Ares Management Corp

ARES 10-K · FY 2025
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Income Statement

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Income Statement
Metric FY 2025 FY 2024 YoY
Revenue 5,601,482 3,884,781 +44.2%
Show Product Lines breakouts
Administrative Service 356,437 162,894 +118.8%
Administrative Service · Consolidated Funds 9,669 525 +1741.7%
Administrative Service · Consolidation Eliminations -9,669 -525 -1741.7%
Administrative Service · Material Reconciling Items -93,613 -70,363 -33.0%
Administrative Service · Parent Company 366,106 163,419 +124.0%
Carried interest 1,153,976 390,180 +195.8%
Carried interest · Consolidated Funds 33,873 28,135 +20.4%
Carried interest · Consolidation Eliminations -31,608 -26,815 -17.9%
Carried interest · Parent Company 1,185,584 416,995 +184.3%
Fee related performance revenues · Credit Group 210,356 202,703 +3.8%
Fee related performance revenues · Parent Company 301,309 231,537 +30.1%
Fee related performance revenues · Real Assets Group 35,665 — —
Fee related performance revenues · Secondaries Group 55,288 28,834 +91.7%
Fee related performance revenues · Total 301,309 231,537 +30.1%
Management Service 3,680,467 2,942,126 +25.1%
Management Service Incentive 362,453 344,157 +5.3%
Management Service Incentive · Consolidation Eliminations -2,265 -1,320 -71.6%
Management Service Incentive · Parent Company 364,718 345,477 +5.6%
Management Service · All Other Segments 59,791 43,229 +38.3%
Management Service · Consolidation Eliminations -44,772 -46,597 +3.9%
Management Service · Credit Group 2,529,312 2,177,816 +16.1%
Management Service · Parent Company 3,725,239 2,988,723 +24.6%
Management Service · Parent Company 3,682,922 2,957,430 +24.5%
Management Service · Private Equity Group 139,172 137,130 +1.5%
Management Service · Real Assets Group 678,355 401,968 +68.8%
Management Service · Secondaries Group 276,292 197,287 +40.0%
Management Service · Total 3,682,922 2,957,430 +24.5%
Principal investment income 48,149 45,424 +6.0%
Principal investment income · Consolidation Eliminations -90,459 7,057 -1381.8%
Principal investment income · Parent Company 138,608 38,367 +261.3%
Service Other · All Other Segments 2,700 523 +416.3%
Service Other · Corporate Non Segment 27,604 20,357 +35.6%
Service Other · Credit Group 52,895 41,819 +26.5%
Service Other · Parent Company 245,103 71,522 +242.7%
Service Other · Private Equity Group 1,824 1,695 +7.6%
Service Other · Real Assets Group 181,104 27,263 +564.3%
Service Other · Secondaries Group 6,580 222 +2864.0%
Service Other · Total 272,707 91,879 +196.8%
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Parent Company 5,601,482 3,884,781 +44.2%
Parent Company · Reportable Legal Entities 5,780,255 3,952,981 +46.2%
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Consolidation Eliminations -178,773 -68,200 -162.1%
Labor And Related Expense 2,565,625 1,731,747 +48.2%
Show Business Segments breakouts
All Other Segments · Parent Company 26,066 21,482 +21.3%
Credit Group · Parent Company 788,989 692,309 +14.0%
Private Equity Group · Parent Company 60,701 56,830 +6.8%
Real Assets Group · Parent Company 315,616 160,357 +96.8%
Secondaries Group · Parent Company 91,834 66,290 +38.5%
Show Consolidated Entities breakouts
Parent Company · Operating Segments 1,283,206 997,268 +28.7%
Parent Company · Reportable Legal Entities 2,565,625 1,731,747 +48.2%
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Corporate Non Segment 534,113 421,268 +26.8%
Total 1,817,319 1,418,536 +28.1%
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GCP International 48.5 — —
Noninterest Expense Related To Performance Fees Net 1,094,355 449,564 +143.4%
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Parent Company · Reportable Legal Entities 1,094,355 449,564 +143.4%
Selling, General & Administrative 996,075 736,501 +35.2%
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All Other Segments · Parent Company 9,021 6,584 +37.0%
Credit Group · Parent Company 178,863 161,872 +10.5%
Private Equity Group · Parent Company 21,975 21,449 +2.5%
Real Assets Group · Parent Company 114,848 56,768 +102.3%
Secondaries Group · Parent Company 37,920 33,881 +11.9%
Show Consolidated Entities breakouts
Parent Company · Operating Segments 362,627 280,554 +29.3%
Parent Company · Reportable Legal Entities 996,075 736,501 +35.2%
Show Consolidation Items breakouts
Corporate Non Segment 301,692 220,019 +37.1%
Total 664,319 500,573 +32.7%
Noninterest Expense Related To Expenses Of The Consolidated Funds Net 52,711 20,879 +152.5%
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Consolidated Funds 52,711 — —
Consolidated Funds · Consolidated Entity Excluding Vie 106,639 — —
Consolidated Funds · Consolidation Eliminations -53,928 — —
Operating Expenses 4,708,766 2,938,691 +60.2%
Show Business Segments breakouts
Credit Group · Equity Method Investment Nonconsolidated Investee Other 879,571 893,272 -1.5%
Other · Equity Method Investment Nonconsolidated Investee Other 3,354 1,001 +235.1%
Private Equity Group · Equity Method Investment Nonconsolidated Investee Other 80,679 67,667 +19.2%
Real Assets Group · Equity Method Investment Nonconsolidated Investee Other 806,547 564,678 +42.8%
Secondaries Group · Equity Method Investment Nonconsolidated Investee Other 195,787 507,192 -61.4%
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Consolidated Funds · Operating Segments 4,708,766 2,938,691 +60.2%
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Consolidated Entity Excluding Vie · Reportable Legal Entities 106,639 69,320 +53.8%
Parent Company · Operating Segments 2,003,106 1,559,123 +28.5%
Parent Company · Reportable Legal Entities 4,656,055 2,917,812 +59.6%
Subsidiaries · Material Reconciling Items -20,278 -1,201 -1588.4%
Show Consolidation Items breakouts
Consolidation Eliminations -53,928 -48,441 -11.3%
Corporate Non Segment 835,805 641,287 +30.3%
Material Reconciling Items 2,705,660 1,379,568 +96.1%
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Equity Method Investment Nonconsolidated Investee Other 1,965,938 2,033,810 -3.3%
Gain Loss On Investments (FY) — — —
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Credit Group · Equity Method Investment Nonconsolidated Investee Other 327,980 556,170 -41.0%
Other · Equity Method Investment Nonconsolidated Investee Other -7,842 -417 -1780.6%
Private Equity Group · Equity Method Investment Nonconsolidated Investee Other 680,687 496,096 +37.2%
Real Assets Group · Equity Method Investment Nonconsolidated Investee Other 787,161 382,681 +105.7%
Secondaries Group · Equity Method Investment Nonconsolidated Investee Other 533,124 208,947 +155.1%
Show Legal Entity breakouts
Ares Operating Group 307,582 16,570 +1756.3%
Ares Operating Group · Consolidation Eliminations -39,006 -14,644 -166.4%
Ares Operating Group · Parent Company 346,588 31,214 +1010.4%
Consolidated Funds 551,076 313,963 +75.5%
Consolidated Funds · Consolidated Entity Excluding Vie 554,513 291,534 +90.2%
Consolidated Funds · Consolidation Eliminations -3,437 22,429 -115.3%
Show Consolidation Items breakouts
Corporate Non Segment -27,604 -20,357 -35.6%
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Equity Method Investment Nonconsolidated Investee Other 2,321,110 1,643,477 +41.2%
Investment Income Interest And Dividend (FY) — — —
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Credit Group · Equity Method Investment Nonconsolidated Investee Other 2,619,911 2,357,057 +11.2%
Private Equity Group · Equity Method Investment Nonconsolidated Investee Other 114,025 196,756 -42.0%
Real Assets Group · Equity Method Investment Nonconsolidated Investee Other 1,386,146 1,018,717 +36.1%
Secondaries Group · Equity Method Investment Nonconsolidated Investee Other 1,385 10,508 -86.8%
Show Legal Entity breakouts
Ares Operating Group 47,451 43,054 +10.2%
Ares Operating Group · Consolidation Eliminations -588 -5,430 +89.2%
Ares Operating Group · Parent Company 48,039 48,484 -0.9%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Other 4,121,467 3,583,038 +15.0%
Interest Expense (FY) — — —
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Ares Operating Group -171,642 -142,966 -20.1%
Ares Operating Group · Parent Company -171,642 -142,966 -20.1%
Consolidated Funds -595,818 -835,335 +28.7%
Consolidated Funds · Consolidated Entity Excluding Vie -603,338 -845,793 +28.7%
Consolidated Funds · Consolidation Eliminations 7,520 10,458 -28.1%
Other Non-Operating Income (Expense) (FY) — — —
Show Legal Entity breakouts
Ares Operating Group -319,745 627 -51096.0%
Ares Operating Group · Consolidation Eliminations 579 22 +2531.8%
Ares Operating Group · Parent Company -320,324 605 -53046.1%
Consolidated Funds · Intersegment Elimination 34,932 -12,835 +372.2%
Investment Income Net (FY) — — —
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Consolidated Funds 575,273 933,349 -38.4%
Consolidated Funds · Consolidated Entity Excluding Vie 575,273 933,349 -38.4%
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Operating Segments -99,902 -43,867 -127.7%
Non-Operating Income (Expense) 394,177 329,262 +19.7%
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Consolidated Funds · Operating Segments 394,177 329,262 +19.7%
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Consolidated Entity Excluding Vie · Reportable Legal Entities 526,448 379,090 +38.9%
Parent Company · Operating Segments -99,902 -43,867 -127.7%
Parent Company · Reportable Legal Entities -97,339 -62,663 -55.3%
Subsidiaries · Material Reconciling Items 7,444 2,627 +183.4%
Show Consolidation Items breakouts
Consolidation Eliminations -34,932 12,835 -372.2%
Material Reconciling Items -494,079 -373,129 -32.4%
Income Before Taxes 1,286,893 1,275,352 +0.9%
Show Consolidated Entities breakouts
Consolidated Entity Excluding Vie · Reportable Legal Entities 419,809 309,770 +35.5%
Parent Company · Reportable Legal Entities 1,026,861 972,506 +5.6%
Show Consolidation Items breakouts
Consolidation Eliminations -159,777 -6,924 -2207.6%
Income Tax Expense (Benefit) 198,535 164,617 +20.6%
Show Business Segments breakouts
Credit Group · Equity Method Investment Nonconsolidated Investee Other 10,000 5,884 +70.0%
Private Equity Group · Equity Method Investment Nonconsolidated Investee Other 752 27,554 -97.3%
Real Assets Group · Equity Method Investment Nonconsolidated Investee Other 26,417 9,341 +182.8%
Show Legal Entity breakouts
Consolidated Funds 6,128 7,074 -13.4%
Show Consolidated Entities breakouts
Consolidated Entity Excluding Vie · Reportable Legal Entities 6,128 7,074 -13.4%
Parent Company 192,407 157,543 +22.1%
Parent Company · Reportable Legal Entities 192,407 157,543 +22.1%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Other 37,169 42,779 -13.1%
Net Income Loss Including Portion Attributable To Noncontrolling Interest And Consolidated Entities 1,088,358 1,110,735 -2.0%
Show Consolidated Entities breakouts
Consolidated Entity Excluding Vie · Reportable Legal Entities 413,681 302,696 +36.7%
Parent Company · Reportable Legal Entities 834,454 814,963 +2.4%
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Consolidation Eliminations -159,777 -6,924 -2207.6%
Net Income Loss Attributable To Noncontrolling Interest Consolidated Entities 253,904 — —
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Consolidated Funds 253,904 295,772 -14.2%
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Consolidated Entity Excluding Vie · Reportable Legal Entities 413,681 — —
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Consolidation Eliminations -159,777 — —
Net Income 834,454 — —
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Credit Group · Equity Method Investment Nonconsolidated Investee Other 2,058,320 2,014,071 +2.2%
Other · Equity Method Investment Nonconsolidated Investee Other -11,196 -1,418 -689.6%
Private Equity Group · Equity Method Investment Nonconsolidated Investee Other 713,281 597,631 +19.4%
Real Assets Group · Equity Method Investment Nonconsolidated Investee Other 1,340,343 827,379 +62.0%
Secondaries Group · Equity Method Investment Nonconsolidated Investee Other 338,722 -287,737 +217.7%
Show Legal Entity breakouts
Ares Operating Group 834,454 814,963 +2.4%
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Parent Company · Reportable Legal Entities 834,454 — —
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Other 4,439,470 3,149,926 +40.9%
Net Income Loss Attributable To Redeemable Noncontrolling Interest 1,349 — —
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Ares Operating Group 1,349 103 +1209.7%
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Parent Company · Reportable Legal Entities 1,349 — —
Net Income Loss Attributable To Noncontrolling Interest Parent Only 305,743 — —
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Ares Operating Group 305,743 351,118 -12.9%
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Parent Company · Reportable Legal Entities 305,743 — —
Net Income 527,362 463,742 +13.7%
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Parent Company · Reportable Legal Entities 527,362 463,742 +13.7%
Preferred Stock Dividends Income Statement Impact (FY) — — —
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Parent Company · Reportable Legal Entities 101,250 22,781 +344.4%
Show Statement Class Of Stock breakouts
Series B mandatory convertible preferred stock 101,250 22,781 +344.4%
Net Income Loss Available To Common Stockholders Basic 426,112 440,961 -3.4%
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Parent Company · Reportable Legal Entities 426,112 440,961 -3.4%
Show Statement Class Of Stock breakouts
Class A Common Stock and Non-Voting Common Stock 426,112 440,961 -3.4%
Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax (FY) — — —
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Class A Common Stock and Non-Voting Common Stock 1.71 2.04 -16.2%
Net Income Loss Net Of Tax Per Outstanding Limited Partnership Unit Diluted (FY) — — —
Show Statement Class Of Stock breakouts
Class A Common Stock and Non-Voting Common Stock 1.71 2.04 -16.2%
Weighted Average Limited Partnership Units Outstanding (FY) — — —
Show Statement Class Of Stock breakouts
Class A Common Stock and Non-Voting Common Stock 217,361,945 198,054,451 +9.7%
Weighted Average Limited Partnership Units Outstanding Diluted (FY) — — —
Show Statement Class Of Stock breakouts
Class A Common Stock and Non-Voting Common Stock 217,361,945 198,054,451 +9.7%
Revenue 4,755,618 3,690,668 +28.9%
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Management Service · Consolidated Funds 44,772 46,597 -3.9%
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Parent Company · Operating Segments 4,755,618 3,690,668 +28.9%
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Material Reconciling Items -845,864 -194,113 -335.8%
Operating Income (FY) — — —
Show Business Segments breakouts
All Other Segments · Parent Company 27,404 15,686 +74.7%
Credit Group · Parent Company 1,824,711 1,568,157 +16.4%
Private Equity Group · Parent Company 58,320 60,546 -3.7%
Real Assets Group · Parent Company 464,660 212,106 +119.1%
Secondaries Group · Parent Company 208,406 126,172 +65.2%
Show Consolidated Entities breakouts
Parent Company · Operating Segments 2,583,501 1,982,667 +30.3%
Subsidiaries · Material Reconciling Items 2,278 23,693 -90.4%
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Corporate Non Segment -808,201 -620,930 -30.2%
Operating Segments -2,583,501 -1,982,667 -30.3%
Total 1,775,300 1,361,737 +30.4%
Interest Income (FY) — — —
Show Business Segments breakouts
All Other Segments · Parent Company 14,489 35,810 -59.5%
Credit Group · Parent Company 6,704 11,671 -42.6%
Private Equity Group · Parent Company 2,025 1,970 +2.8%
Real Assets Group · Parent Company 6,895 7,649 -9.9%
Secondaries Group · Parent Company 1,176 972 +21.0%
Show Consolidated Entities breakouts
Parent Company · Operating Segments 31,289 58,072 -46.1%
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Corporate Non Segment 2,907 1,723 +68.7%
Total 34,196 59,795 -42.8%
Comprehensive Income (FY) — — —
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Ares Management Corporation · Parent Company 566,862 451,615 +25.5%
Net Income Loss Attributable To Noncontrolling Interest (FY) — — —
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Consolidated Funds · Operating Segments -260,032 -302,846 +14.1%
Consolidated Funds · Variable Interest Entity Primary Beneficiary 271,362 269,743 +0.6%
Show Consolidated Entities breakouts
Subsidiaries · Operating Segments -15,112 -22,267 +32.1%
Income Loss From Equity Method Investments 319,286 52,350 +509.9%
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments (FY) — — —
Show Consolidation Items breakouts
Operating Segments 1,286,893 1,275,352 +0.9%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents (Q) — — —
Show Consolidated Entities breakouts
Consolidated Entity Excluding Vie 959,088 1,227,489 -21.9%
Consolidated Entity Excluding Vie · Reportable Legal Entities 959,088 1,227,489 -21.9%
Parent Company 488,896 1,507,976 -67.6%
Parent Company · Reportable Legal Entities 488,896 1,507,976 -67.6%
Non-Current Assets
Operating Lease Right-of-Use Assets (Q) — — —
Show Consolidated Entities breakouts
Parent Company 517,351 511,319 +1.2%
Parent Company · Reportable Legal Entities 517,351 511,319 +1.2%
Intangible Assets 798,430 408,028 +95.7%
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Parent Company 2,115,830 975,828 +116.8%
Parent Company · Reportable Legal Entities 2,115,830 975,828 +116.8%
Goodwill 3,454,107 1,162,636 +197.1%
Show Business Segments breakouts
Credit Group 313,830 312,032 +0.6%
Private Equity Group 121,408 121,408 0.0%
Real Assets Group 2,601,229 311,569 +734.9%
Secondaries Group 417,640 417,627 0.0%
Show Consolidated Entities breakouts
Parent Company 3,454,107 1,162,636 +197.1%
Parent Company · Reportable Legal Entities 3,454,107 1,162,636 +197.1%
Total Assets 28,633,369 24,884,308 +15.1%
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Credit Group · Equity Method Investment Nonconsolidated Investee Other 34,026,287 27,987,915 +21.6%
Other · Equity Method Investment Nonconsolidated Investee Other 98,950 36,519 +171.0%
Private Equity Group · Equity Method Investment Nonconsolidated Investee Other 6,170,635 5,897,152 +4.6%
Real Assets Group · Equity Method Investment Nonconsolidated Investee Other 38,857,374 21,368,342 +81.8%
Secondaries Group · Equity Method Investment Nonconsolidated Investee Other 8,216,784 15,632,653 -47.4%
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Consolidated Funds · Variable Interest Entity Primary Beneficiary 13,468,979 13,698,611 -1.7%
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Consolidated Entity Excluding Vie · Reportable Legal Entities 14,096,382 14,250,512 -1.1%
Consolidated Entity, Excluding VIE, Including Parent 28,633,369 24,884,308 +15.1%
Parent Company · Reportable Legal Entities 15,994,719 11,653,875 +37.2%
Show Consolidation Items breakouts
Consolidation Eliminations -1,457,732 -1,020,079 -42.9%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Other 87,370,030 70,922,581 +23.2%
Property, Plant & Equipment (Q) — — —
Show Consolidated Entities breakouts
Parent Company 227,826 177,671 +28.2%
Deferred Tax Assets (Q) — — —
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Parent Company 352,291 241,894 +45.6%
Other Assets
Investments (Q) — — —
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Credit Group · Equity Method Investment Nonconsolidated Investee Other 29,976,380 24,635,069 +21.7%
Other · Equity Method Investment Nonconsolidated Investee Other 95,963 35,804 +168.0%
Private Equity Group · Equity Method Investment Nonconsolidated Investee Other 6,070,640 5,906,807 +2.8%
Real Assets Group · Equity Method Investment Nonconsolidated Investee Other 36,607,529 19,966,560 +83.3%
Secondaries Group · Equity Method Investment Nonconsolidated Investee Other 8,018,942 15,191,773 -47.2%
Show Consolidated Entities breakouts
Parent Company 5,508,447 4,644,775 +18.6%
Parent Company · Consolidation Eliminations -1,431,867 -840,237 -70.4%
Parent Company · Reportable Legal Entities 6,940,314 5,485,012 +26.5%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Other 80,769,454 65,736,013 +22.9%
Other Receivables (Q) — — —
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Parent Company 1,420,218 1,056,608 +34.4%
Parent Company · Affiliated Entity 1,420,218 1,056,608 +34.4%
Parent Company · Consolidation Eliminations -25,865 -179,842 +85.6%
Parent Company · Incentive fee receivable from non-consolidated funds 150,674 172,235 -12.5%
Parent Company · Management fees receivable from non-consolidated funds 817,767 636,835 +28.4%
Parent Company · Payments made on behalf of and amounts due from non-consolidated funds and employees 451,777 247,538 +82.5%
Parent Company · Reportable Legal Entities 1,446,083 1,236,450 +17.0%
Other Assets (Q) — — —
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Consolidated Funds 63,966 82,397 -22.4%
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Consolidated Entity Excluding Vie 63,966 82,397 -22.4%
Consolidated Entity Excluding Vie · Reportable Legal Entities 63,966 82,397 -22.4%
Parent Company 1,032,138 774,654 +33.2%
Parent Company · Reportable Legal Entities 1,032,138 774,654 +33.2%
Other Investments (Q) — — —
Show Consolidated Entities breakouts
Consolidated Entity Excluding Vie 12,844,886 12,187,044 +5.4%
Consolidated Entity Excluding Vie · Reportable Legal Entities 12,844,886 12,187,044 +5.4%
Receivable For Securities Sold (Q) — — —
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Consolidated Entity Excluding Vie 228,442 202,782 +12.7%
Consolidated Entity Excluding Vie · Reportable Legal Entities 228,442 202,782 +12.7%
Non-Current Liabilities
Employee Related Liabilities Current And Noncurrent (Q) — — —
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Parent Company 472,978 280,894 +68.4%
Parent Company · Reportable Legal Entities 472,978 280,894 +68.4%
Accounts Payable Other Current And Noncurrent (Q) — — —
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Consolidated Entity Excluding Vie · Consolidation Eliminations -25,021 -178,409 +86.0%
Consolidated Entity Excluding Vie · Reportable Legal Entities 25,021 178,409 -86.0%
Parent Company 810,409 500,480 +61.9%
Parent Company · Affiliated Entity 810,409 500,480 +61.9%
Parent Company · Management fee received in advance and rebates payable to non-consolidated funds 10,197 5,767 +76.8%
Parent Company · Payments made by non-consolidated funds on behalf of and payable by the Company 14,049 13,662 +2.8%
Parent Company · Realized carried interest and incentive fees payable 206,270 78,692 +162.1%
Parent Company · Reportable Legal Entities 810,409 500,480 +61.9%
Parent Company · Tax receivable agreement liability 579,893 402,359 +44.1%
Long-Term Debt (Q) — — —
Show Consolidated Entities breakouts
Parent Company 3,941,415 2,558,914 +54.0%
Parent Company · Reportable Legal Entities 3,941,415 2,558,914 +54.0%
Total Liabilities 19,931,981 17,485,922 +14.0%
Show Business Segments breakouts
Credit Group · Equity Method Investment Nonconsolidated Investee Other 7,857,741 6,403,988 +22.7%
Other · Equity Method Investment Nonconsolidated Investee Other 974 100 +874.0%
Private Equity Group · Equity Method Investment Nonconsolidated Investee Other 189,556 151,502 +25.1%
Real Assets Group · Equity Method Investment Nonconsolidated Investee Other 14,995,035 7,535,764 +99.0%
Secondaries Group · Equity Method Investment Nonconsolidated Investee Other 1,976,349 4,304,893 -54.1%
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Consolidated Funds · Variable Interest Entity Primary Beneficiary 9,354,024 10,879,735 -14.0%
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Consolidated Entity Excluding Vie · Reportable Legal Entities 9,972,631 10,903,026 -8.5%
Consolidated Entity, Excluding VIE, Including Parent 19,931,981 17,485,922 +14.0%
Parent Company · Reportable Legal Entities 10,050,752 6,883,507 +46.0%
Show Consolidation Items breakouts
Consolidation Eliminations -91,402 -300,611 +69.6%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Other 25,019,655 18,396,247 +36.0%
Other Liabilities
Accounts Payable And Other Accrued Liabilities (Q) — — —
Show Consolidated Entities breakouts
Consolidated Entity Excluding Vie 105,137 323,100 -67.5%
Consolidated Entity Excluding Vie · Consolidation Eliminations -585 -466 -25.5%
Consolidated Entity Excluding Vie · Reportable Legal Entities 105,722 323,566 -67.3%
Parent Company 1,204,467 363,872 +231.0%
Parent Company · Consolidation Eliminations -151 -280 +46.1%
Parent Company · Reportable Legal Entities 1,204,618 364,152 +230.8%
Performance Fee Compensation Payable (Q) — — —
Show Consolidated Entities breakouts
Parent Company 2,951,333 2,537,203 +16.3%
Parent Company · Reportable Legal Entities 2,951,333 2,537,203 +16.3%
Operating Lease Liability 669,999 — —
Show Consolidated Entities breakouts
Parent Company 669,999 641,864 +4.4%
Parent Company · Reportable Legal Entities 669,999 641,864 +4.4%
Payable For Securities Purchased (Q) — — —
Show Consolidated Entities breakouts
Consolidated Entity Excluding Vie 165,391 332,406 -50.2%
Consolidated Entity Excluding Vie · Reportable Legal Entities 165,391 332,406 -50.2%
Collateralized Loan Obligations (Q) — — —
Show Debt Instrument breakouts
Senior Notes · Consolidated Funds 6,561,286 8,937,972 -26.6%
Subordinated Debt · Consolidated Funds 797,786 734,217 +8.7%
Show Legal Entity breakouts
Consolidated Funds · Collateralized Loan Obligations 7,359,072 9,672,189 -23.9%
Show Consolidated Entities breakouts
Consolidated Entity Excluding Vie 7,359,072 9,672,189 -23.9%
Consolidated Entity Excluding Vie · Consolidation Eliminations -65,645 -121,456 +46.0%
Consolidated Entity Excluding Vie · Reportable Legal Entities 7,424,717 9,793,645 -24.2%
Fund Borrowings (Q) — — —
Show Consolidated Entities breakouts
Consolidated Entity Excluding Vie 2,251,780 275,000 +718.8%
Consolidated Entity Excluding Vie · Reportable Legal Entities 2,251,780 275,000 +718.8%
Stockholders' Equity
Preferred Stock Value (Q) — — —
Show Consolidated Entities breakouts
Parent Company · Reportable Legal Entities 1,460,030 1,458,771 +0.1%
Parent Company · Series B mandatory convertible preferred stock 1,460,030 1,458,771 +0.1%
Show Statement Class Of Stock breakouts
Series B mandatory convertible preferred stock 1,460,030 1,458,771 +0.1%
Common Stock (Q) — — —
Show Consolidated Entities breakouts
Parent Company · Common Class A 2,185 1,999 +9.3%
Parent Company · Common Class C 1,051 1,098 -4.3%
Parent Company · Nonvoting Common Stock 35 35 0.0%
Parent Company · Reportable Legal Entities 2,185 1,999 +9.3%
Parent Company · Reportable Legal Entities 1,051 1,098 -4.3%
Parent Company · Reportable Legal Entities 35 35 0.0%
Show Statement Class Of Stock breakouts
Common Class A 2,185 1,999 +9.3%
Common Class C 1,051 1,098 -4.3%
Nonvoting Common Stock 35 35 0.0%
Additional Paid-In Capital 4,242,678 2,936,794 +44.5%
Show Consolidated Entities breakouts
Parent Company 4,242,678 2,936,794 +44.5%
Parent Company · Consolidation Eliminations -99,385 33,541 -396.3%
Parent Company · Reportable Legal Entities 4,342,063 2,903,253 +49.6%
Retained Earnings -1,452,259 -837,294 -73.4%
Show Consolidated Entities breakouts
Parent Company -1,452,259 -837,294 -73.4%
Parent Company · Reportable Legal Entities -1,452,259 -837,294 -73.4%
Accumulated Other Comprehensive Income 21,743 -17,757 +222.4%
Show Consolidated Entities breakouts
Parent Company 21,743 -17,757 +222.4%
Parent Company · Reportable Legal Entities 21,743 -17,757 +222.4%
Total Stockholders' Equity 4,275,463 3,543,646 +20.7%
Show Consolidated Entities breakouts
Parent Company 4,275,463 3,543,646 +20.7%
Parent Company · Consolidation Eliminations -99,385 33,541 -396.3%
Parent Company · Reportable Legal Entities 4,374,848 3,510,105 +24.6%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 8,676,092 6,824,190 +27.1%
Show Business Segments breakouts
Credit Group · Equity Method Investment Nonconsolidated Investee Other 26,168,546 21,583,927 +21.2%
Other · Equity Method Investment Nonconsolidated Investee Other 97,976 36,419 +169.0%
Private Equity Group · Equity Method Investment Nonconsolidated Investee Other 5,981,079 5,745,650 +4.1%
Real Assets Group · Equity Method Investment Nonconsolidated Investee Other 23,862,339 13,832,578 +72.5%
Secondaries Group · Equity Method Investment Nonconsolidated Investee Other 6,240,435 11,327,760 -44.9%
Show Equity Components breakouts
Accumulated Other Comprehensive Income 21,743 -17,757 +222.4%
Additional Paid In Capital 4,242,678 2,936,794 +44.5%
Common Stock · Common Class A 2,185 1,999 +9.3%
Common Stock · Common Class C 1,051 1,098 -4.3%
Common Stock · Nonvoting Common Stock 35 35 0.0%
Noncontrolling Interest · Ares Operating Group 1,496,771 1,254,878 +19.3%
Noncontrolling Interest · Consolidated Funds 2,903,858 2,025,666 +43.4%
Preferred Stock · Series B mandatory convertible preferred stock 1,460,030 1,458,771 +0.1%
Retained Earnings -1,452,259 -837,294 -73.4%
Show Consolidated Entities breakouts
Consolidated Entity Excluding Vie · Reportable Legal Entities 4,123,751 2,796,786 +47.4%
Parent Company · Reportable Legal Entities 5,918,671 4,746,872 +24.7%
Show Consolidation Items breakouts
Consolidation Eliminations -1,366,330 -719,468 -89.9%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Other 62,350,375 52,526,334 +18.7%
Total Liabilities & Equity 28,633,369 24,884,308 +15.1%
Show Consolidated Entities breakouts
Consolidated Entity Excluding Vie · Reportable Legal Entities 14,096,382 14,250,512 -1.1%
Parent Company · Reportable Legal Entities 15,994,719 11,653,875 +37.2%
Show Consolidation Items breakouts
Consolidation Eliminations -1,457,732 -1,020,079 -42.9%
Redeemable Noncontrolling Interest Equity Carrying Amount (Q) — — —
Show Consolidated Entities breakouts
Parent Company 25,296 23,496 +7.7%
Parent Company · Reportable Legal Entities 25,296 23,496 +7.7%
Minority Interest (Q) — — —
Show Consolidated Entities breakouts
Consolidated Entity Excluding Vie 2,903,858 2,025,666 +43.4%
Consolidated Entity Excluding Vie · Consolidation Eliminations -1,219,893 -771,120 -58.2%
Consolidated Entity Excluding Vie · Reportable Legal Entities 4,123,751 2,796,786 +47.4%
Parent Company 1,496,771 1,254,878 +19.3%
Parent Company · Consolidation Eliminations -47,052 18,111 -359.8%
Parent Company · Reportable Legal Entities 1,543,823 1,236,767 +24.8%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Stock-Based Compensation (FY) — — —
Show Consolidated Entities breakouts
Parent Company 740,549 352,851 +109.9%
Parent Company · Reportable Legal Entities 740,549 352,851 +109.9%
Depreciation And Amortization (FY) — — —
Show Consolidated Entities breakouts
Parent Company 243,149 158,578 +53.3%
Parent Company · Reportable Legal Entities 243,149 158,578 +53.3%
Gain Loss On Sale Of Investments (FY) — — —
Show Legal Entity breakouts
Consolidated Funds -551,076 -313,963 -75.5%
Consolidated Funds · Consolidated Entity Excluding Vie -554,513 -291,534 -90.2%
Consolidated Funds · Consolidation Eliminations 3,437 -22,429 +115.3%
Show Consolidated Entities breakouts
Parent Company -315,369 -21,463 -1369.4%
Parent Company · Reportable Legal Entities -438,992 -3,399 -12815.3%
Show Consolidation Items breakouts
Consolidation Eliminations 123,623 -18,064 +784.4%
Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1 (FY) — — —
Show Consolidated Entities breakouts
Parent Company 349,706 — —
Parent Company · Reportable Legal Entities 349,706 — —
Show Business Acquisition breakouts
GCP International · DC Earnout And Japan Earnout 298 — —
Payments To Acquire Investments (FY) — — —
Show Legal Entity breakouts
Consolidated Funds -8,284,076 -5,927,444 -39.8%
Consolidated Funds · Consolidated Entity Excluding Vie -8,284,076 -5,927,444 -39.8%
Show Consolidated Entities breakouts
Parent Company -220,846 -580,744 +62.0%
Parent Company · Reportable Legal Entities -349,387 -606,536 +42.4%
Show Consolidation Items breakouts
Consolidation Eliminations 128,541 25,792 +398.4%
Proceeds From Sale Maturity And Collections Of Investments (FY) — — —
Show Legal Entity breakouts
Consolidated Funds 9,830,928 7,569,165 +29.9%
Consolidated Funds · Consolidated Entity Excluding Vie 9,830,928 7,569,165 +29.9%
Show Consolidated Entities breakouts
Parent Company 324,434 683,638 -52.5%
Parent Company · Reportable Legal Entities 474,211 799,221 -40.7%
Show Consolidation Items breakouts
Consolidation Eliminations -149,777 -115,583 -29.6%
Other Non-Cash Items (FY) — — —
Show Legal Entity breakouts
Consolidated Funds -212,962 -48,963 -334.9%
Consolidated Funds · Consolidated Entity Excluding Vie -212,962 -48,963 -334.9%
Show Consolidated Entities breakouts
Parent Company 923 11,755 -92.1%
Parent Company · Reportable Legal Entities 923 11,755 -92.1%
Show Consolidation Items breakouts
Material Reconciling Items 303,200 -12,172 +2591.0%
Operating Segments 303,200 -12,172 +2591.0%
Increase Decrease In Broker Dealer Related Receivables Payables Net (FY) — — —
Show Consolidated Entities breakouts
Parent Company -37,802 -188,174 +79.9%
Parent Company · Reportable Legal Entities -76,075 -214,989 +64.6%
Show Consolidation Items breakouts
Consolidation Eliminations 38,273 26,815 +42.7%
Increase Decrease In Due From And Due To Affiliates Net (FY) — — —
Show Consolidated Entities breakouts
Parent Company 184,751 223,498 -17.3%
Parent Company · Reportable Legal Entities 338,727 214,999 +57.5%
Show Consolidation Items breakouts
Consolidation Eliminations -153,976 8,499 -1911.7%
Increase Decrease In Other Operating Assets (FY) — — —
Show Consolidated Entities breakouts
Parent Company -228,410 -252,644 +9.6%
Parent Company · Reportable Legal Entities -228,410 -252,644 +9.6%
Increase Decrease In Performance Fees Receivable And Payable Net (FY) — — —
Show Consolidated Entities breakouts
Parent Company 132,401 -7,096 +1965.9%
Parent Company · Reportable Legal Entities 132,401 -7,096 +1965.9%
Increase Decrease In Accounts Payable And Accrued Liabilities (FY) — — —
Show Consolidated Entities breakouts
Parent Company 91,962 148,384 -38.0%
Parent Company · Reportable Legal Entities 91,832 137,021 -33.0%
Show Consolidation Items breakouts
Consolidation Eliminations 130 11,363 -98.9%
Increase Decrease In Cash And Cash Equivalents For Operating Activities (FY) — — —
Show Legal Entity breakouts
Consolidated Funds 268,401 -77,978 +444.2%
Consolidated Funds · Consolidation Eliminations 268,401 -77,978 +444.2%
Cash Relinquished With Deconsolidation For Operating Activities (FY) — — —
Show Legal Entity breakouts
Consolidated Funds -151,500 -46,205 -227.9%
Consolidated Funds · Consolidated Entity Excluding Vie -151,500 -46,205 -227.9%
Increase Decrease In Other Assets And Receivables (FY) — — —
Show Legal Entity breakouts
Consolidated Funds 42,359 -49,774 +185.1%
Consolidated Funds · Consolidated Entity Excluding Vie -163,403 -44,647 -266.0%
Consolidated Funds · Consolidation Eliminations 205,762 -5,127 +4113.3%
Increase Decrease In Other Liabilities And Payables (FY) — — —
Show Legal Entity breakouts
Consolidated Funds -28,921 46,998 -161.5%
Consolidated Funds · Consolidated Entity Excluding Vie -28,801 47,464 -160.7%
Consolidated Funds · Consolidation Eliminations -120 -466 +74.2%
Net Cash from Operations 3,266,959 2,791,154 +17.0%
Show Legal Entity breakouts
Consolidated Funds · Consolidated Entity Excluding Vie 849,354 1,560,532 -45.6%
Show Consolidated Entities breakouts
Parent Company · Reportable Legal Entities 2,113,088 1,404,724 +50.4%
Show Consolidation Items breakouts
Consolidation Eliminations 304,517 -174,102 +274.9%
Deferred Income Taxes 83,113 63,489 +30.9%
Show Legal Entity breakouts
Consolidated Funds 6,562 8,405 -21.9%
Show Consolidated Entities breakouts
Parent Company 76,551 55,084 +39.0%
Investing Activities
Payments To Acquire Other Property Plant And Equipment (FY) — — —
Show Consolidated Entities breakouts
Parent Company -72,178 -91,509 +21.1%
Parent Company · Reportable Legal Entities -72,178 -91,509 +21.1%
Payments To Acquire Businesses Net Of Cash Acquired (FY) — — —
Show Consolidated Entities breakouts
Parent Company -1,731,461 -67,895 -2450.2%
Parent Company · Reportable Legal Entities -1,731,461 -67,895 -2450.2%
Net Cash from Investing -1,803,639 -159,404 -1031.5%
Show Consolidated Entities breakouts
Parent Company · Reportable Legal Entities -1,803,639 -159,404 -1031.5%
Noncash Or Part Noncash Acquisition Noncash Financial Or Equity Instrument Consideration Noncontrolling Interest 1,657,882 21,002 +7793.9%
Show Consolidated Entities breakouts
Parent Company · Reportable Legal Entities 1,657,882 21,002 +7793.9%
Financing Activities
Proceeds From Lines Of Credit (FY) — — —
Show Consolidated Entities breakouts
Parent Company 2,860,000 1,210,000 +136.4%
Parent Company · Reportable Legal Entities 2,860,000 1,210,000 +136.4%
Repayments Of Lines Of Credit (FY) — — —
Show Consolidated Entities breakouts
Parent Company -1,480,000 -2,105,000 +29.7%
Parent Company · Reportable Legal Entities -1,480,000 -2,105,000 +29.7%
Payments Of Capital Distribution (FY) — — —
Show Consolidated Entities breakouts
Parent Company -1,756,688 -1,310,896 -34.0%
Parent Company · Reportable Legal Entities -1,756,688 -1,310,896 -34.0%
Payments For Repurchase Of Equity (FY) — — —
Show Consolidated Entities breakouts
Parent Company -436,869 -227,532 -92.0%
Parent Company · Reportable Legal Entities -436,869 -227,532 -92.0%
Proceeds From Payments For Other Financing Activities (FY) — — —
Show Consolidated Entities breakouts
Parent Company 1,914 2,285 -16.2%
Parent Company · Reportable Legal Entities 1,914 2,285 -16.2%
Proceeds From Payments To Minority Shareholders (FY) — — —
Show Legal Entity breakouts
Consolidated Funds 847,431 639,154 +32.6%
Consolidated Funds · Consolidated Entity Excluding Vie 906,990 569,479 +59.3%
Consolidated Funds · Consolidation Eliminations -59,559 69,675 -185.5%
Payments To Minority Shareholders (FY) — — —
Show Legal Entity breakouts
Consolidated Funds -866,535 -124,021 -598.7%
Consolidated Funds · Consolidated Entity Excluding Vie -889,978 -150,470 -491.5%
Consolidated Funds · Consolidation Eliminations 23,443 26,449 -11.4%
Redemptions Of Redeemable Interests In Consolidated Funds (FY) — — —
Show Legal Entity breakouts
Consolidated Funds -509,503 — —
Consolidated Funds · Consolidated Entity Excluding Vie -509,503 — —
Proceeds From Issuance Of Debt (FY) — — —
Show Legal Entity breakouts
Consolidated Funds 1,551,874 359,351 +331.9%
Consolidated Funds · Consolidated Entity Excluding Vie 1,551,874 359,351 +331.9%
Debt Repayments (FY) — — —
Show Legal Entity breakouts
Consolidated Funds -2,638,793 -2,228,351 -18.4%
Consolidated Funds · Consolidated Entity Excluding Vie -2,638,793 -2,228,351 -18.4%
Net Cash from Financing -2,427,169 -1,431,594 -69.5%
Show Legal Entity breakouts
Consolidated Funds · Consolidated Entity Excluding Vie -1,579,410 -1,449,991 -8.9%
Show Consolidated Entities breakouts
Parent Company · Reportable Legal Entities -811,643 -77,727 -944.2%
Show Consolidation Items breakouts
Consolidation Eliminations -36,116 96,124 -137.6%
Debt Issuance Costs (FY) — — —
Show Debt Instrument breakouts
Credit Facility · Parent Company 2,181 1,832 +19.1%
Senior Notes · Parent Company 11 8,662 -99.9%
Amortization of Financing Costs (FY) — — —
Show Debt Instrument breakouts
Credit Facility · Parent Company -1,279 -1,187 -7.8%
Senior Notes · Parent Company -1,745 -1,721 -1.4%
Subordinated Notes · Parent Company -184 -184 0.0%
Supplemental
Interest Paid 675,802 866,760 -22.0%
Show Legal Entity breakouts
Consolidated Funds · Consolidated Entity Excluding Vie 510,410 734,115 -30.5%
Show Consolidated Entities breakouts
Parent Company · Reportable Legal Entities 165,392 132,645 +24.7%
Income Taxes Paid 91,333 107,570 -15.1%
Show Legal Entity breakouts
Consolidated Funds · Consolidated Entity Excluding Vie 318 377 -15.6%
Show Consolidated Entities breakouts
Parent Company · Reportable Legal Entities 91,015 107,193 -15.1%
Income Taxes Paid 91,333 — —
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents -55,231 -40,454 -36.5%
Show Legal Entity breakouts
Consolidated Funds · Consolidated Entity Excluding Vie 10,684 -32,562 +132.8%
Show Consolidated Entities breakouts
Parent Company · Reportable Legal Entities -65,915 -7,892 -735.2%
Net Change in Cash -1,019,080 1,159,702 -187.9%
Show Legal Entity breakouts
Consolidated Funds · Consolidated Entity Excluding Vie -719,372 77,979 -1022.5%
Show Consolidated Entities breakouts
Parent Company · Reportable Legal Entities -568,109 1,159,701 -149.0%
Show Consolidation Items breakouts
Consolidation Eliminations 268,401 -77,978 +444.2%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 488,896 1,507,976 -67.6%
Show Legal Entity breakouts
Consolidated Funds · Consolidated Entity Excluding Vie 508,118 1,227,490 -58.6%
Show Consolidated Entities breakouts
Parent Company 488,896 1,507,976 -67.6%
Parent Company · Reportable Legal Entities 939,866 1,507,975 -37.7%
Show Consolidation Items breakouts
Consolidation Eliminations -959,088 -1,227,489 +21.9%

Values in thousands USD. Source: SEC EDGAR 10-K filing.

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