Companies: 11,396     total market cap: C$206.895 T
$USD๐Ÿ‡บ๐Ÿ‡ธโ‚ฌEUR๐Ÿ‡ช๐Ÿ‡บโ‚นINR๐Ÿ‡ฎ๐Ÿ‡ณยฃGBP๐Ÿ‡ฌ๐Ÿ‡ง$AUD๐Ÿ‡ฆ๐Ÿ‡บ$NZD๐Ÿ‡ณ๐Ÿ‡ฟ$HKD๐Ÿ‡ญ๐Ÿ‡ฐ$SGD๐Ÿ‡ธ๐Ÿ‡ฌ
Ares Management
ARES
#563
Rank
C$62.80 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
C$189.29
Share price
0.19%
Change (1 day)
-9.76%
Change (1 year)
๐Ÿ’ณ Financial services Asset Management
Categories
  1. Ares Management
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2026 Q3

Ares Management - 10-Q quarterly report FY2026 Q3


Text size:
false2026Q3000117694812/31http://fasb.org/srt/2026#AffiliatedEntityMemberhttp://fasb.org/srt/2026#AffiliatedEntityMemberhttp://fasb.org/srt/2026#AffiliatedEntityMemberhttp://fasb.org/srt/2026#AffiliatedEntityMemberhttp://fasb.org/us-gaap/2026#SellingGeneralAndAdministrativeExpensehttp://fasb.org/us-gaap/2026#SellingGeneralAndAdministrativeExpensehttp://fasb.org/us-gaap/2026#GainLossOnInvestmentshttp://fasb.org/us-gaap/2026#GainLossOnInvestmentshttp://fasb.org/us-gaap/2026#GainLossOnInvestmentshttp://fasb.org/us-gaap/2026#GainLossOnInvestmentshttp://fasb.org/us-gaap/2026#GainLossOnInvestmentshttp://fasb.org/us-gaap/2026#GainLossOnInvestmentshttp://fasb.org/us-gaap/2026#GainLossOnInvestmentshttp://fasb.org/us-gaap/2026#GainLossOnInvestmentshttp://fasb.org/us-gaap/2026#GainLossOnInvestmentshttp://fasb.org/us-gaap/2026#GainLossOnInvestmentshttp://fasb.org/us-gaap/2026#GainLossOnInvestmentshttp://fasb.org/us-gaap/2026#GainLossOnInvestmentsP5YP3Yhttp://fasb.org/srt/2026#AffiliatedEntityMemberhttp://fasb.org/srt/2026#AffiliatedEntityMemberhttp://fasb.org/srt/2026#AffiliatedEntityMemberhttp://fasb.org/srt/2026#AffiliatedEntityMemberhttp://fasb.org/srt/2026#AffiliatedEntityMemberhttp://fasb.org/srt/2026#AffiliatedEntityMemberxbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pureares:class00011769482026-01-012026-09-300001176948ares:ClassACommonStockParValue0.01PerShareMember2026-01-012026-09-300001176948ares:A6.75SeriesBMandatoryConvertiblePreferredStockParValue0.01PerShareMember2026-01-012026-09-300001176948us-gaap:CommonClassAMember2026-11-020001176948us-gaap:NonvotingCommonStockMember2026-11-020001176948us-gaap:CommonClassBMember2026-11-020001176948us-gaap:CommonClassCMember2026-11-020001176948ares:SeriesBMandatoryConvertiblePreferredStockMember2026-11-020001176948srt:ParentCompanyMember2026-09-300001176948srt:ParentCompanyMember2025-12-310001176948us-gaap:ConsolidatedEntityExcludingVieMember2026-09-300001176948us-gaap:ConsolidatedEntityExcludingVieMember2025-12-310001176948ares:ConsolidatedEntityExcludingVIEIncludingParentMember2026-09-300001176948ares:ConsolidatedEntityExcludingVIEIncludingParentMember2025-12-3100011769482026-09-3000011769482025-12-310001176948ares:SeriesBMandatoryConvertiblePreferredStockMember2026-09-300001176948ares:SeriesBMandatoryConvertiblePreferredStockMember2025-12-310001176948us-gaap:CommonClassAMember2026-09-300001176948us-gaap:CommonClassAMember2025-12-310001176948us-gaap:NonvotingCommonStockMember2025-12-310001176948us-gaap:NonvotingCommonStockMember2026-09-300001176948us-gaap:CommonClassBMember2025-12-310001176948us-gaap:CommonClassBMember2026-09-300001176948us-gaap:CommonClassCMember2025-12-310001176948us-gaap:CommonClassCMember2026-09-300001176948us-gaap:ManagementServiceMember2026-07-012026-09-300001176948us-gaap:ManagementServiceMember2025-07-012025-09-300001176948us-gaap:ManagementServiceMember2026-01-012026-09-300001176948us-gaap:ManagementServiceMember2025-01-012025-09-300001176948ares:CarriedInterestMember2026-07-012026-09-300001176948ares:CarriedInterestMember2025-07-012025-09-300001176948ares:CarriedInterestMember2026-01-012026-09-300001176948ares:CarriedInterestMember2025-01-012025-09-300001176948us-gaap:ManagementServiceIncentiveMember2026-07-012026-09-300001176948us-gaap:ManagementServiceIncentiveMember2025-07-012025-09-300001176948us-gaap:ManagementServiceIncentiveMember2026-01-012026-09-300001176948us-gaap:ManagementServiceIncentiveMember2025-01-012025-09-300001176948ares:PrincipalInvestmentIncomeLossMember2026-07-012026-09-300001176948ares:PrincipalInvestmentIncomeLossMember2025-07-012025-09-300001176948ares:PrincipalInvestmentIncomeLossMember2026-01-012026-09-300001176948ares:PrincipalInvestmentIncomeLossMember2025-01-012025-09-300001176948us-gaap:AdministrativeServiceMember2026-07-012026-09-300001176948us-gaap:AdministrativeServiceMember2025-07-012025-09-300001176948us-gaap:AdministrativeServiceMember2026-01-012026-09-300001176948us-gaap:AdministrativeServiceMember2025-01-012025-09-3000011769482026-07-012026-09-3000011769482025-07-012025-09-3000011769482025-01-012025-09-300001176948ares:AresOperatingGroupMember2026-07-012026-09-300001176948ares:AresOperatingGroupMember2025-07-012025-09-300001176948ares:AresOperatingGroupMember2026-01-012026-09-300001176948ares:AresOperatingGroupMember2025-01-012025-09-300001176948ares:ConsolidatedFundsMember2026-07-012026-09-300001176948ares:ConsolidatedFundsMember2025-07-012025-09-300001176948ares:ConsolidatedFundsMember2026-01-012026-09-300001176948ares:ConsolidatedFundsMember2025-01-012025-09-300001176948ares:SeriesBMandatoryConvertiblePreferredStockMember2026-07-012026-09-300001176948ares:SeriesBMandatoryConvertiblePreferredStockMember2025-07-012025-09-300001176948ares:SeriesBMandatoryConvertiblePreferredStockMember2026-01-012026-09-300001176948ares:SeriesBMandatoryConvertiblePreferredStockMember2025-01-012025-09-300001176948ares:ClassACommonStockAndNonVotingCommonStockMember2026-07-012026-09-300001176948ares:ClassACommonStockAndNonVotingCommonStockMember2025-07-012025-09-300001176948ares:ClassACommonStockAndNonVotingCommonStockMember2026-01-012026-09-300001176948ares:ClassACommonStockAndNonVotingCommonStockMember2025-01-012025-09-300001176948srt:ParentCompanyMemberares:AresManagementCorporationMember2026-07-012026-09-300001176948srt:ParentCompanyMemberares:AresManagementCorporationMember2025-07-012025-09-300001176948srt:ParentCompanyMemberares:AresManagementCorporationMember2026-01-012026-09-300001176948srt:ParentCompanyMemberares:AresManagementCorporationMember2025-01-012025-09-300001176948ares:SeriesBMandatoryConvertiblePreferredStockMemberus-gaap:PreferredStockMember2025-12-310001176948us-gaap:CommonClassAMemberus-gaap:CommonStockMember2025-12-310001176948us-gaap:NonvotingCommonStockMemberus-gaap:CommonStockMember2025-12-310001176948us-gaap:CommonClassCMemberus-gaap:CommonStockMember2025-12-310001176948us-gaap:AdditionalPaidInCapitalMember2025-12-310001176948us-gaap:RetainedEarningsMember2025-12-310001176948us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-310001176948ares:AresOperatingGroupMemberus-gaap:NoncontrollingInterestMember2025-12-310001176948ares:ConsolidatedFundsMemberus-gaap:NoncontrollingInterestMember2025-12-310001176948us-gaap:CommonClassAMemberus-gaap:CommonStockMember2026-01-012026-03-310001176948us-gaap:CommonClassCMemberus-gaap:CommonStockMember2026-01-012026-03-310001176948us-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-310001176948ares:AresOperatingGroupMemberus-gaap:NoncontrollingInterestMember2026-01-012026-03-310001176948ares:ConsolidatedFundsMemberus-gaap:NoncontrollingInterestMember2026-01-012026-03-3100011769482026-01-012026-03-310001176948ares:SeriesBMandatoryConvertiblePreferredStockMemberus-gaap:PreferredStockMember2026-01-012026-03-310001176948us-gaap:RetainedEarningsMember2026-01-012026-03-310001176948us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-01-012026-03-310001176948ares:SeriesBMandatoryConvertiblePreferredStockMemberus-gaap:PreferredStockMember2026-03-310001176948us-gaap:CommonClassAMemberus-gaap:CommonStockMember2026-03-310001176948us-gaap:NonvotingCommonStockMemberus-gaap:CommonStockMember2026-03-310001176948us-gaap:CommonClassCMemberus-gaap:CommonStockMember2026-03-310001176948us-gaap:AdditionalPaidInCapitalMember2026-03-310001176948us-gaap:RetainedEarningsMember2026-03-310001176948us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-03-310001176948ares:AresOperatingGroupMemberus-gaap:NoncontrollingInterestMember2026-03-310001176948ares:ConsolidatedFundsMemberus-gaap:NoncontrollingInterestMember2026-03-3100011769482026-03-310001176948us-gaap:CommonClassAMemberus-gaap:CommonStockMember2026-04-012026-06-300001176948us-gaap:CommonClassCMemberus-gaap:CommonStockMember2026-04-012026-06-300001176948us-gaap:AdditionalPaidInCapitalMember2026-04-012026-06-300001176948ares:AresOperatingGroupMemberus-gaap:NoncontrollingInterestMember2026-04-012026-06-300001176948ares:ConsolidatedFundsMemberus-gaap:NoncontrollingInterestMember2026-04-012026-06-3000011769482026-04-012026-06-300001176948ares:SeriesBMandatoryConvertiblePreferredStockMemberus-gaap:PreferredStockMember2026-04-012026-06-300001176948us-gaap:RetainedEarningsMember2026-04-012026-06-300001176948us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-04-012026-06-300001176948ares:SeriesBMandatoryConvertiblePreferredStockMemberus-gaap:PreferredStockMember2026-06-300001176948us-gaap:CommonClassAMemberus-gaap:CommonStockMember2026-06-300001176948us-gaap:NonvotingCommonStockMemberus-gaap:CommonStockMember2026-06-300001176948us-gaap:CommonClassCMemberus-gaap:CommonStockMember2026-06-300001176948us-gaap:AdditionalPaidInCapitalMember2026-06-300001176948us-gaap:RetainedEarningsMember2026-06-300001176948us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-06-300001176948ares:AresOperatingGroupMemberus-gaap:NoncontrollingInterestMember2026-06-300001176948ares:ConsolidatedFundsMemberus-gaap:NoncontrollingInterestMember2026-06-3000011769482026-06-300001176948us-gaap:CommonClassAMemberus-gaap:CommonStockMember2026-07-012026-09-300001176948us-gaap:CommonClassCMemberus-gaap:CommonStockMember2026-07-012026-09-300001176948us-gaap:AdditionalPaidInCapitalMember2026-07-012026-09-300001176948ares:AresOperatingGroupMemberus-gaap:NoncontrollingInterestMember2026-07-012026-09-300001176948ares:ConsolidatedFundsMemberus-gaap:NoncontrollingInterestMember2026-07-012026-09-300001176948ares:SeriesBMandatoryConvertiblePreferredStockMemberus-gaap:PreferredStockMember2026-07-012026-09-300001176948us-gaap:RetainedEarningsMember2026-07-012026-09-300001176948us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-07-012026-09-300001176948ares:SeriesBMandatoryConvertiblePreferredStockMemberus-gaap:PreferredStockMember2026-09-300001176948us-gaap:CommonClassAMemberus-gaap:CommonStockMember2026-09-300001176948us-gaap:NonvotingCommonStockMemberus-gaap:CommonStockMember2026-09-300001176948us-gaap:CommonClassCMemberus-gaap:CommonStockMember2026-09-300001176948us-gaap:AdditionalPaidInCapitalMember2026-09-300001176948us-gaap:RetainedEarningsMember2026-09-300001176948us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-09-300001176948ares:AresOperatingGroupMemberus-gaap:NoncontrollingInterestMember2026-09-300001176948ares:ConsolidatedFundsMemberus-gaap:NoncontrollingInterestMember2026-09-300001176948ares:SeriesBMandatoryConvertiblePreferredStockMemberus-gaap:PreferredStockMember2024-12-310001176948us-gaap:CommonClassAMemberus-gaap:CommonStockMember2024-12-310001176948us-gaap:NonvotingCommonStockMemberus-gaap:CommonStockMember2024-12-310001176948us-gaap:CommonClassCMemberus-gaap:CommonStockMember2024-12-310001176948us-gaap:AdditionalPaidInCapitalMember2024-12-310001176948us-gaap:RetainedEarningsMember2024-12-310001176948us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310001176948ares:AresOperatingGroupMemberus-gaap:NoncontrollingInterestMember2024-12-310001176948ares:ConsolidatedFundsMemberus-gaap:NoncontrollingInterestMember2024-12-3100011769482024-12-310001176948us-gaap:CommonClassAMemberus-gaap:CommonStockMember2025-01-012025-03-310001176948us-gaap:CommonClassCMemberus-gaap:CommonStockMember2025-01-012025-03-310001176948us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001176948ares:AresOperatingGroupMemberus-gaap:NoncontrollingInterestMember2025-01-012025-03-310001176948ares:ConsolidatedFundsMemberus-gaap:NoncontrollingInterestMember2025-01-012025-03-3100011769482025-01-012025-03-310001176948ares:SeriesBMandatoryConvertiblePreferredStockMemberus-gaap:PreferredStockMember2025-01-012025-03-310001176948us-gaap:RetainedEarningsMember2025-01-012025-03-310001176948us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310001176948ares:SeriesBMandatoryConvertiblePreferredStockMemberus-gaap:PreferredStockMember2025-03-310001176948us-gaap:CommonClassAMemberus-gaap:CommonStockMember2025-03-310001176948us-gaap:NonvotingCommonStockMemberus-gaap:CommonStockMember2025-03-310001176948us-gaap:CommonClassCMemberus-gaap:CommonStockMember2025-03-310001176948us-gaap:AdditionalPaidInCapitalMember2025-03-310001176948us-gaap:RetainedEarningsMember2025-03-310001176948us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310001176948ares:AresOperatingGroupMemberus-gaap:NoncontrollingInterestMember2025-03-310001176948ares:ConsolidatedFundsMemberus-gaap:NoncontrollingInterestMember2025-03-3100011769482025-03-310001176948us-gaap:CommonClassAMemberus-gaap:CommonStockMember2025-04-012025-06-300001176948us-gaap:CommonClassCMemberus-gaap:CommonStockMember2025-04-012025-06-300001176948us-gaap:AdditionalPaidInCapitalMember2025-04-012025-06-300001176948ares:AresOperatingGroupMemberus-gaap:NoncontrollingInterestMember2025-04-012025-06-300001176948ares:ConsolidatedFundsMemberus-gaap:NoncontrollingInterestMember2025-04-012025-06-3000011769482025-04-012025-06-300001176948ares:SeriesBMandatoryConvertiblePreferredStockMemberus-gaap:PreferredStockMember2025-04-012025-06-300001176948us-gaap:RetainedEarningsMember2025-04-012025-06-300001176948us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-04-012025-06-300001176948ares:SeriesBMandatoryConvertiblePreferredStockMemberus-gaap:PreferredStockMember2025-06-300001176948us-gaap:CommonClassAMemberus-gaap:CommonStockMember2025-06-300001176948us-gaap:NonvotingCommonStockMemberus-gaap:CommonStockMember2025-06-300001176948us-gaap:CommonClassCMemberus-gaap:CommonStockMember2025-06-300001176948us-gaap:AdditionalPaidInCapitalMember2025-06-300001176948us-gaap:RetainedEarningsMember2025-06-300001176948us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-300001176948ares:AresOperatingGroupMemberus-gaap:NoncontrollingInterestMember2025-06-300001176948ares:ConsolidatedFundsMemberus-gaap:NoncontrollingInterestMember2025-06-3000011769482025-06-300001176948us-gaap:CommonClassAMemberus-gaap:CommonStockMember2025-07-012025-09-300001176948us-gaap:CommonClassCMemberus-gaap:CommonStockMember2025-07-012025-09-300001176948us-gaap:AdditionalPaidInCapitalMember2025-07-012025-09-300001176948ares:AresOperatingGroupMemberus-gaap:NoncontrollingInterestMember2025-07-012025-09-300001176948ares:ConsolidatedFundsMemberus-gaap:NoncontrollingInterestMember2025-07-012025-09-300001176948ares:SeriesBMandatoryConvertiblePreferredStockMemberus-gaap:PreferredStockMember2025-07-012025-09-300001176948us-gaap:RetainedEarningsMember2025-07-012025-09-300001176948us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-07-012025-09-300001176948ares:SeriesBMandatoryConvertiblePreferredStockMemberus-gaap:PreferredStockMember2025-09-300001176948us-gaap:CommonClassAMemberus-gaap:CommonStockMember2025-09-300001176948us-gaap:NonvotingCommonStockMemberus-gaap:CommonStockMember2025-09-300001176948us-gaap:CommonClassCMemberus-gaap:CommonStockMember2025-09-300001176948us-gaap:AdditionalPaidInCapitalMember2025-09-300001176948us-gaap:RetainedEarningsMember2025-09-300001176948us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-09-300001176948ares:AresOperatingGroupMemberus-gaap:NoncontrollingInterestMember2025-09-300001176948ares:ConsolidatedFundsMemberus-gaap:NoncontrollingInterestMember2025-09-3000011769482025-09-300001176948us-gaap:CommonClassAMemberus-gaap:CommonStockMember2025-10-012025-12-310001176948us-gaap:CommonClassCMemberus-gaap:CommonStockMember2025-10-012025-12-310001176948us-gaap:AdditionalPaidInCapitalMember2025-10-012025-12-310001176948ares:AresOperatingGroupMemberus-gaap:NoncontrollingInterestMember2025-10-012025-12-310001176948ares:ConsolidatedFundsMemberus-gaap:NoncontrollingInterestMember2025-10-012025-12-3100011769482025-10-012025-12-310001176948ares:SeriesBMandatoryConvertiblePreferredStockMemberus-gaap:PreferredStockMember2025-10-012025-12-310001176948us-gaap:RetainedEarningsMember2025-10-012025-12-310001176948us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-10-012025-12-310001176948srt:ParentCompanyMember2026-01-012026-09-300001176948srt:ParentCompanyMember2025-01-012025-09-300001176948srt:ParentCompanyMember2024-12-310001176948srt:ParentCompanyMember2025-09-300001176948ares:CollateralManagementContractsMember2026-09-300001176948ares:CollateralManagementContractsMember2025-12-310001176948us-gaap:CustomerRelationshipsMember2026-09-300001176948us-gaap:CustomerRelationshipsMember2025-12-310001176948us-gaap:OtherIntangibleAssetsMember2026-09-300001176948us-gaap:OtherIntangibleAssetsMember2025-12-310001176948ares:CollateralManagementContractsMember2026-09-300001176948ares:CollateralManagementContractsMember2025-12-310001176948ares:BlueCoveLimitedMember2026-02-010001176948ares:BlueCoveLimitedMemberares:CollateralManagementContractsMember2026-02-010001176948ares:BlueCoveLimitedMemberus-gaap:DevelopedTechnologyRightsMember2026-02-010001176948ares:BlueCoveLimitedMemberares:CollateralManagementContractsMember2026-02-012026-02-010001176948ares:BlueCoveLimitedMemberus-gaap:DevelopedTechnologyRightsMember2026-02-012026-02-010001176948ares:CreditGroupSegmentMemberares:CollateralManagementContractsMember2025-01-012025-09-300001176948ares:CreditGroupSegmentMemberares:CollateralManagementContractsMember2025-07-012025-09-300001176948ares:CollateralManagementContractsMember2026-01-012026-09-300001176948ares:CreditGroupSegmentMember2025-12-310001176948ares:RealAssetsGroupSegmentMember2025-12-310001176948ares:SecondariesGroupSegmentMember2025-12-310001176948ares:PrivateEquityGroupSegmentMember2025-12-310001176948ares:CreditGroupSegmentMember2026-01-012026-09-300001176948ares:RealAssetsGroupSegmentMember2026-01-012026-09-300001176948ares:SecondariesGroupSegmentMember2026-01-012026-09-300001176948ares:PrivateEquityGroupSegmentMember2026-01-012026-09-300001176948ares:CreditGroupSegmentMember2026-09-300001176948ares:RealAssetsGroupSegmentMember2026-09-300001176948ares:SecondariesGroupSegmentMember2026-09-300001176948ares:PrivateEquityGroupSegmentMember2026-09-300001176948ares:BlueCoveLimitedMember2026-01-012026-09-300001176948srt:ParentCompanyMemberares:CarriedInterestMember2026-09-300001176948srt:ParentCompanyMemberares:CarriedInterestMember2025-12-310001176948srt:ParentCompanyMemberares:PrivateInvestmentPartnershipInterestsMember2026-09-300001176948srt:ParentCompanyMemberares:PrivateInvestmentPartnershipInterestsMember2025-12-310001176948srt:ParentCompanyMemberares:PrivateInvestmentPartnershipInterestsOtherMember2026-09-300001176948srt:ParentCompanyMemberares:PrivateInvestmentPartnershipInterestsOtherMember2025-12-310001176948srt:ParentCompanyMemberares:OtherPrivateInvestmentPartnershipInterestsMember2026-09-300001176948srt:ParentCompanyMemberares:OtherPrivateInvestmentPartnershipInterestsMember2025-12-310001176948srt:ParentCompanyMemberares:PrivateInvestmentPartnershipInterestsMember2026-09-300001176948srt:ParentCompanyMemberares:PrivateInvestmentPartnershipInterestsMember2025-12-310001176948srt:ParentCompanyMemberus-gaap:CollateralizedLoanObligationsMember2026-09-300001176948srt:ParentCompanyMemberus-gaap:CollateralizedLoanObligationsMember2025-12-310001176948srt:ParentCompanyMemberus-gaap:FixedIncomeInvestmentsMember2026-09-300001176948srt:ParentCompanyMemberus-gaap:FixedIncomeInvestmentsMember2025-12-310001176948srt:ParentCompanyMemberares:CollateralizedLoanObligationsAndOtherFixedIncomeSecuritiesMember2026-09-300001176948srt:ParentCompanyMemberares:CollateralizedLoanObligationsAndOtherFixedIncomeSecuritiesMember2025-12-310001176948srt:ParentCompanyMemberus-gaap:EquitySecuritiesMember2026-09-300001176948srt:ParentCompanyMemberus-gaap:EquitySecuritiesMember2025-12-310001176948srt:ParentCompanyMemberares:CarriedInterestHeldAtFairValueMember2026-09-300001176948srt:ParentCompanyMemberares:CarriedInterestHeldAtFairValueMember2025-12-310001176948us-gaap:FixedIncomeSecuritiesMemberus-gaap:LoansMemberares:ConsolidatedFundsMember2026-09-300001176948us-gaap:FixedIncomeSecuritiesMemberus-gaap:LoansMemberares:ConsolidatedFundsMember2025-12-310001176948us-gaap:FixedIncomeSecuritiesMemberus-gaap:USTreasurySecuritiesMemberares:ConsolidatedFundsMember2026-09-300001176948us-gaap:FixedIncomeSecuritiesMemberus-gaap:USTreasurySecuritiesMemberares:ConsolidatedFundsMember2025-12-310001176948us-gaap:FixedIncomeSecuritiesMemberus-gaap:BondsMemberares:ConsolidatedFundsMember2026-09-300001176948us-gaap:FixedIncomeSecuritiesMemberus-gaap:BondsMemberares:ConsolidatedFundsMember2025-12-310001176948us-gaap:FixedIncomeSecuritiesMemberares:ConsolidatedFundsMember2026-09-300001176948us-gaap:FixedIncomeSecuritiesMemberares:ConsolidatedFundsMember2025-12-310001176948srt:PartnershipInterestMemberares:ConsolidatedFundsMember2026-09-300001176948srt:PartnershipInterestMemberares:ConsolidatedFundsMember2025-12-310001176948us-gaap:EquitySecuritiesMemberares:ConsolidatedFundsMember2026-09-300001176948us-gaap:EquitySecuritiesMemberares:ConsolidatedFundsMember2025-12-310001176948ares:ConsolidatedFundsMember2026-09-300001176948ares:ConsolidatedFundsMember2025-12-310001176948srt:ParentCompanyMemberus-gaap:FairValueInputsLevel1Member2026-09-300001176948srt:ParentCompanyMemberus-gaap:FairValueInputsLevel2Member2026-09-300001176948srt:ParentCompanyMemberus-gaap:FairValueInputsLevel3Member2026-09-300001176948srt:ParentCompanyMemberares:CommonStockAndOtherEquitySecuritiesCarriedInterestMemberus-gaap:FairValueInputsLevel1Member2026-09-300001176948srt:ParentCompanyMemberares:CommonStockAndOtherEquitySecuritiesCarriedInterestMemberus-gaap:FairValueInputsLevel2Member2026-09-300001176948srt:ParentCompanyMemberares:CommonStockAndOtherEquitySecuritiesCarriedInterestMemberus-gaap:FairValueInputsLevel3Member2026-09-300001176948srt:ParentCompanyMemberares:CommonStockAndOtherEquitySecuritiesCarriedInterestMember2026-09-300001176948srt:ParentCompanyMemberares:CollateralizedLoanObligationsAndOtherFixedIncomeSecuritiesMemberus-gaap:FairValueInputsLevel1Member2026-09-300001176948srt:ParentCompanyMemberares:CollateralizedLoanObligationsAndOtherFixedIncomeSecuritiesMemberus-gaap:FairValueInputsLevel2Member2026-09-300001176948srt:ParentCompanyMemberares:CollateralizedLoanObligationsAndOtherFixedIncomeSecuritiesMemberus-gaap:FairValueInputsLevel3Member2026-09-300001176948srt:ParentCompanyMemberares:CollateralizedLoanObligationsAndOtherFixedIncomeSecuritiesMember2026-09-300001176948srt:ParentCompanyMemberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel1Member2026-09-300001176948srt:ParentCompanyMemberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel2Member2026-09-300001176948srt:ParentCompanyMemberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Member2026-09-300001176948srt:ParentCompanyMemberus-gaap:ForeignExchangeContractMember2026-09-300001176948ares:LoansAndSecuritizationVehiclesMemberares:ConsolidatedFundsMemberus-gaap:FairValueInputsLevel1Member2026-09-300001176948ares:LoansAndSecuritizationVehiclesMemberares:ConsolidatedFundsMemberus-gaap:FairValueInputsLevel2Member2026-09-300001176948ares:LoansAndSecuritizationVehiclesMemberares:ConsolidatedFundsMemberus-gaap:FairValueInputsLevel3Member2026-09-300001176948ares:LoansAndSecuritizationVehiclesMemberares:ConsolidatedFundsMember2026-09-300001176948us-gaap:USTreasurySecuritiesMemberares:ConsolidatedFundsMemberus-gaap:FairValueInputsLevel1Member2026-09-300001176948us-gaap:USTreasurySecuritiesMemberares:ConsolidatedFundsMemberus-gaap:FairValueInputsLevel2Member2026-09-300001176948us-gaap:USTreasurySecuritiesMemberares:ConsolidatedFundsMemberus-gaap:FairValueInputsLevel3Member2026-09-300001176948us-gaap:USTreasurySecuritiesMemberares:ConsolidatedFundsMember2026-09-300001176948us-gaap:BondsMemberares:ConsolidatedFundsMemberus-gaap:FairValueInputsLevel1Member2026-09-300001176948us-gaap:BondsMemberares:ConsolidatedFundsMemberus-gaap:FairValueInputsLevel2Member2026-09-300001176948us-gaap:BondsMemberares:ConsolidatedFundsMemberus-gaap:FairValueInputsLevel3Member2026-09-300001176948us-gaap:BondsMemberares:ConsolidatedFundsMember2026-09-300001176948ares:ConsolidatedFundsMemberus-gaap:FairValueInputsLevel1Member2026-09-300001176948ares:ConsolidatedFundsMemberus-gaap:FairValueInputsLevel2Member2026-09-300001176948ares:ConsolidatedFundsMemberus-gaap:FairValueInputsLevel3Member2026-09-300001176948ares:ConsolidatedFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2026-09-300001176948srt:ParentCompanyMemberus-gaap:FairValueInputsLevel1Member2025-12-310001176948srt:ParentCompanyMemberus-gaap:FairValueInputsLevel2Member2025-12-310001176948srt:ParentCompanyMemberus-gaap:FairValueInputsLevel3Member2025-12-310001176948srt:ParentCompanyMemberares:CommonStockAndOtherEquitySecuritiesCarriedInterestMemberus-gaap:FairValueInputsLevel1Member2025-12-310001176948srt:ParentCompanyMemberares:CommonStockAndOtherEquitySecuritiesCarriedInterestMemberus-gaap:FairValueInputsLevel2Member2025-12-310001176948srt:ParentCompanyMemberares:CommonStockAndOtherEquitySecuritiesCarriedInterestMemberus-gaap:FairValueInputsLevel3Member2025-12-310001176948srt:ParentCompanyMemberares:CommonStockAndOtherEquitySecuritiesCarriedInterestMember2025-12-310001176948srt:ParentCompanyMemberares:CollateralizedLoanObligationsAndOtherFixedIncomeSecuritiesMemberus-gaap:FairValueInputsLevel1Member2025-12-310001176948srt:ParentCompanyMemberares:CollateralizedLoanObligationsAndOtherFixedIncomeSecuritiesMemberus-gaap:FairValueInputsLevel2Member2025-12-310001176948srt:ParentCompanyMemberares:CollateralizedLoanObligationsAndOtherFixedIncomeSecuritiesMemberus-gaap:FairValueInputsLevel3Member2025-12-310001176948srt:ParentCompanyMemberares:CollateralizedLoanObligationsAndOtherFixedIncomeSecuritiesMember2025-12-310001176948srt:ParentCompanyMemberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel1Member2025-12-310001176948srt:ParentCompanyMemberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel2Member2025-12-310001176948srt:ParentCompanyMemberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Member2025-12-310001176948srt:ParentCompanyMemberus-gaap:ForeignExchangeContractMember2025-12-310001176948ares:LoansAndSecuritizationVehiclesMemberares:ConsolidatedFundsMemberus-gaap:FairValueInputsLevel1Member2025-12-310001176948ares:LoansAndSecuritizationVehiclesMemberares:ConsolidatedFundsMemberus-gaap:FairValueInputsLevel2Member2025-12-310001176948ares:LoansAndSecuritizationVehiclesMemberares:ConsolidatedFundsMemberus-gaap:FairValueInputsLevel3Member2025-12-310001176948ares:LoansAndSecuritizationVehiclesMemberares:ConsolidatedFundsMember2025-12-310001176948us-gaap:BondsMemberares:ConsolidatedFundsMemberus-gaap:FairValueInputsLevel1Member2025-12-310001176948us-gaap:BondsMemberares:ConsolidatedFundsMemberus-gaap:FairValueInputsLevel2Member2025-12-310001176948us-gaap:BondsMemberares:ConsolidatedFundsMemberus-gaap:FairValueInputsLevel3Member2025-12-310001176948us-gaap:BondsMemberares:ConsolidatedFundsMember2025-12-310001176948ares:ConsolidatedFundsMemberus-gaap:FairValueInputsLevel1Member2025-12-310001176948ares:ConsolidatedFundsMemberus-gaap:FairValueInputsLevel2Member2025-12-310001176948ares:ConsolidatedFundsMemberus-gaap:FairValueInputsLevel3Member2025-12-310001176948ares:ConsolidatedFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001176948ares:ConsolidatedFundsMemberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel1Member2025-12-310001176948ares:ConsolidatedFundsMemberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel2Member2025-12-310001176948ares:ConsolidatedFundsMemberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Member2025-12-310001176948ares:ConsolidatedFundsMemberus-gaap:ForeignExchangeContractMember2025-12-310001176948ares:ConsolidatedFundsMemberus-gaap:OtherContractMemberus-gaap:FairValueInputsLevel1Member2025-12-310001176948ares:ConsolidatedFundsMemberus-gaap:OtherContractMemberus-gaap:FairValueInputsLevel2Member2025-12-310001176948ares:ConsolidatedFundsMemberus-gaap:OtherContractMemberus-gaap:FairValueInputsLevel3Member2025-12-310001176948ares:ConsolidatedFundsMemberus-gaap:OtherContractMember2025-12-310001176948srt:ParentCompanyMemberus-gaap:EquitySecuritiesMember2026-06-300001176948srt:ParentCompanyMemberus-gaap:FixedIncomeSecuritiesMember2026-06-300001176948srt:ParentCompanyMemberares:BusinessAcquisitionContingentConsiderationMember2026-06-300001176948srt:ParentCompanyMember2026-06-300001176948srt:ParentCompanyMemberus-gaap:EquitySecuritiesMember2026-07-012026-09-300001176948srt:ParentCompanyMemberus-gaap:FixedIncomeSecuritiesMember2026-07-012026-09-300001176948srt:ParentCompanyMemberares:BusinessAcquisitionContingentConsiderationMember2026-07-012026-09-300001176948srt:ParentCompanyMember2026-07-012026-09-300001176948srt:ParentCompanyMemberus-gaap:EquitySecuritiesMember2026-09-300001176948srt:ParentCompanyMemberus-gaap:FixedIncomeSecuritiesMember2026-09-300001176948srt:ParentCompanyMemberares:BusinessAcquisitionContingentConsiderationMember2026-09-300001176948us-gaap:EquitySecuritiesMemberares:ConsolidatedFundsMember2026-06-300001176948us-gaap:FixedIncomeSecuritiesMemberares:ConsolidatedFundsMember2026-06-300001176948ares:ConsolidatedFundsMember2026-06-300001176948us-gaap:EquitySecuritiesMemberares:ConsolidatedFundsMember2026-07-012026-09-300001176948us-gaap:FixedIncomeSecuritiesMemberares:ConsolidatedFundsMember2026-07-012026-09-300001176948us-gaap:EquitySecuritiesMemberares:ConsolidatedFundsMember2026-09-300001176948us-gaap:FixedIncomeSecuritiesMemberares:ConsolidatedFundsMember2026-09-300001176948srt:ParentCompanyMemberus-gaap:EquitySecuritiesMember2025-06-300001176948srt:ParentCompanyMemberus-gaap:FixedIncomeSecuritiesMember2025-06-300001176948srt:ParentCompanyMemberares:BusinessAcquisitionContingentConsiderationMember2025-06-300001176948srt:ParentCompanyMember2025-06-300001176948srt:ParentCompanyMemberus-gaap:EquitySecuritiesMember2025-07-012025-09-300001176948srt:ParentCompanyMemberus-gaap:FixedIncomeSecuritiesMember2025-07-012025-09-300001176948srt:ParentCompanyMemberares:BusinessAcquisitionContingentConsiderationMember2025-07-012025-09-300001176948srt:ParentCompanyMember2025-07-012025-09-300001176948srt:ParentCompanyMemberus-gaap:EquitySecuritiesMember2025-09-300001176948srt:ParentCompanyMemberus-gaap:FixedIncomeSecuritiesMember2025-09-300001176948srt:ParentCompanyMemberares:BusinessAcquisitionContingentConsiderationMember2025-09-300001176948us-gaap:EquitySecuritiesMemberares:ConsolidatedFundsMember2025-06-300001176948us-gaap:FixedIncomeSecuritiesMemberares:ConsolidatedFundsMember2025-06-300001176948ares:ConsolidatedFundsMember2025-06-300001176948us-gaap:EquitySecuritiesMemberares:ConsolidatedFundsMember2025-07-012025-09-300001176948us-gaap:FixedIncomeSecuritiesMemberares:ConsolidatedFundsMember2025-07-012025-09-300001176948us-gaap:EquitySecuritiesMemberares:ConsolidatedFundsMember2025-09-300001176948us-gaap:FixedIncomeSecuritiesMemberares:ConsolidatedFundsMember2025-09-300001176948ares:ConsolidatedFundsMember2025-09-300001176948srt:ParentCompanyMemberus-gaap:EquitySecuritiesMember2025-12-310001176948srt:ParentCompanyMemberus-gaap:FixedIncomeSecuritiesMember2025-12-310001176948srt:ParentCompanyMemberares:BusinessAcquisitionContingentConsiderationMember2025-12-310001176948srt:ParentCompanyMemberus-gaap:EquitySecuritiesMember2026-01-012026-09-300001176948srt:ParentCompanyMemberus-gaap:FixedIncomeSecuritiesMember2026-01-012026-09-300001176948srt:ParentCompanyMemberares:BusinessAcquisitionContingentConsiderationMember2026-01-012026-09-300001176948us-gaap:EquitySecuritiesMemberares:ConsolidatedFundsMember2025-12-310001176948us-gaap:FixedIncomeSecuritiesMemberares:ConsolidatedFundsMember2025-12-310001176948us-gaap:EquitySecuritiesMemberares:ConsolidatedFundsMember2026-01-012026-09-300001176948us-gaap:FixedIncomeSecuritiesMemberares:ConsolidatedFundsMember2026-01-012026-09-300001176948srt:ParentCompanyMemberus-gaap:EquitySecuritiesMember2024-12-310001176948srt:ParentCompanyMemberus-gaap:FixedIncomeSecuritiesMember2024-12-310001176948srt:ParentCompanyMemberares:BusinessAcquisitionContingentConsiderationMember2024-12-310001176948srt:ParentCompanyMemberus-gaap:EquitySecuritiesMember2025-01-012025-09-300001176948srt:ParentCompanyMemberus-gaap:FixedIncomeSecuritiesMember2025-01-012025-09-300001176948srt:ParentCompanyMemberares:BusinessAcquisitionContingentConsiderationMember2025-01-012025-09-300001176948us-gaap:EquitySecuritiesMemberares:ConsolidatedFundsMember2024-12-310001176948us-gaap:FixedIncomeSecuritiesMemberares:ConsolidatedFundsMember2024-12-310001176948ares:ConsolidatedFundsMember2024-12-310001176948us-gaap:EquitySecuritiesMemberares:ConsolidatedFundsMember2025-01-012025-09-300001176948us-gaap:FixedIncomeSecuritiesMemberares:ConsolidatedFundsMember2025-01-012025-09-300001176948srt:ParentCompanyMemberus-gaap:FairValueInputsLevel3Memberus-gaap:IncomeApproachValuationTechniqueMember2026-09-300001176948srt:ParentCompanyMemberus-gaap:MeasurementInputCreditSpreadMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:IncomeApproachValuationTechniqueMember2026-09-300001176948srt:ParentCompanyMemberus-gaap:MeasurementInputCreditSpreadMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:IncomeApproachValuationTechniqueMember2026-09-300001176948srt:ParentCompanyMemberus-gaap:MeasurementInputCreditSpreadMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:IncomeApproachValuationTechniqueMember2026-09-300001176948srt:ParentCompanyMemberares:EquitySecuritiesOneMemberus-gaap:MeasurementInputOptionVolatilityMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMember2026-09-300001176948srt:ParentCompanyMemberares:EquitySecuritiesOneMemberus-gaap:MeasurementInputOptionVolatilityMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMember2026-09-300001176948srt:ParentCompanyMemberares:EquitySecuritiesOneMemberus-gaap:MeasurementInputOptionVolatilityMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMember2026-09-300001176948srt:ParentCompanyMemberares:EquitySecuritiesOneMemberus-gaap:FairValueInputsLevel3Memberares:EVMarketMultipleAnalysisValuationTechniqueMember2026-09-300001176948srt:ParentCompanyMemberares:EquitySecuritiesOneMemberares:MeasurementInputBookValueMultipleMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberares:EVMarketMultipleAnalysisValuationTechniqueMember2026-09-300001176948srt:ParentCompanyMemberares:EquitySecuritiesOneMemberares:MeasurementInputBookValueMultipleMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberares:EVMarketMultipleAnalysisValuationTechniqueMember2026-09-300001176948srt:ParentCompanyMemberares:EquitySecuritiesOneMemberares:MeasurementInputBookValueMultipleMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberares:EVMarketMultipleAnalysisValuationTechniqueMember2026-09-300001176948srt:ParentCompanyMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-09-300001176948srt:ParentCompanyMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-09-300001176948srt:ParentCompanyMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-09-300001176948srt:ParentCompanyMemberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-09-300001176948srt:ParentCompanyMemberares:EquitySecuritiesTwoMemberus-gaap:FairValueInputsLevel3Memberares:EVMarketMultipleAnalysisValuationTechniqueMember2026-09-300001176948srt:ParentCompanyMemberares:EquitySecuritiesTwoMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberares:EVMarketMultipleAnalysisValuationTechniqueMember2026-09-300001176948srt:ParentCompanyMemberares:EquitySecuritiesTwoMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberares:EVMarketMultipleAnalysisValuationTechniqueMember2026-09-300001176948srt:ParentCompanyMemberares:EquitySecuritiesTwoMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberares:EVMarketMultipleAnalysisValuationTechniqueMember2026-09-300001176948srt:ParentCompanyMemberus-gaap:FairValueInputsLevel3Memberares:ValuationTechniqueMonteCarloSimulationMember2026-09-300001176948srt:ParentCompanyMemberus-gaap:MeasurementInputOptionVolatilityMemberus-gaap:FairValueInputsLevel3Memberares:ValuationTechniqueMonteCarloSimulationMember2026-09-300001176948srt:ParentCompanyMemberus-gaap:MeasurementInputOptionVolatilityMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberares:ValuationTechniqueMonteCarloSimulationMember2026-09-300001176948srt:ParentCompanyMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMember2026-09-300001176948srt:ParentCompanyMemberares:EquitySecuritiesTwoMemberus-gaap:MeasurementInputOptionVolatilityMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMember2026-09-300001176948srt:ParentCompanyMemberares:EquitySecuritiesTwoMemberus-gaap:MeasurementInputOptionVolatilityMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMember2026-09-300001176948srt:ParentCompanyMemberus-gaap:FairValueInputsLevel3Memberares:RecentTransactionPriceValuationTechniqueMember2026-09-300001176948srt:ParentCompanyMemberus-gaap:FairValueInputsLevel3Memberares:MarketYeildAnalysisMember2026-09-300001176948srt:ParentCompanyMemberares:MeasurementInputMarketInterestRateMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberares:MarketYeildAnalysisMember2026-09-300001176948srt:ParentCompanyMemberares:MeasurementInputMarketInterestRateMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberares:MarketYeildAnalysisMember2026-09-300001176948srt:ParentCompanyMemberares:MeasurementInputMarketInterestRateMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberares:MarketYeildAnalysisMember2026-09-300001176948srt:ParentCompanyMemberus-gaap:FairValueInputsLevel3Memberares:BrokerQuotesAndThirdPartyPricingServicesValuationTechniqueMember2026-09-300001176948srt:ParentCompanyMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberares:ValuationTechniqueMonteCarloSimulationMember2026-09-300001176948srt:ParentCompanyMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberares:ValuationTechniqueMonteCarloSimulationMember2026-09-300001176948srt:ParentCompanyMemberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberares:ValuationTechniqueMonteCarloSimulationMember2026-09-300001176948srt:ParentCompanyMemberus-gaap:MeasurementInputOptionVolatilityMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Member2026-09-300001176948srt:ParentCompanyMemberus-gaap:MeasurementInputOptionVolatilityMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Member2026-09-300001176948srt:ParentCompanyMemberus-gaap:MeasurementInputOptionVolatilityMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Member2026-09-300001176948ares:EquitySecuritiesOneMemberares:ConsolidatedFundsMemberus-gaap:FairValueInputsLevel3Memberares:EVMarketMultipleAnalysisValuationTechniqueMember2026-09-300001176948ares:EquitySecuritiesOneMemberares:ConsolidatedFundsMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberares:EVMarketMultipleAnalysisValuationTechniqueMember2026-09-300001176948ares:EquitySecuritiesOneMemberares:ConsolidatedFundsMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberares:EVMarketMultipleAnalysisValuationTechniqueMember2026-09-300001176948ares:EquitySecuritiesOneMemberares:ConsolidatedFundsMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberares:EVMarketMultipleAnalysisValuationTechniqueMember2026-09-300001176948ares:ConsolidatedFundsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-09-300001176948ares:ConsolidatedFundsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-09-300001176948ares:ConsolidatedFundsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-09-300001176948ares:ConsolidatedFundsMemberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-09-300001176948ares:EquitySecuritiesTwoMemberares:ConsolidatedFundsMemberus-gaap:FairValueInputsLevel3Memberares:EVMarketMultipleAnalysisValuationTechniqueMember2026-09-300001176948ares:EquitySecuritiesTwoMemberares:ConsolidatedFundsMemberares:MeasurementInputBookValueMultipleMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberares:EVMarketMultipleAnalysisValuationTechniqueMember2026-09-300001176948ares:EquitySecuritiesTwoMemberares:ConsolidatedFundsMemberares:MeasurementInputBookValueMultipleMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberares:EVMarketMultipleAnalysisValuationTechniqueMember2026-09-300001176948ares:EquitySecuritiesTwoMemberares:ConsolidatedFundsMemberares:MeasurementInputBookValueMultipleMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberares:EVMarketMultipleAnalysisValuationTechniqueMember2026-09-300001176948ares:ConsolidatedFundsMemberus-gaap:FairValueInputsLevel3Memberares:BrokerQuotesAndThirdPartyPricingServicesValuationTechniqueMember2026-09-300001176948ares:ConsolidatedFundsMemberus-gaap:FairValueInputsLevel3Memberares:RecentTransactionPriceValuationTechniqueMember2026-09-300001176948srt:ParentCompanyMemberus-gaap:FairValueInputsLevel3Memberares:RecentTransactionPriceValuationTechniqueMember2025-12-310001176948srt:ParentCompanyMemberus-gaap:FairValueInputsLevel3Memberares:MarketYeildAnalysisMember2025-12-310001176948srt:ParentCompanyMemberares:MeasurementInputMarketInterestRateMemberus-gaap:FairValueInputsLevel3Memberares:MarketYeildAnalysisMember2025-12-310001176948srt:ParentCompanyMemberares:MeasurementInputMarketInterestRateMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberares:MarketYeildAnalysisMember2025-12-310001176948srt:ParentCompanyMemberares:EquitySecuritiesOneMemberus-gaap:FairValueInputsLevel3Memberares:EVMarketMultipleAnalysisValuationTechniqueMember2025-12-310001176948srt:ParentCompanyMemberares:EquitySecuritiesOneMemberares:MeasurementInputBookValueMultipleMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberares:EVMarketMultipleAnalysisValuationTechniqueMember2025-12-310001176948srt:ParentCompanyMemberares:EquitySecuritiesOneMemberares:MeasurementInputBookValueMultipleMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberares:EVMarketMultipleAnalysisValuationTechniqueMember2025-12-310001176948srt:ParentCompanyMemberares:EquitySecuritiesOneMemberares:MeasurementInputBookValueMultipleMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberares:EVMarketMultipleAnalysisValuationTechniqueMember2025-12-310001176948srt:ParentCompanyMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMember2025-12-310001176948srt:ParentCompanyMemberus-gaap:MeasurementInputOptionVolatilityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMember2025-12-310001176948srt:ParentCompanyMemberus-gaap:MeasurementInputOptionVolatilityMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMember2025-12-310001176948srt:ParentCompanyMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-12-310001176948srt:ParentCompanyMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-12-310001176948srt:ParentCompanyMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-12-310001176948srt:ParentCompanyMemberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-12-310001176948srt:ParentCompanyMemberus-gaap:FairValueInputsLevel3Memberares:ValuationTechniqueMonteCarloSimulationMember2025-12-310001176948srt:ParentCompanyMemberus-gaap:MeasurementInputOptionVolatilityMemberus-gaap:FairValueInputsLevel3Memberares:ValuationTechniqueMonteCarloSimulationMember2025-12-310001176948srt:ParentCompanyMemberus-gaap:MeasurementInputOptionVolatilityMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberares:ValuationTechniqueMonteCarloSimulationMember2025-12-310001176948srt:ParentCompanyMemberares:EquitySecuritiesTwoMemberus-gaap:FairValueInputsLevel3Memberares:EVMarketMultipleAnalysisValuationTechniqueMember2025-12-310001176948srt:ParentCompanyMemberares:EquitySecuritiesTwoMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberares:EVMarketMultipleAnalysisValuationTechniqueMember2025-12-310001176948srt:ParentCompanyMemberares:EquitySecuritiesTwoMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberares:EVMarketMultipleAnalysisValuationTechniqueMember2025-12-310001176948srt:ParentCompanyMemberares:EquitySecuritiesTwoMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberares:EVMarketMultipleAnalysisValuationTechniqueMember2025-12-310001176948srt:ParentCompanyMemberus-gaap:FairValueInputsLevel3Memberares:BrokerQuotesAndThirdPartyPricingServicesValuationTechniqueMember2025-12-310001176948srt:ParentCompanyMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberares:ValuationTechniqueMonteCarloSimulationMember2025-12-310001176948srt:ParentCompanyMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberares:ValuationTechniqueMonteCarloSimulationMember2025-12-310001176948srt:ParentCompanyMemberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberares:ValuationTechniqueMonteCarloSimulationMember2025-12-310001176948srt:ParentCompanyMemberus-gaap:MeasurementInputOptionVolatilityMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Member2025-12-310001176948srt:ParentCompanyMemberus-gaap:MeasurementInputOptionVolatilityMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Member2025-12-310001176948srt:ParentCompanyMemberus-gaap:MeasurementInputOptionVolatilityMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Member2025-12-310001176948ares:ConsolidatedFundsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-12-310001176948ares:ConsolidatedFundsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-12-310001176948ares:ConsolidatedFundsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-12-310001176948ares:ConsolidatedFundsMemberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-12-310001176948ares:EquitySecuritiesOneMemberares:ConsolidatedFundsMemberus-gaap:FairValueInputsLevel3Memberares:EVMarketMultipleAnalysisValuationTechniqueMember2025-12-310001176948ares:EquitySecuritiesOneMemberares:ConsolidatedFundsMemberares:MeasurementInputBookValueMultipleMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberares:EVMarketMultipleAnalysisValuationTechniqueMember2025-12-310001176948ares:EquitySecuritiesOneMemberares:ConsolidatedFundsMemberares:MeasurementInputBookValueMultipleMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberares:EVMarketMultipleAnalysisValuationTechniqueMember2025-12-310001176948ares:EquitySecuritiesOneMemberares:ConsolidatedFundsMemberares:MeasurementInputBookValueMultipleMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberares:EVMarketMultipleAnalysisValuationTechniqueMember2025-12-310001176948ares:ConsolidatedFundsMemberus-gaap:FairValueInputsLevel3Memberares:RecentTransactionPriceValuationTechniqueMember2025-12-310001176948ares:EquitySecuritiesTwoMemberares:ConsolidatedFundsMemberus-gaap:FairValueInputsLevel3Memberares:EVMarketMultipleAnalysisValuationTechniqueMember2025-12-310001176948ares:EquitySecuritiesTwoMemberares:ConsolidatedFundsMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberares:EVMarketMultipleAnalysisValuationTechniqueMember2025-12-310001176948ares:EquitySecuritiesTwoMemberares:ConsolidatedFundsMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberares:EVMarketMultipleAnalysisValuationTechniqueMember2025-12-310001176948ares:EquitySecuritiesTwoMemberares:ConsolidatedFundsMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberares:EVMarketMultipleAnalysisValuationTechniqueMember2025-12-310001176948ares:EquitySecuritiesThreeMemberares:ConsolidatedFundsMemberus-gaap:FairValueInputsLevel3Memberares:EVMarketMultipleAnalysisValuationTechniqueMember2025-12-310001176948ares:EquitySecuritiesThreeMemberares:ConsolidatedFundsMemberares:MeasurementInputYieldMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberares:EVMarketMultipleAnalysisValuationTechniqueMember2025-12-310001176948ares:EquitySecuritiesThreeMemberares:ConsolidatedFundsMemberares:MeasurementInputYieldMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberares:EVMarketMultipleAnalysisValuationTechniqueMember2025-12-310001176948ares:EquitySecuritiesThreeMemberares:ConsolidatedFundsMemberares:MeasurementInputYieldMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberares:EVMarketMultipleAnalysisValuationTechniqueMember2025-12-310001176948ares:ConsolidatedFundsMemberus-gaap:FairValueInputsLevel3Memberares:EVMarketMultipleAnalysisValuationTechniqueMember2025-12-310001176948ares:ConsolidatedFundsMemberares:MeasurementInputYieldMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberares:EVMarketMultipleAnalysisValuationTechniqueMember2025-12-310001176948ares:ConsolidatedFundsMemberares:MeasurementInputYieldMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberares:EVMarketMultipleAnalysisValuationTechniqueMember2025-12-310001176948ares:ConsolidatedFundsMemberares:MeasurementInputYieldMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberares:EVMarketMultipleAnalysisValuationTechniqueMember2025-12-310001176948ares:ConsolidatedFundsMemberus-gaap:FairValueInputsLevel3Memberares:BrokerQuotesAndThirdPartyPricingServicesValuationTechniqueMember2025-12-310001176948ares:OperationsManagementGroupMemberares:ConsolidatedFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2026-09-300001176948ares:OperationsManagementGroupMemberares:ConsolidatedFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001176948srt:ParentCompanyMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberares:CreditFacilityOfCompanyMember2026-09-300001176948srt:ParentCompanyMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberares:CreditFacilityOfCompanyMember2026-09-300001176948srt:ParentCompanyMemberares:CreditFacilityOfCompanyMember2026-09-300001176948srt:ParentCompanyMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberares:CreditFacilityOfCompanyMember2025-12-310001176948srt:ParentCompanyMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberares:CreditFacilityOfCompanyMember2025-12-310001176948srt:ParentCompanyMemberares:CreditFacilityOfCompanyMember2025-12-310001176948srt:ParentCompanyMemberares:SeniorNotes2028Member2026-09-300001176948srt:ParentCompanyMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberares:SeniorNotes2028Member2026-09-300001176948srt:ParentCompanyMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberares:SeniorNotes2028Member2026-09-300001176948srt:ParentCompanyMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberares:SeniorNotes2028Member2025-12-310001176948srt:ParentCompanyMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberares:SeniorNotes2028Member2025-12-310001176948srt:ParentCompanyMemberares:SeniorNotes2028Member2025-12-310001176948srt:ParentCompanyMemberares:SeniorNotes2030Member2026-09-300001176948srt:ParentCompanyMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberares:SeniorNotes2030Member2026-09-300001176948srt:ParentCompanyMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberares:SeniorNotes2030Member2026-09-300001176948srt:ParentCompanyMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberares:SeniorNotes2030Member2025-12-310001176948srt:ParentCompanyMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberares:SeniorNotes2030Member2025-12-310001176948srt:ParentCompanyMemberares:SeniorNotes2030Member2025-12-310001176948srt:ParentCompanyMemberares:SeniorNotes2052Member2026-09-300001176948srt:ParentCompanyMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberares:SeniorNotes2052Member2026-09-300001176948srt:ParentCompanyMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberares:SeniorNotes2052Member2026-09-300001176948srt:ParentCompanyMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberares:SeniorNotes2052Member2025-12-310001176948srt:ParentCompanyMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberares:SeniorNotes2052Member2025-12-310001176948srt:ParentCompanyMemberares:SeniorNotes2052Member2025-12-310001176948srt:ParentCompanyMemberares:SeniorNotes2054Member2026-09-300001176948srt:ParentCompanyMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberares:SeniorNotes2054Member2026-09-300001176948srt:ParentCompanyMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberares:SeniorNotes2054Member2026-09-300001176948srt:ParentCompanyMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberares:SeniorNotes2054Member2025-12-310001176948srt:ParentCompanyMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberares:SeniorNotes2054Member2025-12-310001176948srt:ParentCompanyMemberares:SeniorNotes2054Member2025-12-310001176948srt:ParentCompanyMemberares:SubordinatedNotes2051Member2026-09-300001176948srt:ParentCompanyMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberares:SubordinatedNotes2051Member2026-09-300001176948srt:ParentCompanyMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberares:SubordinatedNotes2051Member2026-09-300001176948srt:ParentCompanyMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberares:SubordinatedNotes2051Member2025-12-310001176948srt:ParentCompanyMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberares:SubordinatedNotes2051Member2025-12-310001176948srt:ParentCompanyMemberares:SubordinatedNotes2051Member2025-12-310001176948srt:ParentCompanyMemberares:TermLoanDue2029Member2026-09-300001176948srt:ParentCompanyMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberares:TermLoanDue2029Member2026-09-300001176948srt:ParentCompanyMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberares:TermLoanDue2029Member2026-09-300001176948srt:ParentCompanyMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2026-09-300001176948srt:ParentCompanyMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-09-300001176948srt:ParentCompanyMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2025-12-310001176948srt:ParentCompanyMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001176948srt:ParentCompanyMemberus-gaap:RevolvingCreditFacilityMemberares:CreditFacilityOfCompanyMember2026-04-300001176948srt:ParentCompanyMemberus-gaap:RevolvingCreditFacilityMemberares:CreditFacilityOfCompanyMember2026-05-310001176948srt:ParentCompanyMemberus-gaap:SecuredOvernightFinancingRateSofrMemberares:CreditFacilityOfCompanyMember2026-01-012026-09-300001176948srt:ParentCompanyMemberares:CreditFacilityOfCompanyMember2026-01-012026-09-300001176948srt:ParentCompanyMemberares:SeniorNotes2028Member2026-01-012026-09-300001176948srt:ParentCompanyMemberares:SeniorNotes2030Member2026-01-012026-09-300001176948srt:ParentCompanyMemberares:SeniorNotes2052Member2026-01-012026-09-300001176948srt:ParentCompanyMemberares:SeniorNotes2054Member2026-01-012026-09-300001176948srt:ParentCompanyMemberares:SubordinatedNotes2051Member2026-06-290001176948srt:ParentCompanyMemberares:SubordinatedNotes2051Member2026-06-300001176948srt:ParentCompanyMemberus-gaap:UsTreasuryUstInterestRateMemberares:SubordinatedNotes2051Member2026-06-300001176948srt:ParentCompanyMemberares:SubordinatedNotes2051Member2026-01-012026-09-300001176948srt:ParentCompanyMemberares:TermLoanDue2029Member2026-01-012026-09-300001176948srt:ParentCompanyMemberares:TermLoanDue2029Member2025-12-310001176948us-gaap:CollateralizedLoanObligationsMemberares:ConsolidatedFundsMemberus-gaap:SeniorNotesMember2026-09-300001176948us-gaap:CollateralizedLoanObligationsMemberares:ConsolidatedFundsMemberus-gaap:SeniorNotesMember2025-12-310001176948us-gaap:CollateralizedLoanObligationsMemberares:ConsolidatedFundsMemberus-gaap:SubordinatedDebtMember2026-09-300001176948us-gaap:CollateralizedLoanObligationsMemberares:ConsolidatedFundsMemberus-gaap:SubordinatedDebtMember2025-12-310001176948us-gaap:CollateralizedLoanObligationsMemberares:ConsolidatedFundsMember2026-09-300001176948us-gaap:CollateralizedLoanObligationsMemberares:ConsolidatedFundsMember2025-12-310001176948ares:ConsolidatedFundsMemberares:CreditFacilityOfCompanyMember2026-09-300001176948ares:ConsolidatedFundsMemberares:CreditFacilityOfCompanyMember2025-12-310001176948ares:GCPInternationalMemberares:DCEarnoutMember2026-09-300001176948ares:GCPInternationalMemberares:JapanEarnoutMember2026-09-300001176948ares:GCPInternationalMemberares:DCEarnoutAndJapanEarnoutMember2026-01-012026-09-300001176948us-gaap:AccountsPayableAndOtherAccruedLiabilitiesares:GCPInternationalMemberares:DCEarnoutAndJapanEarnoutMember2026-09-300001176948us-gaap:AccountsPayableAndOtherAccruedLiabilitiesares:GCPInternationalMemberares:DCEarnoutAndJapanEarnoutMember2025-12-310001176948ares:GCPInternationalMemberares:DCEarnoutAndJapanEarnoutMemberus-gaap:OtherNonoperatingIncomeExpense2026-07-012026-09-300001176948ares:GCPInternationalMemberares:DCEarnoutAndJapanEarnoutMemberus-gaap:OtherNonoperatingIncomeExpense2025-07-012025-09-300001176948ares:GCPInternationalMemberares:DCEarnoutAndJapanEarnoutMemberus-gaap:OtherNonoperatingIncomeExpense2026-01-012026-09-300001176948ares:GCPInternationalMemberares:DCEarnoutAndJapanEarnoutMemberus-gaap:OtherNonoperatingIncomeExpense2025-01-012025-09-300001176948us-gaap:EmployeeRelatedLiabilitiesCurrentAndNoncurrentares:GCPInternationalMemberares:EarnoutArrangementAndManagementIncentiveProgramMember2026-09-300001176948us-gaap:EmployeeRelatedLiabilitiesCurrentAndNoncurrentares:GCPInternationalMemberares:EarnoutArrangementAndManagementIncentiveProgramMember2025-12-310001176948ares:GCPInternationalMemberares:EarnoutArrangementAndManagementIncentiveProgramMember2026-09-300001176948ares:GCPInternationalMemberares:EarnoutArrangementAndManagementIncentiveProgramMember2025-12-310001176948ares:GCPInternationalMemberares:EarnoutArrangementAndManagementIncentiveProgramMember2026-07-012026-09-300001176948ares:GCPInternationalMemberares:EarnoutArrangementAndManagementIncentiveProgramMember2025-07-012025-09-300001176948ares:GCPInternationalMemberares:EarnoutArrangementAndManagementIncentiveProgramMember2026-01-012026-09-300001176948ares:GCPInternationalMemberares:EarnoutArrangementAndManagementIncentiveProgramMember2025-01-012025-09-300001176948srt:MinimumMember2026-01-012026-09-300001176948srt:MaximumMember2026-01-012026-09-300001176948ares:OtherArrangementsMember2026-09-300001176948ares:OtherArrangementsMember2025-12-310001176948ares:OtherArrangementsMemberares:RemainingContingentEarnoutArrangementsMember2026-07-012026-09-300001176948ares:OtherArrangementsMemberares:RemainingContingentEarnoutArrangementsMember2025-07-012025-09-300001176948ares:OtherArrangementsMemberares:RemainingContingentEarnoutArrangementsMember2026-01-012026-09-300001176948ares:OtherArrangementsMemberares:RemainingContingentEarnoutArrangementsMember2025-01-012025-09-300001176948us-gaap:AccountsPayableAndOtherAccruedLiabilities2026-09-300001176948us-gaap:AccountsPayableAndOtherAccruedLiabilities2025-12-310001176948ares:RemainingContingentEarnoutArrangementsMemberus-gaap:OtherNonoperatingIncomeExpense2025-07-012025-09-300001176948ares:RemainingContingentEarnoutArrangementsMemberus-gaap:OtherNonoperatingIncomeExpense2026-07-012026-09-300001176948ares:RemainingContingentEarnoutArrangementsMemberus-gaap:OtherNonoperatingIncomeExpense2026-01-012026-09-300001176948ares:RemainingContingentEarnoutArrangementsMemberus-gaap:OtherNonoperatingIncomeExpense2025-01-012025-09-300001176948ares:PerformanceFeesReversalsMember2026-09-300001176948ares:PerformanceFeesReversalsMember2025-12-310001176948srt:MaximumMember2026-09-300001176948srt:ParentCompanyMemberares:ManagementFeesReceivableFromNonConsolidatedFundsMembersrt:AffiliatedEntityMember2026-09-300001176948srt:ParentCompanyMemberares:ManagementFeesReceivableFromNonConsolidatedFundsMembersrt:AffiliatedEntityMember2025-12-310001176948srt:ParentCompanyMemberares:IncentiveFeeReceivableFromNonConsolidatedFundsMembersrt:AffiliatedEntityMember2026-09-300001176948srt:ParentCompanyMemberares:IncentiveFeeReceivableFromNonConsolidatedFundsMembersrt:AffiliatedEntityMember2025-12-310001176948srt:ParentCompanyMemberares:PaymentsMadeOnBehalfOfAndAmountsDueFromNonConsolidatedFundsAndEmployeesMembersrt:AffiliatedEntityMember2026-09-300001176948srt:ParentCompanyMemberares:PaymentsMadeOnBehalfOfAndAmountsDueFromNonConsolidatedFundsAndEmployeesMembersrt:AffiliatedEntityMember2025-12-310001176948srt:ParentCompanyMembersrt:AffiliatedEntityMember2026-09-300001176948srt:ParentCompanyMembersrt:AffiliatedEntityMember2025-12-310001176948srt:ParentCompanyMemberares:ManagementFeeReceivedInAdvanceAndRebatesPayableToNonConsolidatedFundsMembersrt:AffiliatedEntityMember2026-09-300001176948srt:ParentCompanyMemberares:ManagementFeeReceivedInAdvanceAndRebatesPayableToNonConsolidatedFundsMembersrt:AffiliatedEntityMember2025-12-310001176948srt:ParentCompanyMemberares:TaxReceivableAgreementLiabilityMembersrt:AffiliatedEntityMember2026-09-300001176948srt:ParentCompanyMemberares:TaxReceivableAgreementLiabilityMembersrt:AffiliatedEntityMember2025-12-310001176948srt:ParentCompanyMemberares:CarriedInterestAndIncentiveFeesPayableMembersrt:AffiliatedEntityMember2026-09-300001176948srt:ParentCompanyMemberares:CarriedInterestAndIncentiveFeesPayableMembersrt:AffiliatedEntityMember2025-12-310001176948srt:ParentCompanyMemberares:PaymentsMadeByNonConsolidatedFundsOnBehalfOfAndPayableByTheCompanyMembersrt:AffiliatedEntityMember2026-09-300001176948srt:ParentCompanyMemberares:PaymentsMadeByNonConsolidatedFundsOnBehalfOfAndPayableByTheCompanyMembersrt:AffiliatedEntityMember2025-12-310001176948us-gaap:RestrictedStockUnitsRSUMember2026-07-012026-09-300001176948us-gaap:RestrictedStockUnitsRSUMember2025-07-012025-09-300001176948us-gaap:RestrictedStockUnitsRSUMember2026-01-012026-09-300001176948us-gaap:RestrictedStockUnitsRSUMember2025-01-012025-09-300001176948ares:AOGUnitAwardsMember2026-07-012026-09-300001176948ares:AOGUnitAwardsMember2025-07-012025-09-300001176948ares:AOGUnitAwardsMember2026-01-012026-09-300001176948ares:AOGUnitAwardsMember2025-01-012025-09-300001176948srt:ParentCompanyMember2026-01-010001176948us-gaap:CommonClassAMember2026-01-012026-09-300001176948us-gaap:CommonClassAMember2025-01-012025-09-300001176948us-gaap:RestrictedStockUnitsRSUMember2025-12-310001176948us-gaap:RestrictedStockUnitsRSUMember2026-09-300001176948ares:AOGUnitAwardsMember2025-12-310001176948ares:AOGUnitAwardsMember2026-09-300001176948us-gaap:CommonClassAMember2026-02-280001176948ares:AresOperatingGroupMemberus-gaap:CommonClassAMember2025-12-310001176948ares:AresOperatingGroupMemberus-gaap:NonvotingCommonStockMember2025-12-310001176948ares:AresOperatingGroupMemberus-gaap:CommonClassBMember2025-12-310001176948ares:AresOperatingGroupMemberus-gaap:CommonClassCMember2025-12-310001176948ares:AresOperatingGroupMember2025-12-310001176948ares:AresOperatingGroupMemberus-gaap:CommonClassAMember2026-01-012026-09-300001176948ares:AresOperatingGroupMemberus-gaap:NonvotingCommonStockMember2026-01-012026-09-300001176948ares:AresOperatingGroupMemberus-gaap:CommonClassBMember2026-01-012026-09-300001176948ares:AresOperatingGroupMemberus-gaap:CommonClassCMember2026-01-012026-09-300001176948ares:AresOperatingGroupMemberus-gaap:CommonClassAMember2026-09-300001176948ares:AresOperatingGroupMemberus-gaap:NonvotingCommonStockMember2026-09-300001176948ares:AresOperatingGroupMemberus-gaap:CommonClassBMember2026-09-300001176948ares:AresOperatingGroupMemberus-gaap:CommonClassCMember2026-09-300001176948ares:AresOperatingGroupMember2026-09-300001176948ares:AresOperatingGroupMember2026-09-300001176948ares:AresOperatingGroupMemberares:AresOperatingGroupMember2026-09-300001176948ares:AresOperatingGroupMember2025-12-310001176948ares:AresOperatingGroupMemberares:AresOperatingGroupMember2025-12-310001176948ares:AresOperatingGroupMemberares:AresOperatingGroupMember2026-07-012026-09-300001176948ares:AresOperatingGroupMemberares:AresOperatingGroupMember2025-07-012025-09-300001176948ares:AresOperatingGroupMemberares:AresOperatingGroupMember2026-01-012026-09-300001176948ares:AresOperatingGroupMemberares:AresOperatingGroupMember2025-01-012025-09-300001176948ares:AresOwnersHoldingsLpMember2026-09-300001176948ares:AresOwnersHoldingsLpMemberares:AresOperatingGroupMember2026-09-300001176948ares:AresOwnersHoldingsLpMember2025-12-310001176948ares:AresOwnersHoldingsLpMemberares:AresOperatingGroupMember2025-12-310001176948ares:AresOwnersHoldingsLpMemberares:AresOperatingGroupMember2026-07-012026-09-300001176948ares:AresOwnersHoldingsLpMemberares:AresOperatingGroupMember2025-07-012025-09-300001176948ares:AresOwnersHoldingsLpMemberares:AresOperatingGroupMember2026-01-012026-09-300001176948ares:AresOwnersHoldingsLpMemberares:AresOperatingGroupMember2025-01-012025-09-300001176948ares:AresOperatingGroupMember2026-09-300001176948ares:AresOperatingGroupMember2025-12-310001176948ares:SeriesBMandatoryConvertiblePreferredStockMembersrt:MinimumMember2026-09-300001176948ares:SeriesBMandatoryConvertiblePreferredStockMembersrt:MaximumMember2026-09-300001176948ares:AresOperatingGroupMember2026-01-012026-03-310001176948ares:AresOperatingGroupMember2026-03-310001176948ares:AresOperatingGroupMember2026-04-012026-06-300001176948ares:AresOperatingGroupMember2026-06-300001176948ares:AresOperatingGroupMember2024-12-310001176948ares:AresOperatingGroupMember2025-01-012025-03-310001176948ares:AresOperatingGroupMember2025-03-310001176948ares:AresOperatingGroupMember2025-04-012025-06-300001176948ares:AresOperatingGroupMember2025-06-300001176948ares:AresOperatingGroupMember2025-09-300001176948ares:AresOperatingGroupMember2025-10-012025-12-310001176948ares:ConsolidatedFundsMember2025-01-012025-03-310001176948ares:ConsolidatedFundsMember2025-03-310001176948ares:ConsolidatedFundsMember2025-04-012025-06-300001176948ares:AresAcquisitionCorporationIIIMember2026-07-012026-07-010001176948ares:AresAcquisitionCorporationIIIMemberus-gaap:CommonClassAMember2026-09-300001176948srt:ParentCompanyMemberares:CreditGroupSegmentMemberus-gaap:ManagementServiceMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300001176948srt:ParentCompanyMemberares:RealAssetsGroupSegmentMemberus-gaap:ManagementServiceMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300001176948srt:ParentCompanyMemberares:SecondariesGroupSegmentMemberus-gaap:ManagementServiceMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300001176948srt:ParentCompanyMemberares:PrivateEquityGroupSegmentMemberus-gaap:ManagementServiceMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300001176948srt:ParentCompanyMemberus-gaap:AllOtherSegmentsMemberus-gaap:ManagementServiceMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300001176948srt:ParentCompanyMemberus-gaap:ManagementServiceMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300001176948us-gaap:ManagementServiceMemberus-gaap:CorporateNonSegmentMember2026-07-012026-09-300001176948us-gaap:ManagementServiceMemberares:OperatingSegmentsAndCorporateNonSegmentMember2026-07-012026-09-300001176948srt:ParentCompanyMemberares:CreditGroupSegmentMemberares:FeeRelatedPerformanceRevenuesMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300001176948srt:ParentCompanyMemberares:RealAssetsGroupSegmentMemberares:FeeRelatedPerformanceRevenuesMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300001176948srt:ParentCompanyMemberares:SecondariesGroupSegmentMemberares:FeeRelatedPerformanceRevenuesMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300001176948srt:ParentCompanyMemberares:PrivateEquityGroupSegmentMemberares:FeeRelatedPerformanceRevenuesMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300001176948srt:ParentCompanyMemberus-gaap:AllOtherSegmentsMemberares:FeeRelatedPerformanceRevenuesMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300001176948srt:ParentCompanyMemberares:FeeRelatedPerformanceRevenuesMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300001176948ares:FeeRelatedPerformanceRevenuesMemberus-gaap:CorporateNonSegmentMember2026-07-012026-09-300001176948ares:FeeRelatedPerformanceRevenuesMemberares:OperatingSegmentsAndCorporateNonSegmentMember2026-07-012026-09-300001176948srt:ParentCompanyMemberares:CreditGroupSegmentMemberus-gaap:ServiceOtherMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300001176948srt:ParentCompanyMemberares:RealAssetsGroupSegmentMemberus-gaap:ServiceOtherMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300001176948srt:ParentCompanyMemberares:SecondariesGroupSegmentMemberus-gaap:ServiceOtherMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300001176948srt:ParentCompanyMemberares:PrivateEquityGroupSegmentMemberus-gaap:ServiceOtherMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300001176948srt:ParentCompanyMemberus-gaap:AllOtherSegmentsMemberus-gaap:ServiceOtherMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300001176948srt:ParentCompanyMemberus-gaap:ServiceOtherMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300001176948us-gaap:ServiceOtherMemberus-gaap:CorporateNonSegmentMember2026-07-012026-09-300001176948us-gaap:ServiceOtherMemberares:OperatingSegmentsAndCorporateNonSegmentMember2026-07-012026-09-300001176948srt:ParentCompanyMemberares:CreditGroupSegmentMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300001176948srt:ParentCompanyMemberares:RealAssetsGroupSegmentMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300001176948srt:ParentCompanyMemberares:SecondariesGroupSegmentMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300001176948srt:ParentCompanyMemberares:PrivateEquityGroupSegmentMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300001176948srt:ParentCompanyMemberus-gaap:AllOtherSegmentsMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300001176948srt:ParentCompanyMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300001176948us-gaap:CorporateNonSegmentMember2026-07-012026-09-300001176948ares:OperatingSegmentsAndCorporateNonSegmentMember2026-07-012026-09-300001176948srt:ParentCompanyMemberares:CreditGroupSegmentMemberus-gaap:ManagementServiceMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300001176948srt:ParentCompanyMemberares:RealAssetsGroupSegmentMemberus-gaap:ManagementServiceMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300001176948srt:ParentCompanyMemberares:SecondariesGroupSegmentMemberus-gaap:ManagementServiceMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300001176948srt:ParentCompanyMemberares:PrivateEquityGroupSegmentMemberus-gaap:ManagementServiceMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300001176948srt:ParentCompanyMemberus-gaap:AllOtherSegmentsMemberus-gaap:ManagementServiceMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300001176948srt:ParentCompanyMemberus-gaap:ManagementServiceMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300001176948us-gaap:ManagementServiceMemberus-gaap:CorporateNonSegmentMember2025-07-012025-09-300001176948us-gaap:ManagementServiceMemberares:OperatingSegmentsAndCorporateNonSegmentMember2025-07-012025-09-300001176948srt:ParentCompanyMemberares:CreditGroupSegmentMemberares:FeeRelatedPerformanceRevenuesMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300001176948srt:ParentCompanyMemberares:RealAssetsGroupSegmentMemberares:FeeRelatedPerformanceRevenuesMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300001176948srt:ParentCompanyMemberares:SecondariesGroupSegmentMemberares:FeeRelatedPerformanceRevenuesMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300001176948srt:ParentCompanyMemberares:PrivateEquityGroupSegmentMemberares:FeeRelatedPerformanceRevenuesMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300001176948srt:ParentCompanyMemberus-gaap:AllOtherSegmentsMemberares:FeeRelatedPerformanceRevenuesMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300001176948srt:ParentCompanyMemberares:FeeRelatedPerformanceRevenuesMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300001176948ares:FeeRelatedPerformanceRevenuesMemberus-gaap:CorporateNonSegmentMember2025-07-012025-09-300001176948ares:FeeRelatedPerformanceRevenuesMemberares:OperatingSegmentsAndCorporateNonSegmentMember2025-07-012025-09-300001176948srt:ParentCompanyMemberares:CreditGroupSegmentMemberus-gaap:ServiceOtherMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300001176948srt:ParentCompanyMemberares:RealAssetsGroupSegmentMemberus-gaap:ServiceOtherMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300001176948srt:ParentCompanyMemberares:SecondariesGroupSegmentMemberus-gaap:ServiceOtherMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300001176948srt:ParentCompanyMemberares:PrivateEquityGroupSegmentMemberus-gaap:ServiceOtherMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300001176948srt:ParentCompanyMemberus-gaap:AllOtherSegmentsMemberus-gaap:ServiceOtherMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300001176948srt:ParentCompanyMemberus-gaap:ServiceOtherMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300001176948us-gaap:ServiceOtherMemberus-gaap:CorporateNonSegmentMember2025-07-012025-09-300001176948us-gaap:ServiceOtherMemberares:OperatingSegmentsAndCorporateNonSegmentMember2025-07-012025-09-300001176948srt:ParentCompanyMemberares:CreditGroupSegmentMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300001176948srt:ParentCompanyMemberares:RealAssetsGroupSegmentMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300001176948srt:ParentCompanyMemberares:SecondariesGroupSegmentMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300001176948srt:ParentCompanyMemberares:PrivateEquityGroupSegmentMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300001176948srt:ParentCompanyMemberus-gaap:AllOtherSegmentsMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300001176948srt:ParentCompanyMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300001176948us-gaap:CorporateNonSegmentMember2025-07-012025-09-300001176948ares:OperatingSegmentsAndCorporateNonSegmentMember2025-07-012025-09-300001176948srt:ParentCompanyMemberares:CreditGroupSegmentMemberus-gaap:ManagementServiceMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300001176948srt:ParentCompanyMemberares:RealAssetsGroupSegmentMemberus-gaap:ManagementServiceMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300001176948srt:ParentCompanyMemberares:SecondariesGroupSegmentMemberus-gaap:ManagementServiceMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300001176948srt:ParentCompanyMemberares:PrivateEquityGroupSegmentMemberus-gaap:ManagementServiceMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300001176948srt:ParentCompanyMemberus-gaap:AllOtherSegmentsMemberus-gaap:ManagementServiceMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300001176948srt:ParentCompanyMemberus-gaap:ManagementServiceMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300001176948us-gaap:ManagementServiceMemberus-gaap:CorporateNonSegmentMember2026-01-012026-09-300001176948us-gaap:ManagementServiceMemberares:OperatingSegmentsAndCorporateNonSegmentMember2026-01-012026-09-300001176948srt:ParentCompanyMemberares:CreditGroupSegmentMemberares:FeeRelatedPerformanceRevenuesMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300001176948srt:ParentCompanyMemberares:RealAssetsGroupSegmentMemberares:FeeRelatedPerformanceRevenuesMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300001176948srt:ParentCompanyMemberares:SecondariesGroupSegmentMemberares:FeeRelatedPerformanceRevenuesMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300001176948srt:ParentCompanyMemberares:PrivateEquityGroupSegmentMemberares:FeeRelatedPerformanceRevenuesMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300001176948srt:ParentCompanyMemberus-gaap:AllOtherSegmentsMemberares:FeeRelatedPerformanceRevenuesMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300001176948srt:ParentCompanyMemberares:FeeRelatedPerformanceRevenuesMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300001176948ares:FeeRelatedPerformanceRevenuesMemberus-gaap:CorporateNonSegmentMember2026-01-012026-09-300001176948ares:FeeRelatedPerformanceRevenuesMemberares:OperatingSegmentsAndCorporateNonSegmentMember2026-01-012026-09-300001176948srt:ParentCompanyMemberares:CreditGroupSegmentMemberus-gaap:ServiceOtherMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300001176948srt:ParentCompanyMemberares:RealAssetsGroupSegmentMemberus-gaap:ServiceOtherMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300001176948srt:ParentCompanyMemberares:SecondariesGroupSegmentMemberus-gaap:ServiceOtherMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300001176948srt:ParentCompanyMemberares:PrivateEquityGroupSegmentMemberus-gaap:ServiceOtherMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300001176948srt:ParentCompanyMemberus-gaap:AllOtherSegmentsMemberus-gaap:ServiceOtherMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300001176948srt:ParentCompanyMemberus-gaap:ServiceOtherMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300001176948us-gaap:ServiceOtherMemberus-gaap:CorporateNonSegmentMember2026-01-012026-09-300001176948us-gaap:ServiceOtherMemberares:OperatingSegmentsAndCorporateNonSegmentMember2026-01-012026-09-300001176948srt:ParentCompanyMemberares:CreditGroupSegmentMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300001176948srt:ParentCompanyMemberares:RealAssetsGroupSegmentMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300001176948srt:ParentCompanyMemberares:SecondariesGroupSegmentMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300001176948srt:ParentCompanyMemberares:PrivateEquityGroupSegmentMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300001176948srt:ParentCompanyMemberus-gaap:AllOtherSegmentsMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300001176948srt:ParentCompanyMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300001176948us-gaap:CorporateNonSegmentMember2026-01-012026-09-300001176948ares:OperatingSegmentsAndCorporateNonSegmentMember2026-01-012026-09-300001176948srt:ParentCompanyMemberares:CreditGroupSegmentMemberus-gaap:ManagementServiceMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300001176948srt:ParentCompanyMemberares:RealAssetsGroupSegmentMemberus-gaap:ManagementServiceMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300001176948srt:ParentCompanyMemberares:SecondariesGroupSegmentMemberus-gaap:ManagementServiceMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300001176948srt:ParentCompanyMemberares:PrivateEquityGroupSegmentMemberus-gaap:ManagementServiceMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300001176948srt:ParentCompanyMemberus-gaap:AllOtherSegmentsMemberus-gaap:ManagementServiceMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300001176948srt:ParentCompanyMemberus-gaap:ManagementServiceMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300001176948us-gaap:ManagementServiceMemberus-gaap:CorporateNonSegmentMember2025-01-012025-09-300001176948us-gaap:ManagementServiceMemberares:OperatingSegmentsAndCorporateNonSegmentMember2025-01-012025-09-300001176948srt:ParentCompanyMemberares:CreditGroupSegmentMemberares:FeeRelatedPerformanceRevenuesMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300001176948srt:ParentCompanyMemberares:RealAssetsGroupSegmentMemberares:FeeRelatedPerformanceRevenuesMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300001176948srt:ParentCompanyMemberares:SecondariesGroupSegmentMemberares:FeeRelatedPerformanceRevenuesMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300001176948srt:ParentCompanyMemberares:PrivateEquityGroupSegmentMemberares:FeeRelatedPerformanceRevenuesMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300001176948srt:ParentCompanyMemberus-gaap:AllOtherSegmentsMemberares:FeeRelatedPerformanceRevenuesMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300001176948srt:ParentCompanyMemberares:FeeRelatedPerformanceRevenuesMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300001176948ares:FeeRelatedPerformanceRevenuesMemberus-gaap:CorporateNonSegmentMember2025-01-012025-09-300001176948ares:FeeRelatedPerformanceRevenuesMemberares:OperatingSegmentsAndCorporateNonSegmentMember2025-01-012025-09-300001176948srt:ParentCompanyMemberares:CreditGroupSegmentMemberus-gaap:ServiceOtherMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300001176948srt:ParentCompanyMemberares:RealAssetsGroupSegmentMemberus-gaap:ServiceOtherMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300001176948srt:ParentCompanyMemberares:SecondariesGroupSegmentMemberus-gaap:ServiceOtherMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300001176948srt:ParentCompanyMemberares:PrivateEquityGroupSegmentMemberus-gaap:ServiceOtherMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300001176948srt:ParentCompanyMemberus-gaap:AllOtherSegmentsMemberus-gaap:ServiceOtherMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300001176948srt:ParentCompanyMemberus-gaap:ServiceOtherMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300001176948us-gaap:ServiceOtherMemberus-gaap:CorporateNonSegmentMember2025-01-012025-09-300001176948us-gaap:ServiceOtherMemberares:OperatingSegmentsAndCorporateNonSegmentMember2025-01-012025-09-300001176948srt:ParentCompanyMemberares:CreditGroupSegmentMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300001176948srt:ParentCompanyMemberares:RealAssetsGroupSegmentMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300001176948srt:ParentCompanyMemberares:SecondariesGroupSegmentMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300001176948srt:ParentCompanyMemberares:PrivateEquityGroupSegmentMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300001176948srt:ParentCompanyMemberus-gaap:AllOtherSegmentsMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300001176948srt:ParentCompanyMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300001176948us-gaap:CorporateNonSegmentMember2025-01-012025-09-300001176948ares:OperatingSegmentsAndCorporateNonSegmentMember2025-01-012025-09-300001176948ares:ConsolidatedFundsMemberus-gaap:ManagementServiceMemberus-gaap:IntersegmentEliminationMember2026-07-012026-09-300001176948ares:ConsolidatedFundsMemberus-gaap:ManagementServiceMemberus-gaap:IntersegmentEliminationMember2025-07-012025-09-300001176948ares:ConsolidatedFundsMemberus-gaap:ManagementServiceMemberus-gaap:IntersegmentEliminationMember2026-01-012026-09-300001176948ares:ConsolidatedFundsMemberus-gaap:ManagementServiceMemberus-gaap:IntersegmentEliminationMember2025-01-012025-09-300001176948ares:ConsolidatedFundsMemberares:CarriedInterestMemberus-gaap:IntersegmentEliminationMember2026-07-012026-09-300001176948ares:ConsolidatedFundsMemberares:CarriedInterestMemberus-gaap:IntersegmentEliminationMember2025-07-012025-09-300001176948ares:ConsolidatedFundsMemberares:CarriedInterestMemberus-gaap:IntersegmentEliminationMember2026-01-012026-09-300001176948ares:ConsolidatedFundsMemberares:CarriedInterestMemberus-gaap:IntersegmentEliminationMember2025-01-012025-09-300001176948ares:ConsolidatedFundsMemberus-gaap:AdministrativeServiceMemberus-gaap:MaterialReconcilingItemsMember2026-07-012026-09-300001176948ares:ConsolidatedFundsMemberus-gaap:AdministrativeServiceMemberus-gaap:MaterialReconcilingItemsMember2025-07-012025-09-300001176948ares:ConsolidatedFundsMemberus-gaap:AdministrativeServiceMemberus-gaap:MaterialReconcilingItemsMember2026-01-012026-09-300001176948ares:ConsolidatedFundsMemberus-gaap:AdministrativeServiceMemberus-gaap:MaterialReconcilingItemsMember2025-01-012025-09-300001176948us-gaap:AdministrativeServiceMemberus-gaap:MaterialReconcilingItemsMember2026-07-012026-09-300001176948us-gaap:AdministrativeServiceMemberus-gaap:MaterialReconcilingItemsMember2025-07-012025-09-300001176948us-gaap:AdministrativeServiceMemberus-gaap:MaterialReconcilingItemsMember2026-01-012026-09-300001176948us-gaap:AdministrativeServiceMemberus-gaap:MaterialReconcilingItemsMember2025-01-012025-09-300001176948ares:PrincipalInvestmentIncomeLossMemberus-gaap:MaterialReconcilingItemsMember2026-07-012026-09-300001176948ares:PrincipalInvestmentIncomeLossMemberus-gaap:MaterialReconcilingItemsMember2025-07-012025-09-300001176948ares:PrincipalInvestmentIncomeLossMemberus-gaap:MaterialReconcilingItemsMember2026-01-012026-09-300001176948ares:PrincipalInvestmentIncomeLossMemberus-gaap:MaterialReconcilingItemsMember2025-01-012025-09-300001176948srt:SubsidiariesMemberus-gaap:MaterialReconcilingItemsMember2026-07-012026-09-300001176948srt:SubsidiariesMemberus-gaap:MaterialReconcilingItemsMember2025-07-012025-09-300001176948srt:SubsidiariesMemberus-gaap:MaterialReconcilingItemsMember2026-01-012026-09-300001176948srt:SubsidiariesMemberus-gaap:MaterialReconcilingItemsMember2025-01-012025-09-300001176948us-gaap:MaterialReconcilingItemsMember2026-07-012026-09-300001176948us-gaap:MaterialReconcilingItemsMember2025-07-012025-09-300001176948us-gaap:MaterialReconcilingItemsMember2026-01-012026-09-300001176948us-gaap:MaterialReconcilingItemsMember2025-01-012025-09-300001176948ares:ConsolidatedFundsMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300001176948ares:ConsolidatedFundsMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300001176948ares:ConsolidatedFundsMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300001176948ares:ConsolidatedFundsMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300001176948ares:ConsolidatedFundsMemberus-gaap:MaterialReconcilingItemsMember2026-07-012026-09-300001176948ares:ConsolidatedFundsMemberus-gaap:MaterialReconcilingItemsMember2025-07-012025-09-300001176948ares:ConsolidatedFundsMemberus-gaap:MaterialReconcilingItemsMember2026-01-012026-09-300001176948ares:ConsolidatedFundsMemberus-gaap:MaterialReconcilingItemsMember2025-01-012025-09-300001176948ares:ConsolidatedFundsMemberus-gaap:IntersegmentEliminationMember2026-07-012026-09-300001176948ares:ConsolidatedFundsMemberus-gaap:IntersegmentEliminationMember2025-07-012025-09-300001176948ares:ConsolidatedFundsMemberus-gaap:IntersegmentEliminationMember2026-01-012026-09-300001176948ares:ConsolidatedFundsMemberus-gaap:IntersegmentEliminationMember2025-01-012025-09-300001176948us-gaap:OperatingSegmentsMember2026-07-012026-09-300001176948us-gaap:OperatingSegmentsMember2025-07-012025-09-300001176948us-gaap:OperatingSegmentsMember2026-01-012026-09-300001176948us-gaap:OperatingSegmentsMember2025-01-012025-09-300001176948srt:SubsidiariesMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300001176948srt:SubsidiariesMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300001176948srt:SubsidiariesMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300001176948srt:SubsidiariesMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300001176948us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2026-09-300001176948us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-12-310001176948us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2026-09-300001176948us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-12-310001176948us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberares:ConsolidatedFundsMember2026-09-300001176948us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberares:ConsolidatedFundsMember2025-12-310001176948us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberares:ConsolidatedFundsMember2026-07-012026-09-300001176948us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberares:ConsolidatedFundsMember2025-07-012025-09-300001176948us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberares:ConsolidatedFundsMember2026-01-012026-09-300001176948us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberares:ConsolidatedFundsMember2025-01-012025-09-300001176948srt:ParentCompanyMembersrt:ReportableLegalEntitiesMember2026-09-300001176948srt:ParentCompanyMembersrt:ConsolidationEliminationsMember2026-09-300001176948us-gaap:ConsolidatedEntityExcludingVieMembersrt:ReportableLegalEntitiesMember2026-09-300001176948srt:ConsolidationEliminationsMember2026-09-300001176948us-gaap:ConsolidatedEntityExcludingVieMembersrt:ConsolidationEliminationsMember2026-09-300001176948srt:ParentCompanyMemberares:SeriesBMandatoryConvertiblePreferredStockMembersrt:ReportableLegalEntitiesMember2026-09-300001176948srt:ParentCompanyMemberares:SeriesBMandatoryConvertiblePreferredStockMember2026-09-300001176948srt:ParentCompanyMemberus-gaap:CommonClassAMembersrt:ReportableLegalEntitiesMember2026-09-300001176948srt:ParentCompanyMemberus-gaap:CommonClassAMember2026-09-300001176948srt:ParentCompanyMemberus-gaap:NonvotingCommonStockMembersrt:ReportableLegalEntitiesMember2026-09-300001176948srt:ParentCompanyMemberus-gaap:NonvotingCommonStockMember2026-09-300001176948srt:ParentCompanyMemberus-gaap:CommonClassCMembersrt:ReportableLegalEntitiesMember2026-09-300001176948srt:ParentCompanyMemberus-gaap:CommonClassCMember2026-09-300001176948srt:ParentCompanyMembersrt:ReportableLegalEntitiesMember2025-12-310001176948srt:ParentCompanyMembersrt:ConsolidationEliminationsMember2025-12-310001176948us-gaap:ConsolidatedEntityExcludingVieMembersrt:ReportableLegalEntitiesMember2025-12-310001176948srt:ConsolidationEliminationsMember2025-12-310001176948us-gaap:ConsolidatedEntityExcludingVieMembersrt:ConsolidationEliminationsMember2025-12-310001176948srt:ParentCompanyMemberares:SeriesBMandatoryConvertiblePreferredStockMembersrt:ReportableLegalEntitiesMember2025-12-310001176948srt:ParentCompanyMemberares:SeriesBMandatoryConvertiblePreferredStockMember2025-12-310001176948srt:ParentCompanyMemberus-gaap:CommonClassAMembersrt:ReportableLegalEntitiesMember2025-12-310001176948srt:ParentCompanyMemberus-gaap:CommonClassAMember2025-12-310001176948srt:ParentCompanyMemberus-gaap:NonvotingCommonStockMembersrt:ReportableLegalEntitiesMember2025-12-310001176948srt:ParentCompanyMemberus-gaap:NonvotingCommonStockMember2025-12-310001176948srt:ParentCompanyMemberus-gaap:CommonClassCMembersrt:ReportableLegalEntitiesMember2025-12-310001176948srt:ParentCompanyMemberus-gaap:CommonClassCMember2025-12-310001176948srt:ParentCompanyMemberus-gaap:ManagementServiceMembersrt:ReportableLegalEntitiesMember2026-07-012026-09-300001176948us-gaap:ManagementServiceMembersrt:ConsolidationEliminationsMember2026-07-012026-09-300001176948srt:ParentCompanyMemberares:CarriedInterestMembersrt:ReportableLegalEntitiesMember2026-07-012026-09-300001176948ares:CarriedInterestMembersrt:ConsolidationEliminationsMember2026-07-012026-09-300001176948srt:ParentCompanyMemberus-gaap:ManagementServiceIncentiveMembersrt:ReportableLegalEntitiesMember2026-07-012026-09-300001176948srt:ParentCompanyMemberares:PrincipalInvestmentIncomeLossMembersrt:ReportableLegalEntitiesMember2026-07-012026-09-300001176948ares:PrincipalInvestmentIncomeLossMembersrt:ConsolidationEliminationsMember2026-07-012026-09-300001176948srt:ParentCompanyMemberus-gaap:AdministrativeServiceMembersrt:ReportableLegalEntitiesMember2026-07-012026-09-300001176948us-gaap:AdministrativeServiceMembersrt:ConsolidationEliminationsMember2026-07-012026-09-300001176948srt:ParentCompanyMembersrt:ReportableLegalEntitiesMember2026-07-012026-09-300001176948srt:ConsolidationEliminationsMember2026-07-012026-09-300001176948us-gaap:ConsolidatedEntityExcludingVieMembersrt:ReportableLegalEntitiesMember2026-07-012026-09-300001176948srt:ParentCompanyMemberares:AresOperatingGroupMembersrt:ReportableLegalEntitiesMember2026-07-012026-09-300001176948ares:AresOperatingGroupMembersrt:ConsolidationEliminationsMember2026-07-012026-09-300001176948us-gaap:ConsolidatedEntityExcludingVieMemberares:ConsolidatedFundsMembersrt:ReportableLegalEntitiesMember2026-07-012026-09-300001176948ares:ConsolidatedFundsMembersrt:ConsolidationEliminationsMember2026-07-012026-09-300001176948srt:ParentCompanyMemberares:SeriesBMandatoryConvertiblePreferredStockMembersrt:ReportableLegalEntitiesMember2026-07-012026-09-300001176948srt:ParentCompanyMemberus-gaap:ManagementServiceMembersrt:ReportableLegalEntitiesMember2025-07-012025-09-300001176948us-gaap:ManagementServiceMembersrt:ConsolidationEliminationsMember2025-07-012025-09-300001176948srt:ParentCompanyMemberares:CarriedInterestMembersrt:ReportableLegalEntitiesMember2025-07-012025-09-300001176948ares:CarriedInterestMembersrt:ConsolidationEliminationsMember2025-07-012025-09-300001176948srt:ParentCompanyMemberus-gaap:ManagementServiceIncentiveMembersrt:ReportableLegalEntitiesMember2025-07-012025-09-300001176948srt:ParentCompanyMemberares:PrincipalInvestmentIncomeLossMembersrt:ReportableLegalEntitiesMember2025-07-012025-09-300001176948ares:PrincipalInvestmentIncomeLossMembersrt:ConsolidationEliminationsMember2025-07-012025-09-300001176948srt:ParentCompanyMemberus-gaap:AdministrativeServiceMembersrt:ReportableLegalEntitiesMember2025-07-012025-09-300001176948us-gaap:AdministrativeServiceMembersrt:ConsolidationEliminationsMember2025-07-012025-09-300001176948srt:ParentCompanyMembersrt:ReportableLegalEntitiesMember2025-07-012025-09-300001176948srt:ConsolidationEliminationsMember2025-07-012025-09-300001176948us-gaap:ConsolidatedEntityExcludingVieMembersrt:ReportableLegalEntitiesMember2025-07-012025-09-300001176948srt:ParentCompanyMemberares:AresOperatingGroupMembersrt:ReportableLegalEntitiesMember2025-07-012025-09-300001176948ares:AresOperatingGroupMembersrt:ConsolidationEliminationsMember2025-07-012025-09-300001176948us-gaap:ConsolidatedEntityExcludingVieMemberares:ConsolidatedFundsMembersrt:ReportableLegalEntitiesMember2025-07-012025-09-300001176948ares:ConsolidatedFundsMembersrt:ConsolidationEliminationsMember2025-07-012025-09-300001176948srt:ParentCompanyMemberares:SeriesBMandatoryConvertiblePreferredStockMembersrt:ReportableLegalEntitiesMember2025-07-012025-09-300001176948srt:ParentCompanyMemberus-gaap:ManagementServiceMembersrt:ReportableLegalEntitiesMember2026-01-012026-09-300001176948us-gaap:ManagementServiceMembersrt:ConsolidationEliminationsMember2026-01-012026-09-300001176948srt:ParentCompanyMemberares:CarriedInterestMembersrt:ReportableLegalEntitiesMember2026-01-012026-09-300001176948ares:CarriedInterestMembersrt:ConsolidationEliminationsMember2026-01-012026-09-300001176948srt:ParentCompanyMemberus-gaap:ManagementServiceIncentiveMembersrt:ReportableLegalEntitiesMember2026-01-012026-09-300001176948srt:ParentCompanyMemberares:PrincipalInvestmentIncomeLossMembersrt:ReportableLegalEntitiesMember2026-01-012026-09-300001176948ares:PrincipalInvestmentIncomeLossMembersrt:ConsolidationEliminationsMember2026-01-012026-09-300001176948srt:ParentCompanyMemberus-gaap:AdministrativeServiceMembersrt:ReportableLegalEntitiesMember2026-01-012026-09-300001176948us-gaap:AdministrativeServiceMembersrt:ConsolidationEliminationsMember2026-01-012026-09-300001176948srt:ParentCompanyMembersrt:ReportableLegalEntitiesMember2026-01-012026-09-300001176948srt:ConsolidationEliminationsMember2026-01-012026-09-300001176948us-gaap:ConsolidatedEntityExcludingVieMemberares:ConsolidatedFundsMembersrt:ReportableLegalEntitiesMember2026-01-012026-09-300001176948ares:ConsolidatedFundsMembersrt:ConsolidationEliminationsMember2026-01-012026-09-300001176948us-gaap:ConsolidatedEntityExcludingVieMembersrt:ReportableLegalEntitiesMember2026-01-012026-09-300001176948srt:ParentCompanyMemberares:AresOperatingGroupMembersrt:ReportableLegalEntitiesMember2026-01-012026-09-300001176948ares:AresOperatingGroupMembersrt:ConsolidationEliminationsMember2026-01-012026-09-300001176948srt:ParentCompanyMemberares:SeriesBMandatoryConvertiblePreferredStockMembersrt:ReportableLegalEntitiesMember2026-01-012026-09-300001176948srt:ParentCompanyMemberus-gaap:ManagementServiceMembersrt:ReportableLegalEntitiesMember2025-01-012025-09-300001176948us-gaap:ManagementServiceMembersrt:ConsolidationEliminationsMember2025-01-012025-09-300001176948srt:ParentCompanyMemberares:CarriedInterestMembersrt:ReportableLegalEntitiesMember2025-01-012025-09-300001176948ares:CarriedInterestMembersrt:ConsolidationEliminationsMember2025-01-012025-09-300001176948srt:ParentCompanyMemberus-gaap:ManagementServiceIncentiveMembersrt:ReportableLegalEntitiesMember2025-01-012025-09-300001176948us-gaap:ManagementServiceIncentiveMembersrt:ConsolidationEliminationsMember2025-01-012025-09-300001176948srt:ParentCompanyMemberares:PrincipalInvestmentIncomeLossMembersrt:ReportableLegalEntitiesMember2025-01-012025-09-300001176948ares:PrincipalInvestmentIncomeLossMembersrt:ConsolidationEliminationsMember2025-01-012025-09-300001176948srt:ParentCompanyMemberus-gaap:AdministrativeServiceMembersrt:ReportableLegalEntitiesMember2025-01-012025-09-300001176948us-gaap:AdministrativeServiceMembersrt:ConsolidationEliminationsMember2025-01-012025-09-300001176948srt:ParentCompanyMembersrt:ReportableLegalEntitiesMember2025-01-012025-09-300001176948srt:ConsolidationEliminationsMember2025-01-012025-09-300001176948us-gaap:ConsolidatedEntityExcludingVieMembersrt:ReportableLegalEntitiesMember2025-01-012025-09-300001176948srt:ParentCompanyMemberares:AresOperatingGroupMembersrt:ReportableLegalEntitiesMember2025-01-012025-09-300001176948ares:AresOperatingGroupMembersrt:ConsolidationEliminationsMember2025-01-012025-09-300001176948us-gaap:ConsolidatedEntityExcludingVieMemberares:ConsolidatedFundsMembersrt:ReportableLegalEntitiesMember2025-01-012025-09-300001176948ares:ConsolidatedFundsMembersrt:ConsolidationEliminationsMember2025-01-012025-09-300001176948srt:ParentCompanyMemberares:SeriesBMandatoryConvertiblePreferredStockMembersrt:ReportableLegalEntitiesMember2025-01-012025-09-300001176948srt:ParentCompanyMembersrt:ConsolidationEliminationsMember2026-01-012026-09-300001176948ares:ConsolidatedFundsMembersrt:ReportableLegalEntitiesMember2026-01-012026-09-300001176948us-gaap:ConsolidatedEntityExcludingVieMemberares:ConsolidatedFundsMembersrt:ReportableLegalEntitiesMember2025-12-310001176948us-gaap:ConsolidatedEntityExcludingVieMemberares:ConsolidatedFundsMembersrt:ReportableLegalEntitiesMember2026-09-300001176948srt:ParentCompanyMembersrt:ConsolidationEliminationsMember2025-01-012025-09-300001176948srt:ParentCompanyMembersrt:ReportableLegalEntitiesMember2024-12-310001176948us-gaap:ConsolidatedEntityExcludingVieMemberares:ConsolidatedFundsMembersrt:ReportableLegalEntitiesMember2024-12-310001176948srt:ConsolidationEliminationsMember2024-12-310001176948srt:ParentCompanyMembersrt:ReportableLegalEntitiesMember2025-09-300001176948us-gaap:ConsolidatedEntityExcludingVieMemberares:ConsolidatedFundsMembersrt:ReportableLegalEntitiesMember2025-09-300001176948srt:ConsolidationEliminationsMember2025-09-300001176948us-gaap:SubsequentEventMemberus-gaap:NonvotingCommonStockMember2026-10-012026-10-310001176948us-gaap:SubsequentEventMemberus-gaap:CommonClassAMember2026-10-012026-10-310001176948us-gaap:SubsequentEventMemberares:SeriesBMandatoryConvertiblePreferredStockMember2026-10-012026-10-31
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2026
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to            
Commission File No. 001-36429
Ares_Logo_RGB_NavyBlue (004).jpg
ARES MANAGEMENT CORPORATION
(Exact name of Registrant as specified in its charter)
Delaware80-0962035
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification Number)
1800 Avenue of the Stars, Suite 1400, Los Angeles, CA 90067
(Address of principal executive offices) (Zip Code)
(310) 201-4100
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A common stock, par value $0.01 per shareARESNew York Stock Exchange
6.75% Series B mandatory convertible preferred stock, par value $0.01 per shareARES.PRBNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes x  No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x  No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
 x
Accelerated Filer☐Non-Accelerated Filer☐Smaller Reporting Company☐Emerging Growth Company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐  No x
As of November 2, 2026, there were 224,138,030 shares of the registrant’s Class A common stock outstanding, 3,489,911 shares of the registrant’s non-voting common stock outstanding, 1,000 shares of the registrant’s Class B common stock outstanding, 102,689,992 shares of the registrant’s Class C common stock outstanding and 30,000,000 shares of the registrant’s Series B mandatory convertible preferred stock outstanding.

TABLE OF CONTENTS
Page
PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
10
Unaudited Condensed Consolidated Financial Statements:
Condensed Consolidated Statements of Financial Condition as of September 30, 2026 and December 31, 2025
10
Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2026 and 2025
11
Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2026 and 2025
12
Condensed Consolidated Statements of Changes in Equity for the three and nine months ended September 30, 2026 and for the year ended December 31, 2025
13
Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2026 and 2025
15
Notes to the Condensed Consolidated Financial Statements
16
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
55
Item 3. Quantitative and Qualitative Disclosures about Market Risk
114
Item 4. Controls and Procedures
114
PART II—OTHER INFORMATION
Item 1. Legal Proceedings
115
Item 1A. Risk Factors
115
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
115
Item 3. Defaults Upon Senior Securities
115
Item 4. Mine Safety Disclosures
115
Item 5. Other Information
115
Item 6. Exhibits
116
Signatures
117
2
Cautionary Note Regarding Forward-Looking Statements
This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which reflect our current views with respect to, among other things, future events, operations and financial performance. You can identify these forward-looking statements by the use of forward-looking words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “foresees” or negative versions of those words, other comparable words or other statements that do not relate to historical or factual matters. The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. Such forward-looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity. Some of these factors are described in this report and in our Annual Report on Form 10-K for the year ended December 31, 2025, under the headings “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Item 1A. Risk Factors.” These factors should not be construed as exhaustive and should be read in conjunction with the risk factors and other cautionary statements that are included in this report and in our other periodic filings. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from those indicated in these forward-looking statements. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. Therefore, you should not place undue reliance on these forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made. We do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

References in this Quarterly Report on Form 10-Q to the “Ares Operating Group” refer to Ares Holdings L.P. (“Ares Holdings”). References in this Quarterly Report on Form 10-Q to an “Ares Operating Group Unit” or an “AOG Unit” refer to a partnership unit in the Ares Operating Group entity.

The use of any defined term in this report to refer to entities, persons, securities or other items collectively is solely for convenience of reference and in no way implies that such entities, persons, securities or other items are one indistinguishable group. For example, notwithstanding the use of the defined terms “Ares,” “we” and “our” in this report to refer to Ares Management Corporation and its subsidiaries, each subsidiary of Ares Management Corporation is a standalone legal entity that is separate and distinct from Ares Management Corporation and any of its other subsidiaries.

Under generally accepted accounting principles in the United States (“U.S.”) (“GAAP”), we are required to consolidate (i) entities other than limited partnerships and entities similar to limited partnerships in which we hold a majority voting interest or have majority ownership and control over the operational, financial and investing decisions of that entity, including Ares-affiliates and affiliated funds and co-investment vehicles, for which we are presumed to have controlling financial interests, and (ii) entities that we concluded are variable interest entities (“VIEs”), including limited partnerships and collateralized loan obligations (“CLOs”), for which we are deemed to be the primary beneficiary. When an entity is consolidated, we reflect the assets, liabilities, revenues, expenses and cash flows of the entity in our unaudited condensed consolidated financial statements on a gross basis, subject to eliminations from consolidation, including the elimination of the management fees, carried interest, incentive fees and other fees that we earn from the entity. However, the presentation of performance related compensation and other expenses associated with generating such revenues is not affected by the consolidation process. In addition, as a result of the consolidation process, the net income attributable to third-party investors in consolidated entities is presented as net income attributable to non-controlling interests in Consolidated Funds within Condensed Consolidated Statements of Operations. We also consolidate joint ventures that we have established with third-party investors for strategic distribution and expansion purposes. The results of these entities are reflected on a gross basis in the unaudited condensed consolidated financial statements, subject to eliminations from consolidation, and net income attributable to third-party investors in the consolidated joint ventures is presented within net income attributable to redeemable interest and non-controlling interests in Ares Operating Group entities or an “AOG Entity,” which refers to, collectively, Ares Holdings and any future entity designated by our board of directors in its sole discretion as an Ares Operating Group entity.

In this Quarterly Report on Form 10-Q, in addition to presenting our results on a consolidated basis in accordance with GAAP, we present revenues, expenses and other results on a: (i) “segment basis,” which deconsolidates the consolidated funds and removes the proportional results attributable to third-party investors in the consolidated joint ventures, and therefore shows the results of our operating segments without giving effect to the consolidation of these entities; and (ii) “unconsolidated reporting basis,” which shows the results of our operating segments on a combined segment basis together with the Operations Management Group (the “OMG”). In addition to our operating segments, the OMG consists of shared resource groups to support our operating segments by providing infrastructure and administrative support in the areas of accounting/finance, operations, information technology, legal, compliance, human resources, strategy and relationship management and
3
distribution, including our wealth distribution platform, Ares Wealth Management Solutions (“AWMS”). Through our registered broker-dealer subsidiary, Ares Management Capital Markets LLC (“AMCM”), AWMS facilitates the product development, distribution, marketing and client management activities for investment offerings in the global wealth management channel. Additionally, the OMG provides services to certain of our managed funds and vehicles, which reimburse the OMG for expenses either equal to the costs of services provided or as a percentage of invested capital. The OMG’s revenues and expenses are not allocated to our operating segments but we consider the cost structure of the OMG when evaluating our financial performance. This information constitutes non-GAAP financial information within the meaning of Regulation G, as promulgated by the Securities and Exchange Commission (“SEC”). Our management uses this information to assess the performance of our operating segments and the OMG, and we believe that this information enhances the ability of shareholders to analyze our performance. For more information, see “Note 13. Segment Reporting,” within our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.
4
Glossary

When used in this report, unless the context otherwise requires:

•“American-style waterfall” generally refers to carried interest that the general partner is entitled to receive after a fund investment is realized and the investors in the fund have received distributions in excess of the capital contributed for that investment and all prior realized investments (including allocable expenses) plus a preferred return;

•“Ares”, the “Company”, “AMC”, “we”, “us” and “our” refer to Ares Management Corporation and its subsidiaries;

•“Ares Operating Group entities” or an “AOG Entity” refers to, collectively, Ares Holdings L.P. (“Ares Holdings”) and any future entity designated by our board of directors in its sole discretion as an Ares Operating Group entity;

•“Ares Operating Group Unit” or an “AOG Unit” refers to, collectively, a partnership unit in the Ares Operating Group entities including Ares Holdings and any future entity designated by our board of directors in its sole discretion as an Ares Operating Group entity;

•“assets under management” or “AUM” generally refers to the assets we manage. For our funds other than those noted below, our AUM represents the sum of the net asset value (“NAV”) of such funds, the drawn and undrawn debt (at the fund-level, including amounts subject to restrictions) and uncalled committed capital (including commitments to funds that have yet to commence their investment periods). NAV generally refers to fair value of the assets of the fund less the liabilities of the fund but may represent carrying value of assets and liabilities of funds that are not reported at fair value. For the CLOs we manage, our AUM is equal to initial principal of collateral adjusted for paydowns. For Real Assets funds that we manage where management fees are based on gross asset value, net operating income or similar metrics, including their equivalents (“GAV”), our AUM represents the sum of the GAV of such funds, undrawn debt (including any amounts subject to restrictions) and uncalled committed capital (including commitments to funds that have yet to commence their investment periods). GAV typically refers to the fair value of a fund’s total assets. AUM also includes the proceeds raised in the initial public offerings of special purpose acquisition companies (“SPACs”) sponsored by us, less any redemptions;

•“AUM not yet paying fees” (also referred to as “shadow AUM”) refers to AUM that is not currently paying fees and is eligible to earn management fees upon deployment;

•“available capital” (also referred to as “dry powder”) is comprised of uncalled committed capital and undrawn amounts under credit facilities and may include AUM that may be canceled or not otherwise available to invest;

•“catch-up fees” refers to management fees charged retroactively on limited partner commitments to a fund following the initial close date of that fund. These fees are charged to ensure that all limited partners’ share of the net assets of that fund are ratable with their commitment. Catch-up fees reflect the fees generated between the fund’s initial close date and the last day of the quarter prior to the new limited partner’s commitment;

•“CLOs” refers to “our funds” that are structured as collateralized loan obligations and similarly structured vehicles;

•“Consolidated Funds” refers collectively to certain Ares funds, co-investment vehicles, structured financing vehicles, CLOs and SPACs that are required under GAAP to be consolidated in our consolidated financial statements;

•“Credit Facility” refers to the revolving credit facility of the Ares Operating Group;

•“effective management fee rate” represents annualized management fees divided by the average fee paying AUM for the period, excluding the impact of catch-up fees;

•“European-style waterfall” generally refers to carried interest that the general partner is entitled to receive after the investors in a fund have received distributions in an amount equal to all prior capital contributions plus a preferred return;

5
•“fee paying AUM” or “FPAUM” refers to the AUM from which we directly earn management fees. FPAUM is equal to the sum of all the individual fee bases of our funds that directly contribute to our management fees. For our funds other than CLOs, our FPAUM represents the amount of limited partner capital commitments for certain closed-end funds within the reinvestment period, the amount of limited partner invested capital for the aforementioned closed-end funds beyond the reinvestment period and the portfolio value, GAV or NAV. For the CLOs we manage, our FPAUM is equal to the gross amount of aggregate collateral balance, at par, adjusted for defaulted or discounted collateral;

•“fee related earnings” or “FRE”, a non-GAAP measure that is a component of Realized Income, is used to assess core operating performance by determining whether recurring revenue, primarily consisting of management fees and fee related performance revenues, is sufficient to cover operating expenses and to generate profits. FRE differs from income before taxes computed in accordance with GAAP as FRE excludes net performance income, investment income and adjusts for certain other items that we believe are not indicative of our core operating performance. Fee related performance revenues, together with fee related performance compensation, are presented within FRE because they represent incentive fees from perpetual capital vehicles that are measured and eligible to be received on a recurring basis and are not dependent on realization events from the underlying investments;

•“fee related performance revenues” refers to performance revenues from perpetual capital vehicles that are: (i) measured and eligible to be received on a recurring basis; and (ii) not dependent on realization events from the underlying investments. Certain vehicles are subject to hold back provisions that limit the amounts paid in a particular year. Such hold back amounts may be paid in subsequent years, subject to their extended performance conditions;

•“GAAP” refers to accounting principles generally accepted in the United States of America;

•“Holdco Members” refers to Michael Arougheti, David Kaplan, Antony Ressler, Bennett Rosenthal and R. Kipp deVeer;

•“incentive eligible AUM” or “IEAUM” generally refers to the AUM of our funds and other entities from which carried interest and incentive fees may be generated, regardless of whether or not they are currently generating carried interest and incentive fees. It generally represents the NAV plus uncalled equity or total assets plus uncalled debt, as applicable, of our funds for which we are entitled to receive carried interest and incentive fees, excluding capital committed by us and our professionals (from which we generally do not earn carried interest and incentive fees), as well as proceeds raised in the initial public offerings of SPACs sponsored by us, less any redemptions. With respect to the AUM of certain publicly-traded and perpetual wealth funds that generate Part II Fees, only Part II Fees may be generated from IEAUM;

•“incentive generating AUM” or “IGAUM” refers to the AUM of our funds and other entities that are currently generating carried interest and incentive fees on a realized or unrealized basis. It generally represents the NAV or total assets of our funds, as applicable, for which we are entitled to receive carried interest and incentive fees, excluding capital committed by us and our professionals (from which we generally do not earn carried interest and incentive fees). Certain publicly-traded and perpetual wealth funds that generate Part II Fees are only included in IGAUM when Part II Fees are being generated;

•“management fees” refers to fees we earn for advisory services provided to our funds, which are generally based on a defined percentage of fair value of assets, total commitments, invested capital, GAV, NAV, net investment income, total assets or par value of the investment portfolios managed by us. Management fees include Part I Fees, a quarterly fee based on the net investment income of certain publicly-traded and perpetual wealth funds;    

•“net performance income” refers to performance income net of related compensation that is typically payable to our professionals;

•“our funds” refers to the funds, alternative asset companies, trusts, co-investment vehicles and other entities and accounts that are managed or co-managed by the Ares Operating Group and which are structured to pay fees. It also includes funds managed by IHAM, a wholly owned portfolio company of ARCC and a SEC-registered investment adviser;


6
•“Part I Fees” refers to a quarterly fee on the net investment income of certain publicly-traded or perpetual wealth funds. Such fees are classified as management fees as they are predictable and recurring in nature, not subject to contingent repayment and generally cash-settled each quarter, unless subject to a payment deferral;

•“Part II Fees” refers to fees from certain publicly-traded or perpetual wealth funds that are paid in arrears as of the end of each calendar year when the respective cumulative aggregate realized capital gains exceed the cumulative aggregate realized capital losses and aggregate unrealized capital depreciation, less the aggregate amount of respective Part II Fees paid in all prior years since inception;

•“performance income” refers to income we earn based on the performance of a fund that is generally based on certain specific hurdle rates as defined in the fund’s investment management or partnership agreements and may be either carried interest or incentive fees earned from funds with stated investment periods;

•“perpetual capital” refers to the AUM of publicly-traded funds, perpetual wealth funds, commingled funds and managed accounts that have an indefinite term, are not in liquidation, and for which there is no immediate requirement to return invested capital to investors upon the realization of investments. Perpetual Capital - Managed Accounts refers to managed accounts for single investors primarily in illiquid strategies that meet the perpetual capital criteria. Perpetual Capital - Private Commingled Funds refers to commingled funds that meet the perpetual capital criteria, not including our publicly-traded funds or our perpetual wealth funds. Perpetual capital may be withdrawn by investors under certain conditions, including through an election to redeem an investor’s fund investment or to terminate the investment management agreement, which in certain cases may be terminated on 30 days’ prior written notice. In addition, the investment management or advisory agreements of certain of our publicly-traded funds and our perpetual wealth funds have one year terms, which are subject to annual renewal by such funds;

•“realized income” or “RI”, a non-GAAP measure, is an operating metric used by management to evaluate performance of the business based on operating performance and the contribution of each of the business segments to that performance, while removing the fluctuations of unrealized income and losses, which may or may not be eventually realized at the levels presented and whose realizations depend more on future outcomes than current business operations. RI differs from income before taxes by excluding: (i) operating results of our Consolidated Funds; (ii) depreciation and amortization expense; (iii) the effects of changes arising from corporate actions; and (iv) unrealized gains and losses related to carried interest, incentive fees and investment performance; and adjusting for certain other items that we believe are not indicative of our operating performance. Changes arising from corporate actions include equity-based compensation expenses, the amortization of intangible assets, transaction costs associated with mergers, acquisitions and capital activities, underwriting costs and expenses incurred in connection with corporate reorganization. Placement fee adjustment represents the net portion of either expense deferral or amortization of certain upfront fees to placement agents that is presented to match the timing of expense recognition with the period over which management fees are expected to be earned from the associated fund for segment purposes and differ from the expenses recorded in accordance with GAAP. For periods in which the amortization of these upfront fees for segment purposes is higher than the GAAP expense, the placement fee adjustment is presented as a reduction to RI;

•“SEC” refers to the Securities and Exchange Commission; and

•“Term Loan” refers to the term loan facility of the Ares Operating Group.


7
Unless otherwise indicated, fund references throughout this report include the main fund and related parallel funds, feeder funds and co‑investment vehicles. The following list sets forth the Ares Funds that are referred to throughout this report:

•“ACE III” refers to Ares Capital Europe III, L.P.;
•“ACE IV” refers to Ares Capital Europe IV, L.P.;
•“ACE V” refers to Ares Capital Europe V, L.P.;
•“ACE VI” refers to Ares Capital Europe VI, L.P.;
•“ACIP I” refers to Ares Climate Infrastructure Partners, L.P.;
•“ACIP II” refers to Ares Climate Infrastructure Partners II, L.P.;
•“ACOF III” refers to Ares Corporate Opportunities Fund III, L.P.;
•“ACOF IV” refers to Ares Corporate Opportunities Fund IV, L.P.;
•“ACOF V” refers to Ares Corporate Opportunities Fund V, L.P.;
•“ACOF VI” refers to Ares Corporate Opportunities Fund VI, L.P.;
•“ACOF VII” refers to Ares Corporate Opportunities Fund VII, L.P.;
•“ACS” refers to Ares Credit Secondaries Fund, L.P.;
•“AGSS” refers to Ares Global Structured Solutions Fund, L.P.;
•“APMF” refers to Ares Private Markets Fund;
•“ARCC” refers to Ares Capital Corporation (NASDAQ: ARCC);
•“AREOF III” refers to Ares U.S. Real Estate Opportunity Fund III, L.P.;
•“AREOF IV” refers to Ares U.S. Real Estate Opportunity Fund IV, L.P.;
•“ASIF” refers to Ares Strategic Income Fund;
•“ASIS III” refers to Ares Secondaries Infrastructure Solutions III, L.P.;
•“ASOF I” refers to Ares Special Opportunities Fund, L.P.;
•“ASOF II” refers to Ares Special Opportunities Fund II, L.P.;
•“ASOF III” refers to Ares Special Opportunities Fund III, L.P.;
•“CADC” refers to CION Ares Diversified Credit Fund;
•“EF IV” refers to Ares European Real Estate Fund IV SCSp;
•“EF V” refers to Ares European Real Estate Fund V SCSp;
•“EF VI” refers to Ares European Real Estate Fund VI SCSp;
•“EIF V” refers to Ares Energy Investors Fund V, L.P.;
•“EIP II” refers to Europe Logistics Income Partners II SCSp;
•“EPEP IV” refers to European Property Enhancement Partners IV, SCSp;
•“IDF V” refers to Ares Infrastructure Debt Fund V, L.P.;
•“IHAM” refers to Ivy Hill Asset Management, L.P.;
•“J-REIT” refers to GLP J-REIT (TSE: 3281);
•“JDC I” refers to Japan DC Partners I L.P.;
•“LEP XVI” refers to Landmark Equity Partners XVI, L.P.;
•“LEP XVII” refers to Landmark Equity Partners XVII, L.P.;
•“LREF VIII” refers to Landmark Real Estate Fund VIII, L.P.;
•“LREF IX” refers to Landmark Real Estate Fund IX, L.P.;
•“Pathfinder I” refers to Ares Pathfinder Fund, L.P.;
•“Pathfinder II” refers to Ares Pathfinder Fund II, L.P.;
•“Pathfinder III” refers to Ares Pathfinder Fund III, L.P.;
•“PCS I” refers to Ares Private Credit Solutions, L.P.;
•“PCS II” refers to Ares Private Credit Solutions II, L.P.;
•“SDL I” refers to Ares Senior Direct Lending Fund, L.P.;
•“SDL II” refers to Ares Senior Direct Lending Fund II, L.P.;
•“SDL III” refers to Ares Senior Direct Lending Fund III, L.P.;
8
•“SSF IV” refers to Ares Special Situations Fund IV, L.P.;
•“SSG IV” refers to SSG Capital Partners IV, L.P.;
•“US VIII” refers to U.S. Real Estate Fund VIII, L.P.;
•“US IX” refers to U.S. Real Estate Fund IX, L.P.;
•“US X” refers to U.S. Real Estate Fund X, L.P.;
•“US XI” refers to Ares U.S. Real Estate Fund XI, L.P.; and
•“USLP V” refers to U.S. Logistics Partners V, L.P.

Many of the terms used in this report, including AUM, FPAUM, FRE and RI, may not be comparable to similarly titled measures used by other companies. In addition, our definitions of AUM and FPAUM are not based on any definition of AUM or FPAUM that is set forth in the agreements governing the funds that we manage and may differ from definitions of AUM or FPAUM set forth in other agreements to which we are a party or definitions used by the SEC or other regulatory bodies. Further, FRE and RI are not measures of performance calculated in accordance with GAAP. We use FRE and RI as measures of operating performance, not as measures of liquidity. FRE and RI should not be considered in isolation or as substitutes for operating income, net income, operating cash flows, or other income or cash flow statement data prepared in accordance with GAAP. The use of FRE and RI without consideration of related GAAP measures is not adequate due to the adjustments described above. Our management compensates for these limitations by using FRE and RI as supplemental measures to our GAAP results. We present these measures to provide a more complete understanding of our performance as our management measures it.
Amounts and percentages throughout this report may reflect rounding adjustments and consequently totals may not appear to sum.
9
PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
Ares Management Corporation
Condensed Consolidated Statements of Financial Condition
(Amounts in Thousands, Except Share Data)
As of
September 30, 2026December 31, 2025
(unaudited)
Assets
Cash and cash equivalents$597,705 $488,896 
Investments (includes accrued carried interest of $4,274,673 and $3,972,748 as of September 30, 2026 and December 31, 2025, respectively)
5,704,058 5,508,447 
Due from affiliates1,524,438 1,420,218 
Other assets1,128,903 1,032,138 
Right-of-use operating lease assets657,362 517,351 
Intangible assets, net2,045,991 2,115,830 
Goodwill3,464,839 3,454,107 
Assets of Consolidated Funds:
Cash and cash equivalents1,164,755 959,088 
Investments, at fair value13,766,310 12,844,886 
Receivable for securities sold170,089 228,442 
Other assets62,898 63,966 
Total assets$30,287,348 $28,633,369 
Liabilities
Accounts payable, accrued expenses and other liabilities$1,283,754 $1,204,467 
Accrued compensation859,664 472,978 
Due to affiliates765,927 810,409 
Performance related compensation payable3,247,613 2,951,333 
Debt obligations4,778,244 3,941,415 
Operating lease liabilities845,294 669,999 
Liabilities of Consolidated Funds:
Accounts payable, accrued expenses and other liabilities141,044 105,137 
Payable for securities purchased214,259 165,391 
CLO loan obligations, at fair value6,246,603 7,359,072 
Fund borrowings3,005,992 2,251,780 
Total liabilities21,388,394 19,931,981 
Commitments and contingencies
Redeemable interest in Consolidated Funds398,489 — 
Redeemable interest in Ares Operating Group entities25,750 25,296 
Non-controlling interests in Consolidated Funds3,422,055 2,903,858 
Non-controlling interests in Ares Operating Group entities1,222,141 1,496,771 
Stockholders’ Equity
Series B mandatory convertible preferred stock, $0.01 par value, 1,000,000,000 shares authorized (30,000,000 shares issued and outstanding as of September 30, 2026 and December 31, 2025)
1,460,030 1,460,030 
Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (224,109,437 shares and 218,465,429 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively)
2,241 2,185 
Non-voting common stock, $0.01 par value, 500,000,000 shares authorized (3,489,911 shares issued and outstanding as of September 30, 2026 and December 31, 2025)
35 35 
Class B common stock, $0.01 par value, 1,000 shares authorized (1,000 shares issued and outstanding as of September 30, 2026 and December 31, 2025)
— — 
Class C common stock, $0.01 par value, 499,999,000 shares authorized (102,689,992 shares and 105,079,121 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively)
1,027 1,051 
Additional paid-in-capital4,470,226 4,242,678 
Accumulated deficit(2,118,702)(1,452,259)
Accumulated other comprehensive income, net of tax15,662 21,743 
Total stockholders’ equity3,830,519 4,275,463 
Total equity8,474,715 8,676,092 
Total liabilities, redeemable interest, non-controlling interests and equity$30,287,348 $28,633,369 
    See accompanying notes to the unaudited condensed consolidated financial statements.
10
Ares Management Corporation
Condensed Consolidated Statements of Operations
(Amounts in Thousands, Except Share Data)
(unaudited)
Three months ended September 30,Nine months ended September 30,
2026202520262025
Revenues
Management fees$1,057,116 $971,762 $3,064,206 $2,689,371 
Carried interest allocation161,748 464,666 558,293 948,575 
Incentive fees82,299 100,668 286,986 155,795 
Principal investment income19,854 17,976 22,619 50,937 
Administrative, transaction and other fees112,382 102,556 326,341 251,883 
Total revenues1,433,399 1,657,628 4,258,445 4,096,561 
Expenses
Compensation and benefits700,592 659,835 2,081,659 1,960,669 
Performance related compensation173,620 404,095 633,883 761,434 
General, administrative and other expenses258,627 246,154 754,779 706,224 
Expenses of Consolidated Funds15,689 (1,868)26,647 31,795 
Total expenses1,148,528 1,308,216 3,496,968 3,460,122 
Other income (expense)
Net realized and unrealized gains (losses) on investments(147,437)188,420 (71,338)201,396 
Interest and dividend income9,128 13,644 22,749 39,072 
Interest expense(58,506)(46,315)(161,461)(126,277)
Other expense, net(14,413)(7,263)(10,945)(64,498)
Net realized and unrealized gains on investments of Consolidated Funds227,694 180,255 538,106 396,413 
Interest and other income of Consolidated Funds132,478 130,821 297,046 452,783 
Interest expense of Consolidated Funds(192,179)(156,703)(435,135)(455,081)
Total other income (expense), net(43,235)302,859 179,022 443,808 
Income before taxes241,636 652,271 940,499 1,080,247 
Income tax expense36,244 111,892 169,093 190,387 
Net income205,392 540,379 771,406 889,860 
Less: Net income attributable to non-controlling interests in Consolidated Funds77,226 67,407 178,114 127,383 
Net income attributable to Ares Operating Group entities128,166 472,972 593,292 762,477 
Less: Net income (loss) attributable to redeemable interest in Ares Operating Group entities(71)1,797 661 1,839 
Less: Net income attributable to non-controlling interests in Ares Operating Group entities42,907 182,293 214,077 287,524 
Net income attributable to Ares Management Corporation85,330 288,882 378,554 473,114 
Less: Series B mandatory convertible preferred stock dividends declared25,313 25,313 75,938 75,938 
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders$60,017 $263,569 $302,616 $397,176 
Net income per share of Class A and non-voting common stock
Basic$0.21 $1.15 $1.15 $1.64 
Diluted$0.21 $1.15 $1.15 $1.64 
Weighted-average shares of Class A and non-voting common stock
Basic227,518,886 219,881,697 225,965,434 216,086,939 
Diluted227,518,886 219,881,697 225,965,434 216,086,939 

Substantially all revenue is earned from affiliated funds of the Company.
See accompanying notes to the unaudited condensed consolidated financial statements.
11
Ares Management Corporation
Condensed Consolidated Statements of Comprehensive Income
(Amounts in Thousands)
(unaudited)
Three months ended September 30,Nine months ended September 30,
2026202520262025
Net income$205,392 $540,379 $771,406 $889,860 
Foreign currency translation adjustments, net of tax3,476 (4,770)(10,356)91,342 
Total comprehensive income208,868 535,609 761,050 981,202 
Less: Comprehensive income attributable to non-controlling interests in Consolidated Funds76,818 66,795 176,543 146,677 
Less: Comprehensive income attributable to redeemable interest in Ares Operating Group entities102 1,615 751 2,554 
Less: Comprehensive income attributable to non-controlling interests in Ares Operating Group entities44,078 180,756 211,283 311,343 
Comprehensive income attributable to Ares Management Corporation$87,870 $286,443 $372,473 $520,628 
    
See accompanying notes to the unaudited condensed consolidated financial statements.
12
Ares Management Corporation
Condensed Consolidated Statements of Changes in Equity
(Amounts in Thousands)
(unaudited)
Series B Mandatory Convertible Preferred StockClass A Common StockNon-voting Common StockClass C Common StockAdditional Paid-in-CapitalAccumulated DeficitAccumulated Other Comprehensive Income (Loss)Non-Controlling Interest in Ares Operating Group EntitiesNon-Controlling Interest in
Consolidated Funds		Total Equity
Balance as of December 31, 2025$1,460,030 $2,185 $35 $1,051 $4,242,678 $(1,452,259)$21,743 $1,496,771 $2,903,858 $8,676,092 
Changes in ownership interests and related tax benefits— 34 — (8)(190,680)— — (122,909)(198,361)(511,924)
Issuances of common stock— 1 — — 15,996 — — — — 15,997 
Capital contributions— — — — — — — 13,727 321,956 335,683 
Dividends/distributions(25,313)— — — — (321,588)— (175,554)(79,832)(602,287)
Net income25,313 — — — — 117,276 — 81,926 29,647 254,162 
Currency translation adjustment, net of tax— — — — — — (7,754)(3,624)(577)(11,955)
Equity compensation— — — — 136,695 — — 66,937 — 203,632 
Balance as of March 31, 2026
1,460,030 2,220 35 1,043 4,204,689 (1,656,571)13,989 1,357,274 2,976,691 8,359,400 
Changes in ownership interests and related tax benefits— 19 — (15)18,349 — — (33,147)(17,216)(32,010)
Capital contributions— — — — — — — — 302,078 302,078 
Dividends/distributions(25,312)— — — — (323,552)— (164,897)(5,547)(519,308)
Net income25,312 — — — — 125,323 — 89,244 71,241 311,120 
Currency translation adjustment, net of tax— — — — — — (867)(341)(586)(1,794)
Equity compensation— — — — 123,381 — — 59,398 — 182,779 
Balance as of June 30, 2026
1,460,030 2,239 35 1,028 4,346,419 (1,854,800)13,122 1,307,531 3,326,661 8,602,265 
Changes in ownership interests and related tax benefits— 2 — (1)613 — — (5,222)(5,543)(10,151)
Capital contributions— — — — — — — 417 57,773 58,190 
Dividends/distributions(25,313)— — — — (323,919)— (183,288)(33,654)(566,174)
Net income25,313 — — — — 60,017 — 42,907 77,226 205,463 
Currency translation adjustment, net of tax— — — — — — 2,540 1,171 (408)3,303 
Equity compensation— — — — 123,194 — — 58,625 — 181,819 
Balance as of September 30, 2026
$1,460,030 $2,241 $35 $1,027 $4,470,226 $(2,118,702)$15,662 $1,222,141 $3,422,055 $8,474,715 

See accompanying notes to the unaudited condensed consolidated financial statements.
13
Ares Management Corporation
Condensed Consolidated Statements of Changes in Equity
(Amounts in Thousands)
(unaudited)
Series B Mandatory Convertible Preferred StockClass A Common StockNon-voting Common StockClass C Common StockAdditional Paid-in-CapitalAccumulated DeficitAccumulated Other Comprehensive Income (Loss)Non-Controlling Interest in Ares Operating Group EntitiesNon-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 stock1,147 — — — — — — — — 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)
Net income25,313 — — — — 21,857 — 20,038 55,977 123,185 
Currency translation adjustment, net of tax— — — — — — 42,101 21,934 6,338 70,373 
Equity compensation— — — — 168,955 — — 88,907 — 257,862 
Balance as of March 31, 2025
1,459,918 2,149 35 1,081 4,040,708 (1,074,128)24,344 1,617,688 2,140,044 8,211,839 
Changes in ownership interests and related tax benefits— 10 — (8)(61,923)— — (52,023)243,432 129,488 
Capital contributions— — — — — — — 1,333 37,422 38,755 
Dividends/distributions(25,312)— — — — (259,233)— (143,626)(110,900)(539,071)
Net income25,312 — — — — 111,750 — 85,193 3,999 226,254 
Currency translation adjustment, net of tax— — — — — — 7,852 3,422 13,568 24,842 
Equity compensation— — — — 109,276 — — 55,815 — 165,091 
Balance as of June 30, 2025
1,459,918 2,159 35 1,073 4,088,061 (1,221,611)32,196 1,567,802 2,327,565 8,257,198 
Changes in ownership interests and related tax benefits— 8 — (8)4,834 — — (46,698)27,846 (14,018)
Adjustment to issuance costs of Series B mandatory convertible preferred stock840 — — — — — — — — 840 
Issuances of common stock— 1 — — — — — — — 1 
Capital contributions— — — — — — — 1 121,076 121,077 
Dividends/distributions(25,313)— — — — (260,640)— (137,725)(29,264)(452,942)
Net income25,313 — — — — 263,569 — 182,293 67,407 538,582 
Currency translation adjustment, net of tax— — — — — — (2,439)(1,537)(612)(4,588)
Equity compensation— — — — 106,032 — — 54,098 — 160,130 
Balance as of September 30, 2025
1,460,758 2,168 35 1,065 4,198,927 (1,218,682)29,757 1,618,234 2,514,018 8,606,280 
Changes in ownership interests and related tax benefits— 17 — (14)(60,991)— — (16,291)217,622 140,343 
Issuance of Series B mandatory convertible preferred stock(728)— — — — — — — — (728)
Capital contributions— — — — — — — 9 563,290 563,299 
Dividends/distributions(25,312)— — — — (262,513)— (171,926)(517,516)(977,267)
Net income25,312 — — — — 28,936 — 18,219 126,521 198,988 
Currency translation adjustment, net of tax— — — — — — (8,014)(4,198)(77)(12,289)
Equity compensation— — — — 104,742 — — 52,724 — 157,466 
Balance as of December 31, 2025$1,460,030 $2,185 $35 $1,051 $4,242,678 $(1,452,259)$21,743 $1,496,771 $2,903,858 $8,676,092 

See accompanying notes to the unaudited condensed consolidated financial statements.
14
Ares Management Corporation
Condensed Consolidated Statements of Cash Flows
(Amounts in Thousands)
(unaudited)
Nine months ended September 30,
2026
2025
Cash flows from operating activities
Net income$771,406 $889,860 
Adjustments to reconcile net income to net cash provided by (used in) operating activities870,908 491,735 
Adjustments to reconcile net income to net cash provided by (used in) operating activities allocable to non-controlling interests in Consolidated Funds(1,619,156)1,620,528 
Cash flows due to changes in operating assets and liabilities238,085 350,245 
Cash flows due to changes in operating assets and liabilities allocable to redeemable and non-controlling interest in Consolidated Funds(292,431)398,279 
Net cash provided by (used in) operating activities(31,188)3,750,647 
Cash flows from investing activities
Purchase of furniture, equipment and leasehold improvements, net of disposals(83,902)(56,385)
Acquisitions, net of cash acquired8,330 (1,726,175)
Net cash used in investing activities(75,572)(1,782,560)
Cash flows from financing activities
Proceeds from Credit Facility1,375,000 2,130,000 
Proceeds from Term Loan399,411 — 
Repayments of Credit Facility(940,000)(1,015,000)
Dividends and distributions (1,569,033)(1,296,937)
Taxes paid related to net share settlement of equity awards(371,887)(425,623)
Other financing activities13,137 2,630 
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds1,106,461 269,903 
Distributions to non-controlling interests in Consolidated Funds(119,033)(349,020)
Redemptions of redeemable interests in Consolidated Funds— (509,503)
Borrowings under loan obligations by Consolidated Funds2,488,014 532,191 
Repayments under loan obligations by Consolidated Funds(2,137,619)(2,308,666)
Net cash provided by (used in) financing activities244,451 (2,970,025)
Effect of exchange rate changes(28,882)(9,369)
Net change in cash and cash equivalents108,809 (1,011,307)
Cash and cash equivalents, beginning of period488,896 1,507,976 
Cash and cash equivalents, end of period$597,705 $496,669 
Supplemental disclosure of non-cash financing activities:
Equity issued in connection with acquisition-related activities$15,997 $1,657,881 
See accompanying notes to the unaudited condensed consolidated financial statements.
15
Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
1. ORGANIZATION

Ares Management Corporation (the “Company”), a Delaware corporation, together with its subsidiaries, is a leading global alternative investment manager operating integrated groups across Credit, Real Assets, Secondaries and Private Equity. Information about segments should be read together with “Note 13. Segment Reporting.” Subsidiaries of the Company serve as the general partners and/or investment managers to various funds and managed accounts within each investment group (the “Ares Funds”). These subsidiaries provide investment advisory services to the Ares Funds in exchange for management fees.

The accompanying unaudited financial statements include the condensed consolidated results of the Company and its subsidiaries. The Company is a holding company that operates and controls all of the businesses and affairs of and conducts all of its material business activities through Ares Holdings L.P. (“Ares Holdings”). Ares Holdings represents all the activities of the “Ares Operating Group” or “AOG” and may be referred to interchangeably. The Company, indirectly through its wholly owned subsidiary, Ares Holdco LLC, is the general partner of the Ares Operating Group entity.

The Company manages or controls certain entities that have been consolidated in the accompanying financial statements as described in “Note 2. Summary of Significant Accounting Policies.” These entities include Ares Funds, co-investment vehicles, structured financing vehicles, collateralized loan obligations (“CLOs”) and special purpose acquisition companies (“SPACs”) (collectively, the “Consolidated Funds”).

Including the results of the Consolidated Funds significantly increases the reported amounts of the assets, liabilities, revenues, expenses and cash flows within the accompanying unaudited condensed consolidated financial statements. However, the Consolidated Funds results included herein have no direct effect on the net income attributable to Ares Management Corporation or to its stockholders’ equity, except where accounting for a redemption or liquidation preference requires the reallocation of ownership based on specific terms of a profit sharing agreement. Instead, economic ownership interests of the investors in the Consolidated Funds are reflected as redeemable and non-controlling interests in Consolidated Funds. Further, cash flows allocable to redeemable and non-controlling interest in Consolidated Funds are specifically identifiable within the Condensed Consolidated Statements of Cash Flows.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States (“U.S.”) (“GAAP”) for interim financial information and instructions to the Quarterly Report on Form 10-Q. The unaudited condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments so that the unaudited condensed consolidated financial statements are presented fairly and that estimates made in preparing its unaudited condensed consolidated financial statements are reasonable and prudent, and that all such adjustments are of a normal recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (“SEC”).

The unaudited condensed consolidated financial statements include the accounts and activities of the Ares Operating Group entities (“AOG entities”), their consolidated subsidiaries and certain Consolidated Funds. All intercompany balances and transactions have been eliminated upon consolidation.

Recent Accounting Pronouncements

The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed below were assessed and either determined to be not applicable or expected to have minimal impact on its unaudited condensed consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires disaggregated disclosure of certain expenses in the notes to the consolidated financial statements, including purchases of
16
Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
inventory, employee compensation, depreciation and intangible asset amortization. The amendments in this update also require disclosure of: (i) the expense captions from the Condensed Consolidated Statements of Operations that include each of the relevant expense categories; (ii) a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively; and (iii) total selling expenses and a definition of such expenses. ASU 2024-03 is effective for the Company’s fiscal year ending December 31, 2027. Early adoption is permitted and the amendments in this update may be applied on a prospective or retrospective basis. The Company is currently evaluating the impact of this guidance.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. ASU 2025-06 clarifies the threshold for capitalizing internal-use software costs to be based on when (i) management has authorized and committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. ASU 2025-06 is effective for the Company’s fiscal year ending December 31, 2028. Early adoption is permitted and the amendments in this update may be applied on a prospective, retrospective or modified basis. The Company is currently evaluating the impact of this guidance.

In September 2026, the FASB issued ASU 2026-03, Fair Value Measurement (Topic 820): Investment Companies with Equity Securities Subject to Contractual Sale Restrictions. ASU 2026-03 amends ASC 820 Fair Value Measurement Guidance by requiring investment companies within the scope of ASC 946 to consider the effect of contractual sale restrictions when measuring the fair value of equity securities subject to such restrictions. ASU 2026-03 is effective for the Company’s fiscal year ending December 31, 2028. Early adoption is permitted and the amendments in this update may be applied on a prospective basis. The Company is currently evaluating the impact of this guidance.

3. GOODWILL AND INTANGIBLE ASSETS
Intangible Assets, Net
The following table summarizes the carrying value, net of accumulated amortization, of the Company’s intangible assets:
Weighted Average Amortization Period (in years) as of September 30, 2026As of September 30,As of December 31,
20262025
Management contracts4.3$898,247 $1,023,893 
Client relationships6.1317,920 317,920 
Other4.312,054 — 
Finite-lived intangible assets1,228,221 1,341,813 
Foreign currency translation5,803 6,884 
Total finite-lived intangible assets1,234,024 1,348,697 
Less: accumulated amortization(552,278)(550,267)
Finite-lived intangible assets, net681,746 798,430 
Indefinite-lived management contracts1,364,245 1,317,400 
Intangible assets, net$2,045,991 $2,115,830 
On February 1, 2026, the Company completed the acquisition of the remaining outstanding shares of BlueCove Limited (“BlueCove”) (the “BlueCove Acquisition”). Prior to completing the BlueCove Acquisition, the Company held a 15% ownership interest in BlueCove. BlueCove is a London-based systematic fixed income manager that leverages data and technology to deliver differentiated solutions to investors. BlueCove’s results are presented within the Credit Group. The Company allocated $60.8 million and $12.1 million of the purchase consideration to the fair value of the acquired management contracts and developed technology, respectively. Certain management contracts were determined to have indefinite useful lives at the time of the BlueCove Acquisition and are not subject to amortization. The remaining management contracts and developed technology had a weighted average amortization period from the date of acquisition of 10.0 years and 5.0 years, respectively.
17
Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
During the three and nine months ended September 30, 2025, the Company recorded a non-cash impairment charge of $2.3 million to the fair value of management contracts of certain CLOs within the Credit Group. The primary indicator of impairment was the lower than expected future fee revenue resulting from the earlier than expected end to the useful lives of these CLOs.
Amortization expense associated with intangible assets was $48.2 million and $52.3 million for the three months ended September 30, 2026 and 2025, respectively, and $142.8 million and $142.3 million for the nine months ended September 30, 2026 and 2025, respectively, and has been presented within general, administrative and other expenses within the Condensed Consolidated Statements of Operations. During the nine months ended September 30, 2026, the Company removed $139.6 million of fully-amortized cost basis of intangible assets.
Goodwill

The following table summarizes the carrying value of the Company’s goodwill:
Credit GroupReal Assets GroupSecondaries GroupPrivate Equity GroupTotal
Balance as of December 31, 2025$313,830 $2,601,229 $417,640 $121,408 $3,454,107 
Acquisitions— 11,535 — — 11,535 
Foreign currency translation(662)(138)(3)— (803)
Balance as of September 30, 2026$313,168 $2,612,626 $417,637 $121,408 $3,464,839 

There was no impairment of goodwill recorded during the three and nine months ended September 30, 2026 and 2025. The impact of foreign currency translation adjustments is reflected within the Condensed Consolidated Statements of Comprehensive Income.

In connection with the BlueCove Acquisition, the Company recorded a bargain purchase gain of $37.3 million during the nine months ended September 30, 2026, which has been presented within other income (expense), net in the Condensed Consolidated Statements of Operations. The bargain purchase gain resulted from the fair value of the identifiable tangible and intangible assets acquired exceeding the purchase consideration. A portion of the purchase price payable to certain senior professionals is dependent upon the achievement of revenue targets and has been excluded from purchase consideration as it is subject to continued and future service. See “Note 7. Commitments and Contingencies” for further information.

4. INVESTMENTS

The following table summarizes the Company’s investments:
As ofPercentage of total investments as of
September 30,December 31,September 30,December 31,
2026202520262025
Equity method investments
Equity method - carried interest(1)
$4,274,673 $3,972,748 74.9%72.1%
Equity method private investment partnership interests - principal473,682 526,372 8.39.6
Equity method private investment partnership interests and other (held at fair value)242,750 675,777 4.312.3
Equity method private investment partnership interests and other50,855 61,306 0.91.1
Total equity method investments5,041,960 5,236,203 88.495.1
Collateralized loan obligations4,815 13,217 0.10.2
Fixed income securities132,671 11,252 2.30.2
Collateralized loan obligations and fixed income securities, at fair value137,486 24,469 2.40.4
Common stock and other equity securities, at fair value524,612 247,775 9.24.5
Total investments$5,704,058 $5,508,447 
(1)Includes carried interest held at fair value of $13.9 million and $118.1 million as of September 30, 2026 and December 31, 2025, respectively.

18
Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
Equity Method Investments

The Company’s equity method investments include investments that are not consolidated but over which the Company exerts significant influence. The Company evaluates each of its equity method investments to determine if any are significant as defined by guidance from the SEC. As of and for the three and nine months ended September 30, 2026 and 2025, no individual equity method investment held by the Company met the significance criteria.

The following table presents the Company’s share of net investment income and changes in fair value of its equity method investments, which are included within principal investment income, net realized and unrealized gains (losses) on investments, and interest and dividend income within the Condensed Consolidated Statements of Operations:
Three months ended September 30,Nine months ended September 30,
2026202520262025
Equity method private investment partnership interests - principal, net investment income$19,851 $17,957 $22,614 $50,917 
Equity method private investment partnership interests and other, net investment income(669)(1,075)(6,370)4,099 
Equity method private investment partnership interests and other (held at fair value), net investment income3,355 4,020 7,477 8,258 
Equity method private investment partnership interests and other (held at fair value), changes in fair value(8,002)174,313 34,855 182,609 

With respect to the Company’s equity method investments, the material assets are expected to generate either long-term capital appreciation and/or interest and dividend income, the material liabilities are debt instruments collateralized by, or related to, the financing of the assets and net income is materially comprised of the changes in fair value of these net assets.

Investments of the Consolidated Funds

The following table summarizes investments held in the Consolidated Funds:
Fair Value as ofPercentage of total investments as of
September 30,December 31,September 30,December 31,
2026202520262025
Fixed income investments
Loans and securitization vehicles$3,682,482 $5,507,199 26.7%42.9%
U.S. treasury securities398,589 — 2.9—
Bonds188,779 280,911 1.42.2
Total fixed income investments4,269,850 5,788,110 31.045.1
Partnership interests4,879,416 3,791,056 35.529.6
Equity securities4,617,044 3,265,720 33.525.4
Total investments, at fair value$13,766,310 $12,844,886 


19
Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
5. FAIR VALUE
Fair Value of Financial Instruments Held by the Company and Consolidated Funds

The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of September 30, 2026:
Financial Instruments of the CompanyLevel I Level II Level III Total 
Assets, at fair value
Investments:
Common stock, other equity securities and equity method investments$478,630 $45,982 $242,749 $767,361 
Common stock and other equity securities - carried interest12,000 — 1,875 13,875 
Collateralized loan obligations and fixed income securities
— — 137,486 137,486 
Total investments, at fair value490,630 45,982 382,110 918,722 
Derivatives-foreign currency forward contracts— 2,641 — 2,641 
Total assets, at fair value$490,630 $48,623 $382,110 $921,363 
Liabilities, at fair value
Derivatives-foreign currency forward contracts$— $(1,178)$— $(1,178)
Contingent consideration— — (807,990)(807,990)
Total liabilities, at fair value$— $(1,178)$(807,990)$(809,168)

Financial Instruments of the Consolidated FundsLevel I Level II Level III Investments Measured at NAVTotal 
Assets, at fair value
Investments:
Fixed income investments:
Loans and securitization vehicles$— $3,452,260 $230,222 $— $3,682,482 
U.S. treasury securities398,589 — — — 398,589 
Bonds— 188,779 — — 188,779 
Total fixed income investments398,589 3,641,039 230,222 — 4,269,850 
Partnership interests— — — 4,879,416 4,879,416 
Equity securities— 534,756 4,082,288 — 4,617,044 
Total investments, at fair value398,589 4,175,795 4,312,510 4,879,416 13,766,310 
Total assets, at fair value$398,589 $4,175,795 $4,312,510 $4,879,416 $13,766,310 
Liabilities, at fair value
Loan obligations of CLOs$— $(6,246,603)$— $— $(6,246,603)
Total liabilities, at fair value$— $(6,246,603)$— $— $(6,246,603)
20
Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of December 31, 2025:
Financial Instruments of the CompanyLevel I Level II Level III Total 
Assets, at fair value
Investments:
Common stock, other equity securities and equity method investments$152,163 $95,612 $675,777 $923,552 
Common stock and other equity securities - carried interest68,250 — 49,813 118,063 
Collateralized loan obligations and fixed income securities
— — 24,469 24,469 
Total investments, at fair value220,413 95,612 750,059 1,066,084 
Derivatives-foreign currency forward contracts— 18,230 — 18,230 
Total assets, at fair value$220,413 $113,842 $750,059 $1,084,314 
Liabilities, at fair value
Derivatives-foreign currency forward contracts$— $(2,627)$— $(2,627)
Contingent consideration— — (765,370)(765,370)
Total liabilities, at fair value$— $(2,627)$(765,370)$(767,997)

Financial Instruments of the Consolidated FundsLevel ILevel IILevel IIIInvestments Measured at NAVTotal
Assets, at fair value
Investments:
Fixed income investments:
Loans and securitization vehicles$— $4,873,684 $633,515 $— $5,507,199 
Bonds— 280,911 — — 280,911 
Total fixed income investments— 5,154,595 633,515 — 5,788,110 
Partnership interests— — — 3,791,056 3,791,056 
Equity securities— 262,271 3,003,449 — 3,265,720 
Total investments, at fair value— 5,416,866 3,636,964 3,791,056 12,844,886 
Derivatives-foreign currency forward contracts— 4,889 — — 4,889 
Total assets, at fair value$— $5,421,755 $3,636,964 $3,791,056 $12,849,775 
Liabilities, at fair value
Loan obligations of CLOs$— $(7,359,072)$— $— $(7,359,072)
Derivatives-foreign currency forward contracts — (4,842)— — (4,842)
Derivatives-asset swaps— — (114)— (114)
Total liabilities, at fair value$— $(7,363,914)$(114)$— $(7,364,028)


21
Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
The following tables set forth a summary of changes in the fair value of the Level III measurements:
Level III Assets and (Liabilities) of the CompanyEquity SecuritiesFixed IncomeContingent ConsiderationTotal
Balance as of June 30, 2026
$261,260 $17,571 $(793,790)$(514,959)
Purchases(1)
— 119,970 — 119,970 
Change in fair value— — (14,200)(14,200)
Sales/settlements(2)
— (220)— (220)
Realized and unrealized appreciation (depreciation), net(16,636)165 — (16,471)
Balance as of September 30, 2026
$244,624 $137,486 $(807,990)$(425,880)
Change in net unrealized appreciation/(depreciation) and fair value included in earnings related to financial assets and liabilities still held at the reporting date$(17,496)$23 $(14,200)$(31,673)
Level III Net Assets of Consolidated FundsEquity SecuritiesFixed IncomeTotal
Balance as of June 30, 2026
$3,676,243 $163,833 $3,840,076 
Transfer in(3)
15 53,295 53,310 
Transfer out(3)
(187)(51,104)(51,291)
Purchases(1)
285,000 79,386 364,386 
Sales/settlements(2)
(688)(16,028)(16,716)
Realized and unrealized appreciation, net121,905 840 122,745 
Balance as of September 30, 2026
$4,082,288 $230,222 $4,312,510 
Change in net unrealized appreciation included in earnings related to financial assets and liabilities still held at the reporting date$121,794 $2,657 $124,451 
Level III Assets and (Liabilities) of the CompanyEquity SecuritiesFixed IncomeContingent ConsiderationTotal
Balance as of June 30, 2025
$421,438 $50,411 $(510,490)$(38,641)
Transfer in(3)
27,162 1,488 — 28,650 
Transfer out(3)
— (21,551)— (21,551)
Purchases(1)
100 1,877 — 1,977 
Sales/settlements(2)
— (1,383)— (1,383)
Change in fair value— — (17,564)(17,564)
Realized and unrealized appreciation, net176,011 1,082 — 177,093 
Balance as of September 30, 2025
$624,711 $31,924 $(528,054)$128,581 
Change in net unrealized appreciation/(depreciation) and fair value included in earnings related to financial assets and liabilities still held at the reporting date $176,011 $1,091 $(17,564)$159,538 
Level III Net Assets of Consolidated FundsEquity SecuritiesFixed IncomeDerivatives, NetTotal
Balance as of June 30, 2025
$2,004,343 $501,049 $(720)$2,504,672 
Transfer in(3)
— 96,098 — 96,098 
Transfer out(3)
(819)(160,813)— (161,632)
Purchases(1)
180,028 407,229 — 587,257 
Sales/settlements(2)
(383)(194,116)— (194,499)
Realized and unrealized appreciation, net43,854 3,959 564 48,377 
Balance as of September 30, 2025
$2,227,023 $653,406 $(156)$2,880,273 
Change in net unrealized appreciation included in earnings related to financial assets and liabilities still held at the reporting date$44,727 $5,210 $560 $50,497 

(1)Purchases include paid-in-kind interest and securities received in connection with restructurings.
(2)Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings.
(3)Transfers in and out include changes in the observability of inputs used in valuations and changes due to the consolidation and deconsolidation of funds.

22
Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
Level III Assets and (Liabilities) of the CompanyEquity SecuritiesFixed
Income		Contingent ConsiderationTotal
Balance as of December 31, 2025
$725,590 $24,469 $(765,370)$(15,311)
Established in connection with acquisition (see Note 7)
— — (713)(713)
Transfer in(1)
— 209 — 209 
Transfer out(1)
(468,866)— — (468,866)
Purchases(2)
1,816 120,891 — 122,707 
Sales/settlements(3)
— (8,798)323 (8,475)
Change in fair value— — (42,230)(42,230)
Realized and unrealized appreciation (depreciation), net(13,916)715 — (13,201)
Balance as of September 30, 2026
$244,624 $137,486 $(807,990)$(425,880)
Change in net unrealized appreciation/(depreciation) and fair value included in earnings related to financial assets and liabilities still held at the reporting date$(55,718)$156 $(42,230)$(97,792)
Level III Net Assets of Consolidated FundsEquity SecuritiesFixed
Income		Derivatives, NetTotal
Balance as of December 31, 2025$3,003,449 $633,515 $(114)$3,636,850 
Transfer in(1)
15 192,299 — 192,314 
Transfer out(1)
(3,513)(607,744)— (611,257)
Purchases(2)
768,225 168,677 — 936,902 
Sales/settlements(3)
(4,921)(142,135)(468)(147,524)
Realized and unrealized appreciation (depreciation), net319,033 (14,390)582 305,225 
Balance as of September 30, 2026$4,082,288 $230,222 $— $4,312,510 
Change in net unrealized appreciation/(depreciation) included in earnings related to financial assets and liabilities still held at the reporting date$317,514 $(15,075)$— $302,439 
Level III Assets and (Liabilities) of the CompanyEquity  SecuritiesFixed IncomeContingent ConsiderationTotal
Balance as of December 31, 2024
$411,179 $41,833 $(17,550)$435,462 
Established in connection with acquisition (see Note 7)
— — (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)
Realized and unrealized appreciation, net185,724 924 — 186,648 
Balance as of September 30, 2025
$624,711 $31,924 $(528,054)$128,581 
Change in net unrealized appreciation/(depreciation) and fair value included in earnings related to financial assets and liabilities still held at the reporting date$185,724 $2,646 $(45,424)$142,946 
Level III Net Assets of Consolidated FundsEquity SecuritiesFixed IncomeDerivatives, NetTotal
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, net128,061 3,466 1,566 133,093 
Balance as of September 30, 2025$2,227,023 $653,406 $(156)$2,880,273 
Change in net unrealized appreciation/(depreciation) included in earnings related to financial assets and liabilities still held at the reporting date$128,230 $(2,981)$1,532 $126,781 
(1)Transfers in and out include changes in the observability of inputs used in valuations and changes due to the consolidation and deconsolidation of funds.
(2)Purchases include paid-in-kind interest and securities received in connection with restructurings.
(3)Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings.

Transfers out of Level III were generally attributable to certain investments that experienced a more significant level of market activity during the period and thus were valued using observable inputs either from independent pricing services or
23
Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
multiple brokers. Transfers into Level III were generally attributable to certain investments that experienced a less significant level of market activity during the period and thus were only able to obtain one or fewer quotes from a broker or independent pricing service.

The following tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds’ Level III measurements as of September 30, 2026:
Level III Measurements of the CompanyFair ValueValuation Technique(s)Significant Unobservable Input(s)Range
Weighted Average(1)
Assets
Equity securities
$99,859 Income approachCredit spread
3.0% - 4.5%
3.6%
Option pricing modelVolatility
20.0% - 35.0%
23.7%
87,731 Market approachMultiple of book value
0.5x - 1.5x
1.3x
40,502 Discounted cash flowDiscount rate
11.0% - 15.0%
13.0%
13,835 
Market approach
EBITDA multiple(2)
2.7x-10.0x
9.9x
2,146 Monte Carlo simulationVolatility70.0%70.0%
551 Option pricing modelVolatility
73.9%
73.9%
Fixed income investments
120,000 Transaction priceN/AN/AN/A
12,671 
Market yield analysis
Market interest rate
15.8% - 16.0%
15.9%
4,815 Broker quotes and/or third-party pricing servicesN/AN/AN/A
Total assets$382,110 
Liabilities
Contingent consideration$(807,990)Monte Carlo simulationDiscount rate
5.8% - 6.6%
5.8%
Volatility
10.0% - 11.1%
10.0%
Total liabilities$(807,990)

Level III Measurements of the Consolidated FundsFair ValueValuation Technique(s)Significant Unobservable Input(s)Range
Weighted Average(1)
Assets
Equity securities
$1,409,288 Market approach
EBITDA multiple(2)
5.8x - 25.4x
19.3x
1,389,195 Discounted cash flowDiscount rate
9.0% - 13.0%
11.0%
1,283,805 
Market approach
Multiple of book value
1.0x - 1.7x
1.4x
Fixed income investments
225,382 Broker quotes and/or 3rd party pricing servicesN/A
N/A
N/A
4,840 Transaction priceN/AN/AN/A
Total assets$4,312,510 
(1)Unobservable inputs were weighted by the relative fair value of the investments included in the range.
(2)“EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization.
24
Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
The following tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds’ Level III measurements as of December 31, 2025:
Level III Measurements of the CompanyFair Value Valuation Technique(s) Significant Unobservable Input(s)Range
Weighted Average(1)
Assets
Equity securities
$307,942 
Transaction price
N/AN/AN/A
100,000 Market yield analysisMarket interest rate
8.0%
8.0%
84,737 Market approachMultiple of book value
0.6x - 1.5x
1.2x
81,905 Option pricing modelVolatility50.0%50.0%
59,136 Discounted cash flowDiscount rate
11.0% - 17.0%
14.0%
58,060 Monte Carlo simulationVolatility
52.5%
52.5%
33,810 Market approach
EBITDA multiple(2)
11.0x - 13.0x
11.8x
Fixed income investments
13,217 Broker quotes and/or third-party pricing servicesN/AN/AN/A
11,252 
Market yield analysis
Market interest rate16.5%16.5%
Total assets$750,059 
Liabilities
Contingent consideration$(765,370)Monte Carlo simulationDiscount rate
5.8% - 6.6%
5.8%
Volatility
10.0% - 11.1%
10.0%
Total liabilities$(765,370)

Level III Measurements of the Consolidated FundsFair Value Valuation Technique(s) Significant Unobservable Input(s) Range
Weighted Average(1)
Assets
Equity securities
$1,295,564 Discounted cash flowDiscount rate
9.0% - 20.0%
11.0%
1,078,401 Market approachMultiple of book value
1.0x - 1.7x
1.3x
350,000 
Transaction price
N/A
N/A
N/A
278,992 Market approach
EBITDA multiple(2)
5.4x - 33.0x
13.9x
492 Market approachYield
10.5% - 14.0%
11.5%
Fixed income investments
370,588 Market approachYield
6.1% - 14.0%
9.2%
232,261 Broker quotes and/or third-party pricing servicesN/A
N/A
N/A
29,484 
Transaction price
N/A
N/A
N/A
1,182 Discounted cash flowDiscount rate
12.2% - 20.0%
12.3%
Total assets$3,636,964 
Liabilities
Derivative instruments $(114)Broker quotes and/or third-party pricing servicesN/AN/AN/A
Total liabilities$(114)
(1)Unobservable inputs were weighted by the relative fair value of the investments included in the range.
(2)“EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization.

The Consolidated Funds have limited partnership interests in private equity funds managed by the Company that are valued using net asset value (“NAV”) per share. The terms and conditions of these funds do not allow for redemptions without certain events or approvals that are outside the Company’s control, and the timing of liquidation is unknown.

The following table summarizes the investments held at fair value and unfunded commitments of the Consolidated Funds interests valued using NAV per share:
As of September 30, 2026As of December 31, 2025
Investments (held at fair value)$4,879,416 $3,791,056 
Unfunded commitments4,662,181 3,658,819 

25
Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
6. DEBT
The following table summarizes the Company’s and its subsidiaries’ debt obligations:
As of September 30, 2026As of December 31, 2025
Original Borrowing AmountCarrying Value
Fair Value(1)
Interest RateCarrying Value
Fair Value(1)
Interest Rate
Credit Facility maturing on 5/21/2031(2)
N/A$1,815,000 $1,815,000 4.61 %$1,380,000 $1,380,000 4.86 %
Senior notes due 11/10/2028(3)
500,000 497,664 506,865 6.42 496,785 529,140 6.42 
Senior notes due 6/15/2030(4)
400,000 398,297 364,272 3.28 397,954 379,280 3.28 
Senior notes due 2/1/2052(5)
500,000 485,325 313,075 3.77 485,011 348,840 3.77 
Senior notes due 10/11/2054(6)
750,000 736,985 626,625 5.65 736,355 709,073 5.65 
Subordinated notes due 6/30/2051(7)
450,000 445,447 449,042 7.36 445,310 443,943 4.13 
Term Loan due 3/27/2029(8)
400,000 399,526 396,426 4.76 N/AN/AN/A
Total debt obligations$4,778,244 $4,471,305 $3,941,415 $3,790,276 
(1)The senior notes and subordinated notes would be classified as Level II within the fair value hierarchy and fair value is based on quoted prices in inactive markets. The Term Loan would be classified within Level III.
(2)In May 2026, the Company amended its revolving credit facility (the “Credit Facility”) to, among other things: (i) extend the maturity from April 22, 2030 to May 21, 2031; (ii) increase commitments from $1.84 billion, with an accordion feature of $660.0 million, to $2.50 billion with an accordion feature of $500.0 million; and (iii) remove the credit spread adjustment for Secured Overnight Financing Rate (“SOFR”). The Credit Facility has a variable interest rate based on SOFR or a base rate plus an applicable margin, with an unused commitment fee paid quarterly, which is subject to change with the Company’s underlying credit agency rating. As of September 30, 2026, base rate loans bear interest calculated based on the prime rate and the SOFR loans bear interest calculated based on SOFR plus 0.90%. The unused commitment fee is 0.09% per annum. The Credit Facility has a base rate and SOFR floor of zero.
(3)The senior notes were issued by the Company at 99.80% of the face amount with interest paid semi-annually. The Company may redeem the senior notes prior to maturity, subject to the terms of the indenture governing the senior notes.
(4)The senior notes were issued by Ares Finance Co. II LLC, an indirect subsidiary of the Company, at 99.77% of the face amount with interest paid semi-annually. The Company may redeem the senior notes prior to maturity, subject to the terms of the indenture governing the senior notes.
(5)The senior notes were issued by Ares Finance Co. IV LLC, an indirect subsidiary of the Company, at 97.78% of the face amount with interest paid semi-annually. The Company may redeem the senior notes prior to maturity, subject to the terms of the indenture governing the senior notes.
(6)The senior notes were issued by the Company at 99.24% of the face amount with interest paid semi-annually. The Company may redeem the senior notes prior to maturity, subject to the terms of the indenture governing the senior notes.
(7)The subordinated notes were issued by Ares Finance Co. III LLC, an indirect subsidiary of the Company, with interest paid semi-annually at a fixed rate of 4.125%. On June 30, 2026, the interest rate reset to 7.357% and will continue to reset on every fifth year based on the five-year U.S. Treasury Rate plus 3.237%. The Company may redeem the subordinated notes prior to maturity or defer interest payments up to five consecutive years, subject to the terms of the indenture governing the subordinated notes.
(8)The Term Loan has a variable interest rate based on SOFR plus an applicable margin, which is subject to change with the Company’s underlying credit agency rating. As of September 30, 2026, the SOFR loan bears interest calculated based on SOFR plus 1.00%. The Term Loan has a SOFR floor of zero.

As of September 30, 2026, the Company and its subsidiaries were in compliance with all covenants under the debt obligations.
The Company typically incurs and pays debt issuance costs when entering into a new debt obligation or when amending an existing debt agreement. Debt issuance costs related to the various senior notes (the “Senior Notes”), the subordinated notes (the “Subordinated Notes”) and the Term Loan (collectively, the “Term Debt Obligations”) are recorded as a reduction of the corresponding debt obligation, and debt issuance costs related to the Credit Facility are included within other assets within the Condensed Consolidated Statements of Financial Condition. All debt issuance costs are amortized over the remaining term of the related obligation into interest expense within the Condensed Consolidated Statements of Operations.

26
Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
The following table presents the activity of the Company’s debt issuance costs:
Credit Facility Term Debt Obligations
Unamortized debt issuance costs as of December 31, 2025
$5,760 $21,682 
Debt issuance costs incurred2,679 104 
Amortization of debt issuance costs(1,092)(1,479)
Unamortized debt issuance costs as of September 30, 2026$7,347 $20,307 
Loan Obligations of the Consolidated CLOs
Loan obligations of the Consolidated Funds that are CLOs and other financing obligations (“Consolidated CLOs”) represent amounts due to holders of debt securities issued by the Consolidated CLOs. The Company measures the loan obligations of the Consolidated CLOs using the fair value of the financial assets of its Consolidated CLOs.

The following loan obligations were outstanding and classified as liabilities of the Consolidated CLOs:
As of September 30, 2026As of December 31, 2025
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$5,496,689 5.69%9.3$6,561,286 5.19%9.0
Subordinated notes(1)
749,914 N/A10.3797,786 N/A10.4
Total loan obligations of Consolidated CLOs$6,246,603 $7,359,072 
(1)The notes do not have contractual interest rates; instead, holders of the notes receive a variable rate of interest amounting to the excess cash flows generated by each Consolidated CLO.

Loan obligations of the Consolidated CLOs are collateralized by the assets held by the Consolidated CLOs, consisting of cash and cash equivalents, corporate loans and corporate bonds, among other securities and financial interests. The assets of one Consolidated CLO may not be used to satisfy the liabilities of another Consolidated CLO. Loan obligations of the Consolidated CLOs include floating rate notes, deferrable floating rate notes, revolving lines of credit and subordinated notes. Amounts borrowed under the notes are repaid based on available cash flows subject to priority of payments under each Consolidated CLO’s governing documents. Based on the terms of these facilities, the creditors of the facilities have no recourse to the Company.
Credit Facilities of the Consolidated Funds
Certain Consolidated Funds maintain credit facilities to fund investments between capital drawdowns. These facilities generally are collateralized by the net assets of the Consolidated Funds or the unfunded capital commitments of the Consolidated Funds’ limited partners, bear an annual commitment fee based on unfunded commitments and contain various affirmative and negative covenants and reporting obligations, including restrictions on additional indebtedness, liens, margin stock, affiliate transactions, dividends and distributions, release of capital commitments and portfolio asset dispositions. The creditors of these facilities only have recourse to the Company to the extent the debt is guaranteed by the Company. As of September 30, 2026 and December 31, 2025, the Consolidated Funds were in compliance with all covenants under such credit facilities.
27
Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
The Consolidated Funds had the following credit facilities outstanding:
As of September 30, 2026As of December 31, 2025
Total CapacityOutstanding LoanFair ValueWeighted Average
 Interest Rate		Weighted
Average
Remaining Maturity 
(in years)		Total CapacityOutstanding LoanFair ValueWeighted
Average
 Interest Rate		Weighted
Average
Remaining Maturity 
(in years)
Credit Facilities(1)
$4,841,173 $3,005,992 $3,005,992 5.83%3.7$4,878,724 $2,251,780 $2,251,780 5.95%3.4
(1)The credit facilities have varying maturities and bear interest at spreads to market rates or at stated fixed rates. The fair values of floating-rate borrowings approximate the carrying value as the interest rate on the borrowings is a floating rate and would be classified within Level II of the fair value hierarchy. The fair values of fixed rate borrowings would be classified within Level III of the fair value hierarchy.

7. COMMITMENTS AND CONTINGENCIES

Indemnification Arrangements

Consistent with standard business practices in the normal course of business, the Company enters into contracts that contain indemnities for affiliates of the Company, persons acting on behalf of the Company or such affiliates and third parties. The terms of the indemnities vary from contract to contract and the Company’s maximum exposure under these arrangements cannot be determined and has not been recorded within the Condensed Consolidated Statements of Financial Condition. As of September 30, 2026, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

Commitments

As of September 30, 2026 and December 31, 2025, the Company had aggregate unfunded commitments to invest in funds it manages or to support certain strategic initiatives of $1,873.0 million and $1,172.9 million, respectively.

Guarantees

As of September 30, 2026 and December 31, 2025, the Company’s maximum exposure to losses from guarantees was $7.5 million and $7.1 million, respectively. The guarantee agreements that the Company enters into with financial institutions are primarily to guarantee credit facilities held by certain funds. In the ordinary course of business, the guarantee of credit facilities held by funds may indicate control and result in consolidation of the fund.

Contingent Earnout Arrangements

GCP International

In connection with the acquisition of the international business of GLP Capital Partners Limited excluding its operations in Greater China (“GCP International”) (the “GCP Acquisition”) during the first quarter of 2025, the Company established two arrangements with the sellers and with certain of its professionals that became employees of the Company, including (i) an earnout arrangement related to the data center business (“DC Earnout”) based on the achievement of revenue targets of certain digital infrastructure funds; and (ii) an earnout arrangement related to the Japan business (“Japan Earnout”) based on the achievement of fundraising targets of certain Japanese real estate funds. The DC Earnout and Japan Earnout represent contingent liabilities not to exceed $1.0 billion and $0.5 billion, respectively. The Company expects to settle the contingent liabilities at the Company’s discretion with no less than 15.0% cash and the remaining balance in equity awards.

The portion of the DC Earnout and Japan Earnout attributable to the sellers represents a component of purchase consideration that will be accounted for as contingent consideration. The contingent liabilities are subject to change over the measurement periods, which will end no later than June 30, 2028. As of September 30, 2026 and December 31, 2025, the fair value of the contingent liabilities was $805.1 million and $763.0 million, respectively, and was recorded within accounts payable, accrued expenses and other liabilities within the Condensed Consolidated Statements of Financial Condition. Changes in fair value of $14.2 million and $17.0 million for the three months ended September 30, 2026 and 2025, respectively, and $42.1 million and $42.5 million for the nine months ended September 30, 2026 and 2025, respectively, are presented within other income (expense), net within the Condensed Consolidated Statements of Operations.

28
Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
The portion of the DC Earnout and Japan Earnout attributable to the professionals that became employees of the Company requires continued service through the measurement periods. The DC Earnout and Japan Earnout are remeasured each period with incremental changes in fair value for the cash and equity components of these liabilities recognized within compensation and benefits expense within the Condensed Consolidated Statements of Operations. Following the measurement period end dates, the cash components will be paid and the equity awards will be granted at fair value for the balance of the liability. As of September 30, 2026 and December 31, 2025, the fair value of the contingent liabilities was $345.1 million and $327.0 million, respectively, of which $136.5 million and $70.1 million, respectively, has been recorded within accrued compensation within the Condensed Consolidated Statements of Financial Condition. Compensation expense of $22.7 million and $14.7 million for the three months ended September 30, 2026 and 2025, respectively, and $66.4 million and $32.7 million for the nine months ended September 30, 2026 and 2025, respectively, is presented within compensation and benefits within the Condensed Consolidated Statements of Operations. The unpaid liabilities at the respective measurement period end dates will be reclassified from liability to additional paid-in-capital. Any compensation expense associated with the DC Earnout and Japan Earnout that was not previously recorded through the final measurement period end date will be recognized as equity-based compensation expense over the remaining service periods ranging from three to six years, measured from the GCP Acquisition close date.
Other Arrangements
The Company also entered into various other contingent earnout arrangements in connection with acquisitions. The maximum exposure for the contingent earnout arrangements was $351.8 million and $175.0 million as of September 30, 2026 and December 31, 2025, respectively.
As of September 30, 2026 and December 31, 2025, the fair value of these contingent liabilities attributable to employees was $116.7 million and $24.2 million, respectively, of which $28.5 million and $7.8 million, respectively, has been recorded within accrued compensation within the Condensed Consolidated Statements of Financial Condition. Compensation expense of $8.2 million and $8.0 million for the three months ended September 30, 2026 and 2025, respectively, and $20.7 million and $22.8 million for the nine months ended September 30, 2026 and 2025, respectively, is presented within compensation and benefits within the Condensed Consolidated Statements of Operations.
The remaining portions of these contingent earnout arrangements were classified as contingent consideration. As of September 30, 2026 and December 31, 2025, the fair value of these contingent liabilities was $2.5 million and $2.3 million, respectively, and has been recorded within accounts payable, accrued expenses and other liabilities within the Condensed Consolidated Statements of Financial Condition. There was no change in fair value during the three months ended September 30, 2025. Changes in fair value of $0.1 million and $0.2 million, for the three and nine months ended September 30, 2026, respectively, and $0.2 million for the nine months ended September 30, 2025, are presented within other expense, net within the Condensed Consolidated Statements of Operations.
Carried Interest

Carried interest is affected by changes in the fair values of the underlying investments in the funds that are advised by the Company. Valuations, on an unrealized basis, can be significantly affected by a variety of external factors including, but not limited to, public equity market volatility, industry trading multiples and interest rates. Generally, if at the termination of a fund (and increasingly at interim points in the life of a fund), the fund has not achieved investment returns that exceed the preferred return threshold or the general partner has received net profits over the life of the fund in excess of its allocable share under the applicable partnership agreement, the Company will be obligated to repay carried interest that was received by the Company in excess of the amounts to which the Company is entitled. This contingent obligation is normally reduced by income taxes paid by the Company related to its carried interest. 

Senior professionals of the Company who have received carried interest distributions are responsible for funding their proportionate share of any contingent repayment obligations. However, the governing agreements of certain of the Company’s funds provide that if a current or former professional does not fund his or her respective share for such fund, then the Company may have to fund additional amounts beyond what was received in carried interest, although the Company will generally retain the right to pursue any remedies under such governing agreements against those carried interest recipients who fail to fund their obligations.

Additionally, at the end of the life of the funds there could be a payment due to a fund by the Company if the Company has received more carried interest than was ultimately earned. The general partner obligation amount, if any, will depend on final realized values of investments at the end of the life of the fund.
29
Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)

As of September 30, 2026 and December 31, 2025, if the Company assumed all existing investments were worthless, the amount of carried interest subject to potential repayment, net of tax distributions, which may differ from the recognition of revenue, would have been $254.8 million and $125.6 million, respectively, of which $178.7 million and $99.8 million, respectively, is reimbursable to the Company by certain professionals who are the recipients of such carried interest. Management believes the possibility of all of the investments becoming worthless is remote. As of September 30, 2026 and December 31, 2025, if the funds were liquidated at their fair values, there would be no material contingent repayment obligation or liability.

Litigation

From time to time, the Company is named as a defendant in legal actions relating to transactions and other matters conducted in the ordinary course of business. Although there can be no assurance of the outcome of such legal actions, in the opinion of management, the Company does not have a potential liability related to any current legal proceeding or claim that would individually or in the aggregate materially affect its results of operations, financial condition or cash flows.

Leases

The Company’s leases primarily consist of operating leases for office space and certain office equipment. The Company’s leases have remaining lease terms up to 17 years. The tables below present certain supplemental quantitative disclosures regarding the Company’s operating leases:

Maturity of operating lease liabilities
As of September 30, 2026
2026$17,855 
202780,989 
2028100,252 
202997,488 
203096,250 
Thereafter869,416 
Total future payments1,262,250 
Less: interest416,956 
Total operating lease liabilities$845,294 

Three months ended September 30,Nine months ended September 30,
Classification within general, administrative and other expenses2026202520262025
Operating lease expense$27,488 $22,549 $77,026 $66,277 

Nine months ended September 30,
Supplemental information on the measurement of operating lease liabilities20262025
Operating cash flows for operating leases$61,706 $48,346 
Leased assets obtained in exchange for new operating lease liabilities189,997 48,544 

As of September 30,As of December 31,
Lease term and discount rate20262025
Weighted-average remaining lease term (in years)13.212.9
Weighted-average discount rate5.7%5.8%

30
Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
8. RELATED PARTY TRANSACTIONS

Substantially all of the Company’s revenue is earned from its affiliates. The related accounts receivable are included within due from affiliates within the Condensed Consolidated Statements of Financial Condition, except that accrued carried interest, which is predominantly due from affiliated funds, is presented separately within investments within the Condensed Consolidated Statements of Financial Condition.

The Company has investment management agreements with the Ares Funds that it manages. In accordance with these agreements, these Ares Funds may bear certain operating costs and expenses which are initially paid by the Company and subsequently reimbursed by the Ares Funds.

Employees and other related parties may be permitted to participate in co-investment vehicles that generally invest in Ares Funds alongside fund investors. Participation is limited by law to individuals who qualify under applicable securities laws. These co-investment vehicles generally do not require these individuals to pay management fees, carried interest or incentive fees.

Carried interest and incentive fees from the funds can be distributed to professionals or their related entities on a current basis, subject, in the case of carried interest programs, to repayment by the subsidiary of the Company that acts as general partner of the relevant fund in the event that certain specified return thresholds are not ultimately achieved. The professionals have personally guaranteed, subject to certain limitations, the obligations of these subsidiaries in respect of this general partner obligation. Such guarantees are several, and not joint, and are limited to distributions received by the relevant recipient.

The Company considers its professionals and non-consolidated funds to be affiliates. Amounts due from and to affiliates were composed of the following:
As of September 30,As of December 31,
20262025
Due from affiliates
Management fees receivable from non-consolidated funds$1,023,072 $817,767 
Incentive fee receivable from non-consolidated funds78,831 150,674 
Payments made on behalf of and amounts due from non-consolidated funds and employees422,535 451,777 
Due from affiliates—Company$1,524,438 $1,420,218 
Due to affiliates
Management fee received in advance and rebates payable to non-consolidated funds$22,025 $10,197 
Tax receivable agreement liability624,399 579,893 
Realized carried interest and incentive fees payable108,628 206,270 
Payments made by non-consolidated funds on behalf of and payable by the Company10,875 14,049 
Due to affiliates—Company$765,927 $810,409 

Due from and Due to Ares Funds and Portfolio Companies

In the normal course of business, the Company pays certain expenses on behalf of Consolidated Funds and non-consolidated funds for which it is reimbursed. Conversely, Consolidated Funds and non-consolidated funds may pay certain expenses that are reimbursed by the Company. Certain expenses initially paid by the Company, primarily professional services, travel and other costs associated with particular portfolio company holdings, are subject to reimbursement by the portfolio companies.

31
Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
9. INCOME TAXES
The Company’s income tax provision includes corporate income taxes and other entity level income taxes, as well as income taxes incurred by certain affiliated funds that are consolidated in these financial statements.
The Company’s effective income tax rate is dependent on many factors, including the estimated nature and amounts of income and expenses allocated to the non-controlling interests without being subject to federal, state and local income taxes at the corporate level. Additionally, the Company’s effective tax rate is influenced by the amount of income tax provision recorded for any Consolidated Funds. For the three and nine months ended September 30, 2026 and 2025, the Company recorded its interim income tax provision utilizing the estimated annual effective tax rate.
The income tax effects of temporary differences give rise to significant portions of deferred tax assets and liabilities, which are presented on a net basis. As of September 30, 2026 and December 31, 2025, the Company recorded a net deferred tax asset of $433.0 million and $352.3 million, respectively, within other assets within the Condensed Consolidated Statements of Financial Condition. A valuation allowance is recorded on our net deferred tax assets when it is more likely than not that such assets will not be realized or when timing is unknown. For the Consolidated Funds, a net deferred tax liability of $22.9 million and $15.0 million as of September 30, 2026 and December 31, 2025, respectively, was included within accounts payable, accrued expenses and other liabilities within the Condensed Consolidated Statements of Financial Condition.
The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by U.S. federal, state, local and foreign tax authorities. With limited exceptions, the Company is generally no longer subject to corporate income tax audits by taxing authorities for any years prior to 2021. Although the outcome of tax audits is always uncertain, the Company does not believe the outcome of any future audit will have a material adverse effect on the Company’s unaudited condensed consolidated financial statements.

10. EARNINGS PER SHARE
The Company has Class A and non-voting common stock outstanding. The non-voting common stock has the same economic rights as the Class A common stock; therefore, earnings per share is presented on a combined basis. Income of the Company has been allocated on a proportionate basis to the two common stock classes.

Basic earnings per share of Class A and non-voting common stock is computed by using the two-class method. Diluted earnings per share of Class A and non-voting common stock is computed using the more dilutive method of either the two-class method or the treasury stock and if-converted methods.

For the three and nine months ended September 30, 2026 and 2025, the two-class method was the more dilutive method.
32
Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
The following table presents the computation of basic and diluted earnings per common share:
Three months ended September 30,Nine months ended September 30,
2026202520262025
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$60,017 $263,569 $302,616 $397,176 
Dividends declared and paid on Class A and non-voting common stock(307,251)(246,759)(918,095)(736,997)
Distributions on unvested restricted units(12,773)(10,620)(39,062)(31,812)
Undistributed earnings available to participating unvested restricted units— (494)— — 
Undistributed net income (dividends in excess of earnings) available to Class A and non-voting common stockholders$(260,007)$5,696 $(654,541)$(371,633)
Basic weighted-average shares of Class A and non-voting common stock227,518,886 219,881,697 225,965,434 216,086,939 
Undistributed basic earnings (dividends in excess of earnings) per share of Class A and non-voting common stock$(1.14)$0.03 $(2.90)$(1.72)
Dividend declared and paid per Class A and non-voting common stock1.35 1.12 4.05 3.36 
Basic earnings per share of Class A and non-voting common stock$0.21 $1.15 $1.15 $1.64 
Diluted 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$60,017 $263,569 $302,616 $397,176 
Distributions on unvested restricted units(12,773)(10,620)(39,062)(31,812)
Net income available to Class A and non-voting common stockholders$47,244 $252,949 $263,554 $365,364 
Diluted weighted-average shares of Class A and non-voting common stock227,518,886 219,881,697 225,965,434 216,086,939 
Diluted earnings per share of Class A and non-voting common stock$0.21 $1.15 $1.15 $1.64 
33
Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
11. EQUITY COMPENSATION
Equity-based compensation expense, net of forfeitures, recorded by the Company is presented in the following table:
Three months ended September 30,Nine months ended September 30,
2026202520262025
Unvested awards$178,565 $157,073 $558,962 $576,039 
AOG Unit awards3,056 3,057 9,070 7,044 
Total equity-based compensation expense$181,621 $160,130 $568,032 $583,083 
Equity Incentive Plan
Equity-based compensation is generally granted under the 2023 Ares Management Corporation Equity Incentive Plan (the “Equity Incentive Plan”). The total number of shares available to be issued under the Equity Incentive Plan resets based on a formula defined in the Equity Incentive Plan and may increase on January 1 of each year. On January 1, 2026, the total number of shares available for issuance under the Equity Incentive Plan reset to 50,423,141 shares and as of September 30, 2026, 45,310,513 shares remained available for issuance.

Generally, unvested awards are forfeited upon termination of employment in accordance with the Equity Incentive Plan. The Company recognizes forfeitures as a reversal of previously recognized compensation expense in the period the forfeiture occurs.

Unvested Awards

Each unvested award represents either a share of the Company’s Class A common stock that is subject to restriction or a restricted unit, representing an unfunded, unsecured right of the holder to receive a share of the Company’s Class A common stock on a specific date. The unvested awards vest and the restrictions lapse or are settled in shares of Class A common stock, as applicable, over service periods up to five years from the grant date, in each case generally subject to the holder’s continued employment as of the applicable vesting date (subject to accelerated vesting upon certain qualifying terminations of employment or retirement eligibility provisions). Compensation expense associated with unvested awards is recognized on a straight-line basis over the requisite service period of the award.

Restricted units are delivered net of the holder’s payroll-related taxes upon vesting. For the nine months ended September 30, 2026, 6.0 million restricted units vested and 3.4 million shares of Class A common stock were delivered to the holders. For the nine months ended September 30, 2025, 5.2 million restricted units vested and 2.9 million shares of Class A common stock were delivered to the holders.

The holders of restricted units, other than awards that have not yet been issued, generally have the right to receive as current compensation an amount in cash equal to: (i) the amount of any dividend paid with respect to a share of Class A common stock multiplied by (ii) the number of restricted units held at the time such dividends are declared (“Dividend Equivalent”).

The following table summarizes the Company’s dividends declared and Dividend Equivalents paid during the nine months ended September 30, 2026:
Record DateDividends Per ShareDividend Equivalents Paid
March 17, 2026$1.35 $25,442 
June 15, 20261.35 25,194 
September 15, 20261.35 24,312 

34
Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
The following table presents unvested awards’ activity:
Unvested AwardsWeighted Average
Grant Date Fair
Value Per Unvested Award
Balance as of December 31, 202519,760,606 $118.49 
Granted4,993,532 152.65 
Vested(6,004,695)97.72 
Forfeited(97,681)151.28 
Balance as of September 30, 202618,651,762 $134.15 

The total compensation expense expected to be recognized in all future periods associated with unvested awards is $1,720.3 million as of September 30, 2026 and is expected to be recognized over the remaining weighted average period of 3.1 years.

Other Equity-Based Compensation

The following table presents unvested AOG Unit awards’ activity:
Unvested AOG Unit AwardsWeighted Average
Grant Date Fair Value Per Unvested AOG Unit Award
Balance as of December 31, 2025212,448 $170.94 
Vested(70,816)170.94 
Balance as of September 30, 2026141,632 $170.94 

The total compensation expense expected to be recognized in all future periods associated with unvested AOG Unit awards is $17.1 million as of September 30, 2026 and is expected to be recognized over the remaining weighted average period of 1.4 years.

35
Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
12. EQUITY AND REDEEMABLE INTEREST
Common Stock

The Company’s common stock consists of Class A, Class B, Class C and non-voting common stock, each $0.01 par value per share. The non-voting common stock has the same economic rights as the Class A common stock. The Class B common stock and Class C common stock are non-economic and holders are not entitled to dividends from the Company or to receive any assets of the Company in the event of any dissolution, liquidation or winding up of the Company. Ares Management GP LLC is the sole holder of the Class B common stock and Ares Voting LLC (“Ares Voting”) is the sole holder of the Class C common stock.
In February 2026, the Company’s board of directors authorized the renewal of the stock repurchase program that allows for the repurchase of up to $750.0 million of shares of Class A common stock. Under the program, shares may be repurchased from time to time in open market purchases, privately negotiated transactions or otherwise, including in reliance on Rule 10b5-1 of the Securities Act. The program is scheduled to expire in March 2027. Repurchases under the program, if any, will depend on the prevailing market conditions and other factors. During the nine months ended September 30, 2026 and 2025, the Company did not repurchase any shares as part of the stock repurchase program.
The following table presents the changes in each class of common stock:
Class A Common StockNon-Voting Common StockClass B Common StockClass C Common StockTotal
Balance as of December 31, 2025218,465,429 3,489,911 1,000 105,079,121 327,035,461 
Issuance of common stock, net of unvested share forfeitures105,715 — — — 105,715 
Exchanges of common stock2,389,129 — — (2,389,129)— 
Vesting of restricted unit awards, net of shares withheld for tax3,149,164 — — — 3,149,164 
Balance as of September 30, 2026224,109,437 3,489,911 1,000 102,689,992 330,290,340 

The following table presents each partner’s AOG Units and corresponding ownership interest in each of the AOG entities, as well as its daily average ownership of AOG Units in each of the AOG entities:
Daily Average Ownership
As of September 30, 2026As of December 31, 2025Three months ended September 30,Nine months ended September 30,
AOG UnitsDirect Ownership InterestAOG UnitsDirect Ownership Interest2026202520262025
Ares Management Corporation227,599,348 68.91%221,955,340 67.87%68.89%67.29%68.54%66.71%
Ares Owners Holdings, L.P.102,689,992 31.09105,079,121 32.1331.1132.7131.46 33.29 
Total330,289,340 100.00 %327,034,461 100.00 %

Preferred Stock

As of September 30, 2026 and December 31, 2025, the Company had 30,000,000 shares of Series B mandatory convertible preferred stock outstanding. When, as and if declared by the Company’s board of directors, dividends on the Series B mandatory convertible preferred stock are payable quarterly at a rate per annum equal to 6.75%. Dividends on Series B mandatory convertible preferred stock are cumulative and the Series B mandatory convertible preferred stock, unless previously converted or redeemed, will automatically convert into the Company’s Class A common stock on October 1, 2027. Unless converted earlier in accordance with its terms, each share of Series B mandatory convertible preferred stock will automatically convert on the mandatory conversion date into between 0.2717 and 0.3260 shares of the Company’s Class A common stock, in each case, subject to customary anti-dilution adjustments. The conversion rate that will apply to mandatory conversions will be determined based on the average of the daily volume-weighted average prices over the 20 consecutive trading days beginning on, and including, the 21st scheduled trading day immediately before October 1, 2027.
Holders of shares of Series B mandatory convertible preferred stock have the option to convert all or any portion of their shares of Series B mandatory convertible preferred stock at any time. The conversion rate applicable to any early conversion may in certain circumstances be increased to compensate holders of the Series B mandatory convertible preferred stock for certain unpaid accumulated dividends.
36
Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
Redeemable Interest

The following tables summarize the activities associated with the redeemable interest in AOG entities:

Total
Balance as of December 31, 2025
$25,296 
Net loss(1,113)
Currency translation adjustment, net of tax(7)
Distributions(297)
Balance as of March 31, 2026
23,879 
Net income1,845 
Currency translation adjustment, net of tax(76)
Balance as of June 30, 2026
25,648 
Net loss(71)
Currency translation adjustment, net of tax173 
Balance as of September 30, 2026
$25,750 
Total
Balance as of December 31, 2024
$23,496 
Net income316 
Currency translation adjustment, net of tax198 
Distributions(300)
Balance as of March 31, 2025
23,710 
Net loss(274)
Currency translation adjustment, net of tax699 
Balance as of June 30, 2025
24,135 
Net income1,797 
Currency translation adjustment, net of tax(182)
Balance as of September 30, 2025
25,750 
Net loss(490)
Currency translation adjustment, net of tax36 
Balance as of December 31, 2025
$25,296 
37
Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
The following tables summarize the activities associated with the redeemable interest in Consolidated Funds:
Total
Balance as of June 30, 2026$— 
Gross proceeds from the initial public offering of Ares Acquisition Corporation III (NYSE: AAC) (“AAC III”)395,000 
Change in redemption value3,489 
Balance as of September 30, 2026$398,489 
Total
Balance as of December 31, 2024$550,700 
Change in redemption value5,698 
Balance as of March 31, 2025556,398 
Redemptions from Class A ordinary shares of Ares Acquisition Corporation II (“AAC II”) (subsequently renamed to Kodiak AI, Inc. (Nasdaq: KDK))(7,143)
Change in redemption value8,795 
Balance as of June 30, 2025558,050 
Redemptions from Class A ordinary shares of AAC II(502,360)
Change in redemption value7,214 
Deconsolidation of AAC II(62,904)
Balance as of September 30, 2025
$— 

On July 1, 2026, AAC III, the Company’s third SPAC sponsored by an affiliate of the Company, consummated its initial public offering and raised gross proceeds of $395.0 million. As of September 30, 2026, the 39,500,000 AAC III Class A ordinary shares outstanding are presented at the redemption amount within mezzanine equity within the Condensed Consolidated Statements of Financial Condition.

13. SEGMENT REPORTING

The Company operates through its distinct operating segments. The Company’s operating segments are summarized below:

Credit Group: The Credit Group manages credit strategies across the liquid and illiquid spectrum, including liquid credit, alternative credit, opportunistic credit, direct lending and Asia-Pacific (“APAC”) credit.

Real Assets Group: The Real Assets Group manages comprehensive equity and debt strategies across real estate and infrastructure investments.

Secondaries Group: The Secondaries Group invests in secondary markets across a range of alternative asset class strategies, including private equity, real estate, infrastructure and credit.

Private Equity Group: The Private Equity Group broadly categorizes its investment strategies as corporate private equity and APAC private equity.

Other: Other represents a compilation of operating segments and strategic investments that seek to expand the Company’s reach and its scale in new and existing global markets but individually are not yet material to the Company’s results. These results include activities from: (i) Ares Insurance Solutions (“AIS”), the Company’s insurance platform that provides solutions to insurance clients including asset management, capital solutions and corporate development; (ii) the SPACs sponsored by the Company; (iii) a venture capital business with fund strategies that are focused on growth-stage companies and applied artificial intelligence, among others; and (iv) other initiatives, such as activities from the Company’s investments in certain structured financing vehicles.

The Operations Management Group (the “OMG”) consists of shared resource groups to support the Company’s operating segments by providing infrastructure and administrative support in the areas of accounting/finance, operations, information technology, legal, compliance, human resources, strategy, relationship management, and distribution, including the Company’s wealth distribution platform, Ares Wealth Management Solutions (“AWMS”). Through our registered broker-dealer subsidiary, Ares Management Capital Markets LLC (“AMCM”), AWMS facilitates the product development, distribution, marketing and client management activities for investment offerings in the global wealth management channel.
38
Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
Additionally, the OMG provides services to certain of the Company’s managed funds and vehicles, which may reimburse the OMG for expenses either equal to the costs of services provided or as a percentage of invested capital. The OMG’s revenues and expenses are not allocated to the Company’s operating segments but the Company does consider the financial results of the OMG when evaluating its financial performance.

Segment Profit Measure: Realized income (“RI”), which includes fee related earnings (“FRE”) as a component, supplements and should be considered in addition to, and not in lieu of, the Condensed Consolidated Statements of Operations prepared in accordance with GAAP.

RI, a non-GAAP measure, is an operating metric used by management to evaluate performance of the business based on operating performance and the contribution of each of the business segments to that performance, while removing the fluctuations of unrealized income and expenses, which may or may not be eventually realized at the levels presented and whose realizations depend more on future outcomes than current business operations. RI differs from income before taxes by excluding: (i) operating results of the Consolidated Funds; (ii) depreciation and amortization expense; (iii) the effects of changes arising from corporate actions; (iv) unrealized gains and losses related to carried interest, incentive fees and investment performance; and adjusts for certain other items that the Company believes are not indicative of operating performance. Changes arising from corporate actions include equity-based compensation expenses, the amortization of intangible assets, transaction costs associated with mergers, acquisitions and capital activities, underwriting costs and expenses incurred in connection with corporate reorganization. Placement fee adjustment represents the net portion of either expense deferral or amortization of certain upfront fees to placement agents that is presented to match the timing of expense recognition with the period over which management fees are expected to be earned from the associated fund for segment purposes and differ from the expenses recorded in accordance with GAAP. For periods in which the amortization of these upfront fees for segment purposes is higher than the GAAP expense, the placement fee adjustment is presented as a reduction to RI. Management believes RI is a more appropriate metric to evaluate the Company’s current business operations.

FRE, a non-GAAP measure that is a component of RI, is used to assess core operating performance by determining whether recurring revenue, primarily consisting of management fees and fee related performance revenues, is sufficient to cover operating expenses and to generate profits. FRE differs from income before taxes computed in accordance with GAAP as it excludes net performance income, investment income and adjusts for certain other items that the Company believes are not indicative of its core operating performance. Fee related performance revenues, together with fee related performance compensation, are presented within FRE because they represent incentive fees from perpetual capital vehicles that are measured and eligible to be received on a recurring basis and not dependent on realization events from the underlying investments.

The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer. The CODM makes operating decisions and assesses the performance of each of the Company’s business segments based on financial and operating metrics and other data that is presented before giving effect to the consolidation of any of the Consolidated Funds. Consequently, all segment data excludes the assets, liabilities and operating results related to the Consolidated Funds and non-consolidated funds. Total assets by segments are not disclosed because such information is not used by the Company’s CODM in evaluating the segments.

39
Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
The following tables present the financial results for the Company’s operating segments, as well as the OMG:
Three months ended September 30, 2026
Credit GroupReal Assets GroupSecondaries GroupPrivate Equity Group
Other		Total SegmentsOMGTotal
Management fees$713,941 $229,503 $73,273 $34,000 $18,593 $1,069,310 $— $1,069,310 
Fee related performance revenues63,818 9,271 5,681 — — 78,770 — 78,770 
Other fees17,066 58,722 586 859 1,355 78,588 7,589 86,177 
Compensation and benefits(222,751)(87,975)(18,363)(14,539)(11,106)(354,734)(156,201)(510,935)
General, administrative and other expenses(50,677)(42,906)(10,505)(3,900)(3,675)(111,663)(87,459)(199,122)
Fee related earnings521,397 166,615 50,672 16,420 5,167 760,271 (236,071)524,200 
Performance income—realized3,538 22,788 762 4,212 — 31,300 — 31,300 
Performance related compensation—realized(1,922)(14,077)(139)(3,353)— (19,491)— (19,491)
Realized net performance income1,616 8,711 623 859 — 11,809 — 11,809 
Investment income (loss)—realized(3,114)8,982 668 34 3,024 9,594 161 9,755 
Interest income297 175 18 425 498 1,413 1,469 2,882 
Interest expense(2,218)(35,348)(1,974)(3,749)(15,055)(58,344)(160)(58,504)
Realized net investment income (loss)(5,035)(26,191)(1,288)(3,290)(11,533)(47,337)1,470 (45,867)
Realized income$517,978 $149,135 $50,007 $13,989 $(6,366)$724,743 $(234,601)$490,142 
Three months ended September 30, 2025
Credit GroupReal Assets GroupSecondaries GroupPrivate Equity GroupOtherTotal SegmentsOMGTotal
Management fees$651,964 $177,655 $91,303 $33,284 $16,400 $970,606 $— $970,606 
Fee related performance revenues62,389 5,904 17,110 — — 85,403 — 85,403 
Other fees13,471 55,556 196 467 2,280 71,970 9,235 81,205 
Compensation and benefits
(212,709)(85,513)(24,952)(15,752)(10,247)(349,173)(144,405)(493,578)
General, administrative and other expenses(46,510)(27,515)(9,624)(4,892)(2,139)(90,680)(81,746)(172,426)
Fee related earnings468,605 126,087 74,033 13,107 6,294 688,126 (216,916)471,210 
Performance income—realized19,438 1,200 177 3,744 — 24,559 — 24,559 
Performance related compensation—realized(11,421)(769)(106)(2,999)— (15,295)— (15,295)
Realized net performance income8,017 431 71 745 — 9,264 — 9,264 
Investment income—realized2,095 10,415 221 513 1,607 14,851 2,090 16,941 
Interest income577 1,639 68 1 1,271 3,556 853 4,409 
Interest expense(4,722)(26,521)(2,076)(3,785)(9,201)(46,305)(10)(46,315)
Realized net investment income (loss)(2,050)(14,467)(1,787)(3,271)(6,323)(27,898)2,933 (24,965)
Realized income$474,572 $112,051 $72,317 $10,581 $(29)$669,492 $(213,983)$455,509 
40
Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
Nine months ended September 30, 2026
Credit GroupReal Assets GroupSecondaries GroupPrivate Equity GroupOtherTotal SegmentsOMGTotal
Management fees$2,102,064 $628,719 $215,423 $100,919 $53,772 $3,100,897 $— $3,100,897 
Fee related performance revenues70,155 12,226 56,474 — — 138,855 — 138,855 
Other fees50,013 167,792 4,175 2,036 1,541 225,557 26,549 252,106 
Compensation and benefits(577,488)(248,826)(76,220)(42,425)(28,003)(972,962)(459,318)(1,432,280)
General, administrative and other expenses(147,458)(114,139)(33,639)(13,950)(9,118)(318,304)(261,615)(579,919)
Fee related earnings1,497,286 445,772 166,213 46,580 18,192 2,174,043 (694,384)1,479,659 
Performance income—realized298,188 40,397 762 45,830 — 385,177 — 385,177 
Performance related compensation—realized(184,262)(24,879)(139)(37,849)— (247,129)— (247,129)
Realized net performance income113,926 15,518 623 7,981 — 138,048 — 138,048 
Investment income (loss)—realized234 40,861 1,637 401 7,503 50,636 (418)50,218 
Interest income1,619 660 53 426 1,419 4,177 3,724 7,901 
Interest expense(8,363)(98,503)(5,624)(10,640)(37,944)(161,074)(373)(161,447)
Realized net investment income (loss)(6,510)(56,982)(3,934)(9,813)(29,022)(106,261)2,933 (103,328)
Realized income$1,604,702 $404,308 $162,902 $44,748 $(10,830)$2,205,830 $(691,451)$1,514,379 
Nine months ended September 30, 2025
Credit GroupReal Assets GroupSecondaries GroupPrivate Equity GroupOtherTotal SegmentsOMGTotal
Management fees$1,854,501 $484,032 $210,596 $97,049 $43,089 $2,689,267 $— $2,689,267 
Fee related performance revenues81,098 6,051 43,002 — — 130,151 — 130,151 
Other fees37,431 125,494 6,119 1,298 2,548 172,890 22,603 195,493 
Compensation and benefits
(537,661)(222,504)(66,390)(46,379)(23,780)(896,714)(395,518)(1,292,232)
General, administrative and other expenses(131,860)(79,062)(28,173)(14,708)(6,330)(260,133)(214,949)(475,082)
Fee related earnings1,303,509 314,011 165,154 37,260 15,527 1,835,461 (587,864)1,247,597 
Performance income—realized95,465 70,186 177 39,733 — 205,561 — 205,561 
Performance related compensation—realized(58,927)(49,893)(106)(29,856)— (138,782)— (138,782)
Realized net performance income36,538 20,293 71 9,877 — 66,779 — 66,779 
Investment income (loss)—realized11,570 24,878 376 (3,720)6,244 39,348 1,528 40,876 
Interest income6,132 4,922 1,048 2,024 14,044 28,170 2,102 30,272 
Interest expense(15,744)(66,808)(5,946)(11,775)(25,732)(126,005)(272)(126,277)
Realized net investment income (loss)1,958 (37,008)(4,522)(13,471)(5,444)(58,487)3,358 (55,129)
Realized income$1,342,005 $297,296 $160,703 $33,666 $10,083 $1,843,753 $(584,506)$1,259,247 




41
Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
The following table presents the components of the Company’s operating segments’ revenue, expenses and realized net investment income (loss):
Three months ended September 30,Nine months ended September 30,
2026202520262025
Segment revenues
Management fees$1,069,310 $970,606 $3,100,897 $2,689,267 
Fee related performance revenues78,770 85,403 138,855 130,151 
Other fees78,588 71,970 225,557 172,890 
Performance income—realized31,300 24,559 385,177 205,561 
Total segment revenues$1,257,968 $1,152,538 $3,850,486 $3,197,869 
Segment expenses
Compensation and benefits$354,734 $349,173 $972,962 $896,714 
General, administrative and other expenses111,663 90,680 318,304 260,133 
Performance related compensation—realized19,491 15,295 247,129 138,782 
Total segment expenses$485,888 $455,148 $1,538,395 $1,295,629 
Segment realized net investment income (loss)
Investment income—realized$9,594 $14,851 $50,636 $39,348 
Interest income1,413 3,556 4,177 28,170 
Interest expense(58,344)(46,305)(161,074)(126,005)
Total segment realized net investment loss$(47,337)$(27,898)$(106,261)$(58,487)
The following table reconciles the Company’s consolidated revenues to segment revenue:
Three months ended September 30,Nine months ended September 30,
2026202520262025
Total consolidated revenue$1,433,399 $1,657,628 $4,258,445 $4,096,561 
Performance income—unrealized(170,142)(463,933)(387,014)(828,968)
Management fees of Consolidated Funds eliminated in consolidation21,110 8,519 64,237 27,367 
Performance income of Consolidated Funds eliminated in consolidation36,184 8,375 65,362 20,599 
Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation2,376 2,905 4,837 9,584 
Administrative fees(1)
(28,654)(24,255)(79,251)(66,010)
OMG revenue(7,589)(9,235)(26,549)(22,603)
Principal investment income, net of eliminations(19,854)(17,976)(22,619)(50,937)
Net (revenue) expense of non-controlling interests in consolidated subsidiaries(8,862)(9,490)(26,962)12,276 
Total consolidation adjustments and reconciling items(175,431)(505,090)(407,959)(898,692)
Total segment revenue$1,257,968 $1,152,538 $3,850,486 $3,197,869 
(1)Represents administrative fees from expense reimbursements that are presented within administrative, transaction and other fees within the Company’s Condensed Consolidated Statements of Operations and are netted against the respective expenses for segment reporting.


42
Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
The following table reconciles the Company’s consolidated expenses to segment expenses:
Three months ended September 30,Nine months ended September 30,
2026202520262025
Total consolidated expenses$1,148,528 $1,308,216 $3,496,968 $3,460,122 
Performance related compensation-unrealized(105,921)(330,960)(311,091)(579,241)
Expenses of Consolidated Funds added in consolidation(39,175)(6,778)(95,721)(66,240)
Expenses of Consolidated Funds eliminated in consolidation23,486 8,646 69,074 34,445 
Administrative fees(1)
(28,654)(24,255)(79,251)(66,010)
Depreciation and amortization expense(60,574)(65,956)(180,717)(177,365)
Equity compensation expense(181,621)(160,130)(568,032)(583,083)
Acquisition-related compensation expense(2)
(30,958)(42,448)(87,397)(108,752)
Acquisition and merger-related expense(2,110)(5,427)(4,046)(42,826)
Placement fee adjustment7,411 2,415 22,329 3,513 
OMG expenses(243,660)(226,151)(720,933)(610,467)
Expense of non-controlling interests in consolidated subsidiaries
(864)(2,024)(2,788)31,533 
Total consolidation adjustments and reconciling items(662,640)(853,068)(1,958,573)(2,164,493)
Total segment expenses$485,888 $455,148 $1,538,395 $1,295,629 
(1)Represents administrative fees from expense reimbursements that are presented within administrative, transaction and other fees within the Company’s Condensed Consolidated Statements of Operations and are netted against the respective expenses for segment reporting.
(2)Represents bonus payments, a portion of earnouts and other costs recorded in connection with various acquisitions that are recorded as compensation expense and are presented within compensation and benefits within the Company’s Condensed Consolidated Statements of Operations. See “Note 7. Commitments and Contingencies” for a further description of the various contingent earnout arrangements.

The following table reconciles the Company’s consolidated other income to segment realized net investment loss:

Three months ended September 30,Nine months ended September 30,
2026202520262025
Total consolidated other income (expense)$(43,235)$302,859 $179,022 $443,808 
Investment (income) loss—unrealized116,549 (269,895)31,572 (398,112)
Interest and other investment (income) loss—unrealized(100)(1,691)2,587 26,166 
Other income, net of Consolidated Funds added in consolidation(168,195)(148,108)(405,611)(380,235)
Other expense (income), net of Consolidated Funds eliminated in consolidation(6,770)4,020 (7,341)16,791 
OMG other income(2,196)(9,802)(3,915)(10,532)
Principal investment income42,656 73,543 90,110 191,759 
Other expense, net13,531 17,571 5,197 47,260 
Other loss of non-controlling interests in consolidated subsidiaries423 3,605 2,118 4,608 
Total consolidation adjustments and reconciling items(4,102)(330,757)(285,283)(502,295)
Total segment realized net investment loss$(47,337)$(27,898)$(106,261)$(58,487)


43
Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
The following table presents the reconciliation of income before taxes as reported in the Condensed Consolidated Statements of Operations to segment results of RI and FRE:
Three months ended September 30,Nine months ended September 30,
2026202520262025
Income before taxes$241,636 $652,271 $940,499 $1,080,247 
Adjustments:
Depreciation and amortization expense60,574 65,956 180,717 177,365 
Equity compensation expense181,621 160,130 568,032 583,083 
Acquisition-related compensation expense(1)
30,958 42,448 87,397 108,752 
Acquisition and merger-related expense2,110 5,427 4,046 42,826 
Placement fee adjustment(7,411)(2,415)(22,329)(3,513)
OMG expense, net233,875 207,114 690,469 577,332 
Other expense, net
13,531 17,571 5,197 47,260 
Income before taxes of non-controlling interests in consolidated subsidiaries(7,575)(3,861)(22,056)(14,649)
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations(76,804)(70,590)(184,378)(133,277)
Total performance income—unrealized(170,142)(463,933)(387,014)(828,968)
Total performance related compensation—unrealized105,921 330,960 311,091 579,241 
Total net investment (income) loss—unrealized116,449 (271,586)34,159 (371,946)
Realized income724,743 669,492 2,205,830 1,843,753 
Total performance income—realized(31,300)(24,559)(385,177)(205,561)
Total performance related compensation—realized19,491 15,295 247,129 138,782 
Total net investment loss—realized47,337 27,898 106,261 58,487 
Fee related earnings$760,271 $688,126 $2,174,043 $1,835,461 
(1)Represents bonus payments, a portion of earnouts and other costs recorded in connection with various acquisitions that are recorded as compensation expense and are presented within compensation and benefits within the Company’s Condensed Consolidated Statements of Operations. See “Note 7. Commitments and Contingencies” for a further description of the various contingent earnout arrangements.
44
Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
14. CONSOLIDATION
Deconsolidation of Funds

Certain funds that have historically been consolidated in the financial statements are no longer consolidated because: (i) such funds have been liquidated or dissolved; or (ii) the Company is no longer deemed to be the primary beneficiary of the variable interest entities (“VIEs”) as it no longer has a significant economic interest.

Investments in Consolidated Variable Interest Entities

The Company consolidates entities in which the Company has a variable interest and, as the general partner or investment manager, has both the power to direct the most significant activities and a significant economic interest. Investments in the consolidated VIEs are reported at fair value and represent the Company’s maximum exposure to loss.

Investments in Non-Consolidated Variable Interest Entities

The Company holds interests in certain VIEs that are not consolidated as the Company is not the primary beneficiary. The Company’s interest in such entities generally is in the form of direct equity interests, fixed fee arrangements or both. The maximum exposure to loss represents the potential loss of assets by the Company relating to its direct investments in these non-consolidated entities. Investments in the non-consolidated VIEs are carried at fair value.

The Company’s interests in consolidated and non-consolidated VIEs, as presented within the Condensed Consolidated Statements of Financial Condition, its respective maximum exposure to loss relating to non-consolidated VIEs, and its net income attributable to non-controlling interests related to consolidated VIEs, as presented within the Condensed Consolidated Statements of Operations, are as follows:
As of September 30,As of December 31,
20262025
Maximum exposure to loss attributable to the Company’s investment in non-consolidated VIEs
$411,318 $469,455 
Maximum exposure to loss attributable to the Company’s investment in consolidated VIEs1,679,689 1,346,592 
Assets of consolidated VIEs
13,342,753 13,468,979 
Liabilities of consolidated VIEs
8,369,755 9,354,024 
Three months ended September 30,Nine months ended September 30,
2026202520262025
Net income attributable to non-controlling interests related to consolidated VIEs$61,295 $72,306 $85,688 $127,580 
45
Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
Consolidating Schedules
The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Company’s financial condition, results from operations and cash flows:
As of September 30, 2026
Consolidated
Company Entities 		Consolidated
Funds 		Eliminations Consolidated 
Assets
Cash and cash equivalents$597,705 $— $— $597,705 
Investments (includes $4,274,673 of accrued carried interest)
7,554,569 — (1,850,511)5,704,058 
Due from affiliates1,540,541 — (16,103)1,524,438 
Other assets1,129,141 — (238)1,128,903 
Right-of-use operating lease assets657,362 — — 657,362 
Intangible assets, net2,045,991 — — 2,045,991 
Goodwill3,464,839 — — 3,464,839 
Assets of Consolidated Funds
Cash and cash equivalents— 1,164,755 — 1,164,755 
Investments, at fair value— 13,766,310 — 13,766,310 
Receivable for securities sold— 170,089 — 170,089 
Other assets— 62,898 — 62,898 
Total assets$16,990,148 $15,164,052 $(1,866,852)$30,287,348 
Liabilities
Accounts payable, accrued expenses and other liabilities$1,283,903 $— $(149)$1,283,754 
Accrued compensation859,664 — — 859,664 
Due to affiliates765,927 — — 765,927 
Performance related compensation payable3,247,613 — — 3,247,613 
Debt obligations4,778,244 — — 4,778,244 
Operating lease liabilities845,294 — — 845,294 
Liabilities of Consolidated Funds
Accounts payable, accrued expenses and other liabilities— 142,385 (1,341)141,044 
Due to affiliates— 15,147 (15,147)— 
Payable for securities purchased— 214,259 — 214,259 
CLO loan obligations, at fair value— 6,310,047 (63,444)6,246,603 
Fund borrowings— 3,005,992 — 3,005,992 
Total liabilities11,780,645 9,687,830 (80,081)21,388,394 
Commitments and contingencies
Redeemable interest in Consolidated Funds— 398,489 — 398,489 
Redeemable interest in Ares Operating Group entities25,750 — — 25,750 
Non-controlling interest in Consolidated Funds— 5,077,733 (1,655,678)3,422,055 
Non-controlling interest in Ares Operating Group entities1,262,899 — (40,758)1,222,141 
Stockholders’ Equity
Series B mandatory convertible preferred stock, $0.01 par value, 1,000,000,000 shares authorized (30,000,000 shares issued and outstanding)
1,460,030 — — 1,460,030 
Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (224,109,437 shares issued and outstanding)
2,241 — — 2,241 
Non-voting common stock, $0.01 par value, 500,000,000 shares authorized (3,489,911 shares issued and outstanding)
35 — — 35 
Class B common stock, $0.01 par value, 1,000 shares authorized (1,000 shares issued and outstanding)
— — — — 
Class C common stock, $0.01 par value, 499,999,000 shares authorized (102,689,992 shares issued and outstanding)
1,027 — — 1,027 
Additional paid-in-capital4,560,561 — (90,335)4,470,226 
Accumulated deficit(2,118,702)— — (2,118,702)
Accumulated other comprehensive income, net of tax15,662 — — 15,662 
       Total stockholders’ equity3,920,854 — (90,335)3,830,519 
       Total equity5,183,753 5,077,733 (1,786,771)8,474,715 
 Total liabilities, redeemable interest, non-controlling interests and equity$16,990,148 $15,164,052 $(1,866,852)$30,287,348 
46
Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
As of December 31, 2025
Consolidated
Company Entities 		Consolidated
Funds 		EliminationsConsolidated 
Assets
Cash and cash equivalents$488,896 $— $— $488,896 
Investments (includes $3,972,748 of accrued carried interest)
6,940,314 — (1,431,867)5,508,447 
Due from affiliates1,446,083 — (25,865)1,420,218 
Other assets1,032,138 — — 1,032,138 
Right-of-use operating lease assets517,351 — — 517,351 
Intangible assets, net2,115,830 — — 2,115,830 
Goodwill3,454,107 — — 3,454,107 
Assets of Consolidated Funds
Cash and cash equivalents— 959,088 — 959,088 
Investments, at fair value— 12,844,886 — 12,844,886 
Receivable for securities sold— 228,442 —228,442 
Other assets— 63,966 —63,966 
Total assets$15,994,719 $14,096,382 $(1,457,732)$28,633,369 
Liabilities
Accounts payable, accrued expenses and other liabilities$1,204,618 $— $(151)$1,204,467 
Accrued compensation472,978 — — 472,978 
Due to affiliates810,409 — — 810,409 
Performance related compensation payable2,951,333 — — 2,951,333 
Debt obligations3,941,415 — — 3,941,415 
Operating lease liabilities669,999 — — 669,999 
Liabilities of Consolidated Funds
Accounts payable, accrued expenses and other liabilities— 105,722 (585)105,137 
Due to affiliates— 25,021 (25,021)— 
Payable for securities purchased— 165,391 — 165,391 
CLO loan obligations, at fair value— 7,424,717 (65,645)7,359,072 
Fund borrowings— 2,251,780 — 2,251,780 
Total liabilities10,050,752 9,972,631 (91,402)19,931,981 
Commitments and contingencies
Redeemable interest in Ares Operating Group entities25,296 — — 25,296 
Non-controlling interest in Consolidated Funds— 4,123,751 (1,219,893)2,903,858 
Non-controlling interest in Ares Operating Group entities1,543,823 — (47,052)1,496,771 
Stockholders’ Equity
Series B mandatory convertible preferred stock, $0.01 par value, 1,000,000,000 shares authorized (30,000,000 shares issued and outstanding)
1,460,030 — — 1,460,030 
Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (218,465,429 shares issued and outstanding)
2,185 — — 2,185 
Non-voting common stock, $0.01 par value, 500,000,000 shares authorized (3,489,911 shares issued and outstanding)
35 — — 35 
Class B common stock, $0.01 par value, 1,000 shares authorized (1,000 shares issued and outstanding)
— — — — 
Class C common stock, $0.01 par value, 499,999,000 shares authorized (105,079,121 shares issued and outstanding)
1,051 — — 1,051 
Additional paid-in-capital4,342,063 — (99,385)4,242,678 
Accumulated deficit(1,452,259)— — (1,452,259)
Accumulated other comprehensive income, net of tax21,743 — — 21,743 
       Total stockholders’ equity4,374,848 — (99,385)4,275,463 
       Total equity5,918,671 4,123,751 (1,366,330)8,676,092 
       Total liabilities, redeemable interest, non-controlling interests and equity$15,994,719 $14,096,382 $(1,457,732)$28,633,369 
47
Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
Three months ended September 30, 2026
Consolidated
Company Entities 		Consolidated
Funds 		Eliminations Consolidated 
Revenues
Management fees $1,078,226 $— $(21,110)$1,057,116 
Carried interest allocation197,932 — (36,184)161,748 
Incentive fees82,299 — — 82,299 
Principal investment income42,656 — (22,802)19,854 
Administrative, transaction and other fees114,758 — (2,376)112,382 
Total revenues1,515,871 — (82,472)1,433,399 
Expenses
Compensation and benefits700,592 — — 700,592 
Performance related compensation173,620 — — 173,620 
General, administrative and other expenses258,627 — — 258,627 
Expenses of the Consolidated Funds— 39,175 (23,486)15,689 
Total expenses1,132,839 39,175 (23,486)1,148,528 
Other income (expense)
Net realized and unrealized losses on investments(154,661)— 7,224 (147,437)
Interest and dividend income9,554 — (426)9,128 
Interest expense(58,506)— — (58,506)
Other expense, net(14,587)— 174 (14,413)
Net realized and unrealized gains on investments of the Consolidated Funds— 228,071 (377)227,694 
Interest and other income of the Consolidated Funds— 132,478 — 132,478 
Interest expense of the Consolidated Funds— (192,354)175 (192,179)
Total other income (expense), net(218,200)168,195 6,770 (43,235)
Income before taxes164,832 129,020 (52,216)241,636 
Income tax expense (benefit)36,666 (422)— 36,244 
Net income128,166 129,442 (52,216)205,392 
Less: Net income attributable to non-controlling interests in Consolidated Funds— 129,442 (52,216)77,226 
Net income attributable to Ares Operating Group entities128,166 — — 128,166 
Less: Net loss attributable to redeemable interest in Ares Operating Group entities(71)— — (71)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities42,907 — — 42,907 
Net income attributable to Ares Management Corporation85,330 — — 85,330 
Less: Series B mandatory convertible preferred stock dividends declared25,313 — — 25,313 
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders$60,017 $— $— $60,017 
48
Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
Three months ended September 30, 2025
Consolidated
Company Entities		Consolidated
Funds		EliminationsConsolidated
Revenues
Management fees$980,281 $— $(8,519)$971,762 
Carried interest allocation473,041 — (8,375)464,666 
Incentive fees100,668 — — 100,668 
Principal investment income73,543 — (55,567)17,976 
Administrative, transaction and other fees105,461 — (2,905)102,556 
Total revenues1,732,994 — (75,366)1,657,628 
Expenses
Compensation and benefits659,835 — — 659,835 
Performance related compensation404,095 — — 404,095 
General, administrative and other expenses246,154 — — 246,154 
Expenses of the Consolidated Funds— 6,778 (8,646)(1,868)
Total expenses1,310,084 6,778 (8,646)1,308,216 
Other income (expense)
Net realized and unrealized gains on investments198,777 — (10,357)188,420 
Interest and dividend income13,644 — — 13,644 
Interest expense(46,315)— — (46,315)
Other expense, net(7,335)— 72 (7,263)
Net realized and unrealized gains on investments of the Consolidated Funds— 173,840 6,415 180,255 
Interest and other income of the Consolidated Funds— 130,821 — 130,821 
Interest expense of the Consolidated Funds— (156,553)(150)(156,703)
Total other income, net158,771 148,108 (4,020)302,859 
Income before taxes581,681 141,330 (70,740)652,271 
Income tax expense108,709 3,183 — 111,892 
Net income472,972 138,147 (70,740)540,379 
Less: Net income attributable to non-controlling interests in Consolidated Funds— 138,147 (70,740)67,407 
Net income attributable to Ares Operating Group entities472,972 — — 472,972 
Less: Net income attributable to redeemable interest in Ares Operating Group entities1,797 — — 1,797 
Less: Net income attributable to non-controlling interests in Ares Operating Group entities182,293 — — 182,293 
Net income attributable to Ares Management Corporation288,882 — — 288,882 
Less: Series B mandatory convertible preferred stock dividends declared25,313 — — 25,313 
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders$263,569 $— $— $263,569 
49
Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
Nine months ended September 30, 2026
Consolidated
Company Entities 		Consolidated
Funds 		Eliminations Consolidated
Revenues
Management fees$3,128,443 $— $(64,237)$3,064,206 
Carried interest allocation623,655 — (65,362)558,293 
Incentive fees286,986 — — 286,986 
Principal investment income90,110 — (67,491)22,619 
Administrative, transaction and other fees331,178 — (4,837)326,341 
Total revenues4,460,372 — (201,927)4,258,445 
Expenses
Compensation and benefits2,081,659 — — 2,081,659 
Performance related compensation633,883 — — 633,883 
General, administrative and other expenses754,779 — — 754,779 
Expenses of the Consolidated Funds— 95,721 (69,074)26,647 
Total expenses3,470,321 95,721 (69,074)3,496,968 
Other income (expense)
Net realized and unrealized losses on investments(84,295)— 12,957 (71,338)
Interest and dividend income23,175 — (426)22,749 
Interest expense(161,461)— — (161,461)
Other expense, net(11,349)— 404 (10,945)
Net realized and unrealized gains on investments of the Consolidated Funds— 543,878 (5,772)538,106 
Interest and other income of the Consolidated Funds— 297,046 — 297,046 
Interest expense of the Consolidated Funds— (435,313)178 (435,135)
Total other income (expense), net(233,930)405,611 7,341 179,022 
Income before taxes756,121 309,890 (125,512)940,499 
Income tax expense162,829 6,264 — 169,093 
Net income593,292 303,626 (125,512)771,406 
Less: Net income attributable to non-controlling interests in Consolidated Funds— 303,626 (125,512)178,114 
Net income attributable to Ares Operating Group entities593,292 — — 593,292 
Less: Net income attributable to redeemable interest in Ares Operating Group entities661 — — 661 
Less: Net income attributable to non-controlling interests in Ares Operating Group entities214,077 — — 214,077 
Net income attributable to Ares Management Corporation378,554 — — 378,554 
Less: Series B mandatory convertible preferred stock dividends declared75,938 — — 75,938 
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders$302,616 $— $— $302,616 
50
Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
Nine months ended September 30, 2025
Consolidated
Company Entities 		Consolidated
Funds 		EliminationsConsolidated
Revenues
Management fees$2,716,738 $— $(27,367)$2,689,371 
Carried interest allocation968,902 — (20,327)948,575 
Incentive fees156,067 — (272)155,795 
Principal investment income191,759 — (140,822)50,937 
Administrative, transaction and other fees261,467 — (9,584)251,883 
Total revenues4,294,933 — (198,372)4,096,561 
Expenses
Compensation and benefits1,960,669 — — 1,960,669 
Performance related compensation761,434 — — 761,434 
General, administrative and other expenses706,224 — — 706,224 
Expenses of the Consolidated Funds— 66,240 (34,445)31,795 
Total expenses3,428,327 66,240 (34,445)3,460,122 
Other income (expense)
Net realized and unrealized gains on investments231,959 — (30,563)201,396 
Interest and dividend income39,660 — (588)39,072 
Interest expense(126,277)— — (126,277)
Other expense, net(64,978)— 480 (64,498)
Net realized and unrealized gains on investments of the Consolidated Funds— 387,849 8,564 396,413 
Interest and other income of the Consolidated Funds— 452,783 — 452,783 
Interest expense of the Consolidated Funds— (460,397)5,316 (455,081)
Total other income, net80,364 380,235 (16,791)443,808 
Income before taxes946,970 313,995 (180,718)1,080,247 
Income tax expense184,493 5,894 — 190,387 
Net income762,477 308,101 (180,718)889,860 
Less: Net income attributable to non-controlling interests in Consolidated Funds— 308,101 (180,718)127,383 
Net income attributable to Ares Operating Group entities762,477 — — 762,477 
Less: Net income attributable to redeemable interest in Ares Operating Group entities1,839 — — 1,839 
Less: Net income attributable to non-controlling interests in Ares Operating Group entities287,524 — — 287,524 
Net income attributable to Ares Management Corporation473,114 — — 473,114 
Less: Series B mandatory convertible preferred stock dividends declared75,938 — — 75,938 
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders$397,176 $— $— $397,176 
51
Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
Nine months ended September 30, 2026
Consolidated
Company Entities 		Consolidated
Funds		EliminationsConsolidated
Cash flows from operating activities
Net income$593,292 $303,626 $(125,512)$771,406 
Adjustments to reconcile net income to net cash provided by (used in) operating activities677,948 — 192,960 870,908 
Adjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds— (1,621,357)2,201 (1,619,156)
Cash flows due to changes in operating assets and liabilities168,649 — 69,436 238,085 
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds— (95,884)(196,547)(292,431)
Net cash provided by (used in) operating activities1,439,889 (1,413,615)(57,462)(31,188)
Cash flows from investing activities
Purchase of furniture, equipment and leasehold improvements, net of disposals(83,902)— — (83,902)
Acquisitions, net of cash acquired8,330 — — 8,330 
Net cash used in investing activities(75,572)— — (75,572)
Cash flows from financing activities
Proceeds from Credit Facility1,375,000 — — 1,375,000 
Proceeds from Term Loan399,411 — — 399,411 
Repayments of Credit Facility(940,000)— — (940,000)
Dividends and distributions (1,569,033)— — (1,569,033)
Taxes paid related to net share settlement of equity awards(371,887)— — (371,887)
Other financing activities13,137 — — 13,137 
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds— 1,242,199 (135,738)1,106,461 
Distributions to non-controlling interests in Consolidated Funds— (106,566)(12,467)(119,033)
Borrowings under loan obligations by Consolidated Funds— 2,488,014 — 2,488,014 
Repayments under loan obligations by Consolidated Funds— (2,137,619)— (2,137,619)
Net cash provided by (used in) financing activities(1,093,372)1,486,028 (148,205)244,451 
Effect of exchange rate changes(15,413)(13,469)— (28,882)
Net change in cash and cash equivalents255,532 58,944 (205,667)108,809 
Cash and cash equivalents, beginning of period488,896 959,088 (959,088)488,896 
Cash and cash equivalents, end of period$744,428 $1,018,032 $(1,164,755)$597,705 
Supplemental disclosure of non-cash financing activities:
Equity issued in connection with acquisition-related activities$15,997 $— $— $15,997 
52
Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
Nine months ended September 30, 2025
Consolidated
Company Entities 		Consolidated
Funds		EliminationsConsolidated
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 activities495,364 — (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 liabilities487,320 — (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 
Net cash provided by operating activities1,745,161 1,881,813 123,673 3,750,647 
Cash flows from investing activities
Purchase of furniture, equipment and leasehold improvements, net of disposals(56,385)— — (56,385)
Acquisitions, net of cash acquired(1,726,175)— — (1,726,175)
Net cash used in investing activities(1,782,560)— — (1,782,560)
Cash flows from financing activities
Proceeds from Credit Facility2,130,000 — — 2,130,000 
Repayments of Credit Facility(1,015,000)— — (1,015,000)
Dividends and distributions (1,296,937)— — (1,296,937)
Taxes paid related to net share settlement of equity awards(425,623)— — (425,623)
Other financing activities2,630 — — 2,630 
Allocable to non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds— 322,583 (52,680)269,903 
Distributions to non-controlling interests in Consolidated Funds— (502,225)153,205 (349,020)
Redemptions of redeemable interests in Consolidated Funds— (509,503)— (509,503)
Borrowings under loan obligations by Consolidated Funds— 532,191 — 532,191 
Repayments under loan obligations by Consolidated Funds— (2,308,666)— (2,308,666)
Net cash used in financing activities(604,930)(2,465,620)100,525 (2,970,025)
Effect of exchange rate changes(61,606)52,237 — (9,369)
Net change in cash and cash equivalents(703,935)(531,570)224,198 (1,011,307)
Cash and cash equivalents, beginning of period1,507,976 1,227,489 (1,227,489)1,507,976 
Cash and cash equivalents, end of period$804,041 $695,919 $(1,003,291)$496,669 
Supplemental disclosure of non-cash financing activities:
Equity issued in connection with acquisition-related activities$1,657,881 $— $— $1,657,881 

53
Ares Management Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(Dollars in Thousands, Except Share Data and As Otherwise Noted)
15. SUBSEQUENT EVENTS
The Company evaluated all events or transactions that occurred after September 30, 2026 through the date the unaudited condensed consolidated financial statements were issued. During this period, the Company had the following material subsequent events that require disclosure:
In October 2026, the Company’s board of directors declared a quarterly dividend of $1.35 per share of Class A and non-voting common stock payable on December 31, 2026 to common stockholders of record at the close of business on December 17, 2026.
In October 2026, the Company’s board of directors declared a quarterly dividend of $0.84375 per share of Series B mandatory convertible preferred stock payable on January 1, 2027 to preferred stockholders of record on December 15, 2026.
54
Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations
Ares Management Corporation is a Delaware corporation. Unless the context otherwise requires, references to “Ares,” “we,” “us,” “our,” and the “Company” are intended to mean the business and operations of Ares Management Corporation and its consolidated subsidiaries. The following discussion analyzes the financial condition and results of operations of the Company. “Consolidated Funds” refers collectively to certain Ares funds, co-investment vehicles, CLOs and SPACs that are required under U.S. GAAP to be consolidated in our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q. Additional terms used by the Company are defined in the Glossary and throughout the Management’s Discussion and Analysis in this Quarterly Report on Form 10-Q.
The following discussion and analysis should be read in conjunction with the unaudited condensed consolidated financial statements of Ares Management Corporation and the related notes included in this Quarterly Report on Form 10-Q and the audited financial statements and the related notes included in the 2025 Annual Report on Form 10-K of Ares Management Corporation.
Amounts and percentages presented throughout our discussion and analysis of financial condition and results of operations may reflect rounded results in thousands (unless otherwise indicated) and consequently, totals may not appear to sum. In addition, illustrative charts may not be presented at scale.

The changes from current year compared to prior year may be deemed to be not meaningful and are designated as “NM” within the discussion and analysis of financial condition and results of operations.

Trends Affecting Our Business
We believe that our disciplined investment philosophy across our distinct but complementary investment groups contributes to the stability of our performance throughout market cycles. For the three months ended September 30, 2026, 93% of our management fees were derived from perpetual capital vehicles or long-dated funds. Our funds have a stable base of committed capital enabling us to invest in assets with a long-term focus over different points in a market cycle and to take advantage of market volatility. However, our results from operations, including the fair value of our AUM, are affected by a variety of factors. Conditions in the global financial markets and economic and political environments, including the impact of the upcoming U.S. midterm elections, may impact our business, particularly in the U.S., Europe and Asia-Pacific (“APAC”).

    The following table presents returns of selected market indices:
Returns (%)
Type of IndexName of IndexRegionThree months ended September 30, 2026Nine months ended September 30, 2026
High yield bondsICE BAML High Yield Master II IndexU.S.(1.8)<0.1
High yield bondsICE BAML European Currency High Yield IndexEurope(1.8)0.1
Leveraged loansS&P UBS Leveraged Loan Index U.S.2.03.4
Leveraged loansS&P UBS Western European Leveraged Loan IndexEurope1.12.8
EquitiesS&P 500 IndexU.S.2.312.8
EquitiesMSCI All Country World Ex-U.S. IndexNon-U.S.0.614.7
Infrastructure equitiesS&P Global Infrastructure IndexGlobal(7.4)1.9
Real estate equitiesFTSE NAREIT All Equity REITs IndexU.S.(6.9)4.9
Real estate equitiesFTSE EPRA/NAREIT Developed Europe IndexEurope(9.2)(9.3)
Real estate equitiesTokyo Stock Exchange REIT IndexAPAC(5.4)(15.2)

During the third quarter of 2026, global markets continued to experience volatility amid renewed geopolitical tension in the Middle East and evolving expectations regarding U.S. trade policies, elevated energy prices and continued inflationary pressures. Despite these headwinds, U.S. leveraged loan markets generated positive performance benefiting from higher floating rates while U.S. and international equity markets proved resilient, supported by robust second quarter corporate earnings growth.

Despite uncertainty stemming from rising global interest rates and ongoing geopolitical developments, global commercial real estate fundamentals continued to improve during the third quarter of 2026 as net absorption strengthened and new supply remained limited. Although higher interest rates weighed on capital markets activity and transaction volumes and contributed to weaker performance across global REIT markets during the quarter, we do not believe this performance reflects a deterioration in our portfolio’s underlying fundamentals. Rather, we expect constrained new supply to continue providing a meaningful tailwind across sectors and geographies for commercial real estate markets. In addition, renewable energy
55
deployment also remained at a meaningful scale, supported by stable demand for clean energy and a strong development pipeline. Demand for digital infrastructure remained strong, driven by continued data center development and growing demand from artificial intelligence based companies. While performance varies by sector and geography, we believe strong underlying demand trends and continued investment activity across the sector will provide meaningful opportunities for infrastructure investment in coming periods.

Private equity activity improved during the third quarter of 2026, but remained uneven and short of a broad-based recovery as macroeconomic volatility, elevated financing costs and continued uncertainty regarding the implications of artificial intelligence weighed on transaction activity. We believe disciplined capital deployment and active strategies focused on operational execution, sustainable growth and technology enablement remain critical to driving long-term value creation.

We believe our portfolios across all strategies remain well positioned for a fluctuating interest rate environment. On a market value basis, approximately 81% of our debt assets and 51% of our total assets were floating rate instruments as of September 30, 2026.

Recent Transactions

On October 26, 2026, ARCC entered into a definitive merger agreement with MidCap Financial Investment Corporation (NASDAQ: MFIC) (“MFIC”) under which ARCC will acquire MFIC in a stock-and-cash transaction for a total enterprise value of approximately $2.6 billion. Under terms of the transaction, the cash portion of the total consideration, approximately $100.0 million, or $1.21 per share of MFIC common stock, will be provided by a subsidiary of Ares.

Managing Business Performance
Operating Metrics
We measure our business performance using certain operating metrics that are common to the alternative investment management industry and are discussed below.
Assets Under Management
AUM refers to the assets we manage and is viewed as a metric to measure our investment and fundraising performance as it reflects assets generally at fair value plus available uncalled capital.

56
The tables below present rollforwards of our total AUM by segment ($ in millions):
Credit
Group		Real Assets
Group
Secondaries
Group
Private Equity
Group		Other
Businesses		Total AUM
Balance at 6/30/2026
$440,544 $151,230 $44,179 $24,451 $10,915 $671,319 
New par/equity commitments6,371 7,847 2,579 — 1,967 18,764 
New debt commitments8,832 3,397 32 — — 12,261 
Capital reductions(3,838)(572)(8)— — (4,418)
Distributions(4,835)(2,110)(827)(238)(550)(8,560)
Redemptions(1,863)(403)(126)— — (2,392)
Net allocations among investment strategies(195)418 — — (223)— 
Change in fund value1,248 1,791 448 292 (133)3,646 
Balance at 9/30/2026
$446,264 $161,598 $46,277 $24,505 $11,976 $690,620 
Credit
Group		Real Assets
Group		Secondaries
Group		Private Equity
Group		Other
Businesses		Total AUM
Balance at 6/30/2025
$377,106 $129,774 $33,949 $23,766 $7,790 $572,385 
Acquisitions— — — 856 — 856 
New par/equity commitments11,479 3,347 3,349 528 2,148 20,851 
New debt commitments7,800 1,473 775 — — 10,048 
Capital reductions(4,248)(883)(32)(1)— (5,164)
Distributions(3,669)(1,272)(210)(151)(477)(5,779)
Redemptions(1,202)(592)(60)— (502)(2,356)
Net allocations among investment strategies440 125 — — (565)— 
Change in fund value3,748 382 604 98 (17)4,815 
Balance at 9/30/2025
$391,454 $132,354 $38,375 $25,096 $8,377 $595,656 
Credit
Group		Real Assets
Group		Secondaries
Group		Private Equity
Group		Other
Businesses		Total AUM
Balance at 12/31/2025
$406,866 $139,088 $42,156 $25,288 $9,107 $622,505 
Acquisitions5,544 — — — — 5,544 
New par/equity commitments30,833 19,766 4,649 858 4,607 60,713 
New debt commitments28,414 7,461 377 — — 36,252 
Capital reductions(10,987)(1,796)(96)(1)— (12,880)
Distributions(13,326)(5,927)(1,571)(1,875)(1,289)(23,988)
Redemptions(4,645)(1,070)(282)— — (5,997)
Net allocations among investment strategies(142)948 166 — (972)— 
Change in fund value3,707 3,128 878 235 523 8,471 
Balance at 9/30/2026
$446,264 $161,598 $46,277 $24,505 $11,976 $690,620 
Credit
Group		Real Assets
Group		Secondaries
Group		Private Equity
Group		Other
Businesses		Total AUM
Balance at 12/31/2024
$348,858 $75,298 $29,153 $24,041 $7,096 $484,446 
Acquisitions— 45,281 — 856 — 46,137 
New par/equity commitments26,344 7,904 8,155 1,503 5,165 49,071 
New debt commitments21,782 5,706 775 — — 28,263 
Capital reductions(11,524)(2,035)(90)(55)— (13,704)
Distributions(11,938)(4,450)(609)(1,356)(1,025)(19,378)
Redemptions(2,527)(882)(123)— (510)(4,042)
Net allocations among investment strategies1,935 174 73 — (2,182)— 
Change in fund value18,524 5,358 1,041 107 (167)24,863 
Balance at 9/30/2025
$391,454 $132,354 $38,375 $25,096 $8,377 $595,656 

57
The components of our AUM are presented below ($ in billions):
581582
AUM: $690.6AUM: $595.7
FPAUM
Non-fee paying(1)
AUM not yet paying fees
(1) Includes $6.2 billion and $5.7 billion of non-fee paying AUM from our general partner and employee commitments as of September 30, 2026 and 2025, respectively.

Please refer to “— Results of Operations by Segment” for a more detailed presentation of AUM by segment for each of the periods presented.


58
Fee Paying Assets Under Management

FPAUM refers to AUM from which we directly earn management fees and is equal to the sum of all the individual fee bases of our funds that directly contribute to our management fees.

The tables below present rollforwards of our total FPAUM by segment ($ in millions):

Credit
Group		Real Assets
Group
Secondaries
Group
Private Equity
Group		Other
Businesses		Total
Balance at 6/30/2026
$266,120 $88,614 $31,466 $13,907 $9,815 $409,922 
Commitments4,474 3,615 792 — 1,316 10,197 
Deployment/increase in leverage8,486 2,182 434 — 158 11,260 
Capital reductions(3,611)(242)— — — (3,853)
Distributions(4,439)(2,199)(428)(65)(550)(7,681)
Redemptions(1,841)(403)(126)— — (2,370)
Net allocations among investment strategies(6)444 — — (438)— 
Change in fund value377 655 (81)(84)(205)662 
Change in fee basis1,611 (1,059)— (281)(2,000)(1,729)
Balance at 9/30/2026
$271,171 $91,607 $32,057 $13,477 $8,096 $416,408 
Credit
Group		Real Assets
Group		Secondaries
Group		Private Equity
Group		Other
Businesses		Total
Balance at 6/30/2025
$228,153 $79,495 $24,535 $10,993 $6,381 $349,557 
Acquisitions— — — 1,118 — 1,118 
Commitments8,129 2,811 3,153 — 1,805 15,898 
Deployment/increase in leverage9,888 1,460 113 1 142 11,604 
Capital reductions(3,001)(774)— — — (3,775)
Distributions(4,063)(1,704)(101)(8)(414)(6,290)
Redemptions(785)(592)(60)— — (1,437)
Net allocations among investment strategies669 125 — — (794)— 
Change in fund value757 (496)444 (16)(96)593 
Change in fee basis421 178 (5)(240)— 354 
Balance at 9/30/2025
$240,168 $80,503 $28,079 $11,848 $7,024 $367,622 
Credit
Group		Real Assets
Group		Secondaries
Group		Private Equity
Group		Other
Businesses		Total
Balance at 12/31/2025
$249,816 $84,065 $29,481 $14,437 $7,150 $384,949 
Acquisitions5,495 — — — — 5,495 
Commitments14,407 8,938 1,830 — 3,181 28,356 
Deployment/increase in leverage27,524 5,650 1,950 893 2,946 38,963 
Capital reductions(9,636)(463)(88)— — (10,187)
Distributions(12,792)(4,855)(979)(493)(1,289)(20,408)
Redemptions(4,671)(992)(282)— — (5,945)
Net allocations among investment strategies1,057 994 153 — (2,204)— 
Change in fund value(386)695 107 (186)312 542 
Change in fee basis357 (2,425)(115)(1,174)(2,000)(5,357)
Balance at 9/30/2026
$271,171 $91,607 $32,057 $13,477 $8,096 $416,408 
Credit
Group		Real Assets
Group		Secondaries
Group		Private Equity
Group		Other
Businesses		Total
Balance at 12/31/2024
$209,145 $44,088 $22,401 $11,427 $5,492 $292,553 
Acquisitions— 30,467 — 1,118 — 31,585 
Commitments20,465 4,760 4,893 — 4,589 34,707 
Deployment/increase in leverage24,594 4,256 780 33 395 30,058 
Capital reductions(8,212)(951)— (11)— (9,174)
Distributions(12,668)(4,415)(170)(8)(962)(18,223)
Redemptions(2,177)(882)(123)— — (3,182)
Net allocations among investment strategies2,293 174 73 — (2,540)— 
Change in fund value6,670 2,706 230 (14)50 9,642 
Change in fee basis58 300 (5)(697)— (344)
Balance at 9/30/2025
$240,168 $80,503 $28,079 $11,848 $7,024 $367,622 


59
The charts below present FPAUM by its fee bases ($ in billions):
1125 1138
FPAUM: $416.4FPAUM: $367.6
    
Invested capital
NAV/fair value/reported value(1)
Capital commitmentsCollateral balances (at par)GAV
    
(1)Includes $99.9 billion and $87.8 billion from funds that primarily invest in illiquid strategies as of September 30, 2026 and 2025, respectively. The underlying investments held in these funds are generally subject to less market volatility than investments held in liquid strategies.

Please refer to “— Results of Operations by Segment” for detailed information by segment of the activity affecting total FPAUM for each of the periods presented.

Perpetual Capital Assets Under Management

The chart below presents our perpetual capital AUM by segment and type ($ in billions):
Perp cap AUM-10-20 170935.jpg
CreditReal AssetsSecondariesOther BusinessesPerpetual Wealth FundsPrivate Commingled FundsPublicly-Traded
Funds		Managed Accounts


60
Management Fees By Type

We view the duration of funds we manage as a metric to measure the stability of our future management fees. For the three months ended September 30, 2026 and 2025, 93% and 94%, respectively, of management fees were earned from perpetual capital or long-dated funds.

The charts below present the composition of our segment management fees by fund type:
2005    2007
Perpetual Capital - Perpetual Wealth Funds
Perpetual Capital - Publicly-Traded
Funds		Perpetual Capital - Private Commingled Funds Perpetual Capital - Managed Accounts
Long-Dated Funds(1)
Other
(1) Long-dated funds generally have a contractual life of five years or more at inception.

Available Capital and Assets Under Management Not Yet Paying Fees

The charts below present our available capital and AUM not yet paying fees by segment ($ in billions):
Avl cap AUM NYPF-10-20 171305.jpg
CreditReal AssetsSecondariesPrivate EquityOther Businesses
As of September 30, 2026, AUM not yet paying fees includes $93.8 billion of AUM available for future deployment and $2.3 billion of development assets not yet stabilized that could collectively generate approximately $826.9 million in potential incremental annual management fees, representing a 24% embedded growth rate in our base management fees from the last twelve month period.
61
Incentive Eligible Assets Under Management and Incentive Generating Assets Under Management

The charts below present our IEAUM and IGAUM by segment ($ in billions):
IGAUM IEAUM10-28 121223.jpg
CreditReal AssetsSecondariesPrivate EquityOther Businesses

As of September 30, 2026 and 2025, IGAUM included $79.8 billion and $58.3 billion, respectively, of AUM from funds generating unrealized incentive fees that are not recognized by us until such fees are crystallized or no longer subject to reversal. As of September 30, 2026, perpetual capital IGAUM that could potentially result in crystallized fee related performance revenues totaled $46.7 billion, composed of $25.5 billion within the Credit Group and $21.2 billion within the Real Assets Group. As of September 30, 2025, perpetual capital IGAUM that could potentially result in crystallized fee related performance revenues totaled $32.1 billion, composed of $20.3 billion within the Credit Group, $7.4 billion within the Real Assets Group and $4.4 billion within the Secondaries Group.
Fund Performance Metrics

Fund performance information for our funds considered to be “significant funds” is included throughout this discussion with analysis to facilitate an understanding of our results of operations for the periods presented. Our significant funds are commingled funds that either contributed at least 1% of our total management fees or comprised at least 1% of our total FPAUM for each of the last two consecutive quarters. In addition to management fees, each of our significant funds may generate carried interest or incentive fees upon the achievement of performance hurdles. The fund performance information reflected in this discussion and analysis is not indicative of our overall performance. An investment in Ares is not an investment in any of our funds. Past performance is not indicative of future results. As with any investment, there is always the potential for gains as well as the possibility of losses. There can be no assurance that any of these funds or our other existing and future funds will achieve similar returns.

Fund performance metrics for significant funds may be marked as “NM” as they may not be considered meaningful due to the limited time since the initial investment and/or early stage of capital deployment.

To further facilitate an understanding of the impact a significant fund may have on our results, we present our drawdown funds as either harvesting investments or deploying capital to indicate the fund’s stage in its life cycle. A fund harvesting investments is past its investment period and opportunistically seeking to monetize investments, while a fund deploying capital is generally seeking new investment opportunities.

62
Consolidation and Deconsolidation of Ares Funds
We consolidate (i) entities that we have both the power to direct significant activities of the entity and a significant economic interest; and (ii) entities in which we hold a majority voting interest or have majority ownership and control over the operational, financial and investing decisions of that entity. Certain funds that have historically been consolidated in the financial statements may no longer be consolidated because: (i) such funds have been liquidated or dissolved; or (ii) we are no longer deemed to have a controlling interest in the entity.
The activity of the Consolidated Funds is reflected within the unaudited condensed consolidated financial statement line items indicated by reference thereto. Consolidated Funds represented approximately 4% of our AUM as of September 30, 2026. We have eliminated approximately 5% of total revenues that we earned from Consolidated Funds upon consolidation.
The assets and liabilities of our Consolidated Funds are held within separate legal entities and, as a result, the liabilities of our Consolidated Funds are typically non-recourse to us. Generally, the consolidation of our Consolidated Funds has a significant gross-up effect on our assets, liabilities and cash flows but has no net effect on the net income attributable to us or our stockholders’ equity, except where accounting for a redemption or liquidation preference requires the reallocation of ownership based on specific terms of a profit sharing agreement. The net economic ownership interests of our Consolidated Funds, to which we have no economic rights, are reflected as redeemable and non-controlling interests in the Consolidated Funds within our unaudited condensed consolidated financial statements. See “Note 12. Equity and Redeemable Interest” within our unaudited condensed consolidated financial statements for a further description of our redeemable interest in Consolidated Funds.
We have transferred certain financial interests to structured financing vehicles that we manage, including but not limited to collateralized fund obligations, rated note feeders and private asset-backed notes, among other secondary solutions. These financial interests include our capital interests and rights to performance income in funds that we manage. The purpose of these transferred interests is to provide collateral or other forms of similar credit-enhancement, including subordination and liquidity support, to the structured financing vehicles. These structured financing vehicles are typically designed to meet investors’ risk-return, liquidity, diversification and risk-based capital treatment objectives and to support capital raising efforts across our platform. The transfer of these financial interests does not subject us to the additional risk of loss; instead, our maximum risk of loss equals the value of our transferred interest in the event that the returns generated by the structured financing vehicles do not meet stated performance thresholds. These structured financing vehicles typically represent variable interest entities that are consolidated with our results. As a result, the financial interests that we transfer will typically be reclassified from investments in the funds that we manage and/or from accrued performance income to investments of the Consolidated Funds upon consolidation. Any future investment income and performance income resulting from these financial interests is typically presented within the results of operations of our Consolidated Funds as a result of consolidation.
The performance of our Consolidated Funds is not necessarily consistent with, or representative of, the combined performance trends of all of our funds.
For the actual impact that consolidation had on our results and further discussion on consolidation and deconsolidation of funds, see “Note 14. Consolidation” within our unaudited condensed consolidated financial statements included herein.
63
Results of Operations
Consolidated Results of Operations
Although the consolidated results presented below include the results of our operations together with those of the Consolidated Funds and other joint ventures, we separate our analysis of those items primarily impacting the Company from those of the Consolidated Funds.

In connection with the acquisition of the international business of GLP Capital Partners Limited excluding its operations in Greater China (“GCP International”) (the “GCP Acquisition”), the activities of GCP International are reflected within our results of operations beginning on March 1, 2025. Since the activities of GCP International contributed seven months of results during the nine months ended September 30, 2025, our year-over-year analysis of the nine months ended September 30, 2026 will lack comparability.

The following table presents our summarized consolidated results of operations ($ in thousands):
Three months ended September 30,Favorable (Unfavorable)Nine months ended September 30,Favorable (Unfavorable)
20262025$ Change% Change20262025$ Change% Change
Total revenues$1,433,399 $1,657,628 $(224,229)(14)%$4,258,445 $4,096,561 $161,884 4%
Total expenses(1,148,528)(1,308,216)159,688 12(3,496,968)(3,460,122)(36,846)(1)
Total other income (expense), net(43,235)302,859 (346,094)NM179,022 443,808 (264,786)(60)
Less: Income tax expense
36,244 111,892 75,648 68169,093 190,387 21,294 11
Net income205,392 540,379 (334,987)(62)771,406 889,860 (118,454)(13)
Less: Net income attributable to non-controlling interests in Consolidated Funds77,226 67,407 9,819 15178,114 127,383 50,731 40
Net income attributable to Ares Operating Group entities128,166 472,972 (344,806)(73)593,292 762,477 (169,185)(22)
Less: Net income (loss) attributable to redeemable interest in Ares Operating Group entities(71)1,797 (1,868)NM661 1,839 (1,178)(64)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities42,907 182,293 (139,386)(76)214,077 287,524 (73,447)(26)
Net income attributable to Ares Management Corporation85,330 288,882 (203,552)(70)378,554 473,114 (94,560)(20)
Less: Series B mandatory convertible preferred stock dividends declared25,313 25,313 — —75,938 75,938 — —
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders$60,017 $263,569 (203,552)(77)$302,616 $397,176 (94,560)(24)

Three and Nine Months Ended September 30, 2026 Compared to Three and Nine Months Ended September 30, 2025 
Consolidated Results of Operations of the Company
The following discussion sets forth information regarding our consolidated results of operations:
Revenues
Three months ended September 30,Favorable (Unfavorable)Nine months ended September 30,Favorable (Unfavorable)
20262025$ Change% Change20262025$ Change% Change
Revenues
Management fees$1,057,116 $971,762 $85,354 9%$3,064,206 $2,689,371 $374,835 14%
Carried interest allocation161,748 464,666 (302,918)(65)558,293 948,575 (390,282)(41)
Incentive fees82,299 100,668 (18,369)(18)286,986 155,795 131,191 84
Principal investment income19,854 17,976 1,878 1022,619 50,937 (28,318)(56)
Administrative, transaction and other fees112,382 102,556 9,826 10326,341 251,883 74,458 30
Total revenues$1,433,399 $1,657,628 (224,229)(14)$4,258,445 $4,096,561 161,884 4
Management Fees. Within the Credit Group, capital deployment in private funds within our direct lending and alternative credit strategies led to a rise in FPAUM, contributing $28.2 million and $84.7 million of the increase in management fees for the three and nine months ended September 30, 2026, respectively, compared to the same periods in 2025. In addition, our publicly-traded and our perpetual wealth funds contributed $15.9 million and $82.8 million of the increases in management fees for the three and nine months ended September 30, 2026, respectively, compared to the same periods in 2025, primarily
64
driven by increases in FPAUM associated with fundraising. Within the Real Assets Group, funds that we manage as a result of the GCP Acquisition contributed $31.4 million of the increase in management fees for the nine months ended September 30, 2026 compared to the same period in 2025, primarily driven by fees generated for two additional months in the current year period.

In addition, Part I Fees increased by $29.2 million and $84.3 million for the three and nine months ended September 30, 2026, respectively, compared to the same periods in 2025. The increases in Part I Fees were primarily attributable to our open-ended core infrastructure fund, ASIF and to our open-ended European direct lending fund, driven by increases in net investment income from their growing portfolios of investments.

For detail regarding the fluctuations of management fees within each of our segments, see “—Results of Operations by Segment.”

Carried Interest Allocation. The following table sets forth the change in carried interest allocation by segment ($ in millions):
Three months ended September 30,Nine months ended September 30,
2026202520262025
Credit funds$109.0 $286.8 $399.6 $691.2 
Real Assets funds47.4 38.2 216.2 93.1 
Secondaries funds
18.6 29.5 20.4 27.7 
Private Equity funds43.9 47.0 76.2 112.7 
Other businesses(21.0)71.8 (88.3)83.9 
Elimination of carried interest from Consolidated Funds(36.2)(8.4)(65.4)(20.3)
Carried interest of non-controlling interests in consolidated subsidiaries0.0 (0.2)(0.4)(39.7)
Carried interest allocation$161.7 $464.7 $558.3 $948.6 

65
The activity was principally composed of the following:
Three months ended September 30, 2026Three months ended September 30, 2025
•Credit funds:
◦Primarily from one direct lending fund, one alternative credit fund and one opportunistic credit fund with $23.5 billion of IGAUM generating returns in excess of their hurdle rates:
◦Within direct lending, ACE VI generated carried interest allocation of $42.5 million, driven by net investment income during the period
◦Within alternative credit, Pathfinder II generated carried interest allocation of $38.7 million, driven by the appreciation of certain investments that primarily operate in the services and utilities industries
◦Within opportunistic credit, ASOF II generated carried interest allocation of $38.4 million, driven by improved profitability of portfolio companies that operate in the industrial and healthcare industries
◦Reversal of unrealized carried interest of $44.6 million by SSF IV, driven by the decrease in market value of its investment in Savers Value Village, Inc. (“SVV”) and other portfolio companies, due to declines in their stock prices, and $16.9 million by ACE III in connection with lower valuations of certain portfolio investments

•Real Assets funds:
◦AREOF IV generated carried interest allocation of $19.2 million, driven by the appreciation of certain investments within the industrial and multifamily sector
◦IDF V generated carried interest allocation of $14.2 million, driven by net investment income during the period
◦ACIP II generated carried interest allocation of $10.9 million, driven by the appreciation of an energy portfolio company and a data center investment

•Secondaries funds:
◦ASIS III, AGSS and a private equity secondaries fund generated carried interest of $13.4 million, $11.5 million and $9.2 million, respectively, primarily driven by the appreciation of certain portfolio investments
◦Reversal of unrealized carried interest of $20.8 million from LREF VIII, primarily driven by the lower valuation from certain portfolio investments

•Private Equity funds:
◦A corporate private equity fund and ACOF VI generated carried interest allocation of $22.6 million and $16.6 million, respectively, driven by improved profitability from portfolio companies that primarily operate in the healthcare and service industries

•Other Businesses:
◦Reversal of unrealized carried interest of $29.3 million attributable to the decrease in market value of our investment in Kodiak AI, Inc. (Nasdaq: KDK), driven by its lower stock price
•Credit funds:
◦Primarily from three opportunistic credit funds, two alternative credit funds and two direct lending funds with $31.1 billion of IGAUM generating returns in excess of their hurdle rates:
◦Within our opportunistic credit funds, 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. SSF IV and ASOF I generated carried interest allocation of $42.2 million and $21.5 million, respectively, primarily due to their investments in SVV, driven by its higher stock price
◦Within our alternative credit funds, Pathfinder II and 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, ACE VI and PCS II generated carried interest allocation of $33.8 million and $29.9 million, respectively, driven by net investment income on an increasing invested capital base

•Real Assets funds:
◦EIF V and ACIP II generated carried interest allocation of $18.4 million and $12.7 million, respectively, driven by appreciation of certain investments
◦IDF V generated carried interest allocation of $16.3 million, driven by net investment income during the period

•Secondaries funds:
◦LREF IX and LEP XVII generated carried interest allocation of $12.9 million and $9.3 million, respectively, primarily driven by appreciation of certain portfolio investments

•Private Equity funds:
◦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 ACOF IV, driven by lower profitability of portfolio companies that primarily operate in the energy and healthcare industries

•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
66
Nine months ended September 30, 2026Nine months ended September 30, 2025
•Credit funds:
◦Primarily from one alternative credit fund, three direct lending funds and one opportunistic credit fund with $36.4 billion of IGAUM generating returns in excess of their hurdle rates:
◦Within alternative credit, Pathfinder II generated carried interest allocation of $125.6 million, driven by the market appreciation of certain investments that primarily operate in the utilities, transportation and services industries
◦Within direct lending, ACE VI, ACE V and PCS II generated carried interest allocation of $106.5 million, $36.0 million and $21.8 million, respectively, driven by net investment income during the period
◦Within opportunistic credit, ASOF II generated carried interest allocation of $63.1 million, driven by improved profitability of portfolio companies that operate in the industrial, consumer services and healthcare industry

•Real Assets funds:
◦JDC I generated carried interest allocation of $58.5 million, driven by the appreciation of a data center investment
◦IDF V generated carried interest allocation of $41.5 million, driven by net investment income during the period
◦ACIP II generated carried interest allocation of $36.5 million, driven by the appreciation of a data center investment and an energy portfolio company
◦AREOF IV generated carried interest allocation of $36.5 million, driven by the appreciation of certain investments within the industrial and multifamily sector

•Secondaries funds:
◦ASIS III, AGSS, LREP IX and a private equity secondaries fund generated carried interest of $27.0 million, $15.6 million, $12.3 million and $12.3 million, respectively, primarily driven by the appreciation of certain portfolio investments
◦Reversal of unrealized carried interest of $56.6 million from LREF VIII, primarily driven by the lower valuation of certain portfolio investments

•Private Equity funds:
◦ACOF VI and a corporate private equity fund generated carried interest allocation of $53.8 million and $22.6 million, respectively, driven by improved profitability from portfolio companies that primarily operate in the retail, healthcare and service industries
◦Reversal of unrealized carried interest of $21.6 million from ACOF IV, driven by lower operating performance from a portfolio company that operates in the healthcare industry and driven by the lower public share price of a portfolio company that operates in the consumer services industry

•Other Businesses:
◦Reversal of unrealized carried interest of $104.2 million attributable to the decrease in market value of our investment in KDK, driven by its lower stock price



•Credit funds:
◦Primarily from one opportunistic credit fund, three direct lending funds and two alternative credit funds with $38.9 billion of IGAUM generating returns in excess of their hurdle rates:
◦Within our opportunistic credit funds, ASOF II generated carried interest allocation of $122.6 million, driven by improved profitability of portfolio companies that operate in the services, healthcare and industrial industries
◦Within our direct lending funds, ACE V, ACE VI and PCS II generated carried interest allocation of $101.0 million, $93.0 million and $74.7 million, respectively, driven by net investment income on an increasing invested capital base.
◦Within our alternative credit funds, Pathfinder II and Pathfinder I generated carried interest allocation of $68.7 million and $57.0 million, respectively, driven by market appreciation of certain investments and net investment income during the period

•Real Assets funds:
◦IDF V generated carried interest allocation of $31.2 million, driven by net investment income during the period
◦ACIP II and EIF V generated carried interest allocation of $22.7 million and $19.9 million, respectively, driven by the appreciation of certain portfolio investments

•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
◦Reversal of unrealized carried interest of $11.3 million from LEP XVI, driven by lower valuation of certain investments

•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

•Other Businesses:
◦Carried interest allocation of $66.0 million attributable to the change in value from previously held AAC II Class A ordinary shares that converted into equity securities of KDK following the business combination
Incentive Fees. The following table sets forth incentive fees by segment ($ in millions):
Three months ended September 30,Nine months ended September 30,
2026202520262025
Credit funds$66.6 $77.5 $217.5 $106.1 
Real Assets funds9.2 5.9 12.2 6.5 
Secondaries funds
6.5 17.3 57.3 43.2 
Incentive fees$82.3 $100.7 $287.0 $155.8 
The decrease in incentive fees for the three months ended September 30, 2026 compared to the same period in 2025 was primarily due to (i) lower recognition of fees earned from APMF; and (ii) incentive fees from an alternative credit fund that crystallized in connection with a loan repayment in the prior year period. The increase in incentive fees for the nine months ended September 30, 2026 compared to the same period in 2025 was driven by $138.5 million of fees generated by SDL I in
67
connection with the sale of its remaining assets to a continuation vehicle during the first quarter of 2026. For further detail regarding the incentive fees within each of our segments, see discussion of fee related performance revenues and realized net performance income within “—Results of Operations by Segment.”
Principal Investment Income. The activity for the three and nine months ended September 30, 2026 was primarily attributable to:
•Dividend income of $7.6 million and $18.0 million, respectively, primarily generated from our investments in various real estate debt funds and from our Japanese open-ended industrial real estate fund that pays dividends semi-annually, as well as various U.S. direct lending and real estate secondaries funds for the nine months ended September 30, 2026. We have contributed certain capital interests to structured financing vehicles that are presented as Consolidated Funds; therefore, any income earned after our contribution of these capital interests is no longer presented within principal investment income, instead it is presented as net realized and unrealized gains on investments of Consolidated Funds within our Condensed Consolidated Statements of Operations.
•Unrealized gains of $12.2 million and $17.4 million, respectively, from our investments in various digital infrastructure, Japanese real estate equity and private equity secondaries funds, partially offset by unrealized losses of $14.6 million from our investments in certain U.S. real estate equity funds for the nine months ended September 30, 2026.
The activity for the three and nine months ended September 30, 2025 was primarily attributable to:
•Dividend income of $7.9 million and $24.4 million, respectively, primarily generated from our investments in various funds within our real estate debt strategy.
•Unrealized gains of $19.6 million and $11.7 million, respectively, from our investments in various credit secondaries, private equity secondaries and infrastructure equity funds, partially offset by an unrealized loss of $11.9 million and $12.2 million, respectively, from a U.S. real estate equity fund. The nine months ended September 30, 2025 also included unrealized gains of $8.1 million from our investments in various U.S. direct lending funds.
•The activity for the nine months ended September 30, 2025 also included interest income of $7.7 million from newly admitted investors in an insurance fund, where capital account balances are reallocated from existing investors in exchange for interest to compensate for carrying costs.

Administrative, Transaction and Other Fees. The increases for the three and nine months ended September 30, 2026 compared to the same periods in 2025 were driven by: (i) $7.9 million and $20.8 million, respectively, of higher property-related fees, mostly from higher property management fees earned as we expand these services across more properties and earn the fees for services that were previously provided by third parties; and (ii) $7.4 million and $27.1 million, respectively, of additional administrative service fees earned from new and existing private funds within our Credit Group, from our perpetual wealth funds and from funds acquired in the GCP Acquisition.

The increase for the three months ended September 30, 2026 compared to the same period in 2025 was partially offset by lower property-related fees of $6.1 million from funds acquired in the GCP Acquisition, attributable to lower leasing fees which vary based on the transaction and timing. While we recognized lower property-related fees from funds acquired in the GCP Acquisition this quarter, we recognized higher property-related fees of $18.2 million from these funds for the nine months ended September 30, 2026 compared to the same period in 2025.


68
Expenses
Three months ended September 30,Favorable (Unfavorable)Nine months ended September 30,Favorable (Unfavorable)
20262025$ Change% Change20262025$ Change% Change
Expenses of the Company
Compensation and benefits$700,592 $659,835 $(40,757)(6)%$2,081,659 $1,960,669 $(120,990)(6)%
Performance related compensation173,620 404,095 230,475 57633,883 761,434 127,551 17
General, administrative and other expenses258,627 246,154 (12,473)(5)754,779 706,224 (48,555)(7)
Total $1,132,839 $1,310,084 177,245 14$3,470,321 $3,428,327 (41,994)(1)
Compensation and Benefits. The following table presents the components of change in compensation and benefits for the three and nine months ended September 30, 2026 compared to the same periods in 2025 ($ in millions):
Three month changeNine month change
Compensation and benefits
Cash-based compensation and benefits$(14.7)$(111.4)
Part I Fee compensation(16.1)(46.1)
Equity compensation expense(26.9)(86.1)
Acquisition-related:
Acquisition-related compensation expense11.5 21.4 
Acquisition-related equity compensation expense5.4 101.2 
Total $(40.8)$(121.0)
For detail regarding the fluctuations of compensation and benefits within each of our segments see “—Results of Operations by Segment.”
The increases in cash-based compensation and benefits reflected the continued growth in salary and benefits for our increased headcount. The nine months ended September 30, 2026 included $30.8 million of incremental expense, reflecting two additional months of activities from the operations that we acquired in connection with the GCP Acquisition. Full-time equivalent headcount increased by 13% to 4,393 professionals for the year-to-date period in 2026 from 3,891 professionals in 2025.
In addition, Part I Fee compensation increased over the comparative periods, corresponding to the increases in Part I Fees. We reduced Part I Fee compensation by $8.7 million and $7.0 million for the three months ended September 30, 2026 and 2025, respectively, and $21.9 million and $16.7 million for the nine months ended September 30, 2026 and 2025, respectively, to reclaim a portion of the supplemental distribution fees we paid.
Equity compensation increased over the comparative periods as a result of newly issued discretionary and bonus-related awards granted during the first quarter of 2026 at higher stock prices relative to previously granted awards.
In connection with the GCP Acquisition, we agreed to pay sellers and employees different forms of consideration. A portion of the consideration represented purchase price that was accounted for as compensation and included both cash and equity. Additionally, we committed to paying certain employees for services to be performed over the initial 12 months following the transaction close date. Acquisition-related compensation expense and acquisition-related equity compensation expense decreased for the nine months ended September 30, 2026 compared to the same period in 2025 primarily due to (i) equity-based compensation expense of $108.8 million from awards issued that included a portion that immediately vested in the first quarter of 2025; and (ii) retention related payments to certain employees of $47.2 million that were settled in cash within the first year of the acquisition. Conversely, acquisition-related compensation expense recorded in connection with contingent earnout arrangements increased when compared to the prior year periods. See “Note 7. Commitments and Contingencies” within our unaudited condensed consolidated financial statements for a further description of these contingent earnout arrangements.
Performance Related Compensation. The majority of the changes in performance related compensation are directly associated with the changes in carried interest allocation and incentive fees as described above.
General, Administrative and Other Expenses. The increases in general, administrative and other expenses for the three and nine months ended September 30, 2026 compared to the same periods in 2025 reflect growing headcount and fundraising activities and were driven by: (i) higher marketing costs of $5.5 million and $22.6 million, respectively, associated with program sponsorships and fund formation costs, as well as costs incurred during the second quarter of 2026 for our firmwide annual general meeting with limited partners (“AGM”); (ii) information technology of $9.2 million and $19.6 million,
69
respectively, driven by data architecture and software and our growing headcount; and (iii) occupancy costs of $4.1 million and $9.2 million, respectively, to support our growing business, including the expansion of our New York headquarters.
The increase in general, administrative and other expenses for the nine months ended September 30, 2026 compared to the same period in 2025 was also attributable to higher professional service fees of $13.0 million, primarily from consulting fees to support various ongoing technology initiatives to enhance our operations. Conversely, placement fees decreased by $12.0 million, primarily due to placement fees recognized in the prior year period associated with new commitments to an opportunistic credit fund.
In addition, the increase in general, administrative and other expenses for the nine months ended September 30, 2026 included two additional months of activities from the operations that we acquired in connection with the GCP Acquisition, including: (i) operating costs of $13.2 million; and (ii) amortization expense of $17.1 million related to the intangible assets recorded in connection with the GCP Acquisition.
Acquisition-related costs generally precede a business combination, vary with the complexity of the transaction and may occur even when acquisitions are not successfully completed. Acquisition-related costs decreased by $38.8 million for the nine months ended September 30, 2026 compared to the same period in 2025. We incurred $35.3 million during the nine months ended September 30, 2025 related to the GCP Acquisition.
Other Income (Expense)
Three months ended September 30,Favorable (Unfavorable)Nine months ended September 30,Favorable (Unfavorable)
20262025$ Change% Change20262025$ Change% Change
Other income (expense) of the Company
Net realized and unrealized gains (losses) on investments$(147,437)$188,420 $(335,857)NM$(71,338)$201,396 $(272,734)NM
Interest and dividend income9,128 13,644 (4,516)(33)22,749 39,072 (16,323)(42)
Interest expense(58,506)(46,315)(12,191)(26)(161,461)(126,277)(35,184)(28)
Other expense, net(14,413)(7,263)(7,150)(98)(10,945)(64,498)53,553 83
Total$(211,228)$148,486 (359,714)NM$(220,995)$49,693 (270,688)NM


    Net Realized and Unrealized Gains (Losses) on Investments; Interest and Dividend Income. The activity for the three and nine months ended September 30, 2026 was primarily attributable to:
•Unrealized losses of $113.7 million and $3.8 million, respectively, from our investments in X‑Energy, Inc. (Nasdaq: XE), and unrealized losses of $22.5 million and $60.7 million, respectively, from our investments in KDK.
•Net gains of $12.0 million for the nine months ended September 30, 2026 from the settlement of foreign currency hedges during the second quarter of 2026, primarily related to capital interests we hold in Japanese real estate equity funds.
•Interest and dividend income primarily included: (i) dividend income of $2.0 million and $6.0 million, respectively, from our strategic investment in a Brazilian alternative asset manager; (ii) dividend income of $2.0 million and $3.9 million, respectively, from J-REIT, which pays dividends semi-annually; and (iii) income of $1.0 million and $3.6 million, respectively, from our investments in CLOs and CLO-based investments. We have contributed certain capital interests to structured financing vehicles that are presented as Consolidated Funds; therefore, any income earned after our contribution of these capital interests is no longer presented within interest and dividend income, instead it is presented as net realized and unrealized gains on investments and as interest and other income of Consolidated Funds within our Condensed Consolidated Statements of Operations.
The activity for the three and nine months ended September 30, 2025 was primarily attributable to:
•Unrealized gains of $169.5 million and $169.4 million, respectively, from our strategic investments in XE.
•Interest and dividend income primarily included: (i) dividend income of $2.0 million and $6.0 million, respectively, from our strategic investment in a Brazilian alternative asset manager; (ii) income of $1.4 million and $5.5 million, respectively, from our investments in CLOs and CLO-based investments; and (iii) the first semi-annual dividend of $2.1 million from J-REIT. The nine months ended September 30, 2025 also included $11.9 million of interest income earned from treasury-backed securities. These treasury-backed securities were sold in the first quarter of 2025 and the proceeds from the sale were used to fund the GCP Acquisition.

70
Interest Expense. Interest expense increased for the three and nine months ended September 30, 2026 compared to the same periods in 2025 due to (i) higher interest expense from our Credit Facility from higher average outstanding balance; (ii) interest expense from the Term Loan that was executed in March 2026; and (iii) higher interest expense from the subordinated notes resulting from an interest rate reset.

Other Expense, Net. The activities for the three and nine months ended September 30, 2026 and 2025 primarily included: (i) transaction gains (losses) associated with currency fluctuations impacting the revaluation of assets and liabilities denominated in foreign currencies other than an entity’s functional currency; and (ii) expense attributable to the remeasurement of fair value of contingent consideration that reflect our progress toward achieving the earnouts established in connection with the GCP Acquisition. See “Note 7. Commitments and Contingencies” within our unaudited condensed consolidated financial statements for a further description of these contingent earnout arrangements.

Other expense, net during the nine months ended September 30, 2026 also included a $37.3 million bargain purchase gain from the BlueCove Acquisition. A bargain purchase gain resulted from the fair value of the identifiable tangible and intangible assets acquired exceeding the purchase consideration. A portion of the purchase price payable to certain senior professionals is dependent upon the achievement of revenue targets and has been excluded from purchase consideration as it is subject to continued and future service.

Income Tax Expense

The majority of our Consolidated Funds are not subject to income tax as the funds’ investors are responsible for reporting their share of income or loss on a pass-through basis. Accordingly, the following discussion focuses on the change in income tax expense attributable to the Company:
Three months ended September 30,Favorable (Unfavorable)Nine months ended September 30,Favorable (Unfavorable)
20262025$ Change% Change20262025$ Change% Change
Consolidated Company Entities
Income before taxes$164,832 $581,681 $(416,849)(72)%$756,121 $946,970 $(190,849)(20)%
Less: Income tax expense
36,666 108,709 72,043 66162,829 184,493 21,664 12
Net income$128,166 $472,972 (344,806)(73)$593,292 $762,477 (169,185)(22)
The decreases in income tax expense were primarily attributable to lower pre-tax income allocable to AMC, partially offset by higher entity level taxes in foreign and local jurisdictions, and contributed to an overall decrease to the effective tax rate for the three and nine months ended September 30, 2026 compared to the same periods in 2025.
The allocation of taxable income is also sensitive to any changes in weighted average daily ownership as the income attributed to redeemable and non-controlling interests is generally passed through to partners and not subject to corporate income taxes. The following table summarizes weighted average daily ownership:
Three months ended September 30,Nine months ended September 30,
2026202520262025
AMC common stockholders
68.89%67.29 %68.54%66.71%
Non-controlling AOG unitholders31.1132.71 31.4633.29
The changes in ownership compared to the prior year periods were primarily driven by the issuances of shares of Class A common stock in connection with the vesting of restricted unit awards and with exchanges of AOG Units.
71
Redeemable and Non-Controlling Interests
Three months ended September 30,Favorable (Unfavorable)Nine months ended September 30,Favorable (Unfavorable)
20262025$ Change% Change20262025$ Change% Change
Net income$205,392 $540,379 $(334,987)(62)%$771,406 $889,860 $(118,454)(13)%
Less: Net income attributable to non-controlling interests in Consolidated Funds77,226 67,407 9,819 15178,114 127,383 50,731 40
Net income attributable to Ares Operating Group entities128,166 472,972 (344,806)(73)593,292 762,477 (169,185)(22)
Less: Net income (loss) attributable to redeemable interest in Ares Operating Group entities(71)1,797 (1,868)NM661 1,839 (1,178)(64)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities42,907 182,293 (139,386)(76)214,077 287,524 (73,447)(26)
Net income attributable to Ares Management Corporation85,330 288,882 (203,552)(70)378,554 473,114 (94,560)(20)
Less: Series B mandatory convertible preferred stock dividends declared25,313 25,313 — —75,938 75,938 — —
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders$60,017 $263,569 (203,552)(77)$302,616 $397,176 (94,560)(24)

The changes in net income attributable to non-controlling interests in AOG entities compared to the prior year periods were primarily a result of the respective changes in ownership and in income before taxes of the Company, as presented above.
Consolidated Results of Operations of the Consolidated Funds    
The following table presents the results of operations of the Consolidated Funds ($ in thousands):
Three months ended September 30,Favorable (Unfavorable)Nine months ended September 30,Favorable (Unfavorable)
20262025$ Change% Change20262025$ Change% Change
Expenses of the Consolidated Funds$(15,689)$1,868 $(17,557)NM$(26,647)$(31,795)$5,148 16%
Net realized and unrealized gains on investments of Consolidated Funds227,694 180,255 47,439 26538,106 396,413 141,693 36
Interest and other income of Consolidated Funds132,478 130,821 1,657 1297,046 452,783 (155,737)(34)
Interest expense of Consolidated Funds(192,179)(156,703)(35,476)(23)(435,135)(455,081)19,946 4
Income before taxes152,304 156,241 (3,937)(3)373,370 362,320 11,050 3
Less: Income tax expense (benefit) of Consolidated Funds(422)3,183 3,605 NM6,264 5,894 (370)(6)
Net income152,726 153,058 (332)—367,106 356,426 10,680 3
Less: Revenues attributable to Ares Management Corporation eliminated upon consolidation82,472 75,366 7,106 9201,927 198,372 3,555 2
Other expense (income), net attributable to Ares Management Corporation eliminated upon consolidation6,972 (10,285)(17,257)NM12,935 (30,671)(43,606)NM
Net income attributable to non-controlling interests in Consolidated Funds$77,226 $67,407 9,819 15$178,114 $127,383 50,731 40
The results of operations of the Consolidated Funds primarily represent activities from certain funds that we are deemed to control. When a fund is consolidated, we reflect the revenues and expenses of the entity on a gross basis, subject to eliminations from consolidation. A substantial portion of our results of operations related to the Consolidated Funds are attributable to ownership interests that third parties hold in those funds. The Consolidated Funds are not necessarily the same funds in each year presented due to changes in ownership, changes in limited partners’ or investor rights, and the creation or termination of funds and entities. Accordingly, such amounts may not be comparable for the periods presented, and in any event have no material impact on net income attributable to Ares Management Corporation.

72
Segment Analysis
For segment reporting purposes, revenues and expenses are presented before giving effect to the results of our Consolidated Funds and the results attributable to non-controlling interests of joint ventures that we consolidate. As a result, segment revenues are different than those presented on a consolidated basis in accordance with GAAP. Revenues recognized from Consolidated Funds are eliminated in consolidation and those attributable to the non-controlling interests of joint ventures have been excluded by us. Furthermore, expenses and the effects of other income (expense) are different than related amounts presented on a consolidated basis in accordance with GAAP due to the exclusion of the results of Consolidated Funds and the non-controlling interests of joint ventures.
Non-GAAP Financial Measures
We use Realized Income (“RI”) as a non-GAAP profit measure in making operating decisions, assessing performance and allocating resources. Fee Related Earnings (“FRE”) is a component of RI that excludes realized activities associated with investment income and performance income.
FRE and RI should be considered in addition to and not in lieu of, the results of operations, which are discussed further under “—Consolidated Results of Operations of the Company” and are prepared in accordance with GAAP.

The following table sets forth FRE and RI by reportable segment and the OMG ($ in thousands):
Three months ended September 30,Favorable (Unfavorable)Nine months ended September 30,Favorable (Unfavorable)
20262025$ Change% Change20262025$ Change% Change
Fee Related Earnings
Credit Group$521,397 $468,605 $52,792 11%$1,497,286 $1,303,509 $193,777 15%
Real Assets Group166,615 126,087 40,528 32445,772 314,011 131,761 42
Secondaries Group50,672 74,033 (23,361)(32)166,213 165,154 1,059 1
Private Equity Group16,420 13,107 3,313 2546,580 37,260 9,320 25
Other5,167 6,294 (1,127)(18)18,192 15,527 2,665 17
Operations Management Group(236,071)(216,916)(19,155)(9)(694,384)(587,864)(106,520)(18)
Fee Related Earnings$524,200 $471,210 52,990 11$1,479,659 $1,247,597 232,062 19
Realized Income
Credit Group$517,978 $474,572 $43,406 9%$1,604,702 $1,342,005 $262,697 20%
Real Assets Group149,135 112,051 37,084 33404,308 297,296 107,012 36
Secondaries Group50,007 72,317 (22,310)(31)162,902 160,703 2,199 1
Private Equity Group13,989 10,581 3,408 3244,748 33,666 11,082 33
Other(6,366)(29)(6,337)NM(10,830)10,083 (20,913)NM
Operations Management Group(234,601)(213,983)(20,618)(10)(691,451)(584,506)(106,945)(18)
Realized Income$490,142 $455,509 34,633 8$1,514,379 $1,259,247 255,132 20

73
Income before provision for income taxes is the GAAP financial measure most comparable to RI. The following table presents the reconciliation of income before taxes as reported within the Condensed Consolidated Statements of Operations to RI and FRE of the reportable segments and the OMG ($ in thousands):
Three months ended September 30,Nine months ended September 30,
2026202520262025
Income before taxes$241,636 $652,271 $940,499 $1,080,247 
Adjustments:
Depreciation and amortization expense60,574 65,956 180,717 177,365 
Equity compensation expense181,621 160,130 568,032 583,083 
Acquisition-related compensation expense(1)
30,958 42,448 87,397 108,752 
Acquisition and merger-related expense2,110 5,427 4,046 42,826 
Placement fee adjustment(7,411)(2,415)(22,329)(3,513)
Other expense, net13,531 17,571 5,197 47,260 
Income before taxes of non-controlling interests in consolidated subsidiaries(7,575)(3,861)(22,056)(14,649)
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations(76,804)(70,590)(184,378)(133,277)
Total performance income—unrealized(170,142)(463,933)(387,014)(828,968)
Total performance related compensation—unrealized105,921 330,960 311,091 579,241 
Total net investment (income) loss—unrealized115,723 (278,455)33,177 (379,120)
Realized Income490,142 455,509 1,514,379 1,259,247 
Total performance income—realized(31,300)(24,559)(385,177)(205,561)
Total performance related compensation—realized19,491 15,295 247,129 138,782 
Total net investment loss—realized45,867 24,965 103,328 55,129 
Fee Related Earnings$524,200 $471,210 $1,479,659 $1,247,597 
(1)Represents bonus payments, a portion of earnouts and other costs in connection with various acquisitions that are recorded as compensation expense and are presented within compensation and benefits within our Condensed Consolidated Statements of Operations.

For the specific components and calculations of these non-GAAP measures, as well as additional reconciliations to the most comparable measures in accordance with GAAP, see “Note 13. Segment Reporting” within our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q. Discussed below are our results of operations for our reportable segments and the OMG.
74
Results of Operations by Segment

Credit Group—Three and Nine Months Ended September 30, 2026 Compared to Three and Nine Months Ended September 30, 2025
Fee Related Earnings
The following table presents the components of the Credit Group’s FRE ($ in thousands):
Three months ended September 30,Favorable (Unfavorable)Nine months ended September 30,Favorable (Unfavorable)
20262025$ Change% Change20262025$ Change% Change
Management fees$713,941 $651,964 $61,977 10%$2,102,064 $1,854,501 $247,563 13%
Fee related performance revenues63,818 62,389 1,429 270,155 81,098 (10,943)(13)
Other fees17,066 13,471 3,595 2750,013 37,431 12,582 34
Compensation and benefits(222,751)(212,709)(10,042)(5)(577,488)(537,661)(39,827)(7)
General, administrative and other expenses(50,677)(46,510)(4,167)(9)(147,458)(131,860)(15,598)(12)
Fee Related Earnings$521,397 $468,605 52,792 11$1,497,286 $1,303,509 193,777 15

Management Fees. The chart below presents Credit Group management fees and effective management fee rates ($ in millions):
Credit mgmt fees.jpg







75
The following table presents the components of and causes for changes in the Credit Group’s management fees for the three and nine months ended September 30, 2026 compared to the prior year period ($ in millions):
Three month changeNine month change
Publicly-traded funds and perpetual wealth vehicles:
Base management fees from our open-ended European direct lending fund and ASIF, due to increases in FPAUM associated with fundraising
$11.4 $53.0 
Part I Fees from our open-ended European direct lending fund and ASIF, driven by increases in net investment income from their growing portfolio of investments
15.0 59.7 
Fees from our open-ended sports, media and entertainment opportunities fund, which began generating fees during the first quarter of 2026 following the expiration of its fee waiver
2.9 7.5 
Fees from ARCC, due to an increase in the average size of its portfolio1.5 15.9 
Private commingled funds and SMAs:
Fees from SDL III, ACE VI, our open-ended core alternative credit fund, ASOF III and Pathfinder II, driven by capital deployment34.7 111.7 
Reduction in fees from SDL II, ACE IV, ACE V, Pathfinder I and ASOF I as these funds are past their investment periods
(14.2)(40.6)
Fees from acquired BlueCove funds effective February 1, 20265.4 14.6 
Cumulative effect of other changes5.3 25.8 
Total$62.0 $247.6 

The decreases in effective management fee rates for the three and nine months ended September 30, 2026 compared to the same periods in 2025 were primarily attributable to increases in FPAUM from our liquid credit and alternative credit strategies, which have effective management fee rates lower than the average effective management fee rate of funds within the Credit Group.
Fee Related Performance Revenues. Fee related performance revenues for the three and nine months ended September 30, 2026 and 2025 were primarily attributable to incentive fees from an open-ended core alternative credit fund that has an annual measurement period in the third quarter. The three and nine months ended September 30, 2026 also included incentive fees from our open-ended sports, media and entertainment opportunities fund, which has a quarterly measurement period and a fee waiver that expired at the end of 2025. Fee related performance revenues for the nine months ended September 30, 2025 also included incentive fees from a European direct lending fund that crystallized a deferred payment during the first quarter of 2025 due to the restructuring of its hold back provisions.
Other Fees. The increases in other fees for the three and nine months ended September 30, 2026 compared to the same periods in 2025 were primarily driven by: (i) higher administrative service fees of $1.8 million and $7.7 million, respectively, which are earned on invested capital from certain private funds; and (ii) higher capital markets transaction fees of $1.9 million and $6.0 million, respectively, reflecting increased transaction volumes.
Compensation and Benefits. The increases in compensation and benefits for the three and nine months ended September 30, 2026 compared to the same periods in 2025 were primarily driven by: (i) higher Part I Fee compensation of $9.2 million and $39.2 million, respectively, corresponding to the increases in Part I Fees; and (ii) higher salary expenses of $2.4 million and $7.6 million, respectively, primarily attributable to headcount growth. The increase in compensation and benefits for the nine months ended September 30, 2026 compared to the same period in 2025 was partially offset by lower fee related performance compensation of $11.4 million primarily due to lower fee related performance revenues from a European direct lending fund that crystallized a deferred payment during the first quarter of 2025 due to the restructuring of its hold back provisions. In order to reclaim a portion of the supplemental distribution fees we paid, we reduced: (i) Part I Fee compensation by $2.3 million and $6.0 million for the three months ended September 30, 2026 and 2025, respectively, and $7.5 million and $15.7 million for the nine months ended September 30, 2026 and 2025, respectively; and (ii) fee related performance compensation by $0.2 million and $2.5 million for the three and nine months ended September 30, 2026, respectively.

Full-time equivalent headcount increased by 7% to 751 investment and investment support professionals for the year-to-date period in 2026 from 701 professionals in 2025 primarily due to the impact of the BlueCove Acquisition and also to support our growing direct lending and alternative credit platforms.
General, Administrative and Other Expenses. The increases in general, administrative and other expenses for the three and nine months ended September 30, 2026 compared to the same periods in 2025 reflect growing headcount, as well as marketing costs, including costs incurred during the second quarter of 2026 for our firmwide AGM event. The increase for the nine months ended September 30, 2026 compared to the same period in 2025 was also driven by higher placement fees of $2.8 million primarily due to commitments to our seventh Asian special situations fund.

76
While we continue to develop our distribution relationships and expand our European wealth product offerings, supplemental distribution fees decreased over the comparative periods by $4.9 million and $10.1 million, respectively, primarily driven by lower sales in ASIF and our open-ended European direct lending fund.

Realized Income

The following table presents the components of the Credit Group’s RI ($ in thousands):
Three months ended September 30,Favorable (Unfavorable)Nine months ended September 30,Favorable (Unfavorable)
20262025$ Change% Change20262025$ Change% Change
Fee Related Earnings$521,397 $468,605 $52,792 11%$1,497,286 $1,303,509 $193,777 15%
Performance income—realized3,538 19,438 (15,900)(82)298,188 95,465 202,723 212
Performance related compensation—realized(1,922)(11,421)9,499 83(184,262)(58,927)(125,335)(213)
Realized net performance income1,616 8,017 (6,401)(80)113,926 36,538 77,388 212
Investment income (loss)—realized(3,114)2,095 (5,209)NM234 11,570 (11,336)(98)
Interest income297 577 (280)(49)1,619 6,132 (4,513)(74)
Interest expense(2,218)(4,722)2,504 53(8,363)(15,744)7,381 47
Realized net investment income (loss)(5,035)(2,050)(2,985)146(6,510)1,958 (8,468)NM
Realized Income$517,978 $474,572 43,406 9$1,604,702 $1,342,005 262,697 20

The Credit Group’s realized activities were principally composed of and caused by the following:
Three months ended September 30, 2026Three months ended September 30, 2025
Realized net performance income
•No significant activities
Carried 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:
•$4.6 million from an alternative credit fund that crystallized in connection with a loan repayment
Realized investment income and interest income
•Realized losses of $3.3 million from lower return expectations in connection with a CLO-based investment
•Income of $2.5 million generated from our investments in 11 CLOs and CLO-based investments
Nine months ended September 30, 2026Nine months ended September 30, 2025
Realized net performance income
Carried interest:
•Distribution of $47.4 million from ACE V following the end of its investment period in 2025
•Tax distributions of $8.0 million, primarily from ACE V
Incentive fees:
•Distribution of $53.9 million from SDL I in connection with the sale of its remaining assets to a continuation vehicle
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 investments
Incentive fees:
•$4.6 million from an alternative credit fund that crystallized in connection with a loan repayment
•$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
Realized investment income and interest income
•No significant activities
•Income of $9.2 million generated from our investments in 14 CLOs and CLO-based investments
Interest expense is allocated among our segments primarily based on the cost basis of our balance sheet investments and the cost of acquisitions. We have contributed certain capital interests to structured financing vehicles, which are reflected within our Other segment results; therefore, the cost basis of our Credit Group’s investments during the current year periods was lower than the comparative periods. As a result, interest expense allocated to the Credit Group decreased for the three and nine months ended September 30, 2026 compared to the same periods in 2025.

77
Credit Group—Performance Income

The following table presents the accrued carried interest, also referred to as accrued performance income, and related performance compensation for the Credit Group. Accrued net performance income excludes net performance income that has been realized but not yet received as of the reporting date ($ in millions):
As of September 30, 2026
As of December 31, 2025
Accrued Performance IncomeAccrued Performance CompensationAccrued Net Performance IncomeAccrued Performance IncomeAccrued Performance CompensationAccrued Net Performance Income
Pathfinder I$236.8 $201.3 $35.5 $216.3 $183.9 $32.4 
Pathfinder II260.3 203.7 56.6 134.7 105.4 29.3 
ASOF I270.7 200.4 70.3 276.4 204.6 71.8 
ASOF II387.7 271.9 115.8 324.6 227.3 97.3 
ACE IV171.5 111.6 59.9 185.7 120.5 65.2 
ACE V242.3 152.7 89.6 347.6 218.9 128.7 
ACE VI296.8 187.1 109.7 190.3 119.7 70.6 
PCS I153.5 90.7 62.8 150.5 88.9 61.6 
PCS II284.8 168.3 116.5 262.6 155.5 107.1 
Other Credit funds278.8 171.2 107.6 246.0 149.1 96.9 
Total Credit Group$2,583.2 $1,758.9 $824.3 $2,334.7 $1,573.8 $760.9 

The following table presents the change in accrued performance income for the Credit Group ($ in millions):
As of December 31, 2025
Activity during the periodAs of September 30, 2026
Waterfall TypeAccrued Performance IncomeChange in UnrealizedRealizedOther AdjustmentsAccrued Performance Income
Accrued Carried Interest
Pathfinder IEuropean$216.3 $20.5 $— $— $236.8 
Pathfinder IIEuropean134.7 125.6 — — 260.3 
ASOF IEuropean276.4 (3.0)(2.7)— 270.7 
ASOF IIEuropean324.6 63.1 — — 387.7 
ACE IVEuropean185.7 (13.1)(1.1)— 171.5 
ACE VEuropean347.6 36.0 (144.0)2.7 242.3 
ACE VIEuropean190.3 106.5 — — 296.8 
PCS IEuropean150.5 3.0 — — 153.5 
PCS IIEuropean262.6 21.8 — 0.4 284.8 
Other Credit fundsEuropean220.3 29.0 — (0.3)249.0 
Other Credit fundsAmerican25.7 10.1 (3.0)(3.0)29.8 
Total accrued carried interest2,334.7 399.5 (150.8)(0.2)2,583.2 
SDL IIncentive— 138.5 (138.5)— — 
Other credit funds
Incentive— 8.9 (8.9)— — 
Total Credit Group$2,334.7 $546.9 $(298.2)$(0.2)$2,583.2 


78
Credit Group—Assets Under Management

The tables below present rollforwards of AUM for the Credit Group ($ in millions):
Liquid
Credit		Alternative
Credit		Opportunistic
Credit		U.S. Direct
Lending		European
Direct Lending		APAC
Credit
Other(1)
Total Credit
Group
Balance at 6/30/2026$61,969 $59,133 $21,385 $196,740 $88,985 $12,332 $— $440,544 
New par/equity commitments928 2,527 175 1,943 388 410 — 6,371 
New debt commitments1,329 350 — 5,275 1,878 — — 8,832 
Capital reductions(769)— — (2,817)(246)(6)— (3,838)
Distributions(32)(183)(940)(1,446)(1,978)(256)— (4,835)
Redemptions(954)(21)— (755)(133)— — (1,863)
Net allocations among investment strategies(6)(189)— (30)— — 30 (195)
Change in fund value(221)538 192 781 (202)160 — 1,248 
Balance at 9/30/2026$62,244 $62,155 $20,812 $199,691 $88,692 $12,640 $30 $446,264 
Liquid
Credit		Alternative
Credit		Opportunistic
Credit		U.S. Direct
Lending		European
Direct Lending		APAC
Credit		OtherTotal Credit
Group
Balance at 6/30/2025$48,820 $43,716 $17,985 $174,244 $81,291 $11,050 $— $377,106 
New par/equity commitments2,780 2,466 937 3,910 1,380 6 — 11,479 
New debt commitments77 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 
Change in fund value293 804 547 1,664 301 139 — 3,748 
Balance at 9/30/2025$49,345 $46,711 $19,015 $180,313 $84,893 $11,177 $— $391,454 
Liquid
Credit		Alternative
Credit		Opportunistic
Credit		U.S. Direct
Lending		European
Direct Lending		APAC
Credit
Other(1)
Total Credit
Group
Balance at 12/31/2025$53,061 $48,060 $19,841 $189,610 $84,662 $11,557 $75 $406,866 
Acquisitions5,544 — — — — — — 5,544 
New par/equity commitments4,461 12,752 1,777 5,294 5,054 1,495 — 30,833 
New debt commitments2,971 639 — 20,210 4,594 — — 28,414 
Capital reductions(1,610)(91)— (8,649)(631)(6)— (10,987)
Distributions(172)(936)(1,329)(6,135)(4,132)(622)— (13,326)
Redemptions(1,910)(21)— (2,292)(422)— — (4,645)
Net allocations among investment strategies(4)85 — (178)— — (45)(142)
Change in fund value(97)1,667 523 1,831 (433)216 — 3,707 
Balance at 9/30/2026$62,244 $62,155 $20,812 $199,691 $88,692 $12,640 $30 $446,264 
Liquid
Credit		Alternative
Credit		Opportunistic
Credit		U.S. Direct
Lending		European
Direct Lending		APAC
Credit
Other(1)
Total Credit
Group
Balance at 12/31/2024$46,895 $41,565 $14,964 $159,129 $74,560 $11,470 $275 $348,858 
New par/equity commitments4,517 3,336 4,448 9,821 4,158 64 — 26,344 
New debt commitments2,494 200 350 15,392 3,346 — — 21,782 
Capital reductions(4,587)(711)(351)(3,640)(2,121)(114)— (11,524)
Distributions(400)(1,535)(1,382)(4,162)(3,740)(719)— (11,938)
Redemptions(1,330)(123)— (1,006)(68)— — (2,527)
Net allocations among investment strategies— 1,935 — 278 — — (278)1,935 
Change in fund value1,756 2,044 986 4,501 8,758 476 3 18,524 
Balance at 9/30/2025$49,345 $46,711 $19,015 $180,313 $84,893 $11,177 $— $391,454 
(1) Amounts represent equity commitments to the platform that have not yet been allocated to an investment strategy.
79

The components of our AUM for the Credit Group are presented below ($ in billions):
4602    4604    
AUM: $446.2AUM: $391.5
FPAUM
Non-fee paying(1)
AUM not yet paying fees

(1) Includes $2.4 billion and $2.1 billion of non-fee paying AUM from our general partner and employee commitments as of September 30, 2026 and 2025, respectively.
80
Credit Group—Fee Paying AUM

The tables below present rollforwards of fee paying AUM for the Credit Group ($ in millions):
Liquid
Credit		Alternative
Credit		Opportunistic
Credit		U.S. Direct
Lending		European
Direct Lending		APAC
Credit		Total Credit
Group
Balance at 6/30/2026$59,861 $38,896 $10,162 $104,191 $48,368 $4,642 $266,120 
Commitments2,178 — — 1,958 284 54 4,474 
Deployment/increase in leverage— 2,370 1,294 2,398 2,105 319 8,486 
Capital reductions(733)— — (2,094)(784)— (3,611)
Distributions(32)(60)(1,092)(2,011)(762)(482)(4,439)
Redemptions(953)— — (755)(133)— (1,841)
Net allocations among investment strategies(6)— — — — — (6)
Change in fund value91 20 — 573 (308)1 377 
Change in fee basis— — (105)— 490 1,226 1,611 
Balance at 9/30/2026$60,406 $41,226 $10,259 $104,260 $49,260 $5,760 $271,171 
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 
Commitments3,782 — — 3,073 1,274 — 8,129 
Deployment/increase in leverage13 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 
Change in fund value181 — — 901 (246)(79)757 
Change in fee basis(11)— — — 432 — 421 
Balance at 9/30/2025$47,968 $33,825 $9,155 $99,443 $44,333 $5,444 $240,168 
Liquid
Credit		Alternative
Credit		Opportunistic
Credit		U.S. Direct
Lending		European
Direct Lending		APAC
Credit		Total Credit
Group
Balance at 12/31/2025$51,958 $35,303 $9,821 $102,310 $45,095 $5,329 $249,816 
Acquisitions5,495 — — — — — 5,495 
Commitments6,687 — — 5,120 2,019 581 14,407 
Deployment/increase in leverage7 5,728 2,414 12,181 6,604 590 27,524 
Capital reductions(1,587)— — (6,272)(1,691)(86)(9,636)
Distributions(169)(815)(1,158)(8,099)(1,616)(935)(12,792)
Redemptions(1,894)— — (2,355)(422)— (4,671)
Net allocations among investment strategies(4)1,049 — 12 — — 1,057 
Change in fund value(87)(39)— 951 (1,219)8 (386)
Change in fee basis— — (818)412 490 273 357 
Balance at 9/30/2026$60,406 $41,226 $10,259 $104,260 $49,260 $5,760 $271,171 
Liquid
Credit		Alternative
Credit		Opportunistic
Credit		U.S. Direct
Lending		European
Direct Lending		APAC
Credit		Total Credit
Group
Balance at 12/31/2024$44,629 $29,384 $7,899 $86,415 $35,786 $5,032 $209,145 
Commitments8,428 10 — 9,265 2,724 38 20,465 
Deployment/increase in leverage22 4,457 1,957 11,035 5,826 1,297 24,594 
Capital reductions(4,595)— — (2,747)(793)(77)(8,212)
Distributions(409)(2,224)(701)(6,091)(2,504)(739)(12,668)
Redemptions(1,318)(123)— (588)(148)— (2,177)
Net allocations among investment strategies— 2,293 — — — — 2,293 
Change in fund value1,222 28 — 2,154 3,342 (76)6,670 
Change in fee basis(11)— — — 100 (31)58 
Balance at 9/30/2025$47,968 $33,825 $9,155 $99,443 $44,333 $5,444 $240,168 

81
The charts below present FPAUM for the Credit Group by its fee bases ($ in billions):
4842    4844
FPAUM: $271.2FPAUM: $240.2
Invested capital
NAV/fair value(1)
Collateral balances (at par)Capital commitments
(1)Includes $62.2 billion and $58.7 billion from funds that primarily invest in illiquid strategies as of September 30, 2026 and 2025, respectively. The underlying investments held in these funds are generally subject to less market volatility than investments held in liquid strategies.

82
Credit Group—Fund Performance Metrics as of September 30, 2026

ARCC contributed approximately 28% of the Credit Group’s total management fees for the nine months ended September 30, 2026. In addition, the Credit Group’s other significant funds, which are presented in the tables below, collectively contributed approximately 43% of the Credit Group’s management fees for the nine months ended September 30, 2026.

    The following table presents the performance data for our significant perpetual capital funds in the Credit Group as of September 30, 2026 ($ in millions):
Returns(%)
Primary
Investment Strategy		Year of InceptionAUMCurrent QuarterYear-To-Date
Since Inception(1)
FundGrossNetGrossNetGrossNet
ARCC(2)
U.S. Direct Lending2004$36,361 N/A2.3 N/A4.2 N/A11.8 
CADC(3)
U.S. Direct Lending20178,187 N/A1.5 N/A1.0 N/A6.5 
Open-ended core alternative credit fund(4)
Alternative Credit20219,936 2.0 1.3 7.8 5.5 11.7 8.6 
ASIF(3)
U.S. Direct Lending202326,346 N/A2.4 N/A4.4 N/A9.9 
Open-ended European direct lending fund(5)
European Direct Lending202410,501 N/A1.7 N/A4.7 N/A8.6 
(1)Since inception returns are annualized.
(2)Returns are time-weighted rates of return and include the reinvestment of income and other earnings from securities or other investments and reflect the deduction of all trading expenses. Net returns are calculated using the fund’s NAV and assume dividends are reinvested at the closest quarter-end NAV to the relevant quarterly ex-dividend dates. Additional information related to ARCC can be found in its filings with the SEC, which are not part of this report.
(3)Returns are time-weighted rates of return and include the reinvestment of income and other earnings from securities or other investments and reflect the deduction of all trading expenses. Returns are shown for institutional share class. Shares of other classes may have lower returns due to higher selling commissions and fees. Net returns are calculated using the fund’s NAV and assume distributions are reinvested at the NAV on the date of distribution. Additional information related to CADC and ASIF can be found in their respective filings with the SEC, which are not part of this report.
(4)Returns are time-weighted rates of return and include the reinvestment of income and other earnings from securities or other investments and reflect the deduction of all trading expenses. The fund is made up of a Main Class (“Class M”) and a Constrained Class (“Class C”). Class M includes investors electing to participate in all investments and Class C includes investors electing to be excluded from exposure to liquid investments. Returns presented in the table are for onshore Class M. The current quarter gross and net returns for Class M (offshore) are 2.1% and 1.1%, respectively. The year-to-date gross and net returns for Class M (offshore) are 7.8% and 5.0%, respectively. The since inception gross and net returns for Class M (offshore) are 11.6% and 8.2%, respectively. The current quarter gross and net returns for Class C (offshore) are 1.9% and 1.1%, respectively. The year-to-date gross and net returns for Class C (offshore) are 7.2% and 4.8%, respectively. The since inception gross and net returns for Class C (offshore) are 11.1% and 7.9%, respectively. Metrics for the rated note feeder funds are not shown separately.
(5)Returns are time-weighted rates of return and include the reinvestment of income and other earnings from securities or other investments and reflect the deduction of all trading expenses. Returns are shown for the Euro hedged distributing institutional share class. Shares of other classes may have lower returns due to higher selling commissions and fees, and currency hedging. Actual individual stockholder returns will vary. Net returns are calculated using the fund’s NAV and assume distributions are reinvested at the NAV on the date of distribution.


83
The following table presents the performance data of the Credit Group’s significant drawdown funds as of September 30, 2026 ($ in millions):
Primary Investment StrategyYear of InceptionAUMOriginal Capital CommitmentsCapital Invested to Date
Realized Value(1)
Unrealized Value(2)
Total ValueMoICIRR(%)
Fund
Gross(3)
Net(4)
Gross(5)
Net(6)
Funds Deploying Capital
ASOF IIOpportunistic Credit2021$8,340 $7,128 $6,303 $1,552 $7,108 $8,660 1.5x1.4x15.611.3
ACE VI Unlevered(7)
European Direct Lending202224,413 7,439 4,164 461 4,251 4,712 1.2x1.1x11.68.5
ACE VI Levered(7)
9,667 5,412 834 5,656 6,490 1.3x1.2x16.912.2
SDL III Unlevered(8)
U.S. Direct Lending202331,205 3,311 1,689 166 1,706 1,872 1.1x1.1x10.88.1
SDL III Levered11,959 6,891 870 7,030 7,900 1.2x1.2x18.412.9
Pathfinder IIAlternative Credit20237,835 6,612 4,221 302 4,946 5,248 1.3x1.2x22.315.6
Funds Harvesting Investments
ACE V Unlevered(9)
European Direct Lending202015,810 7,026 5,650 2,304 5,016 7,320 1.4x1.3x9.46.9
ACE V Levered(9)
6,376 5,126 3,433 3,938 7,371 1.5x1.4x13.09.4
PCS IIU.S. Direct Lending20206,615 5,114 4,053 1,645 3,998 5,643 1.5x1.3x11.98.3
SDL II UnleveredU.S. Direct Lending202112,965 1,989 1,700 896 1,261 2,157 1.3x1.3x10.68.4
SDL II Levered6,047 4,924 3,584 3,198 6,782 1.5x1.4x16.212.2
(1)For funds other than our opportunistic credit funds, realized value represents the sum of all cash distributions to all partners and, if applicable, excludes tax and incentive distributions made to the general partner. For our opportunistic credit funds, realized value represents the sum of all cash distributions to the fee-paying limited partners and, if applicable, excludes tax and incentive distributions made to the general partner.                    
(2)Unrealized value represents the fund’s NAV reduced by the accrued incentive allocation, if applicable. There can be no assurance that unrealized values will be realized at the valuations indicated. For funds other than our opportunistic credit funds, the unrealized value is based on all partners. For our opportunistic credit funds, the unrealized value is based on the fee-paying limited partners.
(3)The gross multiple of invested capital (“MoIC”) is calculated at the fund-level and is based on the interests of the fee-paying limited partners and, if applicable, excludes interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The gross MoIC is before giving effect to management fees, carried interest and other expenses, as applicable, but after giving effect to credit facility interest expenses, as applicable. The funds may utilize a credit facility during the investment period and for general cash management purposes. Early in the life of a fund, the gross fund-level MoICs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility.
(4)The net MoIC is calculated at the fund-level and is based on the interests of the fee-paying limited partners and, if applicable, excludes those interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The net MoIC is after giving effect to management fees and carried interest, other expenses and credit facility interest expenses, as applicable. The funds may utilize a credit facility during the investment period and for general cash management purposes. Early in the life of a fund, the net fund-level MoICs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility.
(5)The gross IRR is an annualized since inception gross internal rate of return of cash flows to and from the fund and the fund’s residual value at the end of the measurement period. Gross IRR reflects returns to the fee-paying limited partners and, if applicable, excludes interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The cash flow dates used in the gross IRR calculation are based on the actual dates of the cash flows. The gross IRRs are calculated before giving effect to management fees, carried interest and other expenses, as applicable, but after giving effect to credit facility interest expenses, as applicable. The funds may utilize a credit facility during the investment period and for general cash management purposes. Gross fund-level IRRs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility.
(6)The net IRR is an annualized since inception net internal rate of return of cash flows to and from the fund and the fund’s residual value at the end of the measurement period. Net IRRs reflect returns to the fee-paying limited partners and, if applicable, exclude interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The cash flow dates used in the net IRR calculations are based on the actual dates of the cash flows. The net IRRs are calculated after giving effect to management fees and carried interest, other expenses and credit facility interest expenses, as applicable. The funds may utilize a credit facility during the investment period and for general cash management purposes. Net fund-level IRRs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility.
(7)ACE VI is made up of six parallel funds, four denominated in Euros and two denominated in GBP: ACE VI (E) Unlevered, ACE VI (E) II Unlevered, ACE VI (G) Unlevered, ACE VI (E) Levered, ACE VI (E) II Levered and ACE VI (G) Levered, and three feeder funds: ACE VI (D) Levered, ACE VI (Y) Unlevered and ACE VI (D) Rated Notes. ACE VI (E) II Levered includes ACE VI (D) Levered feeder fund and ACE VI (E) II Unlevered includes ACE VI (Y) Unlevered and ACE VI (D) Rated Notes feeder funds. The gross and net IRR and gross and net MoIC presented in the table are for ACE VI (E) Unlevered and ACE VI (E) Levered. Metrics for ACE VI (E) II Levered exclude the ACE VI (D) Levered feeder fund and metrics for ACE VI (E) II Unlevered exclude ACE VI (Y) Unlevered and ACE VI (D) Rated Notes feeder funds. The gross and net IRR for ACE VI (G) Unlevered are 13.5% and 9.8%, respectively. The gross and net MoIC for ACE VI (G) Unlevered are 1.2x and 1.2x, respectively. The gross and net IRR for ACE VI (G) Levered are 21.0% and 12.7%, respectively. The gross and net MoIC for ACE VI (G) Levered are 1.3x and 1.2x, respectively. The gross and net IRR for ACE VI (E) II Unlevered are 11.6% and 8.4%, respectively. The gross and net MoIC for ACE VI (E) II Unlevered are 1.2x and 1.1x, respectively. The gross and net IRR for ACE VI (E) II Levered are 17.3% and 12.9%, respectively. The gross and net MoIC for ACE VI (E) II Levered are 1.3x and 1.2x, respectively. The gross and net IRR for ACE VI (D) Levered are 19.7% and 15.2%, respectively. The gross and net MoIC for ACE VI (D) Levered are 1.3x and 1.2x, respectively. The gross and net IRR for ACE VI (Y) Unlevered are 9.6% and 6.5%, respectively. The gross and net MoIC for ACE VI (Y) Unlevered are 1.1x and 1.1x, respectively. The gross and net IRR for ACE VI (D) Rated Notes are 18.8% and 13.0%, respectively. The gross and net MoIC for ACE VI (D) Rated Notes are 1.3x and 1.2x, respectively. Original capital commitments are converted to U.S. Dollars at the prevailing exchange rate at the time of the fund’s closing. All other values for ACE VI Unlevered and ACE VI Levered are for the combined levered and unlevered parallel funds and are converted to U.S. Dollars at the prevailing quarter-end exchange rate.
(8)SDL III Unlevered includes investor commitments in three currencies: U.S. Dollars, GBP and Yen. The gross and net IRR and MoIC presented in the table are for investors committed in U.S. Dollars. The gross and net IRR for investors committed in GBP are 11.2% and 8.6%, respectively. The gross and net MoIC for investors committed in GBP are 1.2x and 1.1x, respectively. The gross and net IRR for investors committed in Yen are 6.9% and 4.1%, respectively. The gross and net MoIC for investors committed in Yen are 1.1x and 1.1x, respectively. Original capital commitments are converted to U.S. Dollars at the prevailing exchange rate at the time of the fund’s closing. All other values for SDL III Unlevered are for the combined fund and are converted to U.S. Dollars at the prevailing quarter-end exchange rate.
84
(9)ACE V is made up of four parallel funds, two denominated in Euros and two denominated in GBP: ACE V (E) Unlevered, ACE V (G) Unlevered, ACE V (E) Levered and ACE V (G) Levered, and two feeder funds: ACE V (D) Levered and ACE V (Y) Unlevered. ACE V (E) Levered includes the ACE V (D) Levered feeder fund and ACE V (E) Unlevered includes the ACE V (Y) Unlevered feeder fund. The gross and net IRR and gross and net MoIC presented in the table are for ACE V (E) Unlevered and ACE V (E) Levered. Metrics for ACE V (E) Levered exclude the ACE V (D) Levered feeder fund and metrics for ACE V (E) Unlevered exclude the ACE V (Y) Unlevered feeder fund. The gross and net IRR for ACE V (G) Unlevered are 11.1% and 8.3%, respectively. The gross and net MoIC for ACE V (G) Unlevered are 1.5x and 1.4x, respectively. The gross and net IRR for ACE V (G) Levered are 14.4% and 10.2%, respectively. The gross and net MoIC for ACE V (G) Levered are 1.6x and 1.4x, respectively. The gross and net IRR for ACE V (D) Levered are 13.6% and 10.0%, respectively. The gross and net MoIC for ACE V (D) Levered are 1.6x and 1.4x, respectively. The gross and net IRR for ACE V (Y) Unlevered are 9.7% and 6.8%, respectively. The gross and net MoIC for ACE V (Y) Unlevered are 1.4x and 1.3x, respectively. Original capital commitments are converted to U.S. Dollars at the prevailing exchange rate at the time of the fund’s closing. All other values for ACE V Unlevered and ACE V Levered are for the combined levered and unlevered parallel funds and are converted to U.S. Dollars at the prevailing quarter-end exchange rate.
85
Real Assets Group—Three and Nine Months Ended September 30, 2026 Compared to Three and Nine Months Ended September 30, 2025

Fee Related Earnings
The following table presents the components of the Real Assets Group’s FRE ($ in thousands):
Three months ended September 30,Favorable (Unfavorable)Nine months ended September 30,Favorable (Unfavorable)
20262025$ Change% Change20262025$ Change% Change
Management fees$229,503 $177,655 $51,848 29%$628,719 $484,032 $144,687 30%
Fee related performance revenues9,271 5,904 3,367 5712,226 6,051 6,175 102
Other fees58,722 55,556 3,166 6167,792 125,494 42,298 34
Compensation and benefits(87,975)(85,513)(2,462)(3)(248,826)(222,504)(26,322)(12)
General, administrative and other expenses(42,906)(27,515)(15,391)(56)(114,139)(79,062)(35,077)(44)
Fee Related Earnings$166,615 $126,087 40,528 32$445,772 $314,011 131,761 42

Management Fees. The chart below presents Real Assets Group management fees and effective management fee rates ($ in millions):
RA_Mfees.jpg







86
The following table presents the components of and causes for changes in the Real Assets Group’s management fees for the three and nine months ended September 30, 2026 compared to the prior year ($ in millions):
Three month changeNine month change
Perpetual wealth funds:
Base management fees from our open-ended core infrastructure fund; our diversified non-traded REIT; and our industrial non-traded REIT, driven by additional capital raised
$24.1 $54.6 
Part I Fees from our open-ended core infrastructure fund, driven by an increase in net investment income from its growing portfolio of investments21.9 35.2 
Fees from acquisitions:
Fees from funds acquired in the GCP Acquisition, including catch-up fees from USLP V(0.1)31.4 
Capital commitments to private commingled funds:
Fees from US XI and EPEP IV, excluding catch-up fees
5.8 16.3 
Cumulative effect of other changes0.1 7.2 
Total$51.8 $144.7 

The increases in effective management fee rates for the three and nine months ended September 30, 2026 compared to the same periods in 2025 were primarily driven by additional capital raised and Part I Fees generated by our open-ended core infrastructure fund. For the nine months ended September 30, 2026 compared to the same period in 2025, the increase was partially offset by lower effective management fee rates from funds that we manage as a result of the GCP Acquisition. Due to the vertically integrated focus of the acquired platform following the GCP Acquisition, the size and composition of other fees earned from certain funds has increased relative to management fees.
Fee Related Performance Revenues. Fee related performance revenues for the three and nine months ended September 30, 2026 were primarily attributable to incentive fees earned from our Japanese open-ended industrial real estate equity fund based on performance over three-year measurement periods and, to lesser extent, incentive fees earned from our U.S. open-ended industrial real estate equity fund that crystallizes fees by investor based on performance over three-year measurement periods.
Other Fees. The increases in other fees for the three and nine months ended September 30, 2026 compared to the same periods in 2025 were driven by: (i) higher property management fees of $3.7 million and $13.3 million, respectively, as we expand these services across more properties and earn the fees for services that were previously provided by third-parties; (ii) higher development fees of $3.6 million and $5.7 million, respectively, from our U.S. real estate equity funds; and (iii) higher administrative service fees of $0.8 million and $3.5 million, respectively, from funds acquired in the GCP Acquisition.

The increase for the three months ended September 30, 2026 compared to the same period in 2025 was partially offset by lower property-related fees of $6.8 million from funds acquired in the GCP Acquisition, attributable to lower leasing fees which vary based on the transaction and timing. While we recognized lower property-related fees from funds acquired in the GCP Acquisition this quarter, we recognized higher property-related fees of $15.1 million from these funds for the nine months ended September 30, 2026 compared to the same period in 2025.

Compensation and Benefits. The increases in compensation and benefits for the three and nine months ended September 30, 2026 compared to the same periods in 2025 were driven by: (i) Part I Fee compensation of $6.9 million recognized for the first time during the most recent quarter; and (ii) higher salary expenses of $3.0 million and $2.4 million, respectively, primarily attributable to headcount growth; partially offset by (iii) lower fee related performance compensation of $3.1 million and $1.6 million, respectively, corresponding to the decreases in fee related performance revenues from our U.S. open-ended industrial real estate equity fund. We reduced Part I Fee compensation by $6.4 million and $14.4 million, respectively, for the three and nine months ended September 30, 2026, and by $1.0 million for both the three and nine months ended September 30, 2025, to reclaim a portion of the supplemental distribution fees we paid.
In addition, the increase in compensation and benefits for the nine months ended September 30, 2026 included $19.9 million from two additional months of activities from the operations that we acquired in connection with the GCP Acquisition.
Full-time equivalent headcount increased by 21% to 1,041 investment and investment support professionals for the year-to-date period in 2026 from 860 professionals for the same period in 2025, including the impact from the GCP Acquisition of 112 full-time equivalents.
General, Administrative and Other Expenses. The increases in general, administrative and other expenses for the three and nine months ended September 30, 2026 compared to the same periods in 2025 were driven by: (i) higher supplemental distribution fees of $8.8 million and $18.7 million, respectively, due to the expansion of our distribution relationships for our open-ended core infrastructure fund; (ii) higher marketing costs of $2.0 million and $3.3 million, respectively, largely
87
attributable to fund formation costs for US XI that exceeded amounts contractually recoverable from the fund and to investor events, including costs incurred during the second quarter of 2026 for our firmwide AGM event; and (iii) higher information technology and occupancy costs of $2.8 million and $2.5 million, respectively, to support our growing headcount.
In addition, the increase in general, administrative and other expenses for the nine months ended September 30, 2026 was also attributable to $9.4 million from two additional months of activities from the operations that we acquired in connection with the GCP Acquisition.
Realized Income

The following table presents the components of the Real Assets Group’s RI ($ in thousands):
Three months ended September 30,Favorable (Unfavorable)Nine months ended September 30,Favorable (Unfavorable)
20262025$ Change% Change20262025$ Change% Change
Fee Related Earnings$166,615 $126,087 $40,528 32%$445,772 $314,011 $131,761 42%
Performance income—realized22,788 1,200 21,588 NM40,397 70,186 (29,789)(42)
Performance related compensation—realized(14,077)(769)(13,308)NM(24,879)(49,893)25,014 50
Realized net performance income8,711 431 8,280 NM15,518 20,293 (4,775)(24)
Investment income—realized8,982 10,415 (1,433)(14)40,861 24,878 15,983 64
Interest income175 1,639 (1,464)(89)660 4,922 (4,262)(87)
Interest expense(35,348)(26,521)(8,827)(33)(98,503)(66,808)(31,695)(47)
Realized net investment loss(26,191)(14,467)(11,724)81(56,982)(37,008)(19,974)(54)
Realized Income$149,135 $112,051 37,084 33$404,308 $297,296 107,012 36

The Real Assets Group’s realized activities were principally composed of and caused by the following:
Three months ended September 30, 2026Three months ended September 30, 2025
Realized net performance income
Carried interest:
•Distributions of $7.7 million from US IX and US VIII, which are both European-style waterfall funds that are past their investment periods and monetizing investments
•No significant activities
Realized investment income and interest income
•Income of $3.7 million from our Japanese real estate equity funds that pay dividends semi-annually
•Income of $2.8 million from a real estate debt fund
•Income of $7.9 million from our APAC real estate equity and real estate debt funds
•Income of $2.2 million from US VIII
Nine months ended September 30, 2026Nine months ended September 30, 2025
Realized net performance income
Carried interest:
•Distributions of $11.0 million from US IX and US VIII, which are both European-style waterfall funds that are past their investment periods and monetizing investments
•Distributions of $2.5 million from a European real estate equity fund
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
Realized investment income and interest income
•Realized gains of $23.9 million from the settlement of foreign currency hedges, primarily related to capital interests we hold in Japanese real estate equity funds
•Income of $7.2 million from our Japanese real estate equity funds that pay dividends semi-annually
•Income of $3.0 million from a real estate debt fund
•Income of $15.8 million from our APAC real estate equity and real estate debt funds
•Income of $3.5 million from US VIII

Interest expense increased for the three and nine months ended September 30, 2026 compared to the same periods in 2025 due to a higher average outstanding balance of our Credit Facility and interest expense for the Term Loan that was executed in March 2026. In addition, financing costs to complete the GCP Acquisition resulted in a greater allocation of interest expense to the Real Assets Group and the current year period reflected two additional months of interest expense that was allocated based on capital used to finance the GCP Acquisition.
88
Real Assets Group—Performance Income

The following table presents the accrued carried interest, also referred to as accrued performance income, and related performance compensation for the Real Assets Group. Accrued net performance income excludes net performance income that has been realized but not yet received as of the reporting date ($ in millions):
As of September 30, 2026As of December 31, 2025
Accrued Performance IncomeAccrued Performance CompensationAccrued Net Performance IncomeAccrued Performance IncomeAccrued Performance CompensationAccrued Net Performance Income
US IX$64.9 $40.3 $24.6 $85.0 $52.7 $32.3 
IDF V207.0 128.2 78.8 172.5 106.9 65.6 
EIF V98.9 73.9 25.0 93.6 70.0 23.6 
ACIP I95.9 66.1 29.8 84.8 58.2 26.6 
JDC I85.1 72.3 12.8 26.0 22.1 3.9 
Other Real Assets funds204.1 132.0 72.1 125.1 82.5 42.6 
Total Real Assets Group$755.9 $512.8 $243.1 $587.0 $392.4 $194.6 

The following table presents the change in accrued performance income for the Real Assets Group ($ in millions):
As of December 31, 2025Activity during the periodAs of September 30, 2026
Waterfall
Type		Accrued Performance IncomeChange in UnrealizedRealizedOther AdjustmentsAccrued Performance Income
Accrued Carried Interest
US IXEuropean$85.0 $(4.3)$(15.8)$— $64.9 
IDF VEuropean172.5 41.5 — (7.0)207.0 
EIF VEuropean93.6 5.3 — — 98.9 
ACIP IEuropean84.8 11.1 — — 95.9 
JDC IEuropean26.0 58.5 — 0.6 85.1 
Other Real Assets fundsEuropean89.1 93.5 (18.6)(0.5)163.5 
Other Real Assets fundsAmerican36.0 10.5 (6.0)0.1 40.6 
Total Real Assets Group$587.0 $216.1 $(40.4)$(6.8)$755.9 
            

89
Real Assets Group—Assets Under Management

The tables below present rollforwards of AUM for the Real Assets Group ($ in millions):
Real EstateInfrastructureTotal Real
Assets Group
Balance at 6/30/2026$121,335 $29,895 $151,230 
New equity commitments2,687 5,160 7,847 
New debt commitments3,206 191 3,397 
Capital reductions(572)— (572)
Distributions(1,486)(624)(2,110)
Redemptions(391)(12)(403)
Net allocations among investment strategies182 236 418 
Change in fund value1,422 369 1,791 
Balance at 9/30/2026$126,383 $35,215 $161,598 
Real EstateInfrastructureTotal Real
Assets Group
Balance at 6/30/2025$108,650 $21,124 $129,774 
New equity commitments1,698 1,649 3,347 
New debt commitments1,096 377 1,473 
Capital reductions(883)— (883)
Distributions(741)(531)(1,272)
Redemptions(226)(366)(592)
Net allocations among investment strategies(133)258 125 
Change in fund value39 343 382 
Balance at 9/30/2025$109,500 $22,854 $132,354 
Real EstateInfrastructureTotal Real
Assets Group
Balance at 12/31/2025$113,745 $25,343 $139,088 
New equity commitments10,573 9,193 19,766 
New debt commitments6,770 691 7,461 
Capital reductions(1,796)— (1,796)
Distributions(4,165)(1,762)(5,927)
Redemptions(1,037)(33)(1,070)
Net allocations among investment strategies410 538 948 
Change in fund value1,883 1,245 3,128 
Balance at 9/30/2026$126,383 $35,215 $161,598 
Real EstateInfrastructureTotal Real
Assets Group
Balance at 12/31/2024$58,246 $17,052 $75,298 
Acquisitions43,273 2,008 45,281 
New equity commitments3,869 4,035 7,904 
New debt commitments5,162 544 5,706 
Capital reductions(2,035)— (2,035)
Distributions(2,591)(1,859)(4,450)
Redemptions(516)(366)(882)
Net allocations among investment strategies(239)413 174 
Change in fund value4,331 1,027 5,358 
Balance at 9/30/2025$109,500 $22,854 $132,354 

90
The components of our AUM for the Real Assets Group are presented below ($ in billions):
4614    4616
AUM: $161.6AUM: $132.4
FPAUM
Non-fee paying(1)
AUM not yet paying fees
(1) Includes $2.1 billion and $1.4 billion of non-fee paying AUM from our general partner and employee commitments as of September 30, 2026 and 2025, respectively.



91
Real Assets Group—Fee Paying AUM

The tables below present rollforwards of fee paying AUM for the Real Assets Group ($ in millions):
Real EstateInfrastructureTotal Real
Assets Group
Balance at 6/30/2026$71,917 $16,697 $88,614 
Commitments872 2,743 3,615 
Deployment/increase in leverage1,437 745 2,182 
Capital reductions(242)— (242)
Distributions(1,048)(1,151)(2,199)
Redemptions(391)(12)(403)
Net allocations among investment strategies199 245 444 
Change in fund value520 135 655 
Change in fee basis(1,059)— (1,059)
Balance at 9/30/2026$72,205 $19,402 $91,607 
Real EstateInfrastructureTotal Real
Assets Group
Balance at 6/30/2025$67,192 $12,303 $79,495 
Commitments1,695 1,116 2,811 
Deployment/increase in leverage850 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 
Change in fund value7 (503)(496)
Change in fee basis178 — 178 
Balance at 9/30/2025$68,248 $12,255 $80,503 
Real EstateInfrastructureTotal Real
Assets Group
Balance at 12/31/2025$71,063 $13,002 $84,065 
Commitments3,219 5,719 8,938 
Deployment/increase in leverage3,118 2,532 5,650 
Capital reductions(463)— (463)
Distributions(2,331)(2,524)(4,855)
Redemptions(959)(33)(992)
Net allocations among investment strategies427 567 994 
Change in fund value556 139 695 
Change in fee basis(2,425)— (2,425)
Balance at 9/30/2026$72,205 $19,402 $91,607 
Real EstateInfrastructureTotal Real
Assets Group
Balance at 12/31/2024$32,896 $11,192 $44,088 
Acquisitions30,178 289 30,467 
Commitments3,068 1,692 4,760 
Deployment/increase in leverage2,250 2,006 4,256 
Capital reductions(951)— (951)
Distributions(1,812)(2,603)(4,415)
Redemptions(516)(366)(882)
Net allocations among investment strategies(239)413 174 
Change in fund value3,433 (727)2,706 
Change in fee basis(59)359 300 
Balance at 9/30/2025$68,248 $12,255 $80,503 

92
The charts below present FPAUM for the Real Assets Group by its fee bases ($ in billions):
4870    4872
FPAUM: $91.6FPAUM: $80.5
Invested capitalGAVNAV/fair valueCapital commitments

Real Assets Group—Fund Performance Metrics as of September 30, 2026

The significant funds presented in the table below collectively contributed approximately 38% of the Real Assets Group’s management fees for the nine months ended September 30, 2026.

The following table presents the performance data for our significant perpetual capital funds in the Real Assets Group as of September 30, 2026 ($ in millions):
Returns(%)
Primary
Investment Strategy		Year of InceptionAUMCurrent QuarterYear-To-Date
Since Inception(1)
FundGrossNetGrossNetGrossNet
Diversified non-traded REIT(2)
Real Estate2012$8,568 N/A2.0 N/A7.1 N/A6.7 
J-REIT(3)
Real Estate20127,915 N/AN/AN/AN/AN/A12.8 
Industrial non-traded REIT(4)
Real Estate20178,379 N/A1.9 N/A5.8 N/A8.5 
U.S. open-ended industrial real estate equity fund(5)
Real Estate20178,351 2.4 2.1 7.4 6.4 15.7 12.9 
Open-ended core infrastructure fund(6)
Infrastructure20248,475 N/A2.0 N/A6.5 N/A10.2 
(1)Since inception returns are annualized.
(2)Performance is measured by total return, which includes income and appreciation and reinvestment of all distributions for the respective time period. Returns are shown for institutional share class. Shares of other classes may have lower returns due to higher selling commissions and fees. Actual individual stockholder returns will vary. Net returns are calculated using the fund’s NAV and assume distributions are reinvested at the NAV on the date of distribution. The inception date used in the calculation of the since inception return is the date in which the first shares of common stock were sold after converting to a NAV-based REIT.
(3)Performance is measured by total return, which includes income and appreciation and reinvestment of all distributions for the respective time period. Actual individual stockholder returns will vary. Net returns are calculated using the fund’s NAV and assume distributions are reinvested at NAV on the semi-annual period-end date. NAVs are calculated semi-annually in February and August, and therefore, only the since inception return is presented. The inception date used in the calculation of the since inception return is the date in which the fund’s investment units began to be listed on the Tokyo Stock Exchange. The since inception return is calculated based on the most recent NAV date. Additional information related to J-REIT can be found in its materials posted to its website, which are not part of this report.
(4)Performance is measured by total return, which includes income and appreciation and reinvestment of all distributions for the respective time period. Returns are shown for institutional share class. Shares of other classes may have lower returns due to higher selling commissions and fees. Actual individual stockholder returns will vary. Net returns are calculated using the fund’s NAV and assume distributions are reinvested at the NAV on the date of distribution.
(5)Returns are time-weighted rates of return and include the reinvestment of income and other earnings from securities or other investments and reflect the deduction of all trading expenses. Gross returns do not reflect the deduction of management fees, incentive fees, as applicable, or other expenses. Net returns are calculated by subtracting the applicable management fees, incentive fees, as applicable, and other expenses from the gross returns on a quarterly basis.
(6)Returns are time-weighted rates of return and include the reinvestment of income and other earnings from securities or other investments and reflect the deduction of all trading expenses. Returns are shown for institutional share class. Shares of other classes may have lower returns due to higher selling commissions and fees. Net returns are calculated using the fund’s NAV and assume distributions are reinvested at the NAV on the date of distribution.




93
Secondaries Group—Three and Nine Months Ended September 30, 2026 Compared to Three and Nine Months Ended September 30, 2025

Fee Related Earnings

The following table presents the components of the Secondaries Group’s FRE ($ in thousands):
Three months ended September 30,Favorable (Unfavorable)Nine months ended September 30,Favorable (Unfavorable)
20262025$ Change% Change20262025$ Change% Change
Management fees$73,273 $91,303 $(18,030)(20)%$215,423 $210,596 $4,827 2%
Fee related performance revenues5,681 17,110 (11,429)(67)56,474 43,002 13,472 31
Other fees586 196 390 1994,175 6,119 (1,944)(32)
Compensation and benefits(18,363)(24,952)6,589 26(76,220)(66,390)(9,830)(15)
General, administrative and other expenses(10,505)(9,624)(881)(9)(33,639)(28,173)(5,466)(19)
Fee Related Earnings$50,672 $74,033 (23,361)(32)$166,213 $165,154 1,059 1

Management Fees. The chart below presents Secondaries Group management fees and effective management fee rates ($ in millions):
SEC mgmt fees-10-27 232434.jpg










94
The following table presents the components of and causes for changes in the Secondaries Group’s management fees for the three and nine months ended September 30, 2026 compared to the prior year periods ($ in millions):
Three month changeNine month change
Fees from APMF, driven by additional capital raised
$6.9 $23.8 
Fees from ACS, driven by capital deployment3.3 8.2 
Driven by capital commitments:
Fees from a private equity secondaries fund
1.1 3.2 
Catch-up fees from ASIS III and related vehicles in the third quarter of 2025(27.2)(25.9)
Cumulative effect of other changes(2.1)(4.5)
Total$(18.0)$4.8 
The decrease in effective management fee rate for the three months ended September 30, 2026 compared to the same period in 2025 was primarily driven by the deployment of capital by ACS at a lower effective management fee rate.
Fee Related Performance Revenues. The decrease in fee related performance revenues for the three months ended September 30, 2026 compared to the same period in 2025 was attributable to lower recognition of fees earned from APMF. The increase in fee related performance revenues for the nine months ended September 30, 2026 compared to the same period in 2025 was attributable to higher incentive fees earned from APMF due to NAV appreciation in the second quarter of 2026.

Other Fees. For the comparable year-to-date periods, other fees largely represent capital markets transaction fees that will vary based on the timing and nature of the investment and financing activities of our funds.
Compensation and Benefits. The changes in compensation and benefits for the three and nine months ended September 30, 2026 compared to the same periods in 2025 aligns with the changes in fee related performance revenues. We reduced fee related performance compensation by $2.5 million and $3.1 million for the three months ended September 30, 2026 and 2025, respectively, and $9.1 million and $8.7 million for the nine months ended September 30, 2026 and 2025, respectively, to reclaim a portion of the supplemental distribution fees we paid. The increase in compensation and benefits for the comparative year-to-date periods also reflected the continued growth in salary and benefits for our growing headcount.

Full-time equivalent headcount increased by 7% to 123 investment and investment support professionals for the year-to-date period in 2026 from 115 professionals in 2025.

General, Administrative and Other Expenses. The increases in general, administrative and other expenses for the three and nine months ended September 30, 2026 compared to the same periods in 2025 reflect growing headcount, as well as fundraising and fund formation costs, including costs for an infrastructure secondaries fund that exceeded amounts contractually recoverable from the fund for the nine months ended September 30, 2026.

Supplemental distribution fees increased slightly for the nine months ended September 30, 2026 compared to the same period in 2025, but lower sales in APMF in the current quarter contributed to a decrease of $1.2 million over the comparative quarterly period.


95
Realized Income

The following table presents the components of the Secondaries Group’s RI ($ in thousands):
Three months ended September 30,Favorable (Unfavorable)Nine months ended September 30,Favorable (Unfavorable)
20262025$ Change% Change20262025$ Change% Change
Fee Related Earnings$50,672 $74,033 $(23,361)(32)%$166,213 $165,154 $1,059 1%
Performance income—realized762 177 585 NM762 177 585 NM
Performance related compensation—realized(139)(106)(33)31(139)(106)(33)(31)
Realized net performance income623 71 552 NM623 71 552 NM
Investment income—realized668 221 447 2021,637 376 1,261 NM
Interest income18 68 (50)(74)53 1,048 (995)(95)
Interest expense(1,974)(2,076)102 5(5,624)(5,946)322 5
Realized net investment loss(1,288)(1,787)499 (28)(3,934)(4,522)588 13
Realized Income$50,007 $72,317 (22,310)(31)$162,902 $160,703 2,199 1

Realized net investment loss for the three and nine months ended September 30, 2026 and 2025 largely represents allocated interest expense exceeding investment income during these periods.

Secondaries Group—Performance Income

The following table presents the accrued carried interest, also referred to as accrued performance income, and related performance compensation for the Secondaries Group. Accrued net performance income excludes net performance income that has been realized but not yet received as of the reporting date ($ in millions):
As of September 30, 2026As of December 31, 2025
Accrued Performance IncomeAccrued Performance CompensationAccrued Net Performance IncomeAccrued Performance IncomeAccrued Performance CompensationAccrued Net Performance Income
LEP XVII$39.7 $32.7 $7.0 $35.5 $29.5 $6.0 
LREF VIII17.5 14.8 2.7 74.0 62.8 11.2 
LREP IX39.4 31.1 8.3 27.1 21.4 5.7 
Other Secondaries funds106.6 69.9 36.7 45.1 31.1 14.0 
Total Secondaries Group$203.2 $148.5 $54.7 $181.7 $144.8 $36.9 

The following table presents the change in accrued performance income for the Secondaries Group ($ in millions):
As of December 31, 2025Activity during the periodAs of September 30, 2026
Waterfall TypeAccrued Performance IncomeChange in UnrealizedRealizedAccrued Performance Income
Accrued Carried Interest
LEP XVIIEuropean$35.5 $4.2 $— $39.7 
LREF VIIIEuropean74.0 (56.5)— 17.5 
LREP IXEuropean27.1 12.3 — 39.4 
Other Secondaries funds
European45.1 60.6 — 106.6 
Total accrued carried interest181.7 20.6 — 203.2 
Other Secondaries funds
Incentive— 0.8 (0.8)— 
Total Secondaries Group$181.7 $21.4 $(0.8)$203.2 

96
Secondaries Group—Assets Under Management

The table below presents the rollforwards of AUM for the Secondaries Group ($ in millions):
Private Equity
Secondaries		Real Estate
Secondaries		Infrastructure
Secondaries		Credit
Secondaries		Total Secondaries
Group
Balance at 6/30/2026$24,227 $7,807 $7,214 $4,931 $44,179 
New equity commitments1,919 640 — 20 2,579 
New debt commitments32 — — — 32 
Capital reductions— (8)— — (8)
Distributions(328)(259)(238)(2)(827)
Redemptions(126)— — — (126)
Change in fund value231 59 190 (32)448 
Balance at 9/30/2026$25,955 $8,239 $7,166 $4,917 $46,277 
Private Equity
Secondaries		Real Estate
Secondaries		Infrastructure
Secondaries		Credit
Secondaries		Total Secondaries
Group
Balance at 6/30/2025$18,183 $7,998 $4,199 $3,569 $33,949 
New equity commitments910 174 1,941 324 3,349 
New debt commitments775 — — — 775 
Capital reductions(32)— — — (32)
Distributions(108)(36)(57)(9)(210)
Redemptions(60)— — — (60)
Change in fund value380 125 82 17 604 
Balance at 9/30/2025$20,048 $8,261 $6,165 $3,901 $38,375 
Private Equity
Secondaries		Real Estate
Secondaries		Infrastructure
Secondaries		Credit
Secondaries		Total Secondaries
Group
Balance at 12/31/2025$22,104 $8,196 $6,975 $4,881 $42,156 
New equity commitments3,883 687 9 70 4,649 
New debt commitments377 — — — 377 
Capital reductions(88)(8)— — (96)
Distributions(561)(637)(280)(93)(1,571)
Redemptions(282)— — — (282)
Net allocations among investment strategies13 25 25 103 166 
Change in fund value509 (24)437 (44)878 
Balance at 9/30/2026$25,955 $8,239 $7,166 $4,917 $46,277 
Private Equity
Secondaries		Real Estate
Secondaries		Infrastructure
Secondaries		Credit
Secondaries		Total Secondaries
Group
Balance at 12/31/2024$15,805 $7,779 $3,691 $1,878 $29,153 
New equity commitments3,258 402 2,522 1,973 8,155 
New debt commitments775 — — — 775 
Capital reductions(32)(58)— — (90)
Distributions(336)(80)(167)(26)(609)
Redemptions(123)— — — (123)
Net allocations among investment strategies10 25 — 38 73 
Change in fund value691 193 119 38 1,041 
Balance at 9/30/2025$20,048 $8,261 $6,165 $3,901 $38,375 

97
The components of our AUM for the Secondaries Group are presented below ($ in billions):
3314 3319
AUM: $46.3AUM: $38.4
FPAUM
Non-fee paying(1)
AUM not yet paying fees
(1) Includes $0.7 billion and $1.1 billion of non-fee paying AUM from our general partner and employee commitments as of September 30, 2026 and 2025, respectively.
98
Secondaries Group—Fee Paying AUM

The table below presents the rollforwards of fee paying AUM for the Secondaries Group ($ in millions):
Private Equity
Secondaries		Real Estate
Secondaries		Infrastructure
Secondaries		Credit
Secondaries		Total Secondaries
Group
Balance at 6/30/2026$17,168 $6,522 $4,895 $2,881 $31,466 
Commitments207 585 — — 792 
Deployment/increase in leverage331 79 — 24 434 
Distributions(214)(169)(27)(18)(428)
Redemptions(126)— — — (126)
Change in fund value(2)(137)42 16 (81)
Balance at 9/30/2026$17,364 $6,880 $4,910 $2,903 $32,057 
Private Equity
Secondaries		Real Estate
Secondaries		Infrastructure
Secondaries		Credit SecondariesTotal Secondaries
Group
Balance at 6/30/2025$13,918 $6,557 $3,144 $916 $24,535 
Commitments1,251 24 1,878 — 3,153 
Deployment/increase in leverage65 (28)5 71 113 
Distributions(11)(43)(47)— (101)
Redemptions(60)— — — (60)
Change in fund value133 120 22 169 444 
Change in fee basis(5)— — — (5)
Balance at 9/30/2025$15,291 $6,630 $5,002 $1,156 $28,079 
Private Equity
Secondaries		Real Estate
Secondaries		Infrastructure
Secondaries		Credit
 Secondaries		Total Secondaries
Group
Balance at 12/31/2025$16,592 $6,721 $4,859 $1,309 $29,481 
Commitments1,198 632 — — 1,830 
Deployment/increase in leverage423 171 — 1,356 1,950 
Capital reductions(88)— — — (88)
Distributions(236)(492)(34)(217)(979)
Redemptions(282)— — — (282)
Net allocations among investment strategies— 25 25 103 153 
Change in fund value(212)(93)60 352 107 
Change in fee basis(31)(84)— — (115)
Balance at 9/30/2026$17,364 $6,880 $4,910 $2,903 $32,057 
Private Equity
Secondaries		Real Estate
Secondaries		Infrastructure
Secondaries		Credit
 Secondaries		Total Secondaries
Group
Balance at 12/31/2024$12,788 $6,441 $2,582 $590 $22,401 
Commitments2,271 194 2,428 — 4,893 
Deployment/increase in leverage202 19 18 541 780 
Distributions(25)(81)(64)— (170)
Redemptions(123)— — — (123)
Net allocations among investment strategies10 25 — 38 73 
Change in fund value173 32 38 (13)230 
Change in fee basis(5)— — — (5)
Balance at 9/30/2025$15,291 $6,630 $5,002 $1,156 $28,079 

99
The chart below presents FPAUM for the Secondaries Group by its fee bases ($ in billions):
3564 3568
FPAUM: $32.0FPAUM: $28.1
Reported valueCapital commitmentsInvested capital

Secondaries Group—Fund Performance Metrics as of September 30, 2026

The significant funds presented in the tables below collectively contributed approximately 42% of the Secondaries Group’s management fees for the nine months ended September 30, 2026.
The following table presents the performance data for our significant perpetual capital fund in the Secondaries Group as of September 30, 2026 ($ in millions):
Returns(%)
Primary
Investment Strategy		Year of InceptionAUMCurrent QuarterYear-To-Date
Since Inception(1)
FundGrossNetGrossNetGrossNet
APMF(2)
Private Equity Secondaries2022$5,907 N/A(1.9)N/A8.1 N/A13.7 
(1)Since inception returns are annualized.
(2)Performance is measured by total return, which includes income and appreciation and reinvestment of all distributions for the respective time period. Returns are shown for institutional share class. Shares of other classes may have lower returns due to higher selling commissions and fees. Net returns are calculated using the fund’s NAV and assume distributions are reinvested at the NAV on the date of distribution. Additional information related to APMF can be found in its filings with the SEC, which are not part of this report.

The following table presents the performance data of the significant drawdown fund in the Secondaries Group as of September 30, 2026 ($ in millions):
Primary Investment StrategyYear of InceptionAUMOriginal Capital CommitmentsCapital Invested to Date
Realized Value(1)
Unrealized Value(2)
Total ValueMoICIRR(%)
Fund
Gross(3)
Net(4)
Gross(5)
Net(6)
Fund Harvesting Investments
LEP XVI(7)
Private Equity Secondaries2016$3,620 $4,896 $4,512 $2,079 $3,255 $5,334 1.3x1.2x10.6 6.1 
Returns for LEP XVI are calculated from results of the underlying portfolio that are generally reported on a three month lag and may not include the impact of economic and market activities occurring in the current reporting period.

(1)Realized value represents the sum of all cash distributions to all limited partners and, if applicable, excludes tax and incentive distributions made to the general partner.
(2)Unrealized value represents the limited partners’ share of fund’s NAV reduced by the accrued incentive allocation, if applicable. There can be no assurance that unrealized values will be realized at the valuations indicated.
(3)The gross MoIC is calculated at the fund-level and is based on the interests of all partners. If applicable, limiting the gross MoIC to exclude interests attributable to the non-fee paying limited partners and/or the general partner who does not pay management fees or carried interest would have no material impact on the result. The gross MoIC is before giving effect to management fees, carried interest, as applicable, and other expenses, but after giving effect to credit facility interest expenses, as applicable. The funds may utilize a short-term credit facility for general cash management purposes, as well as a long-term credit facility as permitted by the respective fund’s governing documentation. The gross fund-level MoIC would have generally been lower had such fund called capital from its partners instead of utilizing the credit facility.
(4)The net MoIC is calculated at the fund-level and is based on the interests of the fee-paying limited partners and, if applicable, excludes those interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The net MoIC is after giving effect to management fees and other expenses, carried interest and credit facility interest expense, as applicable. The funds may utilize a short-term credit facility for general cash management purposes, as well as a long-term credit facility as permitted by the respective fund’s governing documentation. The net fund-level MoICs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility.
100
(5)The gross IRR is an annualized since inception gross internal rate of return of cash flows to and from the fund and the fund’s residual value at the end of the measurement period. Gross IRR reflects returns to all partners. If applicable, limiting the gross IRR to exclude interests attributable to the non-fee paying limited partners and/or the general partner who does not pay management fees or carried interest would have no material impact on the result. The cash flow dates used in the gross IRR calculation are based on the actual dates of the cash flows. The gross IRRs are calculated before giving effect to management fees, carried interest, as applicable, and other expenses, but after giving effect to credit facility interest expenses, as applicable. The funds may utilize a short-term credit facility for general cash management purposes, as well as a long-term credit facility as permitted by the respective fund’s governing documents. The gross fund-level IRR would generally have been lower had such fund called capital from its partners instead of utilizing the credit facility.
(6)The net IRR is an annualized since inception net internal rate of return of cash flows to and from the fund and the fund’s residual value at the end of the measurement period. Net IRRs reflect returns to the fee-paying limited partners and, if applicable, exclude interests attributable to the non-fee paying limited partners and/or the general partner who does not pay management fees or carried interest. The cash flow dates used in the net IRR calculations are based on the actual dates of the cash flows. The net IRRs are calculated after giving effect to management fees and other expenses, carried interest and credit facility interest expenses, as applicable. The funds may utilize a short-term credit facility for general cash management purposes, as well as a long-term credit facility as permitted by the respective fund’s governing documents. Net fund-level IRRs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility.
(7)The results of the fund are presented on a combined basis with the affiliated parallel funds or accounts, given that the investments are substantially the same.

101
Private Equity Group—Three and Nine Months Ended September 30, 2026 Compared to Three and Nine Months Ended September 30, 2025
Fee Related Earnings
The following table presents the components of the Private Equity Group’s FRE ($ in thousands):
Three months ended September 30,Favorable (Unfavorable)Nine months ended September 30,Favorable (Unfavorable)
20262025$ Change% Change20262025$ Change% Change
Management fees$34,000 $33,284 $716 2%$100,919 $97,049 $3,870 4%
Other fees859 467 392 842,036 1,298 738 57
Compensation and benefits(14,539)(15,752)1,213 8(42,425)(46,379)3,954 9
General, administrative and other expenses(3,900)(4,892)992 20(13,950)(14,708)758 5
Fee Related Earnings$16,420 $13,107 3,313 25$46,580 $37,260 9,320 25

Management Fees. The chart below presents Private Equity Group management fees and effective management fee rates ($ in millions):
pe mgmt chart final.jpg







102
The following table presents the components of and causes for changes in the Private Equity Group’s management fees for the three and nine months ended September 30, 2026 compared to the same periods in 2025 ($ in millions):
Three month changeNine month change
Private commingled funds:
Fees from ACOF VII, which started generating fees in the fourth quarter of 2025$11.1 $33.2 
Fees from ACOF VI, due to the step down in fee rate and change in fee base following the commencement of fees from ACOF VII(8.7)(28.8)
Fees from ACOF V, due to distributions that reduced the fee base as the fund has passed its investment period(1.9)(5.4)
Fees from acquired APAC private equity funds effective August 2025(0.5)4.0 
Cumulative effect of other changes0.7 0.9 
Total$0.7 $3.9 

The decreases in effective management fee rates for the three and nine months ended September 30, 2026 compared to the same periods in 2025 were primarily due to a step down in fee rate to 0.75% for ACOF VI beginning in the first quarter of 2026, following the commencement of fees from ACOF VII in the fourth quarter of 2025.

Compensation and Benefits. Total compensation and benefits decreased over the comparative periods, reflecting changes as we seek to optimize the composition of our investment and investment support professionals within our corporate private equity team. The increase in headcount when compared to the prior year results from the acquisition of an APAC private equity company during the third quarter of 2025. Full-time equivalent headcount increased by 4% to 111 investment and investment support professionals for the year-to-date period in 2026 from 107 professionals in 2025.

Realized Income

The following table presents the components of the Private Equity Group’s RI ($ in thousands):
Three months ended September 30,Favorable (Unfavorable)Nine months ended September 30,Favorable (Unfavorable)
20262025$ Change% Change20262025$ Change% Change
Fee Related Earnings$16,420 $13,107 $3,313 25%$46,580 $37,260 $9,320 25%
Performance income—realized4,212 3,744 468 1345,830 39,733 6,097 15
Performance related compensation—realized(3,353)(2,999)(354)12(37,849)(29,856)(7,993)(27)
Realized net performance income859 745 114 157,981 9,877 (1,896)(19)
Investment income (loss)—realized34 513 (479)(93)401 (3,720)4,121 NM
Interest income425 1 424 NM426 2,024 (1,598)(79)
Interest expense(3,749)(3,785)36 1(10,640)(11,775)1,135 10
Realized net investment loss(3,290)(3,271)(19)(1)(9,813)(13,471)3,658 27
Realized Income$13,989 $10,581 3,408 32$44,748 $33,666 11,082 33

The Private Equity Group’s realized activities were principally composed of and caused by the following:
Nine months ended September 30, 2026Nine months ended September 30, 2025
Realized net performance income
Carried interest:
•Distributions from partial sales of ACOF IV’s investments in various energy companies
Carried interest:
•Distributions from partial sales of ACOF VI’s investment in Frontier Communications Parent, Inc. and ACOF IV’s investments in various energy companies
Realized investment income (loss) and interest income
•No significant activities
•Realized investment loss of $5.7 million from ACOF III as the fund continues to liquidate its remaining assets
103
Private Equity Group—Performance Income

The following table presents the accrued carried interest, also referred to as accrued performance income, and related performance compensation for the Private Equity Group ($ in millions):
As of September 30, 2026As of December 31, 2025
Accrued Performance IncomeAccrued Performance CompensationAccrued Net Performance IncomeAccrued Performance IncomeAccrued Performance CompensationAccrued Net Performance Income
ACOF IV$81.4 $65.2 $16.2 $142.8 $114.4 $28.4 
ACOF VI642.2 624.9 17.3 594.3 584.1 10.2 
ACOF VII23.0 18.5 4.5 2.1 1.7 0.4 
Other Private Equity funds32.1 25.8 6.3 9.0 7.2 1.8 
Total Private Equity Group$778.7 $734.4 $44.3 $748.2 $707.4 $40.8 
We transferred our rights to receive a portion of the carried interest from ACOF VI in exchange for capital interests in certain structured financing vehicles. We remain obligated to compensate our professionals who retain the rights to their allocation of performance income, which continue to be reported within performance related compensation.
The following table presents the change in accrued carried interest for the Private Equity Group ($ in millions):
As of December 31, 2025Activity during the periodAs of September 30, 2026
Waterfall TypeAccrued Carried InterestChange in UnrealizedRealizedAccrued Carried Interest
ACOF IVAmerican$142.8 $(21.5)$(39.9)$81.4 
ACOF VIAmerican594.3 53.8 (5.9)642.2 
ACOF VIIAmerican2.1 20.9 — 23.0 
Other Private Equity fundsAmerican8.1 23.5 — 31.6 
Other Private Equity fundsEuropean0.9 (0.4)— 0.5 
Total Private Equity Group$748.2 $76.3 $(45.8)$778.7 
104
Private Equity Group—Assets Under Management

The tables below present rollforwards of AUM for the Private Equity Group ($ in millions):
Corporate Private
Equity		APAC Private
Equity		Total Private
Equity Group
Balance at 6/30/2026$21,360 $3,091 $24,451 
Distributions(227)(11)(238)
Change in fund value267 25 292 
Balance at 9/30/2026$21,400 $3,105 $24,505 
Corporate Private
Equity		APAC Private
Equity		Total Private
Equity Group
Balance at 6/30/2025$21,201 $2,565 $23,766 
Acquisitions— 856 856 
Net new equity commitments516 12 528 
Capital reductions(1)— (1)
Distributions(70)(81)(151)
Change in fund value78 20 98 
Balance at 9/30/2025$21,724 $3,372 $25,096 
Corporate Private
Equity		APAC Private
Equity		Total Private
Equity Group
Balance at 12/31/2025$21,875 $3,413 $25,288 
New equity commitments858 — 858 
Capital reductions(1)— (1)
Distributions(1,822)(53)(1,875)
Change in fund value490 (255)235 
Balance at 9/30/2026$21,400 $3,105 $24,505 
Corporate Private
Equity		APAC Private
Equity		Total Private
Equity Group
Balance at 12/31/2024$21,064 $2,977 $24,041 
Acquisitions— 856 856 
New equity commitments1,475 28 1,503 
Capital reductions(55)— (55)
Distributions(1,275)(81)(1,356)
Change in fund value515 (408)107 
Balance at 9/30/2025$21,724 $3,372 $25,096 


105
The components of our AUM for the Private Equity Group are presented below ($ in billions):
24692470
AUM: $24.5AUM: $25.1
FPAUM
Non-fee paying(1)
AUM not yet paying fees
(1) Includes $1.0 billion and $1.1 billion of non-fee paying AUM from our general partner and employee commitments as of September 30, 2026 and 2025, respectively.


106
Private Equity Group—Fee Paying AUM

The tables below present rollforwards of fee paying AUM for the Private Equity Group ($ in millions):
Corporate Private
Equity		APAC Private
Equity		Total Private
Equity Group
Balance at 6/30/2026$11,775 $2,132 $13,907 
Distributions(65)— (65)
Change in fund value(51)(33)(84)
Change in fee basis(70)(211)(281)
Balance at 9/30/2026$11,589 $1,888 $13,477 
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 leverage1 — 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 
Corporate Private
Equity		APAC Private
Equity		Total Private
Equity Group
Balance at 12/31/2025$12,206 $2,231 $14,437 
Deployment/increase in leverage891 2 893 
Distributions(493)— (493)
Change in fund value(52)(134)(186)
Change in fee basis(963)(211)(1,174)
Balance at 9/30/2026$11,589 $1,888 $13,477 
Corporate Private
Equity		APAC Private
Equity		Total Private
Equity Group
Balance at 12/31/2024$9,860 $1,567 $11,427 
Acquisitions— 1,118 1,118 
Deployment/increase in leverage26 7 33 
Capital reductions(11)— (11)
Distributions(8)— (8)
Change in fund value(14)— (14)
Change in fee basis(385)(312)(697)
Balance at 9/30/2025$9,468 $2,380 $11,848 
The charts below present FPAUM for the Private Equity Group by its fee bases ($ in billions):
27312732    
FPAUM: $13.5FPAUM: $11.8
Invested capitalCapital commitments
107

Private Equity Group—Fund Performance Metrics as of September 30, 2026

The significant funds presented in the table below collectively contributed approximately 55% of the Private Equity Group’s management fees for the nine months ended September 30, 2026.

The following table presents the performance data of the Private Equity Group’s significant drawdown funds as of September 30, 2026 ($ in millions):
Primary Investment StrategyYear of InceptionAUMOriginal Capital CommitmentsCapital Invested to Date
Realized Value(1)
Unrealized Value(2)
Total ValueMoICIRR(%)
Fund
Gross(3)
Net(4)
Gross(5)
Net(6)
Funds Deploying Capital
ACOF VICorporate Private Equity2020$8,988 $5,743 $5,981 $2,495 $8,538 $11,033 1.8x1.5x18.7 14.0 
ACOF VIICorporate Private Equity20233,961 3,846 1,049 — 1,293 1,293 NMNMNMNM
(1)Realized value represents the sum of all cash dividends, interest income, other fees and cash proceeds from realizations of interests in portfolio investments. Realized value excludes any proceeds related to bridge financings.
(2)Unrealized value represents the fair market value of remaining investments. Unrealized value does not take into account any bridge financings. There can be no assurance that unrealized investments will be realized at the valuations indicated.
(3)The gross MoIC is calculated at the fund-level and is based on the interests of the fee-paying limited partners and, if applicable, excludes interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The gross MoIC is before giving effect to management fees, carried interest, as applicable, and other expenses, but after giving effect to credit facility interest expenses, as applicable. The gross MoICs are also calculated before giving effect to any bridge financings. The funds may utilize a credit facility during the investment period and for general cash management purposes. Early in the life of a fund, the gross fund-level MoICs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility.
(4)The net MoIC is calculated at the fund-level. The net MoIC is based on the interests of the fee-paying limited partners and if applicable, excludes interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or performance fees. The net MoIC is after giving effect to management fees, carried interest, as applicable, and other expenses. The net MoIC is also calculated before giving effect to any bridge financings. Inclusive of bridge financings, the net MoIC would be 1.5x for ACOF VI. The fund may utilize a credit facility during the investment period and for general cash management purposes. Early in the life of a fund, the net fund-level MoIC would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility.
(5)The gross IRR is an annualized since inception gross internal rate of return of cash flows to and from the fund and the fund’s residual value at the end of the measurement period. Gross IRRs reflect returns to the fee-paying limited partners and, if applicable, exclude interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The cash flow dates used in the gross IRR calculation are based on the actual dates of the cash flows. The gross IRRs are calculated before giving effect to management fees, carried interest, as applicable, and other expenses, but after giving effect to credit facility interest expenses, as applicable. The gross IRRs are also calculated before giving effect to any bridge financings. The funds may utilize a credit facility during the investment period and for general cash management purposes. Gross fund-level IRRs would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility.
(6)The net IRR is an annualized since inception net internal rate of return of cash flows to and from the fund and the fund’s residual value at the end of the measurement period. Net IRR reflects returns to the fee-paying limited partners and if applicable, excludes interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The cash flow dates used in the net IRR calculation are based on the actual dates of the cash flows. The net IRR is calculated after giving effect to management fees, carried interest as applicable, and other expenses and excludes commitments by the general partner and Schedule I investors who do not pay either management fees or carried interest. The fund may utilize a credit facility during the investment period and for general cash management purposes. Net fund-level IRR would generally have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. The net IRR is also calculated before giving effect to any bridge financings. Inclusive of bridge financings, the net IRR would be 13.6% for ACOF VI.

108
Operations Management Group—Three and Nine Months Ended September 30, 2026 Compared to Three and Nine Months Ended September 30, 2025

Fee Related Earnings

The following table presents the components of the Operations Management Group’s FRE ($ in thousands):
Three months ended September 30,Favorable (Unfavorable)Nine months ended September 30,Favorable (Unfavorable)
20262025$ Change% Change20262025$ Change% Change
Other fees$7,589 $9,235 $(1,646)(18)%$26,549 $22,603 $3,946 17%
Compensation and benefits(156,201)(144,405)(11,796)(8)(459,318)(395,518)(63,800)(16)
General, administrative and other expenses(87,459)(81,746)(5,713)(7)(261,615)(214,949)(46,666)(22)
Fee Related Earnings$(236,071)$(216,916)(19,155)(9)$(694,384)$(587,864)(106,520)(18)

Other Fees. While lower facilitation fees from the 1031 exchange program associated with our non-traded REITs this quarter drove a decrease in other fees for the three months ended September 30, 2026 compared to the same period in 2025, higher facilitation fees recognized in the first half of 2026, along with an increase in capital markets transaction fees, contributed to an increase in other fees for the nine months ended September 30, 2026 compared to the same period in 2025. We expect capital markets transaction fees to increase in future periods as we build out our capital solutions team and capabilities.

Compensation and Benefits. The increases in compensation and benefits for the three and nine months ended September 30, 2026 compared to the same periods in 2025 were driven by increases in salary expenses of $11.0 million and $32.4 million, respectively, primarily attributable to the increase in headcount to expand our capabilities and support the growth of our business and other strategic initiatives, including the transfer of investment professionals from our operating segments to support the efforts of our Capital Solutions Group within OMG.

In addition, the increase in compensation and benefits for the nine months ended September 30, 2026 included $8.8 million from two additional months of activities from the operations that we acquired in connection with the GCP Acquisition.

Full-time equivalent headcount increased by 12% to 2,316 professionals for the year-to-date period in 2026 from 2,072 professionals in 2025.

General, Administrative and Other Expenses. The increases in general, administrative and other expenses for the three and nine months ended September 30, 2026 compared to the same periods in 2025 were driven by higher information technology and occupancy costs of $7.2 million and $18.2 million, respectively, to support our growing headcount, including the expansion of our New York headquarters.

The increase for the nine months ended September 30, 2026 compared to the same period in 2025 was also attributable to (i) higher marketing costs of $8.2 million, driven by program sponsorships and by investor events, including costs incurred during the second quarter of 2026 for our firmwide AGM event; (ii) higher professional service fees of $6.7 million, primarily from tax related service fees and from consulting fees to support various ongoing technology initiatives to enhance our operations; and (iii) $3.7 million from two additional months of activities from the operations that we acquired in connection with the GCP Acquisition.

Realized Income

The following table presents the components of the OMG’s RI ($ in thousands):
Three months ended September 30,Favorable (Unfavorable)Nine months ended September 30,Favorable (Unfavorable)
20262025$ Change% Change20262025$ Change% Change
Fee Related Earnings$(236,071)$(216,916)$(19,155)(9)%$(694,384)$(587,864)$(106,520)(18)%
Investment income (loss)—realized161 2,090 (1,929)(92)(418)1,528 (1,946)NM
Interest income1,469 853 616 723,724 2,102 1,622 77
Interest expense(160)(10)(150)NM(373)(272)(101)(37)
Realized net investment income1,470 2,933 (1,463)(50)2,933 3,358 (425)(13)
Realized Income$(234,601)$(213,983)(20,618)(10)$(691,451)$(584,506)(106,945)(18)

109
Liquidity and Capital Resources
Management assesses liquidity in terms of our ability to generate cash to fund operating, investing and financing activities. Management believes that we are well-positioned and our liquidity will continue to be sufficient for our foreseeable working capital needs, contractual obligations, dividend payments and strategic initiatives.

Sources and Uses of Liquidity
Our sources of liquidity are: (i) cash on hand; (ii) net working capital; (iii) cash from operations, including management fees, other fees, fee related performance revenues and net realized performance income; (iv) fund distributions related to our investments that are unpredictable as to amount and timing; and (v) net borrowings from the Credit Facility. As of September 30, 2026, our cash and cash equivalents were $597.7 million and we have $685.0 million available under our Credit Facility which also has an accordion feature of $500.0 million. Our ability to draw from the Credit Facility is subject to leverage and other covenants. We remain in compliance with all covenants as of September 30, 2026. We believe that these sources of liquidity will be sufficient to fund our working capital requirements and to meet our commitments in the ordinary course of business and under the current market conditions for the foreseeable future. Cash flows from management fees may be impacted by a slowdown in deployment, declines in valuations or negatively impacted fundraising. In addition, management fees may be subject to deferral and certain incentive fees may be subject to hold backs. Transfers of our financial interests, such as capital interests and rights to performance income earned by us from funds that we manage, to structured financing vehicles that we manage may reduce or delay our cash flows and liquidity associated with these financial interests. Declines or delays in transaction activity may also impact our fund distributions and net realized performance income, which could adversely impact our cash flows and liquidity. Market conditions may make it difficult to extend the maturity or refinance our existing indebtedness or obtain new indebtedness with similar terms.
One of our sources of cash from operations is Part I Fees that we receive from certain publicly-traded funds such as ARCC and certain perpetual wealth funds. We typically receive payments of Part I Fees in the quarter after they are earned. Under certain circumstances, the collection of ARCC Part I Fees that have been earned and recorded by us as revenue may be deferred under the terms of the investment advisory agreement. The collection of ARCC Part I Fees that we have earned are deferred if during the most recent four full calendar quarter period ending on or prior to the date such payment is to be made by ARCC, the sum of (a) aggregate distributions to ARCC’s stockholders and (b) ARCC’s change in net assets (defined as ARCC’s total assets less indebtedness and before taking into account any income based fee and capital gains incentive fee accrued during the period) is less than 7.0% of ARCC’s net assets (defined as total assets less indebtedness) at the beginning of such period. These calculations will be adjusted for any share issuances or repurchases. Once earned, ARCC Part I Fees are not reversible even when deferred. All deferred ARCC Part I Fees are carried over and paid by ARCC in the period when the payment hurdle is achieved in accordance with the investment advisory agreement with ARCC. In such cases, we may still recognize the revenue, however, it would also result in a larger receivable from affiliates. Collection of ARCC Part I Fees earned during the three months ended June 30, 2026 was deferred. No other funds from which we are entitled to earn Part I Fees have a deferral provision in their governing documents and accordingly, no other Part I Fees have been or can be deferred. The impact of ARCC’s deferral provision to our liquidity is limited by the fact that 60% of ARCC Part I Fees are paid to certain professionals as compensation, which is recorded as a liability but will not be paid until the cash is received by us. Therefore, the deferral of the collection of ARCC Part I Fees is approximately 40% of the total amount earned, and our liquidity was temporarily impacted by $33.8 million. As of September 30, 2026, no collections were deferred and we have collected the previously deferred ARCC Part I Fees during the fourth quarter of 2026.
We expect that our primary liquidity needs will continue to be to: (i) provide capital to facilitate the growth of our existing investment management businesses; (ii) fund our investment commitments; (iii) provide capital to facilitate our expansion into businesses that are complementary to our existing investment management businesses as well as other strategic growth initiatives; (iv) pay operating expenses, including cash compensation to our employees and tax payments for net settlement of equity awards; (v) fund capital expenditures; (vi) service our debt; (vii) pay income taxes and make payments under the tax receivable agreement; (viii) make dividend payments to our Class A and non-voting common stockholders and our Series B mandatory convertible preferred stockholders in accordance with our dividend policies; and (ix) pay distributions to AOG unitholders.
Our ability to obtain debt financing and complete stock offerings provides us with additional sources of liquidity. For further discussion of financing transactions occurring in the current period, see “Cash Flows” within this section and “Note 6. Debt” and “Note 12. Equity and Redeemable Interest” within our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.
Our unaudited condensed consolidated financial statements reflect the cash flows of our operating businesses as well
110
as those of our Consolidated Funds. The assets of our Consolidated Funds, on a gross basis, are significantly larger than the assets of our operating businesses and therefore have a substantial effect on the amounts reported within our condensed consolidated statements of cash flows. The primary cash flow activities of our Consolidated Funds include: (i) raising capital from third-party investors, which is reflected as non-controlling interests of our Consolidated Funds; (ii) financing certain investments by issuing debt; (iii) purchasing and selling investment securities; (iv) generating cash through the realization of certain investments; (v) collecting interest and dividend income; and (vi) distributing cash to investors. Our Consolidated Funds are generally accounted for as investment companies under GAAP; therefore, the character and classification of all Consolidated Fund transactions are presented as cash flows from operations. Liquidity available at our Consolidated Funds is not available for corporate liquidity needs, and the debt of these Consolidated Funds is non-recourse to us except to the extent of our investment in the fund or, in limited cases, where we provide temporary guarantees prior to certain funds obtaining sufficient equity commitments from third-party investors.
Cash Flows

The following tables summarize our condensed consolidated statements of cash flows by activities attributable to the Company and Consolidated Funds. For more details on the activity of the Company and Consolidated Funds, refer to “Note 14. Consolidation” within our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.
Nine months ended September 30,
20262025
Net cash provided by the Company’s operating activities$1,439,889 $1,745,161 
Net cash provided by (used in) the Consolidated Funds’ operating activities, net of eliminations(1,471,077)2,005,486 
Net cash provided by (used in) operating activities(31,188)3,750,647 
Net cash used in the Company’s investing activities(75,572)(1,782,560)
Net cash used in the Company’s financing activities(1,093,372)(604,930)
Net cash provided by (used in) the Consolidated Funds’ financing activities, net of eliminations1,337,823 (2,365,095)
Net cash provided by (used in) financing activities244,451 (2,970,025)
Effect of exchange rate changes(28,882)(9,369)
Net change in cash and cash equivalents$108,809 $(1,011,307)

The Consolidated Funds had no effect on cash flows attributable to the Company for the periods presented and are excluded from the discussion below. The following discussion focuses on cash flow by activities attributable to the Company.

Operating Activities

In the table below, cash flows from operations are summarized to present: (i) cash generated from our core operating activities, primarily consisting of profits generated principally from fee revenues after covering for operating expenses and fee related performance compensation; (ii) net realized performance income; and (iii) net cash from investment related activities including purchases, sales, realized net investment income and interest expense. We generated meaningful cash flow from operations in each period presented.
Nine months ended September 30,Favorable (Unfavorable)
20262025$ Change% Change
Core operating activities$1,813,763 $1,596,238 $217,525 14%
Net realized performance income14,201 98,959 (84,758)(86)
Net cash provided by (used in) investment related activities(388,075)49,964 (438,039)NM
Net cash provided by the Company’s operating activities$1,439,889 $1,745,161 (305,272)(17)

Cash from our core operating activities increased as a result of growing fee revenues and sustained profitability.
Net realized performance income includes (i) carried interest distributions that may represent either tax distributions or other distributions of income and (ii) incentive fees that are realized periodically at the end of the measurement period, which is typically at the end of the calendar year. Cash received from carried interest distributions and the subsequent payments to employees may not necessarily occur in the same quarter. Cash from incentive fees is generally received in the period subsequent to the measurement period. The decrease in net realized performance income over the comparative period was primarily due to timing of payments to employees as a portion of the distributions we received in the fourth quarter of 2025 were paid to our employees in the first quarter of 2026, while distributions received in the fourth quarter of 2024 were paid to our employees in the same quarter in 2024.
111
Net cash from investment related activities for the nine months ended September 30, 2026 and 2025 primarily includes: (i) purchases associated with funding capital commitments, short-term capital market activities and strategic investments in our investment portfolio; (ii) interest payments on our debt obligations; (iii) distributions received from our capital investments and the collection of principal and interest from loans that we have made; and (iv) sales of certain capital investments to employees. Net cash provided by investment related activities for the nine months ended September 30, 2025 also included the rebalancing of and associated return of our capital commitments upon admitting new limited partners in an insurance fund, as well as interest income from treasury-backed securities that were sold in the first quarter of 2025 to provide proceeds to support the GCP Acquisition. As we are committed to invest alongside the investors in our funds, our capital commitments will increase with our growing assets under management and our investment related activities may fluctuate depending on timing of capital investments and distributions of each fund from year to year. For further discussion of our capital commitments, see “Note 7. Commitments and Contingencies” within our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.
Our working capital needs are generally rising to support the growth of our business, while the capital requirements needed to support fund-related activities vary based upon the specific investment activities being conducted during each period.
Investing Activities
Nine months ended September 30,
20262025
Purchase of furniture, equipment and leasehold improvements$(83,902)$(56,385)
Acquisitions, net of cash acquired8,330 (1,726,175)
Net cash used in investing activities$(75,572)$(1,782,560)

Net cash used in investing activities for both periods included cash to purchase furniture, equipment and leasehold improvements to support our growing headcount, including the expansion of our New York headquarters. Acquisitions, net of cash acquired for the nine months ended September 30, 2026 resulted from cash retained in the business at the closing of the BlueCove Acquisition exceeding the cash portion of the purchase consideration. Net cash used in investing activities for the nine months ended September 30, 2025 was predominately cash used to complete the GCP Acquisition.
Financing Activities
Nine months ended September 30,
20262025
Net borrowings of Credit Facility$435,000 $1,115,000 
Borrowings from Term Loan399,411 — 
Dividends and distributions (1,569,033)(1,296,937)
Taxes paid related to net share settlement of equity awards(371,887)(425,623)
Other financing activities13,137 2,630 
Net cash used in the Company’s financing activities$(1,093,372)$(604,930)

As a result of generating higher fee related earnings, we increased the level of dividends paid to a growing shareholder base of Class A and non-voting common stockholders and distributions paid to AOG unitholders, representing net cash used for the nine months ended September 30, 2026 and 2025. In addition, net cash used in the Company’s financing activities included dividend payments on the Series B mandatory convertible preferred stock made during the nine months ended September 30, 2026 and 2025 to our preferred stockholders.

Net cash used in the Company’s financing activities for the nine months ended September 30, 2026 and 2025 included net borrowings under the Credit Facility. These proceeds were used primarily to support general operating needs in the current period and to fund the GCP Acquisition in the prior year period. Net cash used in the Company’s financing activities for the nine months ended September 30, 2026 also included borrowings under the Term Loan that were used to repay a portion of our Credit Facility.
In connection with the vesting of equity awards that are granted to our employees under the Equity Incentive Plan, we withhold shares equal to the fair value of our employees’ tax withholding liabilities and pay the taxes on their behalf in cash and thus issue fewer net shares. For the nine months ended September 30, 2026, we net settled and did not issue 2.6 million shares. For the nine months ended September 30, 2025, we net settled and did not issue 2.2 million shares. Cash used in connection
112
with these awards decreased during the current year period primarily as a result of the lower stock price on the vesting date.
Capital Resources
We intend to use a portion of our available liquidity to pay cash dividends and distributions to our Series B mandatory convertible preferred stockholders, Class A and non-voting common stockholders and AOG unitholders on a quarterly basis in accordance with our dividend and distribution policies. Our ability to make cash dividends and distributions is dependent on a myriad of factors, including: (i) general economic and business conditions; (ii) our strategic plans and prospects; (iii) our business and investment opportunities; (iv) timing of capital calls by our funds in support of our commitments; (v) our financial condition and operating results; (vi) working capital requirements and other anticipated cash needs; (vii) contractual restrictions and obligations; (viii) legal, tax and regulatory restrictions; (ix) restrictions on the payment of distributions by our subsidiaries to us; and (x) other relevant factors.

We are required to maintain minimum net capital balances for regulatory purposes for our registered broker-dealers. These net capital requirements are met in part by retaining cash, cash equivalents and investment securities. Additionally, certain of our subsidiaries operating outside the U.S. are also subject to capital adequacy requirements in each of the applicable jurisdictions. As a result, we may be restricted in our ability to transfer cash between different operating entities and jurisdictions. As of September 30, 2026, we were required to maintain approximately $138.9 million in net assets within these subsidiaries to meet regulatory net capital and capital adequacy requirements. We remain in compliance with these regulatory requirements.

Holders of AOG Units, subject to the terms of the exchange agreement, may exchange their AOG Units for shares of our Class A common stock on a one-for-one basis. These exchanges are expected to result in increases in the tax basis of the tangible and intangible assets of AMC that otherwise would not have been available. These increases in tax basis may increase depreciation and amortization for U.S. income tax purposes and thereby reduce the amount of tax that we would otherwise be required to pay in the future. We entered into the tax receivable agreement (the “TRA”) that provides payment to the TRA recipients of 85% of the amount of actual cash savings, if any, in U.S. federal, state, local and foreign income tax or franchise tax that we actually realize as a result of these increases in tax basis and of certain other tax benefits related to entering into the TRA, including tax benefits attributable to payments under the TRA and interest accrued thereon. Future payments under the TRA in respect of subsequent exchanges are expected to be substantial. The TRA liability balance was $624.4 million and $579.9 million as of September 30, 2026 and December 31, 2025, respectively. For the nine months ended September 30, 2026 and 2025, payments under the TRA were $18.0 million and $8.1 million, respectively.
For a discussion of our debt obligations, including the debt obligations of our consolidated funds, see “Note 6. Debt” within our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.

For a discussion of our equity, see “Note 12. Equity and Redeemable Interest” within our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.

113
Critical Accounting Estimates

We prepare our unaudited condensed consolidated financial statements in accordance with GAAP. In applying many of these accounting principles, we need to make assumptions, estimates or judgments that affect the reported amounts of assets, liabilities, revenues and expenses in our unaudited condensed consolidated financial statements. We base our estimates and judgments on historical experience and other assumptions that we believe are reasonable under the circumstances. These assumptions, estimates or judgments, however, are both subjective and subject to change, and actual results may differ from our assumptions and estimates. If actual amounts are ultimately different from our estimates, the revisions are included in our results of operations for the period in which the actual amounts become known. For a summary of our significant accounting policies, see “Note 2. Summary of Significant Accounting Policies,” to our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2025. For a summary of our critical accounting estimates, please see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates” in our Annual Report on Form 10-K.

Recent Accounting Pronouncements

Information regarding recent accounting pronouncements and their impact on Ares can be found in “Note 2. Summary of Significant Accounting Policies,” within our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.

Commitments and Contingencies

In the normal course of business, we enter into contractual obligations that may require future cash payments. We may also engage in off-balance sheet arrangements, including transactions in derivatives, guarantees, capital commitments to funds, indemnifications and potential contingent payment obligations. For further discussion of these arrangements, see “Note 7. Commitments and Contingencies” to our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Our primary exposure to market risk is related to our role as general partner or investment adviser to our funds and the sensitivity to movements in the fair value of their investments, including the effect on management fees, performance income and investment income.
There have been no material changes in our market risks for the nine months ended September 30, 2026. For additional information on our market risks, refer to our Annual Report on Form 10-K for the year ended December 31, 2025, which is accessible on the SEC’s website at www.sec.gov.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Our management, with the participation of our principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of September 30, 2026. Based upon that evaluation and subject to the foregoing, our principal executive officer and principal financial officer concluded that, as of September 30, 2026, the design and operation of our disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level.
Changes in Internal Control over Financial Reporting
There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended September 30, 2026 that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.
114
PART II.

Item 1. Legal Proceedings
From time to time, we, our executive officers, directors and our funds and their investment advisers, and their respective affiliates and/or any of their respective principals and employees are subject to legal proceedings, including those arising from our management of such funds. Additionally, we and our funds and their investment advisers are also subject to extensive regulation, which, from time to time, results in requests for information from us or our funds and their investment advisers or legal or regulatory proceedings or investigations against us or our funds and their investment advisers, respectively. We incur significant costs and expenses in connection with any such proceedings, information requests and investigations.

On May 26, 2026, a derivative action was brought by Martin Siegel purportedly on behalf of Ares Capital Corporation (“ARCC”), as plaintiff, in the United States District Court for the Southern District of New York, alleging that Ares Capital Management LLC (“Ares Capital Management”), one of our indirect subsidiaries, received excessive advisory fees in violation of its statutory fiduciary duty under Section 36(b) of the Investment Company Act of 1940, as amended, (the “Siegel Action”). On October 27, 2026, the Siegel Action was consolidated with a derivative action originally brought on August 14, 2026 by Steven Simons purportedly on ARCC’s behalf, as plaintiff, asserting a similar claim based on similar allegations. The consolidated action seeks recovery of damages, including disgorgement of investment advisory fees paid to Ares Capital Management, injunctive relief, costs and rescission of the investment advisory and management agreement.

This litigation is in its preliminary stages. We dispute the allegations and intend to vigorously defend against them. The outcome of this matter is inherently uncertain, and we are unable to predict the ultimate outcome or estimate the amount or range of loss, if any, that may result from this matter.

Item 1A. Risk Factors
In addition to the other information set forth in this report, you should carefully consider the risk factors described in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, which is accessible on the SEC’s website at www.sec.gov. The risks described in our Annual Report on Form 10-K for the year ended December 31, 2025 are not the only risks facing us. These risks and additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

We did not sell any equity securities during the period covered in this report that were not registered under the Securities Act.

All unregistered purchases of equity securities during the period covered by this Quarterly Report were previously disclosed in our current reports on Form 8-K or quarterly reports on Form 10-Q.

As permitted by our policies and procedures governing transactions in our securities by our directors, executive officers and other employees, from time to time some of these persons may establish plans or arrangements complying with Rule 10b5-1 under the Exchange Act, and similar plans and arrangements relating to our Class A common stock.

Item 3. Defaults Upon Senior Securities
None.

Item 4. Mine Safety Disclosures
Not applicable.

Item 5. Other Information
Rule 10b5-1 Trading Plans
During the three months ended September 30, 2026, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement”, as such term is defined in Item 408(a) of Regulation S-K.

115
Table of Contents

Item 6. Exhibits

The following is a list of all exhibits filed or furnished as part of this report:

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 Corporation (incorporated by reference to Exhibit 99.4 to the Registrant’s Current Report on Form 8-K (File No. 001-36429) filed with the SEC on November 15, 2018).
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.INSXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCHInline XBRL Taxonomy Extension Schema Document.
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document.
101.LABInline XBRL Taxonomy Extension Label Linkbase Document.
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document.
104Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
* Filed herewith.
** These certifications are not deemed filed by the SEC and are not to be incorporated by reference in any filing we make under the Securities Act of 1933 or the Securities Exchange Act of 1934, irrespective of any general incorporation language in any filings.
116
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

ARES MANAGEMENT CORPORATION
Dated: November 6, 2026By:/s/ Michael J Arougheti
Name:Michael J Arougheti
Title:Co-Founder & Chief Executive Officer
(Principal Executive Officer)
Dated: November 6, 2026By:/s/ Jarrod Phillips
Name:Jarrod Phillips
Title:Chief Financial Officer
(Principal Financial & Accounting Officer) 

117

What is the market capitalization of a company?

The market capitalization sometimes referred as Marketcap, is the value of a publicly listed company.
In most cases it can be easily calculated by multiplying the share price with the amount of outstanding shares.

DISCLAIMER

CompaniesMarketCap is not associated in any way with CoinMarketCap.com
Stock prices are delayed, the delay can range from a few minutes to several hours.
Company logos are from the CompaniesLogo.com logo database and belong to their respective copyright holders. Companies Marketcap displays them for editorial purposes only.

Contact

For inquiries or if you want to report a problem write to hello@8marketcap.com

Links

- Privacy policy

- Terms and conditions

© 2025 CompaniesMarketcap.com