Item 1. Financial Statements

Ares Management Corporation

Condensed Consolidated Statements of Financial Condition (Amounts in Thousands, Except Share Data)

			As of
			March 31, 2026						December 31, 2025
			(unaudited)
Assets
Cash and cash equivalents			$	568,779					$	488,896
Investments (includes accrued carried interest of $4,029,460 and $3,972,748 as of March 31, 2026 and December 31, 2025, respectively)			5,519,677						5,508,447
Due from affiliates			1,347,645						1,420,218
Other assets			1,042,457						1,032,138
Right-of-use operating lease assets			564,572						517,351
Intangible assets, net			2,141,645						2,115,830
Goodwill			3,463,416						3,454,107
Assets of Consolidated Funds:
Cash and cash equivalents			869,305						959,088
Investments, at fair value			12,709,020						12,844,886
Receivable for securities sold			95,079						228,442
Other assets			73,338						63,966
Total assets			$	28,394,933					$	28,633,369
Liabilities
Accounts payable, accrued expenses and other liabilities			$	1,231,393					$	1,204,467
Accrued compensation			422,524						472,978
Due to affiliates			796,802						810,409
Performance related compensation payable			3,018,340						2,951,333
Debt obligations			4,386,476						3,941,415
Operating lease liabilities			730,133						669,999
Liabilities of Consolidated Funds:
Accounts payable, accrued expenses and other liabilities			113,004						105,137
Payable for securities purchased			281,807						165,391
CLO loan obligations, at fair value			6,798,810						7,359,072
Fund borrowings			2,232,365						2,251,780
Total liabilities			20,011,654						19,931,981
Commitments and contingencies
Redeemable interest in Ares Operating Group entities			23,879						25,296
Non-controlling interests in Consolidated Funds			2,976,691						2,903,858
Non-controlling interests in Ares Operating Group entities			1,357,274						1,496,771
Stockholders’ Equity
Series B mandatory convertible preferred stock, $0.01 par value, 1,000,000,000 shares authorized (30,000,000 shares issued and outstanding as of March 31, 2026 and December 31, 2025)			1,460,030						1,460,030
Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (221,961,696 shares and 218,465,429 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively)			2,220						2,185
Non-voting common stock, $0.01 par value, 500,000,000 shares authorized (3,489,911 shares issued and outstanding as of March 31, 2026 and December 31, 2025)			35						35
Class B common stock, $0.01 par value, 1,000 shares authorized (1,000 shares issued and outstanding as of March 31, 2026 and December 31, 2025)			—						—
Class C common stock, $0.01 par value, 499,999,000 shares authorized (104,328,294 shares and 105,079,121 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively)			1,043						1,051
Additional paid-in-capital			4,204,689						4,242,678
Accumulated deficit			(1,656,571)						(1,452,259)
Accumulated other comprehensive income, net of tax			13,989						21,743
Total stockholders’ equity			4,025,435						4,275,463
Total equity			8,359,400						8,676,092
Total liabilities, redeemable interest, non-controlling interests and equity			$	28,394,933					$	28,633,369

See accompanying notes to the unaudited condensed consolidated financial statements.

Table of Contents

Ares Management Corporation

Condensed Consolidated Statements of Operations

(Amounts in Thousands, Except Share Data)

(unaudited)

			Three months ended March 31,
			2026						2025
Revenues
Management fees			$	989,527					$	816,987
Carried interest allocation			146,631						160,008
Incentive fees			161,934						32,048
Principal investment income			477						21,998
Administrative, transaction and other fees			97,867						57,764
Total revenues			1,396,436						1,088,805
Expenses
Compensation and benefits			692,407						657,125
Performance related compensation			228,336						122,633
General, administrative and other expenses			240,437						227,914
Expenses of Consolidated Funds			7,283						6,656
Total expenses			1,168,463						1,014,328
Other income (expense)
Net realized and unrealized gains on investments			3,389						268
Interest and dividend income			7,099						17,656
Interest expense			(50,760)						(36,387)
Other income (expense), net			24,560						(10,714)
Net realized and unrealized gains on investments of Consolidated Funds			134,016						88,406
Interest and other income of Consolidated Funds			105,445						160,072
Interest expense of Consolidated Funds			(138,801)						(152,740)
Total other income, net			84,948						66,561
Income before taxes			312,921						141,038
Income tax expense			59,872						17,537
Net income			253,049						123,501
Less: Net income attributable to non-controlling interests in Consolidated Funds			29,647						55,977
Net income attributable to Ares Operating Group entities			223,402						67,524
Less: Net income (loss) attributable to redeemable interest in Ares Operating Group entities			(1,113)						316
Less: Net income attributable to non-controlling interests in Ares Operating Group entities			81,926						20,038
Net income attributable to Ares Management Corporation			142,589						47,170
Less: Series B mandatory convertible preferred stock dividends declared			25,313						25,313
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders			$	117,276					$	21,857
Net income per share of Class A and non-voting common stock
Basic			$	0.46					$	0.00
Diluted			$	0.46					$	0.00
Weighted-average shares of Class A and non-voting common stock
Basic			224,033,628						209,350,849
Diluted			224,033,628						209,350,849

Substantially all revenue is earned from affiliated funds of the Company.

See accompanying notes to the unaudited condensed consolidated financial statements.

Table of Contents

Ares Management Corporation

Condensed Consolidated Statements of Comprehensive Income

(Amounts in Thousands)

(unaudited)

						Three months ended March 31,
						2026						2025
Net income						$	253,049					$	123,501
Foreign currency translation adjustments, net of tax						(11,962)						70,571
Total comprehensive income						241,087						194,072
Less: Comprehensive income attributable to non-controlling interests in Consolidated Funds						29,070						62,315
Less: Comprehensive income (loss) attributable to redeemable interest in Ares Operating Group entities						(1,120)						514
Less: Comprehensive income attributable to non-controlling interests in Ares Operating Group entities						78,302						41,972
Comprehensive income attributable to Ares Management Corporation						$	134,835					$	89,271

See accompanying notes to the unaudited condensed consolidated financial statements.

Table of Contents

Ares Management Corporation

Condensed Consolidated Statements of Changes in Equity

(Amounts in Thousands)

(unaudited)

												Series B Mandatory Convertible Preferred Stock						Class A Common Stock						Non-voting Common Stock						Class C Common Stock						Additional Paid-in-Capital						Accumulated Deficit						Accumulated Other Comprehensive Income (Loss)						Non-Controlling Interest in Ares Operating Group Entities						Non-Controlling Interest in Consolidated Funds						Total Equity
Balance as of December 31, 2025												$	1,460,030					$	2,185					$	35					$	1,051					$	4,242,678					$	(1,452,259)					$	21,743					$	1,496,771					$	2,903,858					$	8,676,092
Changes in ownership interests and related tax benefits												—						34						—						(8)						(190,680)						—						—						(122,909)						(198,361)						(511,924)
Issuances of common stock												—						1						—						—						15,996						—						—						—						—						15,997
Capital contributions												—						—						—						—						—						—						—						13,727						321,956						335,683
Dividends/distributions												(25,313)						—						—						—						—						(321,588)						—						(175,554)						(79,832)						(602,287)
Net income												25,313						—						—						—						—						117,276						—						81,926						29,647						254,162
Currency translation adjustment, net of tax												—						—						—						—						—						—						(7,754)						(3,624)						(577)						(11,955)
Equity compensation												—						—						—						—						136,695						—						—						66,937						—						203,632
Balance as of March 31, 2026												$	1,460,030					$	2,220					$	35					$	1,043					$	4,204,689					$	(1,656,571)					$	13,989					$	1,357,274					$	2,976,691					$	8,359,400

See accompanying notes to the unaudited condensed consolidated financial statements.

Table of Contents

Ares Management Corporation

Condensed Consolidated Statements of Changes in Equity

(Amounts in Thousands)

(unaudited)

												Series B Mandatory Convertible Preferred Stock						Class A Common Stock						Non-voting Common Stock						Class C Common Stock						Additional Paid-in-Capital						Accumulated Deficit						Accumulated Other Comprehensive Income (Loss)						Non-Controlling Interest in Ares Operating Group Entities						Non-Controlling Interest in Consolidated Funds						Total Equity
Balance as of December 31, 2024												$	1,458,771					$	1,999					$	35					$	1,098					$	2,936,794					$	(837,294)					$	(17,757)					$	1,254,878					$	2,025,666					$	6,824,190
Changes in ownership interests and related tax benefits												—						47						—						(20)						(707,255)						—						—						354,253						(34,832)						(387,807)
Adjustment to issuance costs of Series B mandatory convertible preferred stock												1,147						—						—						—						—						—						—						—						—						1,147
Issuances of common stock												—						103						—						—						1,642,214						—						—						—						—						1,642,317
Issuances of AOG Units												—						—						—						3						—						—						—						15,561						—						15,564
Capital contributions												—						—						—						—						—						—						—						120						295,750						295,870
Dividends/distributions												(25,313)						—						—						—						—						(258,691)						—						(138,003)						(208,855)						(630,862)
Net income												25,313						—						—						—						—						21,857						—						20,038						55,977						123,185
Currency translation adjustment, net of tax												—						—						—						—						—						—						42,101						21,934						6,338						70,373
Equity compensation												—						—						—						—						168,955						—						—						88,907						—						257,862
Balance as of March 31, 2025												1,459,918						2,149						35						1,081						4,040,708						(1,074,128)						24,344						1,617,688						2,140,044						8,211,839
Changes in ownership interests and related tax benefits												—						10						—						(8)						(61,923)						—						—						(52,023)						243,432						129,488
Capital contributions												—						—						—						—						—						—						—						1,333						37,422						38,755
Dividends/distributions												(25,312)						—						—						—						—						(259,233)						—						(143,626)						(110,900)						(539,071)
Net income												25,312						—						—						—						—						111,750						—						85,193						3,999						226,254
Currency translation adjustment, net of tax												—						—						—						—						—						—						7,852						3,422						13,568						24,842
Equity compensation												—						—						—						—						109,276						—						—						55,815						—						165,091
Balance as of June 30, 2025												1,459,918						2,159						35						1,073						4,088,061						(1,221,611)						32,196						1,567,802						2,327,565						8,257,198
Changes in ownership interests and related tax benefits												—						8						—						(8)						4,834						—						—						(46,698)						27,846						(14,018)
Adjustment to issuance costs of Series B mandatory convertible preferred stock												840						—						—						—						—						—						—						—						—						840
Issuances of common stock												—						1						—						—						—						—						—						—						—						1
Capital contributions												—						—						—						—						—						—						—						1						121,076						121,077
Dividends/distributions												(25,313)						—						—						—						—						(260,640)						—						(137,725)						(29,264)						(452,942)
Net income												25,313						—						—						—						—						263,569						—						182,293						67,407						538,582
Currency translation adjustment, net of tax												—						—						—						—						—						—						(2,439)						(1,537)						(612)						(4,588)
Equity compensation												—						—						—						—						106,032						—						—						54,098						—						160,130
Balance as of September 30, 2025												1,460,758						2,168						35						1,065						4,198,927						(1,218,682)						29,757						1,618,234						2,514,018						8,606,280
Changes in ownership interests and related tax benefits												—						17						—						(14)						(60,991)						—						—						(16,291)						217,622						140,343
Issuance of Series B mandatory convertible preferred stock												(728)						—						—						—						—						—						—						—						—						(728)
Capital contributions												—						—						—						—						—						—						—						9						563,290						563,299
Dividends/distributions												(25,312)						—						—						—						—						(262,513)						—						(171,926)						(517,516)						(977,267)
Net income												25,312						—						—						—						—						28,936						—						18,219						126,521						198,988
Currency translation adjustment, net of tax												—						—						—						—						—						—						(8,014)						(4,198)						(77)						(12,289)
Equity compensation												—						—						—						—						104,742						—						—						52,724						—						157,466
Balance as of December 31, 2025												$	1,460,030					$	2,185					$	35					$	1,051					$	4,242,678					$	(1,452,259)					$	21,743					$	1,496,771					$	2,903,858					$	8,676,092

See accompanying notes to the unaudited condensed consolidated financial statements.

Table of Contents

Ares Management Corporation

Condensed Consolidated Statements of Cash Flows

(Amounts in Thousands)

(unaudited)

			Three months ended March 31,
			2026						2025
Cash flows from operating activities
Net income			$	253,049					$	123,501
Adjustments to reconcile net income to net cash provided by operating activities			252,867						310,333
Adjustments to reconcile net income to net cash provided by operating activities allocable to non-controlling interests in Consolidated Funds			(351,911)						968,969
Cash flows due to changes in operating assets and liabilities			54,677						227,706
Cash flows due to changes in operating assets and liabilities allocable to redeemable and non-controlling interest in Consolidated Funds			197,833						363,694
Net cash provided by operating activities			406,515						1,994,203
Cash flows from investing activities
Purchase of furniture, equipment and leasehold improvements, net of disposals			(15,643)						(21,975)
Acquisitions, net of cash acquired			8,477						(1,722,715)
Net cash used in investing activities			(7,166)						(1,744,690)
Cash flows from financing activities
Proceeds from Credit Facility			505,000						1,125,000
Proceeds from Term Loan			399,415						—
Repayments of Credit Facility			(460,000)						(140,000)
Dividends and distributions			(522,752)						(445,088)
Taxes paid related to net share settlement of equity awards			(318,428)						(396,722)
Other financing activities			12,719						457
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds			337,686						89,080
Distributions to non-controlling interests in Consolidated Funds			(79,832)						(318,174)
Borrowings under loan obligations by Consolidated Funds			824,531						172,606
Repayments under loan obligations by Consolidated Funds			(991,250)						(1,264,886)
Net cash used in financing activities			(292,911)						(1,177,727)
Effect of exchange rate changes			(26,555)						38,774
Net change in cash and cash equivalents			79,883						(889,440)
Cash and cash equivalents, beginning of period			488,896						1,507,976
Cash and cash equivalents, end of period			$	568,779					$	618,536
Supplemental disclosure of non-cash financing activities:
Equity issued in connection with acquisition-related activities			$	15,997					$	1,657,881

See accompanying notes to the unaudited condensed consolidated financial statements.

Ares Management Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements

(Dollars in Thousands, Except Share Data and As Otherwise Noted)

1. ORGANIZATION

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

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

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

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

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

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

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

Recent Accounting Pronouncements

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

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires disaggregated disclosure of certain expenses in the notes to the consolidated financial statements, including purchases of

Ares Management Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Share Data and As Otherwise Noted)

inventory, employee compensation, depreciation and intangible asset amortization. The amendments in this update also require disclosure of: (i) the expense captions from the Condensed Consolidated Statements of Operations that include each of the relevant expense categories; (ii) a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively; and (iii) total selling expenses and a definition of such expenses. ASU 2024-03 is effective for the Company’s fiscal year ending December 31, 2027. Early adoption is permitted and the amendments in this update may be applied on a prospective or retrospective basis. The Company is currently evaluating the impact of this guidance.

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

3. GOODWILL AND INTANGIBLE ASSETS

Intangible Assets, Net

The following table summarizes the carrying value, net of accumulated amortization, of the Company’s intangible assets:

			Weighted Average Amortization Period (in years) as of March 31, 2026						As of March 31,						As of December 31,
						2026						2025
Management contracts			4.7						$	898,247					$	1,023,893
Client relationships			6.5						317,920						317,920
Other			4.8						12,054						—
Finite-lived intangible assets									1,228,221						1,341,813
Foreign currency translation									5,840						6,884
Total finite-lived intangible assets									1,234,061						1,348,697
Less: accumulated amortization									(456,661)						(550,267)
Finite-lived intangible assets, net									777,400						798,430
Management contracts									1,364,245						1,317,400
Indefinite-lived management contracts									1,364,245						1,317,400
Intangible assets, net									$	2,141,645					$	2,115,830

On February 1, 2026, the Company completed the acquisition of the remaining outstanding shares of BlueCove Limited (“BlueCove”) (the “BlueCove Acquisition”). Prior to completing the BlueCove Acquisition, the Company held a 15% ownership interest in BlueCove. BlueCove is a London-based systematic fixed income manager that leverages data and technology to deliver differentiated solutions to investors. BlueCove’s results are presented within the Credit Group. The Company allocated $60.8 million and $12.1 million of the purchase consideration to the fair value of the acquired management contracts and developed technology, respectively. Certain management contracts were determined to have indefinite useful lives at the time of the BlueCove Acquisition and are not subject to amortization. The remaining management contracts and developed technology had a weighted average amortization period from the date of acquisition of 10.0 years and 5.0 years, respectively.

Amortization expense associated with intangible assets was $47.1 million and $37.3 million for the three months ended March 31, 2026 and 2025, respectively, and has been presented within general, administrative and other expenses within the Condensed Consolidated Statements of Operations. During the three months ended March 31, 2026, the Company removed $139.6 million of fully-amortized cost basis of intangible assets.

Ares Management Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Share Data and As Otherwise Noted)

Goodwill

The following table summarizes the carrying value of the Company’s goodwill:

			Credit Group						Real Assets Group						Secondaries Group						Private Equity Group												Total
Balance as of December 31, 2025			$	313,830					$	2,601,229					$	417,640					$	121,408											$	3,454,107
Acquisitions			—						10,359						—						—												10,359
Foreign currency translation			(1,161)						115						(4)						—												(1,050)
Balance as of March 31, 2026			$	312,669					$	2,611,703					$	417,636					$	121,408											$	3,463,416

There was no impairment of goodwill recorded during the three months ended March 31, 2026 and 2025. The impact of foreign currency translation adjustments is reflected within the Condensed Consolidated Statements of Comprehensive Income.

In connection with the BlueCove Acquisition, the Company recorded a bargain purchase gain of $37.4 million that has been presented within other income (expense), net in the Condensed Consolidated Statements of Operations. The bargain purchase gain resulted from the fair value of the identifiable tangible and intangible assets acquired exceeding the purchase consideration. A portion of the purchase price payable to certain senior professionals is dependent upon the achievement of revenue targets and has been excluded from purchase consideration as it is subject to continued and future service. See “Note 7. Commitments and Contingencies” for further information.

4. INVESTMENTS

The following table summarizes the Company’s investments:

			As of												Percentage of total investments as of
			March 31,						December 31,						March 31,						December 31,
			2026						2025						2026						2025
Equity method investments
Equity method - carried interest(1)			$	4,029,460					$	3,972,748					73.0%						72.1%
Equity method private investment partnership interests - principal			522,078						526,372						9.5						9.6
Equity method private investment partnership interests and other (held at fair value)			671,522						675,777						12.2						12.3
Equity method private investment partnership interests and other			58,033						61,306						1.0						1.1
Total equity method investments			5,281,093						5,236,203						95.7						95.1
Collateralized loan obligations			11,112						13,217						0.2						0.2
Fixed income securities			11,701						11,252						0.2						0.2
Collateralized loan obligations and fixed income securities, at fair value			22,813						24,469						0.4						0.4
Common stock and other equity securities, at fair value			215,771						247,775						3.9						4.5
Total investments			$	5,519,677					$	5,508,447

(1)Includes carried interest held at fair value of $64.0 million and $118.1 million as of March 31, 2026 and December 31, 2025, respectively.

Equity Method Investments

The Company’s equity method investments include investments that are not consolidated but over which the Company exerts significant influence. The Company evaluates each of its equity method investments to determine if any were significant as defined by guidance from the SEC. As of and for the three months ended March 31, 2026 and 2025, no individual equity method investment held by the Company met the significance criteria.

The following table presents the Company’s share of net investment income and net realized and unrealized gains from its equity method investments, which are included within principal investment income, net realized and unrealized gains on investments, and interest and dividend income within the Condensed Consolidated Statements of Operations:

												Three months ended March 31,
																		2026						2025
Total net investment income and net realized and unrealized gains related to equity method investments																		$	33,584					$	30,964

Ares Management Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Share Data and As Otherwise Noted)

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

Equity Method Investments Held at Fair Value

The following table summarizes the changes in fair value of the Company’s equity method investments held at fair value, which are included within net realized and unrealized gains on investments within the Condensed Consolidated Statements of Operations:

									Three months ended March 31,
															2026						2025
Equity method private investment partnership interests and other (held at fair value)															$	33,659					$	4,281

Investments of the Consolidated Funds

The following table summarizes investments held in the Consolidated Funds:

			Fair Value as of												Percentage of total investments as of
			March 31,						December 31,						March 31,						December 31,
			2026						2025						2026						2025
Fixed income investments
Loans and securitization vehicles			$	4,636,142					$	5,507,199					36.4%						42.9%
Bonds			249,966						280,911						2.0						2.2
Total fixed income investments			4,886,108						5,788,110						38.4						45.1
Partnership interests			4,139,766						3,791,056						32.6						29.6
Equity securities			3,683,146						3,265,720						29.0						25.4
Total investments, at fair value			$	12,709,020					$	12,844,886

Ares Management Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Share Data and As Otherwise Noted)

5. FAIR VALUE

Fair Value of Financial Instruments Held by the Company and Consolidated Funds

The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of March 31, 2026:

Financial Instruments of the Company						Level I						Level II						Level III												Total
Assets, at fair value
Investments:
Common stock, other equity securities and equity method investments						$	118,591					$	97,180					$	671,522											$	887,293
Common stock and other equity securities - carried interest						43,375						—						20,625												64,000
Collateralized loan obligations and fixed income securities						—						—						22,813												22,813
Total investments, at fair value						161,966						97,180						714,960												974,106
Derivatives-foreign currency forward contracts						—						23,064						—												23,064
Total assets, at fair value						$	161,966					$	120,244					$	714,960											$	997,170
Liabilities, at fair value
Derivatives-foreign currency forward contracts						$	—					$	(761)					$	—											$	(761)
Contingent consideration						—						—						(780,353)												(780,353)
Total liabilities, at fair value						$	—					$	(761)					$	(780,353)											$	(781,114)

Financial Instruments of the Consolidated Funds						Level I						Level II						Level III						Investments Measured at NAV						Total
Assets, at fair value
Investments:
Fixed income investments:
Loans and securitization vehicles						$	—					$	4,374,056					$	262,086					$	—					$	4,636,142
Bonds						—						245,883						4,083						—						249,966
Total fixed income investments						—						4,619,939						266,169						—						4,886,108
Partnership interests						—						—						—						4,139,766						4,139,766
Equity securities						—						268,332						3,414,814						—						3,683,146
Total investments, at fair value						—						4,888,271						3,680,983						4,139,766						12,709,020
Derivatives-asset swaps						—						—						65						—						65
Total assets, at fair value						$	—					$	4,888,271					$	3,681,048					$	4,139,766					$	12,709,085
Liabilities, at fair value
Loan obligations of CLOs						$	—					$	(6,798,810)					$	—					$	—					$	(6,798,810)
Total liabilities, at fair value						$	—					$	(6,798,810)					$	—					$	—					$	(6,798,810)

The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of December 31, 2025:

Financial Instruments of the Company						Level I						Level II						Level III												Total
Assets, at fair value
Investments:
Common stock, other equity securities and equity method investments						$	152,163					$	95,612					$	675,777											$	923,552
Common stock and other equity securities - carried interest						68,250						—						49,813												118,063
Collateralized loan obligations and fixed income securities						—						—						24,469												24,469
Total investments, at fair value						220,413						95,612						750,059												1,066,084
Derivatives-foreign currency forward contracts						—						18,230						—												18,230
Total assets, at fair value						$	220,413					$	113,842					$	750,059											$	1,084,314
Liabilities, at fair value
Derivatives-foreign currency forward contracts						$	—					$	(2,627)					$	—											$	(2,627)
Contingent consideration						—						—						(765,370)												(765,370)
Total liabilities, at fair value						$	—					$	(2,627)					$	(765,370)											$	(767,997)

Ares Management Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Share Data and As Otherwise Noted)

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

The following tables set forth a summary of changes in the fair value of the Level III measurements:

Level III Assets and (Liabilities) of the Company						Equity Securities						Fixed Income												Contingent Consideration						Total
Balance as of December 31, 2025						$	725,590					$	24,469											$	(765,370)					$	(15,311)
Established in connection with acquisition (see Note 7)						—						—												(713)						(713)
Transfer in(1)						—						209												—						209
Transfer out(1)						(34,244)						—												—						(34,244)
Purchases(2)						50						—												—						50
Sales/settlements(3)						—						(700)												—						(700)
Change in fair value						—						—												(14,270)						(14,270)
Realized and unrealized appreciation (depreciation), net						751						(1,165)												—						(414)
Balance as of March 31, 2026						$	692,147					$	22,813											$	(780,353)					$	(65,393)
Change in net unrealized appreciation/(depreciation) and fair value included in earnings related to financial assets and liabilities still held at the reporting date						$	4,465					$	(1,197)											$	(14,270)					$	(11,002)

Level III Net Assets of Consolidated Funds						Equity Securities						Fixed Income												Derivatives, Net						Total
Balance as of December 31, 2025						$	3,003,449					$	633,515											$	(114)					$	3,636,850
Transfer in(1)						—						114,107												—						114,107
Transfer out(1)						(3,326)						(443,882)												—						(447,208)
Purchases(2)						303,224						47,721												—						350,945
Sales/settlements(3)						(4,234)						(71,614)												(351)						(76,199)
Realized and unrealized appreciation (depreciation), net						115,701						(13,678)												530						102,553
Balance as of March 31, 2026						$	3,414,814					$	266,169											$	65					$	3,681,048
Change in net unrealized appreciation/(depreciation) included in earnings related to financial assets and liabilities still held at the reporting date						$	114,306					$	(8,986)											$	53					$	105,373

(1)Transfers in and out include changes in the observability of inputs used in valuations and changes due to the consolidation and deconsolidation of funds.

(2)Purchases include paid-in-kind interest and securities received in connection with restructurings.

(3)Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings.

Ares Management Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Share Data and As Otherwise Noted)

Level III Assets and (Liabilities) of the Company						Equity Securities						Fixed Income												Contingent Consideration						Total
Balance as of December 31, 2024						$	411,179					$	41,833											$	(17,550)					$	435,462
Established in connection with acquisition (see Note 7)						—						—												(465,080)						(465,080)
Purchases(1)						10,546						1,530												—						12,076
Sales/settlements(2)						—						(23,657)												—						(23,657)
Change in fair value						—						—												(2,324)						(2,324)
Realized and unrealized appreciation (depreciation), net						4,652						(1,044)												—						3,608
Balance as of March 31, 2025						$	426,377					$	18,662											$	(484,954)					$	(39,915)
Change in net unrealized appreciation/(depreciation) and fair value included in earnings related to financial assets and liabilities still held at the reporting date						$	4,652					$	(372)											$	(2,324)					$	1,956

Level III Net Assets of Consolidated Funds						Equity Securities						Fixed Income									Derivatives, Net						Total
Balance as of December 31, 2024						$	1,829,927					$	593,817								$	(1,846)					$	2,421,898
Transfer in(3)						1						82,478									—						82,479
Transfer out(3)						—						(72,264)									—						(72,264)
Purchases(1)						285						247,859									124						248,268
Sales/settlements(2)						(88)						(267,745)									—						(267,833)
Realized and unrealized appreciation (depreciation), net						14,782						(3,153)									973						12,602
Balance as of March 31, 2025						$	1,844,907					$	580,992								$	(749)					$	2,425,150
Change in net unrealized appreciation/(depreciation) included in earnings related to financial assets and liabilities still held at the reporting date						$	15,102					$	(2,824)								$	851					$	13,129

(1)Purchases include paid-in-kind interest and securities received in connection with restructurings.

(2)Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings.

(3)Transfers in and out include changes in the observability of inputs used in valuations and changes due to the consolidation and deconsolidation of funds.

Transfers out of Level III were generally attributable to certain investments that experienced a more significant level of market activity during the period and thus were valued using observable inputs either from independent pricing services or multiple brokers. Transfers into Level III were generally attributable to certain investments that experienced a less significant level of market activity during the period and thus were only able to obtain one or fewer quotes from a broker or independent pricing service.

Ares Management Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Share Data and As Otherwise Noted)

The following tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds’ Level III measurements as of March 31, 2026:

Level III Measurements of the Company						Fair Value						Valuation Technique(s)						Significant Unobservable Input(s)						Range						Weighted Average
Assets
Equity securities
						$	432,227					Transaction price						N/A						N/A						N/A
						100,000						Market yield analysis						Market interest rate						8.0%						8.0%
						80,609						Market approach						Multiple of book value						0.4x - 1.5x						1.2x
						39,132						Discounted cash flow						Discount rate						11.0% - 15.0%						13.0%
						23,776						Monte Carlo simulation						Volatility						52.5%						52.5%
						16,403						Market approach						EBITDA multiple(1)						2.7x-11.0x						10.9x
Fixed income investments
						11,701						Market yield analysis						Market interest rate						16.0%						16.0%
						11,112						Broker quotes and/or third-party pricing services						N/A						N/A						N/A
Total assets						$	714,960
Liabilities
Contingent consideration						$	(780,353)					Monte Carlo simulation						Discount rate						5.8% - 6.6%						5.8%
																		Volatility						10.0% - 11.1%						10.0%
Total liabilities						$	(780,353)

Level III Measurements of the Consolidated Funds						Fair Value						Valuation Technique(s)						Significant Unobservable Input(s)						Range						Weighted Average
Assets
Equity securities
						$	1,301,377					Discounted cash flow						Discount rate						9.0% - 13.0%						11.0%
						1,158,756						Market approach						Multiple of book value						1.0x - 1.7x						1.3x
						650,542						Transaction price						N/A						N/A						N/A
						304,139						Market approach						EBITDA multiple(1)						6.0x - 15.0x						13.9x
Fixed income investments
						263,582						Broker quotes and/or 3rd party pricing services						N/A						N/A						N/A
						1,693						Market approach						Yield						8.2% -11.0%						9.1%
						894						Discounted cash flow						Discount rate						12.2%						12.2%
Derivative instruments
						65						Broker quotes and/or 3rd party pricing services						N/A						N/A						N/A
Total assets						$	3,681,048

(1)“EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization.

Ares Management Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Share Data and As Otherwise Noted)

The following tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds’ Level III measurements as of December 31, 2025:

Level III Measurements of the Company						Fair Value						Valuation Technique(s)						Significant Unobservable Input(s)						Range						Weighted Average
Assets
Equity securities
						$	307,942					Transaction price						N/A						N/A						N/A
						100,000						Market yield analysis						Market interest rate						8.0%						8.0%
						84,737						Market approach						Multiple of book value						0.6x - 1.5x						1.2x
						81,905						Option pricing model						Volatility						50.0%						50.0%
						59,136						Discounted cash flow						Discount rate						11.0% - 17.0%						14.0%
						58,060						Monte Carlo simulation						Volatility						52.5%						52.5%
						33,810						Market approach						EBITDA multiple(1)						11.0x - 13.0x						11.8x
Fixed income investments
						13,217						Broker quotes and/or third-party pricing services						N/A						N/A						N/A
						11,252						Market yield analysis						Market interest rate						16.5%						16.5%
Total assets						$	750,059
Liabilities
Contingent consideration						$	(765,370)					Monte Carlo simulation						Discount rate						5.8% - 6.6%						5.8%
																		Volatility						10.0% - 11.1%						10.0%
Total liabilities						$	(765,370)

Level III Measurements of the Consolidated Funds						Fair Value						Valuation Technique(s)						Significant Unobservable Input(s)						Range						Weighted Average
Assets
Equity securities
						$	1,295,564					Discounted cash flow						Discount rate						9.0% - 20.0%						11.0%
						1,078,401						Market approach						Multiple of book value						1.0x - 1.7x						1.3x
						350,000						Transaction price						N/A						N/A						N/A
						278,992						Market approach						EBITDA multiple(1)						5.4x - 33.0x						13.9x
						492						Market approach						Yield						10.5% - 14.0%						11.5%
Fixed income investments
						370,588						Market approach						Yield						6.1% - 14.0%						9.2%
						232,261						Broker quotes and/or third-party pricing services						N/A						N/A						N/A
						29,484						Transaction price						N/A						N/A						N/A
						1,182						Discounted cash flow						Discount rate						12.2% - 20.0%						12.3%
Total assets						$	3,636,964
Liabilities
Derivative instruments						$	(114)					Broker quotes and/or third-party pricing services						N/A						N/A						N/A
Total liabilities						$	(114)

(1)“EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization.

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

The following table summarizes the investments held at fair value and unfunded commitments of the Consolidated Funds interests valued using NAV per share:

						As of March 31, 2026						As of December 31, 2025
Investments (held at fair value)						$	4,139,766					$	3,791,056
Unfunded commitments						3,755,464						3,658,819

Ares Management Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Share Data and As Otherwise Noted)

6. DEBT

The following table summarizes the Company’s and its subsidiaries’ debt obligations:

												As of March 31, 2026																		As of December 31, 2025
						Original Borrowing Amount						Carrying Value						Fair Value**(1)**						Interest Rate						Carrying Value						Fair Value**(1)**						Interest Rate
Credit Facility maturing on 4/22/2030(2)						N/A						$	1,425,000					$	1,425,000					4.67		%				$	1,380,000					$	1,380,000					4.86		%
Senior notes due 11/10/2028(3)						500,000						497,064						519,990						6.42						496,785						529,140						6.42
Senior notes due 6/15/2030(4)						400,000						398,068						375,136						3.28						397,954						379,280						3.28
Senior notes due 2/1/2052(5)						500,000						485,115						332,895						3.77						485,011						348,840						3.77
Senior notes due 10/11/2054(6)						750,000						736,444						660,548						5.65						736,355						709,073						5.65
Subordinated notes due 6/30/2051(7)						450,000						445,355						441,963						4.13						445,310						443,943						4.13
Term Loan due 3/27/2029(8)						400,000						399,430						400,000						4.67						N/A						N/A						N/A
Total debt obligations												$	4,386,476					$	4,155,532											$	3,941,415					$	3,790,276

(1)The senior notes and subordinated notes would be classified as Level II within the fair value hierarchy and fair value is based on quoted prices in inactive markets.

(2)The commitments of the revolving credit facility (the “Credit Facility”) were $1.840 billion with an accordion feature of $660.0 million as of March 31, 2026. The Credit Facility has a variable interest rate based on Secured Overnight Financing Rate (“SOFR”) or a base rate plus an applicable margin, with an unused commitment fee paid quarterly, which is subject to change with the Company’s underlying credit agency rating. As of March 31, 2026, base rate loans bear interest calculated based on the prime rate and the SOFR loans bear interest calculated based on SOFR plus 1.00%. The unused commitment fee is 0.09% per annum. The Credit Facility has a base rate and SOFR floor of zero.

(3)The senior notes were issued by the Company at 99.80% of the face amount with interest paid semi-annually. The Company may redeem the senior notes prior to maturity, subject to the terms of the indenture governing the senior notes.

(4)The senior notes were issued by Ares Finance Co. II LLC, an indirect subsidiary of the Company, at 99.77% of the face amount with interest paid semi-annually. The Company may redeem the senior notes prior to maturity, subject to the terms of the indenture governing the senior notes.

(5)The senior notes were issued by Ares Finance Co. IV LLC, an indirect subsidiary of the Company, at 97.78% of the face amount with interest paid semi-annually. The Company may redeem the senior notes prior to maturity, subject to the terms of the indenture governing the senior notes.

(6)The senior notes were issued by the Company at 99.24% of the face amount with interest paid semi-annually. The Company may redeem the senior notes prior to maturity, subject to the terms of the indenture governing the senior notes.

(7)The subordinated notes were issued by Ares Finance Co. III LLC, an indirect subsidiary of the Company with interest paid semi-annually at a fixed rate of 4.125%. Beginning June 30, 2026, the interest rate will reset on every fifth year based on the five-year U.S. Treasury Rate plus 3.237%. The Company may redeem the subordinated notes prior to maturity or defer interest payments up to five consecutive years, subject to the terms of the indenture governing the subordinated notes.

(8)The Term Loan has a variable interest rate based on SOFR plus an applicable margin, which is subject to change with the Company’s underlying credit agency rating. As of March 31, 2026, the SOFR loan bears interest calculated based on SOFR plus 1.00%. The Term Loan has a SOFR floor of zero.

As of March 31, 2026, the Company and its subsidiaries were in compliance with all covenants under the debt obligations.

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

Ares Management Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Share Data and As Otherwise Noted)

The following table presents the activity of the Company’s debt issuance costs:

			Credit Facility																		Term Debt Obligations
Unamortized debt issuance costs as of December 31, 2025			$	5,760																	$	21,682
Debt issuance costs incurred			—																		585
Amortization of debt issuance costs			(335)																		(499)
Unamortized debt issuance costs as of March 31, 2026			$	5,425																	$	21,768

Loan Obligations of the Consolidated CLOs

Loan obligations of the Consolidated Funds that are CLOs and other financing obligations (“Consolidated CLOs”) represent amounts due to holders of debt securities issued by the Consolidated CLOs. The Company measures the loan obligations of the Consolidated CLOs using the fair value of the financial assets of its Consolidated CLOs.

The following loan obligations were outstanding and classified as liabilities of the Consolidated CLOs:

									As of March 31, 2026																					As of December 31, 2025
									Fair Value of Loan Obligations						Weighted Average Interest Rate						Weighted Average Remaining Maturity (in years)									Fair Value of Loan Obligations						Weighted Average Interest Rate						Weighted Average Remaining Maturity (in years)
Senior secured notes									$	6,022,200					5.25%						9.2									$	6,561,286					5.19%						9.0
Subordinated notes(1)									776,610						N/A						10.5									797,786						N/A						10.4
Total loan obligations of Consolidated CLOs									$	6,798,810																				$	7,359,072

(1)The notes do not have contractual interest rates; instead, holders of the notes receive a variable rate of interest amounting to the excess cash flows generated by each Consolidated CLO.

Loan obligations of the Consolidated CLOs are collateralized by the assets held by the Consolidated CLOs, consisting of cash and cash equivalents, corporate loans and corporate bonds, among other securities and financial interests. The assets of one Consolidated CLO may not be used to satisfy the liabilities of another Consolidated CLO. Loan obligations of the Consolidated CLOs include floating rate notes, deferrable floating rate notes, revolving lines of credit and subordinated notes. Amounts borrowed under the notes are repaid based on available cash flows subject to priority of payments under each Consolidated CLO’s governing documents. Based on the terms of these facilities, the creditors of the facilities have no recourse to the Company.

Credit Facilities of the Consolidated Funds

Certain Consolidated Funds maintain credit facilities to fund investments between capital drawdowns. These facilities generally are collateralized by the net assets of the Consolidated Funds or the unfunded capital commitments of the Consolidated Funds’ limited partners, bear an annual commitment fee based on unfunded commitments and contain various affirmative and negative covenants and reporting obligations, including restrictions on additional indebtedness, liens, margin stock, affiliate transactions, dividends and distributions, release of capital commitments and portfolio asset dispositions. The creditors of these facilities only have recourse to the Company to the extent the debt is guaranteed by the Company. As of March 31, 2026 and December 31, 2025, the Consolidated Funds were in compliance with all covenants under such credit facilities.

Ares Management Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Share Data and As Otherwise Noted)

The Consolidated Funds had the following credit facilities outstanding:

												As of March 31, 2026																														As of December 31, 2025
												Total Capacity						Outstanding Loan						Fair Value						Weighted Average Interest Rate						Weighted Average Remaining Maturity (in years)						Total Capacity						Outstanding Loan						Fair Value						Weighted Average Interest Rate						Weighted Average Remaining Maturity (in years)
Credit Facilities(1)												$	3,879,390					$	2,232,365					$	2,232,365					5.73%						3.1						$	4,878,724					$	2,251,780					$	2,251,780					5.95%						3.4

(1)The credit facilities have varying maturities and bear interest at spreads to market rates or at stated fixed rates. The fair values of floating-rate borrowings approximate the carrying value as the interest rate on the borrowings is a floating rate and would be classified within Level II of the fair value hierarchy. The fair values of fixed rate borrowings would be classified within Level III of the fair value hierarchy.

7. COMMITMENTS AND CONTINGENCIES

Indemnification Arrangements

Consistent with standard business practices in the normal course of business, the Company enters into contracts that contain indemnities for affiliates of the Company, persons acting on behalf of the Company or such affiliates and third parties. The terms of the indemnities vary from contract to contract and the Company’s maximum exposure under these arrangements cannot be determined and has not been recorded within the Condensed Consolidated Statements of Financial Condition. As of March 31, 2026, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

Commitments

As of March 31, 2026 and December 31, 2025, the Company had aggregate unfunded commitments to invest in funds it manages or to support certain strategic initiatives of $1,518.7 million and $1,172.9 million, respectively.

Guarantees

As of March 31, 2026 and December 31, 2025, the Company’s maximum exposure to losses from guarantees was $7.0 million and $7.1 million, respectively. The guarantee agreements that the Company enters into with financial institutions are primarily to guarantee credit facilities held by certain funds. In the ordinary course of business, the guarantee of credit facilities held by funds may indicate control and result in consolidation of the fund.

Contingent Earnout Arrangements

GCP International

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

The portion of the DC Earnout and Japan Earnout attributable to the sellers represents a component of purchase consideration that will be accounted for as contingent consideration. The contingent liabilities are subject to change over the measurement periods, which will end no later than June 30, 2028. As of March 31, 2026 and December 31, 2025, the fair value of the contingent liabilities was $777.3 million and $763.0 million, respectively, and was recorded within accounts payable, accrued expenses and other liabilities within the Condensed Consolidated Statements of Financial Condition. For the three months ended March 31, 2026, the change in fair value of $14.3 million is presented within other income (expense), net within the Condensed Consolidated Statements of Operations.

Ares Management Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Share Data and As Otherwise Noted)

The portion of the DC Earnout and Japan Earnout attributable to the professionals that became employees of the Company requires continued service through the measurement periods. The DC Earnout and Japan Earnout are remeasured each period with incremental changes in fair value for the cash and equity components of these liabilities recognized within compensation and benefits expense within the Condensed Consolidated Statements of Operations. Following the measurement period end dates, the cash components will be paid and the equity awards will be granted at fair value for the balance of the liability. As of March 31, 2026 and December 31, 2025, the fair value of the contingent liabilities was $333.1 million and $327.0 million, respectively. As of March 31, 2026 and December 31, 2025, the Company has recorded $91.6 million and $70.1 million, respectively, within accrued compensation within the Condensed Consolidated Statements of Financial Condition. Compensation expense of $21.5 million and $4.3 million for the three months ended March 31, 2026 and 2025, respectively, was recorded within compensation and benefits within the Condensed Consolidated Statements of Operations. The unpaid liabilities at the respective measurement period end dates will be reclassified from liability to additional paid-in-capital. Any compensation expense associated with the DC Earnout and Japan Earnout that was not previously recorded through the final measurement period end date will be recognized as equity-based compensation expense over the remaining service periods ranging from three to six years, measured from the GCP Acquisition close date.

Other Arrangements

The Company also entered into various other contingent earnout arrangements in connection with acquisitions. The maximum exposure for the contingent earnout arrangements was $351.4 million and $175.0 million as of March 31, 2026 and December 31, 2025, respectively.

As of March 31, 2026 and December 31, 2025, the fair value of these contingent liabilities attributable to employees was $123.6 million and $24.2 million, respectively, of which $14.3 million and $7.8 million, respectively, has been recorded within accrued compensation within the Condensed Consolidated Statements of Financial Condition. Compensation expense of $6.5 million and $7.0 million for the three months ended March 31, 2026 and 2025, respectively, is presented within compensation and benefits within the Condensed Consolidated Statements of Operations.

The remaining portions of these contingent earnout arrangements were classified as contingent consideration. As of March 31, 2026 and December 31, 2025, the fair value of these contingent liabilities was $2.4 million and $2.3 million, respectively, and has been recorded within accounts payable, accrued expenses and other liabilities within the Condensed Consolidated Statements of Financial Condition. The change in fair value was $0.1 million for both the three months ended March 31, 2026 and 2025, and is presented within other income (expense), net within the Condensed Consolidated Statements of Operations.

Carried Interest

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

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

Additionally, at the end of the life of the funds there could be a payment due to a fund by the Company if the Company has received more carried interest than was ultimately earned. The general partner obligation amount, if any, will depend on final realized values of investments at the end of the life of the fund.

As of March 31, 2026 and December 31, 2025, if the Company assumed all existing investments were worthless, the amount of carried interest subject to potential repayment, net of tax distributions, which may differ from the recognition of

Ares Management Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Share Data and As Otherwise Noted)

revenue, would have been $115.3 million and $125.6 million, respectively, of which $90.7 million and $99.8 million, respectively, is reimbursable to the Company by certain professionals who are the recipients of such carried interest. Management believes the possibility of all of the investments becoming worthless is remote. As of March 31, 2026 and December 31, 2025, if the funds were liquidated at their fair values, there would be no material contingent repayment obligation or liability.

Litigation

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

Leases

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

Maturity of operating lease liabilities									As of March 31, 2026
2026									$	57,995
2027									73,213
2028									85,630
2029									81,864
2030									80,236
Thereafter									725,707
Total future payments									1,104,645
Less: interest									374,512
Total operating lease liabilities									$	730,133

												Three months ended March 31,
Classification within general, administrative and other expenses																		2026						2025
Operating lease expense																		$	23,822					$	20,955

						Three months ended March 31,
Supplemental information on the measurement of operating lease liabilities						2026						2025
Operating cash flows for operating leases						$	20,666					$	14,347
Leased assets obtained in exchange for new operating lease liabilities						62,297						44,118

									As of March 31,						As of December 31,
Lease term and discount rate									2026						2025
Weighted-average remaining lease terms (in years)									13.1						12.9
Weighted-average discount rate									5.8%						5.8%

Ares Management Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Share Data and As Otherwise Noted)

8. RELATED PARTY TRANSACTIONS

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

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

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

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

The Company considers its professionals and non-consolidated funds to be affiliates. Amounts due from and to affiliates were composed of the following:

			As of March 31,						As of December 31,
			2026						2025
Due from affiliates
Management fees receivable from non-consolidated funds			$	878,413					$	817,767
Incentive fee receivable from non-consolidated funds			37,123						150,674
Payments made on behalf of and amounts due from non-consolidated funds and employees			432,109						451,777
Due from affiliates—Company			$	1,347,645					$	1,420,218
Due to affiliates
Management fee received in advance and rebates payable to non-consolidated funds			$	8,725					$	10,197
Tax receivable agreement liability			581,683						579,893
Realized carried interest and incentive fees payable			196,915						206,270
Payments made by non-consolidated funds on behalf of and payable by the Company			9,479						14,049
Due to affiliates—Company			$	796,802					$	810,409

Due from and Due to Ares Funds and Portfolio Companies

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

Ares Management Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Share Data and As Otherwise Noted)

9. INCOME TAXES

The Company’s income tax provision includes corporate income taxes and other entity level income taxes, as well as income taxes incurred by certain affiliated funds that are consolidated in these financial statements.

The Company’s effective income tax rate is dependent on many factors, including the estimated nature and amounts of income and expenses allocated to the non-controlling interests without being subject to federal, state and local income taxes at the corporate level. Additionally, the Company’s effective tax rate is influenced by the amount of income tax provision recorded for any Consolidated Funds. For the three months ended March 31, 2026 and 2025, the Company recorded its interim income tax provision utilizing the estimated annual effective tax rate.

The income tax effects of temporary differences give rise to significant portions of deferred tax assets and liabilities, which are presented on a net basis. As of March 31, 2026 and December 31, 2025, the Company recorded a net deferred tax asset of $387.7 million and $352.3 million, respectively, within other assets within the Condensed Consolidated Statements of Financial Condition. A valuation allowance is recorded on our net deferred tax assets when it is more likely than not that such assets will not be realized or when timing is unknown. For the Consolidated Funds, a net deferred tax liability of $20.4 million and $15.0 million as of March 31, 2026 and December 31, 2025, respectively, was included within accounts payable, accrued expenses and other liabilities within the Condensed Consolidated Statements of Financial Condition.

The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by U.S. federal, state, local and foreign tax authorities. With limited exceptions, the Company is generally no longer subject to corporate income tax audits by taxing authorities for any years prior to 2021. Although the outcome of tax audits is always uncertain, the Company does not believe the outcome of any future audit will have a material adverse effect on the Company’s unaudited condensed consolidated financial statements.

10. EARNINGS PER SHARE

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

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

For the three months ended March 31, 2026 and 2025, the two-class method was the more dilutive method.

The following table presents the computation of basic and diluted earnings per common share:

			Three months ended March 31,
			2026						2025
Basic earnings per share of Class A and non-voting common stock
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders			$	117,276					$	21,857
Dividends declared and paid on Class A and non-voting common stock			(304,339)						(244,588)
Distributions on unvested restricted units			(13,222)						(10,794)
Dividends in excess of earnings available to Class A and non-voting common stockholders			$	(200,285)					$	(233,525)
Basic weighted-average shares of Class A and non-voting common stock			224,033,628						209,350,849
Dividends in excess of earnings per share of Class A and non-voting common stock			$	(0.89)					$	(1.12)
Dividend declared and paid per Class A and non-voting common stock			1.35						1.12
Basic earnings per share of Class A and non-voting common stock			$	0.46					$	0.00
Diluted earnings per share of Class A and non-voting common stock
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders			$	117,276					$	21,857
Distributions on unvested restricted units			(13,222)						(10,794)
Net income available to Class A and non-voting common stockholders			$	104,054					$	11,063
Diluted weighted-average shares of Class A and non-voting common stock			224,033,628						209,350,849
Diluted earnings per share of Class A and non-voting common stock			$	0.46					$	0.00

Ares Management Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Share Data and As Otherwise Noted)

11. EQUITY COMPENSATION

Equity-based compensation expense, net of forfeitures, recorded by the Company is presented in the following table:

			Three months ended March 31,
			2026						2025
Unvested awards			$	200,642					$	256,902
AOG Unit awards			2,990						960
Total equity-based compensation expense			$	203,632					$	257,862

Equity Incentive Plan

Equity-based compensation is generally granted under the 2023 Ares Management Corporation Equity Incentive Plan (the “Equity Incentive Plan”). The total number of shares available to be issued under the Equity Incentive Plan resets based on a formula defined in the Equity Incentive Plan and may increase on January 1 of each year. On January 1, 2026, the total number of shares available for issuance under the Equity Incentive Plan reset to 50,423,141 shares and as of March 31, 2026, 45,387,974 shares remained available for issuance.

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

Unvested Awards

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

Restricted units are delivered net of the holder’s payroll-related taxes upon vesting. For the three months ended March 31, 2026, 5.0 million restricted units vested and 2.9 million shares of Class A common stock were delivered to the holders. For the three months ended March 31, 2025, 4.8 million restricted units vested and 2.7 million shares of Class A common stock were delivered to the holders.

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

The following table summarizes the Company’s dividends declared and Dividend Equivalents paid during the three months ended March 31, 2026:

Record Date						Dividends Per Share						Dividend Equivalents Paid
March 17, 2026						$	1.35					$	25,442

Ares Management Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Share Data and As Otherwise Noted)

The following table presents unvested awards’ activity:

			Unvested Awards						Weighted Average Grant Date Fair Value Per Unvested Award
Balance as of December 31, 2025			19,760,606						$	118.49
Granted			4,838,882						153.55
Vested			(5,017,410)						89.60
Forfeited			(20,200)						141.13
Balance as of March 31, 2026			19,561,878						$	134.55

The total compensation expense expected to be recognized in all future periods associated with unvested awards is $2,072.3 million as of March 31, 2026 and is expected to be recognized over the remaining weighted average period of 3.4 years.

Other Equity-Based Compensation

The following table presents unvested AOG Unit awards’ activity:

			Unvested AOG Unit Awards						Weighted Average Grant Date Fair Value Per Unvested AOG Unit Award
Balance as of December 31, 2025			212,448						$	170.94
Vested			(70,816)						170.94
Balance as of March 31, 2026			141,632						$	170.94

The total compensation expense expected to be recognized in all future periods associated with unvested AOG Unit awards is $23.2 million as of March 31, 2026 and is expected to be recognized over the remaining weighted average period of 1.9 years.

12. EQUITY AND REDEEMABLE INTEREST

Common Stock

The Company’s common stock consists of Class A, Class B, Class C and non-voting common stock, each $0.01 par value per share. The non-voting common stock has the same economic rights as the Class A common stock. The Class B common stock and Class C common stock are non-economic and holders are not entitled to dividends from the Company or to receive any assets of the Company in the event of any dissolution, liquidation or winding up of the Company. Ares Management GP LLC is the sole holder of the Class B common stock and Ares Voting LLC (“Ares Voting”) is the sole holder of the Class C common stock.

In February 2026, the Company’s board of directors authorized the renewal of the stock repurchase program that allows for the repurchase of up to $750.0 million of shares of Class A common stock. Under the program, shares may be repurchased from time to time in open market purchases, privately negotiated transactions or otherwise, including in reliance on Rule 10b5-1 of the Securities Act. The program is scheduled to expire in March 2027. Repurchases under the program, if any, will depend on the prevailing market conditions and other factors. During the three months ended March 31, 2026 and 2025, the Company did not repurchase any shares as part of the stock repurchase program.

The following table presents the changes in each class of common stock:

			Class A Common Stock						Non-Voting Common Stock						Class B Common Stock						Class C Common Stock						Total
Balance as of December 31, 2025			218,465,429						3,489,911						1,000						105,079,121						327,035,461
Issuance of common stock, net of unvested share forfeitures			105,992						—						—						—						105,992
Exchanges of common stock			750,827						—						—						(750,827)						—
Vesting of restricted unit awards, net of shares withheld for tax			2,639,448						—						—						—						2,639,448
Balance as of March 31, 2026			221,961,696						3,489,911						1,000						104,328,294						329,780,901

Ares Management Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Share Data and As Otherwise Noted)

The following table presents each partner’s AOG Units and corresponding ownership interest in each of the AOG entities, as well as its daily average ownership of AOG Units in each of the AOG entities:

																														Daily Average Ownership
						As of March 31, 2026												As of December 31, 2025												Three months ended March 31,
						AOG Units						Direct Ownership Interest						AOG Units						Direct Ownership Interest						2026						2025
Ares Management Corporation						225,451,607						68.36		%				221,955,340						67.87		%				68.13		%				65.77		%
Ares Owners Holdings, L.P.						104,328,294						31.64						105,079,121						32.13						31.87						34.23
Total						329,779,901						100.00		%				327,034,461						100.00		%

Preferred Stock

As of March 31, 2026 and December 31, 2025, the Company had 30,000,000 shares of Series B mandatory convertible preferred stock outstanding. When, as and if declared by the Company’s board of directors, dividends on the Series B mandatory convertible preferred stock are payable quarterly at a rate per annum equal to 6.75%. Dividends on Series B mandatory convertible preferred stock are cumulative and the Series B mandatory convertible preferred stock, unless previously converted or redeemed, will automatically convert into the Company’s Class A common stock on October 1, 2027. Unless converted earlier in accordance with its terms, each share of Series B mandatory convertible preferred stock will automatically convert on the mandatory conversion date into between 0.2717 and 0.3260 shares of the Company’s Class A common stock, in each case, subject to customary anti-dilution adjustments. The conversion rate that will apply to mandatory conversions will be determined based on the average of the daily volume-weighted average prices over the 20 consecutive trading days beginning on, and including, the 21st scheduled trading day immediately before October 1, 2027.

Holders of shares of Series B mandatory convertible preferred stock have the option to convert all or any portion of their shares of Series B mandatory convertible preferred stock at any time. The conversion rate applicable to any early conversion may in certain circumstances be increased to compensate holders of the Series B mandatory convertible preferred stock for certain unpaid accumulated dividends.

Ares Management Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Share Data and As Otherwise Noted)

Redeemable Interest

The following table summarizes the activities associated with the redeemable interest in AOG entities:

			Total
Balance as of December 31, 2024			$	23,496
Net income			316
Currency translation adjustment, net of tax			198
Distributions			(300)
Balance as of March 31, 2025			23,710
Net loss			(274)
Currency translation adjustment, net of tax			699
Balance as of June 30, 2025			24,135
Net income			1,797
Currency translation adjustment, net of tax			(182)
Balance as of September 30, 2025			25,750
Net loss			(490)
Currency translation adjustment, net of tax			36
Balance as of December 31, 2025			25,296
Net loss			(1,113)
Currency translation adjustment, net of tax			(7)
Distributions			(297)
Balance as of March 31, 2026			$	23,879

The following table summarizes the activities associated with the redeemable interest in Consolidated Funds:

			Total
Balance as of December 31, 2024			$	550,700
Change in redemption value			5,698
Balance as of March 31, 2025			556,398
Redemptions from Class A ordinary shares of Ares Acquisition Corporation II (“AAC II”) (subsequently renamed to Kodiak AI, Inc. (Nasdaq: KDK))			(7,143)
Change in redemption value			8,795
Balance as of June 30, 2025			558,050
Redemptions from Class A ordinary shares of AAC II			(502,360)
Change in redemption value			7,214
Deconsolidation of AAC II			(62,904)
Balance as of September 30, 2025			$	—

As of March 31, 2026 and December 31, 2025, there was no redeemable interest in Consolidated Funds.

13. SEGMENT REPORTING

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

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

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

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

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

Other: Other represents a compilation of operating segments and strategic investments that seek to expand the Company’s reach and its scale in new and existing global markets but individually are not yet material to the Company’s

Ares Management Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Share Data and As Otherwise Noted)

results. These results include activities from: (i) Ares Insurance Solutions (“AIS”), the Company’s insurance platform that provides solutions to insurance clients including asset management, capital solutions and corporate development; (ii) the SPACs sponsored by the Company; (iii) a venture capital business with fund strategies that are focused on growth-stage companies and applied artificial intelligence, among others; and (iv) other initiatives, such as activities from the Company’s investments in certain structured financing vehicles.

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

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

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

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

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

Ares Management Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Share Data and As Otherwise Noted)

The following tables present the financial results for the Company’s operating segments, as well as the OMG:

			Three months ended March 31, 2026
			Credit Group						Real Assets Group						Secondaries Group						Private Equity Group						Other						Total Segments						OMG						Total
Management fees			$	684,663					$	196,626					$	70,275					$	33,119					$	16,888					$	1,001,571					$	—					$	1,001,571
Fee related performance revenues			5,256						2,601						11,699						—						—						19,556						—						19,556
Other fees			15,099						46,752						1,785						500						50						64,186						9,781						73,967
Compensation and benefits			(176,237)						(80,091)						(20,499)						(13,784)						(7,964)						(298,575)						(150,072)						(448,647)
General, administrative and other expenses			(51,345)						(33,919)						(8,627)						(4,978)						(2,563)						(101,432)						(80,611)						(182,043)
Fee related earnings			477,436						131,969						54,633						14,857						6,411						685,306						(220,902)						464,404
Performance income—realized			166,228						11,663						—						35,657						—						213,548						—						213,548
Performance related compensation—realized			(102,249)						(7,400)						—						(28,563)						—						(138,212)						—						(138,212)
Realized net performance income			63,979						4,263						—						7,094						—						75,336						—						75,336
Investment income (loss)—realized			4,024						5,446						169						78						2,194						11,911						(131)						11,780
Interest income			832						184						19						—						—						1,035						941						1,976
Interest expense			(3,355)						(31,089)						(1,623)						(3,416)						(11,141)						(50,624)						(136)						(50,760)
Realized net investment income (loss)			1,501						(25,459)						(1,435)						(3,338)						(8,947)						(37,678)						674						(37,004)
Realized income			$	542,916					$	110,773					$	53,198					$	18,613					$	(2,536)					$	722,964					$	(220,228)					$	502,736
			Three months ended March 31, 2025
			Credit Group						Real Assets Group						Secondaries Group						Private Equity Group						Other						Total Segments						OMG						Total
Management fees			$	585,396					$	130,453					$	57,650					$	31,998					$	12,879					$	818,376					$	—					$	818,376
Fee related performance revenues			18,395						—						9,656						—						—						28,051						—						28,051
Other fees			10,598						21,380						122						397						136						32,633						5,537						38,170
Compensation and benefits			(164,747)						(56,702)						(18,371)						(13,831)						(7,063)						(260,714)						(116,468)						(377,182)
General, administrative and other expenses			(41,048)						(20,852)						(8,473)						(4,257)						(1,483)						(76,113)						(64,026)						(140,139)
Fee related earnings			408,594						74,279						40,584						14,307						4,469						542,233						(174,957)						367,276
Performance income—realized			54,112						65,305						—						6,031						—						125,448						—						125,448
Performance related compensation—realized			(34,258)						(46,807)						—						(3,351)						—						(84,416)						—						(84,416)
Realized net performance income			19,854						18,498						—						2,680						—						41,032						—						41,032
Investment income (loss)—realized			5,379						7,919						138						(4,602)						2,530						11,364						331						11,695
Interest income			4,420						2,618						957						2,022						11,688						21,705						603						22,308
Interest expense			(6,308)						(15,717)						(2,008)						(4,180)						(7,918)						(36,131)						(256)						(36,387)
Realized net investment income (loss)			3,491						(5,180)						(913)						(6,760)						6,300						(3,062)						678						(2,384)
Realized income			$	431,939					$	87,597					$	39,671					$	10,227					$	10,769					$	580,203					$	(174,279)					$	405,924

Ares Management Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Share Data and As Otherwise Noted)

The following table presents the components of the Company’s operating segments’ revenue, expenses and realized net investment income (loss):

			Three months ended March 31,
			2026						2025
Segment revenues
Management fees			$	1,001,571					$	818,376
Fee related performance revenues			19,556						28,051
Other fees			64,186						32,633
Performance income—realized			213,548						125,448
Total segment revenues			$	1,298,861					$	1,004,508
Segment expenses
Compensation and benefits			$	298,575					$	260,714
General, administrative and other expenses			101,432						76,113
Performance related compensation—realized			138,212						84,416
Total segment expenses			$	538,219					$	421,243
Segment realized net investment income (loss)
Investment income—realized			$	11,911					$	11,364
Interest income			1,035						21,705
Interest expense			(50,624)						(36,131)
Total segment realized net investment loss			$	(37,678)					$	(3,062)

The following table reconciles the Company’s consolidated revenues to segment revenue:

			Three months ended March 31,
			2026						2025
Total consolidated revenue			$	1,396,436					$	1,088,805
Performance income—unrealized			(92,035)						(64,443)
Management fees of Consolidated Funds eliminated in consolidation			21,513						9,894
Performance income of Consolidated Funds eliminated in consolidation			16,118						5,128
Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation			83						124
Administrative fees(1)			(24,035)						(19,728)
OMG revenue			(9,780)						(5,537)
Principal investment income, net of eliminations			(477)						(21,998)
Net (revenue) expense of non-controlling interests in consolidated subsidiaries			(8,962)						12,263
Total consolidation adjustments and reconciling items			(97,575)						(84,297)
Total segment revenue			$	1,298,861					$	1,004,508

(1)Represents administrative fees from expense reimbursements that are presented within administrative, transaction and other fees within the Company’s Condensed Consolidated Statements of Operations and are netted against the respective expenses for segment reporting.

Ares Management Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Share Data and As Otherwise Noted)

The following table reconciles the Company’s consolidated expenses to segment expenses:

			Three months ended March 31,
			2026						2025
Total consolidated expenses			$	1,168,463					$	1,014,328
Performance related compensation-unrealized			(81,422)						(40,550)
Expenses of Consolidated Funds added in consolidation			(28,878)						(16,684)
Expenses of Consolidated Funds eliminated in consolidation			21,595						10,028
Administrative fees(1)			(24,035)						(19,728)
OMG expenses			(230,683)						(180,494)
Acquisition and merger-related expense			(1,244)						(34,608)
Equity compensation expense			(203,632)						(257,862)
Acquisition-related compensation expense(2)			(28,200)						(21,999)
Placement fee adjustment			6,822						6
Depreciation and amortization expense			(59,694)						(48,229)
Expense of non-controlling interests in consolidated subsidiaries			(873)						17,035
Total consolidation adjustments and reconciling items			(630,244)						(593,085)
Total segment expenses			$	538,219					$	421,243

(1)Represents administrative fees from expense reimbursements that are presented within administrative, transaction and other fees within the Company’s Condensed Consolidated Statements of Operations and are netted against the respective expenses for segment reporting.

(2)Represents bonus payments, a portion of earnouts and other costs recorded in connection with various acquisitions that are recorded as compensation expense and are presented within compensation and benefits within the Company’s Condensed Consolidated Statements of Operations. See “Note 7. Commitments and Contingencies” for a further description of the various contingent earnout arrangements.

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

			Three months ended March 31,
			2026						2025
Total consolidated other income			$	84,948					$	66,561
Investment income—unrealized			(20,138)						(21,638)
Interest and other investment (income) loss—unrealized			(3,373)						3,774
Other income, net of Consolidated Funds added in consolidation			(106,720)						(86,422)
Other expense (income), net of Consolidated Funds eliminated in consolidation			(236)						1,800
OMG other (income) expense			(675)						4,197
Principal investment income			29,012						26,839
Other (income) expense, net			(23,006)						2,526
Other loss (income) of non-controlling interests in consolidated subsidiaries			2,510						(699)
Total consolidation adjustments and reconciling items			(122,626)						(69,623)
Total segment realized net investment loss			$	(37,678)					$	(3,062)

Ares Management Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Share Data and As Otherwise Noted)

The following table presents the reconciliation of income before taxes as reported in the Condensed Consolidated Statements of Operations to segment results of RI and FRE:

			Three months ended March 31,
			2026						2025
Income before taxes			$	312,921					$	141,038
Adjustments:
Depreciation and amortization expense			59,694						48,229
Equity compensation expense			203,632						257,862
Acquisition-related compensation expense(1)			28,200						21,999
Acquisition and merger-related expense			1,244						34,608
Placement fee adjustment			(6,822)						(6)
OMG expense, net			220,227						179,154
Other (income) expense, net			(23,006)						2,526
Income before taxes of non-controlling interests in consolidated subsidiaries			(5,578)						(5,471)
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations			(33,424)						(57,979)
Total performance income—unrealized			(92,035)						(64,443)
Total performance related compensation—unrealized			81,422						40,550
Total net investment income—unrealized			(23,511)						(17,864)
Realized income			722,964						580,203
Total performance income—realized			(213,548)						(125,448)
Total performance related compensation—realized			138,212						84,416
Total net investment loss—realized			37,678						3,062
Fee related earnings			$	685,306					$	542,233

(1)Represents bonus payments, a portion of earnouts and other costs recorded in connection with various acquisitions that are recorded as compensation expense and are presented within compensation and benefits within the Company’s Condensed Consolidated Statements of Operations. See “Note 7. Commitments and Contingencies” for a further description of the various contingent earnout arrangements.

Ares Management Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Share Data and As Otherwise Noted)

14. CONSOLIDATION

Deconsolidation of Funds

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

Investments in Consolidated Variable Interest Entities

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

Investments in Non-Consolidated Variable Interest Entities

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

The Company’s interests in consolidated and non-consolidated VIEs, as presented within the Condensed Consolidated Statements of Financial Condition, its respective maximum exposure to loss relating to non-consolidated VIEs, and its net income attributable to non-controlling interests related to consolidated VIEs, as presented within the Condensed Consolidated Statements of Operations, are as follows:

			As of March 31,						As of December 31,
			2026						2025
Maximum exposure to loss attributable to the Company’s investment in non-consolidated VIEs			$	442,385					$	469,455
Maximum exposure to loss attributable to the Company’s investment in consolidated VIEs			1,363,147						1,346,592
Assets of consolidated VIEs			12,786,632						13,468,979
Liabilities of consolidated VIEs			8,556,436						9,354,024

			Three months ended March 31,
			2026						2025
Net income attributable to non-controlling interests related to consolidated VIEs			$	27,025					$	52,976

Ares Management Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Share Data and As Otherwise Noted)

Consolidating Schedules

The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Company’s financial condition, results from operations and cash flows:

			As of March 31, 2026
			Consolidated Company Entities						Consolidated Funds						Eliminations						Consolidated
Assets
Cash and cash equivalents			$	568,779					$	—					$	—					$	568,779
Investments (includes $4,029,460 of accrued carried interest)			6,997,871						—						(1,478,194)						5,519,677
Due from affiliates			1,364,027						—						(16,382)						1,347,645
Other assets			1,042,457						—						—						1,042,457
Right-of-use operating lease assets			564,572						—						—						564,572
Intangible assets, net			2,141,645						—						—						2,141,645
Goodwill			3,463,416						—						—						3,463,416
Assets of Consolidated Funds
Cash and cash equivalents			—						869,305						—						869,305
Investments, at fair value			—						12,709,020						—						12,709,020
Receivable for securities sold			—						95,079						—						95,079
Other assets			—						73,338						—						73,338
Total assets			$	16,142,767					$	13,746,742					$	(1,494,576)					$	28,394,933
Liabilities
Accounts payable, accrued expenses and other liabilities			$	1,231,541					$	—					$	(148)					$	1,231,393
Accrued compensation			422,524						—						—						422,524
Due to affiliates			796,802						—						—						796,802
Performance related compensation payable			3,018,340						—						—						3,018,340
Debt obligations			4,386,476						—						—						4,386,476
Operating lease liabilities			730,133						—						—						730,133
Liabilities of Consolidated Funds
Accounts payable, accrued expenses and other liabilities			—						113,760						(756)						113,004
Due to affiliates			—						15,369						(15,369)						—
Payable for securities purchased			—						281,807						—						281,807
CLO loan obligations, at fair value			—						6,861,827						(63,017)						6,798,810
Fund borrowings			—						2,232,365						—						2,232,365
Total liabilities			10,585,816						9,505,128						(79,290)						20,011,654
Commitments and contingencies
Redeemable interest in Ares Operating Group entities			23,879						—						—						23,879
Non-controlling interest in Consolidated Funds			—						4,241,614						(1,264,923)						2,976,691
Non-controlling interest in Ares Operating Group entities			1,404,842						—						(47,568)						1,357,274
Stockholders’ Equity
Series B mandatory convertible preferred stock, $0.01 par value, 1,000,000,000 shares authorized (30,000,000 shares issued and outstanding)			1,460,030						—						—						1,460,030
Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (221,961,696 shares issued and outstanding)			2,220						—						—						2,220
Non-voting common stock, $0.01 par value, 500,000,000 shares authorized (3,489,911 shares issued and outstanding)			35						—						—						35
Class B common stock, $0.01 par value, 1,000 shares authorized (1,000 shares issued and outstanding)			—						—						—						—
Class C common stock, $0.01 par value, 499,999,000 shares authorized (104,328,294 shares issued and outstanding)			1,043						—						—						1,043
Additional paid-in-capital			4,307,484						—						(102,795)						4,204,689
Accumulated deficit			(1,656,571)						—						—						(1,656,571)
Accumulated other comprehensive income, net of tax			13,989						—						—						13,989
Total stockholders’ equity			4,128,230						—						(102,795)						4,025,435
Total equity			5,533,072						4,241,614						(1,415,286)						8,359,400
Total liabilities, redeemable interest, non-controlling interests and equity			$	16,142,767					$	13,746,742					$	(1,494,576)					$	28,394,933

Ares Management Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Share Data and As Otherwise Noted)

			As of December 31, 2025
			Consolidated Company Entities						Consolidated Funds						Eliminations						Consolidated
Assets
Cash and cash equivalents			$	488,896					$	—					$	—					$	488,896
Investments (includes $3,972,748 of accrued carried interest)			6,940,314						—						(1,431,867)						5,508,447
Due from affiliates			1,446,083						—						(25,865)						1,420,218
Other assets			1,032,138						—						—						1,032,138
Right-of-use operating lease assets			517,351						—						—						517,351
Intangible assets, net			2,115,830						—						—						2,115,830
Goodwill			3,454,107						—						—						3,454,107
Assets of Consolidated Funds
Cash and cash equivalents			—						959,088						—						959,088
Investments, at fair value			—						12,844,886						—						12,844,886
Receivable for securities sold			—						228,442						—						228,442
Other assets			—						63,966						—						63,966
Total assets			$	15,994,719					$	14,096,382					$	(1,457,732)					$	28,633,369
Liabilities
Accounts payable, accrued expenses and other liabilities			$	1,204,618					$	—					$	(151)					$	1,204,467
Accrued compensation			472,978						—						—						472,978
Due to affiliates			810,409						—						—						810,409
Performance related compensation payable			2,951,333						—						—						2,951,333
Debt obligations			3,941,415						—						—						3,941,415
Operating lease liabilities			669,999						—						—						669,999
Liabilities of Consolidated Funds
Accounts payable, accrued expenses and other liabilities			—						105,722						(585)						105,137
Due to affiliates			—						25,021						(25,021)						—
Payable for securities purchased			—						165,391						—						165,391
CLO loan obligations, at fair value			—						7,424,717						(65,645)						7,359,072
Fund borrowings			—						2,251,780						—						2,251,780
Total liabilities			10,050,752						9,972,631						(91,402)						19,931,981
Commitments and contingencies
Redeemable interest in Ares Operating Group entities			25,296						—						—						25,296
Non-controlling interest in Consolidated Funds			—						4,123,751						(1,219,893)						2,903,858
Non-controlling interest in Ares Operating Group entities			1,543,823						—						(47,052)						1,496,771
Stockholders’ Equity
Series B mandatory convertible preferred stock, $0.01 par value, 1,000,000,000 shares authorized (30,000,000 shares issued and outstanding)			1,460,030						—						—						1,460,030
Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (218,465,429 shares issued and outstanding)			2,185						—						—						2,185
Non-voting common stock, $0.01 par value, 500,000,000 shares authorized (3,489,911 shares issued and outstanding)			35						—						—						35
Class B common stock, $0.01 par value, 1,000 shares authorized (1,000 shares issued and outstanding)			—						—						—						—
Class C common stock, $0.01 par value, 499,999,000 shares authorized (105,079,121 shares issued and outstanding)			1,051						—						—						1,051
Additional paid-in-capital			4,342,063						—						(99,385)						4,242,678
Accumulated deficit			(1,452,259)						—						—						(1,452,259)
Accumulated other comprehensive income, net of tax			21,743						—						—						21,743
Total stockholders’ equity			4,374,848						—						(99,385)						4,275,463
Total equity			5,918,671						4,123,751						(1,366,330)						8,676,092
Total liabilities, redeemable interest, non-controlling interests and equity			$	15,994,719					$	14,096,382					$	(1,457,732)					$	28,633,369

Ares Management Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Share Data and As Otherwise Noted)

			Three months ended March 31, 2026
			Consolidated Company Entities						Consolidated Funds						Eliminations						Consolidated
Revenues
Management fees			$	1,011,040					$	—					$	(21,513)					$	989,527
Carried interest allocation			162,749						—						(16,118)						146,631
Incentive fees			161,934						—						—						161,934
Principal investment income			29,012						—						(28,535)						477
Administrative, transaction and other fees			97,950						—						(83)						97,867
Total revenues			1,462,685						—						(66,249)						1,396,436
Expenses
Compensation and benefits			692,407						—						—						692,407
Performance related compensation			228,336						—						—						228,336
General, administrative and other expenses			240,437						—						—						240,437
Expenses of the Consolidated Funds			—						28,878						(21,595)						7,283
Total expenses			1,161,180						28,878						(21,595)						1,168,463
Other income (expense)
Net realized and unrealized gains (losses) on investments			(2,842)						—						6,231						3,389
Interest and dividend income			7,099						—						—						7,099
Interest expense			(50,760)						—						—						(50,760)
Other income, net			24,495						—						65						24,560
Net realized and unrealized gains on investments of the Consolidated Funds			—						139,908						(5,892)						134,016
Interest and other income of the Consolidated Funds			—						105,445						—						105,445
Interest expense of the Consolidated Funds			—						(138,633)						(168)						(138,801)
Total other income (expense), net			(22,008)						106,720						236						84,948
Income before taxes			279,497						77,842						(44,418)						312,921
Income tax expense			56,095						3,777						—						59,872
Net income			223,402						74,065						(44,418)						253,049
Less: Net income attributable to non-controlling interests in Consolidated Funds			—						74,065						(44,418)						29,647
Net income attributable to Ares Operating Group entities			223,402						—						—						223,402
Less: Net loss attributable to redeemable interest in Ares Operating Group entities			(1,113)						—						—						(1,113)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities			81,926						—						—						81,926
Net income attributable to Ares Management Corporation			142,589						—						—						142,589
Less: Series B mandatory convertible preferred stock dividends declared			25,313						—						—						25,313
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders			$	117,276					$	—					$	—					$	117,276

Ares Management Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Share Data and As Otherwise Noted)

			Three months ended March 31, 2025
			Consolidated Company Entities						Consolidated Funds						Eliminations						Consolidated
Revenues
Management fees			$	826,881					$	—					$	(9,894)					$	816,987
Carried interest allocation			165,126						—						(5,118)						160,008
Incentive fees			32,058						—						(10)						32,048
Principal investment income			26,839						—						(4,841)						21,998
Administrative, transaction and other fees			57,888						—						(124)						57,764
Total revenues			1,108,792						—						(19,987)						1,088,805
Expenses
Compensation and benefits			657,125						—						—						657,125
Performance related compensation			122,633						—						—						122,633
General, administrative and other expenses			227,914						—						—						227,914
Expenses of the Consolidated Funds			—						16,684						(10,028)						6,656
Total expenses			1,007,672						16,684						(10,028)						1,014,328
Other income (expense)
Net realized and unrealized gains on investments			10,631						—						(10,363)						268
Interest and dividend income			18,203						—						(547)						17,656
Interest expense			(36,387)						—						—						(36,387)
Other expense, net			(10,508)						—						(206)						(10,714)
Net realized and unrealized gains on investments of the Consolidated Funds			—						83,727						4,679						88,406
Interest and other income of the Consolidated Funds			—						160,072						—						160,072
Interest expense of the Consolidated Funds			—						(157,377)						4,637						(152,740)
Total other income (expense), net			(18,061)						86,422						(1,800)						66,561
Income before taxes			83,059						69,738						(11,759)						141,038
Income tax expense			15,535						2,002						—						17,537
Net income			67,524						67,736						(11,759)						123,501
Less: Net income attributable to non-controlling interests in Consolidated Funds			—						67,736						(11,759)						55,977
Net income attributable to Ares Operating Group entities			67,524						—						—						67,524
Less: Net income attributable to redeemable interest in Ares Operating Group entities			316						—						—						316
Less: Net income attributable to non-controlling interests in Ares Operating Group entities			20,038						—						—						20,038
Net income attributable to Ares Management Corporation			47,170						—						—						47,170
Less: Series B mandatory convertible preferred stock dividends declared			25,313						—						—						25,313
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders			$	21,857					$	—					$	—					$	21,857

Ares Management Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Share Data and As Otherwise Noted)

			Three months ended March 31, 2026
			Consolidated Company Entities						Consolidated Funds						Eliminations						Consolidated
Cash flows from operating activities
Net income			$	223,402					$	74,065					$	(44,418)					$	253,049
Adjustments to reconcile net income to net cash provided by (used in) operating activities			236,257						—						16,610						252,867
Adjustments to reconcile net income to net cash provided by (used in) operating activities allocable to non-controlling interests in Consolidated Funds			—						(357,804)						5,893						(351,911)
Cash flows due to changes in operating assets and liabilities			34,441						—						20,236						54,677
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds			—						101,833						96,000						197,833
Net cash provided by (used in) operating activities			494,100						(181,906)						94,321						406,515
Cash flows from investing activities
Purchase of furniture, equipment and leasehold improvements, net of disposals			(15,643)						—						—						(15,643)
Acquisitions, net of cash acquired			8,477						—						—						8,477
Net cash used in investing activities			(7,166)						—						—						(7,166)
Cash flows from financing activities
Proceeds from Credit Facility			505,000						—						—						505,000
Proceeds from Term Loan			399,415						—						—						399,415
Repayments of Credit Facility			(460,000)						—						—						(460,000)
Dividends and distributions			(522,752)						—						—						(522,752)
Taxes paid related to net share settlement of equity awards			(318,428)						—						—						(318,428)
Other financing activities			12,719						—						—						12,719
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds			—						344,448						(6,762)						337,686
Distributions to non-controlling interests in Consolidated Funds			—						(82,056)						2,224						(79,832)
Borrowings under loan obligations by Consolidated Funds			—						824,531						—						824,531
Repayments under loan obligations by Consolidated Funds			—						(991,250)						—						(991,250)
Net cash provided by (used in) financing activities			(384,046)						95,673						(4,538)						(292,911)
Effect of exchange rate changes			(23,005)						(3,550)						—						(26,555)
Net change in cash and cash equivalents			79,883						(89,783)						89,783						79,883
Cash and cash equivalents, beginning of period			488,896						959,088						(959,088)						488,896
Cash and cash equivalents, end of period			$	568,779					$	869,305					$	(869,305)					$	568,779
Supplemental disclosure of non-cash financing activities:
Equity issued in connection with acquisition-related activities			$	15,997					$	—					$	—					$	15,997

Ares Management Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Share Data and As Otherwise Noted)

			Three months ended March 31, 2025
			Consolidated Company Entities						Consolidated Funds						Eliminations						Consolidated
Cash flows from operating activities
Net income			$	67,524					$	67,736					$	(11,759)					$	123,501
Adjustments to reconcile net income to net cash provided by operating activities			267,697						—						42,636						310,333
Adjustments to reconcile net income to net cash provided by operating activities allocable to non-controlling interests in Consolidated Funds			—						980,313						(11,344)						968,969
Cash flows due to changes in operating assets and liabilities			372,073						—						(144,367)						227,706
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds			—						164,586						199,108						363,694
Net cash provided by operating activities			707,294						1,212,635						74,274						1,994,203
Cash flows from investing activities
Purchase of furniture, equipment and leasehold improvements, net of disposals			(21,975)						—						—						(21,975)
Acquisitions, net of cash acquired			(1,722,715)						—						—						(1,722,715)
Net cash used in investing activities			(1,744,690)						—						—						(1,744,690)
Cash flows from financing activities
Proceeds from Credit Facility			1,125,000						—						—						1,125,000
Repayments of Credit Facility			(140,000)						—						—						(140,000)
Dividends and distributions			(445,088)						—						—						(445,088)
Taxes paid related to net share settlement of equity awards			(396,722)						—						—						(396,722)
Other financing activities			457						—						—						457
Allocable to non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds			—						123,707						(34,627)						89,080
Distributions to non-controlling interests in Consolidated Funds			—						(321,741)						3,567						(318,174)
Borrowings under loan obligations by Consolidated Funds			—						172,606						—						172,606
Repayments under loan obligations by Consolidated Funds			—						(1,264,886)						—						(1,264,886)
Net cash provided by (used in) financing activities			143,647						(1,290,314)						(31,060)						(1,177,727)
Effect of exchange rate changes			4,309						34,465						—						38,774
Net change in cash and cash equivalents			(889,440)						(43,214)						43,214						(889,440)
Cash and cash equivalents, beginning of period			1,507,976						1,227,489						(1,227,489)						1,507,976
Cash and cash equivalents, end of period			$	618,536					$	1,184,275					$	(1,184,275)					$	618,536
Supplemental disclosure of non-cash financing activities:
Equity issued in connection with acquisition-related activities			$	1,657,881					$	—					$	—					$	1,657,881

Ares Management Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Share Data and As Otherwise Noted)

15. SUBSEQUENT EVENTS

The Company evaluated all events or transactions that occurred after March 31, 2026 through the date the unaudited condensed consolidated financial statements were issued. During this period, the Company had the following material subsequent events that require disclosure:

In April 2026, the Company’s board of directors declared a quarterly dividend of $1.35 per share of Class A and non-voting common stock payable on June 30, 2026 to common stockholders of record at the close of business on June 16, 2026.

In April 2026, the Company’s board of directors declared a quarterly dividend of $0.84375 per share of Series B mandatory convertible preferred stock payable on July 1, 2026 to preferred stockholders of record on June 15, 2026.