ARES MANAGEMENT CORPORATION ARES Balance Sheet

Ares management corporation (ARES)

Balance Sheet / TTM

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13
Assets
Cash and cash equivalents
-	-	152	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	87	0	89
Restricted cash and cash equivalents
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	78	-	13
Investments, at fair value
-	-	-	-	-	-	-	-	-	1,724	-	-	-	-	-	-	-	-	-	-	-	-	-	138	-	89
Loan held for investment, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	77	-	-	-
Performance fees receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	138	-	137
Due from affiliates
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	119	-	108
Derivative assets, at fair value
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1	-	1
Other assets
-	-	-	-	-	-	-	-	-	130	-	-	-	-	-	-	-	-	-	-	-	-	-	75	-	73
Intangible assets, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	53	-	68
Goodwill
-	-	-	-	-	-	143	143	143	143	143	143	143	143	-	-	-	144	144	144	144	85	-	85	-	58
Prepaid assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-
Total assets
13,216	12,014	11,596	10,979	10,489	10,154	10,421	10,144	8,560	8,563	8,019	6,244	5,718	5,829	5,319	4,671	4,336	4,321	4,755	20,443	21,618	21,638	22,015	21,592	0	23,705
Liabilities
Accounts payable, accrued expenses and other liabilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	141	-	67
Accrued compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	84	-	132
Derivative liabilities, at fair value
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2	-	2
Due to affiliates
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	23	-	32
Performance related compensation payable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	335	-	-
Debt obligations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	202	-	153
Operating lease liabilities
169	-	174	179	183	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Put option liability
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	20	-	-
Deferred tax liability, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	22	-	21
Total liabilities
11,241	10,155	9,753	9,377	9,009	8,760	8,930	8,609	6,994	7,103	6,641	4,995	4,540	4,452	3,971	3,356	3,375	3,329	3,737	14,149	14,815	14,879	15,262	14,676	-	16,030
Commitments and contingencies
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	0	0	0	-	0	-	0
Stockholders' Equity
Redeemable interest in Ares Operating Group entities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	23	-	23	-	-	-	-	-	-	-	-
Preferred equity (12,400,000 preferred units issued and outstanding at December 31, 2017)
-	-	-	-	-	-	298	298	298	298	298	298	298	298	298	298	-	0	-	-	-	-	-	-	-	-
Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (12,400,000 shares issued and outstanding at March 31, 2020 and December 31, 2019)
298	298	298	298	298	298	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-controlling interest
-	-	-	-	-	-	-	-	-	-	-	-	-	-	423	-	-	-	-	-	-	-	-	-	-	-
Shareholders' equity (82,280,033 common units issued and outstanding at December 31, 2017)
-	-	-	-	-	-	301	349	377	279	275	278	238	301	286	-	236	251	258	-	-	285	-	-	-	-
Additional paid-in-capital
746	525	507	379	332	326	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Retained earnings
-138	-50	-44	-35	-25	-29	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accumulated other comprehensive loss, net of tax
-10	-6	-11	-8	-7	-8	-7	-6	-4	-4	-4	-7	-7	-8	-9	-	-5	-4	-2	-1	-2	-1	-1	0	-	-
Total stockholders' equity
898	768	752	635	599	587	294	343	373	573	270	270	230	292	276	-	-	246	256	285	289	283	294	293	-	-
Total equity
1,975	1,858	1,842	1,602	1,479	1,394	1,491	1,535	1,565	1,460	1,377	1,248	1,177	1,377	-	-	-	968	994	5,719	5,863	5,697	5,665	5,788	-	6,540
Total controlling interest in Ares Management, LP
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	230	-	-	286	291	-	295	293	0	-
Total equity
-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,347	1,291	937	-	-	-	-	-	-	-	-	-
Total liabilities, non-controlling interests and equity
13,216	12,014	11,596	10,979	10,489	10,154	10,421	10,144	8,560	8,563	8,019	6,244	5,718	5,829	5,319	4,671	4,336	4,321	4,755	20,443	21,618	21,638	22,015	21,592	-	23,705
Preferred stock, par value (in dollars per share)
0.01	0.01	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Preferred stock, shares authorized (in shares)
1,000	1,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Preferred stock, shares issued (in shares)
12	12	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Preferred stock, shares outstanding (in shares)
12	12	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Common stock, shares outstanding (in shares)
247	115	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Ares Management L.P
Cash and cash equivalents
1,167	138	152	247	120	110	122	125	115	118	186	137	103	-	-	-	-	-	-	-	-	-	-	-	-	-
Investments, at fair value
1,190	1,663	1,779	1,566	1,475	1,326	1,415	1,466	1,811	1,724	584	598	488	-	-	-	-	-	-	-	-	-	-	-	-	-
Due from affiliates
288	268	245	234	209	199	183	172	168	165	161	157	180	-	-	-	-	-	-	-	-	-	-	-	-	-
Performance fees receivable
-	-	-	-	-	-	-	-	-	-	997	1,082	809	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred tax asset, net
-	-	-	-	-	-	16	42	50	8	36	39	43	-	-	-	-	-	-	-	-	-	-	-	-	-
Other assets
426	341	296	358	326	377	102	100	105	130	103	101	82	-	-	-	-	-	-	-	-	-	-	-	-	-
Right-of-use operating lease assets
145	143	148	152	156	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Intangible assets, net
-	-	-	-	-	-	32	33	37	40	44	47	53	-	-	-	-	-	-	-	-	-	-	-	-	-
Goodwill
-	-	-	-	-	-	143	143	143	143	143	143	143	-	-	-	-	-	-	-	-	-	-	-	-	-
Accounts payable, accrued expenses and other liabilities
90	88	71	76	57	83	76	73	78	81	94	84	78	-	-	-	-	-	-	-	-	-	-	-	-	-
Accrued compensation
69	37	168	114	64	29	127	87	49	27	133	89	56	-	-	-	-	-	-	-	-	-	-	-	-	-
Due to affiliates
73	71	57	65	69	82	59	62	21	39	17	23	20	-	-	-	-	-	-	-	-	-	-	-	-	-
Performance related compensation payable
532	829	905	772	704	641	688	730	856	822	780	844	631	-	-	-	-	-	-	-	-	-	-	-	-	-
Debt obligations
1,046	316	246	566	566	480	350	370	590	616	486	510	488	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating lease liabilities
169	168	174	179	183	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (12,400,000 shares issued and outstanding at March 31, 2020 and December 31, 2019)
298	298	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Shareholders' equity (82,280,033 common units issued and outstanding at December 31, 2017)
-	-	-	-	-	-	301	349	377	279	275	278	238	-	-	-	-	-	-	-	-	-	-	-	-	-
Additional paid-in-capital
746	525	507	379	332	326	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Retained earnings
-138	-50	-44	-35	-25	-29	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accumulated other comprehensive loss, net of tax
-10	-6	-11	-8	-7	-8	-7	-6	-4	-4	-4	-7	-7	-	-	-	-	-	-	-	-	-	-	-	-	-
Total stockholders' equity
898	768	752	635	599	587	294	343	373	274	270	270	230	-	-	-	-	-	-	-	-	-	-	-	-	-
Consolidated Funds
Cash and cash equivalents
514	606	575	376	537	384	760	836	532	556	799	424	346	-	-	-	-	-	-	-	-	-	-	-	-	-
Investments, at fair value
9,094	8,727	8,271	7,926	7,546	7,673	7,515	6,968	5,479	5,582	4,915	3,441	3,405	-	-	-	-	-	-	-	-	-	-	-	-	-
Due from affiliates
6	6	14	15	15	17	14	13	17	15	8	5	2	-	-	-	-	-	-	-	-	-	-	-	-	-
Other assets
28	30	27	25	21	23	1	1	1	1	2	4	3	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividends and interest receivable
-	-	-	-	-	-	16	14	12	12	10	6	7	-	-	-	-	-	-	-	-	-	-	-	-	-
Receivable for securities sold
355	88	85	76	79	42	95	225	83	61	25	52	45	-	-	-	-	-	-	-	-	-	-	-	-	-
Accounts payable, accrued expenses and other liabilities
72	61	83	75	74	83	77	69	81	64	50	33	29	-	-	-	-	-	-	-	-	-	-	-	-	-
Due to affiliates
0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-
Payable for securities purchased
796	500	514	369	591	471	531	744	239	350	481	231	211	-	-	-	-	-	-	-	-	-	-	-	-	-
CLO loan obligations, at fair value
8,354	7,973	7,407	7,030	6,547	6,678	6,884	6,333	4,937	4,963	4,476	3,093	2,975	-	-	-	-	-	-	-	-	-	-	-	-	-
Fund borrowings
35	107	124	126	150	209	133	138	140	138	121	83	48	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-controlling interest in Consolidated Funds
562	618	639	613	552	503	578	577	544	528	459	345	369	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-controlling interest in Ares Operating Group entities
-	-	-	-	-	-	578	577	544	-	459	345	369	-	-	-	-	-	-	-	-	-	-	-	-	-
AOG
Non-controlling interest in Ares Operating Group entities
514	472	450	352	327	302	319	316	348	358	348	333	278	-	-	-	-	-	-	-	-	-	-	-	-	-
Class A common stock
Common stock
1	1	1	1	1	1	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Common stock, par value (in dollars per share)
0.01	0.01	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Common stock, shares authorized (in shares)
1,500	1,500	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Common stock, shares issued (in shares)
132	115	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Common stock, shares outstanding (in shares)
132	115	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Class B common stock
Common stock
0	0	0	0	0	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Common stock, par value (in dollars per share)
0.01	0.01	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Common stock, shares authorized (in shares)
0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Common stock, shares issued (in shares)
0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Common stock, shares outstanding (in shares)
0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Class C common stock
Common stock
1	0	0	0	0	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Common stock, par value (in dollars per share)
0.01	0.01	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Common stock, shares authorized (in shares)
499	499	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Common stock, shares issued (in shares)
115	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Common stock, shares outstanding (in shares)
115	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-