Ares Management LP (ARES)
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Fiscal Year End Date: 12/31
(Values in U.S. thousands)
| 12-2025 | 12-2024 | 12-2023 | 12-2022 | 12-2021 | |
| Cash Flows From Operating Activities | |||||
| Net Income | 1,088,358 | 1,110,735 | 1,160,092 | 438,915 | 918,305 |
| Depreciation Amortization | 243,149 | 158,578 | 231,712 | 341,341 | 113,293 |
| Other Working Capital | 311,043 | -14,817 | -377,336 | -174,020 | 277,189 |
| Other Operating Activity | 1,624,409 | 1,536,658 | -1,247,729 | -1,340,348 | -3,904,832 |
| Operating Cash Flow | $3,266,959 | $2,791,154 | $-233,261 | $-734,112 | $-2,596,045 |
| Cash Flows From Investing Activities | |||||
| PPE Investments | -72,178 | -91,509 | -67,183 | -35,796 | -27,226 |
| Net Acquisitions | -1,731,461 | -67,895 | -43,896 | -301,583 | -1,057,407 |
| Investing Cash Flow | $-1,803,639 | $-159,404 | $-111,079 | $-337,379 | $-1,084,633 |
| Cash Flows From Financing Activities | |||||
| Debt Issued | 4,411,874 | 2,305,361 | 3,296,307 | 3,009,595 | 3,381,932 |
| Debt Repayment | -4,118,793 | -4,583,351 | -1,613,864 | -1,240,222 | -548,752 |
| Common Stock Issued | N/A | 408,635 | 85,959 | 21,205 | 864,646 |
| Dividend Paid | -1,756,688 | -1,310,896 | -1,030,666 | -836,364 | -914,356 |
| Other Financing Activity | -963,562 | 1,748,657 | -445,610 | 173,849 | 720,155 |
| Financing Cash Flow | $-2,427,169 | $-1,431,594 | $292,126 | $1,128,063 | $3,503,625 |
| Exchange Rate Effect | -55,231 | -40,454 | 10,501 | -10,240 | -19,104 |
| Beginning Cash Position | 1,507,976 | 348,274 | 389,987 | 343,655 | 539,812 |
| End Cash Position | 488,896 | 1,507,976 | 348,274 | 389,987 | 343,655 |
| Net Cash Flow | $-1,019,080 | $1,159,702 | $-41,713 | $46,332 | $-196,157 |
| Free Cash Flow | |||||
| Operating Cash Flow | 3,266,959 | 2,791,154 | -233,261 | -734,112 | -2,596,045 |
| Capital Expenditure | -72,178 | -91,509 | -67,183 | -35,796 | -27,226 |
| Free Cash Flow | 3,194,781 | 2,699,645 | -300,444 | -769,908 | -2,623,271 |