Ares Management Corp
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| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Revenue | 1,504,921 | 1,258,997 | +19.5% |
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| Administrative Service | 104,554 | 43,672 | +139.4% |
| Administrative Service · Consolidated Funds | 85 | 116 | -26.7% |
| Administrative Service · Consolidation Eliminations | -85 | -116 | +26.7% |
| Administrative Service · Material Reconciling Items | -27,603 | -18,162 | -52.0% |
| Administrative Service · Parent Company | 104,639 | 43,788 | +139.0% |
| Carried interest | 205,401 | 196,174 | +4.7% |
| Carried interest · Consolidated Funds | 13,274 | 9,651 | +37.5% |
| Carried interest · Consolidation Eliminations | -11,281 | -8,328 | -35.5% |
| Carried interest · Parent Company | 216,682 | 204,502 | +6.0% |
| Fee related performance revenues · Parent Company | 171,158 | 161,984 | +5.7% |
| Fee related performance revenues · Total | 171,158 | 161,984 | +5.7% |
| Management Service | 991,096 | 779,156 | +27.2% |
| Management Service Incentive | 206,658 | 239,118 | -13.6% |
| Management Service Incentive · Consolidation Eliminations | -1,993 | -1,323 | -50.6% |
| Management Service Incentive · Parent Company | 208,651 | 240,441 | -13.2% |
| Management Service · All Other Segments | 16,702 | 12,503 | +33.6% |
| Management Service · Consolidation Eliminations | -17,405 | -10,482 | -66.0% |
| Management Service · Parent Company | 1,008,501 | 789,638 | +27.7% |
| Management Service · Parent Company | 993,655 | 780,692 | +27.3% |
| Management Service · Total | 993,655 | 780,692 | +27.3% |
| Principal investment income | -2,788 | 877 | -417.9% |
| Principal investment income · Consolidation Eliminations | 50,363 | -25,452 | +297.9% |
| Principal investment income · Parent Company | -53,151 | 26,329 | -301.9% |
| Service Other · All Other Segments | 152 | 127 | +19.7% |
| Service Other · Corporate Non Segment | 5,001 | 5,291 | -5.5% |
| Service Other · Parent Company | 72,213 | 20,057 | +260.0% |
| Service Other · Total | 77,214 | 25,348 | +204.6% |
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| Revenue | 129,258 | 153,783 | -15.9% |
| Revenue | -25,810 | -20,086 | -28.5% |
| Revenue | 2,448,214 | 2,128,896 | +15.0% |
| Revenue | 58,074 | 88,210 | -34.2% |
| Revenue | 597,257 | 353,048 | +69.2% |
| Revenue | 195,194 | 148,367 | +31.6% |
| Revenue | -28,203 | -7,101 | -297.2% |
| Revenue | -79,274 | -47,225 | -67.9% |
| Revenue | 100,006 | -21,657 | +561.8% |
| Revenue | -74,518 | -48,698 | -53.0% |
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| Parent Company | 1,504,921 | 1,258,997 | +19.5% |
| Parent Company · Reportable Legal Entities | 1,485,322 | 1,304,698 | +13.8% |
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| Consolidation Eliminations | 19,599 | -45,701 | +142.9% |
| Labor And Related Expense | 604,956 | 463,062 | +30.6% |
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| All Other Segments · Parent Company | 2,286 | 3,545 | -35.5% |
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| Labor And Related Expense | 251,328 | 234,815 | +7.0% |
| Labor And Related Expense | -476,960 | -400,664 | -19.0% |
| Labor And Related Expense | -222,045 | -297,137 | +25.3% |
| Labor And Related Expense | -445,827 | -391,204 | -14.0% |
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| Parent Company · Operating Segments | 386,492 | 311,726 | +24.0% |
| Parent Company · Reportable Legal Entities | 604,956 | 463,062 | +30.6% |
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| Corporate Non Segment | 138,595 | 126,629 | +9.4% |
| Total | 525,087 | 438,355 | +19.8% |
| Noninterest Expense Related To Performance Fees Net | 332,921 | 309,384 | +7.6% |
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| Parent Company · Reportable Legal Entities | 332,921 | 309,384 | +7.6% |
| Selling, General & Administrative | 289,851 | 199,122 | +45.6% |
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| All Other Segments · Parent Company | 2,691 | 1,543 | +74.4% |
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| Selling, General & Administrative | 47,003 | 45,850 | +2.5% |
| Selling, General & Administrative | -109,885 | -94,573 | -16.2% |
| Selling, General & Administrative | -17,012 | -59,254 | +71.3% |
| Selling, General & Administrative | -93,940 | -82,141 | -14.4% |
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| Parent Company · Operating Segments | 102,494 | 73,924 | +38.6% |
| Parent Company · Reportable Legal Entities | 289,851 | 199,122 | +45.6% |
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| Corporate Non Segment | 86,743 | 59,505 | +45.8% |
| Total | 189,237 | 133,429 | +41.8% |
| Noninterest Expense Related To Expenses Of The Consolidated Funds Net | 20,916 | 9,199 | +127.4% |
| Operating Expenses | 1,248,644 | 980,767 | +27.3% |
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| Consolidated Funds · Operating Segments | 1,248,644 | 980,767 | +27.3% |
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| Consolidated Entity Excluding Vie · Reportable Legal Entities | 40,399 | 21,120 | +91.3% |
| Parent Company · Operating Segments | 707,477 | 571,565 | +23.8% |
| Parent Company · Reportable Legal Entities | 1,227,728 | 971,568 | +26.4% |
| Subsidiaries · Material Reconciling Items | 11,255 | -2,295 | +590.4% |
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| Consolidation Eliminations | -19,483 | -11,921 | -63.4% |
| Corporate Non Segment | 225,338 | 186,134 | +21.1% |
| Material Reconciling Items | 541,167 | 409,202 | +32.2% |
| Gain Loss On Investments (Q) | — | — | — |
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| Ares Operating Group | 106,186 | 2,789 | +3707.3% |
| Ares Operating Group · Consolidation Eliminations | -8,443 | -35 | -24022.9% |
| Ares Operating Group · Parent Company | 114,629 | 2,824 | +3959.1% |
| Consolidated Funds | 154,663 | 121,185 | +27.6% |
| Consolidated Funds · Consolidated Entity Excluding Vie | 166,664 | 118,048 | +41.2% |
| Consolidated Funds · Consolidation Eliminations | -12,001 | 3,137 | -482.6% |
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| Corporate Non Segment | -5,001 | -5,291 | +5.5% |
| Investment Income Interest And Dividend (Q) | — | — | — |
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| Ares Operating Group | 8,379 | 23,102 | -63.7% |
| Ares Operating Group · Consolidation Eliminations | 0 | 2,571 | -100.0% |
| Ares Operating Group · Parent Company | 8,379 | 20,531 | -59.2% |
| Interest Expense (Q) | — | — | — |
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| Ares Operating Group | -45,365 | -37,909 | -19.7% |
| Ares Operating Group · Parent Company | -45,365 | -37,909 | -19.7% |
| Consolidated Funds | -140,737 | -208,657 | +32.6% |
| Consolidated Funds · Consolidated Entity Excluding Vie | -142,941 | -216,098 | +33.9% |
| Consolidated Funds · Consolidation Eliminations | 2,204 | 7,441 | -70.4% |
| Other Non-Operating Income (Expense) (Q) | — | — | — |
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| Ares Operating Group | -255,247 | 20,100 | -1369.9% |
| Ares Operating Group · Consolidation Eliminations | 99 | -416 | +123.8% |
| Ares Operating Group · Parent Company | -255,346 | 20,516 | -1344.6% |
| Consolidated Funds · Intersegment Elimination | 18,141 | -12,698 | +242.9% |
| Investment Income Net (Q) | — | — | — |
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| Consolidated Funds | 122,490 | 201,033 | -39.1% |
| Consolidated Funds · Consolidated Entity Excluding Vie | 122,490 | 201,033 | -39.1% |
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| Operating Segments | -41,415 | -8,587 | -382.3% |
| Non-Operating Income (Expense) | -49,631 | 121,643 | -140.8% |
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| Consolidated Funds · Operating Segments | -49,631 | 121,643 | -140.8% |
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| Consolidated Entity Excluding Vie · Reportable Legal Entities | 146,213 | 102,983 | +42.0% |
| Parent Company · Operating Segments | -41,415 | -8,587 | -382.3% |
| Parent Company · Reportable Legal Entities | -177,703 | 5,962 | -3080.6% |
| Subsidiaries · Material Reconciling Items | 54,704 | -5,283 | +1135.5% |
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| Consolidation Eliminations | -18,141 | 12,698 | -242.9% |
| Material Reconciling Items | 8,216 | -130,230 | +106.3% |
| Income Before Taxes | 206,646 | 399,873 | -48.3% |
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| Consolidated Entity Excluding Vie · Reportable Legal Entities | 105,814 | 81,863 | +29.3% |
| Parent Company · Reportable Legal Entities | 79,891 | 339,092 | -76.4% |
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| Consolidation Eliminations | 20,941 | -21,082 | +199.3% |
| Income Tax Expense (Benefit) | 8,148 | 49,857 | -83.7% |
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| Consolidated Entity Excluding Vie · Reportable Legal Entities | 234 | 1,455 | -83.9% |
| Parent Company · Reportable Legal Entities | 7,914 | 48,402 | -83.6% |
| Net Income Loss Including Portion Attributable To Noncontrolling Interest And Consolidated Entities | 198,498 | 350,016 | -43.3% |
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| Consolidated Entity Excluding Vie · Reportable Legal Entities | 105,580 | 80,408 | +31.3% |
| Parent Company · Reportable Legal Entities | 71,977 | 290,690 | -75.2% |
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| Consolidation Eliminations | 20,941 | -21,082 | +199.3% |
| Net Income Loss Attributable To Noncontrolling Interest Consolidated Entities (Q) | — | — | — |
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| Consolidated Funds | 126,521 | 59,326 | +113.3% |
| Net Income (Q) | — | — | — |
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| Ares Operating Group | 71,977 | 290,690 | -75.2% |
| Net Income Loss Attributable To Redeemable Noncontrolling Interest (Q) | — | — | — |
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| Ares Operating Group | -490 | -902 | +45.7% |
| Net Income Loss Attributable To Noncontrolling Interest Parent Only (Q) | — | — | — |
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| Ares Operating Group | 18,219 | 114,275 | -84.1% |
| Net Income | 54,248 | 177,317 | -69.4% |
| Net Income Loss Available To Common Stockholders Basic | 28,936 | 154,536 | -81.3% |
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| Parent Company · Reportable Legal Entities | 28,936 | 154,536 | -81.3% |
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| Class A Common Stock and Non-Voting Common Stock | 28,936 | 154,536 | -81.3% |
| 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 | 0.07 | 0.73 | -90.4% |
| 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 | 0.07 | 0.73 | -90.4% |
| Weighted Average Limited Partnership Units Outstanding (Q) | — | — | — |
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| Class A Common Stock and Non-Voting Common Stock | 1,275,006 | 1,527,619 | -16.5% |
| Weighted Average Limited Partnership Units Outstanding Diluted (Q) | — | — | — |
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| Class A Common Stock and Non-Voting Common Stock | 1,275,006 | 1,527,619 | -16.5% |
| Revenue | 1,557,749 | 1,237,981 | +25.8% |
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| Management Service · Consolidated Funds | 17,405 | 10,482 | +66.0% |
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| Parent Company · Operating Segments | 1,557,749 | 1,237,981 | +25.8% |
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| Material Reconciling Items | 52,828 | -21,016 | +351.4% |
| Operating Income (Q) | — | — | — |
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| All Other Segments · Parent Company | 11,877 | 7,542 | +57.5% |
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| Operating Income | 521,202 | 458,761 | +13.6% |
| Operating Income | -1,245,189 | -1,048,850 | -18.7% |
| Operating Income | -838,849 | -897,290 | +6.5% |
| Operating Income | -1,095,103 | -983,224 | -11.4% |
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| Parent Company · Operating Segments | 748,040 | 577,083 | +29.6% |
| Subsidiaries · Material Reconciling Items | 14,554 | 3,161 | +360.4% |
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| Corporate Non Segment | -220,337 | -180,843 | -21.8% |
| Operating Segments | -748,040 | -577,083 | -29.6% |
| Total | 527,703 | 396,240 | +33.2% |
| Interest Income (Q) | — | — | — |
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| All Other Segments · Parent Company | 445 | 4,341 | -89.7% |
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| Interest Income | 572 | 5,952 | -90.4% |
| Interest Income | -4,107 | -3,749 | -9.5% |
| Interest Income | 763 | 1,930 | -60.5% |
| Interest Income | -4,956 | -4,747 | -4.4% |
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| Parent Company · Operating Segments | 3,119 | 17,265 | -81.9% |
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| Corporate Non Segment | 805 | 432 | +86.3% |
| Total | 3,924 | 17,697 | -77.8% |
| Comprehensive Income (Q) | — | — | — |
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| Ares Management Corporation · Parent Company | 46,234 | 151,110 | -69.4% |
| Net Income Loss Attributable To Noncontrolling Interest (Q) | — | — | — |
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| Consolidated Funds · Operating Segments | -126,755 | -60,781 | -108.5% |
| Consolidated Funds · Variable Interest Entity Primary Beneficiary | 143,782 | 53,129 | +170.6% |
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| Subsidiaries · Operating Segments | -463 | -4,119 | +88.8% |
| Income Loss From Equity Method Investments | 73,403 | 717 | +10137.5% |
| Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments (Q) | — | — | — |
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| Operating Segments | 206,646 | 399,873 | -48.3% |
Balance Sheet
| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents (Q) | — | — | — |
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| 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) | — | — | — |
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| 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% |
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| 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% |
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| 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% |
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| Consolidation Eliminations | -1,457,732 | -1,020,079 | -42.9% |
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| Equity Method Investment Nonconsolidated Investee Other | 87,370,030 | 70,922,581 | +23.2% |
| Property, Plant & Equipment (Q) | — | — | — |
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| 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% |
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| 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% |
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| 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) | — | — | — |
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| 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) | — | — | — |
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| 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% |
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| 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% |
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| Consolidation Eliminations | -91,402 | -300,611 | +69.6% |
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| Equity Method Investment Nonconsolidated Investee Other | 25,019,655 | 18,396,247 | +36.0% |
| Other Liabilities | |||
| Accounts Payable And Other Accrued Liabilities (Q) | — | — | — |
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| 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) | — | — | — |
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| 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 | — | — |
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| Parent Company | 669,999 | 641,864 | +4.4% |
| Parent Company · Reportable Legal Entities | 669,999 | 641,864 | +4.4% |
| Payable For Securities Purchased (Q) | — | — | — |
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| 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) | — | — | — |
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| Senior Notes · Consolidated Funds | 6,561,286 | 8,937,972 | -26.6% |
| Subordinated Debt · Consolidated Funds | 797,786 | 734,217 | +8.7% |
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| Consolidated Funds · Collateralized Loan Obligations | 7,359,072 | 9,672,189 | -23.9% |
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| 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) | — | — | — |
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| 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) | — | — | — |
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| 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% |
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| Series B mandatory convertible preferred stock | 1,460,030 | 1,458,771 | +0.1% |
| Common Stock (Q) | — | — | — |
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| 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% |
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| 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% |
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| 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% |
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| 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% |
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| 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% |
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| 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% |
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| 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% |
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| 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% |
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| 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% |
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| Consolidation Eliminations | -1,366,330 | -719,468 | -89.9% |
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| 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% |
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| 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% |
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| Consolidation Eliminations | -1,457,732 | -1,020,079 | -42.9% |
| Redeemable Noncontrolling Interest Equity Carrying Amount (Q) | — | — | — |
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| Parent Company | 25,296 | 23,496 | +7.7% |
| Parent Company · Reportable Legal Entities | 25,296 | 23,496 | +7.7% |
| Minority Interest (Q) | — | — | — |
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| 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
| Metric | YTD Q4 2025 | YTD Q4 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Other Non-Cash Items (Q) | — | — | — |
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| Other Non-Cash Items | -3,685 | 10,465 | -135.2% |
| Other Non-Cash Items | 298,592 | -13,462 | +2318.0% |
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| Operating Segments | 255,940 | -4,262 | +6105.2% |
| Increase Decrease In Cash And Cash Equivalents For Operating Activities (Q) | — | — | — |
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| Consolidated Funds | -129,878 | 222,031 | -158.5% |
| Consolidated Funds · Consolidation Eliminations | -195,398 | 100,666 | -294.1% |
| Net Cash from Operations | -483,688 | 807,618 | -159.9% |
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| Consolidated Funds · Consolidated Entity Excluding Vie | -1,032,459 | 604,977 | -270.7% |
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| Parent Company · Reportable Legal Entities | 367,927 | 115,223 | +219.3% |
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| Consolidation Eliminations | 180,844 | 87,418 | +106.9% |
| Investing Activities | |||
| Payments To Acquire Other Property Plant And Equipment (Q) | — | — | — |
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| Parent Company | -15,793 | -9,306 | -69.7% |
| Parent Company · Reportable Legal Entities | -15,793 | -9,306 | -69.7% |
| Payments To Acquire Businesses Net Of Cash Acquired (Q) | — | — | — |
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| Parent Company | -5,286 | -54,212 | +90.2% |
| Parent Company · Reportable Legal Entities | -5,286 | -54,212 | +90.2% |
| Net Cash from Investing | -21,079 | -63,518 | +66.8% |
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| Parent Company · Reportable Legal Entities | -21,079 | -63,518 | +66.8% |
| Noncash Or Part Noncash Acquisition Noncash Financial Or Equity Instrument Consideration Noncontrolling Interest | 1 | 13,278 | -100.0% |
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| Parent Company · Reportable Legal Entities | 1 | 13,278 | -100.0% |
| Financing Activities | |||
| Proceeds From Lines Of Credit (Q) | — | — | — |
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| Parent Company | 730,000 | 240,000 | +204.2% |
| Parent Company · Reportable Legal Entities | 730,000 | 240,000 | +204.2% |
| Repayments Of Lines Of Credit (Q) | — | — | — |
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| Parent Company | -465,000 | -710,000 | +34.5% |
| Parent Company · Reportable Legal Entities | -465,000 | -710,000 | +34.5% |
| Payments Of Capital Distribution (Q) | — | — | — |
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| Parent Company | -459,751 | -341,536 | -34.6% |
| Parent Company · Reportable Legal Entities | -459,751 | -341,536 | -34.6% |
| Payments For Repurchase Of Equity (Q) | — | — | — |
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| Parent Company | -11,246 | -15,917 | +29.3% |
| Parent Company · Reportable Legal Entities | -11,246 | -15,917 | +29.3% |
| Proceeds From Payments For Other Financing Activities (Q) | — | — | — |
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| Parent Company | -716 | 1,800 | -139.8% |
| Parent Company · Reportable Legal Entities | -716 | 1,800 | -139.8% |
| Payments To Minority Shareholders (Q) | — | — | — |
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| Consolidated Funds | -517,515 | -47,519 | -989.1% |
| Consolidated Funds · Consolidated Entity Excluding Vie | -387,753 | -50,054 | -674.7% |
| Consolidated Funds · Consolidation Eliminations | -129,762 | 2,535 | -5218.8% |
| Proceeds From Issuance Of Debt (Q) | — | — | — |
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| Consolidated Funds | 1,019,683 | 35,811 | +2747.4% |
| Consolidated Funds · Consolidated Entity Excluding Vie | 1,019,683 | 35,811 | +2747.4% |
| Debt Repayments (Q) | — | — | — |
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| Consolidated Funds | -330,127 | -724,007 | +54.4% |
| Consolidated Funds · Consolidated Entity Excluding Vie | -330,127 | -724,007 | +54.4% |
| Net Cash from Financing | 542,856 | 478,161 | +13.5% |
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| Consolidated Funds · Consolidated Entity Excluding Vie | 886,210 | -641,862 | +238.1% |
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| Parent Company · Reportable Legal Entities | -206,713 | 1,119,016 | -118.5% |
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| Consolidation Eliminations | -136,641 | 1,007 | -13669.1% |
| Other Cash Flow | |||
| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | -45,862 | -64,423 | +28.8% |
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| Consolidated Funds · Consolidated Entity Excluding Vie | -41,553 | -51,539 | +19.4% |
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| Parent Company · Reportable Legal Entities | -4,309 | -12,884 | +66.6% |
| Net Change in Cash | -7,773 | 1,157,838 | -100.7% |
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| Consolidated Funds · Consolidated Entity Excluding Vie | -187,802 | -88,424 | -112.4% |
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| Parent Company · Reportable Legal Entities | 135,826 | 1,157,837 | -88.3% |
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| Consolidation Eliminations | 44,203 | 88,425 | -50.0% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 488,896 | 1,507,976 | -67.6% |
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| Consolidated Funds · Consolidated Entity Excluding Vie | 508,118 | 1,227,490 | -58.6% |
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| Parent Company | 488,896 | 1,507,976 | -67.6% |
| Parent Company · Reportable Legal Entities | 939,866 | 1,507,975 | -37.7% |
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| Consolidation Eliminations | -959,088 | -1,227,489 | +21.9% |
Values in thousands USD. Source: SEC EDGAR 10-K filing.