Document/ExhibitDescriptionPagesSize
1: 10-K Annual Report HTML 6.96M
2: EX-4.1 Instrument Defining the Rights of Security Holders HTML 64K
3: EX-10.26 Material Contract HTML 157K
4: EX-10.47 Material Contract HTML 72K
5: EX-10.48 Material Contract HTML 66K
6: EX-21.1 Subsidiaries List HTML 42K
7: EX-23.1 Consent of Expert or Counsel HTML 36K
11: EX-97 Clawback Policy re: Recovery of Erroneously HTML 44K Awarded Compensation
8: EX-31.1 Certification -- §302 - SOA'02 HTML 36K
9: EX-31.2 Certification -- §302 - SOA'02 HTML 36K
10: EX-32.1 Certification -- §906 - SOA'02 HTML 34K
17: R1 Cover Page HTML 107K
18: R2 Audit Information HTML 36K
19: R3 Consolidated Statements of Financial Condition HTML 170K
20: R4 Consolidated Statements of Financial Condition HTML 62K
(Parenthetical)
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22: R6 Consolidated Statements of Comprehensive Income HTML 64K
23: R7 Consolidated Statements of Changes in Equity HTML 84K
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25: R9 Organization HTML 37K
26: R10 Summary of Significant Accounting Policies HTML 112K
27: R11 Goodwill and Intangible Assets HTML 94K
28: R12 Investments HTML 180K
29: R13 Fair Value HTML 421K
30: R14 Debt HTML 123K
31: R15 Other Assets HTML 57K
32: R16 Commitments and Contingencies HTML 74K
33: R17 Related Party Transactions HTML 62K
34: R18 Income Taxes HTML 118K
35: R19 Earnings Per Share HTML 79K
36: R20 Equity Compensation HTML 82K
37: R21 Equity and Redeemable Interest HTML 101K
38: R22 Segment Reporting HTML 392K
39: R23 Consolidation HTML 711K
40: R24 Subsequent Events HTML 34K
41: R25 Pay vs Performance Disclosure HTML 43K
42: R26 Insider Trading Arrangements HTML 71K
43: R27 Summary of Significant Accounting Policies HTML 194K
(Policies)
44: R28 Summary of Significant Accounting Policies HTML 39K
(Tables)
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47: R31 Fair Value (Tables) HTML 418K
48: R32 Debt (Tables) HTML 115K
49: R33 Other Assets (Tables) HTML 58K
50: R34 Commitments and Contingencies (Tables) HTML 61K
51: R35 Related Party Transactions (Tables) HTML 54K
52: R36 Income Taxes (Tables) HTML 116K
53: R37 Earnings Per Share (Tables) HTML 80K
54: R38 Equity Compensation (Tables) HTML 79K
55: R39 Equity and Redeemable Interest (Tables) HTML 97K
56: R40 Segment Reporting (Tables) HTML 389K
57: R41 Consolidation (Tables) HTML 716K
58: R42 Summary of Significant Accounting Policies HTML 68K
(Details)
59: R43 GOODWILL AND INTANGIBLE ASSETS - Schedule of HTML 63K
Carrying Value of Intangible Assets (Details)
60: R44 GOODWILL AND INTANGIBLE ASSETS - Narrative HTML 84K
(Details)
61: R45 GOODWILL AND INTANGIBLE ASSETS - Schedule of HTML 47K
Amortization of Finite-Lived Intangible Asset
(Details)
62: R46 GOODWILL AND INTANGIBLE ASSETS - Schedule of HTML 58K
Goodwill (Details)
63: R47 INVESTMENTS - Schedule of Investments (Details) HTML 93K
64: R48 INVESTMENTS - Schedule of Financial Information HTML 143K
for the Company?s Equity Method Investments
(Details)
65: R49 INVESTMENTS - Schedule of Equity Method HTML 35K
Investments Net Other Income (Details)
66: R50 INVESTMENTS - Schedule of Equity Method Investment HTML 34K
Held at Fair Value (Details)
67: R51 INVESTMENTS - Schedule of Investments of the HTML 73K
Consolidated Funds (Details)
68: R52 INVESTMENTS - Narrative (Details) HTML 39K
69: R53 FAIR VALUE - Narrative (Details) HTML 36K
70: R54 FAIR VALUE - Schedule of Assets and Liabilities HTML 162K
Measured at Fair Value (Details)
71: R55 FAIR VALUE - Schedule of Changes in Fair Value of HTML 117K
Level III Measurements (Details)
72: R56 FAIR VALUE - Schedule of Quantitative Inputs and HTML 145K
Assumptions used for Level III Inputs (Details)
73: R57 FAIR VALUE - Schedule of Investments Using NAV per HTML 42K
Share (Details)
74: R58 DEBT - Schedule of Debt Obligations (Details) HTML 95K
75: R59 DEBT - Schedule of Debt Issuance Costs (Details) HTML 47K
76: R60 DEBT - Schedule of Loan Obligations of the HTML 50K
Consolidated CLOs (Details)
77: R61 DEBT - Schedule of Credit Facilities of the HTML 60K
Consolidated Funds (Details)
78: R62 OTHER ASSETS - Schedule of Components of Other HTML 50K
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79: R63 OTHER ASSETS - Schedule of Fixed Assets, Net HTML 47K
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80: R64 OTHER ASSETS - Narrative (Details) HTML 35K
81: R65 COMMITMENTS AND CONTINGENCIES - Narrative HTML 80K
(Details)
82: R66 COMMITMENTS AND CONTINGENCIES - Schedule of HTML 50K
Maturity of Lease Liabilities (Details)
83: R67 COMMITMENTS AND CONTINGENCIES - Schedule of HTML 34K
Classification of Operating Lease Expense
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84: R68 COMMITMENTS AND CONTINGENCIES - Schedule of HTML 36K
Supplemental information on the measurement of
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85: R69 COMMITMENTS AND CONTINGENCIES - Schedule of Lease HTML 38K
Term and Discount Rate (Details)
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87: R71 INCOME TAXES - Schedule of Components of Income HTML 71K
Tax Expense (Benefit) (Details)
88: R72 INCOME TAXES - Schedule of Effective Income Tax HTML 53K
Rate Reconciliation (Details)
89: R73 INCOME TAXES - Schedule of Deferred Tax Assets and HTML 56K
Liabilities (Details)
90: R74 INCOME TAXES - Narrative (Details) HTML 37K
91: R75 EARNINGS PER SHARE - Schedule of Antidilutive HTML 39K
Securities Excluded (Details)
92: R76 EARNINGS PER SHARE - Schedule of Computation of HTML 79K
Basic and Diluted Earnings Per Share (Details)
93: R77 EQUITY COMPENSATION - Schedule of Equity-based HTML 51K
Compensation Expense, Net of Forfeitures (Details)
94: R78 EQUITY COMPENSATION - Restricted Units (Details) HTML 45K
95: R79 EQUITY COMPENSATION - Schedule of Dividends HTML 68K
Declared and Paid (Details)
96: R80 EQUITY COMPENSATION - Schedule of Unvested HTML 75K
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97: R81 EQUITY COMPENSATION - Schedule of Unvested Options HTML 92K
Activity (Details)
98: R82 EQUITY AND REDEEMABLE INTEREST - Common Stock HTML 94K
(Details)
99: R83 EQUITY AND REDEEMABLE INTEREST - Common Stock HTML 56K
Offering (Details)
100: R84 EQUITY AND REDEEMABLE INTEREST - Redeemable HTML 77K
Interests (Details)
101: R85 SEGMENT REPORTING - Schedule of Financial Results HTML 141K
for Company's Operating Segments and OMG (Details)
102: R86 SEGMENT REPORTING - Schedule of Segment Revenue HTML 83K
Expenses and Realized Net Investment Income
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103: R87 SEGMENT REPORTING - Schedule of Segment Revenue HTML 89K
Reconciliation (Details)
104: R88 SEGMENT REPORTING - Schedule of Expenses (Details) HTML 72K
105: R89 SEGMENT REPORTING - Schedule of Other Income HTML 68K
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106: R90 SEGMENT REPORTING - Schedule of Reconciliation of HTML 96K
Income Before Taxes (Details)
107: R91 CONSOLIDATION - Deconsolidated Funds (Details) HTML 33K
108: R92 CONSOLIDATION - Variable Interest Entities HTML 66K
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109: R93 CONSOLIDATION - Balance Sheet (Details) HTML 238K
110: R94 CONSOLIDATION - Income Statement (Details) HTML 177K
111: R95 CONSOLIDATION - Cash Flow Statement (Details) HTML 198K
112: R96 Subsequent Events (Details) HTML 38K
114: XML IDEA XML File -- Filing Summary XML 222K
117: XML XBRL Instance -- ares-20231231_htm XML 7.94M
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‘EX-97’ — Clawback Policy re: Recovery of Erroneously Awarded Compensation
The Board of Directors (the “Board”) of Ares Management Corporation, a Delaware corporation (the “Company”), believes that it is in the best interests of the Company and its stockholders to create and maintain a culture that emphasizes integrity and accountability and that reinforces the
Company’s pay-for-performance compensation philosophy. The Board has therefore adopted this policy which provides for the recoupment of certain executive compensation if the Company is required to prepare an accounting restatement due to material noncompliance with any financial reporting requirement under the federal securities laws (this “Policy”). This Policy is designed to comply with Section 10D of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the rules promulgated thereunder, and the listing standards of the national securities exchange on which the Company’s securities are listed.
ADMINISTRATION
This
Policy shall be administered by the Board. Any determinations made by the Board shall be final and binding on all affected individuals.
COVERED EXECUTIVES
This Policy applies to the Company’s current and former executive officers (as determined by the Board in accordance with Section 10D of the Exchange Act, the rules promulgated thereunder, and the listing standards of the national securities exchange on which the Company’s securities are listed) and such other senior executives/employees who may from time to time be deemed subject to this Policy by the Board (“Covered Executives”).
RECOUPMENT; ACCOUNTING RESTATEMENT
If
the Company is required to prepare an accounting restatement of its financial statements due to the Company’s material noncompliance with any financial reporting requirement under the securities laws as provided for in Section 10D of the Exchange Act, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period (each an “Accounting Restatement”), the Board will require reimbursement or forfeiture of the Overpayment (as defined below) received by any Covered Executive from the
Company during the three completed fiscal years immediately preceding the date on which the Company is required to prepare an Accounting Restatement and any transition period (that results from a change in the Company’s fiscal year) within or immediately following those three completed fiscal years.
INCENTIVE-BASED COMPENSATION
For purposes of this Policy, “Incentive-Based Compensation” means any compensation that is granted to, earned by, or received by, a Covered Executive, based wholly or in part upon the attainment of a financial reporting measure, including, but not limited to: (i) non-equity incentive plan awards that are earned solely or in part by satisfying
a financial reporting measure performance goal; (ii) bonuses paid from a bonus pool, where the size of the pool is determined solely or in part by satisfying a financial reporting measure performance goal; (iii) other cash awards based on satisfaction of a financial reporting measure performance goal; (iv) restricted stock, restricted stock units, stock options, stock appreciation rights, and performance share units that are granted or vest solely or in part on satisfying a financial reporting measure performance goal; and (v) proceeds from the sale of shares acquired through an incentive plan that were granted or vested solely or in part on satisfying a financial reporting measure performance goal. Compensation that would not be considered Incentive-Based Compensation includes, but is not limited to: (a) salaries; (b) bonuses paid solely on satisfying subjective standards, such as demonstrating leadership, and/or completion of a specified employment period; (c) non-equity
incentive
plan awards earned solely on satisfying strategic or operational measures; (d) wholly time-based equity awards; and (e) discretionary bonuses or other compensation that is not paid from a bonus pool that is determined by satisfying a financial reporting measure performance goal.
A financial reporting measure is: (i) any measure that is determined and presented in accordance with the accounting principles used in preparing financial statements, or any measure derived wholly or in part from such measure, such as revenues, EBITDA, or net income and (ii) stock price and total stockholder return. Financial reporting measures include, but are not limited to: revenues; net income; operating income; profitability of one or more reportable segments;
financial ratios (e.g., accounts receivable turnover and inventory turnover rates); net assets or net asset value per share (e.g., for registered investment companies and business development companies that are subject to the rule); earnings before interest, taxes, depreciation and amortization; funds from operations and adjusted funds from operations; liquidity measures (e.g., working capital, operating cash flow); return measures (e.g., return on invested capital, return on assets); earnings measures (e.g., earnings per share); sales per square foot or same store sales, where sales is subject to an accounting restatement; revenue per user, or average revenue per user, where revenue is subject to an accounting restatement; cost per employee, where cost is subject to an accounting restatement; any of such financial reporting measures relative to a peer group, where the Company’s financial
reporting measure is subject to an accounting restatement; and tax basis income.
OVERPAYMENT: AMOUNT SUBJECT TO RECOVERY
The amount to be recovered will be equal to the amount of Incentive-Based Compensation received from the Company that is in excess of the amount of Incentive-Based Compensation that otherwise would have been received from the Company had the Incentive-Based Compensation been determined based on the restated financial statements, and must be computed without regard to any taxes paid (the “Overpayment”). Incentive-Based Compensation is deemed received in the
Company’s fiscal period during which the financial reporting measure specified in the incentive-based compensation award is attained, even if the payment or grant of the incentive-based compensation occurs after the end of that period.
For Incentive-Based Compensation based on stock price or total stockholder return, where the amount of erroneously awarded compensation is not subject to mathematical recalculation directly from the information in the Accounting Restatement, the amount must be based on a reasonable estimate of the effect of the Accounting Restatement on the stock price or total stockholder return upon which the Incentive-Based Compensation was received; and the Company must maintain documentation of the determination of that reasonable estimate and provide such documentation to the exchange on which the
Company’s securities are listed.
METHOD OF RECOUPMENT
The Board will determine, in its sole discretion, the method for recouping Overpayment hereunder which may include, without limitation:
•requiring reimbursement of cash Incentive-Based Compensation previously paid;
•seeking recovery of any gain realized on the vesting, exercise, settlement, sale, transfer, or other disposition of any equity-based awards;
•offsetting the recouped amount from any compensation otherwise owed by the Company to the Covered Executive;
•cancelling outstanding
vested or unvested equity awards; and/or
•taking any other remedial and recovery action permitted by law, as determined by the Board.
LIMITATION ON RECOVERY; NO ADDITIONAL PAYMENTS
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The right to recovery will be limited to Overpayments paid or distributed during the three years prior to the date on which the Company is required to prepare an Accounting Restatement and any transition period (that results from a change in the Company’s fiscal year) within or immediately
following those three completed fiscal years. In no event shall the Company be required to award any Covered Executives any additional payment if the restated or accurate financial results would have resulted in a higher Incentive-Based Compensation payment.
NO INDEMNIFICATION
The Company shall not indemnify any Covered Executives against the loss of any incorrectly awarded Incentive-Based Compensation.
INTERPRETATION
The Board is authorized to interpret and construe this Policy and to make all determinations necessary, appropriate, or advisable for the administration of this Policy. It is intended that this Policy be interpreted
in a manner that is consistent with the requirements of Section 10D of the Exchange Act and the applicable rules or standards adopted by the Securities and Exchange Commission or any national securities exchange on which the Company’s securities are listed.
EFFECTIVE DATE
This Policy shall be effective as of the date it is adopted by the Board (the “Effective Date”) and shall apply to Incentive-Based Compensation (including Incentive-Based Compensation granted but not yet received as of the Effective Date pursuant to arrangements existing prior to the Effective Date).
AMENDMENT; TERMINATION
The Board may amend this Policy from time to time in its discretion and shall
amend this Policy as it deems necessary to reflect final rules or additional standards adopted by a national securities exchange on which the Company’s securities are listed. The Board may terminate this Policy at any time.
OTHER RECOUPMENT RIGHTS
The Board intends that this Policy will be applied to the fullest extent of the law. The Board may require that any employment agreement, equity award agreement, or similar agreement entered into on or after the Effective Date shall, as a condition to the grant of any benefit thereunder, require a Covered Executive to agree to abide by the terms of this Policy. Any right of recoupment under this Policy is in addition to, and not in lieu of, any other remedies or rights of recoupment that may be available to the
Company pursuant to the terms of any similar policy in any employment agreement, equity award agreement, or similar agreement and any other legal remedies available to the Company.
IMPRACTICABILITY
The Board shall recover any Overpayment in accordance with this Policy except to the extent that the Board determines such recovery would be impracticable because:
(i) The direct expense paid to a third party to assist in enforcing this Policy would exceed the amount to be recovered;
(ii) Recovery would violate home country law where that law was adopted prior to November 28, 2022; or
(iii) Recovery would likely cause an otherwise
tax-qualified retirement plan, under which benefits are broadly available to employees of the Company, to fail to meet the requirements of 26 U.S.C. 401(a)(13) or 26 U.S.C. 411(a) and regulations thereunder.
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SUCCESSORS
This Policy shall be binding and enforceable against all Covered Executives and their beneficiaries, heirs, executors, administrators or other legal representatives.
