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CONSOLIDATION
12 Months Ended
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]  
CONSOLIDATION
16. CONSOLIDATION
Deconsolidated Funds
Certain funds that have historically been consolidated in the financial statements that are no longer consolidated because, as of the reporting period: (a) such funds have been liquidated or dissolved; or (b) the Company is no longer deemed to be the primary beneficiary of the VIEs as it no longer has a significant economic interest. During the year ended December 31, 2022, the Company did not deconsolidate any entity. During the year ended December 31, 2021, one CLO experienced a significant change in ownership that resulted in deconsolidation of the entity. During the year ended December 31, 2020, one entity was liquidated/dissolved and one CLO experienced a significant change in ownership that resulted in deconsolidation of the entity.
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 potentially 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 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 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 Consolidated Statements of Operations, are as follows:

As of December 31,
20222021
Maximum exposure to loss attributable to the Company’s investment in non-consolidated VIEs(1)
$393,549 $353,768 
Maximum exposure to loss attributable to the Company’s investment in consolidated VIEs(1)
537,239 583,192 
Assets of consolidated VIEs
13,128,088 13,197,321 
Liabilities of consolidated VIEs
11,593,867 12,018,655 
(1)As of December 31, 2022 and 2021, the Company’s maximum exposure of loss for CLO securities was equal to the cumulative fair value of our capital interest in CLOs and totaled $82.0 million and $103.8 million, respectively.

Year ended December 31,
202220212020
Net income attributable to non-controlling interests related to consolidated VIEs$105,797 $115,217 $28,085 
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 December 31, 2022
 Consolidated
Company 
Entities 
Consolidated
Funds 
Eliminations Consolidated 
Assets    
Cash and cash equivalents$389,987 $— $— $389,987 
Investments (includes $3,106,577 of accrued carried interest)
4,515,955 — (541,221)3,974,734 
Due from affiliates949,532 — (191,060)758,472 
Other assets381,137 — — 381,137 
Right-of-use operating lease assets155,950 — — 155,950 
Intangible assets, net1,208,220 — — 1,208,220 
Goodwill999,656 — — 999,656 
Assets of Consolidated Funds
Cash and cash equivalents— 724,641 — 724,641 
Investments held in trust account— 1,013,382 — 1,013,382 
Investments, at fair value— 12,187,392 3,859 12,191,251 
Due from affiliates— 26,531 (10,742)15,789 
Receivable for securities sold— 124,050 — 124,050 
Other assets— 65,570 — 65,570 
Total assets$8,600,437 $14,141,566 $(739,164)$22,002,839 
Liabilities    
Accounts payable, accrued expenses and other liabilities$242,663 $— $(10,742)$231,921 
Accrued compensation510,130 — — 510,130 
Due to affiliates252,798 — — 252,798 
Performance related compensation payable2,282,209 — — 2,282,209 
Debt obligations2,273,854 — — 2,273,854 
Operating lease liabilities190,616 — — 190,616 
Liabilities of Consolidated Funds
Accounts payable, accrued expenses and other liabilities— 175,435 (7,149)168,286 
Due to affiliates— 191,238 (187,201)4,037 
Payable for securities purchased— 314,193 — 314,193 
CLO loan obligations, at fair value— 10,797,332 (95,612)10,701,720 
Fund borrowings— 168,046 — 168,046 
Total liabilities5,752,270 11,646,244 (300,704)17,097,810 
Commitments and contingencies
Redeemable interest in Consolidated Funds 1,013,282  1,013,282 
Redeemable interest in Ares Operating Group entities93,129   93,129 
Non-controlling interest in Consolidated Funds 1,482,040 (407,684)1,074,356 
Non-controlling interest in Ares Operating Group entities1,147,269  (12,246)1,135,023 
Stockholders’ Equity
Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (173,892,036 shares issued and outstanding)
1,739 — — 1,739 
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 (117,231,288 shares issued and outstanding)
1,172 — — 1,172 
Additional paid-in-capital1,989,284 — (18,530)1,970,754 
Accumulated deficit(369,475)— — (369,475)
Accumulated other comprehensive loss, net of tax(14,986)— — (14,986)
       Total stockholders’ equity1,607,769  (18,530)1,589,239 
       Total equity2,755,038 1,482,040 (438,460)3,798,618 
 Total liabilities, redeemable interest, non-controlling interests and equity$8,600,437 $14,141,566 $(739,164)$22,002,839 
 As of December 31, 2021
 Consolidated
Company 
Entities 
Consolidated
Funds 
EliminationsConsolidated 
Assets    
Cash and cash equivalents$343,655 $— $— $343,655 
Investments (includes $2,998,421 of accrued carried interest)
4,271,836 — (587,572)3,684,264 
Due from affiliates696,963 — (26,580)670,383 
Other assets338,685 — (3,930)334,755 
Right-of-use operating lease assets167,652 — — 167,652 
Intangible assets, net1,422,818 — — 1,422,818 
Goodwill787,972 — — 787,972 
Assets of Consolidated Funds
Cash and cash equivalents— 1,049,191 — 1,049,191 
Investments held in trust account— 1,000,285 — 1,000,285 
Investments, at fair value— 11,812,093 4,300 11,816,393 
Due from affiliates— 16,761 (9,527)7,234 
Receivable for securities sold— 281,132 281,132 
Other assets— 39,430 39,430 
Total assets$8,029,581 $14,198,892 $(623,309)$21,605,164 
Liabilities    
Accounts payable, accrued expenses and other liabilities$289,200 $— $(9,527)$279,673 
Accrued compensation310,222 — — 310,222 
Due to affiliates198,553 — — 198,553 
Performance related compensation payable2,190,352 — — 2,190,352 
Debt obligations1,503,709 — — 1,503,709 
Operating lease liabilities205,075 — — 205,075 
Liabilities of Consolidated Funds
Accounts payable, accrued expenses and other liabilities— 117,139 (13,881)103,258 
Due to affiliates— 26,210 (26,210)— 
Payable for securities purchased— 1,118,456 — 1,118,456 
CLO loan obligations, at fair value— 10,698,681 (41,020)10,657,661 
Fund borrowings— 127,771 — 127,771 
Total liabilities4,697,111 12,088,257 (90,638)16,694,730 
Commitments and contingencies
Redeemable interest in Consolidated Funds 1,000,000  1,000,000 
Redeemable interest in Ares Operating Group entities96,008   96,008 
Non-controlling interest in Consolidated Funds 1,110,635 (519,183)591,452 
Non-controlling interest in Ares Operating Group entities1,403,255  (5,508)1,397,747 
Stockholders’ Equity
Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (168,351,305 shares issued and outstanding)
1,684 — — 1,684 
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 (118,609,332 shares issued and outstanding)
1,186 — — 1,186 
Additional paid-in-capital1,921,539 — (7,980)1,913,559 
Accumulated deficit(89,382)— — (89,382)
Accumulated other comprehensive loss, net of tax(1,855)— — (1,855)
       Total stockholders’ equity1,833,207  (7,980)1,825,227 
       Total equity3,236,462 1,110,635 (532,671)3,814,426 
       Total liabilities, redeemable interest, non-controlling interests and equity$8,029,581 $14,198,892 $(623,309)$21,605,164 
 
Year ended December 31, 2022
 Consolidated
Company 
Entities 
Consolidated
Funds 
Eliminations Consolidated
Revenues    
Management fees$2,182,757 $— $(46,324)$2,136,433 
Carried interest allocation465,561 — (7,549)458,012 
Incentive fees305,167 — (3,980)301,187 
Principal investment income48,222 — (35,943)12,279 
Administrative, transaction and other fees164,545 — (17,013)147,532 
Total revenues3,166,252  (110,809)3,055,443 
Expenses    
Compensation and benefits1,498,590 — — 1,498,590 
Performance related compensation518,829 — — 518,829 
General, administrative and other expense695,511 — (255)695,256 
Expenses of the Consolidated Funds— 86,988 (50,578)36,410 
Total expenses2,712,930 86,988 (50,833)2,749,085 
Other income (expense)    
Net realized and unrealized gains (losses) on investments(27,924)— 32,656 4,732 
Interest and dividend income25,196 — (15,797)9,399 
Interest expense(71,356)— — (71,356)
Other income, net11,904 — 1,215 13,119 
Net realized and unrealized gains on investments of the Consolidated Funds— 87,287 (13,901)73,386 
Interest and other income of the Consolidated Funds— 587,744 (1,215)586,529 
Interest expense of the Consolidated Funds— (424,887)13,526 (411,361)
Total other income (expense), net(62,180)250,144 16,484 204,448 
Income before taxes391,142 163,156 (43,492)510,806 
Income tax expense71,560 331 — 71,891 
Net income319,582 162,825 (43,492)438,915 
Less: Net income attributable to non-controlling interests in Consolidated Funds— 162,825 (43,492)119,333 
Net income attributable to Ares Operating Group entities319,582   319,582 
Less: Net loss attributable to redeemable interest in Ares Operating Group entities(851)— — (851)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities152,892 — — 152,892 
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders$167,541 $ $ $167,541 
 Year ended December 31, 2021
 Consolidated
Company 
Entities 
Consolidated
Funds 
EliminationsConsolidated 
Revenues    
Management fees$1,655,943 $— $(44,896)$1,611,047 
Carried interest allocation2,073,551 — — 2,073,551 
Incentive fees338,334 — (5,458)332,876 
Principal investment income120,896 — (21,463)99,433 
Administrative, transaction and other fees99,667 — (4,483)95,184 
Total revenues4,288,391  (76,300)4,212,091 
Expenses
Compensation and benefits1,162,633 — — 1,162,633 
Performance related compensation1,740,786 — — 1,740,786 
General, administrative and other expense444,178 — — 444,178 
Expenses of the Consolidated Funds— 113,024 (50,538)62,486 
Total expenses3,347,597 113,024 (50,538)3,410,083 
Other income (expense)
Net realized and unrealized gains on investments11,920 — 7,182 19,102 
Interest and dividend income14,199 — (4,334)9,865 
Interest expense(36,760)— — (36,760)
Other income, net15,080 — (678)14,402 
Net realized and unrealized gains on investments of the Consolidated Funds— 91,390 (14,087)77,303 
Interest and other income of the Consolidated Funds— 437,140 678 437,818 
Interest expense of the Consolidated Funds— (272,155)14,107 (258,048)
Total other income, net4,439 256,375 2,868 263,682 
Income before taxes945,233 143,351 (22,894)1,065,690 
Income tax expense147,297 88 — 147,385 
Net income797,936 143,263 (22,894)918,305 
Less: Net income attributable to non-controlling interests in Consolidated Funds— 143,263 (22,894)120,369 
Net income attributable to Ares Operating Group entities797,936   797,936 
Less: Net loss attributable to redeemable interest in Ares Operating Group entities(1,341)— — (1,341)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities390,440 — — 390,440 
Net income attributable to Ares Management Corporation408,837   408,837 
Less: Series A Preferred Stock dividends paid10,850   10,850 
Less: Series A Preferred Stock redemption premium11,239   11,239 
Net income attributable to Ares Management Corporation Class A common stockholders$386,748 $ $ $386,748 
Year ended December 31, 2020
Consolidated
Company 
Entities 
Consolidated
Funds
EliminationsConsolidated
Revenues
Management fees$1,195,876 $— $(45,268)$1,150,608 
Carried interest allocation505,608 — — 505,608 
Incentive fees38,043 — (141)37,902 
Principal investment income4,044 — 24,508 28,552 
Administrative, transaction and other fees57,200 — (15,824)41,376 
Total revenues1,800,771  (36,725)1,764,046 
Expenses
Compensation and benefits767,252 — — 767,252 
Performance related compensation404,116 — — 404,116 
General, administrative and other expense258,999 — — 258,999 
Expenses of the Consolidated Funds— 65,527 (45,408)20,119 
Total expenses1,430,367 65,527 (45,408)1,450,486 
Other income (expense)
Net realized and unrealized losses on investments
(8,720)— (288)(9,008)
Interest and dividend income11,641 — (3,570)8,071 
Interest expense(24,908)— — (24,908)
Other income, net2,858 — 8,433 11,291 
Net realized and unrealized losses on investments of the Consolidated Funds— (109,387)12,523 (96,864)
Interest and other income of the Consolidated Funds— 473,857 (10,205)463,652 
Interest expense of the Consolidated Funds— (293,476)7,160 (286,316)
Total other income (expense), net(19,129)70,994 14,053 65,918 
Income before taxes351,275 5,467 22,736 379,478 
Income tax expense 54,875 118 — 54,993 
Net income296,400 5,349 22,736 324,485 
Less: Net income attributable to non-controlling interests in Consolidated Funds— 5,349 22,736 28,085 
Net income attributable to Ares Operating Group entities296,400   296,400 
Less: Net loss attributable to redeemable interests in Ares Operating Group entities(976)— — (976)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities145,234 — — 145,234 
Net income attributable to Ares Management Corporation152,142   152,142 
Less: Series A Preferred Stock dividends paid21,700   21,700 
Net income attributable to Ares Management Corporation Class A common stockholders$130,442 $ $ $130,442 
 
Year ended December 31, 2022
 Consolidated
Company 
Entities 
Consolidated
Funds
EliminationsConsolidated
Cash flows from operating activities:  
Net income$319,582 $162,825 $(43,492)$438,915 
Adjustments to reconcile net income to net cash provided by operating activities:
Equity compensation expense200,391 — — 200,391 
Depreciation and amortization341,341 — — 341,341 
Net realized and unrealized losses on investments15,717 — (4,788)10,929 
Investments purchased(443,505)— 72,381 (371,124)
Proceeds from sale of investments303,987 — (121,494)182,493 
Adjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds:
Net realized and unrealized gains on investments— (87,287)13,901 (73,386)
Other non-cash amounts— (33,822)— (33,822)
Investments purchased— (9,408,078)(25,951)(9,434,029)
Proceeds from sale of investments— 8,198,812 — 8,198,812 
Cash flows due to changes in operating assets and liabilities:
Net carried interest and incentive fees receivable(28,161)— 7,549 (20,612)
Due to/from affiliates(125,407)— 164,480 39,073 
Other assets(101,275)— (3,930)(105,205)
Accrued compensation and benefits200,769 — — 200,769 
Accounts payable, accrued expenses and other liabilities(50,471)— (1,214)(51,685)
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds:
Change in cash and cash equivalents held at Consolidated Funds— — 324,550 324,550 
Change in other assets and receivables held at Consolidated Funds— 286,895 (135,000)151,895 
Change in other liabilities and payables held at Consolidated Funds— (733,417)— (733,417)
Net cash provided by (used in) operating activities632,968 (1,614,072)246,992 (734,112)
Cash flows from investing activities: 
Purchase of furniture, equipment and leasehold improvements, net of disposals(35,796)— — (35,796)
Acquisitions, net of cash acquired(301,583)— — (301,583)
Net cash used in investing activities(337,379)  (337,379)
Cash flows from financing activities: 
Proceeds from Credit Facility1,380,000 — — 1,380,000 
Proceeds from senior notes488,915 — — 488,915 
Repayments of Credit Facility(1,095,000)— — (1,095,000)
Dividends and distributions (836,364)— — (836,364)
Stock option exercises21,205 — — 21,205 
Taxes paid related to net share settlement of equity awards(201,311)— — (201,311)
Other financing activities4,055 — — 4,055 
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds— 596,777 (47,381)549,396 
Distributions to non-controlling interests in Consolidated Funds— (303,230)124,939 (178,291)
Borrowings under loan obligations by Consolidated Funds— 1,140,680 — 1,140,680 
Repayments under loan obligations by Consolidated Funds— (145,222)— (145,222)
Net cash provided by (used in) financing activities(238,500)1,289,005 77,558 1,128,063 
Effect of exchange rate changes(10,757)517 — (10,240)
Net change in cash and cash equivalents46,332 (324,550)324,550 46,332 
Cash and cash equivalents, beginning of period343,655 1,049,191 (1,049,191)343,655 
Cash and cash equivalents, end of period$389,987 $724,641 $(724,641)$389,987 
Supplemental disclosure of non-cash financing activities:
Issuance of Class A common stock in connection with acquisitions$12,835 $— $— $12,835 
Supplemental disclosure of cash flow information:
Cash paid during the period for interest$59,463 $260,866 $— $320,329 
Cash paid during the period for income taxes$104,544 $320 $— $104,864 
 Year ended December 31, 2021
 Consolidated
Company 
Entities 
Consolidated
Funds
EliminationsConsolidated
Cash flows from operating activities:  
Net income$797,936 $143,263 $(22,894)$918,305 
Adjustments to reconcile net income to net cash provided by operating activities:
Equity compensation expense237,191 — — 237,191 
Depreciation and amortization113,293 — — 113,293 
Net realized and unrealized gains on investments(96,331)— 7,353 (88,978)
Other non-cash amounts(31,070)— — (31,070)
Investments purchased(561,762)— 221,563 (340,199)
Proceeds from sale of investments296,483 — (23,101)273,382 
Adjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds:
Net realized and unrealized gains on investments— (91,390)14,087 (77,303)
Other non-cash amounts— (35,879)— (35,879)
Investments purchased— (13,075,187)7,623 (13,067,564)
Proceeds from sale of investments— 9,970,609 — 9,970,609 
Cash flows due to changes in operating assets and liabilities:
Net carried interest and incentive fees receivable(745,021)— — (745,021)
Due to/from affiliates(187,374)— 6,446 (180,928)
Other assets210,106 — 3,719 213,825 
Accrued compensation and benefits142,815 — — 142,815 
Accounts payable, accrued expenses and other liabilities124,489 — 679 125,168 
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds:
Change in cash and cash equivalents held at Consolidated Funds— — (526,815)(526,815)
Net cash relinquished with consolidation/deconsolidation of Consolidated Funds— (39,539)— (39,539)
Change in other assets and receivables held at Consolidated Funds— (174,409)(6,544)(180,953)
Change in other liabilities and payables held at Consolidated Funds— 746,616 (23,000)723,616 
Net cash provided by (used in) operating activities300,755 (2,555,916)(340,884)(2,596,045)
Cash flows from investing activities: 
Purchase of furniture, equipment and leasehold improvements, net of disposals(27,226)— — (27,226)
Acquisitions, net of cash acquired(1,057,407)— — (1,057,407)
Net cash used in investing activities(1,084,633)  (1,084,633)
Cash flows from financing activities: 
Net proceeds from issuance of Class A and non-voting common stock827,430 — — 827,430 
Proceeds from Credit Facility883,000 — — 883,000 
Proceeds from subordinated notes450,000 — — 450,000 
Repayments of Credit Facility(468,000)— — (468,000)
Dividends and distributions (593,506)— — (593,506)
Series A Preferred Stock dividends(10,850)— — (10,850)
Redemption of Series A Preferred Stock(310,000)— — (310,000)
Stock option exercises37,216 — — 37,216 
Taxes paid related to net share settlement of equity awards(226,101)— — (226,101)
Other financing activities11,509 — — 11,509 
Allocable to redeemable and non-controlling interests in Consolidated Funds: 
Contributions from redeemable and non-controlling interests in Consolidated Funds— 1,239,831 (206,187)1,033,644 
Distributions to non-controlling interests in Consolidated Funds— (119,153)20,256 (98,897)
Borrowings under loan obligations by Consolidated Funds— 2,048,932 — 2,048,932 
Repayments under loan obligations by Consolidated Funds— (80,752)— (80,752)
Net cash provided by financing activities600,698 3,088,858 (185,931)3,503,625 
Effect of exchange rate changes(12,977)(6,127)— (19,104)
Net change in cash and cash equivalents(196,157)526,815 (526,815)(196,157)
Cash and cash equivalents, beginning of period539,812 522,376 (522,376)539,812 
Cash and cash equivalents, end of period$343,655 $1,049,191 $(1,049,191)$343,655 
Supplemental disclosure of non-cash financing activities:
Issuance of AOG Units in connection with acquisitions$510,848 $— $— $510,848 
Supplemental disclosure of cash flow information:
Cash paid during the period for interest$34,170 $170,915 $— $205,085 
Cash paid during the period for income taxes$22,603 $185 $— $22,788 
 Year ended December 31, 2020
 Consolidated
Company 
Entities 
Consolidated
Funds
EliminationsConsolidated
Cash flows from operating activities:  
Net income$296,400 $5,349 $22,736 $324,485 
Adjustments to reconcile net income to net cash provided by operating activities:
Equity compensation expense122,986 — — 122,986 
Depreciation and amortization41,248 — — 41,248 
Net realized and unrealized (gains) losses on investments20,651 — (28,690)(8,039)
Investments purchased(352,750)— 261,899 (90,851)
Proceeds from sale of investments207,986 — (33,307)174,679 
Adjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds:
Net realized and unrealized losses on investments— 109,387 (12,523)96,864 
Other non-cash amounts— (34,297)— (34,297)
Investments purchased— (6,580,784)(34,948)(6,615,732)
Proceeds from sale of investments— 5,502,325 — 5,502,325 
Cash flows due to changes in operating assets and liabilities:
Net carried interest and incentive fees receivable(17,687)— — (17,687)
Due to/from affiliates(82,222)— 6,037 (76,185)
Other assets(34,523)— (2,171)(36,694)
Accrued compensation and benefits47,875 — — 47,875 
Accounts payable, accrued expenses and other liabilities31,240 — (10,205)21,035 
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds:
Change in cash and cash equivalents held at Consolidated Funds— — 83,945 83,945 
Net cash acquired with consolidation/ deconsolidation of Consolidated Funds— 60,895 — 60,895 
Change in other assets and receivables held at Consolidated Funds— (55,461)22,163 (33,298)
Change in other liabilities and payables held at Consolidated Funds— 10,787 — 10,787 
Net cash provided by (used in) operating activities281,204 (981,799)274,936 (425,659)
Cash flows from investing activities: 
Purchase of furniture, equipment and leasehold improvements, net of disposals(15,942)— — (15,942)
Acquisitions, net of cash acquired(120,822)— — (120,822)
Net cash used in investing activities(136,764)  (136,764)
Cash flows from financing activities: 
Net proceeds from issuance of Class A common stock383,154 — — 383,154 
Proceeds from Credit Facility790,000 — — 790,000 
Proceeds from Senior Notes399,084 — — 399,084 
Repayments of Credit Facility(860,000)— — (860,000)
Dividends and distributions (446,780)— — (446,780)
Series A Preferred Stock dividends(21,700)— — (21,700)
Stock option exercises92,877 — — 92,877 
Taxes paid related to net share settlement of equity awards(95,368)— — (95,368)
Other financing activities(1,531)— — (1,531)
Allocable to non-controlling interests in Consolidated Funds: 
Contributions from non-controlling interests in Consolidated Funds— 359,381 (226,951)132,430 
Distributions to non-controlling interests in Consolidated Funds— (287,467)35,960 (251,507)
Borrowings under loan obligations by Consolidated Funds— 1,013,291 — 1,013,291 
Repayments under loan obligations by Consolidated Funds— (190,055)— (190,055)
Net cash provided by financing activities239,736 895,150 (190,991)943,895 
Effect of exchange rate changes17,252 2,704 — 19,956 
Net change in cash and cash equivalents401,428 (83,945)83,945 401,428 
Cash and cash equivalents, beginning of period138,384 606,321 (606,321)138,384 
Cash and cash equivalents, end of period$539,812 $522,376 $(522,376)$539,812 
Supplemental disclosure of non-cash financing activities:
Issuance of Class A common stock in connection with acquisitions$305,388 $— $— $305,338 
Supplemental disclosure of cash flow information:
Cash paid during the period for interest$22,127 $235,005 $— $257,132 
Cash paid during the period for income taxes$38,005 $169 $— $38,174