Ares Management Corp
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| Metric | Q2 2025 | Q2 2024 | YoY |
|---|---|---|---|
| Revenue | 1,350,128 | 788,682 | +71.2% |
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| Administrative Service | 91,563 | 40,973 | +123.5% |
| Administrative Service · Consolidated Funds | 6,555 | 168 | +3801.8% |
| Administrative Service · Consolidation Eliminations | -6,555 | -168 | -3801.8% |
| Administrative Service · Material Reconciling Items | -22,027 | -17,701 | -24.4% |
| Administrative Service · Parent Company | 98,118 | 41,141 | +138.5% |
| Carried interest | 323,901 | -51,167 | +733.0% |
| Carried interest · Consolidated Funds | 7,096 | 11,527 | -38.4% |
| Carried interest · Consolidation Eliminations | -6,834 | -11,527 | +40.7% |
| Carried interest · Parent Company | 330,735 | -39,640 | +934.3% |
| Fee related performance revenues | 16,697 | 21,567 | -22.6% |
| Fee related performance revenues · Credit Group | 314 | 6,404 | -95.1% |
| Fee related performance revenues · Parent Company | 16,697 | 21,567 | -22.6% |
| Fee related performance revenues · Real Assets Group | 147 | — | — |
| Fee related performance revenues · Secondaries Group | 16,236 | 15,163 | +7.1% |
| Management Service | 900,622 | 721,681 | +24.8% |
| Management Service Incentive | 23,079 | 47,734 | -51.7% |
| Management Service Incentive · Consolidation Eliminations | -262 | — | — |
| Management Service Incentive · Parent Company | 23,341 | 47,734 | -51.1% |
| Management Service · All Other Segments | 13,810 | 10,121 | +36.4% |
| Management Service · Consolidation Eliminations | -8,954 | -12,002 | +25.4% |
| Management Service · Credit Group | 617,141 | 534,664 | +15.4% |
| Management Service · Parent Company | 909,576 | 733,683 | +24.0% |
| Management Service · Parent Company | 900,285 | 726,111 | +24.0% |
| Management Service · Private Equity Group | 31,767 | 33,572 | -5.4% |
| Management Service · Real Assets Group | 175,924 | 99,609 | +76.6% |
| Management Service · Secondaries Group | 61,643 | 48,145 | +28.0% |
| Management Service · Total | 900,285 | 726,111 | +24.0% |
| Principal investment income | 10,963 | 29,461 | -62.8% |
| Principal investment income · Consolidation Eliminations | -80,414 | 28,858 | -378.7% |
| Principal investment income · Parent Company | 91,377 | 603 | +15053.7% |
| Service Other · All Other Segments | 132 | 168 | -21.4% |
| Service Other · Corporate Non Segment | 7,831 | 5,480 | +42.9% |
| Service Other · Credit Group | 13,362 | 10,481 | +27.5% |
| Service Other · Parent Company | 68,287 | 17,595 | +288.1% |
| Service Other · Private Equity Group | 434 | 447 | -2.9% |
| Service Other · Real Assets Group | 48,558 | 6,445 | +653.4% |
| Service Other · Secondaries Group | 5,801 | 54 | +10642.6% |
| Service Other · Total | 76,118 | 23,075 | +229.9% |
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| Parent Company | 1,350,128 | 788,682 | +71.2% |
| Parent Company · Reportable Legal Entities | 1,453,147 | 783,521 | +85.5% |
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| Consolidation Eliminations | -103,019 | 5,161 | -2096.1% |
| Labor And Related Expense | 643,709 | 419,858 | +53.3% |
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| All Other Segments · Parent Company | 6,470 | 5,100 | +26.9% |
| Credit Group · Parent Company | 160,205 | 142,658 | +12.3% |
| Private Equity Group · Parent Company | 16,796 | 14,075 | +19.3% |
| Real Assets Group · Parent Company | 80,289 | 39,125 | +105.2% |
| Secondaries Group · Parent Company | 23,067 | 20,825 | +10.8% |
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| Parent Company · Operating Segments | 286,827 | 221,783 | +29.3% |
| Parent Company · Reportable Legal Entities | 643,709 | 419,858 | +53.3% |
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| Corporate Non Segment | 134,645 | 98,370 | +36.9% |
| Total | 421,472 | 320,153 | +31.6% |
| Noninterest Expense Related To Performance Fees Net | 234,706 | -28,985 | +909.7% |
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| Parent Company · Reportable Legal Entities | 234,706 | -28,985 | +909.7% |
| Selling, General & Administrative | 232,156 | 169,432 | +37.0% |
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| All Other Segments · Parent Company | 2,708 | 1,892 | +43.1% |
| Credit Group · Parent Company | 44,302 | 40,610 | +9.1% |
| Private Equity Group · Parent Company | 5,559 | 5,490 | +1.3% |
| Real Assets Group · Parent Company | 30,695 | 15,286 | +100.8% |
| Secondaries Group · Parent Company | 10,076 | 8,896 | +13.3% |
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| Parent Company · Operating Segments | 93,340 | 72,174 | +29.3% |
| Parent Company · Reportable Legal Entities | 232,156 | 169,432 | +37.0% |
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| Corporate Non Segment | 69,177 | 53,910 | +28.3% |
| Total | 162,517 | 126,084 | +28.9% |
| Noninterest Expense Investment Advisory Fees | 27,007 | 4,239 | +537.1% |
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| Consolidated Entity Excluding Vie · Reportable Legal Entities | 42,778 | 16,409 | +160.7% |
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| Consolidation Eliminations | -15,771 | -12,170 | -29.6% |
| Operating Expenses | 1,137,578 | 564,544 | +101.5% |
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| Consolidated Funds · Operating Segments | 1,137,578 | 564,544 | +101.5% |
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| Consolidated Entity Excluding Vie · Reportable Legal Entities | 42,778 | 16,409 | +160.7% |
| Parent Company · Operating Segments | 419,238 | 362,953 | +15.5% |
| Parent Company · Reportable Legal Entities | 1,110,571 | 560,305 | +98.2% |
| Subsidiaries · Material Reconciling Items | -16,522 | 1,215 | -1459.8% |
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| Consolidation Eliminations | -15,771 | -12,170 | -29.6% |
| Corporate Non Segment | 203,822 | 152,280 | +33.8% |
| Material Reconciling Items | 718,340 | 201,591 | +256.3% |
| Gain Loss On Investments (Q) | — | — | — |
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| Ares Operating Group | 12,708 | 8,339 | +52.4% |
| Ares Operating Group · Consolidation Eliminations | -9,843 | -4,660 | -111.2% |
| Ares Operating Group · Parent Company | 22,551 | 12,999 | +73.5% |
| Consolidated Funds | 127,752 | 93,523 | +36.6% |
| Consolidated Funds · Consolidated Entity Excluding Vie | 130,282 | 86,119 | +51.3% |
| Consolidated Funds · Consolidation Eliminations | -2,530 | 7,404 | -134.2% |
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| Corporate Non Segment | -7,831 | -5,481 | -42.9% |
| Investment Income Interest And Dividend (Q) | — | — | — |
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| Ares Operating Group | 7,772 | 7,017 | +10.8% |
| Ares Operating Group · Consolidation Eliminations | -41 | -3,035 | +98.6% |
| Ares Operating Group · Parent Company | 7,813 | 10,052 | -22.3% |
| Interest Expense (Q) | — | — | — |
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| Ares Operating Group | -43,575 | -37,500 | -16.2% |
| Ares Operating Group · Parent Company | -43,575 | -37,500 | -16.2% |
| Consolidated Funds | -145,638 | -217,613 | +33.1% |
| Consolidated Funds · Consolidated Entity Excluding Vie | -146,467 | -218,691 | +33.0% |
| Consolidated Funds · Consolidation Eliminations | 829 | 1,078 | -23.1% |
| Other Non-Operating Income (Expense) (Q) | — | — | — |
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| Ares Operating Group | -46,521 | -938 | -4859.6% |
| Ares Operating Group · Consolidation Eliminations | 614 | 985 | -37.7% |
| Ares Operating Group · Parent Company | -47,135 | -1,923 | -2351.1% |
| Consolidated Funds · Intersegment Elimination | 10,971 | -1,233 | +989.8% |
| Investment Income Net (Q) | — | — | — |
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| Consolidated Funds | 161,890 | 240,359 | -32.6% |
| Consolidated Funds · Consolidated Entity Excluding Vie | 161,890 | 240,898 | -32.8% |
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| Operating Segments | -27,527 | -2,539 | -984.2% |
| Non-Operating Income (Expense) | 74,388 | 93,187 | -20.2% |
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| Consolidated Funds · Operating Segments | 74,388 | 93,187 | -20.2% |
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| Consolidated Entity Excluding Vie · Reportable Legal Entities | 145,705 | 108,326 | +34.5% |
| Parent Company · Operating Segments | -27,527 | -2,539 | -984.2% |
| Parent Company · Reportable Legal Entities | -60,346 | -16,372 | -268.6% |
| Subsidiaries · Material Reconciling Items | -27,163 | 11,430 | -337.6% |
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| Consolidation Eliminations | -10,971 | 1,233 | -989.8% |
| Material Reconciling Items | -101,915 | -95,726 | -6.5% |
| Income Before Taxes | 286,938 | 317,325 | -9.6% |
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| Consolidated Entity Excluding Vie · Reportable Legal Entities | 102,927 | 91,917 | +12.0% |
| Parent Company · Reportable Legal Entities | 282,230 | 206,844 | +36.4% |
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| Consolidation Eliminations | -98,219 | 18,564 | -629.1% |
| Income Tax Expense (Benefit) | 60,958 | 41,074 | +48.4% |
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| Consolidated Entity Excluding Vie · Reportable Legal Entities | 709 | 4,992 | -85.8% |
| Parent Company · Reportable Legal Entities | 60,249 | 36,082 | +67.0% |
| Net Income Loss Including Portion Attributable To Noncontrolling Interest And Consolidated Entities | 225,980 | 276,251 | -18.2% |
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| Consolidated Entity Excluding Vie · Reportable Legal Entities | 102,218 | 86,925 | +17.6% |
| Parent Company · Reportable Legal Entities | 221,981 | 170,762 | +30.0% |
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| Consolidation Eliminations | -98,219 | 18,564 | -629.1% |
| Net Income Loss Attributable To Noncontrolling Interest Consolidated Entities | 3,999 | 105,489 | -96.2% |
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| Consolidated Funds | 3,999 | 105,489 | -96.2% |
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| Consolidated Entity Excluding Vie · Reportable Legal Entities | 102,218 | 86,925 | +17.6% |
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| Consolidation Eliminations | -98,219 | 18,564 | -629.1% |
| Net Income | 221,981 | 170,762 | +30.0% |
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| Ares Operating Group | 221,981 | 170,762 | +30.0% |
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| Parent Company · Reportable Legal Entities | 221,981 | 170,762 | +30.0% |
| Net Income Loss Attributable To Redeemable Noncontrolling Interest | -274 | -387 | +29.2% |
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| Ares Operating Group | -274 | -387 | +29.2% |
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| Parent Company · Reportable Legal Entities | -274 | -387 | +29.2% |
| Net Income Loss Attributable To Noncontrolling Interest Parent Only | 85,193 | 76,211 | +11.8% |
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| Ares Operating Group | 85,193 | 76,211 | +11.8% |
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| Parent Company · Reportable Legal Entities | 85,193 | 76,211 | +11.8% |
| Net Income | 137,062 | 94,938 | +44.4% |
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| Parent Company · Reportable Legal Entities | 137,062 | — | — |
| Dividends Preferred Stock (Q) | — | — | — |
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| Parent Company · Reportable Legal Entities | 25,312 | — | — |
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| Series B mandatory convertible preferred stock | 25,312 | — | — |
| Net Income Loss Available To Common Stockholders Basic | 111,750 | 94,938 | +17.7% |
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| Parent Company · Reportable Legal Entities | 111,750 | 94,938 | +17.7% |
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| Class A Common Stock and Non-Voting Common Stock | 111,750 | 94,938 | +17.7% |
| Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax (Q) | — | — | — |
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| Class A Common Stock and Non-Voting Common Stock | 0.46 | 0.43 | +7.0% |
| Net Income Loss Net Of Tax Per Outstanding Limited Partnership Unit Diluted (Q) | — | — | — |
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| Class A Common Stock and Non-Voting Common Stock | 0.46 | 0.43 | +7.0% |
| Weighted Average Limited Partnership Units Outstanding (Q) | — | — | — |
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| Class A Common Stock and Non-Voting Common Stock | 218,915,599 | 196,186,922 | +11.6% |
| Weighted Average Limited Partnership Units Outstanding Diluted (Q) | — | — | — |
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| Class A Common Stock and Non-Voting Common Stock | 218,915,599 | 196,186,922 | +11.6% |
| Revenue | 1,040,823 | 874,915 | +19.0% |
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| Management Service · Consolidated Funds | 8,954 | 12,002 | -25.4% |
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| Parent Company · Operating Segments | 1,040,823 | 874,915 | +19.0% |
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| Material Reconciling Items | -309,305 | 86,233 | -458.7% |
| Operating Income (Q) | — | — | — |
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| All Other Segments · Parent Company | 4,764 | 3,297 | +44.5% |
| Credit Group · Parent Company | 426,310 | 368,281 | +15.8% |
| Private Equity Group · Parent Company | 9,846 | 14,454 | -31.9% |
| Real Assets Group · Parent Company | 113,645 | 51,643 | +120.1% |
| Secondaries Group · Parent Company | 50,537 | 33,641 | +50.2% |
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| Parent Company · Operating Segments | 605,102 | 471,316 | +28.4% |
| Subsidiaries · Material Reconciling Items | -9,503 | 7,142 | -233.1% |
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| Corporate Non Segment | -195,991 | -146,800 | -33.5% |
| Operating Segments | -605,102 | -471,316 | -28.4% |
| Total | 409,111 | 324,516 | +26.1% |
| Interest Income (Q) | — | — | — |
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| All Other Segments · Parent Company | 1,085 | 23,916 | -95.5% |
| Credit Group · Parent Company | 1,135 | 1,686 | -32.7% |
| Private Equity Group · Parent Company | 1 | 3 | -66.7% |
| Real Assets Group · Parent Company | 665 | 2,598 | -74.4% |
| Secondaries Group · Parent Company | 23 | 21 | +9.5% |
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| Parent Company · Operating Segments | 2,909 | 28,224 | -89.7% |
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| Corporate Non Segment | 646 | 411 | +57.2% |
| Total | 3,555 | 28,635 | -87.6% |
| Comprehensive Income (Q) | — | — | — |
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| Ares Management Corporation · Parent Company | 144,914 | 94,937 | +52.6% |
| Net Income Loss Attributable To Noncontrolling Interest (Q) | — | — | — |
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| Consolidated Funds · Operating Segments | -4,708 | -110,481 | +95.7% |
| Consolidated Funds · Variable Interest Entity Primary Beneficiary | 2,298 | 100,969 | -97.7% |
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| Subsidiaries · Operating Segments | -5,317 | -3,942 | -34.9% |
| Income Loss From Equity Method Investments | 19,704 | 33,414 | -41.0% |
| Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments (Q) | — | — | — |
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| Operating Segments | 286,938 | 317,325 | -9.6% |
Balance Sheet
| Metric | Q2 2025 | Q2 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents (Q) | — | — | — |
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| Consolidated Entity Excluding Vie | 1,022,249 | — | — |
| Consolidated Entity Excluding Vie · Reportable Legal Entities | 1,022,249 | — | — |
| Parent Company | 509,656 | — | — |
| Parent Company · Reportable Legal Entities | 509,656 | — | — |
| Non-Current Assets | |||
| Operating Lease Right-of-Use Assets (Q) | — | — | — |
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| Parent Company | 540,463 | — | — |
| Parent Company · Reportable Legal Entities | 540,463 | — | — |
| Intangible Assets | 902,665 | — | — |
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| Parent Company | 2,220,065 | — | — |
| Parent Company · Reportable Legal Entities | 2,220,065 | — | — |
| Goodwill | 3,436,192 | — | — |
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| Credit Group | 312,139 | — | — |
| Private Equity Group | 121,408 | — | — |
| Real Assets Group | 2,585,002 | — | — |
| Secondaries Group | 417,643 | — | — |
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| Parent Company | 3,436,192 | — | — |
| Parent Company · Reportable Legal Entities | 3,436,192 | — | — |
| Total Assets | 27,264,941 | — | — |
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| Consolidated Funds · Variable Interest Entity Primary Beneficiary | 12,826,334 | — | — |
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| Consolidated Entity Excluding Vie · Reportable Legal Entities | 13,387,312 | — | — |
| Consolidated Entity, Excluding VIE, Including Parent | 27,264,941 | — | — |
| Parent Company · Reportable Legal Entities | 14,924,792 | — | — |
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| Consolidation Eliminations | -1,047,163 | — | — |
| Other Assets | |||
| Investments (Q) | — | — | — |
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| Parent Company | 5,122,676 | — | — |
| Parent Company · Consolidation Eliminations | -1,026,308 | — | — |
| Parent Company · Reportable Legal Entities | 6,148,984 | — | — |
| Other Receivables (Q) | — | — | — |
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| Parent Company | 1,134,516 | — | — |
| Parent Company · Affiliated Entity | 1,134,516 | — | — |
| Parent Company · Consolidation Eliminations | -20,855 | — | — |
| Parent Company · Incentive fee receivable from non-consolidated funds | 12,490 | — | — |
| Parent Company · Management fees receivable from non-consolidated funds | 741,576 | — | — |
| Parent Company · Payments made on behalf of and amounts due from non-consolidated funds and employees | 380,450 | — | — |
| Parent Company · Reportable Legal Entities | 1,155,371 | — | — |
| Other Assets (Q) | — | — | — |
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| Consolidated Entity Excluding Vie | 58,134 | — | — |
| Consolidated Entity Excluding Vie · Reportable Legal Entities | 58,134 | — | — |
| Parent Company | 914,061 | — | — |
| Parent Company · Reportable Legal Entities | 914,061 | — | — |
| Securities Held As Collateral At Fair Value (Q) | — | — | — |
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| Consolidated Entity Excluding Vie | 558,150 | — | — |
| Consolidated Entity Excluding Vie · Reportable Legal Entities | 558,150 | — | — |
| Other Investments (Q) | — | — | — |
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| Consolidated Entity Excluding Vie | 11,557,348 | — | — |
| Consolidated Entity Excluding Vie · Reportable Legal Entities | 11,557,348 | — | — |
| Receivable For Securities Sold (Q) | — | — | — |
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| Consolidated Entity Excluding Vie | 191,431 | — | — |
| Consolidated Entity Excluding Vie · Reportable Legal Entities | 191,431 | — | — |
| Non-Current Liabilities | |||
| Employee Related Liabilities Current And Noncurrent (Q) | — | — | — |
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| Parent Company | 438,196 | — | — |
| Parent Company · Reportable Legal Entities | 438,196 | — | — |
| Accounts Payable Other Current And Noncurrent (Q) | — | — | — |
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| Consolidated Entity Excluding Vie · Consolidation Eliminations | -20,108 | — | — |
| Consolidated Entity Excluding Vie · Reportable Legal Entities | 20,108 | — | — |
| Parent Company | 587,400 | — | — |
| Parent Company · Affiliated Entity | 587,400 | — | — |
| Parent Company · Management fee received in advance and rebates payable to non-consolidated funds | 739 | — | — |
| Parent Company · Payments made by non-consolidated funds on behalf of and payable by the Company | 12,099 | — | — |
| Parent Company · Realized carried interest and incentive fees payable | 65,917 | — | — |
| Parent Company · Reportable Legal Entities | 587,400 | — | — |
| Parent Company · Tax receivable agreement liability | 508,645 | — | — |
| Long-Term Debt (Q) | — | — | — |
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| Parent Company | 3,675,154 | — | — |
| Parent Company · Reportable Legal Entities | 3,675,154 | — | — |
| Total Liabilities | 18,425,558 | — | — |
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| Consolidated Funds · Variable Interest Entity Primary Beneficiary | 9,540,223 | — | — |
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| Consolidated Entity Excluding Vie · Reportable Legal Entities | 9,565,796 | — | — |
| Consolidated Entity, Excluding VIE, Including Parent | 18,425,558 | — | — |
| Parent Company · Reportable Legal Entities | 8,932,901 | — | — |
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| Consolidation Eliminations | -73,139 | — | — |
| Other Liabilities | |||
| Accounts Payable And Other Accrued Liabilities (Q) | — | — | — |
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| Consolidated Entity Excluding Vie | 139,680 | — | — |
| Consolidated Entity Excluding Vie · Consolidation Eliminations | -202 | — | — |
| Consolidated Entity Excluding Vie · Reportable Legal Entities | 139,882 | — | — |
| Parent Company | 875,754 | — | — |
| Parent Company · Consolidation Eliminations | -266 | — | — |
| Parent Company · Reportable Legal Entities | 876,020 | — | — |
| Performance Fee Compensation Payable (Q) | — | — | — |
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| Parent Company | 2,669,386 | — | — |
| Parent Company · Reportable Legal Entities | 2,669,386 | — | — |
| Operating Lease Liability | 686,745 | — | — |
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| Parent Company | 686,745 | — | — |
| Parent Company · Reportable Legal Entities | 686,745 | — | — |
| Payable For Securities Purchased (Q) | — | — | — |
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| Consolidated Entity Excluding Vie | 244,012 | — | — |
| Consolidated Entity Excluding Vie · Reportable Legal Entities | 244,012 | — | — |
| Collateralized Loan Obligations (Q) | — | — | — |
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| Senior Notes · Consolidated Funds | 7,728,543 | — | — |
| Subordinated Debt · Consolidated Funds | 713,682 | — | — |
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| Consolidated Funds · Collateralized Loan Obligations | 8,442,225 | — | — |
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| Consolidated Entity Excluding Vie | 8,442,225 | — | — |
| Consolidated Entity Excluding Vie · Consolidation Eliminations | -52,563 | — | — |
| Consolidated Entity Excluding Vie · Reportable Legal Entities | 8,494,788 | — | — |
| Fund Borrowings (Q) | — | — | — |
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| Consolidated Funds | 667,006 | — | — |
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| Consolidated Entity Excluding Vie | 667,006 | — | — |
| Consolidated Entity Excluding Vie · Reportable Legal Entities | 667,006 | — | — |
| Stockholders' Equity | |||
| Preferred Stock Value (Q) | — | — | — |
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| Parent Company · Reportable Legal Entities | 1,459,918 | — | — |
| Parent Company · Series B mandatory convertible preferred stock | 1,459,918 | — | — |
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| Series B mandatory convertible preferred stock | 1,459,918 | — | — |
| Common Stock (Q) | — | — | — |
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| Parent Company · Common Class A | 2,159 | — | — |
| Parent Company · Common Class C | 1,073 | — | — |
| Parent Company · Nonvoting Common Stock | 35 | — | — |
| Parent Company · Reportable Legal Entities | 2,159 | — | — |
| Parent Company · Reportable Legal Entities | 35 | — | — |
| Parent Company · Reportable Legal Entities | 1,073 | — | — |
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| Common Class A | 2,159 | — | — |
| Common Class C | 1,073 | — | — |
| Nonvoting Common Stock | 35 | — | — |
| Additional Paid-In Capital | 4,088,061 | — | — |
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| Parent Company | 4,088,061 | — | — |
| Parent Company · Consolidation Eliminations | -25,602 | — | — |
| Parent Company · Reportable Legal Entities | 4,113,663 | — | — |
| Retained Earnings | -1,221,611 | — | — |
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| Parent Company | -1,221,611 | — | — |
| Parent Company · Reportable Legal Entities | -1,221,611 | — | — |
| Accumulated Other Comprehensive Income | 32,196 | — | — |
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| Parent Company | 32,196 | — | — |
| Parent Company · Reportable Legal Entities | 32,196 | — | — |
| Total Stockholders' Equity | 4,361,831 | — | — |
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| Parent Company | 4,361,831 | — | — |
| Parent Company · Consolidation Eliminations | -25,602 | — | — |
| Parent Company · Reportable Legal Entities | 4,387,433 | — | — |
| Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 8,257,198 | 5,197,090 | +58.9% |
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| Accumulated Other Comprehensive Income | 32,196 | -10,481 | +407.2% |
| Additional Paid In Capital | 4,088,061 | 2,721,980 | +50.2% |
| Common Stock · Common Class A | 2,159 | 1,957 | +10.3% |
| Common Stock · Common Class C | 1,073 | 1,133 | -5.3% |
| Common Stock · Nonvoting Common Stock | 35 | 35 | 0.0% |
| Noncontrolling Interest · Ares Operating Group | 1,567,802 | 1,289,401 | +21.6% |
| Noncontrolling Interest · Consolidated Funds | 2,327,565 | 1,905,921 | +22.1% |
| Preferred Stock · Series B mandatory convertible preferred stock | 1,459,918 | — | — |
| Retained Earnings | -1,221,611 | -712,856 | -71.4% |
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| Consolidated Entity Excluding Vie · Reportable Legal Entities | 3,263,466 | — | — |
| Parent Company · Reportable Legal Entities | 5,967,756 | — | — |
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| Consolidation Eliminations | -974,024 | — | — |
| Total Liabilities & Equity | 27,264,941 | — | — |
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| Consolidated Entity Excluding Vie · Reportable Legal Entities | 13,387,312 | — | — |
| Parent Company · Reportable Legal Entities | 14,924,792 | — | — |
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| Consolidation Eliminations | -1,047,163 | — | — |
| Redeemable Noncontrolling Interest Equity Carrying Amount (Q) | — | — | — |
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| Consolidated Entity Excluding Vie | 558,050 | — | — |
| Consolidated Entity Excluding Vie · Reportable Legal Entities | 558,050 | — | — |
| Parent Company | 24,135 | — | — |
| Parent Company · Reportable Legal Entities | 24,135 | — | — |
| Minority Interest (Q) | — | — | — |
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| Consolidated Entity Excluding Vie | 2,327,565 | — | — |
| Consolidated Entity Excluding Vie · Consolidation Eliminations | -935,901 | — | — |
| Consolidated Entity Excluding Vie · Reportable Legal Entities | 3,263,466 | — | — |
| Parent Company | 1,567,802 | — | — |
| Parent Company · Consolidation Eliminations | -12,521 | — | — |
| Parent Company · Reportable Legal Entities | 1,580,323 | — | — |
Cash Flow Statement
| Metric | YTD Q2 2025 | YTD Q2 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities (YTD) | — | — | — |
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| Consolidated Funds | 1,163,402 | 323,364 | +259.8% |
| Consolidated Funds · Consolidation Eliminations | -12,289 | -9,476 | -29.7% |
| Consolidated Funds · Reportable Legal Entities | 1,175,691 | 332,840 | +253.2% |
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| Parent Company | 462,314 | 303,360 | +52.4% |
| Parent Company · Consolidation Eliminations | -86,146 | -129,326 | +33.4% |
| Parent Company · Reportable Legal Entities | 548,460 | 432,686 | +26.8% |
| Other Operating Activities Cash Flow Statement (YTD) | — | — | — |
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| Parent Company | 189,680 | 157,389 | +20.5% |
| Parent Company · Consolidation Eliminations | -136,882 | 18,283 | -848.7% |
| Parent Company · Reportable Legal Entities | 326,562 | 139,106 | +134.8% |
| Increase Decrease In Cash And Cash Equivalents For Operating Activities (YTD) | — | — | — |
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| Consolidated Funds | 245,027 | -121,962 | +300.9% |
| Consolidated Funds · Consolidation Eliminations | 434,849 | -89,871 | +583.9% |
| Consolidated Funds · Reportable Legal Entities | -189,822 | -32,091 | -491.5% |
| Net Cash from Operations | 2,409,904 | 1,142,217 | +111.0% |
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| Consolidated Funds · Consolidated Entity Excluding Vie | 1,155,823 | 451,073 | +156.2% |
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| Parent Company · Reportable Legal Entities | 1,164,527 | 879,653 | +32.4% |
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| Consolidation Eliminations | 89,554 | -188,509 | +147.5% |
| Other Non-Cash Items (YTD) | — | — | — |
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| Subsidiaries · Material Reconciling Items | 1,003 | 3,302 | -69.6% |
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| Operating Segments | 29,689 | -11,299 | +362.8% |
| Investing Activities | |||
| Payments To Acquire Other Property Plant And Equipment (YTD) | — | — | — |
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| Parent Company | -44,893 | -55,309 | +18.8% |
| Parent Company · Reportable Legal Entities | -44,893 | -55,309 | +18.8% |
| Payments To Acquire Businesses Net Of Cash Acquired (YTD) | — | — | — |
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| Parent Company | -1,722,715 | -8,000 | -21433.9% |
| Parent Company · Reportable Legal Entities | -1,722,715 | -8,000 | -21433.9% |
| Net Cash from Investing | -1,767,608 | -63,309 | -2692.0% |
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| Parent Company · Reportable Legal Entities | -1,767,608 | -63,309 | -2692.0% |
| Noncash Or Part Noncash Acquisition Noncash Financial Or Equity Instrument Consideration Noncontrolling Interest | 1,657,881 | 7,724 | +21364.0% |
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| Parent Company · Reportable Legal Entities | 1,657,881 | 7,724 | +21364.0% |
| Financing Activities | |||
| Proceeds From Lines Of Credit (YTD) | — | — | — |
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| Parent Company | 1,525,000 | 650,000 | +134.6% |
| Parent Company · Reportable Legal Entities | 1,525,000 | 650,000 | +134.6% |
| Repayments Of Lines Of Credit (YTD) | — | — | — |
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| Parent Company | -410,000 | -1,050,000 | +61.0% |
| Parent Company · Reportable Legal Entities | -410,000 | -1,050,000 | +61.0% |
| Payments Of Capital Distribution (YTD) | — | — | — |
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| Parent Company | -873,259 | -632,260 | -38.1% |
| Parent Company · Reportable Legal Entities | -873,259 | -632,260 | -38.1% |
| Payments For Repurchase Of Equity (YTD) | — | — | — |
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| Parent Company | -416,609 | -203,076 | -105.1% |
| Parent Company · Reportable Legal Entities | -416,609 | -203,076 | -105.1% |
| Proceeds From Payments For Other Financing Activities (YTD) | — | — | — |
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| Parent Company | 1,790 | 1,303 | +37.4% |
| Parent Company · Reportable Legal Entities | 1,790 | 1,303 | +37.4% |
| Proceeds From Minority Shareholders (YTD) | — | — | — |
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| Consolidated Funds | 160,147 | 511,610 | -68.7% |
| Consolidated Funds · Consolidated Entity Excluding Vie | 167,832 | 434,961 | -61.4% |
| Consolidated Funds · Consolidation Eliminations | -7,685 | -76,649 | +90.0% |
| Payments To Minority Shareholders (YTD) | — | — | — |
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| Consolidated Funds | -319,756 | -47,604 | -571.7% |
| Consolidated Funds · Consolidated Entity Excluding Vie | -443,128 | -67,934 | -552.3% |
| Consolidated Funds · Consolidation Eliminations | 123,372 | 20,330 | +506.8% |
| Redemptions Of Redeemable Interests In Consolidated Funds (YTD) | — | — | — |
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| Consolidated Funds | 7,143 | — | — |
| Consolidated Funds · Consolidated Entity Excluding Vie | 7,143 | — | — |
| Proceeds From Issuance Of Debt (YTD) | — | — | — |
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| Consolidated Funds | 312,491 | 167,135 | +87.0% |
| Consolidated Funds · Consolidated Entity Excluding Vie | 312,491 | 167,135 | +87.0% |
| Debt Repayments (YTD) | — | — | — |
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| Consolidated Funds | -1,717,589 | -878,545 | -95.5% |
| Consolidated Funds · Consolidated Entity Excluding Vie | -1,717,589 | -878,545 | -95.5% |
| Net Cash from Financing | -1,744,928 | -1,125,531 | -55.0% |
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| Consolidated Funds · Consolidated Entity Excluding Vie | -1,687,537 | -344,383 | -390.0% |
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| Parent Company · Reportable Legal Entities | -173,078 | -878,127 | +80.3% |
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| Consolidation Eliminations | 115,687 | 96,979 | +19.3% |
| Debt Issuance Costs (YTD) | — | — | — |
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| Credit Facility · Parent Company | 2,206 | 1,784 | +23.7% |
| Senior Notes · Parent Company | 11 | — | — |
| Amortization of Financing Costs (YTD) | — | — | — |
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| Credit Facility · Parent Company | -610 | -613 | +0.5% |
| Senior Notes · Parent Company | -873 | -821 | -6.3% |
| Subordinated Notes · Parent Company | -92 | -92 | 0.0% |
| Other Cash Flow | |||
| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 104,312 | -17,206 | +706.3% |
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| Consolidated Funds · Consolidated Entity Excluding Vie | 76,350 | -15,160 | +603.6% |
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| Parent Company · Reportable Legal Entities | 27,962 | -2,046 | +1466.7% |
| Net Change in Cash | -998,320 | -63,829 | -1464.1% |
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| Consolidated Funds · Consolidated Entity Excluding Vie | -455,364 | 91,530 | -597.5% |
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| Parent Company · Reportable Legal Entities | -748,197 | -63,829 | -1072.2% |
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| Consolidation Eliminations | 205,241 | -91,530 | +324.2% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 509,656 | 284,445 | +79.2% |
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| Consolidated Funds · Consolidated Entity Excluding Vie | 772,125 | 1,241,041 | -37.8% |
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| Parent Company | 509,656 | 284,445 | +79.2% |
| Parent Company · Reportable Legal Entities | 759,779 | 284,445 | +167.1% |
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| Consolidation Eliminations | -1,022,248 | -1,241,041 | +17.6% |
Values in thousands USD. Source: SEC EDGAR 10-Q filing.