changes in operating assets and liabilities | 350,245 | | 258,389 |
| Cash flows due to changes in operating assets and liabilities allocable to redeemable and non-controlling interest in Consolidated Funds | 398,279 | | (300,009) |
First 8 of 34 rows. The CSV has all of them.
Table 8 after “billion, which consisted of the following:”
Download CSV
| Cash | $1,787,575 |
| Equity(1) | 1,657,881 |
| Contingent consideration(2) | 465,080 |
| Total | $3,910,536 |
Table 9 after “from the acquisition date, as additional information is obtained about the facts and circumstances that existed at close of the GCP Acquisit”
Download CSV
| Cash | $61,436 |
| Other tangible assets | 452,438 |
| Intangible assets: | |
| Management contracts | 473,300 |
| Client relationships | 107,200 |
| Finite-lived intangible assets | 580,500 |
| Indefinite-lived management contracts | 749,600 |
| Total intangible assets | 1,330,100 |
First 8 of 13 rows. The CSV has all of them.
Table 10 after “The following table summarizes the carrying value, net of accumulated amortization, of the Company’s intangible assets:”
Download CSV
| Weighted Average Amortization Period (in years) as of September 30, 2025 | | As of September 30, | | As of December 31, | |
| | 2025 | | 2024 | | |
| Management contracts | 4.8 | | $1,023,893 | | | $590,675 |
| Client relationships | 7.0 | | 317,920 | | | 210,720 |
| Other | 0.0 | | — | | | 500 |
| Finite-lived intangible assets | | | 1,341,813 | | | 801,895 |
| Foreign currency translation | | | 5,848 | | | (789) |
| Total finite-lived intangible assets | | | 1,347,661 | | | 801,106 |
First 8 of 13 rows. The CSV has all of them.
Table 11 after “The following table summarizes the carrying value of the Company’s goodwill:”
Download CSV
| Credit Group | Real Assets Group | | Private Equity Group | Secondaries Group | | Total | |
| Balance as of December 31, 2024 | $312,032 | | $311,569 | | $121,408 | $417,627 | | $1,162,636 |
| Acquisitions | — | | 2,269,489 | | — | — | | 2,269,489 |
| Foreign currency translation | 1,451 | | 3,861 | | — | 13 | | 5,325 |
| Balance as of September 30, 2025 | $313,483 | | $2,584,919 | | $121,408 | $417,640 | | $3,437,450 |
Table 12 after “The following table summarizes the Company’s investments:”
Download CSV
| As of | Percentage of total investments as of | | | | |
| September 30, | December 31, | | September 30, | December 31, | |
| 2025 | 2024 | | 2025 | 2024 | |
| Equity method investments: | | | | | | |
| Equity method - carried interest | $4,053,637 | | $3,495,115 | | 70.4% | 75.2% |
| Equity method - carried interest (held at fair value) | 66,063 | | — | | 1.2 | — |
| Equity method private investment partnership interests - principal | 660,558 | | 536,912 | | 11.5 | 11.6 |
| Equity method private investment partnership interests and other (held at fair value) | 601,398 | | 411,417 | | 10.4 | 8.9 |
First 8 of 15 rows. The CSV has all of them.
Table 13 after “The following table presents the Company’s share of net investment income and net realized and unrealized gains from its equity method inves”
Download CSV
| Three months ended September 30, | Nine months ended September 30, | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| Total net investment income and net realized and unrealized gains (losses) related to equity method investments | $195,215 | | $8,093 | | $245,883 | $51,633 |
Table 14 after “The following table summarizes the changes in fair value of the Company’s equity method investments held at fair value, which are included w”
Download CSV
| Three months ended September 30, | Nine months ended September 30, | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| Equity method private investment partnership interests and other (held at fair value) | $174,313 | | $(5,542) | | $182,609 | $(3,494) |
Table 15 after “The following table summarizes investments held in the Consolidated Funds:”
Download CSV
| Fair Value as of | Percentage of total investments as of | | | | |
| September 30, | December 31, | | September 30, | December 31, | |
| 2025 | 2024 | | 2025 | 2024 | |
| Fixed income investments: | | | | | | |
| Loans and securitization vehicles | $5,952,569 | | $7,907,449 | | 52.9% | 62.1% |
| U.S. treasury securities | — | | 550,800 | | — | 4.3 |
| Bonds | 322,226 | | 418,069 | | 2.9 | 3.3 |
| Total fixed income investments | 6,274,795 | | 8,876,318 | | 55.8 | 69.7 |
First 8 of 11 rows. The CSV has all of them.
Table 16 after “The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Fu”
Download CSV
| Financial Instruments of the Company | Level I | Level II | | Level III | | Total | |
| Assets, at fair value | | | | | | | |
| Investments: | | | | | | | |
| Common stock and other equity securities | $128,395 | | $149,197 | | $601,398 | | $878,990 |
| Common stock and other equity securities - carried interest | 42,750 | | — | | 23,313 | | 66,063 |
| Collateralized loan obligations and fixed income securities | — | | — | | 31,924 | | 31,924 |
| Total investments, at fair value | 171,145 | | 149,197 | | 656,635 | | 976,977 |
| Derivatives-foreign currency forward contracts | — | | 7,014 | | — | | 7,014 |
First 8 of 13 rows. The CSV has all of them.
Table 17 after “(Dollars in Thousands, Except Share Data and As Otherwise Noted)”
Download CSV
| Financial Instruments of the Consolidated Funds | Level I | Level II | | Level III | Investments Measured at NAV | Total | | |
| Assets, at fair value | | | | | | | | |
| Investments: | | | | | | | | |
| Fixed income investments: | | | | | | | | |
| Loans and securitization vehicles | $— | | $5,299,163 | | $653,406 | | $— | $5,952,569 |
| Bonds | — | | 322,226 | | — | | — | 322,226 |
| Total fixed income investments | — | | 5,621,389 | | 653,406 | | — | 6,274,795 |
| Partnership interests | — | | — | | — | | 2,749,399 | 2,749,399 |
First 8 of 21 rows. The CSV has all of them.
Table 18 after “The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Fu”
Download CSV
| Financial Instruments of the Company | Level I | Level II | | Level III | Investments Measured at NAV | Total | | |
| Assets, at fair value | | | | | | | | |
| Cash equivalents: | | | | | | | | |
| Money market funds | $1,071,071 | | $— | | $— | | $— | $1,071,071 |
| Investments: | | | | | | | | |
| Common stock and other equity securities | — | | 104,037 | | 411,179 | | — | 515,216 |
| Collateralized loan obligations and fixed income securities | — | | — | | 41,833 | | — | 41,833 |
| Partnership interests | — | | — | | — | | 238 | 238 |
First 8 of 15 rows. The CSV has all of them.
Table 19 after “(Dollars in Thousands, Except Share Data and As Otherwise Noted)”
Download CSV
| Financial Instruments of the Consolidated Funds | Level I | Level II | | Level III | Investments Measured at NAV | Total | | |
| Assets, at fair value | | | | | | | | |
| Investments: | | | | | | | | |
| Fixed income investments: | | | | | | | | |
| Loans and securitization vehicles | $— | | $7,313,632 | | $593,817 | | $— | $7,907,449 |
| U.S. treasury securities | 550,800 | | — | | — | | — | 550,800 |
| Bonds | — | | 418,069 | | — | | — | 418,069 |
| Total fixed income investments | 550,800 | | 7,731,701 | | 593,817 | | — | 8,876,318 |
First 8 of 20 rows. The CSV has all of them.
Table 20 after “The following tables set forth a summary of changes in the fair value of the Level III measurements:”
Download CSV
| Level III Assets of the Company | Equity Securities | Fixed Income | | Contingent Consideration | Total | |
| Balance as of June 30, 2025 | $421,438 | | $50,411 | | $(510,490) | $(38,641) |
| Transfer in(1) | 27,162 | | 1,488 | | — | 28,650 |
| Transfer out(1) | — | | (21,551) | | — | (21,551) |
| Purchases(2) | 100 | | 1,877 | | — | 1,977 |
| Change in fair value | — | | — | | (17,564) | (17,564) |
| Sales/settlements(3) | — | | (1,383) | | — | (1,383) |
| Realized and unrealized appreciation, net | 176,011 | | 1,082 | | — | 177,093 |
First 8 of 10 rows. The CSV has all of them.
Table 21 after “The following tables set forth a summary of changes in the fair value of the Level III measurements:”
Download CSV
| Level III Net Assets of Consolidated Funds | Equity Securities | Fixed Income | | Derivatives, Net | Total | |
| Balance as of June 30, 2025 | $2,004,343 | | $501,049 | | $(720) | $2,504,672 |
| Transfer in(1) | — | | 96,098 | | — | 96,098 |
| Transfer out(1) | (819) | | (160,813) | | — | (161,632) |
| Purchases(2) | 180,028 | | 407,229 | | — | 587,257 |
| Sales/settlements(3) | (383) | | (194,116) | | — | (194,499) |
| Realized and unrealized appreciation, net | 43,854 | | 3,959 | | 564 | 48,377 |
| Balance as of September 30, 2025 | $2,227,023 | | $653,406 | | $(156) | $2,880,273 |
First 8 of 9 rows. The CSV has all of them.
Table 22 after “(Dollars in Thousands, Except Share Data and As Otherwise Noted)”
Download CSV
| Level III Assets and Liabilities of the Company | Equity Securities | Fixed Income | | Total | |
| Balance as of June 30, 2024 | $379,443 | | $92,374 | | $471,817 |
| Purchases(1) | 859 | | 18,240 | | 19,099 |
| Sales/settlements(2) | 1,093 | | (2,430) | | (1,337) |
| Realized and unrealized appreciation (depreciation), net | (4,308) | | 1,809 | | (2,499) |
| Balance as of September 30, 2024 | $377,087 | | $109,993 | | $487,080 |
| Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date | $(5,041) | | $2,218 | | $(2,823) |
Table 23 after “(Dollars in Thousands, Except Share Data and As Otherwise Noted)”
Download CSV
| Level III Net Assets of Consolidated Funds | Equity Securities | Fixed Income | | Derivatives, Net | Total | |
| Balance as of June 30, 2024 | $1,586,854 | | $803,497 | | $(1,615) | $2,388,736 |
| Transfer in(3) | — | | 143,738 | | — | 143,738 |
| Transfer out(3) | (508) | | (227,541) | | — | (228,049) |
| Purchases(1) | 136,313 | | 250,554 | | — | 386,867 |
| Sales/settlements(2) | (111) | | (213,489) | | — | (213,600) |
| Realized and unrealized appreciation (depreciation), net | 9,015 | | 1,197 | | (288) | 9,924 |
| Balance as of September 30, 2024 | $1,731,563 | | $757,956 | | $(1,903) | $2,487,616 |
First 8 of 9 rows. The CSV has all of them.
Table 24 after “Transfers in and out include changes in the observability of inputs used in valuations and changes due to the consolidation and deconsolidat”
Download CSV
| Level III Assets of the Company | Equity Securities | Fixed Income | | Contingent Consideration | Total | |
| Balance as of December 31, 2024 | $411,179 | | $41,833 | | $(17,550) | $435,462 |
| Established in connection with acquisition (see Note 8) | — | | — | | (465,080) | (465,080) |
| Transfer in(1) | 27,162 | | 11,491 | | — | 38,653 |
| Transfer out(1) | (10,000) | | (21,551) | | — | (31,551) |
| Purchases(2) | 10,646 | | 39,047 | | — | 49,693 |
| Sales/settlements(3) | — | | (39,820) | | — | (39,820) |
| Change in fair value | — | | — | | (45,424) | (45,424) |
First 8 of 11 rows. The CSV has all of them.
Table 25 after “Transfers in and out include changes in the observability of inputs used in valuations and changes due to the consolidation and deconsolidat”
Download CSV
| Level III Net Assets of Consolidated Funds | Equity Securities | Fixed Income | | Derivatives, Net | Total | |
| Balance as of December 31, 2024 | $1,829,927 | | $593,817 | | $(1,846) | $2,421,898 |
| Transfer in(1) | 1 | | 263,627 | | — | 263,628 |
| Transfer out(1) | (819) | | (311,876) | | — | (312,695) |
| Purchases(2) | 270,355 | | 852,279 | | 124 | 1,122,758 |
| Sales/settlements(3) | (502) | | (747,907) | | — | (748,409) |
| Realized and unrealized appreciation, net | 128,061 | | 3,466 | | 1,566 | 133,093 |
| Balance as of September 30, 2025 | $2,227,023 | | $653,406 | | $(156) | $2,880,273 |
First 8 of 9 rows. The CSV has all of them.
Table 26 after “(Dollars in Thousands, Except Share Data and As Otherwise Noted)”
Download CSV
| Level III Assets of the Company | Equity Securities | Fixed Income | | Total | |
| Balance as of December 31, 2023 | $412,491 | | $126,294 | | $538,785 |
| Transfer in(1) | — | | 60,917 | | 60,917 |
| Transfer out(1) | (37,587) | | — | | (37,587) |
| Purchases(2) | 2,539 | | 283,913 | | 286,452 |
| Sales/settlements(3) | (1,478) | | (362,164) | | (363,642) |
| Realized and unrealized appreciation, net | 1,122 | | 1,033 | | 2,155 |
| Balance as of September 30, 2024 | $377,087 | | $109,993 | | $487,080 |
First 8 of 9 rows. The CSV has all of them.
Table 27 after “(Dollars in Thousands, Except Share Data and As Otherwise Noted)”
Download CSV
| Level III Net Assets of Consolidated Funds | Equity Securities | Fixed Income | | Derivatives, Net | Total | |
| Balance as of December 31, 2023 | $1,190,400 | | $740,113 | | $(1,291) | $1,929,222 |
| Transfer in(1) | — | | 199,112 | | — | 199,112 |
| Transfer out(1) | (35) | | (305,887) | | — | (305,922) |
| Purchases(2) | 482,424 | | 711,190 | | 114 | 1,193,728 |
| Sales/settlements(3) | (111) | | (585,977) | | — | (586,088) |
| Realized and unrealized appreciation (depreciation), net | 58,885 | | (595) | | (726) | 57,564 |
| Balance as of September 30, 2024 | $1,731,563 | | $757,956 | | $(1,903) | $2,487,616 |
First 8 of 9 rows. The CSV has all of them.
Table 28 after “The following tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds’ Level III measurem”
Download CSV
| Level III Measurements of the Company | Fair Value | Valuation Technique(s) | | Significant Unobservable Input(s) | | Range | | Weighted Average | |
| Assets | | | | | | | | | |
| Equity securities | | | | | | | | | |
| $262,998 | | Expected transaction price | | N/A | | N/A | | N/A |
| 100,000 | | Market yield analysis | | Market interest rate | | 8.0% | | 8.0% |
| 85,533 | | Market approach | | Multiple of book value | | 0.6x - 1.5x | | 1.2x |
| 62,675 | | Option pricing model | | Volatility | | 50.0% | | 50.0% |
| 40,089 | | Discounted cash flow | | Discount rate | | 11.0% - 15.0% | | 13.0% |
First 8 of 19 rows. The CSV has all of them.
Table 29 after “The following tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds’ Level III measurem”
Download CSV
| Level III Measurements of the Consolidated Funds | Fair Value | Valuation Technique(s) | | Significant Unobservable Input(s) | | Range | | Weighted Average | |
| Assets | | | | | | | | | |
| Equity securities | | | | | | | | | |
| $1,204,390 | | Discounted cash flow | | Discount rate | | 10.0% - 20.0% | | 12.0% |
| 1,015,394 | | Market approach | | Multiple of book value | | 1.0x - 1.7x | | 1.3x |
| 6,761 | | Market approach | | EBITDA multiple(2) | | 5.9x - 34.0x | | 8.8x |
| 478 | | Market approach | | Yield | | 12.3% - 14.0% | | 9.7% |
| Fixed income investments | | | | | | | | | |
First 8 of 15 rows. The CSV has all of them.
Table 30 after “The following tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds’ Level III measurem”
Download CSV
| Level III Measurements of the Company | Fair Value | Valuation Technique(s) | | Significant Unobservable Input(s) | | Range | | Weighted Average | |
| Assets | | | | | | | | | |
| Equity securities | | | | | | | | | |
| $168,387 | | Transaction price(1) | | N/A | | N/A | | N/A |
| 100,000 | | Market approach | | Yield | | 8.0% | | 8.0% |
| 57,659 | | Market approach | | Multiple of book value | | 1.0x - 1.1x | | 1.0x |
| | Discounted cash flow | | Discount rate | | 10.0% - 14.0% | | 12.0% | |
| 56,918 | | Market approach | | Multiple of book value | | 1.2x - 1.7x | | 1.4x |
First 8 of 20 rows. The CSV has all of them.
Table 31 after “The following tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds’ Level III measurem”
Download CSV
| Level III Measurements of the Consolidated Funds | Fair Value | Valuation Technique(s) | | Significant Unobservable Input(s) | | Range | | Weighted Average | |
| Assets | | | | | | | | | |
| Equity securities | | | | | | | | | |
| $985,109 | | Discounted cash flow | | Discount rate | | 10.0% - 20.0% | | 13.0% |
| 835,432 | | Market approach | | Multiple of book value | | 1.0x - 1.7x | | 1.4x |
| 8,598 | | Market approach | | EBITDA multiple(2) | | 5.6x - 34.6x | | 10.7x |
| 789 | | Other | | N/A | | N/A | | N/A |
| Fixed income investments | | | | | | | | | |
First 8 of 15 rows. The CSV has all of them.
Table 32 after “The following table summarizes the investments held at fair value and unfunded commitments of the Consolidated Funds interests valued using ”
Download CSV
| As of September 30, 2025 | As of December 31, 2024 | |
| Investments (held at fair value) | $2,749,399 | | $2,000,380 |
| Unfunded commitments | 2,330,124 | | 932,473 |
Table 33 after “The following table summarizes the Company’s and its subsidiaries’ debt obligations:”
Download CSV
| | | | As of September 30, 2025 | | As of December 31, 2024 | | | | | | |
| Debt Origination Date | Maturity | Original Borrowing Amount | Carrying Value | | Interest Rate | | Carrying Value | | Interest Rate | | |
| Credit Facility(1) | Revolving | 4/22/2030 | N/A | $1,115,000 | | | 5.27% | | $— | | —% | |
| 2028 Senior Notes(2) | 11/10/2023 | 11/10/2028 | 500,000 | | 496,506 | | | 6.42 | | 495,677 | | 6.42 |
| 2030 Senior Notes(3) | 6/15/2020 | 6/15/2030 | 400,000 | | 397,841 | | | 3.28 | | 397,501 | | 3.28 |
| 2052 Senior Notes(4) | 1/21/2022 | 2/1/2052 | 500,000 | | 484,908 | | | 3.77 | | 484,601 | | 3.77 |
| 2054 Senior Notes(5) | 10/11/2024 | 10/11/2054 | 750,000 | | 736,265 | | | 5.65 | | 736,010 | | 5.65 |
| 2051 Subordinated Notes(6) | 6/30/2021 | 6/30/2051 | 450,000 | | 445,263 | | | 4.13 | | 445,125 | | 4.13 |
First 8 of 9 rows. The CSV has all of them.
Table 34 after “The following table presents the activity of the Company’s debt issuance costs:”
Download CSV
| Credit Facility | Senior Notes | | Subordinated Notes | |
| Unamortized debt issuance costs as of December 31, 2024 | $4,858 | | $18,725 | | $4,875 |
| Debt issuance costs incurred | 2,181 | | 11 | | — |
| Amortization of debt issuance costs | (944) | | (1,310) | | (138) |
| Unamortized debt issuance costs as of September 30, 2025 | $6,095 | | $17,426 | | $4,737 |
Table 35 after “The following loan obligations were outstanding and classified as liabilities of the Consolidated CLOs:”
Download CSV
| As of September 30, 2025 | | As of December 31, 2024 | | | | | | | |
| Fair Value of Loan Obligations | Weighted Average Interest Rate | | Weighted Average Remaining Maturity (in years) | | Fair Value of Loan Obligations | | Weighted Average Interest Rate | Weighted Average Remaining Maturity (in years) | |
| Senior secured notes | $6,838,742 | | 5.48% | | 8.8 | | $8,937,972 | | 6.08% | 8.0 |
| Subordinated notes(1) | 750,105 | | N/A | | 10.3 | | 734,217 | | N/A | 5.6 |
| Total loan obligations of Consolidated CLOs | $7,588,847 | | | | | | $9,672,189 | | | |
Table 36 after “The Consolidated Funds had the following credit facilities outstanding:”
Download CSV
| | | As of September 30, 2025 | | As of December 31, 2024 | | | | | |
| Maturity Date | Total Capacity | Outstanding Loan(1) | | Effective Rate | Outstanding Loan(1) | | Effective Rate | | |
| Credit Facilities: | | | | | | | | | | |
| 1/28/2026 | $100,000 | | $88,900 | | 6.39% | | N/A | N/A | |
| 9/24/2026 | 300,000 | | 292,890 | | 5.96 | | 121,000 | | 8.00 |
| 9/24/2026 | 150,000 | | — | | N/A | | — | | N/A |
| 6/26/2027 | 300,000 | | 200,000 | | 6.14 | | 154,000 | | 7.15 |
| 9/12/2027 | 54,000 | | — | | N/A | | — | | N/A |
First 8 of 13 rows. The CSV has all of them.
Table 37 after “The tables below present certain supplemental quantitative disclosures regarding the Company’s operating leases:”
Download CSV
| Maturity of operating lease liabilities | As of September 30, 2025 |
| 2025 | $22,315 |
| 2026 | 75,796 |
| 2027 | 69,136 |
| 2028 | 79,184 |
| 2029 | 73,448 |
| Thereafter | 714,940 |
| Total future payments | 1,034,819 |
First 8 of 10 rows. The CSV has all of them.
Table 38 after “The tables below present certain supplemental quantitative disclosures regarding the Company’s operating leases:”
Download CSV
| Three months ended September 30, | Nine months ended September 30, | | | | |
| Classification within general, administrative and other expenses | 2025 | 2024 | | 2025 | 2024 | |
| Operating lease expense | $22,549 | | $16,920 | | $66,277 | $47,505 |
Table 39 after “The tables below present certain supplemental quantitative disclosures regarding the Company’s operating leases:”
Download CSV
| Nine months ended September 30, | | |
| Supplemental information on the measurement of operating lease liabilities | 2025 | 2024 | |
| Operating cash flows for operating leases | $48,346 | | $41,740 |
| Leased assets obtained in exchange for new operating lease liabilities | 48,544 | | 210,551 |
Table 40 after “The tables below present certain supplemental quantitative disclosures regarding the Company’s operating leases:”
Download CSV
| As of September 30, | As of December 31, |
| Lease term and discount rate | 2025 | 2024 |
| Weighted-average remaining lease terms (in years) | 13.0 | 14.1 |
| Weighted-average discount rate | 5.8% | 5.8% |
Table 41 after “The Company considers its professionals and non-consolidated funds to be affiliates. Amounts due from and to affiliates were composed of the”
Download CSV
| As of September 30, | As of December 31, | |
| 2025 | 2024 | |
| Due from affiliates: | | | |
| Management fees receivable from non-consolidated funds | $867,745 | | $636,835 |
| Incentive fee receivable from non-consolidated funds | 82,771 | | 172,235 |
| Payments made on behalf of and amounts due from non-consolidated funds and employees | 383,709 | | 247,538 |
| Due from affiliates—Company | $1,334,225 | | $1,056,608 |
| Due to affiliates: | | | |
First 8 of 13 rows. The CSV has all of them.
Table 42 after “The following table presents the income tax expense for the period:”
Download CSV
| Three months ended September 30, | Nine months ended September 30, | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| Income tax expense | $111,892 | | $46,453 | | $190,387 | $114,760 |
Table 43 after “The following table presents the computation of basic and diluted earnings per common share:”
Download CSV
| Three months ended September 30, | Nine months ended September 30, | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| Basic earnings per share of Class A and non-voting common stock: | | | | | | |
| Net income attributable to Ares Management Corporation Class A and non-voting common stockholders | $263,569 | | $118,460 | | $397,176 | $286,425 |
| Dividends declared and paid on Class A and non-voting common stock | (246,759) | | (187,696) | | (736,997) | (553,867) |
| Distributions on unvested restricted units | (10,620) | | (7,829) | | (31,812) | (22,692) |
| Undistributed earnings allocable to participating unvested restricted units | (494) | | — | | — | — |
| Undistributed net income (dividends in excess of earnings) available to Class A and non-voting common stockholders | $5,696 | | $(77,065) | | $(371,633) | $(290,134) |
First 8 of 18 rows. The CSV has all of them.
Table 44 after “Equity-based compensation expense, net of forfeitures, recorded by the Company is presented in the following table:”
Download CSV
| Three months ended September 30, | Nine months ended September 30, | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| Unvested awards | $157,073 | | $85,613 | | $576,039 | $266,267 |
| AOG Unit awards | 3,057 | | — | | 7,044 | — |
| Total equity-based compensation expense | $160,130 | | $85,613 | | $583,083 | $266,267 |
Table 45 after “The following table summarizes the Company’s dividends declared and Dividend Equivalents paid during the nine months ended September 30, 202”
Download CSV
| Record Date | Dividends Per Share | Dividend Equivalents Paid | |
| March 17, 2025 | $1.12 | | $21,489 |
| June 16, 2025 | 1.12 | | 20,958 |
| September 16, 2025 | 1.12 | | 21,095 |
Table 46 after “The following table presents unvested awards’ activity:”
Download CSV
| Unvested Awards | Weighted Average Grant Date Fair Value Per Unvested Award | |
| Balance as of December 31, 2024 | 17,968,940 | | $79.11 |
| Granted | 7,377,644 | | 185.65 |
| Vested | (5,158,943) | | 79.80 |
| Forfeited | (215,045) | | 92.19 |
| Balance as of September 30, 2025 | 19,972,596 | | $118.14 |
Table 47 after “The following table presents the changes in each class of common stock:”
Download CSV
| Class A Common Stock | Non-Voting Common Stock | | Class B Common Stock | Class C Common Stock | Total | | |
| Balance as of December 31, 2024 | 199,872,571 | | 3,489,911 | | 1,000 | | 109,806,689 | 313,170,171 |
| Issuances of common stock | 10,442,517 | | — | | — | | 303,500 | 10,746,017 |
| Exchanges of common stock | 3,583,329 | | — | | — | | (3,583,329) | — |
| Vesting of restricted unit awards, net of shares withheld for tax | 2,936,376 | | — | | — | | — | 2,936,376 |
| Balance as of September 30, 2025 | 216,834,793 | | 3,489,911 | | 1,000 | | 106,526,860 | 326,852,564 |
Table 48 after “The following table presents each partner’s AOG Units and corresponding ownership interest in each of the AOG entities, as well as its daily”
Download CSV
| | | | | | Daily Average Ownership | | | | | | | |
| As of September 30, 2025 | As of December 31, 2024 | | Three months ended September 30, | Nine months ended September 30, | | | | | | | | |
| AOG Units | Direct Ownership Interest | | AOG Units | Direct Ownership Interest | 2025 | | 2024 | 2025 | 2024 | | | |
| Ares Management Corporation | 220,324,704 | | 67.41% | | 203,362,482 | | 64.94% | | 67.29% | | 64.14% | 66.71% | 63.23% |
| Ares Owners Holdings, L.P. | 106,526,860 | | 32.59 | | 109,806,689 | | 35.06 | | 32.71 | | 35.86 | 33.29 | 36.77 |
| Total | 326,851,564 | | 100.00% | | 313,169,171 | | 100.00% | | | | | | |
Table 49 after “The following table summarizes the activities associated with the redeemable interest in AOG entities:”
Download CSV
| Total |
| Balance as of December 31, 2023 | $24,098 |
| Net income | 73 |
| Currency translation adjustment, net of tax | (257) |
| Distributions | (302) |
| Balance as of March 31, 2024 | 23,612 |
| Net loss | (387) |
| Currency translation adjustment, net of tax | (47) |
First 8 of 25 rows. The CSV has all of them.
Table 50 after “The following table summarizes the activities associated with the redeemable interest in Consolidated Funds:”
Download CSV
| Total |
| Balance as of December 31, 2023 | $522,938 |
| Change in redemption value | 6,849 |
| Balance as of March 31, 2024 | 529,787 |
| Change in redemption value | 6,959 |
| Balance as of June 30, 2024 | 536,746 |
| Change in redemption value | 7,408 |
| Balance as of September 30, 2024 | 544,154 |
First 8 of 19 rows. The CSV has all of them.
Table 51 after “The following tables present the financial results for the Company’s operating segments, as well as the OMG:”
Download CSV
| Three months ended September 30, 2025 | | | | | | | | | | | | |
| Credit Group | Real Assets Group | | Private Equity Group | Secondaries Group | Other | | Total Segments | OMG | Total | | | |
| Management fees | $651,964 | | $177,655 | | $33,284 | | $91,303 | | $16,400 | | $970,606 | $— | $970,606 |
| Fee related performance revenues | 62,389 | | 5,904 | | — | | 17,110 | | — | | 85,403 | — | 85,403 |
| Other fees | 13,471 | | 55,556 | | 467 | | 196 | | 2,280 | | 71,970 | 9,235 | 81,205 |
| Compensation and benefits | (212,709) | | (85,513) | | (15,752) | | (24,952) | | (10,247) | | (349,173) | (144,405) | (493,578) |
| General, administrative and other expenses | (46,510) | | (27,515) | | (4,892) | | (9,624) | | (2,139) | | (90,680) | (81,746) | (172,426) |
| Fee related earnings | 468,605 | | 126,087 | | 13,107 | | 74,033 | | 6,294 | | 688,126 | (216,916) | 471,210 |
First 8 of 33 rows. The CSV has all of them.
Table 52 after “(Dollars in Thousands, Except Share Data and As Otherwise Noted)”
Download CSV
| Nine months ended September 30, 2025 | | | | | | | | | | | | |
| Credit Group | Real Assets Group | | Private Equity Group | Secondaries Group | Other | | Total Segments | OMG | Total | | | |
| Management fees | $1,854,501 | | $484,032 | | $97,049 | | $210,596 | | $43,089 | | $2,689,267 | $— | $2,689,267 |
| Fee related performance revenues | 81,098 | | 6,051 | | — | | 43,002 | | — | | 130,151 | — | 130,151 |
| Other fees | 37,431 | | 125,494 | | 1,298 | | 6,119 | | 2,548 | | 172,890 | 22,603 | 195,493 |
| Compensation and benefits | (537,661) | | (222,504) | | (46,379) | | (66,390) | | (23,780) | | (896,714) | (395,518) | (1,292,232) |
| General, administrative and other expenses | (131,860) | | (79,062) | | (14,708) | | (28,173) | | (6,330) | | (260,133) | (214,949) | (475,082) |
| Fee related earnings | 1,303,509 | | 314,011 | | 37,260 | | 165,154 | | 15,527 | | 1,835,461 | (587,864) | 1,247,597 |
First 8 of 32 rows. The CSV has all of them.
Table 53 after “The following table presents the components of the Company’s operating segments’ revenue, expenses and realized net investment income (loss)”
Download CSV
| Three months ended September 30, | Nine months ended September 30, | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| Segment revenues | | | | | | |
| Management fees | $970,606 | | $757,262 | | $2,689,267 | $2,176,738 |
| Fee related performance revenues | 85,403 | | 44,269 | | 130,151 | 69,553 |
| Other fees | 71,970 | | 18,327 | | 172,890 | 51,465 |
| Performance income—realized | 24,559 | | 22,108 | | 205,561 | 154,931 |
| Total segment revenues | $1,152,538 | | $841,966 | | $3,197,869 | $2,452,687 |
First 8 of 18 rows. The CSV has all of them.
Table 54 after “The following table reconciles the Company’s consolidated revenues to segment revenue:”
Download CSV
| Three months ended September 30, | Nine months ended September 30, | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| Total consolidated revenue | $1,657,628 | | $1,129,739 | | $4,096,561 | $2,625,784 |
| Performance income—unrealized | (463,933) | | (263,553) | | (828,968) | (95,759) |
| Management fees of Consolidated Funds eliminated in consolidation | 8,519 | | 11,660 | | 27,367 | 36,115 |
| Performance income of Consolidated Funds eliminated in consolidation | 8,375 | | 1,032 | | 20,599 | 18,484 |
| Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation | 2,905 | | 128 | | 9,584 | 409 |
| Administrative fees(1) | (24,255) | | (18,093) | | (66,010) | (52,201) |
First 8 of 13 rows. The CSV has all of them.
Table 55 after “The following table reconciles the Company’s consolidated expenses to segment expenses:”
Download CSV
| Three months ended September 30, | Nine months ended September 30, | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| Total consolidated expenses | $1,308,216 | | $854,887 | | $3,460,122 | $1,957,924 |
| Performance related compensation-unrealized | (330,960) | | (180,174) | | (579,241) | (8,478) |
| Expenses of Consolidated Funds added in consolidation | (6,778) | | (14,083) | | (66,240) | (48,200) |
| Expenses of Consolidated Funds eliminated in consolidation | 8,646 | | 11,355 | | 34,445 | 36,520 |
| Administrative fees(1) | (24,255) | | (18,093) | | (66,010) | (52,201) |
| OMG expenses | (226,151) | | (158,236) | | (610,467) | (455,153) |
First 8 of 16 rows. The CSV has all of them.
Table 56 after “The following table reconciles the Company’s consolidated other income to segment realized net investment loss:”
Download CSV
| Three months ended September 30, | Nine months ended September 30, | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| Total consolidated other income | $302,859 | | $52,254 | | $443,808 | $207,619 |
| Investment (income) loss—unrealized | (269,895) | | (4,950) | | (398,112) | 13,836 |
| Interest and other investment (income) loss—unrealized | (1,691) | | 15,258 | | 26,166 | 15,093 |
| Other income, net of Consolidated Funds added in consolidation | (148,108) | | (87,804) | | (380,235) | (276,107) |
| Other expense (income), net of Consolidated Funds eliminated in consolidation | 4,020 | | 194 | | 16,791 | (137) |
| OMG other income | (9,802) | | (220) | | (10,532) | (1,002) |
First 8 of 13 rows. The CSV has all of them.
Table 57 after “The following table presents the reconciliation of income before taxes as reported in the Condensed Consolidated Statements of Operations to”
Download CSV
| Three months ended September 30, | Nine months ended September 30, | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| Income before taxes | $652,271 | | $327,106 | | $1,080,247 | $875,479 |
| Adjustments: | | | | | | |
| Depreciation and amortization expense | 65,956 | | 46,005 | | 177,365 | 118,900 |
| Equity compensation expense | 160,130 | | 85,612 | | 583,083 | 266,267 |
| Acquisition-related compensation expense(1) | 42,448 | | 5,435 | | 108,752 | 16,374 |
| Acquisition and merger-related expense | 5,427 | | 25,166 | | 42,826 | 39,394 |
First 8 of 21 rows. The CSV has all of them.
Table 58 after “The Company’s interests in consolidated and non-consolidated VIEs, as presented within the Condensed Consolidated Statements of Financial Co”
Download CSV
| As of September 30, | As of December 31, | |
| 2025 | 2024 | |
| Maximum exposure to loss attributable to the Company’s investment in non-consolidated VIEs | $532,939 | | $386,927 |
| Maximum exposure to loss attributable to the Company’s investment in consolidated VIEs | 1,040,196 | | 791,133 |
| Assets of consolidated VIEs | 12,458,177 | | 13,698,611 |
| Liabilities of consolidated VIEs | 8,905,942 | | 10,879,735 |
Table 59 after “The Company’s interests in consolidated and non-consolidated VIEs, as presented within the Condensed Consolidated Statements of Financial Co”
Download CSV
| Three months ended September 30, | Nine months ended September 30, | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| Net income attributable to non-controlling interests related to consolidated VIEs | $72,306 | | $57,289 | | $127,580 | $216,614 |
Table 60 after “The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Company’s financial ”
Download CSV
| As of September 30, 2025 | | | | | |
| Consolidated Company Entities | Consolidated Funds | | Eliminations | Consolidated | |
| Assets | | | | | | |
| Cash and cash equivalents | $496,669 | | $— | | $— | $496,669 |
| Investments (includes $4,119,700 of accrued carried interest) | 6,930,248 | | — | | (1,174,445) | 5,755,803 |
| Due from affiliates | 1,346,417 | | — | | (12,192) | 1,334,225 |
| Other assets | 857,551 | | — | | — | 857,551 |
| Right-of-use operating lease assets | 526,042 | | — | | — | 526,042 |
First 8 of 46 rows. The CSV has all of them.
Table 61 after “(Dollars in Thousands, Except Share Data and As Otherwise Noted)”
Download CSV
| As of December 31, 2024 | | | | | | |
| Consolidated Company Entities | Consolidated Funds | | Eliminations | Consolidated | | |
| Assets | | | | | | | |
| Cash and cash equivalents | $1,507,976 | | $— | | $— | | $1,507,976 |
| Investments (includes $3,495,115 of accrued carried interest) | 5,485,012 | | — | | (840,237) | | 4,644,775 |
| Due from affiliates | 1,236,450 | | — | | (179,842) | | 1,056,608 |
| Other assets | 774,654 | | — | | — | | 774,654 |
| Right-of-use operating lease assets | 511,319 | | — | | — | | 511,319 |
First 8 of 48 rows. The CSV has all of them.
Table 62 after “(Dollars in Thousands, Except Share Data and As Otherwise Noted)”
Download CSV
| Three months ended September 30, 2025 | | | | | |
| Consolidated Company Entities | Consolidated Funds | | Eliminations | Consolidated | |
| Revenues | | | | | | |
| Management fees | $980,281 | | $— | | $(8,519) | $971,762 |
| Carried interest allocation | 473,041 | | — | | (8,375) | 464,666 |
| Incentive fees | 100,668 | | — | | — | 100,668 |
| Principal investment income | 73,543 | | — | | (55,567) | 17,976 |
| Administrative, transaction and other fees | 105,461 | | — | | (2,905) | 102,556 |
First 8 of 34 rows. The CSV has all of them.
Table 63 after “(Dollars in Thousands, Except Share Data and As Otherwise Noted)”
Download CSV
| Three months ended September 30, 2024 | | | | | |
| Consolidated Company Entities | Consolidated Funds | | Eliminations | Consolidated | |
| Revenues | | | | | | |
| Management fees | $765,257 | | $— | | $(11,660) | $753,597 |
| Carried interest allocation | 278,683 | | — | | (1,032) | 277,651 |
| Incentive fees | 48,638 | | — | | — | 48,638 |
| Principal investment income | 14,100 | | — | | (6,064) | 8,036 |
| Administrative, transaction and other fees | 41,945 | | — | | (128) | 41,817 |
First 8 of 32 rows. The CSV has all of them.
Table 64 after “(Dollars in Thousands, Except Share Data and As Otherwise Noted)”
Download CSV
| Nine months ended September 30, 2025 | | | | | |
| Consolidated Company Entities | Consolidated Funds | | Eliminations | Consolidated | |
| Revenues | | | | | | |
| Management fees | $2,716,738 | | $— | | $(27,367) | $2,689,371 |
| Carried interest allocation | 968,902 | | — | | (20,327) | 948,575 |
| Incentive fees | 156,067 | | — | | (272) | 155,795 |
| Principal investment income | 191,759 | | — | | (140,822) | 50,937 |
| Administrative, transaction and other fees | 261,467 | | — | | (9,584) | 251,883 |
First 8 of 34 rows. The CSV has all of them.
Table 65 after “(Dollars in Thousands, Except Share Data and As Otherwise Noted)”
Download CSV
| Nine months ended September 30, 2024 | | | | | |
| Consolidated Company Entities | Consolidated Funds | | Eliminations | Consolidated | |
| Revenues | | | | | | |
| Management fees | $2,199,085 | | $— | | $(36,115) | $2,162,970 |
| Carried interest allocation | 212,493 | | — | | (18,487) | 194,006 |
| Incentive fees | 105,036 | | — | | 3 | 105,039 |
| Principal investment income | 12,038 | | — | | 32,509 | 44,547 |
| Administrative, transaction and other fees | 119,631 | | — | | (409) | 119,222 |
First 8 of 32 rows. The CSV has all of them.
Table 66 after “(Dollars in Thousands, Except Share Data and As Otherwise Noted)”
Download CSV
| Nine months ended September 30, 2025 | | | | | |
| Consolidated Company Entities | Consolidated Funds | | Eliminations | Consolidated | |
| Cash flows from operating activities: | | | | | | |
| Net income | $762,477 | | $308,101 | | $(180,718) | $889,860 |
| Adjustments to reconcile net income to net cash provided by operating activities | 495,364 | | — | | (3,629) | 491,735 |
| Adjustments to reconcile net income to net cash provided by operating activities allocable to non-controlling interests in Consolidated Funds | — | | 1,639,232 | | (18,704) | 1,620,528 |
| Cash flows due to changes in operating assets and liabilities | 487,320 | | — | | (137,075) | 350,245 |
| Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds | — | | (65,520) | | 463,799 | 398,279 |
First 8 of 32 rows. The CSV has all of them.
Table 67 after “(Dollars in Thousands, Except Share Data and As Otherwise Noted)”
Download CSV
| Nine months ended September 30, 2024 | | | | | |
| Consolidated Company Entities | Consolidated Funds | | Eliminations | Consolidated | |
| Cash flows from operating activities: | | | | | | |
| Net income | $524,273 | | $222,288 | | $14,158 | $760,719 |
| Adjustments to reconcile net income to net cash provided by operating activities | 543,839 | | — | | (114,742) | 429,097 |
| Adjustments to reconcile net income to net cash provided by operating activities allocable to non-controlling interests in Consolidated Funds | — | | 854,632 | | (19,292) | 835,340 |
| Cash flows due to changes in operating assets and liabilities | 221,389 | | — | | 37,000 | 258,389 |
| Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds | — | | (121,365) | | (178,644) | (300,009) |
First 8 of 33 rows. The CSV has all of them.
Table 68 after “The following table presents returns of selected market indices:”
Download CSV
| | | Returns (%) | |
| Type of Index | Name of Index | Region | Three months ended September 30, 2025 | Nine months ended September 30, 2025 |
| High yield bonds | ICE BAML High Yield Master II Index | U.S. | 2.4 | 7.1 |
| High yield bonds | ICE BAML European Currency High Yield Index | Europe | 1.9 | 4.7 |
| Leveraged loans | S&P UBS Leveraged Loan Index | U.S. | 1.7 | 4.7 |
| Leveraged loans | S&P UBS Western European Leveraged Loan Index | Europe | 0.9 | 3.3 |
| Equities | S&P 500 Index | U.S. | 8.1 | 14.8 |
| Equities | MSCI All Country World Ex-U.S. Index | Non-U.S. | 7.0 | 26.6 |
First 8 of 12 rows. The CSV has all of them.
Table 69 after “The tables below present rollforwards of our total AUM by segment ($ in millions):”
Download CSV
| Credit Group | Real Assets Group | | Private Equity Group | SecondariesGroup | Other Businesses | | Total AUM | | |
| Balance at 6/30/2025 | $377,106 | | $129,774 | | $23,766 | | $33,949 | | $7,790 | $572,385 |
| Acquisitions | — | | — | | 856 | | — | | — | 856 |
| Net new par/equity commitments | 11,479 | | 3,347 | | 528 | | 3,349 | | 2,148 | 20,851 |
| Net new debt commitments | 7,800 | | 1,473 | | — | | 775 | | — | 10,048 |
| Capital reductions | (4,248) | | (883) | | (1) | | (32) | | — | (5,164) |
| Distributions | (3,669) | | (1,272) | | (151) | | (210) | | (477) | (5,779) |
| Redemptions | (1,202) | | (592) | | — | | (60) | | (502) | (2,356) |
First 8 of 44 rows. The CSV has all of them.
Table 70 after “The tables below present rollforwards of our total FPAUM by segment ($ in millions):”
Download CSV
| | Credit Group | Real Assets Group | | Private Equity Group | | SecondariesGroup | Other Businesses | | Total | | | | |
| Balance at 6/30/2025 | | $228,153 | | $79,495 | | | $10,993 | | $24,535 | | | $6,381 | | $349,557 |
| Acquisitions | | — | | — | | | 1,118 | | — | | | — | | 1,118 |
| Commitments | | 8,129 | | 2,811 | | | — | | 3,153 | | | 1,805 | | 15,898 |
| Deployment/increase in leverage | 9,888 | | 1,460 | | | 1 | | 113 | | | 142 | | 11,604 | |
| Capital reductions | | (3,001) | | (774) | | | — | | — | | | — | | (3,775) |
| Distributions | | (4,063) | | (1,704) | | | (8) | | (101) | | | (414) | | (6,290) |
| Redemptions | | (785) | | (592) | | | — | | (60) | | | — | | (1,437) |
First 8 of 48 rows. The CSV has all of them.
Table 71 after “Details regarding management fees by strategy, excluding J-REIT described above, are presented below:”
Download CSV
| Strategy | Fee Rate | Fee Base | Average Remaining Contract Term(1) |
| Real Assets Group | | | |
| Real Estate(2) | 0.45% - 1.50% | Capital commitments, invested capital, GAV, NAV, aggregate cost basis of unrealized portfolio investments or a combination thereof | 4.6 years |
| Infrastructure | 1.00% - 1.50% | Capital commitments, invested capital, GAV or NAV | 5.3 years |
Table 72 after “The following table presents our summarized consolidated results of operations ($ in thousands):”
Download CSV
| Three months ended September 30, | Favorable (Unfavorable) | | Nine months ended September 30, | Favorable (Unfavorable) | | | | | | | | |
| 2025 | 2024 | | $ Change | % Change | 2025 | | 2024 | | $ Change | % Change | | |
| Total revenues | $1,657,628 | | $1,129,739 | | $527,889 | | 47% | | $4,096,561 | | $2,625,784 | $1,470,777 | 56% |
| Total expenses | (1,308,216) | | (854,887) | | (453,329) | | (53) | | (3,460,122) | | (1,957,924) | (1,502,198) | (77) |
| Total other income, net | 302,859 | | 52,254 | | 250,605 | | NM | | 443,808 | | 207,619 | 236,189 | 114 |
| Less: Income tax expense | 111,892 | | 46,453 | | (65,439) | | (141) | | 190,387 | | 114,760 | (75,627) | (66) |
| Net income | 540,379 | | 280,653 | | 259,726 | | 93 | | 889,860 | | 760,719 | 129,141 | 17 |
| Less: Net income attributable to non-controlling interests in Consolidated Funds | 67,407 | | 64,241 | | 3,166 | | 5 | | 127,383 | | 236,446 | (109,063) | (46) |
First 8 of 14 rows. The CSV has all of them.
| Three months ended September 30, | Favorable (Unfavorable) | | Nine months ended September 30, | Favorable (Unfavorable) | | | | | | | | |
| 2025 | 2024 | | $ Change | % Change | 2025 | | 2024 | | $ Change | % Change | | |
| Revenues | | | | | | | | | | | | | |
| Management fees | $971,762 | | $753,597 | | $218,165 | | 29% | | $2,689,371 | | $2,162,970 | $526,401 | 24% |
| Carried interest allocation | 464,666 | | 277,651 | | 187,015 | | 67 | | 948,575 | | 194,006 | 754,569 | NM |
| Incentive fees | 100,668 | | 48,638 | | 52,030 | | 107 | | 155,795 | | 105,039 | 50,756 | 48 |
| Principal investment income | 17,976 | | 8,036 | | 9,940 | | 124 | | 50,937 | | 44,547 | 6,390 | 14 |
| Administrative, transaction and other fees | 102,556 | | 41,817 | | 60,739 | | 145 | | 251,883 | | 119,222 | 132,661 | 111 |
First 8 of 9 rows. The CSV has all of them.
Table 74 after “The following table sets forth carried interest allocation by segment ($ in millions):”
Download CSV
| Three months ended September 30, | Nine months ended September 30, | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| Credit funds | $286.8 | | $209.1 | | $691.2 | $464.1 |
| Real Assets funds | 38.2 | | 37.5 | | 93.1 | 81.1 |
| Private Equity funds | 47.0 | | 54.1 | | 112.7 | (311.7) |
| Secondaries funds | 29.5 | | (20.4) | | 27.7 | (36.8) |
| Other businesses | 71.8 | | 1.0 | | 83.9 | 18.5 |
| Elimination of carried interest from Consolidated Funds | (8.4) | | (1.0) | | (20.3) | (18.5) |
First 8 of 10 rows. The CSV has all of them.
Table 75 after “The activity was principally composed of the following:”
Download CSV
| Three months ended September 30, 2025 | Three months ended September 30, 2024 |
| Credit funds | |
| •Primarily from three opportunistic credit funds, two alternative credit funds and three direct lending funds with $41.9 billion of IGAUM generating returns in excess of their hurdle rates:◦Within our opportunistic credit funds, Ares Special Opportunities Fund II, L.P. (“ASOF II”) generated carried interest allocation of $47.9 million driven by improved profitability of portfolio companies that operate in the healthcare and services industries. Ares Special Situations Fund IV, L.P. (“SSF IV”) and Ares Special Opportunities Fund, L.P. (“ASOF I”) generated carried interest allocation of $42.2 million and $21.5 million, respectively, primarily due to its investment in Savers Value Village, Inc. (“SVV”), driven by its higher stock price◦Within our alternative credit funds, Ares Pathfinder Fund II, L.P. (“Pathfinder II”) and Ares Pathfinder Fund, L.P. (“Pathfinder I”) generated carried interest allocation of $37.3 million and $25.5 million, respectively, driven by market appreciation of certain investments and net investment income during the period◦Within our direct lending funds, Ares Capital Europe VI, L.P. (“ACE VI”), Ares Private Credit Solutions II, L.P. (“PCS II”) and Ares Capital Europe V, L.P. (“ACE V”) generated carried interest allocation of $33.8 million, $29.9 million and $8.0 million, respectively, driven by net investment income on an increasing invested capital base | •Primarily from one opportunistic credit fund, five direct lending funds and two alternative credit funds with $36.0 billion of IGAUM generating returns in excess of their hurdle rates:◦Within our opportunistic credit funds, ASOF II generated carried interest allocation of $75.1 million, driven by improved profitability of portfolio companies that operate in the services and retail industries◦Within our direct lending funds, ACE V and ACE VI generated carried interest allocation of $53.0 million and $16.2 million, respectively, driven by net investment income on an increasing invested capital base. PCS II, Ares Capital Europe IV, L.P. (“ACE IV”) and Ares Private Credit Solutions, L.P. (“PCS I”) generated carried interest allocation of $27.0 million, $16.9 million and $8.7 million, respectively, primarily driven by net investment income during the period. Our direct lending funds benefited from rising interest rates on predominately floating-rate loans during the period.◦Within our alternative credit funds, Pathfinder I and Pathfinder II generated carried interest allocation of $17.0 million and $15.6 million, respectively, driven by market appreciation of certain investments and net investment income during the period•Reversal of unrealized carried interest allocation of $27.6 million from SSF IV, primarily due to SVV’s lower stock price |
| Real Assets funds | |
| •Ares Energy Investors Fund V, L.P. (“EIF V”) and Ares Climate Infrastructure Partners II, L.P. (“ACIP II’) generated carried interest allocation of $18.4 million and $12.7 million, respectively, driven by appreciation of certain investments•Ares Infrastructure Debt Fund V, L.P. (“IDF V”) generated carried interest allocation of $16.3 million, driven by net investment income during the period | •Ares Climate Infrastructure Partners, L.P. (“ACIP I”) and EIF V generated carried interest allocation of $16.3 million and $6.1 million, respectively, due to appreciation of certain investments •IDF V generated carried interest allocation of $12.6 million, driven by net investment income during the period•US X and U.S. Real Estate Fund IX, L.P. (“US IX”) collectively generated carried interest allocation of $9.5 million, driven by increasing operating income primarily from industrial and multifamily property investments•Reversal of unrealized carried interest allocation of $6.3 million from Ares European Real Estate Fund IV, L.P. (“EF IV”), driven by the lower valuation of a residential property investment |
| Three months ended September 30, 2025 | Three months ended September 30, 2024 |
| Private Equity funds | |
| •Ares Corporate Opportunities Fund VI, L.P. (“ACOF VI”) generated carried interest allocation of $60.2 million, primarily driven by improved profitability from portfolio companies that primarily operate in the industrial, healthcare, retail and service industries•Reversal of unrealized carried interest allocation of $18.6 million from Ares Corporate Opportunities Fund IV, L.P. (“ACOF IV”), driven by lower profitability of portfolio companies that primarily operate in the energy and healthcare industries | •ACOF VI generated carried interest allocation of $63.3 million, primarily due to the market appreciation of its investment in Frontier Communications Parent, Inc. (“FYBR”), driven by its higher stock price, and to improved profitability from portfolio companies that primarily operate in the healthcare and services industries•Reversal of unrealized carried interest allocation of $6.8 million from ACOF IV, primarily due to lower valuation of a portfolio company that primarily operates in the healthcare industry |
| Secondaries funds | |
| •Landmark Real Estate Fund IX, L.P. (“LREF IX”) and Landmark Equity Partners XVII, L.P. (“LEP XVII”) generated carried interest allocation of $12.9 million and $9.3 million, respectively, primarily driven by appreciation of certain portfolio investments•Two private equity secondaries funds collectively generated carried interest allocation of $3.1 million, driven by the appreciation of certain portfolio investments | •Reversal of unrealized carried interest of $15.9 million from Landmark Equity Partners XVI, L.P. (“LEP XVI”) due to the lower valuation of certain portfolio investments•Reversal of unrealized carried interest of $2.4 million from Landmark Real Estate Fund VIII, L.P. (“LREF VIII”), primarily driven by the lower valuation of certain investments with underlying interests in multifamily portfolios |
| Other businesses | |
| •Carried interest allocation of $66.0 million attributable to the change in value from previously held AAC II Class A ordinary shares that converted into equity securities of KDK following the business combination | •No significant activities |
| Nine months ended September 30, 2025 | Nine months ended September 30, 2024 |
First 8 of 12 rows. The CSV has all of them.
| Nine months ended September 30, 2025 | Nine months ended September 30, 2024 |
| Private Equity funds | |
| •ACOF VI generated carried interest allocation of $139.0 million, driven by improved profitability of portfolio companies that primarily operate in the healthcare, services, industrial and retail industries•Reversal of unrealized carried interest allocation of $19.5 million and $13.1 million, respectively, from ACOF IV and from a corporate private equity extended value fund driven by lower operating performance from portfolio companies that primarily operate in the energy, healthcare, industrial and service industries | •Reversal of unrealized carried interest allocation of $474.9 million from ACOF V was primarily due to its investment in SVV, driven by its lower stock price•ACOF VI generated carried interest allocation of $181.2 million, driven by improved profitability of portfolio companies that primarily operate in the healthcare, services, industrial and retail industries |
| Secondaries funds | |
| •LEP XVII and LREF IX generated carried interest allocation of $16.5 million and $14.4 million, respectively, primarily driven by appreciation of certain portfolio investments•Two private equity secondaries funds collectively generated carried interest allocation of $8.0 million, driven by the appreciation of certain portfolio investments•Reversal of unrealized carried interest of $11.3 million and $2.3 million, respectively, from LEP XVI and LREF VIII, driven by lower valuation of certain investments | •Reversal of unrealized carried interest of $18.2 million from LREF VIII, primarily driven by the lower valuation of certain investments with underlying interests in multifamily portfolios •Reversal of unrealized carried interest of $28.2 million from LEP XVI, due to the lower valuation of certain portfolio investments•Ares Secondaries Infrastructure Solutions III, L.P. (“ASIS III”) and two private equity secondaries funds collectively generated carried interest allocation of $15.2 million, primarily driven by the appreciation of certain portfolio investments |
| Other businesses | |
| •Carried interest allocation of $66.0 million attributable to the change in value from previously held AAC II Class A ordinary shares that converted into equity securities of KDK following the business combination | •Carried interest allocation of $18.5 million from an insurance fund that is eliminated upon consolidation |
Table 78 after “The following table sets forth incentive fees by segment ($ in millions):”
Download CSV
| Three months ended September 30, | Nine months ended September 30, | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| Credit funds | $77.5 | | $45.9 | | $106.1 | $79.1 |
| Real Assets funds | 5.9 | | 0.2 | | 6.5 | 4.9 |
| Secondaries funds | 17.3 | | 2.5 | | 43.2 | 21.0 |
| Incentive fees | $100.7 | | $48.6 | | $155.8 | $105.0 |
Table 79 after “For equity method investments where we serve as general partner, we present the activity of net realized and unrealized gains on investments”
Download CSV
| As of June 30, 2025 | Activity during the period | | As of September 30, 2025 | | | | | | | | | |
| Cost Basis | Fair Value | | Net Cash Used | Net Realized and Unrealized Gains | Interest and Dividend Income | | Other Adjustments | Cost Basis | Fair Value | | | |
| $563.0 | | $645.4 | | $7.2 | | $9.9 | | $8.1 | | $(10.0) | $577.8 | $660.6 |
| As of December 31, 2024 | Activity during the period | | As of September 30, 2025 | | | | | | | | | |
| Cost Basis | Fair Value | | Net Cash Used | Net Realized and Unrealized Gains | Interest and Dividend Income | | Other Adjustments | Cost Basis | Fair Value | | | |
| $451.4 | | $536.9 | | $87.3 | | $18.6 | | $32.3 | | $(14.5) | $577.8 | $660.6 |
Table 80 after “Net cash used was primarily driven by investments in various infrastructure opportunities funds. Net cash used for the nine months ended Sep”
Download CSV
| As of June 30, 2024 | Activity during the period | | As of September 30, 2024 | | | | | | | |
| Cost Basis | Fair Value | | Net Cash Received | Net Realized and Unrealized Gains | Interest and Dividend Income | | Cost Basis | Fair Value | | |
| $476.4 | | $559.7 | | $(12.3) | | $2.9 | $5.1 | | $474.2 | $555.4 |
| As of December 31, 2023 | Activity during the period | | As of September 30, 2024 | | | | | | | |
| Cost Basis | Fair Value | | Net Cash Received | Net Realized and Unrealized Gains | Interest and Dividend Income | | Cost Basis | Fair Value | | |
| $453.3 | | $535.3 | | $(24.4) | | $3.0 | $41.5 | | $474.2 | $555.4 |
| Three months ended September 30, | Favorable (Unfavorable) | | Nine months ended September 30, | Favorable (Unfavorable) | | | | | | | | |
| 2025 | 2024 | | $ Change | % Change | 2025 | | 2024 | | $ Change | % Change | | |
| Expenses | | | | | | | | | | | | | |
| Compensation and benefits | $659,835 | | $435,876 | | $(223,959) | | (51)% | | $1,960,669 | | $1,268,685 | $(691,984) | (55)% |
| Performance related compensation | 404,095 | | 219,697 | | (184,398) | | (84) | | 761,434 | | 140,180 | (621,254) | NM |
| General, administrative and other expenses | 246,154 | | 197,019 | | (49,135) | | (25) | | 706,224 | | 537,379 | (168,845) | (31) |
| Expenses of Consolidated Funds | (1,868) | | 2,295 | | 4,163 | | NM | | 31,795 | | 11,680 | (20,115) | (172) |
| Total expenses | $1,308,216 | | $854,887 | | 453,329 | | 53 | | $3,460,122 | | $1,957,924 | (1,502,198) | (77) |
| Three months ended September 30, | Favorable (Unfavorable) | | Nine months ended September 30, | Favorable (Unfavorable) | | | | | | | | |
| 2025 | 2024 | | $ Change | % Change | 2025 | | 2024 | | $ Change | % Change | | |
| Other income (expense) | | | | | | | | | | | | | |
| Net realized and unrealized gains (losses) on investments | $188,420 | | $(5,074) | | $193,494 | | NM | | $201,396 | | $13,781 | $187,615 | NM |
| Interest and dividend income | 13,644 | | 7,553 | | 6,091 | | 81 | | 39,072 | | 19,952 | 19,120 | 96 |
| Interest expense | (46,315) | | (29,733) | | (16,582) | | (56) | | (126,277) | | (105,057) | (21,220) | (20) |
| Other expense, net | (7,263) | | (18,805) | | 11,542 | | 61 | | (64,498) | | (19,473) | (45,025) | (231) |
| Net realized and unrealized gains on investments of Consolidated Funds | 180,255 | | 64,831 | | 115,424 | | 178 | | 396,413 | | 192,778 | 203,635 | 106 |
First 8 of 11 rows. The CSV has all of them.
Table 83 after “The following tables present the change in fair value of these investments ($ in millions):”
Download CSV
| As of June 30, 2025 | Activity during the period | | As of September 30, 2025 | | | | | | | | | |
| Cost Basis | Fair Value | | Net Cash Used | Net Realized and Unrealized Gains | Interest and Dividend Income | | Other Adjustments | Cost Basis | Fair Value | | | |
| $659.2 | | $767.6 | | $3.9 | | $188.4 | | $13.6 | | $4.9 | $669.9 | $978.4 |
| As of December 31, 2024 | Activity during the period | | As of September 30, 2025 | | | | | | | | | |
| Cost Basis | Fair Value | | Net Cash Used | Net Realized and Unrealized Gains | Interest and Dividend Income | | Other Adjustments | Cost Basis | Fair Value | | | |
| $514.3 | | $616.3 | | $114.8 | | $201.4 | | $39.1 | | $6.8 | $669.9 | $978.4 |
| As of June 30, 2024 | Activity during the period | | As of September 30, 2024 | | | | | | | | | |
| Cost Basis | Fair Value | | Net Cash Used | Net Realized and Unrealized Losses | Interest and Dividend Income | | Other Adjustments | Cost Basis | Fair Value | | | |
| $529.5 | | $633.7 | | $10.4 | | $(5.1) | | $7.6 | | $1.2 | $554.8 | $647.8 |
| As of December 31, 2023 | Activity during the period | | As of September 30, 2024 | | | | | | | | | |
| Cost Basis | Fair Value | | Net Cash Received | Net Realized and Unrealized Gains | Interest and Dividend Income | | Other Adjustments | Cost Basis | Fair Value | | | |
| $591.1 | | $675.1 | | $(61.7) | | $13.8 | | $20.0 | | $0.6 | $554.8 | $647.8 |
| Three months ended September 30, | Favorable (Unfavorable) | | Nine months ended September 30, | Favorable (Unfavorable) | | | | | | | | |
| 2025 | 2024 | | $ Change | % Change | 2025 | | 2024 | | $ Change | % Change | | |
| Income before taxes | $652,271 | | $327,106 | | $325,165 | | 99% | | $1,080,247 | | $875,479 | $204,768 | 23% |
| Less: Income tax expense | 111,892 | | 46,453 | | (65,439) | | (141) | | 190,387 | | 114,760 | (75,627) | (66) |
| Net income | $540,379 | | $280,653 | | 259,726 | | 93 | | $889,860 | | $760,719 | 129,141 | 17 |
Table 86 after “The allocation of taxable income is also sensitive to any changes in weighted average daily ownership as the income attributed to redeemable”
Download CSV
| Three months ended September 30, | Nine months ended September 30, | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| AMC common stockholders | 67.29% | | 64.14% | | 66.71% | 63.23% |
| Non-controlling AOG unitholders | 32.71 | | 35.86 | | 33.29 | 36.77 |
Table 87 after “Redeemable and Non-Controlling Interests”
Download CSV
| Three months ended September 30, | Favorable (Unfavorable) | | Nine months ended September 30, | Favorable (Unfavorable) | | | | | | | | |
| 2025 | 2024 | | $ Change | % Change | 2025 | | 2024 | | $ Change | % Change | | |
| Net income | $540,379 | | $280,653 | | $259,726 | | 93% | | $889,860 | | $760,719 | $129,141 | 17% |
| Less: Net income attributable to non-controlling interests in Consolidated Funds | 67,407 | | 64,241 | | 3,166 | | 5 | | 127,383 | | 236,446 | (109,063) | (46) |
| Net income attributable to Ares Operating Group entities | 472,972 | | 216,412 | | 256,560 | | 119 | | 762,477 | | 524,273 | 238,204 | 45 |
| Less: Net income attributable to redeemable interest in Ares Operating Group entities | 1,797 | | 1,319 | | 478 | | 36 | | 1,839 | | 1,005 | 834 | 83 |
| Less: Net income attributable to non-controlling interests in Ares Operating Group entities | 182,293 | | 96,633 | | 85,660 | | 89 | | 287,524 | | 236,843 | 50,681 | 21 |
| Net income attributable to Ares Management Corporation | 288,882 | | 118,460 | | 170,422 | | 144 | | 473,114 | | 286,425 | 186,689 | 65 |
First 8 of 10 rows. The CSV has all of them.
Table 88 after “The following table presents the results of operations of the Consolidated Funds ($ in thousands):”
Download CSV
| Three months ended September 30, | Favorable (Unfavorable) | | Nine months ended September 30, | | | Favorable (Unfavorable) | | | | | | | | |
| 2025 | | 2024 | | $ Change | % Change | | 2025 | | 2024 | | $ Change | % Change | | |
| Expenses of the Consolidated Funds | $1,868 | | | $(2,295) | | $4,163 | | | NM | | $(31,795) | $(11,680) | | $(20,115) | (172)% |
| Net realized and unrealized gains on investments of Consolidated Funds | 180,255 | | | 64,831 | | 115,424 | | | 178 | | 396,413 | 192,778 | | 203,635 | 106 |
| Interest and other income of Consolidated Funds | 130,821 | | | 234,681 | | (103,860) | | | (44) | | 452,783 | 732,316 | | (279,533) | (38) |
| Interest expense of Consolidated Funds | (156,703) | | | (201,199) | | 44,496 | | | 22 | | (455,081) | (626,678) | | 171,597 | 27 |
| Income before taxes | 156,241 | | | 96,018 | | 60,223 | | | 63 | | 362,320 | 286,736 | | 75,584 | 26 |
| Less: Income tax expense of Consolidated Funds | 3,183 | | | 1,757 | | (1,426) | | | (81) | | 5,894 | 5,619 | | (275) | (5) |
First 8 of 13 rows. The CSV has all of them.
Table 89 after “The following table sets forth FRE and RI by reportable segment and the OMG ($ in thousands):”
Download CSV
| Three months ended September 30, | Favorable (Unfavorable) | | Nine months ended September 30, | Favorable (Unfavorable) | | | | | | | | |
| 2025 | 2024 | | $ Change | % Change | 2025 | | 2024 | | $ Change | % Change | | |
| Fee Related Earnings: | | | | | | | | | | | | | |
| Credit Group | $468,605 | | $388,698 | | $79,907 | | 21% | | $1,303,509 | | $1,109,396 | $194,113 | 17% |
| Real Assets Group | 126,087 | | 56,518 | | 69,569 | | 123 | | 314,011 | | 154,679 | 159,332 | 103 |
| Private Equity Group | 13,107 | | 16,540 | | (3,433) | | (21) | | 37,260 | | 46,365 | (9,105) | (20) |
| Secondaries Group | 74,033 | | 27,754 | | 46,279 | | 167 | | 165,154 | | 87,000 | 78,154 | 90 |
| Other | 6,294 | | 2,784 | | 3,510 | | 126 | | 15,527 | | 8,144 | 7,383 | 91 |
First 8 of 18 rows. The CSV has all of them.
Table 90 after “Income before provision for income taxes is the GAAP financial measure most comparable to RI. The following table presents the reconciliatio”
Download CSV
| Three months ended September 30, | Nine months ended September 30, | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| Income before taxes | $652,271 | | $327,106 | | $1,080,247 | $875,479 |
| Adjustments: | | | | | | |
| Depreciation and amortization expense | 65,956 | | 46,005 | | 177,365 | 118,900 |
| Equity compensation expense | 160,130 | | 85,612 | | 583,083 | 266,267 |
| Acquisition-related compensation expense(1) | 42,448 | | 5,435 | | 108,752 | 16,374 |
| Acquisition and merger-related expense | 5,427 | | 25,166 | | 42,826 | 39,394 |
First 8 of 20 rows. The CSV has all of them.
Table 91 after “The following table presents the components of the Credit Group’s FRE ($ in thousands):”
Download CSV
| Three months ended September 30, | Favorable (Unfavorable) | | Nine months ended September 30, | | Favorable (Unfavorable) | | | | | | | | | |
| 2025 | | 2024 | | $ Change | | % Change | 2025 | | 2024 | | $ Change | % Change | | |
| Management fees | $651,964 | | | $557,450 | | | $94,514 | | 17% | | $1,854,501 | | $1,603,080 | $251,421 | 16% |
| Fee related performance revenues | 62,389 | | | 41,761 | | | 20,628 | | 49 | | 81,098 | | 48,920 | 32,178 | 66 |
| Other fees | 13,471 | | | 10,520 | | | 2,951 | | 28 | | 37,431 | | 30,912 | 6,519 | 21 |
| Compensation and benefits | (212,709) | | | (179,987) | | | (32,722) | | (18) | | (537,661) | | (457,494) | (80,167) | (18) |
| General, administrative and other expenses | (46,510) | | | (41,046) | | | (5,464) | | (13) | | (131,860) | | (116,022) | (15,838) | (14) |
| Fee Related Earnings | $468,605 | | | $388,698 | | | 79,907 | | 21 | | $1,303,509 | | $1,109,396 | 194,113 | 17 |
Table 92 after “The following table presents the components of and causes for changes in the Credit Group’s management fees for the three and nine months en”
Download CSV
| Three month change | Nine month change | |
| Publicly-traded and perpetual wealth vehicles: | | | |
| Fees from ARCC, ASIF and CADC, excluding Part I Fees, due to increases in the average size of their portfolios | $32.3 | | $100.3 |
| Part I Fees from ASIF, CADC and our open-ended European direct lending fund driven by increases in net investment income from their growing portfolio of investments | 18.0 | | 45.5 |
| Fees from our open-ended European direct lending fund, excluding Part I Fees, due to the expiration of a fee waiver during the first quarter of 2025 and driven by an increase in the average size of its portfolio | 10.8 | | 23.3 |
| Capital deployment in private funds: | | | |
| Fees from SDL III, ACE VI, Pathfinder II, ASOF II and an open-ended core alternative credit fund | 38.5 | | 97.1 |
| Distributions that reduced the fee base of ACE IV, ASOF I, Ares Senior Direct Lending Fund, L.P. (“SDL I”) and ACE III as the funds are past their investment periods | (10.7) | | (34.8) |
First 8 of 10 rows. The CSV has all of them.
Table 93 after “The following table presents the components of the Credit Group’s RI ($ in thousands):”
Download CSV
| Three months ended September 30, | Favorable (Unfavorable) | | Nine months ended September 30, | | Favorable (Unfavorable) | | | | | | | | | |
| 2025 | | 2024 | | $ Change | | % Change | 2025 | | 2024 | | $ Change | % Change | | |
| Fee Related Earnings | $468,605 | | | $388,698 | | | $79,907 | | 21% | | $1,303,509 | | $1,109,396 | $194,113 | 17% |
| Performance income—realized | 19,438 | | | 6,192 | | | 13,246 | | 214 | | 95,465 | | 121,214 | (25,749) | (21) |
| Performance related compensation—realized | (11,421) | | | (3,451) | | | (7,970) | | (231) | | (58,927) | | (73,127) | 14,200 | 19 |
| Realized net performance income | 8,017 | | | 2,741 | | | 5,276 | | 192 | | 36,538 | | 48,087 | (11,549) | (24) |
| Investment income—realized | 2,095 | | | 6,733 | | | (4,638) | | (69) | | 11,570 | | 17,889 | (6,319) | (35) |
| Interest income | 577 | | | 1,266 | | | (689) | | (54) | | 6,132 | | 5,719 | 413 | 7 |
First 8 of 11 rows. The CSV has all of them.
Table 94 after “The Credit Group’s realized activities were principally composed of and caused by the following:”
Download CSV
| Three months ended September 30, 2025 | Three months ended September 30, 2024 |
| Realized net performance income | |
| Incentive fees:•Incentive fees of $4.6 million from an alternative credit fund that crystallized in connection with a loan repaymentCarried interest:•Distributions of $1.3 million from an alternative credit fund, which is a European-style waterfall fund that is past its investment period and monetizing investments | Incentive fees:•Incentive fees of $1.6 million primarily from a U.S. CLO that reset its capital structure and extended its reinvestment period and from a U.S. direct lending fund |
| Realized investment income and interest income | |
| •Income of $2.5 million generated from our investments in 11 CLOs and CLO-based investments | •Income of $3.3 million generated from our investments in 16 CLOs and CLO-based investments •Income of $1.3 million from our investment in an APAC credit fund |
| Nine months ended September 30, 2025 | Nine months ended September 30, 2024 |
| Realized net performance income | |
| Carried interest:•Tax distributions of $14.0 million primarily from ACE IV, ACE V and Pathfinder I•Distributions of $10.6 million from two alternative credit funds, which are European-style waterfall funds that are past their investment periods and monetizing investmentsIncentive fees:•Incentive fees of $4.6 million from an alternative credit fund that crystallized in connection with a loan repayment •Incentive fees of $4.4 million from two alternative credit funds that have annual measurement periods in the second quarter and from a U.S. direct lending fund | Carried interest:•Tax distributions of $30.0 million primarily from ACE IV, ACE V, PCS I and ASOF I •Distributions of $3.2 million from an alternative credit fund, which is a European-style waterfall fund that passed its investment period and is monetizing investmentsIncentive fees:•Incentive fees of $13.0 million primarily from two alternative credit funds that have annual measurement periods in the second quarter |
First 8 of 10 rows. The CSV has all of them.
Table 95 after “The following table presents the accrued carried interest, also referred to as accrued performance income, and related performance compensat”
Download CSV
| As of September 30, 2025 | As of December 31, 2024 | | | | | | | | |
| Accrued Performance Income | Accrued Performance Compensation | | Accrued Net Performance Income | Accrued Performance Income | Accrued Performance Compensation | | Accrued Net Performance Income | | |
| Pathfinder I | $241.8 | | $205.5 | | $36.3 | | $191.4 | | $165.7 | $25.7 |
| Pathfinder II | 115.3 | | 90.2 | | 25.1 | | 46.6 | | 36.3 | 10.3 |
| ASOF I | 322.7 | | 238.9 | | 83.8 | | 318.4 | | 223.2 | 95.2 |
| ASOF II | 380.8 | | 267.1 | | 113.7 | | 258.2 | | 181.4 | 76.8 |
| PCS I | 147.0 | | 86.9 | | 60.1 | | 130.1 | | 76.9 | 53.2 |
| PCS II | 247.3 | | 146.3 | | 101.0 | | 171.4 | | 101.5 | 69.9 |
First 8 of 13 rows. The CSV has all of them.
Table 96 after “The following table presents the change in accrued performance income for the Credit Group ($ in millions):”
Download CSV
| | As of December 31, 2024 | Activity during the period | | As of September 30, 2025 | | | | |
| Waterfall Type | Accrued Performance Income | Change in Unrealized | | Realized | Other Adjustments | Accrued Performance Income | | |
| Accrued Carried Interest | | | | | | | | | |
| Pathfinder I | European | $191.4 | | $57.0 | | $(6.6) | | $— | $241.8 |
| Pathfinder II | European | 46.6 | | 68.7 | | — | | — | 115.3 |
| ASOF I | European | 318.4 | | 21.2 | | — | | (16.9) | 322.7 |
| ASOF II | European | 258.2 | | 122.6 | | — | | — | 380.8 |
| PCS I | European | 130.1 | | 16.7 | | — | | 0.2 | 147.0 |
First 8 of 17 rows. The CSV has all of them.
Table 97 after “The tables below present rollforwards of AUM for the Credit Group ($ in millions):”
Download CSV
| | Liquid Credit | | Alternative Credit | | Opportunistic Credit | | U.S. Direct Lending | | European Direct Lending | | APAC Credit | | Other | | Total Credit Group | | |
| Balance at 6/30/2025 | $48,820 | | | $43,716 | | | $17,985 | | | $174,244 | | | $81,291 | | | $11,050 | $— | $377,106 |
| Net new par/equity commitments | 2,780 | | | 2,466 | | | 937 | | | 3,910 | | | 1,380 | | | 6 | — | 11,479 |
| Net new debt commitments | 77 | | | 200 | | | — | | | 4,177 | | | 3,346 | | | — | — | 7,800 |
| Capital reductions | (2,189) | | | (434) | | | (175) | | | (1,394) | | | (50) | | | (6) | — | (4,248) |
| Distributions | (40) | | | (358) | | | (279) | | | (1,673) | | | (1,307) | | | (12) | — | (3,669) |
| Redemptions | (396) | | | (123) | | | — | | | (615) | | | (68) | | | — | — | (1,202) |
| Net allocations among investment strategies | — | | | 440 | | | — | | | — | | | — | | | — | — | 440 |
First 8 of 43 rows. The CSV has all of them.
Table 98 after “The tables below present rollforwards of fee paying AUM for the Credit Group ($ in millions):”
Download CSV
| | Liquid Credit | | Alternative Credit | | Opportunistic Credit | | U.S. Direct Lending | | European Direct Lending | | APAC Credit | | | | Total Credit Group | | | |
| Balance at 6/30/2025 | $46,629 | | | $31,581 | | | $8,783 | | | $93,940 | | | $41,905 | | | $5,315 | | $228,153 | |
| Commitments | 3,782 | | | — | | | — | | | 3,073 | | | 1,274 | | | — | | 8,129 | |
| Deployment/increase in leverage | 13 | | | 2,292 | | | 505 | | | 4,512 | | | 2,278 | | | 288 | | 9,888 | |
| Capital reductions | (2,189) | | | — | | | — | | | (434) | | | (378) | | | — | | (3,001) | |
| Distributions | (40) | | | (594) | | | (133) | | | (2,352) | | | (864) | | | (80) | | (4,063) | |
| Redemptions | (397) | | | (123) | | | — | | | (197) | | | (68) | | | — | | (785) | |
| Net allocations among investment strategies | — | | | 669 | | | — | | | — | | | — | | | — | | 669 | |
First 8 of 46 rows. The CSV has all of them.
Table 99 after “The following table presents the performance data for our significant funds that are not drawdown funds in the Credit Group as of September ”
Download CSV
| | | | | | Returns(%) | | | | | | | | | | | | |
| Primary Investment Strategy | Year of Inception | | AUM | | Current Quarter | | Year-To-Date | | Since Inception(1) | | | | | | | | |
| Fund | | | Gross | | Net | | Gross | | Net | | Gross | | Net | | | | | |
| ARCC(2) | U.S. Direct Lending | 2004 | | $35,200 | | | N/A | | 3.0 | | | N/A | | 8.1 | | N/A | 12.1 | |
| CADC(3) | U.S. Direct Lending | 2017 | | 8,278 | | | N/A | | 2.5 | | | N/A | | 6.6 | | N/A | 7.1 | |
| Open-ended core alternative credit fund(4) | Alternative Credit | 2021 | | 7,432 | | | 3.2 | | | 2.4 | | | 9.4 | | 6.9 | | 11.8 | 8.8 |
| ASIF(3) | U.S. Direct Lending | 2023 | | 22,954 | | | N/A | | 2.6 | | | N/A | | 7.1 | | N/A | 11.2 | |
| Open-ended European direct lending fund(5) | European Direct Lending | 2024 | | 5,573 | | | N/A | | 2.0 | | | N/A | | 5.7 | | N/A | 10.1 | |
Table 100 after “The following table presents the performance data of the Credit Group’s significant drawdown funds as of September 30, 2025 ($ in millions):”
Download CSV
| Primary Investment Strategy | Year of Inception | | AUM | Original Capital Commitments | | Capital Invested to Date | | Realized Value(1) | Unrealized Value(2) | | Total Value | | MoIC | IRR(%) | | | | | | |
| Fund | | | | | | | Gross(3) | | Net(4) | Gross(5) | | Net(6) | | | | | | | | | |
| Funds Deploying Capital | | | | | | | | | | | | | | | | | | | | | |
| PCS II | U.S. Direct Lending | 2020 | | $6,433 | | $5,114 | | | $4,053 | | $994 | | | $4,403 | | $5,397 | | 1.4x | 1.3x | 13.3 | 9.4 |
| ASOF II | Opportunistic Credit | 2021 | | 9,296 | | 7,128 | | | 6,202 | | 27 | | | 7,986 | | 8,013 | | 1.4x | 1.3x | 17.9 | 13.1 |
| ACE VI Unlevered(7) | European Direct Lending | 2022 | | 24,684 | | 7,439 | | | 3,011 | | 171 | | | 3,129 | | 3,300 | | 1.1x | 1.1x | 13.3 | 9.5 |
| ACE VI Levered(7) | | | 9,667 | | 3,615 | | | 273 | | 3,866 | | | 4,139 | | 1.2x | | 1.1x | 20.5 | 14.6 | | |
| SDL III Unlevered(8) | U.S. Direct Lending | 2023 | | 27,223 | | 3,311 | | | 1,243 | | 66 | | | 1,274 | | 1,340 | | 1.1x | 1.1x | 13.9 | 10.3 |
First 8 of 16 rows. The CSV has all of them.
Table 101 after “The following table presents the components of the Real Assets Group’s FRE ($ in thousands):”
Download CSV
| Three months ended September 30, | Favorable (Unfavorable) | | Nine months ended September 30, | Favorable (Unfavorable) | | | | | | | | |
| 2025 | 2024 | | $ Change | % Change | 2025 | | 2024 | | $ Change | % Change | | |
| Management fees | $177,655 | | $105,733 | | $71,922 | | 68% | | $484,032 | | $299,156 | $184,876 | 62% |
| Fee related performance revenues | 5,904 | | — | | 5,904 | | NM | | 6,051 | | — | 6,051 | NM |
| Other fees | 55,556 | | 7,263 | | 48,293 | | NM | | 125,494 | | 18,783 | 106,711 | NM |
| Compensation and benefits | (85,513) | | (42,360) | | (43,153) | | (102) | | (222,504) | | (119,403) | (103,101) | (86) |
| General, administrative and other expenses | (27,515) | | (14,118) | | (13,397) | | (95) | | (79,062) | | (43,857) | (35,205) | (80) |
| Fee Related Earnings | $126,087 | | $56,518 | | 69,569 | | 123 | | $314,011 | | $154,679 | 159,332 | 103 |
Table 102 after “The following table presents the components of and causes for changes in the Real Assets Group’s management fees for the three and nine mont”
Download CSV
| Three month change | Nine month change | |
| Fees from acquisitions: | | | |
| Fees from the GCP Acquisition effective March 1, 2025, excluding catch-up fees | $58.3 | | $140.5 |
| Fees from the WSM Acquisition effective December 1, 2024 | 5.5 | | 15.8 |
| Catch-up fees generated from U.S. Logistics Partners V, L.P. | — | | 3.7 |
| Perpetual wealth vehicles: | | | |
| Fees from our open-ended infrastructure fund, excluding Part I Fees, our diversified non-traded REIT and our U.S. open-ended industrial real estate fund, driven by additional capital raised | 8.8 | | 16.5 |
| Part I Fees from our open-ended infrastructure fund driven by an increase in net investment income from its growing portfolio of investments | 1.6 | | 1.6 |
First 8 of 15 rows. The CSV has all of them.
Table 103 after “The following table presents the components of the Real Assets Group’s RI ($ in thousands):”
Download CSV
| Three months ended September 30, | Favorable (Unfavorable) | | Nine months ended September 30, | Favorable (Unfavorable) | | | | | | | | |
| 2025 | 2024 | | $ Change | % Change | 2025 | | 2024 | | $ Change | % Change | | |
| Fee Related Earnings | $126,087 | | $56,518 | | $69,569 | | 123% | | $314,011 | | $154,679 | $159,332 | 103% |
| Performance income—realized | 1,200 | | 15,441 | | (14,241) | | (92) | | 70,186 | | 24,324 | 45,862 | 189 |
| Performance related compensation—realized | (769) | | (9,403) | | 8,634 | | 92 | | (49,893) | | (15,134) | (34,759) | (230) |
| Realized net performance income | 431 | | 6,038 | | (5,607) | | (93) | | 20,293 | | 9,190 | 11,103 | 121 |
| Investment income (loss)—realized | 10,415 | | 3,729 | | 6,686 | | 179 | | 24,878 | | (592) | 25,470 | NM |
| Interest income | 1,639 | | 245 | | 1,394 | | NM | | 4,922 | | 3,543 | 1,379 | 39 |
First 8 of 11 rows. The CSV has all of them.
Table 104 after “The Real Assets Group’s realized activities were principally composed of and caused by the following:”
Download CSV
| Three months ended September 30, 2025 | Three months ended September 30, 2024 |
| Realized net performance income | |
| Carried interest:•Distributions of $0.4 million from U.S. Real Estate Fund VIII, L.P. (“US VIII”), which is a European-style waterfall fund that is past its investment period and monetizing investments | Carried interest:•Distributions of $3.1 million from the partial sale of an ACIP I co-investment vehicle’s investment in a renewable energy company•Distributions of $2.4 million from US VIII, which is past its investment period and monetizing investments |
| Realized investment income and interest income | |
| •Income of $7.9 million from our APAC real estate equity and real estate debt funds•Income of $2.2 million from US VIII | •Income of $1.2 million from the sale of an infrastructure opportunities fund’s investment in a wind energy company and $1.2 million from an infrastructure debt fund |
| Nine months ended September 30, 2025 | Nine months ended September 30, 2024 |
| Realized net performance income | |
| Carried interest:•Tax distributions of $12.6 million from EIF V•Distributions of $4.6 million from US VIII and a U.S. real estate equity fund, which are both European-style waterfall funds that are past their investment periods and monetizing investments•Distributions of $2.1 million from the sale of an ACIP I co-investment vehicle’s investment in a renewable energy company | Carried interest:•Distributions of $3.5 million from US VIII, which is past its investment period and monetizing investments•Distributions of $3.1 million from the partial sale of an ACIP I co-investment vehicle’s investment in a renewable energy companyIncentive fees:•Incentive fees of $1.9 million generated from a U.S. open-ended industrial real estate fund that varies based upon a three-year measurement period calculated for each fund investor |
First 8 of 10 rows. The CSV has all of them.
Table 105 after “The following table presents the accrued carried interest, also referred to as accrued performance income, and related performance compensat”
Download CSV
| As of September 30, 2025 | As of December 31, 2024 | | | | | | | | |
| Accrued Performance Income | Accrued Performance Compensation | | Accrued Net Performance Income | Accrued Performance Income | Accrued Performance Compensation | | Accrued Net Performance Income | | |
| US IX | $109.6 | | $68.0 | | $41.6 | | $99.8 | | $61.9 | $37.9 |
| EIF V | 91.4 | | 68.3 | | 23.1 | | 121.3 | | 90.7 | 30.6 |
| IDF V | 161.7 | | 99.4 | | 62.3 | | 113.7 | | 69.3 | 44.4 |
| ACIP I | 96.0 | | 66.0 | | 30.0 | | 97.7 | | 66.8 | 30.9 |
| Other Real Assets funds | 150.5 | | 97.2 | | 53.3 | | 135.8 | | 85.7 | 50.1 |
| Total Real Assets Group | $609.2 | | $398.9 | | $210.3 | | $568.3 | | $374.4 | $193.9 |
Table 106 after “The following table presents the change in accrued performance income for the Real Assets Group ($ in millions):”
Download CSV
| | As of December 31, 2024 | Activity during the period | | As of September 30, 2025 | | | | |
| Waterfall Type | Accrued Performance Income | Change in Unrealized | | Realized | Other Adjustments | Accrued Performance Income | | |
| Accrued Carried Interest | | | | | | | | | |
| US IX | European | $99.8 | | $9.8 | | $— | | $— | $109.6 |
| EIF V | European | 121.3 | | 19.9 | | (49.8) | | — | 91.4 |
| IDF V | European | 113.7 | | 31.2 | | — | | 16.8 | 161.7 |
| ACIP I | European | 97.7 | | 3.6 | | (5.3) | | — | 96.0 |
| Other Real Assets funds | European | 97.2 | | 22.0 | | (14.6) | | 0.7 | 105.3 |
First 8 of 12 rows. The CSV has all of them.
Table 107 after “The tables below present rollforwards of AUM for the Real Assets Group ($ in millions):”
Download CSV
| Real Estate | Infrastructure | | Total Real Assets Group | |
| Balance at 6/30/2025 | $108,650 | | $21,124 | | $129,774 |
| Net new par/equity commitments | 1,698 | | 1,649 | | 3,347 |
| Net new debt commitments | 1,096 | | 377 | | 1,473 |
| Capital reductions | (883) | | — | | (883) |
| Distributions | (741) | | (531) | | (1,272) |
| Redemptions | (226) | | (366) | | (592) |
| Net allocations among investment strategies | (133) | | 258 | | 125 |
First 8 of 39 rows. The CSV has all of them.
Table 108 after “The tables below present rollforwards of fee paying AUM for the Real Assets Group ($ in millions):”
Download CSV
| | Real Estate | Infrastructure | Total Real Assets Group | |
| Balance at 6/30/2025 | $67,192 | | $12,303 | | $79,495 |
| Commitments | 1,695 | | 1,116 | | 2,811 |
| Deployment/increase in leverage | 850 | | 610 | | 1,460 |
| Capital reductions | (774) | | — | | (774) |
| Distributions | (541) | | (1,163) | | (1,704) |
| Redemptions | (226) | | (366) | | (592) |
| Net allocations among investment strategies | (133) | | 258 | | 125 |
First 8 of 42 rows. The CSV has all of them.
Table 109 after “The following table presents the performance data for our significant funds that are not drawdown funds in the Real Assets Group as of Septe”
Download CSV
| | | | | | Returns(%) | | | | | | | | | | | | | |
| Primary Investment Strategy | Year of Inception | | AUM | | Current Quarter | | Year-To-Date | | Since Inception(1) | | | | | | | | | |
| Fund | | | Gross | | Net | | Gross | | Net | | Gross | | Net | | | | | | |
| Diversified non-traded REIT(2) | Real Estate | 2012 | | $7,010 | | | N/A | | 3.2 | | | N/A | | 7.9 | | | N/A | 6.4 | |
| J-REIT(3) | Real Estate | 2012 | | 8,076 | | | N/A | | N/A | | N/A | | N/A | | N/A | | 13.3 | | |
| Industrial non-traded REIT(4) | Real Estate | 2017 | | 7,565 | | | N/A | | 1.8 | | | N/A | | 6.3 | | | N/A | 8.5 | |
| U.S. open-ended industrial real estate fund(5) | Real Estate | 2017 | | 5,779 | | | 1.3 | | | 1.0 | | | 4.6 | | | 3.8 | | 16.4 | 13.4 |
| Japanese open-ended industrial real estate fund | Real Estate | 2020 | | 3,856 | | | 3.6 | | | 3.3 | | | 7.6 | | | 6.8 | | 13.6 | 11.8 |
Table 110 after “The following table presents the performance data of the Real Assets Group’s significant drawdown funds as of September 30, 2025 ($ in milli”
Download CSV
| Primary Investment Strategy | Year of Inception | AUM | Original Capital Commitments | | Capital Invested to Date | Realized Value(1) | Unrealized Value(2) | | Total Value | MoIC | IRR(%) | | | | | |
| Fund | | | | | | Gross(3) | Net(4) | Gross(5) | | Net(6) | | | | | | | |
| Fund Harvesting Investments | | | | | | | | | | | | | | | | | |
| Europe Logistics Income Partners II SCSp (“EIP II”)(7) | Real Estate | 2020 | $4,033 | | $1,839 | | $1,786 | | $222 | | $1,782 | | $2,004 | 1.2x | 1.1x | 3.2 | 2.8 |
Table 111 after “The following table presents the components of the Private Equity Group’s FRE ($ in thousands):”
Download CSV
| Three months ended September 30, | Favorable (Unfavorable) | | Nine months ended September 30, | Favorable (Unfavorable) | | | | | | | | |
| 2025 | 2024 | | $ Change | % Change | 2025 | | 2024 | | $ Change | % Change | | |
| Management fees | $33,284 | | $34,621 | | $(1,337) | | (4)% | | $97,049 | | $103,126 | $(6,077) | (6)% |
| Other fees | 467 | | 372 | | 95 | | 26 | | 1,298 | | 1,258 | 40 | 3 |
| Compensation and benefits | (15,752) | | (13,877) | | (1,875) | | (14) | | (46,379) | | (42,737) | (3,642) | (9) |
| General, administrative and other expenses | (4,892) | | (4,576) | | (316) | | (7) | | (14,708) | | (15,282) | 574 | 4 |
| Fee Related Earnings | $13,107 | | $16,540 | | (3,433) | | (21) | | $37,260 | | $46,365 | (9,105) | (20) |
Table 112 after “The following table presents the components of and causes for changes in the Private Equity Group’s management fees for the three and nine m”
Download CSV
| Three month change | Nine month change | |
| Fees from acquired APAC private equity funds effective August 1, 2025 | $2.0 | | $2.0 |
| Corporate private equity extended value fund that stopped paying fees at the end of the fourth quarter of 2024 | (1.7) | | (5.1) |
| Cumulative effect of other changes | (1.6) | | (3.0) |
| Total | $(1.3) | | $(6.1) |
Table 113 after “The following table presents the components of the Private Equity Group’s RI ($ in thousands):”
Download CSV
| Three months ended September 30, | Favorable (Unfavorable) | | Nine months ended September 30, | Favorable (Unfavorable) | | | | | | | | |
| 2025 | 2024 | | $ Change | % Change | 2025 | | 2024 | | $ Change | % Change | | |
| Fee Related Earnings | $13,107 | | $16,540 | | $(3,433) | | (21)% | | $37,260 | | $46,365 | $(9,105) | (20)% |
| Performance income—realized | 3,744 | | 475 | | 3,269 | | NM | | 39,733 | | 9,032 | 30,701 | NM |
| Performance related compensation—realized | (2,999) | | (380) | | (2,619) | | NM | | (29,856) | | (7,235) | (22,621) | NM |
| Realized net performance income | 745 | | 95 | | 650 | | NM | | 9,877 | | 1,797 | 8,080 | NM |
| Investment income (loss)—realized | 513 | | 526 | | (13) | | (2) | | (3,720) | | 1,287 | (5,007) | NM |
| Interest income | 1 | | 4 | | (3) | | (75) | | 2,024 | | 12 | 2,012 | NM |
First 8 of 11 rows. The CSV has all of them.
Table 114 after “The Private Equity Group’s realized activities were principally composed of and caused by the following:”
Download CSV
| Three months ended September 30, 2025 | Three months ended September 30, 2024 |
| Realized net performance income | |
| Carried interest:•Distributions from partial sales of ACOF IV’s investments in various energy companies | •No significant activities |
| Nine months ended September 30, 2025 | Nine months ended September 30, 2024 |
| Realized net performance income | |
| Carried interest:•Distributions from partial sales of ACOF VI’s investment in FYBR and ACOF IV’s investments in various energy companies | Carried interest:•Distributions from ACOF IV’s investment in various energy companies |
| Realized investment income (loss) and interest income | |
| •Realized investment loss of $5.7 million from Ares Corporate Opportunities Fund III, L.P. as the fund continues to liquidate its remaining assets | •No significant activities |
Table 115 after “The following table presents the accrued carried interest, also referred to as accrued performance income, and related performance compensat”
Download CSV
| As of September 30, 2025 | As of December 31, 2024 | | | | | | | | |
| Accrued Performance Income | Accrued Performance Compensation | | Accrued Net Performance Income | Accrued Performance Income | Accrued Performance Compensation | | Accrued Net Performance Income | | |
| ACOF IV | $130.8 | | $104.7 | | $26.1 | | $166.8 | | $133.6 | $33.2 |
| ACOF VI | 613.3 | | 543.2 | | 70.1 | | 523.1 | | 442.8 | 80.3 |
| Other Private Equity funds | 14.0 | | 11.3 | | 2.7 | | 20.9 | | 14.8 | 6.1 |
| Total Private Equity Group | $758.1 | | $659.2 | | $98.9 | | $710.8 | | $591.2 | $119.6 |
Table 116 after “The following table presents the change in accrued carried interest for the Private Equity Group ($ in millions):”
Download CSV
| | As of December 31, 2024 | Activity during the period | | | As of September 30, 2025 | | | |
| Waterfall Type | Accrued Carried Interest | Change in Unrealized | | Realized | Other Adjustments | Accrued Carried Interest | | |
| ACOF IV | American | $166.8 | | $(19.5) | | $(16.5) | | $— | $130.8 |
| ACOF VI | American | 523.1 | | 139.0 | | (23.2) | | (25.6) | 613.3 |
| Other Private Equity funds | European | 13.1 | | (12.6) | | — | | — | 0.5 |
| Other Private Equity funds | American | 7.8 | | 5.7 | | — | | — | 13.5 |
| Total Private Equity Group | | $710.8 | | $112.6 | | $(39.7) | | $(25.6) | $758.1 |
Table 117 after “The tables below present rollforwards of AUM for the Private Equity Group ($ in millions):”
Download CSV
| | Corporate Private Equity | APAC Private Equity | | Other | | Total Private Equity Group | | |
| Balance at 6/30/2025 | | $21,201 | | $2,565 | | | $— | | $23,766 |
| Acquisitions | — | | 856 | | | — | | 856 | |
| Net new par/equity commitments | 516 | | 12 | | | — | | 528 | |
| Capital reductions | (1) | | — | | | — | | (1) | |
| Distributions | (70) | | (81) | | | — | | (151) | |
| Change in fund value | 78 | | 20 | | | — | | 98 | |
| Balance at 9/30/2025 | $21,724 | | $3,372 | | | $— | | $25,096 | |
First 8 of 32 rows. The CSV has all of them.
Table 118 after “The tables below present rollforwards of fee paying AUM for the Private Equity Group ($ in millions):”
Download CSV
| | Corporate Private Equity | APAC Private Equity | Total Private Equity Group | |
| Balance at 6/30/2025 | $9,491 | | $1,502 | | $10,993 |
| Acquisitions | — | | 1,118 | | 1,118 |
| Deployment/increase in leverage | 1 | | — | | 1 |
| Distributions | (8) | | — | | (8) |
| Change in fund value | (16) | | — | | (16) |
| Change in fee basis | — | | (240) | | (240) |
| Balance at 9/30/2025 | $9,468 | | $2,380 | | $11,848 |
First 8 of 32 rows. The CSV has all of them.
Table 119 after “The following table presents the performance data of the Private Equity Group’s significant drawdown funds as of September 30, 2025 ($ in mi”
Download CSV
| Primary Investment Strategy | Year of Inception | AUM | Original Capital Commitments | | Capital Invested to Date | Realized Value(1) | Unrealized Value(2) | | Total Value | MoIC | IRR(%) | | | | | |
| Fund | | | | | | Gross(3) | Net(4) | Gross(5) | | Net(6) | | | | | | | |
| Fund Deploying Capital | | | | | | | | | | | | | | | | | |
| ACOF VI | Corporate Private Equity | 2020 | $8,546 | | $5,743 | | $5,869 | | $2,107 | | $8,080 | | $10,187 | 1.7x | 1.5x | 21.5 | 16.1 |
| Funds Harvesting Investments | | | | | | | | | | | | | | | | | |
| ACOF V | Corporate Private Equity | 2017 | 7,092 | | 7,850 | | 7,611 | | 4,115 | | 6,622 | | 10,737 | 1.4x | 1.3x | 7.1 | 5.2 |
Table 120 after “The following table presents the components of the Secondaries Group’s FRE ($ in thousands):”
Download CSV
| Three months ended September 30, | Favorable (Unfavorable) | | Nine months ended September 30, | Favorable (Unfavorable) | | | | | | | | |
| 2025 | 2024 | | $ Change | % Change | 2025 | | 2024 | | $ Change | % Change | | |
| Management fees | $91,303 | | $48,084 | | $43,219 | | 90% | | $210,596 | | $140,650 | $69,946 | 50% |
| Fee related performance revenues | 17,110 | | 2,508 | | 14,602 | | NM | | 43,002 | | 20,633 | 22,369 | 108 |
| Other fees | 196 | | 58 | | 138 | | 238 | | 6,119 | | 116 | 6,003 | NM |
| Compensation and benefits | (24,952) | | (14,432) | | (10,520) | | (73) | | (66,390) | | (47,971) | (18,419) | (38) |
| General, administrative and other expenses | (9,624) | | (8,464) | | (1,160) | | (14) | | (28,173) | | (26,428) | (1,745) | (7) |
| Fee Related Earnings | $74,033 | | $27,754 | | 46,279 | | 167 | | $165,154 | | $87,000 | 78,154 | 90 |
Table 121 after “The following table presents the components of and causes for changes in the Secondaries Group’s management fees for the three and nine mont”
Download CSV
| Three month change | Nine month change | |
| Capital commitments: | | | |
| Catch-up fees generated from ASIS III and related vehicles | $27.2 | | $25.3 |
| Fees from ASIS III, excluding catch-up fees, and a credit secondaries fund | 7.4 | | 21.5 |
| Perpetual wealth vehicles: | | | |
| Fees from APMF, driven by additional capital raised | 7.6 | | 20.3 |
| Cumulative effect of other changes | 1.0 | | 2.8 |
| Total | $43.2 | | $69.9 |
Table 122 after “The following table presents the components of the Secondaries Group’s RI ($ in thousands):”
Download CSV
| Three months ended September 30, | Favorable (Unfavorable) | | Nine months ended September 30, | Favorable (Unfavorable) | | | | | | | | |
| 2025 | 2024 | | $ Change | % Change | 2025 | | 2024 | | $ Change | % Change | | |
| Fee Related Earnings | $74,033 | | $27,754 | | $46,279 | | 167% | | $165,154 | | $87,000 | $78,154 | 90% |
| Performance income—realized | 177 | | — | | 177 | | NM | | 177 | | 361 | (184) | (51) |
| Performance related compensation—realized | (106) | | — | | (106) | | NM | | (106) | | 110 | (216) | NM |
| Realized net performance income | 71 | | — | | 71 | | NM | | 71 | | 471 | (400) | (85) |
| Investment income—realized | 221 | | 76 | | 145 | | 191 | | 376 | | 390 | (14) | (4) |
| Interest income | 68 | | 20 | | 48 | | 240 | | 1,048 | | 64 | 984 | NM |
First 8 of 11 rows. The CSV has all of them.
Table 123 after “The following table presents the accrued carried interest, also referred to as accrued performance income, and related performance compensat”
Download CSV
| As of September 30, 2025 | As of December 31, 2024 | | | | | | | | |
| Accrued Performance Income | Accrued Performance Compensation | | Accrued Net Performance Income | Accrued Performance Income | Accrued Performance Compensation | | Accrued Net Performance Income | | |
| LEP XVI | $1.6 | | $1.6 | | $— | | $144.1 | | $123.3 | $20.8 |
| LREF VIII | 79.0 | | 66.9 | | 12.1 | | 81.3 | | 68.9 | 12.4 |
| Other Secondaries funds | 79.9 | | 60.6 | | 19.3 | | 38.4 | | 28.8 | 9.6 |
| Total Secondaries Group | $160.5 | | $129.1 | | $31.4 | | $263.8 | | $221.0 | $42.8 |
Table 124 after “The following table presents the change in accrued performance income for the Secondaries Group ($ in millions):”
Download CSV
| | As of December 31, 2024 | Activity during the period | | As of September 30, 2025 | | | | |
| Waterfall Type | Accrued Performance Income | Change in Unrealized | | Realized | Other Adjustments | Accrued Performance Income | | |
| Accrued Carried Interest | | | | | | | | | |
| LEP XVI | European | $144.1 | | $(11.3) | | $— | | $(131.2) | $1.6 |
| LREF VIII | European | 81.3 | | (2.3) | | — | | — | 79.0 |
| Other Secondaries funds | European | 38.4 | | 41.5 | | — | | — | 79.9 |
| Total accrued carried interest | | 263.8 | | 27.9 | | — | | (131.2) | 160.5 |
| Other Secondaries funds | Incentive | — | | 0.2 | | (0.2) | | — | — |
First 8 of 9 rows. The CSV has all of them.
Table 125 after “The table below presents the rollforwards of AUM for the Secondaries Group ($ in millions):”
Download CSV
| | Private Equity Secondaries | Real Estate Secondaries | Infrastructure Secondaries | | Credit Secondaries | Other | Total SecondariesGroup | | |
| Balance at 6/30/2025 | $18,183 | | $7,998 | | $4,199 | | $3,569 | | $— | $33,949 |
| Net new par/equity commitments | 910 | | 174 | | 1,941 | | 324 | | — | 3,349 |
| Net new debt commitments | 775 | | — | | — | | — | | — | 775 |
| Capital reductions | (32) | | — | | — | | — | | — | (32) |
| Distributions | (108) | | (36) | | (57) | | (9) | | — | (210) |
| Redemptions | (60) | | — | | — | | — | | — | (60) |
| Change in fund value | 380 | | 125 | | 82 | | 17 | | — | 604 |
First 8 of 36 rows. The CSV has all of them.
Table 126 after “The table below presents the rollforwards of fee paying AUM for the Secondaries Group ($ in millions):”
Download CSV
| Private Equity Secondaries | Real Estate Secondaries | | Infrastructure Secondaries | Credit Secondaries | | Total Secondaries Group | |
| Balance at 6/30/2025 | $13,918 | | $6,557 | | $3,144 | $916 | | $24,535 |
| Commitments | 1,251 | | 24 | | 1,878 | — | | 3,153 |
| Deployment/increase in leverage | 65 | | (28) | | 5 | 71 | | 113 |
| Distributions | (11) | | (43) | | (47) | — | | (101) |
| Redemptions | (60) | | — | | — | — | | (60) |
| Change in fund value | 133 | | 120 | | 22 | 169 | | 444 |
| Change in fee basis | (5) | | — | | — | — | | (5) |
First 8 of 35 rows. The CSV has all of them.
Table 127 after “The following table presents the performance data for our significant fund that is not a drawdown fund in the Secondaries Group as of Septem”
Download CSV
| | | | | | Returns(%) | | | | | | | | | | |
| Primary Investment Strategy | Year of Inception | | AUM | | Current Quarter | | Year-To-Date | | Since Inception(1) | | | | | | |
| Fund | | | Gross | | Net | | Gross | | Net | | Gross | | Net | | | |
| APMF(2) | Private Equity Secondaries | 2022 | | $4,380 | | | N/A | | 3.6 | | | N/A | | 11.3 | N/A | 14.7 |
Table 128 after “The following table presents the performance data of the Secondaries Group’s significant drawdown fund as of September 30, 2025 ($ in millio”
Download CSV
| Primary Investment Strategy | Year of Inception | AUM | Original Capital Commitments | | Capital Invested to Date | Realized Value(1) | Unrealized Value(2) | | Total Value | MoIC | IRR(%) | | | | | |
| Fund | | | | | | Gross(3) | Net(4) | Gross(5) | | Net(6) | | | | | | | |
| Fund Harvesting Investments | | | | | | | | | | | | | | | | | |
| LEP XVI(7) | Private Equity Secondaries | 2016 | $4,165 | | $4,896 | | $4,318 | | $2,079 | | $3,304 | | $5,383 | 1.4x | 1.3x | 15.3 | 9.4 |
Table 129 after “The following table presents the components of the Operations Management Group’s FRE ($ in thousands):”
Download CSV
| Three months ended September 30, | Favorable (Unfavorable) | | Nine months ended September 30, | Favorable (Unfavorable) | | | | | | | | |
| 2025 | 2024 | | $ Change | % Change | 2025 | | 2024 | | $ Change | % Change | | |
| Other fees | $9,235 | | $5,253 | | $3,982 | | 76% | | $22,603 | | $15,066 | $7,537 | 50% |
| Compensation and benefits | (144,405) | | (102,112) | | (42,293) | | (41) | | (395,518) | | (294,639) | (100,879) | (34) |
| General, administrative and other expenses | (81,746) | | (56,124) | | (25,622) | | (46) | | (214,949) | | (160,514) | (54,435) | (34) |
| Fee Related Earnings | $(216,916) | | $(152,983) | | (63,933) | | (42) | | $(587,864) | | $(440,087) | (147,777) | (34) |
Table 130 after “The following table presents the components of the OMG’s RI ($ in thousands):”
Download CSV
| Three months ended September 30, | Favorable (Unfavorable) | | Nine months ended September 30, | Favorable (Unfavorable) | | | | | | | | |
| 2025 | 2024 | | $ Change | % Change | 2025 | | 2024 | | $ Change | % Change | | |
| Fee Related Earnings | $(216,916) | | $(152,983) | | $(63,933) | | (42)% | | $(587,864) | | $(440,087) | $(147,777) | (34)% |
| Investment income—realized | 2,090 | | 58 | | 2,032 | | NM | | 1,528 | | 297 | 1,231 | NM |
| Interest income | 853 | | 438 | | 415 | | 95 | | 2,102 | | 1,291 | 811 | 63 |
| Interest expense | (10) | | (135) | | 125 | | 93 | | (272) | | (280) | 8 | 3 |
| Realized net investment income | 2,933 | | 361 | | 2,572 | | NM | | 3,358 | | 1,308 | 2,050 | 157 |
| Realized Income | $(213,983) | | $(152,622) | | (61,361) | | (40) | | $(584,506) | | $(438,779) | (145,727) | (33) |
Table 131 after “The following tables summarize our condensed consolidated statements of cash flows by activities attributable to the Company and Consolidate”
Download CSV
| Nine months ended September 30, | | |
| 2025 | 2024 | |
| Net cash provided by operating activities | $1,745,161 | | $1,289,501 |
| Net cash provided by the Consolidated Funds’ operating activities, net of eliminations | 2,005,486 | | 694,035 |
| Net cash provided by operating activities | 3,750,647 | | 1,983,536 |
| Net cash used in the Company’s investing activities | (1,782,560) | | (95,886) |
| Net cash used in the Company’s financing activities | (604,930) | | (1,196,743) |
| Net cash used in the Consolidated Funds’ financing activities, net of eliminations | (2,365,095) | | (713,012) |
First 8 of 11 rows. The CSV has all of them.
| Nine months ended September 30, | Favorable (Unfavorable) | | | | |
| 2025 | 2024 | | $ Change | % Change | |
| Core operating activities | $1,596,238 | | $1,096,816 | | $499,422 | 46% |
| Net realized performance income | 98,959 | | 98,000 | | 959 | 1 |
| Net cash provided by investment related activities | 49,964 | | 94,685 | | (44,721) | (47) |
| Net cash provided by operating activities | $1,745,161 | | $1,289,501 | | 455,660 | 35 |
| Nine months ended September 30, | | |
| 2025 | 2024 | |
| Purchase of furniture, equipment and leasehold improvements | $(56,385) | | $(82,203) |
| Acquisitions, net of cash acquired | (1,726,175) | | (13,683) |
| Net cash used in investing activities | $(1,782,560) | | $(95,886) |
| Nine months ended September 30, | | |
| 2025 | 2024 | |
| Net proceeds from issuance of Class A common stock | $— | | $407,236 |
| Net borrowings (repayments) of Credit Facility | 1,115,000 | | (425,000) |
| Dividends/distributions to unitholders and stockholders | (1,296,937) | | (969,360) |
| Stock option exercises | — | | 1,511 |
| Taxes paid related to net share settlement of equity awards | (425,623) | | (211,615) |
| Other financing activities | 2,630 | | 485 |
First 8 of 9 rows. The CSV has all of them.
Table 135 after “The following is a list of all exhibits filed or furnished as part of this report.”
Download CSV
| Exhibit No. | Description |
| 3.1 | Second Amended and Restated Certificate of Incorporation of Ares Management Corporation (incorporated by reference to Exhibit 3.1 to the Registrant’s Quarterly Report on Form 10-Q (File No. 001-36429) filed with the SEC on May 6, 2021). |
| 3.2 | Bylaws of Ares Management Incorporation (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). |
| 3.3 | Certificate of Designations of 6.75% Series B Mandatory Convertible Preferred Stock (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K (File No. 001-36429) filed with the SEC on October 10, 2024). |
| 31.1* | Certification of the Chief Executive Officer pursuant to Rule 13a-14(a). |
| 31.2* | Certification of the Chief Financial Officer pursuant to Rule 13a-14(a). |
| 32.1** | Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350. |
| 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
First 8 of 14 rows. The CSV has all of them.