Table of Contents 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10‑Q

 

 

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2016

OR

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from             to            

Commission File No. 001‑36429

ARES MANAGEMENT, L.P.

(Exact name of Registrant as specified in its charter)

 

 

Delaware
(State or other jurisdiction of
incorporation or organization)

80‑0962035
(I.R.S. Employer
Identification Number)

 

2000 Avenue of the Stars, 12th Floor, Los Angeles, CA 90067

(Address of principal executive office) (Zip Code)

(310) 201‑4100

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes ☒  No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S‑T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒  No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non‑accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b‑2 of the Exchange Act. (Check one):

 

 

 

 

Large accelerated filer ☒

Accelerated filer ☐

Non‑accelerated filer ☐
(Do not check if a
smaller reporting company)

Smaller reporting company ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act). Yes ☐  No ☒

The number of common units representing limited partner interests outstanding as of May 4, 2016 was 80,690,612.

 

 

 

 


 

Table of Contents 

 

TABLE OF CONTENTS

 

 

 

 

 

 

 

 

 

 

 

Page

PART I—FINANCIAL INFORMATION 

 

 

Item 1. 

Financial Information

 

 

 

Unaudited Condensed Consolidated Financial Statements:

 

1

 

 

Condensed Consolidated Statements of Financial Condition as of March 31, 2016 and December 31, 2015

 

1

 

 

Condensed Consolidated Statements of Operations for the three months ended March 31, 2016 and March 31, 2015

 

2

 

 

Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2016 and March 31, 2015

 

3

 

 

Condensed Consolidated Statements of Changes in Equity for the three months ended March 31, 2016

 

4

 

 

Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2016 and March 31, 2015

 

5

 

 

Notes to the Condensed Consolidated Financial Statements

 

6

Item 2. 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

42

Item 3. 

Quantitative and Qualitative Disclosures About Market Risk

 

77

Item 4. 

Controls and Procedures

 

77

PART II—OTHER INFORMATION 

 

 

Item 1. 

Legal Proceedings

 

78

Item 1A. 

Risk Factors

 

78

Item 2. 

Unregistered Sales of Equity Securities and Use of Proceeds

 

78

Item 3. 

Defaults Upon Senior Securities

 

78

Item 4. 

Mine Safety Disclosures

 

78

Item 5. 

Other Information

 

78

Item 6. 

Exhibits

 

79

Signatures 

 

80

 

 

 

 

 


 

Table of Contents 

Forward‑Looking Statements

This report contains forward‑looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which reflect our current views with respect to, among other things, future events and financial performance. You can identify these forward‑looking statements by the use of forward‑looking words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of those words or other comparable words. The forward‑looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. Such forward‑looking statements are subject to various risks, and uncertainties and assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity. Some of these factors are described in this form under the headings “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors.” These factors should not be construed as exhaustive and should be read in conjunction with the risk factors and other cautionary statements that are included in this form and in our other periodic filings. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from those indicated in these forward‑looking statements. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. Therefore, you should not place undue reliance on these forward‑looking statements. Any forward‑looking statement speaks only as of the date on which it is made. We do not undertake any obligation to publicly update or review any forward‑looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

References in this report to an “Ares Operating Group Unit” or an “AOG Unit” refer to, collectively, a partnership unit in each of the Ares Operating Group entities.

Under generally accepted accounting principles in the United States (“GAAP”), we are required to consolidate (a) entities other than limited partnerships and entities similar to limited partnerships in which we hold a majority voting interest or have majority ownership and control over the operational, financial and investing decisions of that entity, including Ares‑affiliates and affiliated funds and co‑investment entities, for which we are presumed to have controlling financial interests, and (b) entities that we concluded are variable interest entities (“VIEs”), including limited partnerships and CLOs, for which we are deemed to be the primary beneficiary. When an entity is consolidated, we reflect the assets, liabilities, revenues, expenses and cash flows of the entity in our condensed consolidated financial statements on a gross basis, subject to eliminations from consolidation, including the elimination of the management fees, performance fees and other fees that we earn from the entity. However, the presentation of performance fee compensation and other expenses associated with generating such revenues is not affected by the consolidation process. In addition, as a result of the consolidation process, the net income attributable to third‑party investors in consolidated entities is presented as net income attributable to redeemable interests and non‑controlling interests in Consolidated Funds in our Condensed Consolidated Statements of Operations.

In this form, in addition to presenting our results on a consolidated basis in accordance with GAAP, we present revenues, expenses and other results on a (i) “segment basis,” which deconsolidates these entities and therefore shows the results of our reportable segments without giving effect to the consolidation of the entities and (ii) “Stand Alone basis,” which shows the results of our reportable segments on a combined segment basis together with our Operations Management Group. In addition to our three segments, we have an Operations Management Group (the “OMG”) that consists of five independent, shared resource groups to support our reportable segments by providing infrastructure and administrative support in the areas of accounting/finance, operations/information technology, business development, legal/compliance and human resources. The OMG’s expenses are not allocated to our three reportable segments but we consider the cost structure of the OMG when evaluating our financial performance. This information constitutes non‑GAAP financial information within the meaning of Regulation G, as promulgated by the SEC. Our management uses this information to assess the performance of our reportable segments and our OMG, and we believe that this information enhances the ability of unitholders to analyze our performance. For more information, see “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operation—Consolidation and Deconsolidation of Ares Funds,” “—Managing Business Performance—Non‑GAAP Financial Measures” and “—Segment Analysis—ENI and Other Measures.”

i


 

Table of Contents 

Glossary

When used in this report, unless the context otherwise requires:

·

“ARCC Part I Fees” refers to a quarterly performance fee on the investment income from Ares Capital Corporation (NASDAQ: ARCC) (“ARCC”)

·

“assets under management” or “AUM” refers to the assets we manage. For our funds other than CLOs, our AUM represents the sum of the net asset value of such funds, the drawn and undrawn debt (at the fund‑level including amounts subject to restrictions) and uncalled committed capital (including commitments to funds that have yet to commence their investment periods). For our funds that are CLOs, our AUM represents subordinated notes (equity) plus all drawn and undrawn debt tranches;

·

“CLOs” refers to “our funds” which are structured as collateralized loan obligations;

·

“Consolidated Funds” refers collectively to certain Ares‑ affiliated funds, related co‑investment entities and certain CLOs that are required under GAAP to be consolidated in our condensed consolidated financial statements;

·

“distributable earnings” or “DE” refers to a pre‑income tax measure that is used to assess amounts potentially available for distributions to unitholders. Distributable earnings is calculated as the sum of fee related earnings, realized performance fees, realized performance fee compensation and realized net investment and other income, and is reduced by expenses arising from transaction costs associated with acquisitions, placement fees and underwriting costs, expenses incurred in connection with corporate reorganization and depreciation. Distributable earnings differs from income before taxes computed in accordance with GAAP as it is presented before giving effect to unrealized performance fees, unrealized performance fee compensation, unrealized net investment income, amortization of intangibles, equity compensation expense and is further adjusted by certain items described in “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Reconciliation of Certain Non‑GAAP Measures to Consolidated GAAP Financial Measures;”

·

“economic net income” or “ENI” refers to net income excluding (a) income tax expense, (b) operating results of our Consolidated Funds, (c) depreciation and amortization expense, (d) the effects of changes arising from corporate actions, and (e) certain other items that we believe are not indicative of our core performance. Changes arising from corporate actions include equity‑based compensation expenses, the amortization of intangible assets, transaction costs associated with mergers, acquisitions and capital transactions, placement fees and underwriting costs and expenses incurred in connection with corporate reorganization. We believe the exclusion of these items provides investors with a meaningful indication of our core operating performance. ENI is evaluated regularly by management as a decision tool for deployment of resources and to assess performance of our business segments. We believe that reporting ENI is helpful in understanding our business and that investors should review the same supplemental non‑GAAP financial measures that our management uses to analyze our segment performance;

·

“fee earning AUM” or “FEAUM” refers to the AUM on which we directly or indirectly earn management fees. Fee earning AUM is equal to the sum of all the individual fee bases of our funds that contribute directly or indirectly to our management fees;

·

“fee related earnings” or “FRE” refers to a component of ENI that is used to assess the ability of our business to cover direct base compensation and operating expenses from management fees. FRE differs from income before taxes computed in accordance with GAAP as it adjusts for the items included in the calculation of ENI and excludes performance fees, performance fee compensation, investment income from our Consolidated Funds and non-consolidated funds and certain other items that we believe are not indicative of our performance;

ii


 

Table of Contents 

·

“management fees” refers to fees we earn for advisory services provided to our funds, which are generally based on a defined percentage of fair value of assets, total commitments, invested capital, net asset value, net investment income, total assets or par value of the investment portfolios managed by us and also include ARCC Part I Fees that are classified as management fees as they are predictable and are recurring in nature, are not subject to contingent repayment and are generally cash‑settled each quarter;

·

“net performance fees” refers to performance fees net of performance fee compensation, which is the portion of the performance fees earned from certain funds that is payable to professionals;

·

“our funds” refers to the funds, alternative asset companies, co-investment vehicles and other entities and accounts that are managed or co‑managed by the Ares Operating Group, and which are structured to pay fees. It also includes funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of ARCC, and a registered investment adviser;

·

“performance fees” refers to fees we earn based on the performance of a fund, which are generally based on certain specific hurdle rates as defined in the fund’s investment management or partnership agreements and may be either an incentive fee or carried interest; and

·

“performance related earnings” or “PRE” refers to a measure used to assess our investment performance and our ability to cover performance fee compensation from performance fees and total investment income. PRE differs from income (loss) before taxes computed in accordance with GAAP as it only includes performance fees, performance fee compensation and total investment and other income (expense) earned from our Consolidated Funds and non‑consolidated funds.

Many of the terms used in this report, including AUM, fee earning AUM, ENI, FRE, PRE and DE, may not be comparable to similarly titled measures used by other companies. In addition, our definitions of AUM and fee earning AUM are not based on any definition of AUM or fee earning AUM that is set forth in the agreements governing the investment funds that we manage and may differ from definitions of AUM set forth in other agreements to which we are a party. Further, ENI, FRE, PRE and DE are not measures of performance calculated in accordance with GAAP. We use ENI, FRE, PRE and DE as measures of operating performance, not as measures of liquidity. ENI, FRE, PRE and DE should not be considered in isolation or as substitutes for operating income, net income, operating cash flows, or other income or cash flow statement data prepared in accordance with GAAP. The use of ENI, FRE, PRE and DE without consideration of related GAAP measures is not adequate due to the adjustments described above. Our management compensates for these limitations by using ENI, FRE, PRE and DE as supplemental measures to our GAAP results, to provide a more complete understanding of our performance as our management measures it. Amounts and percentages throughout this report may reflect rounding adjustments and consequently totals may not appear to sum.

 

 

iii


 

Table of Contents 

PART I—FINANCIAL INFORMATION

Item 1.  Financial Statements

Ares Management, L.P.

Condensed Consolidated Statements of Financial Condition

(Amounts in Thousands, Except Unit Data)

 

 

 

 

 

 

 

 

 

As of March 31,

 

As of December 31,

 

 

 

2016

   

2015

 

 

 

(unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

 

Cash and cash equivalents

$

109,934

 

$

121,483

 

 

    Investments (includes fair value investments of $473,806 and $446,779 at March 31, 2016 and December 31, 2015, respectively)

 

495,984

 

 

468,287

 

 

Performance fees receivable

 

524,271

 

 

534,661

 

 

Due from affiliates

 

165,781

 

 

144,982

 

 

Other assets

 

61,607

 

 

62,975

 

 

Intangible assets, net

 

77,689

 

 

84,971

 

 

Goodwill

 

144,017

 

 

144,067

 

 

Assets of Consolidated Funds:

 

 

 

 

 

 

 

Cash and cash equivalents

 

123,871

 

 

159,507

 

 

Investments, at fair value

 

2,553,169

 

 

2,559,783

 

 

Due from affiliates

 

11,955

 

 

12,923

 

 

Dividends and interest receivable

 

11,096

 

 

13,005

 

 

Receivable for securities sold

 

53,976

 

 

13,416

 

 

Other assets

 

2,983

 

 

1,348

 

 

Total assets

$

4,336,333

 

$

4,321,408

 

 

Liabilities

 

 

 

 

 

 

 

Accounts payable, accrued expenses and other liabilities

$

108,304

 

$

102,626

 

 

Accrued compensation

 

55,911

 

 

125,032

 

 

Due to affiliates

 

38,100

 

 

12,901

 

 

Performance fee compensation payable

 

394,668

 

 

401,715

 

 

Debt obligations

 

471,274

 

 

389,120

 

 

Equity compensation put option liability

 

20,000

 

 

20,000

 

 

Deferred tax liability, net

 

21,603

 

 

21,288

 

 

Liabilities of Consolidated Funds:

 

 

 

 

 

 

 

Accounts payable, accrued expenses and other liabilities

 

13,429

 

 

18,951

 

 

Payable for securities purchased

 

71,480

 

 

51,778

 

 

CLO loan obligations, at fair value

 

2,167,773

 

 

2,174,352

 

 

Fund borrowings

 

12,484

 

 

11,734

 

 

Total liabilities

 

3,375,026

 

 

3,329,497

 

 

Commitments and contingencies

 

 

 

 

 

 

 

Redeemable interest in Ares Operating Group entities

 

23,353

 

 

23,505

 

 

Non-controlling interest in Consolidated Funds:

 

 

 

 

 

 

 

Non-controlling interest in Consolidated Funds

 

332,395

 

 

320,238

 

 

Equity appropriated for Consolidated Funds

 

 —

 

 

3,367

 

 

Non-controlling interest in Consolidated Funds

 

332,395

 

 

323,605

 

 

Non-controlling interest in Ares Operating Group entities

 

374,931

 

 

397,883

 

 

Controlling interest in Ares Management, L.P. :

 

 

 

 

 

 

 

Partners' Capital (80,690,612 units  and  80,679,600 units issued and outstanding at March 31, 2016 and at December 31, 2015, respectively)

 

236,270

 

 

251,537

 

 

Accumulated other comprehensive loss

 

(5,642)

 

 

(4,619)

 

 

Total controlling interest in Ares Management, L.P

 

230,628

 

 

246,918

 

 

Total equity

 

937,954

 

 

968,406

 

 

Total liabilities, redeemable interest, non-controlling interests and equity

$

4,336,333

 

$

4,321,408

 

 

 

 

See accompanying notes to the condensed consolidated financial statements.

 

1


 

Table of Contents 

Ares Management, L.P.

Condensed Consolidated Statements of Operations

(Amounts in Thousands, Except Unit Data)

(unaudited)

 

 

 

 

 

 

 

 

Three Months Ended 

 

 

Ended March 31,

 

 

2016

    

2015

  

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

Management fees (includes ARCC Part I Fees of $28,625 and $29,042 for the three months ended March 31, 2016 and 2015, respectively)

$

158,433

 

$

158,701

 

Performance fees

 

(29,947)

 

 

104,925

 

Other fees

 

7,529

 

 

6,279

 

Total revenues

 

136,015

 

 

269,905

 

Expenses

 

 

 

 

 

 

Compensation and benefits

 

110,679

 

 

101,851

 

Performance fee compensation

 

(21,330)

 

 

76,392

 

General, administrative and other expenses

 

39,962

 

 

45,547

 

Consolidated Funds' expenses

 

227

 

 

10,673

 

Total expenses

 

129,538

 

 

234,463

 

Other income (expense)

 

 

 

 

 

 

Net interest and investment income (expense) (net of interest expense of $4,855 and $3,684 for the three months ended March 31, 2016 and 2015, respectively)

 

(3,359)

 

 

1,413

 

Other income (expense), net

 

5,241

 

 

(1,876)

 

Net realized and unrealized gain on investments

 

5,142

 

 

14,839

 

Net interest and investment income of the Consolidated Funds (net of interest expense of $22,449 and $17,101 for the three months ended March 31, 2016 and 2015, respectively)

 

7,332

 

 

8,905

 

Net realized and unrealized loss on investments of Consolidated Funds

 

(29,807)

 

 

(12,274)

 

Total other income (expense)

 

(15,451)

 

 

11,007

 

Income (loss) before taxes

 

(8,974)

 

 

46,449

 

Income tax expense

 

4,665

 

 

4,059

 

Net income (loss)

 

(13,639)

 

 

42,390

 

Less: Net loss attributable to non-controlling interests in Consolidated Funds

 

(11,979)

 

 

(11,115)

 

Less: Net income attributable to redeemable interests in Ares Operating Group entities

 

10

 

 

243

 

Less: Net income attributable to non-controlling interests in Ares Operating Group entities

 

1,420

 

 

34,806

 

Net income (loss) attributable to Ares Management, L.P.

$

(3,090)

 

$

18,456

 

Net income (loss) attributable to Ares Management, L.P. per common unit:

 

 

 

 

 

 

Basic

$

(0.04)

 

$

0.23

 

Diluted

$

(0.04)

 

$

0.23

 

Weighted-average common units

 

 

 

 

 

 

Basic

 

80,683,051

 

 

80,667,664

 

Diluted

 

80,683,051

 

 

80,667,664

 

Distribution declared and paid per common unit

$

0.20

 

$

0.24

 

 

 

 

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

See accompanying notes to the condensed consolidated financial statements.

2


 

Table of Contents 

Ares Management, L.P.

Condensed Consolidated Statements of Comprehensive Income

(Amounts in Thousands)

(unaudited)

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended 

 

 

 

 

March 31,

 

 

 

 

2016

   

2015

   

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

(13,639)

 

$

42,390

 

 

 

Other comprehensive income:

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

(2,697)

 

 

(2,949)

 

 

 

Total comprehensive income (loss)

 

(16,336)

 

 

39,441

 

 

 

Less: Comprehensive loss attributable to non-controlling interests in Consolidated Funds

 

(11,979)

 

 

(11,213)

 

 

 

Less: Comprehensive income (loss) attributable to redeemable interests in Ares Operating Group entities

 

(1)

 

 

231

 

 

 

Less: Comprehensive income (loss) attributable to non-controlling interests in Ares Operating Group entities

 

(243)

 

 

33,059

 

 

 

Comprehensive income (loss) attributable to Ares Management, L.P.

$

(4,113)

 

$

17,364

 

 

 

 

See accompanying notes to the condensed consolidated financial statements.

 

 

3


 

Table of Contents 

Ares Management, L.P.

Condensed Consolidated Statements of Changes in Equity

(Amounts in Thousands)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Funds

 

 

 

 

 

 

 

 

 

Accumulated

 

Non-Controlling

 

Equity

 

Non-Controlling

 

 

 

 

 

 

 

 

 

Other

 

Interest in Ares

 

Appropriated

 

Interest in

 

 

 

 

 

 

Partners'

 

Comprehensive

 

Operating

 

for Consolidated

 

Consolidated

 

Total 

 

 

    

Capital

    

Loss

    

Group Entities

    

Funds

    

Funds

    

Equity

 

Balance at December 31, 2015

 

$

251,537

 

$

(4,619)

 

$

397,883

 

$

3,367

 

$

320,238

 

$

968,406

 

Cumulative effect of accounting change due to the adoption of ASU 2014-13

 

 

 —

 

 

 —

 

 

 —

 

 

(3,367)

 

 

 —

 

 

(3,367)

 

Changes in ownership interests

 

 

(51)

 

 

 —

 

 

(310)

 

 

 —

 

 

 —

 

 

(361)

 

Deferred tax assets (liabilities) arising from allocation of contributions and Partners' capital

 

 

726

 

 

 —

 

 

(25)

 

 

 —

 

 

 —

 

 

701

 

Contributions

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

47,366

 

 

47,366

 

Distributions

 

 

(16,137)

 

 

 —

 

 

(27,727)

 

 

 —

 

 

(23,230)

 

 

(67,094)

 

Net income (loss)

 

 

(3,090)

 

 

 —

 

 

1,420

 

 

 —

 

 

(11,979)

 

 

(13,649)

 

Currency translation adjustment

 

 

 —

 

 

(1,023)

 

 

(1,663)

 

 

 —

 

 

 —

 

 

(2,686)

 

Equity compensation

 

 

3,285

 

 

 —

 

 

5,353

 

 

 —

 

 

 —

 

 

8,638

 

Balance at March 31, 2016

 

$

236,270

 

$

(5,642)

 

$

374,931

 

$

 —

 

$

332,395

 

$

937,954

 

 

 

 

See accompanying notes to the condensed consolidated financial statements.

 

 

4


 

Table of Contents 

Ares Management, L.P.

Condensed Consolidated Statements of Cash Flows

(Amounts in Thousands)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended March 31,

 

 

 

2016

    

2015

    

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income (loss)

$

(13,639)

 

$

42,390

 

 

Adjustments to reconcile net income to net cash used in operating activities:

 

 

 

 

 

 

 

Equity compensation expense

 

9,173

 

 

7,921

 

 

Depreciation and amortization

 

9,738

 

 

12,618

 

 

Net realized and unrealized gain on investments

 

(5,142)

 

 

(14,839)

 

 

Contingent consideration

 

228

 

 

1,251

 

 

Investments purchased

 

(23,424)

 

 

(32,233)

 

 

Proceeds from sale of investments

 

5,520

 

 

18,476

 

 

Allocable to non-controlling interests in Consolidated Funds:

 

 

 

 

 

 

 

Receipt of non-cash interest income and dividends from investments

 

(2,284)

 

 

(1,969)

 

 

Net realized and unrealized loss on investments

 

29,807

 

 

12,274

 

 

Amortization on debt and investments

 

(500)

 

 

756

 

 

Investments purchased

 

(188,040)

 

 

(859,776)

 

 

Proceeds from sale or pay down of investments

 

195,765

 

 

328,663

 

 

Cash flows due to changes in operating assets and liabilities:

 

 

 

 

 

 

 

Net performance fees receivable

 

3,343

 

 

(4,718)

 

 

Due to/from affiliates

 

3,268

 

 

5,669

 

 

Other assets

 

914

 

 

30,166

 

 

Accrued compensation and benefits

 

(69,089)

 

 

(74,738)

 

 

Accounts payable, accrued expenses and other liabilities

 

3,486

 

 

(34,977)

 

 

Deferred taxes

 

315

 

 

1,165

 

 

Allocable to non-controlling interest in Consolidated Funds:

 

 

 

 

 

 

 

Change in cash and cash equivalents held at Consolidated Funds

 

35,636

 

 

1,005,892

 

 

Cash relinquished with deconsolidation of Consolidated Funds

 

 —

 

 

(870,390)

 

 

Change in other assets and receivables held at Consolidated Funds

 

(39,319)

 

 

(19,187)

 

 

Change in other liabilities and payables held at Consolidated Funds

 

18,996

 

 

(152,272)

 

 

Net cash used in operating activities

 

(25,248)

 

 

(597,858)

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Acquisitions, net of cash acquired

 

 —

 

 

(64,437)

 

 

Purchase of furniture, equipment and leasehold improvements, net

 

(2,799)

 

 

(3,256)

 

 

Net cash used in investing activities

 

(2,799)

 

 

(67,693)

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Other financing activities

 

(362)

 

 

85

 

 

Proceeds from credit facility

 

127,000

 

 

60,000

 

 

Repayments of credit facility

 

(45,000)

 

 

 —

 

 

Distributions 

 

(44,051)

 

 

(57,679)

 

 

Allocable to non-controlling interest in Consolidated Funds:

 

 

 

 

 

 

 

Contributions from non-controlling interests in Consolidated Funds

 

47,366

 

 

531

 

 

Distributions to non-controlling interests in Consolidated Funds

 

(23,230)

 

 

(28,454)

 

 

Borrowings under loan obligations by Consolidated Funds

 

750

 

 

615,735

 

 

Repayments under loan obligations by Consolidated Funds

 

(45,091)

 

 

(409)

 

 

Net cash provided by financing activities

 

17,382

 

 

589,809

 

 

Effect of exchange rate changes

 

(884)

 

 

(3,744)

 

 

Net decrease in cash and cash equivalents

 

(11,549)

 

 

(79,486)

 

 

Cash and cash equivalents, beginning of period

 

121,483

 

 

148,858

 

 

Cash and cash equivalents, end of period

$

109,934

 

$

69,372

 

 

Supplemental information:

 

 

 

 

 

 

 

Ares Management, L.P. and consolidated subsidiaries:

 

 

 

 

 

 

 

Cash paid during the period for interest

$

1,505

 

$

303

 

 

Cash paid during the period for income taxes

$

1,875

 

$

17

 

 

Consolidated Funds:

 

 

 

 

 

 

 

Cash paid during the period for interest

$

12,913

 

$

11,763

 

 

Cash paid during the period for income taxes

$

122

 

$

279

 

 

Non-cash increase in assets and liabilities:

 

 

 

 

 

 

 

Issuance of AOG Units to non-controlling interest holders in connection with acquisitions

$

 —

 

$

25,468

 

 

 

 

 

See accompanying notes to the condensed consolidated financial statements.

 

5


 

Table of Contents

Ares Management, L.P.

 

Notes to the Unaudited Condensed Consolidated Financial Statements

(Dollars in Thousands, Except Unit Data and as Otherwise Noted)

 

 

1. ORGANIZATION

Ares Management, L.P. (the “Company”), a Delaware limited partnership formed on November 15, 2013, is a leading global alternative asset management firm that operates three distinct but complementary investment groups: the Credit Group,  the Private Equity Group and the Real Estate Group. Information about segments should be read together with Note 14, “Segment Reporting.” Subsidiaries of Ares Management LLC (“AM LLC”), a subsidiary of the Company, serve as the general partners and/or investment managers to various investment funds and managed accounts within each investment group (the “Ares Funds”), which are generally organized as pass‑through entities for income tax purposes. Such subsidiaries provide investment advisory services to the Ares Funds in exchange for management fees. Ares is managed and operated by its general partner, Ares Management GP LLC. Unless the context requires otherwise, references to “Ares” or the “Company” refer to Ares Management, L.P. together with its subsidiaries.

The Company is a holding partnership, and the Company’s sole assets are equity interests in Ares Holdings Inc. (“AHI”), Ares Domestic Holdings, Inc. (“Domestic Holdings”), Ares Offshore Holdings, Ltd., AI Holdco LLC (“AI”), and Ares Real Estate Holdings LLC. In this quarterly report, the following of the Company’s subsidiaries are collectively referred to as the “Ares Operating Group”: Ares Domestic Holdings L.P. (“Ares Domestic”), Ares Offshore Holdings L.P. (“Ares Offshore”), Ares Real Estate Holdings L.P. (“Ares Real Estate”), Ares Holdings L.P. (“Ares Holdings”), and Ares Investments L.P. (“Ares Investments”). The Company, indirectly through its wholly owned subsidiaries, is the general partner of each of the Ares Operating Group entities. The Company operates and controls all of the businesses and affairs of and conducts all of its material business activities through, the Ares Operating Group.

Non-Controlling Interests in Ares Operating Group Entities

The non-controlling interests in Ares Operating Group (“AOG”) (collectively, the “Ares Operating Group Units” or “AOG Units”) represent a component of equity and net income attributable to the owners of AOG Units that are not held directly or indirectly by the Company. These interests are adjusted for contributions to and distributions from AOG during the reporting period and are allocated income from the Ares Operating Group entities based on their historical ownership percentage for the proportional number of days in the reporting period.

Income Allocation

Income (loss) before taxes is allocated based on each partner’s average daily ownership of the Ares Operating Group entities for each period presented.

 

As of March 31, 2016, the Company owned a 37.87% direct interest, or 80,690,612 AOG Units, in each of the Ares Operating Group entities; Ares Owners Holding L.P. owns a 56.26% direct interest, or 119,874,362 AOG Units, in each of the Ares Operating Group entities; and an affiliate of Alleghany Corporation (such affiliate, “Alleghany”) owns a 5.87% direct interest, or 12,500,000 AOG Units, in each of the Ares Operating Group entities. For the three months ended March 31, 2016, the daily average ownership of AOG Units in each of the AOG entities by Ares Owners Holding L.P., Alleghany and the Company was 56.26%, 5.87% and 37.87%, respectively.

 

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and instructions to the Quarterly Report on Form 10-Q. The 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 (consisting of only normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are

6


 

Table of Contents

Ares Management, L.P.

 

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Unit Data and as Otherwise Noted)

 

 

reasonable and prudent. 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 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, 2015 filed with the Securities and Exchange Commission.

The condensed consolidated financial statements include the accounts and activities of the AOG entities, their consolidated subsidiaries and certain Consolidated Funds. These Consolidated Funds include certain Ares-affiliated funds, related co-investment entities and collateralized loan obligations (“CLOs”) (collectively, the “Consolidated Funds”) managed by AM LLC and its wholly owned subsidiaries that have been consolidated pursuant to GAAP. Including the results of the Consolidated Funds significantly increases the reported amounts of the assets, liabilities, revenues, expenses and cash flows in the accompanying condensed consolidated financial statements; however, the Consolidated Funds results included herein have no direct effect on the net income attributable to controlling interests or on total controlling equity. Instead, economic ownership interests of the investors in the Consolidated Funds are reflected as non-controlling interests in Consolidated Funds in the accompanying condensed consolidated financial statements. Further, cash flows allocable to non-controlling interest in Consolidated Funds are specifically identifiable in the Condensed Consolidated Statements of Cash Flows. All intercompany balances and transactions have been eliminated upon consolidation.

 

The Company has reclassified certain prior period amounts to conform to the current presentation. 

Equity Appropriated for Consolidated Funds and Adoption of ASU 2014-13

Effective January 1, 2016, the Company adopted FASB Accounting Standards Update (“ASU”) No. 2014-13, Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity (“ASU 2014-13”). The Company applied the guidance using a modified retrospective approach by recording a cumulative-effect adjustment of $3.4 million to equity appropriated for Consolidated Funds as of January 1, 2016.

Prior to the adoption of ASU 2014-13, the Company elected the fair value option for eligible liabilities to mitigate the accounting mismatch between the carrying value of the assets and liabilities of its consolidated CLOs. As a result, the Company accounted for the excess of fair value of assets over liabilities as an increase in equity appropriated for Consolidated Funds.

Pursuant to the adoption of ASU 2014-13, the Company is required to determine whether the fair values of the financial assets or financial liabilities are more observable. Beginning January 1, 2016, the Company has determined that the fair value of the financial assets of the consolidated CLOs, which are mostly Level II assets within the GAAP fair value hierarchy, are more observable than the fair value of the financial liabilities of its consolidated CLOs, which are mostly Level III liabilities. As a result, the financial assets of consolidated CLOs are measured at fair value and the financial liabilities of the consolidated CLOs are measured in consolidation as: (1) the sum of the fair value of the financial assets, and the carrying value of any nonfinancial assets held temporarily, less (2) the sum of the fair value of any beneficial interests retained by the Company (other than those that represent compensation for services), and the Company’s carrying value of any beneficial interests that represent compensation for services. The resulting amount is allocated to the individual financial liabilities (other than the beneficial interests retained by the Company).

Equity Compensation

Forfeitures

In accordance with ASU No. 2016-09, Compensation – Stock Compensation (Topic 718) (“ASU 2016-09”), the Company elected to recognize share-based award forfeitures in the period they occur as a reversal of previously recognized compensation expense. The reduction in compensation expense is determined based on the specific awards forfeited during that period. Prior to the adoption of ASU 2016-09, the Company applied an estimated forfeiture rate as a reduction of current period equity compensation expense.

7


 

Table of Contents

Ares Management, L.P.

 

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Unit Data and as Otherwise Noted)

 

 

Recent Accounting Pronouncements

In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The objective of the guidance in ASU 2016-01 is to enhance the reporting model for financial instruments to provide more decision-useful information. ASU 2016-01 requires an entity to carry all of its investments in equity securities at fair value, and to recognize periodic changes of that fair value in income. This guidance excludes equity method investments, investments that result in the consolidation of the investee and investments for which the entity has elected the practicability exception to the fair value measurement requirements. The guidance should be applied using a cumulative-effect adjustment to the beginning balance of retained earnings as of the beginning of the fiscal year in which the guidance becomes effective. ASU 2016-01 is effective for public entities for annual reporting periods beginning after December 15, 2017 and interim periods within those reporting periods. The Company is currently evaluating the impact of this guidance on its condensed consolidated financial statements.

 

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The objective of the guidance in ASU 2016-02 is to increase transparency and comparability among organizations by recognizing lease assets and liabilities in the balance sheet and disclosing key information. ASU 2016-02 amends previous lease guidance, which required a lessee to categorize and account for leases as either operating leases or capital leases, and instead requires a lessee to recognize a lease liability and a right-of-use asset on the entity’s balance sheet for all leases with terms that exceed one year. The lease liability and right-of-use asset are to be carried at the present value of remaining expected future lease payments. The guidance should be applied using a modified retrospective approach. ASU 2016-02 is effective for public entities for annual reporting periods beginning after December 15, 2018 and interim periods within those reporting periods, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its condensed consolidated financial statements.

 

In March 2016, the FASB issued ASU 2016-07, Investments – Equity Method and Joint Ventures (Topic 323). ASU 2016-07 removes the requirement to retroactively apply the equity method of accounting for an investment that becomes eligible for the equity method due to an increase in the level of ownership interest or degree of influence. The investment should be accounted for as an equity method investment as of the date that it becomes qualified for such treatment. At this date, any unrealized holding gain (loss), if the investment was an available-for-sale equity security, should be recognized in earnings. ASU 2016-07 is effective for public entities for annual reporting periods beginning after December 15, 2016 and interim periods within those reporting periods, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its condensed consolidated financial statements.

 

In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations. The objective of the guidance in ASU 2016-08 is to provide clarity on the application of the current principal versus agent guidance. ASU 2016-08 clarifies how an entity should determine whether it is acting as a principal or an agent for each specified good or service promised to a customer and how to determine the nature of each specified good or service. The effective date and transition requirements of ASU 2016-08 are the same as that of ASU 2014-09. The Company is currently evaluating the impact of this guidance on its condensed consolidated financial statements.

 

In March 2016, the FASB issued ASU 2016-09. The objective of the guidance in ASU 2016-09 is to reduce the cost and complexity of providing stock compensation information while maintaining or  improving the usefulness of the information. ASU 2016-09 amends previous guidance around when and how excess tax benefits or deficiencies should be recognized, and now requires excess tax benefits to be recognized in the income statement, regardless of whether it will reduce the Company’s taxes payable in the current period. ASU 2016-09 also allows companies to elect whether to use an estimated forfeiture rate, or to recognize forfeitures as they occur. Another change related to this update, is the movement of excess tax benefits from stock options from financing activities to operating activities within the Condensed Consolidated Statements of Cash Flows. ASU 2016-09 is effective for public entities for annual reporting periods beginning after December 15, 2016 and interim periods within those reporting periods, with early adoption permitted. The Company adopted ASU 2016-09 as of January 1, 2016 using a modified retrospective approach and the cumulative

8


 

Table of Contents

Ares Management, L.P.

 

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Unit Data and as Otherwise Noted)

 

 

adjustment to the Company’s equity components had no net impact to the Company’s total equity. See Note 13 for a detailed impact of the adoption of this guidance.

 

 

3. GOODWILL AND INTANGIBLE ASSETS

Finite‑Lived Intangible Assets, Net

The Company’s intangible assets include management contracts, client relationships, a trade name, and the future benefits of managing new assets for existing clients that were recognized at fair value as of their acquisition dates. 

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

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average

 

 

 

 

 

 

 

 

 

Amortization Period

 

 

As of March 31,

 

 

As of December 31,

 

 

 

At March 31, 2016

 

2016

   

2015

 

Management contracts

 

2.4 years

 

$

111,939

 

$

163,469

 

Client relationships

 

12.3 years

 

 

38,600

 

 

38,600

 

Trade name

 

6.3 years

 

 

3,200

 

 

3,200

 

 

 

 

 

 

153,739

 

 

205,269

 

Foreign currency translation

 

 

 

 

(1,697)

 

 

(1,436)

 

Total intangible assets acquired

 

 

 

 

152,042

 

 

203,833

 

Less: accumulated amortization

 

 

 

 

(74,353)

 

 

(118,862)

 

Intangible assets, net

 

 

 

$

77,689

 

$

84,971

 

 

 

Amortization expense associated with intangible assets was $7.3 million and $10.9 million for the three months ended March 31, 2016 and 2015, respectively, and is included in general, administrative and other expenses within the Condensed Consolidated Statements of Operations. In the first quarter of 2016, the Company removed $51.5 million of intangible assets that were fully amortized.

Goodwill

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Private

 

Real

 

 

 

 

 

 

Credit

 

Equity

 

Estate

 

Total

 

Balance as of  December 31, 2015

 

$

32,196

 

$

58,600

 

$

53,271

 

$

144,067

 

Foreign currency translation

 

 

 —

 

 

 —

 

 

(50)

 

 

(50)

 

Balance as of  March 31, 2016

 

$

32,196

 

$

58,600

 

$

53,221

 

$

144,017

 

 

There was no impairment of goodwill recorded as of March 31, 2016 or December 31, 2015.

 

 

 

 

 

 

 

4. INVESTMENTS

The Company’s investments are comprised of investments presented at fair value in accordance with the investment company guidance, equity-method investments (using the equity method or fair value option) and held-to-maturity investments. 

9


 

Table of Contents

Ares Management, L.P.

 

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Unit Data and as Otherwise Noted)

 

 

Fair Value Investments, excluding Equity-method Investments Held at Fair Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value as a

 

 

 

 

 

 

 

 

 

percentage of total

 

 

 

Fair value at

 

investments at

 

 

 

March 31,

 

December 31,

 

March 31,

 

December 31,

 

 

    

2016

    

2015

    

2016

    

2015

    

Private Investment Partnership Interests:

 

 

 

 

 

 

 

 

 

 

 

AREA Sponsor Holdings, LLC

 

$

38,554

 

$

37,275

 

8.6

%  

8.7

%

ACE II Master Fund, L.P. (1)(2)

 

 

22,629

 

 

22,015

 

5.1

%  

5.2

%

Ares Corporate Opportunities Fund III, L.P.

 

 

116,470

 

 

108,506

 

26.0

%

25.4

%

Ares Corporate Opportunities Fund IV, L.P. (2)

 

 

29,480

 

 

30,571

 

6.6

%  

7.2

%

Ares Enhanced Credit Opportunities Fund, L.P.

 

 

25,598

 

 

26,073

 

5.7

%

6.1

%

Resolution Life L.P.

 

 

40,703

 

 

40,703

 

9.1

%  

9.5

%

Other private investment partnership Interests (1)(3)

 

 

120,164

 

 

106,332

 

26.9

%  

24.9

%

Total private investment partnership interests (cost: $311,187 and $297,026 at March 31, 2016 and December 31, 2015, respectively)

 

 

393,598

 

 

371,475

 

88.0

%  

87.0

%

Collateralized Loan Obligations Interests:

 

 

 

 

 

 

 

 

 

 

 

Collateralized loan obligations interests

 

 

54,118

 

 

55,752

 

12.0

%  

13.0

%  

Total collateralized loan obligations (cost: $58,556 and $53,669 at March 31, 2016 and December 31, 2015, respectively)

 

 

54,118

 

 

55,752

 

12.0

%  

13.0

%

Common Stock:

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

83

 

 

81

 

0.0

%

0.0

%

Total common stock (cost: $118 and $116 at March 31, 2016 and December 31, 2015, respectively)

 

 

83

 

 

81

 

0.0

%

0.0

%

Total fair value investments (cost: $369,861 and $350,811 at March 31, 2016 and December 31, 2015, respectively)

 

$

447,799

 

$

427,308

 

100.0

%  

100.0

%


(1)

Investment or portion of the investment is denominated in foreign currency; fair value is translated into U.S. dollars at each reporting date

(2)

Represents underlying security that is held through various legal entities

(3)

No single issuer or investment had a fair value that exceeded 5% of the Company's total investments.

 

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's equity-method investments, including those where the fair value option was elected, are summarized below:

 

 

 

 

 

 

 

 

 

 

As of March 31, 2016

 

As of December 31, 2015

 

Equity-method investments

 

$

4,322

 

$

4,486

 

Equity-method investments at fair value

 

 

26,007

 

 

19,471

 

Total equity-method investments

 

$

30,329

 

$

23,957

 

Held-to-Maturity Investments

The Company classifies its securities investments as held-to-maturity investments when the Company has the positive intent and ability to hold the securities to maturity. Held-to-maturity securities are reported as investments and are recorded at amortized cost. A summary of the cost and fair value of CLO notes classified as held-to-maturity investments is as follows:

 

 

 

 

 

 

 

 

 

March 31,

 

 

December 31,

 

    

 

2016

    

2015

Amortized Cost

$

17,856

 

$

17,022

Unrealized loss, net

 

(590)

 

 

(334)

Fair value

 

$

17,266

 

$

16,688

 

10


 

Table of Contents

Ares Management, L.P.

 

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Unit Data and as Otherwise Noted)

 

 

Based on the Company’s ability and intent to hold the investments until maturity, the Company has determined that the net unrealized losses are deemed to be temporary impairments as of March 31, 2016 and December 31, 2015, respectively.

 

There were no sales of held-to-maturity investments during the three months ended March 31, 2016 and 2015.  All contractual maturities are due after 10 years as of March 31, 2016. Actual maturities may differ from contractual maturities because some borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

Investments of the Consolidated Funds

Investments held in the Consolidated Funds are summarized below:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value as a

 

 

 

 

 

 

 

 

 

percentage of total

 

 

 

Fair value at

 

investments at

 

 

 

 

March 31,

 

December 31,

 

March 31,

 

December 31,

 

 

    

2016

    

2015

    

2016

    

2015

    

United States:

 

 

 

 

 

 

 

 

 

 

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

 

Consumer discretionary

 

$

403,139

 

$

393,902

 

15.7

%  

15.4

%

Consumer staples

 

 

36,938

 

 

40,030

 

1.4

%  

1.6

%

Energy

 

 

36,973

 

 

38,617

 

1.4

%  

1.5

%

Financials

 

 

77,988

 

 

78,806

 

3.1

%  

3.1

%

Healthcare, education and childcare

 

 

180,020

 

 

162,191

 

7.1

%  

6.3

%

Industrials

 

 

153,511

 

 

161,830

 

6.0

%  

6.3

%

Information technology

 

 

137,925

 

 

138,186

 

5.4

%  

5.4

%

Materials

 

 

89,973

 

 

95,767

 

3.5

%  

3.7

%

Partnership interests

 

 

103,621

 

 

86,902

 

4.1

%

3.4

%

Telecommunication services

 

 

189,418

 

 

202,256

 

7.4

%  

7.9

%

Utilities

 

 

13,112

 

 

12,733

 

0.5

%  

0.5

%

Total fixed income securities (cost: $1,458,969  and $1,462,570 at March 31, 2016 and December 31, 2015, respectively)

 

 

1,422,618

 

 

1,411,220

 

55.6

%  

55.1

%

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

Healthcare, education and childcare

 

 

1,740

 

 

344

 

0.1

%  

0.0

%

Telecommunication services

 

 

718

 

 

510

 

0.0

%  

0.0

%

Total equity securities (cost: $8,304 at March 31, 2016 and December 31, 2015, respectively)

 

$

2,458

 

$

854

 

0.1

%  

0.0

%

 

 

11


 

Table of Contents

Ares Management, L.P.

 

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Unit Data and as Otherwise Noted)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value as a

 

 

 

 

 

 

 

 

 

percentage of total

 

 

 

Fair value at

 

investments at

 

 

 

March 31,

 

 

December 31,

 

March 31,

 

December 31,

 

 

    

2016

    

2015

    

2016

    

2015

    

Europe:

 

 

 

 

 

 

 

 

 

 

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

 

Consumer discretionary

 

$

215,526

 

$

221,707

 

8.3

%  

8.7

%

Consumer staples

 

 

53,491

 

 

50,625

 

2.1

%  

2.0

%

Financials

 

 

29,308

 

 

29,922

 

1.1

%  

1.2

%

Healthcare, education and childcare

 

 

111,710

 

 

104,704

 

4.4

%  

4.1

%

Industrials

 

 

106,511

 

 

109,778

 

4.2

%  

4.3

%

Information technology

 

 

32,368

 

 

31,562

 

1.3

%  

1.2

%

Materials

 

 

105,726

 

 

98,450

 

4.1

%  

3.8

%

Telecommunication services

 

 

160,806

 

 

149,105

 

6.3

%  

5.8

%

Utilities

 

 

810

 

 

768

 

0.0

%  

0.0

%

Total fixed income securities (cost: $862,992  and $836,217 at March 31, 2016 and December 31, 2015, respectively)

 

 

816,256

 

 

796,621

 

31.8

%  

31.1

%

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

Consumer discretionary

 

 

4,203

 

 

4,306

 

0.2

%  

0.2

%

Consumer staples

 

 

1,437

 

 

1,286

 

0.1

%  

0.1

%

Healthcare, education and childcare

 

 

34,716

 

 

37,294

 

1.4

%  

1.5

%

Telecommunication services

 

 

155

 

 

159

 

0.0

%  

0.0

%

Total equity securities (cost: $80,830 and $ 80,827 at March 31, 2016 and December 31, 2015, respectively)

 

 

40,511

 

 

43,045

 

1.7

%  

1.8

%

Asia and other:

 

 

 

 

 

 

 

 

 

 

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

 

Consumer discretionary

 

 

30,260

 

 

34,810

 

1.2

%  

1.4

%

Financials

 

 

1,242

 

 

 —

 

0.0

%  

 —

%

Healthcare, education and childcare

 

 

21,993

 

 

23,999

 

0.9

%  

0.9

%

Telecommunication services

 

 

10,193

 

 

9,909

 

0.4

%  

0.4

%

Total fixed income securities (cost: $55,384 and $57,868 at March 31, 2016 and December 31, 2015, respectively)

 

 

63,688

 

 

68,718

 

2.5

%  

2.7

%

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

Consumer discretionary

 

 

29,444

 

 

55,532

 

1.2

%  

2.2

%

Consumer staples

 

 

50,476

 

 

55,442

 

2.0

%  

2.2

%

Healthcare, education and childcare

 

 

32,598

 

 

32,865

 

1.3

%  

1.3

%

Industrials

 

 

12,891

 

 

12,891

 

0.5

%  

0.5

%

Total equity securities (cost: $118,730 at March 31, 2016 and December 31, 2015, respectively)

 

$

125,409

 

$

156,730

 

5.0

%  

6.2

%

 

 

12


 

Table of Contents

Ares Management, L.P.

 

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Unit Data and as Otherwise Noted)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value as a

 

 

 

 

 

 

 

 

 

percentage of total

 

 

 

Fair value at

 

investments at

 

 

 

 

March 31,

 

 

December 31,

 

March 31,

 

December 31,

 

 

  

2016

    

2015

    

2016

    

2015

 

Canada:

 

 

 

 

 

 

 

 

 

 

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

 

Consumer discretionary

 

$

806

 

$

827

 

0.0

%  

0.0

%

Consumer staples

 

 

1,377

 

 

1,369

 

0.1

%

0.1

%

Energy

 

 

7,278

 

 

8,724

 

0.3

%  

0.3

%

Healthcare, education and childcare

 

 

14,537

 

 

14,819

 

0.6

%  

0.6

%

Industrials

 

 

620

 

 

513

 

0.0

%  

0.0

%

Telecommunication services

 

 

8,901

 

 

6,627

 

0.3

%  

0.3

%

Total fixed income securities (cost: $35,731  and $34,397 at March 31, 2016 and December 31, 2015, respectively)

 

 

33,519

 

 

32,879

 

1.3

%  

1.3

%

Australia:

 

 

 

 

 

 

 

 

 

 

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

 

Energy

 

 

8,987

 

 

8,888

 

0.4

%  

0.3

%

Industrials

 

 

4,158

 

 

3,657

 

0.2

%  

0.1

%

Utilities

 

 

15,551

 

 

16,041

 

0.6

%  

0.6

%

Total fixed income securities (cost: $39,602 and $39,574 at March 31, 2016 and December 31, 2015, respectively)

 

 

28,696

 

 

28,586

 

1.2

%  

1.0

%

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

Telecommunication services

 

 

4,630

 

 

5,370

 

0.2

%  

0.2

%

Utilities

 

 

15,384

 

 

15,760

 

0.6

%  

0.6

%

Total equity securities (cost: $25,524 at March 31, 2016 and December 31, 2015, respectively)

 

 

20,014

 

 

21,130

 

0.8

%  

0.8

%

Total fixed income securities

 

 

2,364,777

 

 

2,338,024

 

92.4

%  

91.2

%

Total equity securities

 

 

188,392

 

 

221,759

 

7.6

%  

8.8

%

Total investments, at fair value

 

$

2,553,169

 

$

2,559,783

 

100.0

%  

100.0

%

 

At March 31, 2016 and December 31, 2015, no single issuer or investment, including derivative instruments and underlying portfolio investments of the Consolidated Funds, had a fair value that exceeded 5.0% of the Company's total consolidated net assets.

13


 

Table of Contents

Ares Management, L.P.

 

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Unit Data and as Otherwise Noted)

 

 

5. FAIR VALUE

GAAP establishes a hierarchal disclosure framework which prioritizes the inputs used in measuring financial instruments at fair value into three levels based on their market observability. Market price observability is affected by a number of factors, including the type of instrument and the characteristics specific to the instrument. Financial instruments with readily available quoted prices from an active market or where fair value can be measured based on actively quoted prices generally have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value.

Financial assets and liabilities measured and reported at fair value are classified as follows:

·

Level I—Quoted prices in active markets for identical instruments.

·

Level II—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in inactive markets; and model‑derived valuations with directly or indirectly observable significant inputs. Level II inputs include prices in markets with few transactions, non-current prices that are not current, prices for which little public information exists or prices that vary substantially over time or among brokered market makers. Other inputs include interest rates, yield curves, volatilities, prepayment risks, loss severities, credit risks and default rates.

·

Level III—Valuations that rely on one or more significant unobservable inputs. These inputs reflect the Company’s assessment of the assumptions that market participants would use to value the instrument based on the best information available. 

In some instances, an instrument may fall into more than one level of the fair value hierarchy. In such instances, the instrument’s level within the fair value hierarchy is based on the lowest of the three levels (with Level III being the lowest) that is significant to the fair value measurement. The Company’s assessment of the significance of an input requires judgment and considers factors specific to the instrument.

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

The tables below summarize the financial assets and financial liabilities measured at fair value for the Company and Consolidated Funds as of March 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments of the Company, at fair value

    

Level I 

    

Level II 

    

Level III 

    

Investments
Measured
at NAV

    

Total 

 

Collateralized loan obligations

 

$

 —

 

$

 —

 

$

54,118

 

$

 —

 

$

54,118

 

Total fixed income

 

 

 —

 

 

 —

 

 

54,118

 

 

 —

 

 

54,118

 

Equity securities

 

 

83

 

 

 —

 

 

 —

 

 

 —

 

 

83

 

Partnership interests

 

 

 —

 

 

 —

 

 

58,203

 

 

361,402

 

 

419,605

 

Total investments, at fair value

 

 

83

 

 

 —

 

 

112,321

 

 

361,402

 

 

473,806

 

Derivative assets of the Company, at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

 

 —

 

 

1,038

 

 

 —

 

 

 —

 

 

1,038

 

Total derivative assets, at fair value

 

 

 —

 

 

1,038

 

 

 —

 

 

 —

 

 

1,038

 

Total

 

$

83

 

$

1,038

 

$

112,321

 

$

361,402

 

$

474,844

 

Derivative liabilities of the Company, at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

$

 —

 

$

(2,402)

 

$

 —

 

$

 —

 

$

(2,402)

 

Interest rate contracts

 

 

 —

 

 

(66)

 

 

 —

 

 

 —

 

 

(66)

 

Total derivative liabilities, at fair value

 

$

 —

 

$

(2,468)

 

$

 —

 

$

 —

 

$

(2,468)

 

 

 

 

14


 

Table of Contents

Ares Management, L.P.

 

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Unit Data and as Otherwise Noted)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments of Consolidated Funds, at fair value

    

Level I 

    

Level II 

    

Level III 

    

Investments
Measured
at NAV

    

Total 

 

Bonds

 

$

 —

 

$

127,926

 

$

105,812

 

$

 —

 

$

233,738

 

Loans

 

 

 —

 

 

1,921,021

 

 

100,135

 

 

 —

 

 

2,021,156

 

Collateralized loan obligations

 

 

 —

 

 

 —

 

 

6,262

 

 

 —

 

 

6,262

 

Total fixed income

 

 

 —

 

 

2,048,947

 

 

212,209

 

 

 —

 

 

2,261,156

 

Equity securities

 

 

44,692

 

 

1,740

 

 

141,805

 

 

 —

 

 

188,237

 

Partnership interests

 

 

 —

 

 

 —

 

 

103,621

 

 

 —

 

 

103,621

 

Other

 

 

 —

 

 

155

 

 

 —

 

 

 —

 

 

155

 

Total investments, at fair value

 

$

44,692

 

$

2,050,842

 

$

457,635

 

$

 —

 

$

2,553,169

 

Derivative liabilities of Consolidated Funds, at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

$

 —

 

$

(1,731)

 

$

 —

 

$

 —

 

$

(1,731)

 

Others

 

 

 —

 

 

 —

 

 

(4,127)

 

 

 —

 

 

(4,127)

 

Total derivative liabilities, at fair value

 

 

 —

 

 

(1,731)

 

 

(4,127)

 

 

 —

 

 

(5,858)

 

Loan obligations of CLOs

 

 

 —

 

 

(2,167,773)

 

 

 —

 

 

 —

 

 

(2,167,773)

 

Total

 

$

 —

 

$

(2,169,504)

 

$

(4,127)

 

$

 —

 

$

(2,173,631)

 

 

 

The tables below summarize the financial assets and financial liabilities measured at fair value for the Company and Consolidated Funds as of December 31, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments of the Company, at fair value

    

Level I 

    

Level II 

    

Level III 

    

Investments
Measured
at NAV

    

Total 

 

Collateralized loan obligations

 

$

 —

 

$

 —

 

$

55,752

 

$

 —

 

$

55,752

 

Total fixed income

 

 

 —

 

 

 —

 

 

55,752

 

 

 —

 

 

55,752

 

Equity securities

 

 

81

 

 

 —

 

 

 —

 

 

 —

 

 

81

 

Partnership interests

 

 

 —

 

 

 —

 

 

51,703

 

 

339,243

 

 

390,946

 

Total investments, at fair value

 

 

81

 

 

 —

 

 

107,455

 

 

339,243

 

 

446,779

 

Derivative assets of the Company, at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

 

 —

 

 

1,339

 

 

 —

 

 

 —

 

 

1,339

 

Total derivative assets, at fair value

 

 

 —

 

 

1,339

 

 

 —

 

 

 —

 

 

1,339

 

Total

 

$

81

 

$

1,339

 

$

107,455

 

$

339,243

 

$

448,118

 

Derivative liabilities of the Company, at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

$

 —

 

$

(176)

 

$

 —

 

$

 —

 

$

(176)

 

Interest rate contracts

 

 

 —

 

 

(214)

 

 

 —

 

 

 —

 

 

(214)

 

Total derivative liabilities, at fair value

 

$

 —

 

$

(390)

 

$

 —

 

$

 —

 

$

(390)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15


 

Table of Contents

Ares Management, L.P.

 

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Unit Data and as Otherwise Noted)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments of Consolidated Funds, at fair value

    

Level I 

    

Level II 

    

Level III 

    

Investments
Measured
at NAV

    

Total 

 

Bonds

 

$

 —

 

$

126,289

 

$

109,023

 

$

 —

 

$

235,312

 

Loans

 

 

 —

 

 

1,875,341

 

 

134,346

 

 

 —

 

 

2,009,687

 

Collateralized loan obligations

 

 

 —

 

 

 —

 

 

6,121

 

 

 —

 

 

6,121

 

Total fixed income

 

 

 —

 

 

2,001,630

 

 

249,490

 

 

 —

 

 

2,251,120

 

Equity securities

 

 

76,033

 

 

15,760

 

 

129,809

 

 

 —

 

 

221,602

 

Partnership interests

 

 

 —

 

 

 —

 

 

86,902

 

 

 —

 

 

86,902

 

Other

 

 

 —

 

 

159

 

 

 —

 

 

 —

 

 

159

 

Total investments, at fair value

 

$

76,033

 

$

2,017,549

 

$

466,201

 

$

 —

 

$

2,559,783

 

Derivative liabilities of Consolidated Funds, at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

$

 —

 

$

(369)

 

$

 —

 

$

 —

 

$

(369)

 

Others

 

 

 —

 

 

 —

 

 

(10,307)

 

 

 —

 

 

(10,307)

 

Total derivative liabilities, at fair value

 

 

 —

 

 

(369)

 

 

(10,307)

 

 

 —

 

 

(10,676)

 

Loan obligations of CLOs

 

 

 —

 

 

 —

 

 

(2,174,352)

 

 

 —

 

 

(2,174,352)

 

Total

 

$

 —

 

$

(369)

 

$

(2,184,659)

 

$

 —

 

$

(2,185,028)

 

 

The following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended March 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments and Derivatives of the Company

Fixed Income

 

Partnership Interests 

    

Total

 

Balance, beginning of period

$

55,752

 

$

51,703

 

$

107,455

 

Purchases(1)

 

3

 

 

6,500

 

 

6,503

 

Sales(2)

 

(775)

 

 

 —

 

 

(775)

 

Realized and unrealized depreciation, net

 

(862)

 

 

 —

 

 

(862)

 

Balance, end of period

$

54,118

 

$

58,203

 

$

112,321

 

Decrease in unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date

$

(1,173)

 

$

 —

 

$

(1,173)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

  

 

 

  

 

 

  

Other

  

 

 

 

 

 

 

 

 

 

 

 

Partnership

 

Financial

 

 

 

 

Investments and Derivatives of Consolidated Funds

    

Equity Securities 

    

Fixed Income 

    

Interests

    

Instruments

    

Total 

 

Balance, beginning of period

 

$

129,809

 

$

249,490

 

$

86,902

 

$

(10,307)

 

$

455,894

 

Transfer in

 

 

15,759

 

 

30,711

 

 

 —

 

 

 —

 

 

46,470

 

Transfer out

 

 

(345)

 

 

(74,213)

 

 

 —

 

 

 —

 

 

(74,558)

 

Purchases(1)

 

 

 —

 

 

19,469

 

 

7,300

 

 

 —

 

 

26,769

 

Sales(2)

 

 

 —

 

 

(9,443)

 

 

(300)

 

 

496

 

 

(9,247)

 

Accrued discounts/premiums

 

 

 —

 

 

453

 

 

 —

 

 

284

 

 

737

 

Realized and unrealized appreciation (depreciation), net

 

 

(3,418)

 

 

(4,258)

 

 

9,719

 

 

5,400

 

 

7,443

 

Balance, end of period

 

$

141,804

 

$

212,209

 

$

103,621

 

$

(4,127)

 

$

453,508

 

Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date

 

$

(3,419)

 

$

(6,032)

 

$

9,635

 

$

5,294

 

$

5,478

 


(1)

Purchases include paid‑in‑kind interest and securities received in connection with restructurings.

(2)

Sales include distributions, principal redemptions and securities disposed of in connection with restructurings.

16


 

Table of Contents

Ares Management, L.P.

 

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Unit Data and as Otherwise Noted)

 

 

The following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended March 31, 2015:

 

 

 

 

 

 

 

 

 

 

Investments and Derivatives of the Company

Fixed Income

 

Partnership Interests 

 

Total

 

Balance, beginning of period

$

 —

 

$

45,348

 

$

45,348

 

Deconsolidation of funds(3)

 

17,815

 

 

 —

 

 

17,815

 

Purchases(1)

 

3

 

 

5,000

 

 

5,003

 

Sales(2)

 

(763)

 

 

 —

 

 

(763)

 

Realized and unrealized appreciation (depreciation), net

 

(1,232)

 

 

 —

 

 

(1,232)

 

Balance, end of period

$

15,823

 

$

50,348

 

$

66,171

 

Decrease in unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date

$

(1,510)

 

$

 —

 

$

(1,510)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

Other

  

 

 

 

 

 

 

 

 

 

 

 

Partnership

 

Financial

 

 

 

 

Investments and Derivatives of Consolidated Funds

    

Equity Securities

    

Fixed Income

    

Interests

    

Instruments

    

Total

 

Balance, beginning of period

 

$

3,263,311

 

$

2,192,395

 

$

17,582

 

$

(20,993)

 

$

5,452,295

 

Deconsolidation of funds(4)

 

 

(3,080,402)

 

 

(1,897,304)

 

 

(17,582)

 

 

12,980

 

 

(4,982,308)

 

Transfer in

 

 

 —

 

 

26,144

 

 

 —

 

 

 —

 

 

26,144

 

Transfer out

 

 

 —

 

 

(89,214)

 

 

 —

 

 

 —

 

 

(89,214)

 

Purchases(1)

 

 

 —

 

 

44,835

 

 

 —

 

 

4

 

 

44,839

 

Sales(2)

 

 

(1,689)

 

 

(23,171)

 

 

 —

 

 

(1)

 

 

(24,861)

 

Accrued discounts/premiums

 

 

 —

 

 

(858)

 

 

 —

 

 

(267)

 

 

(1,125)

 

Realized and unrealized appreciation (depreciation), net

 

 

(7,185)

 

 

(18,706)

 

 

 —

 

 

(6,116)

 

 

(32,007)

 

Balance, end of period

 

$

174,035

 

$

234,121

 

$

 —

 

$

(14,393)

 

$

393,763

 

Decrease in unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date

 

$

(8,932)

 

$

(14,877)

 

$

 —

 

$

(7,618)

 

$

(31,427)

 


(1)

Purchases include paid‑in‑kind interest and securities received in connection with restructurings.

(2)

Sales include distributions, principal redemptions and securities disposed of in connection with restructurings.

(3)

Balances for the Company were previously eliminated upon consolidation and not reported as Level III investments.

(4)

Represents investment in Consolidated Funds that were deconsolidated during the period.

The Company recognizes transfers between the levels as of the beginning of the period. 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. For the three months ended March 31, 2016 and 2015, there were no transfers between Level I and Level II. 

17


 

Table of Contents

Ares Management, L.P.

 

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Unit Data and as Otherwise Noted)

 

 

The following table sets forth a summary of changes in the fair value of the Level III liabilities for the CLO loan obligations for the three months ended March 31, 2016 and 2015:

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31,

 

 

    

2016

    

2015

 

Balance, beginning of period

 

$

2,174,352

 

$

12,049,019

 

Accounting change due to the adoption of ASU 2014-13(1)

 

 

(2,174,352)

 

 

 —

 

Deconsolidation of funds

 

 

 —

 

 

(10,264,884)

 

Borrowings

 

 

 —

 

 

602,077

 

Paydowns

 

 

 —

 

 

(409)

 

Realized and unrealized gains, net

 

 

 —

 

 

(85,833)

 

Balance, end of period

 

$

 —

 

$

2,299,970

 


(1)

Upon adoption of ASU 2014-13, the debt obligations of consolidated CLOs are no longer considered Level III financial liabilities under the GAAP fair value hierarchy. As of January 1, 2016, the debt obligations of consolidated CLOs are measured on the basis of the fair value of the financial assets of the CLO and are classified as Level II financial liabilities.

 

The following table summarizes the quantitative inputs and assumptions used for the Company’s Level III measurements as of March 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

  

Fair

  

 

  

Unobservable

  

 

 

    

Value

    

Valuation Technique(s)

    

Input(s)

    

Range

Assets

 

 

 

 

 

 

 

 

 

Partnership interests

 

$

40,703

 

Discounted Cash Flow

 

Discount Rate

 

10% 

Partnership interests

 

 

17,500

 

Recent Transaction Price (1)

 

N/A

 

N/A

Collateralized loan obligations

 

 

54,118

 

Broker quotes and/or 3rd party pricing services

 

N/A

 

N/A

Total

 

$

112,321

 

 

 

 

 

 


(1)

Recent transaction price consists of securities recently purchased or restructured. The Company has determined that there has been no change to the valuation based on the underlying assumptions used at the closing of such transactions.

 

The following table summarizes the quantitative inputs and assumptions used for the Company’s Level III measurements as of December 31, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair

 

 

 

Unobservable

 

 

 

 

    

Value 

    

Valuation Technique(s) 

    

Input(s) 

    

Range 

 

Assets

 

 

 

 

 

 

 

 

 

 

Partnership interests

 

$

40,703

 

Discounted Cash Flow

 

Discount Rate

 

10%

 

Partnership interests

 

 

11,000

 

Recent Transaction Price (1)

 

N/A

 

N/A

 

Collateralized loan obligations

 

 

55,752

 

Broker quotes and/or 3rd party pricing services

 

N/A

 

N/A

 

Total

 

$

107,455

 

 

 

 

 

 

 


(1)

Recent transaction price consists of securities recently purchased or restructured. The Company has determined that there has been no change to the valuation based on the underlying assumptions used at the closing of such transactions.

18


 

Table of Contents

Ares Management, L.P.

 

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Unit Data and as Otherwise Noted)

 

 

 

The following table summarizes the quantitative inputs and assumptions used for the Consolidated Funds’ Level III measurements as of March 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

  

 

  

 

  

 

Weighted

 

 

    

Fair Value 

 

Valuation Technique(s) 

 

Unobservable Input(s) 

 

Range

    

Average

 

Assets

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

 

 

 

 

 

 

 

 

 

 

 

$

53,247

 

EV market multiple analysis

 

EBITDA multiple

 

1.6x-9.1x

 

5.4x

 

 

 

73,174

 

Market approach (comparable companies)

 

Net income multiple
Illiquidity discount

 

9.1x - 40.0x
25%

 

20.6x
25%

 

 

 

15,384

 

Broker quotes and/or 3rd party pricing services

 

N/A

 

N/A

 

N/A

 

 

 

103,621

 

Discounted cash flow

 

Discount rate

 

14.0%

 

14.0%

 

Fixed Income securities

 

 

 

 

 

 

 

 

 

 

 

 

 

92,891

 

Broker quotes and/or 3rd party pricing services

 

N/A

 

N/A

 

N/A

 

 

 

21,010

 

EV market multiple analysis

 

EBITDA multiple

 

1.6x - 11.0x

 

7.3x

 

 

 

83,045

 

Income approach

 

Yield

 

3.3% - 13.3%

 

9.4%

 

 

 

5,622

 

Discounted cash flow

 

Discount rate

 

11.0% - 15.3%

 

12.7%

 

 

 

1,756

 

Market approach (comparable companies)

 

EBITDA multiple

 

6.5x

 

6.5x

 

 

 

2,800

 

Income approach

 

Collection rates

 

1.2x

 

1.2x

 

 

 

5,085

 

Income approach

 

Constant prepayment rate
Constant default rate
Recovery rate

 

5.0% - 10.0%
11.9% - 25.1%
0.0% - 40.0%

 

6.9%
14.2%
15.0%

 

Total assets

$

457,635

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

Derivatives instruments of Consolidated Funds

 

4,127

 

Broker quotes and/or 3rd party pricing services

 

N/A

 

N/A

 

N/A

 

Total liabilities

$

4,127

 

 

 

 

 

 

 

 

 

 

The following table summarizes the quantitative inputs and assumptions used for the Consolidated Funds’ Level III measurements as of December 31, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Fair Value 

 

Valuation Technique(s) 

 

Unobservable Input(s) 

 

Range

    

Average

 

Assets

 

 

 

 

 

 

 

 

 

 

   

Equity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

42,887

 

EV market multiple analysis

 

EBITDA multiple

 

1.6x - 10.4x

 

4.1x

 

 

 

73,686

 

Market approach (comparable companies)

 

Net income multiple

 

10.0x - 40.0x

 

21.7x

 

 

 

344

 

Broker quotes and/or 3rd party pricing services

 

N/A

 

N/A

 

N/A

 

 

 

12,891

 

Recent transaction price (1)

 

N/A

 

N/A

 

N/A

 

 

 

86,902

 

Discounted cash flow

 

Discount rate

 

14.0%

 

14.0%

 

Fixed Income securities

 

 

 

 

 

 

 

 

 

 

 

 

 

22,934

 

EV market multiple analysis

 

EBITDA multiple

 

1.6x - 11.0x

 

7.8x

 

 

 

1,626

 

Market approach (comparable companies)

 

EBITDA multiple

 

6.5x

 

6.5x

 

 

 

130,131

 

Broker quotes and/or 3rd party pricing services

 

N/A

 

N/A

 

N/A

 

 

 

5,516

 

Discounted cash flow

 

Discount rate

 

11.0% - 15.3%

 

12.7%

 

 

 

84,464

 

Income approach

 

Yield

 

3.3% - 13.3%

 

9.1%

 

 

 

1,133

 

Income approach

 

Collection rates

 

1.2x

 

1.2x

 

 

 

3,687

 

Income approach

 

Constant prepayment rate
Constant default rate
Recovery rate

 

5.0% - 10.0%
11.9% - 25.1%
0.0% - 40.0%

 

7.1%
14.6%
16.8%

 

Total assets

$

466,201

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

Loans payable of Consolidated Funds:

 

 

 

 

 

 

 

 

 

 

 

Fixed income

$

2,146,255

 

Broker quotes and/or 3rd party pricing services

 

N/A

 

N/A

 

N/A

 

 

 

28,097

 

Discounted cash flow

 

Discount rate
Constant prepayment rate
Constant default rate
Recovery rate

 

8.0% - 10.0%
19.7% - 20.0%
2.0%
70.0% - 71.1%

 

8.7%
19.8%
2.0%
70.8%

 

Derivatives instruments of Consolidated Funds

 

10,307

 

Broker quotes and/or 3rd party pricing services

 

N/A

 

N/A

 

N/A

 

Total liabilities

$

2,184,659

 

 

 

 

 

 

 

 

 

 


(1)

Recent transaction price consists of securities purchased or restructured. The Company has determined that there has been no change to the valuation based on the underlying assumptions used at the closing of such transactions.

 

A significant change in earnings before interest, tax, depreciation and amortization (“EBITDA”), or one of the other unobservable inputs in the table above, could result in a significantly higher or lower fair value measurement.

19


 

Table of Contents

Ares Management, L.P.

 

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Unit Data and as Otherwise Noted)

 

 

For investments valued using NAV per share, a summary of fair value by segment along with the remaining unfunded commitment and any redemption restrictions of such investments are presented below:

 

 

 

 

 

 

 

 

 

 

As of March 31, 2016

 

Segment

    

Fair Value 

    

Unfunded Commitments 

    

Redemption Restriction(s) 

 

Credit Group

 

$

104,824

 

$

86,351

 

(1)(2)(3)

 

Private Equity Group

 

 

163,988

 

 

77,418

 

(1)

 

Real Estate Group

 

 

59,589

 

 

100,579

 

(1)

 

Operations Management Group

 

 

33,001

 

 

17,374

 

(1)(2)

 

Totals

 

$

361,402

 

$

281,722

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2015

Segment

    

Fair Value

    

Unfunded Commitments

    

Redemption Restriction(s)

 

Credit Group

 

$

98,251

 

$

89,917

 

(1)(2)(3)

 

Private Equity Group

 

 

157,234

 

 

78,700

 

(1)

 

Real Estate Group

 

 

56,547

 

 

99,802

 

(1)

 

Operations Management Group

 

 

27,211

 

 

22,789

 

(1)(2)

 

Totals

 

$

339,243

 

$

291,208

 

 

 


(1)

Includes certain closed‑ended funds that do not permit investors to redeem their interests.

(2)

Includes certain open‑ended funds that are subject to a lock‑up period of six months after the closing date; after which an investor has the right to withdraw its capital.

(3)

Includes certain funds that are separately managed investment vehicles, which may be redeemed only upon dissolution or liquidation of the fund at the discretion of a simple majority of investors.

 

 

 

6. DERIVATIVE FINANCIAL INSTRUMENTS

In the normal course of business, the Company and the Consolidated Funds are exposed to certain risks relating to their ongoing operations and use various types of derivative instruments primarily to mitigate against credit and foreign exchange risk. The derivative instruments used by the Company and Consolidated Funds include warrants, currency options, interest rate swaps, total return swaps and forward contracts. The derivative instruments are not designated as hedging instruments under the accounting standards for derivatives and hedging. The Company recognizes all of its derivative instruments at fair value as either assets or liabilities in the Condensed Consolidated Statements of Financial Condition.

Quantitative Disclosures of Derivative Financial Instruments

The following tables identify the fair value and notional amounts of derivative contracts by major product type on a gross basis for the Company and the Consolidated Funds as of March 31, 2016 and December 31, 2015. These amounts may be offset (to the extent that there is a legal right to offset) and presented on a net basis in other assets or accounts payable, accrued expenses and other liabilities in the Condensed Consolidated Statements of Financial Condition:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2016

 

 

 

Assets 

 

Liabilities 

 

The Company

    

Notional(1) 

    

Fair Value 

    

Notional(1) 

    

Fair Value 

 

Interest rate contracts

 

$

 —

 

$

 —

 

$

250,000

 

$

66

 

Foreign exchange contracts

 

 

22,018

 

 

1,038

 

 

62,348

 

 

2,402

 

Total derivatives, at fair value

 

$

22,018

 

$

1,038

 

$

312,348

 

$

2,468

 

 

 

20


 

Table of Contents

Ares Management, L.P.

 

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Unit Data and as Otherwise Noted)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2016

 

 

 

Assets

 

Liabilities

 

Consolidated Funds 

    

Notional(1)

    

Fair Value

    

Notional(1)

    

Fair Value

 

Foreign exchange contracts

 

$

 —

 

$

 —

 

$

25,572

 

$

1,731

 

Other financial instruments

 

 

 —

 

 

 —

 

 

4,501

 

 

4,127

 

Total derivatives, at fair value

 

 

 —

 

 

 —

 

 

30,073

 

 

5,858

 

Other—equity(2)

 

 

522

 

 

155

 

 

 —

 

 

 —

 

Total

 

$

522

 

$

155

 

$

30,073

 

$

5,858

 


(1)

Represents the total contractual amount of derivative assets and liabilities outstanding.

(2)

Includes the fair value of warrants which are presented within investments of the Consolidated Funds in the Condensed Consolidated Statements of Financial Condition.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2015

 

 

 

Assets 

 

Liabilities 

 

The Company

    

Notional(1)

    

Fair Value

    

Notional(1)

    

Fair Value

 

Interest rate contracts

 

$

 —

 

$

 —

 

$

250,000

 

$

214

 

Foreign exchange contracts

 

 

94,634

 

 

1,339

 

 

53,245

 

 

176

 

Total derivatives, at fair value

 

$

94,634

 

$

1,339

 

$

303,245

 

$

390

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2015

 

 

 

Assets 

 

Liabilities 

 

Consolidated Funds 

    

Notional(1)

    

Fair Value

    

Notional(1)

    

Fair Value

 

Foreign exchange contracts

 

$

 —

 

$

 —

 

$

25,572

 

$

369

 

Other financial instruments

 

 

 —

 

 

 —

 

 

4,063

 

 

10,307

 

Total derivatives, at fair value

 

 

 —

 

 

 —

 

 

29,635

 

 

10,676

 

Other—equity(2)

 

 

522

 

 

159

 

 

 —

 

 

 —

 

Total

 

$

522

 

$

159

 

$

29,635

 

$

10,676

 


(1)

Represents the total contractual amount of derivative assets and liabilities outstanding.

(2)

Includes the fair value of warrants and equity distribution rights which are presented at fair value, within investments of the Consolidated Funds in the Condensed Consolidated Statements of Financial Condition.

The tables below set forth the rights of offset and related arrangements associated with the Company’s derivative and other financial instruments as of March 31, 2016 and December 31, 2015. The columns titled “Gross Amounts Not Offset in the Statement of Financial Condition” in the tables below relate to derivative instruments that are eligible to be offset in accordance with applicable accounting guidance but for which management has elected not to offset in the Condensed Consolidated Statements of Financial Condition.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Amounts

 

 

 

 

 

    

    

 

    

    

 

    

    

 

    

Not Offset

    

    

 

 

 

  

 

  

 

 

  

 

 

  

in the Statement

  

 

 

 

 

 

Gross Amounts of

 

Gross Amounts

 

Net Amounts of

 

of Financial Condition

 

 

 

 

 

 

Recognized Assets

 

Offset in Assets

 

Assets (Liabilities)

 

Financial

 

 

 

 

The Company as of March 31, 2016

    

(Liabilities)

    

(Liabilities) 

    

Presented 

    

Instruments 

    

Net Amount 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

$

1,038

 

$

 —

 

$

1,038

 

$

(2,401)

 

$

(1,363)

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

 

(2,468)

 

 

 —

 

 

(2,468)

 

 

2,401

 

 

(67)

 

Net derivatives liabilities

 

$

(1,430)

 

$

 —

 

$

(1,430)

 

$

 —

 

$

(1,430)

 

 

 

21


 

Table of Contents

Ares Management, L.P.

 

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Unit Data and as Otherwise Noted)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Amounts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Not Offset

 

 

 

 

 

  

 

  

    

 

  

    

 

  

in the Statement

  

 

 

 

 

 

Gross Amounts of

 

Gross Amounts

 

Net Amounts of

 

of Financial Condition

 

 

 

 

 

 

Recognized Assets

 

Offset in Assets

 

Assets (Liabilities)

 

Financial

 

 

 

 

The Company as of December 31, 2015

    

(Liabilities) 

    

(Liabilities) 

    

Presented 

    

Instruments 

    

Net Amount 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

$

1,339

 

$

 —

 

$

1,339

 

$

(176)

 

$

1,163

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

 

(390)

 

 

 —

 

 

(390)

 

 

176

 

 

(214)

 

Net derivatives assets

 

$

949

 

$

 —

 

$

949

 

$

 —

 

$

949

 

 

The tables below set forth the rights of offset and related arrangements associated with the Consolidated Funds’ derivative and other financial instruments as of March 31, 2016 and December 31, 2015. The columns titled “Gross Amounts Not Offset in the Statement of Financial Condition” in the tables below relate to derivative instruments that are eligible to be offset in accordance with applicable accounting guidance but for which management has elected not to offset in the Condensed Consolidated Statements of Financial Condition.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Amounts Not

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Offset in the Statement

 

 

 

 

 

  

 

  

 

 

  

 

 

  

of Financial Condition

  

 

 

 

 

 

Gross Amounts of

 

Gross Amounts

 

Net Amounts of

 

 

 

 

Cash Collateral

 

 

 

 

 

 

Recognized Assets

 

Offset in Assets

 

Assets (Liabilities)

 

Financial

 

Received

 

 

 

 

Consolidated Funds as of March 31, 2016

    

(Liabilities)

    

(Liabilities) 

    

Presented 

    

Instruments 

    

(Pledged) 

    

Net Amount 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

$

447

 

$

447

 

$

 —

 

$

 —

 

$

 —

 

$

 —

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

 

(6,305)

 

 

(447)

 

 

(5,858)

 

 

 —

 

 

 —

 

 

(5,858)

 

Net derivatives liabilities

 

$

(5,858)

 

$

 —

 

$

(5,858)

 

$

 —

 

$

 —

 

$

(5,858)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Amounts Not

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Offset in the Statement

 

 

 

 

 

  

 

  

 

 

  

 

 

  

of Financial Condition 

  

 

 

 

 

 

Gross Amounts of

 

Gross Amounts

 

Net Amounts of

 

 

 

 

Cash Collateral

 

 

 

 

 

 

Recognized Assets

 

Offset in Assets

 

Assets (Liabilities)

 

Financial

 

Received

 

 

 

 

Consolidated Funds as of December 31, 2015

    

(Liabilities)

    

(Liabilities)

    

Presented

    

Instruments

    

(Pledged)

    

Net Amount

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

$

85

 

$

85

 

$

 —

 

$

 —

 

$

 —

 

$

 —

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

 

(10,760)

 

 

(85)

 

 

(10,676)

 

 

 —

 

 

 —

 

 

(10,676)

 

Net derivatives liabilities

 

$

(10,676)

 

$

 —

 

$

(10,676)

 

$

 —

 

$

 —

 

$

(10,676)

 

 

 

 

7. DEBT

Debt represents the (a) revolving credit facility of the Ares Operating Group (the “Credit Facility”), (b) senior notes of a wholly owned subsidiary of Ares Holdings (the “Senior Notes”), (c) term loan of a wholly owned subsidiary of AM LLC (the “Term Loan”), (d) loan obligations of the consolidated CLOs and (e) credit facilities of the Consolidated Funds. The Company has elected to measure the loan obligations of the consolidated CLOs at fair value and reflect the other debt obligations and borrowings of the Company, its subsidiaries and Consolidated Funds at cost.

22


 

Table of Contents

Ares Management, L.P.

 

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Unit Data and as Otherwise Noted)

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2016

 

 

 

As of December 31, 2015

 

 

 

 

 

 

Original Borrowing

 

Carrying

 

 

 

 

 

Carrying

 

 

 

 

 

 

 

Maturity

 

Amount

 

Value

 

 

Interest Rate

 

 

Value

 

 

Interest Rate

 

Credit Facility(1)

 

 

4/30/2019

 

 

 —

 

$

192,000

 

 

2.19%

 

 

$

110,000

 

 

2.11%

 

Senior Notes (2)

 

 

10/8/2024

 

$

250,000

 

 

244,226

 

 

4.21%

 

 

 

244,077

 

 

4.21%

 

Term Loan(3)

 

 

7/29/2026

 

$

35,250

 

 

35,048

 

 

2.47%

 

 

 

35,043

 

 

2.18%

 

Total debt obligations

 

 

 

 

 

 

 

$

471,274

 

 

 

 

 

$

389,120

 

 

 

 


(1)

The Ares Operating Group entities are borrowers under the Credit Facility, which provides a $1.03 billion revolving line of credit with the ability to upsize to $1.28 billion (subject to obtaining commitments for any such additional borrowing capacity). It has a variable interest rate based on either LIBOR or a base rate plus an applicable margin with an unused commitment fee paid quarterly, which is subject to change with our underlying credit agency rating. Currently, base rate loans bear interest calculated based on the base rate plus 0.75% or and the LIBOR rate loans bear interest calculated based on LIBOR plus 1.75%.  The unused commitment fee is 0.25% per annum. There is a base rate and LIBOR floor of zero.

(2)

The Senior Notes were issued in October 2014 by Ares Finance Co. LLC (“AFC”), a subsidiary of the Company, at 98.268% 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.

(3)

In connection with risk retention requirements, the Term Loan was entered into in August 2015 by a subsidiary of the Company that acts as a manager to a CLO. The Term Loan is secured by collateral in the form of CLO senior tranches owned by the Company. To the extent the assets are not sufficient to cover the Term Loan, there is no further recourse to the Company to fund or repay the remaining balance. Interest is paid quarterly, and the Company also pays a fee of 0.025% of a maximum investment amount.

As of March 31, 2016, the Company and its subsidiaries were in compliance with all covenants under the Credit Facility, Senior Notes and Term Loan obligations. 

 

The Company typically incurs and pays debt issuance costs when entering into a new debt obligation. Debt issuance costs may be recorded as a reduction of the corresponding debt obligation and are amortized over the term of the obligation. No new debt issuance costs were incurred in the three month periods ended March 31, 2016 and 2015. The unamortized portion of the Credit Facility debt issuance costs of $5.8 million and $6.2 million as of March 31, 2016 and December 31, 2015, respectively, is included in other assets in the Condensed Consolidated Statements of Financial Condition. The unamortized portion of the Senior Notes and Term Loan debt issuance costs of $2.2 million as of March 31, 2016 and December 31, 2015, is included in the net carrying value of the Company’s debt obligations in the Condensed Consolidated Statements of Financial Condition. Amortization of debt issuance costs was $0.5 million and $0.4 million for the three months ending March 31, 2016 and 2015, respectively, and is included in net interest and investment income (expense) in the Condensed Consolidated Statements of Operations.

 

Loan Obligations of the Consolidated CLOs

Loan obligations of the Consolidated Funds that are CLOs ("Consolidated CLOs") represent amounts due to holders of debt securities issued by the Consolidated CLOs. Several of the Consolidated CLOs issued preferred shares representing the subordinated interests that are mandatorily redeemable upon the maturity dates of the senior secured loan obligations. As a result, these shares have been classified as liabilities and are included in CLO loan obligations in the Condensed Consolidated Statements of Financial Condition.

23


 

Table of Contents

Ares Management, L.P.

 

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Unit Data and as Otherwise Noted)

 

 

As of March 31, 2016 and December 31, 2015, the following loan obligations were outstanding and classified as liabilities of the Company’s consolidated CLOs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2016

 

 

As of December 31, 2015

 

 

 

 

 

 

  

 

 

 

Weighted Average

 

 

 

 

  

 

 

Weighted Average

 

 

 

 

Loan

 

Fair Value of

 

Remaining

 

 

Loan

 

 

Fair Value of

 

Remaining

 

 

    

    

Obligations

    

Loan Obligations

    

Maturity In Years 

    

    

Obligations

    

 

Loan Obligations

    

Maturity In Years 

 

Senior secured notes(1)

 

 

$

2,083,929

 

$

2,052,619

 

9.30

 

$

2,101,506

 

$

2,054,123

 

9.55

 

Subordinated notes / preferred shares(2)

 

 

 

199,265

 

 

115,154

 

9.29

 

 

194,443

 

 

120,229

 

9.53

 

Total loan obligations of Consolidated CLOs

 

 

$

2,283,194

 

$

2,167,773

 

 

 

$

2,295,949

 

$

2,174,352

 

 

 


(1)

Original borrowings under the senior secured notes totaled $2.2 billion, with various maturity dates ranging from October 2024 to December 2025. The weighted average interest rate as of March 31, 2016 was 3.44%.

(2)

Original borrowings under the subordinated notes totaled $199.3 billion, with various maturity dates ranging from October 2024 to December 2025. They do not have contractual interest rates, but instead receive distributions from 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, corporate bonds and other securities. 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.

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 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 have no recourse to the Company. As of March 31, 2016 and December 31, 2015, the Consolidated Funds were in compliance with all financial and non‑financial covenants under such credit facilities.

The Consolidated Funds had the following revolving bank credit facilities outstanding as of March 31, 2016 and December 31, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2016

 

As of December 31, 2015

 

 

 

Maturity

 

Total

 

Outstanding

 

 

 

Outstanding

 

 

 

Type of Facility

 

Date

    

Capacity

    

Loan(1)

    

Effective Rate

    

Loan(1)

    

Effective Rate

    

Consolidated Funds credit facility

 

01/01/23

 

$

18,000

 

$

12,484

 

2.00%

 

$

11,734

 

2.00%

 

  Total borrowings of Consolidated Funds

 

 

 

 

 

 

$

12,484

 

 

 

$

11,734

 

 

 


(1)

The fair values of the borrowings approximate the carrying value, as the interest rate on the borrowings is a floating rate.

 

 

 

 

 

24


 

Table of Contents

Ares Management, L.P.

 

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Unit Data and as Otherwise Noted)

 

 

8. REDEEMABLE INTERESTS

The following table sets forth a summary of changes in the redeemable interests in the Ares Operating Group entities as of March 31, 2016:

 

 

 

 

 

 

 

As of March 31,

 

 

 

2016

    

Beginning balance

$

23,505

 

Distributions 

 

(187)

 

Net income

 

10

 

Currency translation adjustment

 

(11)

 

Equity compensation

 

36

 

Ending Balance

$

23,353

 

 

 

9. 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 have not been recorded in the Condensed Consolidated Statements of Financial Condition. As of March 31, 2016, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

Capital Commitments

As of March 31, 2016 and December 31, 2015, the Company had aggregate unfunded commitments of $699.8 million and $436.4 million, respectively, including commitments to both non-consolidated funds and Consolidated Funds.

The Company has a $75.0 million commitment to invest in certain funds managed by Kayne Anderson Capital Advisors, L.P. (“KACALP”). As of March 31, 2016, the Company had invested a total of $32.6 million in such funds with $42.4 million in unfunded commitments remaining.

Guarantees

On July 30, 2014, AM LLC agreed to provide credit support to a $75.0 million credit facility, (the “Guaranteed Facility”) entered into by a wholly owned subsidiary of Ares Commercial Real Estate Corporation (“ACRE”) with a national banking association. AM LLC is the parent entity to ACRE’s external manager. In connection with the facility, AM LLC agreed to purchase all loans and other obligations outstanding under the Guaranteed Facility at a price equal to 100% of the outstanding balance (i) upon an acceleration or certain events of default by ACRE under the Guaranteed Facility or (ii) in the event that AM LLC’s corporate credit rating is downgraded to below investment grade, among other things. ACRE pays AM LLC a credit support fee of 1.50% per annum times the average amount of the loans outstanding under the Guaranteed Facility, payable monthly, and reimburses AM LLC for its out‑of‑pocket costs and expenses in connection with the Guaranteed Facility. The Company’s maximum exposure to loss shall not exceed $75.0 million plus accrued interest. The fair value of this guarantee recorded as of March 31, 2016 and December 31, 2015 was $1.7 million, and is included within accounts payable, accrued expenses and other liabilities in the Condensed Consolidated Statements of Financial Condition. The total outstanding balance under the Guaranteed Facility was $37.9 million and $66.2 million as of March 31, 2016 and December 31, 2015, respectively. This guarantee expires on June 30, 2016. The Company believes the likelihood of default by the subsidiary of ACRE to be remote.

25


 

Table of Contents

Ares Management, L.P.

 

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Unit Data and as Otherwise Noted)

 

 

 In connection with the acquisition of EIF, contingent consideration is payable to EIF’s former membership interest holders if certain funds and co-investment vehicles meet certain revenue and fee paying commitment targets. The fair value of the liability for contingent consideration is subject to change until the liability is settled with the related impact recorded to our Condensed Consolidated Statements of Operations within other income (expense), net. As of March 31, 2016 and December 31, 2015, the estimated fair value of the contingent consideration liability was $38.3 million and $38.1 million, respectively.

Performance Fees

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 (in most cases) exceed the preferred return threshold or (in all cases) the general partner receives 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. 

At March 31, 2016 and December 31, 2015, if the Company assumed all existing investments were worthless, the amount of performance fees subject to potential repayment, net of tax, which may differ from the recognition of revenue, would have been approximately $322.4 million and $322.2 million, respectively, of which approximately $248.1 million and $247.9 million, respectively, is reimbursable to the Company by certain professionals. Management believes the possibility of all of the investments becoming worthless is remote. As of December 31, 2015, if the funds were liquidated at their fair values, there would be no repayment obligation, and accordingly, the Company did not record a contingent repayment liability as of that date. Based on fair values of certain funds as of March 31, 2016, the Company has recorded a liability associated with the contingent repayment obligation of $25.4 million, of which, $16.4 million is recoverable from the Company’s senior professionals and other professionals who previously received performance fees, and as such has been recorded within due from affiliates on the Company’s Condensed Consolidated Statements of Financial Condition.

 

10. RELATED PARTY TRANSACTIONS

Substantially all of the Company’s revenue is earned from its affiliates, including management fees, performance fees, administrative expense reimbursements and service fees. The related accounts receivable are included within due from affiliates within the Condensed Consolidated Statements of Financial Condition, except that performance fees receivable, which are entirely due from affiliated funds, are presented separately within the Condensed Consolidated Statements of Financial Condition.

The Company has investment management agreements with various funds and accounts that it manages. In accordance with these agreements, the Consolidated Funds bear certain operating costs and expenses, which are initially paid by the Company and subsequently reimbursed by the Consolidated Funds. In addition, the Company has agreements to provide administrative services to various entities.

The Company also has entered into agreements to provide administrative services which are eligible for reimbursement from related parties, including Ares Capital Corporation (“ARCC”), ACRE, Ares Dynamic Credit Allocation Fund, Inc. (“ARDC”), Ivy Hill Asset Management, L.P., European Senior Secured Loan Programme S.à.r.l. and ACF FinCo I L.P.

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 or performance fees.

26


 

Table of Contents

Ares Management, L.P.

 

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Unit Data and as Otherwise Noted)

 

 

Performance fees from the funds can be distributed to professionals on a current basis, subject 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 comprised of the following:

 

 

 

 

 

 

 

 

 

 

 

As of March 31,

 

As of December 31,

 

 

 

    

2016

    

2015

 

  

Due from affiliates:

 

 

 

 

 

 

 

 

Management fees receivable from non-consolidated funds

 

$

119,573

 

$

112,405

 

 

Contingent obligations due from employees

 

 

16,448

 

 

 —

 

 

Payments made on behalf of and amounts due from non-consolidated funds

 

 

29,760

 

 

32,577

 

 

Due from affiliates—Company

 

$

165,781

 

$

144,982

 

 

Amounts due from portfolio companies and non-consolidated funds

 

$

11,955

 

$

12,923

 

 

Due from affiliates—Consolidated Funds

 

$

11,955

 

$

12,923

 

 

Due to affiliates:

 

 

 

 

 

 

 

 

Management fee rebate payable to non-consolidated funds

 

$

6,678

 

$

6,679

 

 

Management fee paid in advance

 

 

2,686

 

 

1,738

 

 

Contingent obligations to non-consolidated funds

 

 

25,423

 

 

 —

 

 

Payments made by non-consolidated funds on behalf of and amounts due from the Company

 

 

3,313

 

 

4,484

 

 

Due to affiliates—Company

 

$

38,100

 

$

12,901

 

 

 

 

Due from 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. Amounts advanced on behalf of Consolidated Funds are eliminated in consolidation. Certain expenses initially paid by the Company, primarily professional travel and other costs associated with particular portfolio company holdings are subject to reimbursement by the portfolio companies.

11. INCOME TAXES

A substantial portion of the Company’s earnings flow through to owners of the Company without being subject to entity level income taxes. Consequently, a significant portion of the Company’s earnings reflects no provision for income taxes except those for foreign, state, city and local income taxes incurred at the entity level. A portion of the Company’s operations is held through AHI and Domestic Holdings, as well as corporate subsidiaries of Ares Investments, which are U.S. corporations for tax purposes. Their income is subject to U.S. federal, state and local income taxes and certain of its foreign subsidiaries are subject to foreign income taxes (for which a foreign tax credit can generally offset U.S. corporate taxes imposed on the same income). A provision for corporate level income taxes is included in the Company’s tax provision. The Company’s tax provision also includes entity level income taxes incurred by certain affiliated funds that are consolidated in these financial statements. The Company’s income tax expense was $4.7 million and $4.1 million for the three months ended March 31, 2016 and 2015, respectively.

The Company’s effective income tax rate is dependent on many factors, including the estimated nature of many amounts and the mix of revenues and expenses between U.S. corporate subsidiaries that are subject to income taxes and those subsidiaries that are not. For the three months ended March 31, 2016 and 2015, the Company has utilized the discrete effective tax rate method to calculate its interim income tax provision. The discrete method is applied when the application of the estimated annual effective tax rate is impractical because it is not possible to reliably estimate the annual effective tax rate. The discrete method treats the year to date period as if it was the annual period and determines the income tax expense or benefit on that basis. Additionally, the Company’s effective tax rate is influenced by the amount of income tax

27


 

Table of Contents

Ares Management, L.P.

 

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Unit Data and as Otherwise Noted)

 

 

provision recorded for any affiliated funds that are consolidated in these financial statements. Consequently, the effective income tax rate is subject to significant variation from period to period.

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 federal, state, local and foreign tax regulators. As of March 31, 2016, the Company’s U.S. federal income tax returns for the years 2012 through 2016 are open under the normal statute of limitations and therefore subject to examination. State and local tax returns are generally subject to audit from 2011 to 2016. Foreign tax returns are generally subject to audit from 2010 to 2016. 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 condensed consolidated financial statements.

 

 

12. EARNINGS PER COMMON UNIT

Basic earnings per common unit is computed by dividing income available to common unitholders by the weighted‑average number of common units outstanding during the period. Diluted earnings per common unit is computed using the more dilutive method of either the two-class method or the treasury stock method.

For the three months ended March 31, 2016 and 2015, the two-class method was the more dilutive method for the unvested restricted stock units. For the three months ended March 31, 2016 and 2015, no participating securities had rights to undistributed earnings. The computation of diluted earnings (loss) per common unit for the three months ended March 31, 2016 and 2015 excludes the following options, restricted stock units and AOG Units, as their effect would have been anti-dilutive:

 

 

 

 

 

 

 

 

For the three months ended

 

 

March 31,

 

 

2016

   

2015

   

Options

 

23,495,886

 

 

25,022,983

   

Restricted units

 

6,203,740

 

 

834,288

 

AOG units

 

132,382,815

 

 

132,437,609

 

 

28


 

Table of Contents

Ares Management, L.P.

 

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Unit Data and as Otherwise Noted)

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

For the three months ended

 

 

 

March 31, 2016

 

March 31, 2015

 

 

 

Basic

    

Diluted

    

Basic

    

Diluted

    

 

Net income (loss) attributable to Ares Management, L.P.

$

(3,090)

 

$

(3,090)

 

$

18,456

 

$

18,456

 

 

Earnings distributed to participating securities (restricted units)

 

(193)

 

 

(193)

 

 

(237)

 

 

(237)

 

 

Preferred stock dividends

 

(4)

 

 

(4)

 

 

 —

 

 

 —

 

 

Net income (loss) available to common unitholders

$

(3,287)

 

$

(3,287)

 

$

18,219

 

$

18,219

 

 

Weighted-average common units

 

80,683,051

 

 

80,683,051

 

 

80,667,664

 

 

80,667,664

 

 

Effect of dilutive units:

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted units

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

Options

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

Contingently issuable common units

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

Diluted weighted-average common units

 

80,683,051

 

 

80,683,051

 

 

80,667,664

 

 

80,667,664

 

 

Earnings (loss) per common unit

$

(0.04)

 

$

(0.04)

 

$

0.23

 

$

0.23

 

 

 

 

13. EQUITY COMPENSATION

 Ares Management, L.P. 2014 Equity Incentive Plan

In 2014, the Company adopted its Equity Incentive Plan, under which the Company granted options to acquire 24,835,227 common units, 4,936,051 restricted units to be settled in common units and 686,395 phantom common units to be settled in cash. Based on a formula as defined in the Equity Incentive Plan, the total number of units available to be issued under the Equity Incentive Plan resets and increases on January 1 each year. Accordingly, on January 1, 2016, the total number of units available for issuance under the Equity Incentive Plan increased to 31,962,710 units. During the three months ended March 31, 2016, a total of 959,445 units and unit options, net of forfeitures and vesting, were issued and 31,003,265 units remain available to be issued as of March 31, 2016.

Equity‑based compensation expense, net of forfeitures is included in the following table:

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

 

 

March 31,

 

 

    

2016

    

2015

    

Restricted units

 

$

4,761

 

$

3,445

 

Options

 

 

3,913

 

 

3,853

 

Phantom units

 

 

499

 

 

623

 

Equity-based compensation expense

 

$

9,173

 

$

7,921

 

 

No options or phantom units were granted in the three months ended March 31, 2016.

Restricted Units

Each restricted unit represents an unfunded, unsecured right of the holder to receive a common unit on a specific date. The restricted units generally vest and are settled in common units either (i) at a rate of one‑third per year, beginning on the third anniversary of the grant date, (ii) in their entirety on the fifth anniversary of the grant date, or (iii) at a rate of one-quarter per year, beginning on the first anniversary of the grant date. Compensation expense associated with restricted units is recognized on a straight‑line basis over the requisite service period of the award. 

29


 

Table of Contents

Ares Management, L.P.

 

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Unit Data and as Otherwise Noted)

 

 

The holders of restricted units generally have the right to receive as current compensation an amount in cash equal to (i) the amount of any distribution paid with respect to a common unit multiplied by (ii) the number of restricted units held at the time such distributions are declared (“Distribution Equivalent”). For the three months ended March 31, 2016, Distribution Equivalents were made to the holders of restricted units in the amount of $1.2 million, which are presented as distributions within the Condensed Consolidated Statements of Changes in Equity until forfeited, at which time the cumulative payments are reclassified to compensation and benefits expense.

The following table presents unvested restricted units’ activity during the three months ended March 31, 2016 and 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2016

 

2015

 

 

 

 

 

 

Weighted Average

 

 

 

 

Weighted Average

 

 

 

 

 

Grant Date Fair

 

 

 

Grant Date Fair

 

 

    

Restricted Units

    

Value Per Unit

 

Restricted Units

 

Value Per Unit

 

Balance - January 1

 

 

4,657,761

 

$

18.01

 

 

4,776,053

 

$

18.08

 

Granted

 

 

1,789,545

 

 

11.26

 

 

171,444

 

 

17.27

 

Vested

 

 

(4,342)

 

 

18.05

 

 

 —

 

 

 —

 

Forfeited

 

 

(239,224)

 

 

17.30

 

 

(75,920)

 

 

18.05

 

Balance - March 31

 

 

6,203,740

 

$

16.10

 

 

4,871,577

 

$

18.06

 

 

The total compensation expense expected to be recognized in all future periods associated with the restricted units is approximately $67.6 million as of March 31, 2016 and is expected to be recognized over the remaining weighted average period of 3.24 years.

Adoption of ASU 2016-09

The Company adopted ASU 2016-09 effective January 1, 2016 using a modified retrospective approach and recorded a cumulative-effect adjustment with the following impact to beginning equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Partners' Capital

    

 

Non-Controlling Interest in Ares Operating Group Entities

    

 

Redeemable Interest in Ares Operating Group Entities

Balance at December 31, 2015

 

$

251,537

 

$

397,883

 

$

23,505

Retained earnings

 

 

(3,357)

 

 

(5,470)

 

 

(38)

Paid-in-capital - Equity compensation

 

 

3,767

 

 

6,138

 

 

43

Distributions - dividend equivalent

 

 

(410)

 

 

(668)

 

 

(5)

Balance at December 31, 2015 (as adjusted)

 

$

251,537

 

$

397,883

 

$

23,505

 

 

30


 

Table of Contents

Ares Management, L.P.

 

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Unit Data and as Otherwise Noted)

 

 

14. SEGMENT REPORTING

 

The Company conducts its alternative asset management business through its distinct operating segments. During the three months ended March 31, 2016, the Company revised its reportable segments by combining two of its segments into a single segment to reflect a change in how the Company is managed. The previously disclosed Tradable Credit Group segment and the Direct Lending Group segment have been combined into a single Credit Group segment. This change was made to more effectively manage the Company’s broad array of credit products and to better position the Credit Group to capitalize on future growth opportunities. The Company has presented its reportable segments for the three months ended March 31, 2015 to conform to the three months ended March 31, 2016 presentation.

The Company’s three revised operating segments are:

·

Credit Group:  The Company’s Credit Group is a leading manager of credit strategies across the non-investment grade credit universe in the U.S. and Europe, with approximately $60.0 billion of assets under management and approximately 125 funds as of March 31, 2016. The Credit Group offers a range of credit strategies across the liquid and illiquid spectrum, including syndicated bank loans, high yield bonds, credit opportunities, special situations, asset-backed investments and U.S. and European direct lending.  The Credit Group provides solutions for traditional fixed income investors seeking to access the syndicated bank loan and high yield bond markets and capitalize on opportunities across traded corporate credit.  It additionally provides investors access to directly originated fixed and floating rate credit assets and the ability to capitalize on illiquidity premiums across the credit spectrum. The Credit Group’s syndicated bank loan strategy focuses on liquid, traded non-investment grade secured loans to corporate issuers.  The high yield bond strategy seeks to deliver a diversified portfolio of liquid, traded non-investment grade corporate bonds, including secured, unsecured and subordinated debt instruments.  Credit opportunities is a “go anywhere” strategy seeking to capitalize on market inefficiencies and relative value opportunities across the capital structure.  The special situations strategy seeks to invest opportunistically across a broad spectrum of distressed or mispriced investments, including corporate debt, rescue capital, private asset-backed investments, post-reorganization securities and non-performing portfolios.  The asset-backed strategy invests across the capital structures of syndicated collateralized loan obligation vehicles (CLOs) and in directly-originated asset-backed instruments comprised of diversified portfolios of consumer and commercial assets.  The Company is one of the largest self-originating direct lenders to the U.S. and European middle markets, providing one-stop financing solutions for small-to-medium sized companies, which we believe are increasingly underserved by traditional lenders.  The Credit Group conducts its U.S. corporate lending activities primarily through ARCC, the largest business development company as of March 31, 2016, by both market capitalization and total assets.  In addition, the Credit Group manages a commercial finance business that provides asset-based and cash flow loans to small and middle-market companies, as well as asset-based facilities to specialty finance companies. The Credit Group’s European direct lending platform is one of the most significant participants in the European middle-market, focusing on self-originated investments in illiquid middle-market credits.

·

Private Equity Group:  The Company’s Private Equity Group has approximately $23.3 billion of assets under management as of March 31, 2016, broadly categorizing its investment strategies as corporate private equity and U.S. power and energy infrastructure.  The group manages five corporate private equity commingled funds focused on North America and Europe, one commingled China growth fund, five commingled funds and six related co-investment vehicles focused on U.S. power and energy infrastructure as of March 31, 2016. In its North American and European flexible capital strategy, the Company targets opportunistic majority or shared-control investments in businesses with strong franchises and attractive growth opportunities in North America and Europe. The China growth capital strategy focuses on privately negotiated, minority growth equity investments in China in companies that operate in industries the Company believes will be the primary drivers of China’s economic growth over the next decade. The U.S. power and energy infrastructure strategy targets U.S. energy infrastructure-related assets across the power generation, transmission and midstream sectors, seeking attractive risk-adjusted equity returns with current cash flow and capital appreciation.

31


 

Table of Contents

Ares Management, L.P.

 

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Unit Data and as Otherwise Noted)

 

 

·

Real Estate Group:  The Company’s Real Estate Group manages comprehensive public and private equity and debt strategies, with approximately $10.2 billion of assets under management across approximately 46 funds as of March 31, 2016.  Real Estate equity strategies focus on applying hands-on value creation initiatives to mismanaged and capital-starved assets, as well as new development, ultimately selling stabilized assets back into the market. The Real Estate Group manages both a value-add strategy and an opportunistic strategy.  The value-add strategy seeks to create value by buying assets at attractive valuations and through active asset management of income-producing property types across the U.S. and Western Europe.  The opportunistic strategy focuses on manufacturing core assets through development, redevelopment and fixing distressed capital structures across major property types in the U.S. and Europe.  The Company’s debt strategies leverage the Real Estate Group’s diverse sources of capital to directly originate and manage commercial mortgage investments on properties that range from stabilized to requiring hands-on value creation.  In addition to managing private debt funds, the Real Estate Group makes debt investments through a publicly traded commercial mortgage REIT, Ares Commercial Real Estate Corporation (NYSE: ACRE) (“ACRE”).  In addition, the Real Estate Group services a portfolio of over $6 billion in mortgage loans principally through a subsidiary of ACRE.

 

The Company has an Operations Management Group (the “OMG”) that consists of five 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, business development, legal/compliance and human resources. Additionally, the OMG provides services to certain of the Company’s investment companies and partnerships, which reimburse the OMG for expenses equal to the costs of services provided. The OMG’s expenses are not allocated to the Company’s three reportable segments but the Company does consider the cost structure of the OMG when evaluating its financial performance.

Economic net income (“ENI”) is a key performance indicator used in the alternative asset management industry. ENI represents net income excluding (a) income tax expense, (b) operating results of Consolidated Funds, (c) depreciation and amortization expense, (d) the effects of changes arising from corporate actions and (e) certain other items that the Company does not believe are indicative of its core performance. Changes arising from corporate actions include equity‑based compensation expenses, the amortization of intangible assets, transaction costs associated with acquisitions and capital transactions, placement fees and underwriting costs and expenses incurred in connection with corporate reorganization. The Company believes the exclusion of these items provides investors with a meaningful indication of the Company’s core operating performance. ENI is evaluated regularly by management as a decision tool for deployment of resources and to assess performances of each of the business segments. The Company believes that reporting ENI is helpful in understanding its business and that investors should review the same supplemental non‑GAAP financial measures that management uses to analyze the segment performance. These measures supplement and should be considered in addition to, and not in lieu of, the Condensed Consolidated Statements of Operations prepared in accordance with GAAP.

Fee related earnings (“FRE”) is a component of ENI and is used to assess the ability of the business to cover direct base compensation and operating expenses from management fees. FRE differs from income before taxes computed in accordance with GAAP as it adjusts for the items included in the calculation of ENI and excludes performance fees, performance fee compensation, investment income from Consolidated Funds and non-consolidated funds and certain other items.

Performance related earnings (“PRE”) is a measure used to assess the Company’s investment performance and its ability to cover performance fee compensation from performance fees and total investment income. PRE differs from income before taxes computed in accordance with GAAP as it only includes performance fees, performance fee compensation and total investment and other income (expense) earned from Consolidated Funds and non‑consolidated funds.

Distributable earnings (“DE”) is a pre‑income tax measure that is used to assess amounts potentially available for distributions to stakeholders. Distributable earnings is calculated as the sum of FRE, realized performance fees, realized performance fee compensation, realized net investment and other income, and further adjusts for expenses arising from transaction costs associated with acquisitions, placement fees, underwriting costs, expenses incurred in connection with

32


 

Table of Contents

Ares Management, L.P.

 

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Unit Data and as Otherwise Noted)

 

 

corporate reorganization and depreciation. DE differs from income before taxes computed in accordance with GAAP as it is presented before giving effect to unrealized performance fees, unrealized performance fee compensation, unrealized net investment income, amortization of intangibles, equity compensation expense and is further adjusted by certain items described in the non-GAAP reconciling table following our segment results.

Management 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.

The following table presents the financial results for the Company’s operating segments, as well as the OMG, for the three months ended March 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

Private

    

Real

    

 

 

    

 

 

    

Total

 

 

 

Credit

 

Equity

 

Estate

 

Total

 

 

 

 

Stand

 

 

 

Group

 

Group

 

Group

 

Segments

 

OMG

 

Alone

 

Management fees (includes ARCC Part I Fees of $28,625)

 

$

109,441

 

$

36,482

 

$

16,745

 

$

162,668

 

$

 —

 

$

162,668

 

Administrative fees and other income

 

 

109

 

 

340

 

 

406

 

 

855

 

 

6,674

 

 

7,529

 

Compensation and benefits

 

 

(43,914)

 

 

(12,167)

 

 

(10,714)

 

 

(66,795)

 

 

(34,714)

 

 

(101,509)

 

General, administrative and other expenses

 

 

(5,051)

 

 

(2,904)

 

 

(3,450)

 

 

(11,405)

 

 

(18,235)

 

 

(29,640)

 

Fee related earnings

 

 

60,585

 

 

21,751

 

 

2,987

 

 

85,323

 

 

(46,275)

 

 

39,048

 

Performance fees—realized

 

 

6,178

 

 

 —

 

 

171

 

 

6,349

 

 

 —

 

 

6,349

 

Performance fees—unrealized

 

 

(29,327)

 

 

(12,143)

 

 

4,122

 

 

(37,348)

 

 

 —

 

 

(37,348)

 

Performance fee compensation—realized

 

 

(1,983)

 

 

 —

 

 

 —

 

 

(1,983)

 

 

 —

 

 

(1,983)

 

Performance fee compensation—unrealized

 

 

16,605

 

 

8,941

 

 

(2,233)

 

 

23,313

 

 

 —

 

 

23,313

 

Net performance fees

 

 

(8,527)

 

 

(3,202)

 

 

2,060

 

 

(9,669)

 

 

 —

 

 

(9,669)

 

Investment income (loss)—realized

 

 

162

 

 

(112)

 

 

(132)

 

 

(82)

 

 

(57)

 

 

(139)

 

Investment income (loss)—unrealized

 

 

(4,007)

 

 

(7,745)

 

 

2,799

 

 

(8,953)

 

 

385

 

 

(8,568)

 

Interest and other investment income

 

 

7,579

 

 

(91)

 

 

892

 

 

8,380

 

 

(49)

 

 

8,331

 

Interest expense

 

 

(2,448)

 

 

(1,405)

 

 

(274)

 

 

(4,127)

 

 

(728)

 

 

(4,855)

 

Net investment income (loss)

 

 

1,286

 

 

(9,353)

 

 

3,285

 

 

(4,782)

 

 

(449)

 

 

(5,231)

 

Performance related earnings

 

 

(7,241)

 

 

(12,555)

 

 

5,345

 

 

(14,451)

 

 

(449)

 

 

(14,900)

 

Economic net income

 

$

53,344

 

$

9,196

 

$

8,332

 

$

70,872

 

$

(46,724)

 

$

24,148

 

Distributable earnings

 

$

68,083

 

$

19,605

 

$

3,343

 

$

91,031

 

$

(49,750)

 

$

41,281

 

 

 

33


 

Table of Contents

Ares Management, L.P.

 

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Unit Data and as Otherwise Noted)

 

 

The following table presents the financial results for the Company’s operating segments, as well as the OMG, for the three months ended March 31, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

Private

    

Real

    

 

 

    

 

 

    

Total

 

 

 

Credit

 

Equity

 

Estate

 

Total

 

 

 

 

Stand

 

 

 

Group

 

Group

 

Group

 

Segments

 

OMG

 

Alone

 

Management fees (includes ARCC Part I Fees of $29,042)

 

$

108,348

 

$

36,589

 

$

17,379

 

$

162,316

 

$

—

 

$

162,316

 

Administrative fees and other income

 

 

98

 

 

13

 

 

854

 

 

965

 

 

6,385

 

 

7,350

 

Compensation and benefits

 

 

(42,565)

 

 

(12,321)

 

 

(10,131)

 

 

(65,017)

 

 

(28,914)

 

 

(93,931)

 

General, administrative and other expenses

 

 

(7,125)

 

 

(3,118)

 

 

(2,544)

 

 

(12,787)

 

 

(15,326)

 

 

(28,113)

 

Fee related earnings

 

 

58,756

 

 

21,163

 

 

5,558

 

 

85,477

 

 

(37,855)

 

 

47,622

 

Performance fees—realized

 

 

35,214

 

 

425

 

 

 —

 

 

35,639

 

 

—

 

 

35,639

 

Performance fees—unrealized

 

 

(19,201)

 

 

87,331

 

 

320

 

 

68,450

 

 

—

 

 

68,450

 

Performance fee compensation—realized

 

 

(21,004)

 

 

(340)

 

 

 —

 

 

(21,344)

 

 

—

 

 

(21,344)

 

Performance fee compensation—unrealized

 

 

14,531

 

 

(69,981)

 

 

402

 

 

(55,048)

 

 

—

 

 

(55,048)

 

Net performance fees

 

 

9,540

 

 

17,435

 

 

722

 

 

27,697

 

 

 —

 

 

27,697

 

Investment income (loss)—realized

 

 

8,618

 

 

4,172

 

 

132

 

 

12,922

 

 

—

 

 

12,922

 

Investment income (loss)—unrealized

 

 

(3,369)

 

 

(1,442)

 

 

196

 

 

(4,615)

 

 

—

 

 

(4,615)

 

Interest and other investment income

 

 

(1,526)

 

 

4,485

 

 

29

 

 

2,988

 

 

—

 

 

2,988

 

Interest expense

 

 

(1,734)

 

 

(1,680)

 

 

(270)

 

 

(3,684)

 

 

—

 

 

(3,684)

 

Net investment income (loss)

 

 

1,989

 

 

5,535

 

 

87

 

 

7,611

 

 

 —

 

 

7,611

 

Performance related earnings

 

 

11,529

 

 

22,970

 

 

809

 

 

35,308

 

 

 —

 

 

35,308

 

Economic net income

 

$

70,285

 

$

44,133

 

$

6,367

 

$

120,785

 

$

(37,855)

 

$

82,930

 

Distributable earnings

 

$

75,707

 

$

27,086

 

$

3,382

 

$

106,175

 

$

(38,880)

 

$

67,295

 

 

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

 

 

 

 

 

 

 

 

 

 

    

    

For the Three Months Ended March 31,

 

 

 

 

2016

 

2015

 

Segment Revenues

 

 

 

 

 

 

 

 

Management fees (includes ARCC Part I Fees of $28,625 and $29,042 for the three months ended March 31, 2016 and 2015, respectively)

 

 

$

162,668

 

$

162,316

 

Administrative fees and other income

 

 

 

855

 

 

965

 

Performance fees—realized

 

 

 

6,349

 

 

35,639

 

Performance fees—unrealized

 

 

 

(37,348)

 

 

68,450

 

Total segment revenues

 

 

$

132,524

 

$

267,370

 

Segment Expenses

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

$

66,795

 

$

65,017

 

General, administrative and other expenses

 

 

 

11,405

 

 

12,787

 

Performance fee compensation—realized

 

 

 

1,983

 

 

21,344

 

Performance fee compensation—unrealized

 

 

 

(23,313)

 

 

55,048

 

Total segment expenses

 

 

$

56,870

 

$

154,196

 

Other Income (Expense)

 

 

 

 

 

 

 

 

Investment income (loss)—realized

 

 

$

(82)

 

$

12,922

 

Investment income (loss)—unrealized

 

 

 

(8,953)

 

 

(4,615)

 

Interest and other investment income

 

 

 

8,380

 

 

2,988

 

Interest expense

 

 

 

(4,127)

 

 

(3,684)

 

Total other income (expense)

 

 

$

(4,782)

 

$

7,611

 

 

34


 

Table of Contents

Ares Management, L.P.

 

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Unit Data and as Otherwise Noted)

 

 

 

The following table reconciles segment revenue to Ares consolidated revenues:

 

 

 

 

 

 

 

For the Three Months Ended March 31,

 

2016

    

2015

Total segment revenue

$

132,524

 

$

267,370

Consolidated Fund revenue eliminated in consolidation

 

(2,611)

 

 

(2,859)

Administrative fees and other income attributable to OMG

 

6,674

 

 

6,385

Performance fees reclass (1)

 

(572)

 

 

(991)

Total consolidated adjustments and reconciling items

 

3,491

 

 

2,535

Total consolidated revenue

$

136,015

 

$

269,905

(1)

Related to performance fees for AREA Sponsor Holdings LLC, an investment pool. Changes in value of this investment are reflected within other income (expense) in the Company’s Condensed Consolidated Statements of Operations.

 

The following table reconciles segment expenses to Ares consolidated expenses:

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31,

 

 

 

2016

    

2015

    

 

Total segment expenses

$

56,870

 

$

154,196

 

 

Consolidated Fund expenses added in consolidation

 

5,979

 

 

15,359

 

 

Consolidated Fund expenses eliminated in consolidation

 

(5,752)

 

 

(4,686)

 

 

OMG expenses

 

52,949

 

 

44,240

 

 

Acquisition-related expenses

 

268

 

 

2,224

 

 

Equity compensation expense

 

9,173

 

 

7,921

 

 

Placement fees and underwriting costs

 

930

 

 

3,045

 

 

Amortization of intangibles

 

7,263

 

 

10,892

 

 

Depreciation expense

 

1,858

 

 

1,272

 

 

Total consolidation adjustments and reconciling items

 

72,668

 

 

80,267

 

 

Total consolidated expenses

$

129,538

 

$

234,463

 

 

 

 

The following table reconciles segment other income (expense) to Ares consolidated other income:

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31,

 

 

 

2016

    

2015

    

 

Total other income (expense)

$

(4,782)

 

$

7,611

 

 

Consolidated Funds other income added in consolidation, net

 

(22,803)

 

 

(2,583)

 

 

Other income from Consolidated Funds eliminated in consolidation, net

 

12,239

 

 

4,999

 

 

OMG other income

 

(449)

 

 

 —

 

 

Performance fee reclass(1)

 

572

 

 

991

 

 

Change in value of contingent consideration

 

(228)

 

 

 —

 

 

Other non-cash expense

 

 —

 

 

(11)

 

 

Total consolidation adjustments and reconciling items

 

(10,669)

 

 

3,396

 

 

Total consolidated other income (expense)

$

(15,451)

 

$

11,007

 

 


(1)

Related to performance fees for AREA Sponsor Holdings LLC. Changes in value of this investment are reflected within other (income) expense in the Company’s Condensed Consolidated Statements of Operations.

35


 

Table of Contents

Ares Management, L.P.

 

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Unit 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 economic net income, fee related earnings, performance related earnings and distributable earnings consists of the following:

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31,

 

 

 

2016

    

2015

    

 

Economic net income

 

 

 

 

 

 

 

Income (loss) before taxes

$

(8,974)

 

$

46,449

 

 

Adjustments:

 

 

 

 

 

 

 

Amortization of intangibles

 

7,263

 

 

10,892

 

 

Depreciation expense

 

1,858

 

 

1,272

 

 

Equity compensation expenses

 

9,173

 

 

7,921

 

 

Net acquisition-related expenses

 

496

 

 

2,224

 

 

Placement fees and underwriting costs

 

930

 

 

3,045

 

 

OMG expenses, net

 

46,724

 

 

37,855

 

 

Other non-cash expense

 

 —

 

 

11

 

 

Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations

 

13,402

 

 

11,116

 

 

Total consolidation adjustments and reconciling items

 

79,846

 

 

74,336

 

 

Economic net income

 

70,872

 

 

120,785

 

 

Total performance fees income - realized

 

(6,349)

 

 

(35,639)

 

 

Total performance fees income - unrealized

 

37,348

 

 

(68,450)

 

 

Total performance fee compensation - realized

 

1,983

 

 

21,344

 

 

Total performance fee compensation - unrealized

 

(23,313)

 

 

55,048

 

 

Total investment income

 

4,782

 

 

(7,611)

 

 

Fee related earnings

 

85,323

 

 

85,477

 

 

Performance fees—realized

 

6,349

 

 

35,639

 

 

Performance fee compensation—realized

 

(1,983)

 

 

(21,344)

 

 

Investment and other income realized, net

 

4,171

 

 

12,227

 

 

Additional adjustments:

 

 

 

 

 

 

 

Dividend equivalent(1)

 

(684)

 

 

(684)

 

 

One-time acquisition costs(1)

 

(270)

 

 

(724)

 

 

Income tax expense(1)

 

(232)

 

 

(476)

 

 

Non-cash items

 

164

 

 

(156)

 

 

Placement fees and underwriting costs(1)

 

(938)

 

 

(3,045)

 

 

Depreciation and amortization(1)

 

(869)

 

 

(739)

 

 

Distributable earnings

$

91,031

 

$

106,175

 

 

Performance related earnings

 

 

 

 

 

 

 

Economic net income

$

70,872

 

$

120,785

 

 

Less fee related earnings

 

(85,323)

 

 

(85,477)

 

 

Performance related earnings

$

(14,451)

 

$

35,308

 

 

 

 


(1)

Certain costs are reduced by the amounts attributable to OMG, which is excluded from segment results.

 

 

36


 

Table of Contents

Ares Management, L.P.

 

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Unit Data and as Otherwise Noted)

 

 

 

15. CONSOLIDATION

Investments in Consolidated Variable Interest Entities  

The Company consolidates entities that the Company has a variable interest in, 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 their carrying value, which approximates fair value, and represents its 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 held at their carrying value, which approximates fair value.

The Company's interests and the Consolidated Funds' interests in consolidated and non-consolidated VIEs, as presented in the Condensed Consolidated Statements of Financial Condition, and their respective maximum exposure to loss relating to non-consolidated VIEs (excluding fixed arrangements) are as follows:

 

 

 

 

 

 

 

 

As of March 31,

 

As of December 31,

 

 

2016

    

2015

 

Maximum exposure to loss attributable to the Company's investment in non-consolidated VIEs

$

303,816

 

$

284,169

 

 

 

 

 

 

 

 

Maximum exposure to loss attributable to the Company's investment in consolidated VIEs

$

150,926

 

$

160,858

 

 

 

 

 

 

 

 

Assets of consolidated VIEs

$

2,757,050

 

$

2,759,981

 

Liabilities of consolidated VIEs

$

2,265,166

 

$

2,256,517

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31,

 

 

2016

 

2015

 

Net loss attributable to non-controlling interests related to consolidated VIEs

$

11,979

 

$

11,115

 

 

 

37


 

Table of Contents

Ares Management, L.P.

 

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Unit 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 as of March 31, 2016 and December 31, 2015 and results from operations for the three months ended March 31, 2016 and 2015.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2016

 

 

  

Consolidated

  

Consolidated

  

 

 

  

 

 

 

 

    

Company Entities 

    

Funds 

    

Eliminations 

    

Consolidated 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

109,934

 

$

 —

 

$

 —

 

$

109,934

 

  Investments (includes fair value investments of $473,806)

 

 

646,910

 

 

 —

 

 

(150,926)

 

 

495,984

 

Performance fees receivable

 

 

529,838

 

 

 —

 

 

(5,567)

 

 

524,271

 

Due from affiliates

 

 

169,018

 

 

 —

 

 

(3,237)

 

 

165,781

 

Intangible assets, net

 

 

77,689

 

 

 —

 

 

 —

 

 

77,689

 

Goodwill

 

 

144,017

 

 

 —

 

 

 —

 

 

144,017

 

Other assets

 

 

61,607

 

 

 —

 

 

 —

 

 

61,607

 

Assets of Consolidated Funds

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

 

 

123,871

 

 

 —

 

 

123,871

 

Investments, at fair value

 

 

 —

 

 

2,553,169

 

 

 —

 

 

2,553,169

 

Due from affiliates

 

 

 —

 

 

11,955

 

 

 —

 

 

11,955

 

Dividends and interest receivable

 

 

 —

 

 

11,096

 

 

 —

 

 

11,096

 

Receivable for securities sold

 

 

 —

 

 

53,976

 

 

 —

 

 

53,976

 

Other assets

 

 

 —

 

 

2,983

 

 

 —

 

 

2,983

 

Total assets

 

$

1,739,013

 

$

2,757,050

 

$

(159,730)

 

$

4,336,333

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable, accrued expenses and other liabilities

 

$

108,304

 

$

 —

 

$

 —

 

$

108,304

 

Accrued compensation

 

 

55,911

 

 

 —

 

 

 —

 

 

55,911

 

Due to affiliates

 

 

38,341

 

 

 —

 

 

(241)

 

 

38,100

 

Performance fee compensation payable

 

 

394,668

 

 

 —

 

 

 —

 

 

394,668

 

Debt obligations

 

 

471,274

 

 

 —

 

 

 —

 

 

471,274

 

Equity compensation put option liability

 

 

20,000

 

 

 —

 

 

 —

 

 

20,000

 

Deferred tax liability, net

 

 

21,603

 

 

 —

 

 

 —

 

 

21,603

 

Liabilities of Consolidated Funds

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable, accrued expenses and other liabilities

 

 

 —

 

 

13,429

 

 

 —

 

 

13,429

 

Due to affiliates

 

 

 —

 

 

5,126

 

 

(5,126)

 

 

 —

 

Payable for securities purchased

 

 

 —

 

 

71,480

 

 

 —

 

 

71,480

 

CLO loan obligations

 

 

 —

 

 

2,194,820

 

 

(27,047)

 

 

2,167,773

 

Fund borrowings

 

 

 —

 

 

12,484

 

 

 —

 

 

12,484

 

Total liabilities

 

 

1,110,101

 

 

2,297,339

 

 

(32,414)

 

 

3,375,026

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable interest in Ares Operating Group entities

 

 

23,353

 

 

 —

 

 

 —

 

 

23,353

 

Non-controlling interest in Consolidated Funds

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlling interest in Consolidated Funds

 

 

 —

 

 

459,711

 

 

(127,316)

 

 

332,395

 

Non-controlling interest in Consolidated Funds

 

 

 —

 

 

459,711

 

 

(127,316)

 

 

332,395

 

Non-controlling interest in Ares Operating Group entities

 

 

374,931

 

 

 —

 

 

 —

 

 

374,931

 

Controlling interest in Ares Management, L.P.:

 

 

 

 

 

 

 

 

 

 

 

 

 

Partners' Capital ( 80,690,612 units issued and outstanding)

 

 

236,270

 

 

 —

 

 

 —

 

 

236,270

 

Accumulated other comprehensive loss

 

 

(5,642)

 

 

 —

 

 

 —

 

 

(5,642)

 

Total controlling interest in Ares Management, L.P

 

 

230,628

 

 

 —

 

 

 —

 

 

230,628

 

Total equity

 

 

605,559

 

 

459,711

 

 

(127,316)

 

 

937,954

 

Total liabilities, redeemable interests, non-controlling interests and equity

 

$

1,739,013

 

$

2,757,050

 

$

(159,730)

 

$

4,336,333

 

 

 

38


 

Table of Contents

Ares Management, L.P.

 

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Unit Data and as Otherwise Noted)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2015

 

 

  

Consolidated

  

Consolidated

  

 

 

  

 

 

 

 

    

Company Entities 

    

Funds 

    

Eliminations 

    

Consolidated 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

121,483

 

$

 —

 

$

 —

 

$

121,483

 

  Investments (includes fair value investments of $446,779)

 

 

636,092

 

 

 —

 

 

(167,805)

 

 

468,287

 

Performance fees receivable

 

 

541,852

 

 

 —

 

 

(7,191)

 

 

534,661

 

Due from affiliates

 

 

149,771

 

 

 —

 

 

(4,789)

 

 

144,982

 

Other assets

 

 

62,975

 

 

 —

 

 

 —

 

 

62,975

 

Intangible assets, net

 

 

84,971

 

 

 —

 

 

 —

 

 

84,971

 

Goodwill

 

 

144,067

 

 

 —

 

 

 —

 

 

144,067

 

Assets of Consolidated Funds

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 —

 

 

159,507

 

 

 —

 

 

159,507

 

Investments, at fair value

 

 

 —

 

 

2,559,783

 

 

 —

 

 

2,559,783

 

Due from affiliates

 

 

 —

 

 

13,360

 

 

(437)

 

 

12,923

 

Dividends and interest receivable

 

 

 —

 

 

13,005

 

 

 —

 

 

13,005

 

Receivable for securities sold

 

 

 —

 

 

13,416

 

 

 —

 

 

13,416

 

Other assets

 

 

 —

 

 

1,348

 

 

 —

 

 

1,348

 

Total assets

 

$

1,741,211

 

$

2,760,419

 

$

(180,222)

 

$

4,321,408

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable, accrued expenses and other liabilities

 

$

102,734

 

$

 —

 

$

(108)

 

$

102,626

 

Accrued compensation

 

 

125,032

 

 

 —

 

 

 —

 

 

125,032

 

Due to affiliates

 

 

13,016

 

 

 —

 

 

(115)

 

 

12,901

 

Performance fee compensation payable

 

 

401,715

 

 

 —

 

 

 —

 

 

401,715

 

Debt obligations

 

 

389,120

 

 

 —

 

 

 —

 

 

389,120

 

Equity compensation put option liability

 

 

20,000

 

 

 —

 

 

 —

 

 

20,000

 

Deferred tax liability, net

 

 

21,288

 

 

 —

 

 

 —

 

 

21,288

 

Liabilities of Consolidated Funds

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable, accrued expenses and other liabilities

 

 

 —

 

 

18,956

 

 

(5)

 

 

18,951

 

Due to affiliates

 

 

 —

 

 

5,617

 

 

(5,617)

 

 

 —

 

Payable for securities purchased

 

 

 —

 

 

51,778

 

 

 —

 

 

51,778

 

CLO loan obligations

 

 

 —

 

 

2,202,628

 

 

(28,276)

 

 

2,174,352

 

Fund borrowings

 

 

 —

 

 

11,734

 

 

 —

 

 

11,734

 

Total liabilities

 

 

1,072,905

 

 

2,290,713

 

 

(34,121)

 

 

3,329,497

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable interest in Ares Operating Group entities

 

 

23,505

 

 

 —

 

 

 —

 

 

23,505

 

Non-controlling interest in Consolidated Funds

 

 

—

 

 

466,339

 

 

(146,101)

 

 

320,238

 

Equity appropriated for Consolidated Funds

 

 

 —

 

 

3,367

 

 

—

 

 

3,367

 

Non-controlling interest in Consolidated Funds

 

 

 —

 

 

469,706

 

 

(146,101)

 

 

323,605

 

Non-controlling interest in Ares Operating Group entities

 

 

397,883

 

 

 —

 

 

 —

 

 

397,883

 

Controlling interest in Ares Management, L.P.:

 

 

 

 

 

 

 

 

 

 

 

 

 

Partners' Capital ( 80,679,600 units issued and outstanding)

 

 

251,537

 

 

 —

 

 

 —

 

 

251,537

 

Accumulated other comprehensive loss

 

 

(4,619)

 

 

 —

 

 

 —

 

 

(4,619)

 

Total controlling interest in Ares Management, L.P

 

 

246,918

 

 

 —

 

 

 —

 

 

246,918

 

Total equity

 

 

644,801

 

 

469,706

 

 

(146,101)

 

 

968,406

 

Total liabilities, redeemable interests, non-controlling interests and equity

 

$

1,741,211

 

$

2,760,419

 

$

(180,222)

 

$

4,321,408

 

 

 

39


 

Table of Contents

Ares Management, L.P.

 

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Unit Data and as Otherwise Noted)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31, 2016

 

 

  

Consolidated

  

Consolidated

  

 

 

  

 

 

 

 

    

Company Entities 

    

Funds 

    

Eliminations 

    

Consolidated 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

Management fees (includes ARCC Part I Fees of $28,625)

 

$

162,668

 

$

 —

 

$

(4,235)

 

$

158,433

 

Performance fees

 

 

(31,571)

 

 

 —

 

 

1,624

 

 

(29,947)

 

Other fees

 

 

7,529

 

 

 —

 

 

 —

 

 

7,529

 

Total revenues

 

 

138,626

 

 

 —

 

 

(2,611)

 

 

136,015

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

110,679

 

 

 —

 

 

 —

 

 

110,679

 

Performance fee compensation

 

 

(21,330)

 

 

 —

 

 

 —

 

 

(21,330)

 

General, administrative and other expense

 

 

39,962

 

 

 —

 

 

 —

 

 

39,962

 

Consolidated Fund expenses

 

 

 —

 

 

5,979

 

 

(5,752)

 

 

227

 

Total expenses

 

 

129,311

 

 

5,979

 

 

(5,752)

 

 

129,538

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest and investment expense (net of interest expense of $4,855)

 

 

(1,993)

 

 

 —

 

 

(1,366)

 

 

(3,359)

 

Other income, net

 

 

5,241

 

 

 —

 

 

 —

 

 

5,241

 

Net realized and unrealized gain (loss) on investments

 

 

(8,135)

 

 

 —

 

 

13,277

 

 

5,142

 

Net interest and investment income of Consolidated Funds (net of interest expense of $22,449)

 

 

 —

 

 

5,274

 

 

2,058

 

 

7,332

 

Net realized and unrealized loss on investments of Consolidated Funds

 

 

 —

 

 

(28,077)

 

 

(1,730)

 

 

(29,807)

 

Total other income (expense)

 

 

(4,887)

 

 

(22,803)

 

 

12,239

 

 

(15,451)

 

Income (loss) before taxes

 

 

4,428

 

 

(28,782)

 

 

15,380

 

 

(8,974)

 

Income tax expense (benefit)

 

 

6,088

 

 

(1,423)

 

 

 —

 

 

4,665

 

Net income (loss)

 

 

(1,660)

 

 

(27,359)

 

 

15,380

 

 

(13,639)

 

Less: Net income (loss) attributable to non-controlling interests in Consolidated Funds

 

 

 —

 

 

(27,359)

 

 

15,380

 

 

(11,979)

 

Less: Net income attributable to redeemable interests in Ares Operating Group entities

 

 

10

 

 

 —

 

 

 —

 

 

10

 

Less: Net income attributable to non-controlling interests in Ares Operating Group entities

 

 

1,420

 

 

 —

 

 

 —

 

 

1,420

 

Net loss attributable to Ares Management, L.P.

 

$

(3,090)

 

$

 —

 

$

 —

 

$

(3,090)

 

 

 

 

 

 

40


 

Table of Contents

Ares Management, L.P.

 

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(Dollars in Thousands, Except Unit Data and as Otherwise Noted)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31, 2015

 

 

  

Consolidated

  

Consolidated

  

 

 

  

 

 

 

 

    

Company Entities 

    

Funds 

    

Eliminations 

    

Consolidated 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

Management fees (includes ARCC Part I Fees of $29,042)

 

$

162,316

 

$

—

 

$

(3,615)

 

$

158,701

 

Performance fees

 

 

103,098

 

 

—

 

 

1,827

 

 

104,925

 

Other fees

 

 

7,350

 

 

—

 

 

(1,071)

 

 

6,279

 

Total revenues

 

 

272,764

 

 

 —

 

 

(2,859)

 

 

269,905

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

101,851

 

 

—

 

 

—

 

 

101,851

 

Performance fee compensation

 

 

76,392

 

 

—

 

 

—

 

 

76,392

 

General, administrative and other expense

 

 

45,547

 

 

 —

 

 

 —

 

 

45,547

 

Consolidated Fund expenses

 

 

 —

 

 

15,359

 

 

(4,686)

 

 

10,673

 

Total expenses

 

 

223,790

 

 

15,359

 

 

(4,686)

 

 

234,463

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest and investment income (expense) (net of interest expense of $3,684)

 

 

2,349

 

 

—

 

 

(936)

 

 

1,413

 

Other income (expense), net

 

 

(3,054)

 

 

—

 

 

1,178

 

 

(1,876)

 

Net realized and unrealized gain on investments

 

 

9,296

 

 

—

 

 

5,543

 

 

14,839

 

Net interest and investment income of Consolidated Funds (net of interest expense of $17,101)

 

 

—

 

 

6,214

 

 

2,691

 

 

8,905

 

Net realized and unrealized loss on investments of Consolidated Funds

 

 

—

 

 

(8,797)

 

 

(3,477)

 

 

(12,274)

 

Total other income (expense)

 

 

8,591

 

 

(2,583)

 

 

4,999

 

 

11,007

 

Income (loss) before taxes

 

 

57,565

 

 

(17,942)

 

 

6,826

 

 

46,449

 

Income tax expense

 

 

4,059

 

 

 —

 

 

 —

 

 

4,059

 

Net income (loss)

 

 

53,506

 

 

(17,942)

 

 

6,826

 

 

42,390

 

Less: Net income (loss) attributable to non-controlling interests in Consolidated Funds

 

 

 —

 

 

(17,942)

 

 

6,826

 

 

(11,115)

 

Less: Net income attributable to redeemable interests in Ares Operating Group entities

 

 

243

 

 

 —

 

 

 —

 

 

243

 

Less: Net income attributable to non-controlling interests in Ares Operating Group entities

 

 

34,806

 

 

 —

 

 

 —

 

 

34,806

 

Net income attributable to Ares Management, L.P.

 

$

18,456

 

$

 —

 

$

 —

 

$

18,456

 

 

 

 

 

 

 

 

16. SUBSEQUENT EVENTS

The Company evaluated all events or transactions that occurred after March 31, 2016 through the date the condensed consolidated financial statements were issued.  During this period the Company had the following material subsequent events that require disclosure:

In May 2016, the Company declared a quarterly distribution of $0.15 per common unit to common unit holders of record at the close of business on May 24, 2016, payable on June 7, 2016.

 

 

 

 

41


 

Table of Contents

Item 2.  Management’s Discussion And Analysis Of Financial Condition And Results Of Operations

Ares Management, L.P. is a Delaware limited partnership formed on November 15, 2013. Unless the context otherwise requires, references to “we,” “us,” “our,” “the Partnership” and “the Company” are intended to mean the business and operations of Ares Management, L.P. and its consolidated subsidiaries. The following discussion analyzes the financial condition and results of operations of the Partnership. “Consolidated Funds” refers collectively to certain Ares‑affiliated funds, related co‑investment entities and certain CLOs that are required under generally accepted accounting principles in the United States (“GAAP”) to be consolidated in our condensed consolidated financial statements included in this Quarterly Report on Form 10‑Q.

The following discussion and analysis should be read in conjunction with the unaudited condensed consolidated financial statements and the related notes included within this Quarterly Report on Form 10‑Q and the audited, consolidated financial statements and the related notes included in the 2015 Annual Report on Form 10‑K of Ares Management, L.P.

Amounts and percentages presented throughout our discussion and analysis of financial condition and results of operations may reflect rounded results in thousands (unless otherwise indicated) and consequently, totals may not appear to sum.

 

Our Business

We are a leading global alternative asset manager that operates through distinct but complementary investment groups, which are our reportable segments. In 2016, we revised our reportable segments by combining two of our segments into a single segment to reflect a change in how we manage our operations. The previously disclosed Tradable Credit Group segment and the Direct Lending Group segment have been combined into a single Credit Group segment. This change was made in order to manage our broad array of credit products in a more effective manner and to better position the Credit Group to capitalize on future growth opportunities. We have presented our reportable segments for the three months ended March 31, 2015 to conform to the three months ended March 31, 2016 presentation.

Our reportable segments are Credit Group, Private Equity Group and Real Estate Group. For a detailed description of our reportable segments, see Note 14, “Segment Reporting,” to our condensed consolidated financial statements included in this Quarterly Report on Form 10‑Q.

The focus of our business model is to provide our investment management capabilities through various funds and products that meet the needs of a wide range of institutional and retail investors. Our revenues consist primarily of management fees and performance fees, as well as investment income and administrative expense reimbursements. Management fees are generally based on a defined percentage of average fair value of assets, total commitments, invested capital, net asset value, net investment income or par value of the investment portfolios we manage. Performance fees are based on certain specific hurdle rates as defined in the funds’ applicable investment management or partnership agreements and represent either an incentive fee or carried interest. Other income (expense) represents the investment income, realized gains (losses) and unrealized appreciation (depreciation) resulting from the investments of the Company and the Consolidated Funds, as well as interest expense. Administrative expense reimbursements are administrative services that we provide to certain of our affiliated funds that are reported within other fees. In accordance with GAAP, we are required to consolidate those funds in which we hold a significant economic interest and substantive control rights. However, for segment reporting purposes, we present revenues and expenses on a combined segment basis, which shows the results of our reportable segments without giving effect to the consolidation of the funds. Accordingly, our segment revenues consist of management fees, administrative fees and other income, as well as realized and unrealized performance fees, and net investment income. Our segment expenses consist of compensation and benefits, general, administrative and other expenses, as well as realized and unrealized performance fee compensation.

 

Trends Affecting Our Business

We believe that our disciplined investment philosophy across our three distinct but complementary investment segments contributes to the stability of our performance throughout market cycles. Additionally, as approximately 57% of

42


 

Table of Contents

our assets under management (“AUM”) were in funds with a contractual life of seven years or more as of March 31, 2016, our funds have a stable base of committed capital, enabling us to invest in assets with a long term focus over different points in a market cycle and take advantage of market volatility. However, our results of operations, including the fair value of our AUM, are affected by a variety of factors, including conditions in the global financial markets and the economic and political environments, particularly in North America and Western Europe.

The first quarter of 2016 was a tale of two halves for capital markets as a challenging start to the year gave way to a market reprieve amid improving investor sentiment and accommodative central bank action across the globe. The first quarter of 2016 was characterized by slowing global growth, commodity price weakness and fears of the Federal Reserve Bank tightening interest rates. As a result, credit spreads widened significantly and the yield-to-worst on the high yield market reached 10%, reflecting generally negative market sentiment. Commencing in mid-February, the markets appeared to shift as U.S. recession fears waned, oil prices bottomed out and valuations began to strengthen, improving sentiment and prompting a broad-based rally across credit markets. After posting a quarter-to-date loss of 5.1% though February 11, the Bank of America Merrill Lynch High Yield Master II Index (“H0A0”) rallied approximately 9%, ending the quarter with positive returns of 3.25% led primarily by lower rated assets and strong retail inflows. Leveraged loans fared similarly, with the Credit Suisse Leveraged Loan Index (“CSLLI”) returning 1.33% for the first quarter of 2016 as technical conditions bolstered the loan market in March, reversing seven straight months of negative performance. After falling to a low of negative 10.50%, the S&P 500 reversed course in late February and throughout March on the heels of a broader risk rally, posting a 1.35% return for the first quarter of 2016.

European credit conditions were similarly positive, but to a lesser degree, during the first quarter of 2016.  The Merrill Lynch European High Yield Index increased 1.77% and the Credit Suisse Western European Leveraged Loan Index was up 1.10% for the quarter as European capital markets reacted to an increasingly stimulative monetary posture by the European Central Bank (“ECB”).  The ECB President announced in early March that the ECB would cut its deposit rate to negative 0.4% and its main interest rate to 0.0%.  Additionally, the ECB announced it would increase its asset-purchasing program to €80 billion per month from €60 billion, as well as expand its activities into higher rated corporate bonds. This action was widely viewed as a more aggressive response than expected. Low growth across several larger economies of the Euro area remains a concern, as does the increasing prospect of a Brexit vote in the UK, which would decrease the flow of goods, capital, and labor between the UK and the European continent, at least over the near term. 

For China, concerns about the pace of devaluation in the region ceased in late February after Chinese policymakers ruled out an imminent devaluation of the yuan as they sought to reassure foreign currency exchange markets, and the People’s Bank of China actively engaged in easing measures. Despite recent positive developments, we remain cautious about the economic growth prospects in China.

For our businesses, these markets and economies have created opportunities, particularly for the various strategies within the Credit Group, which utilize flexible investment mandates to manage portfolios through market cycles. As market conditions shift and default risk and interest rate risk come under greater focus, having the ability to move up and down the capital structure enables the Credit Group to reduce risk and enhance returns as market conditions shift. Similarly, given our broad capabilities in leveraged loans, such flexibility enables our Credit Group to reduce sensitivities to changing interest rates by increasing allocations to floating rate leveraged loans. On a fair value basis, approximately 82% of the debt assets within our Credit Group are floating rate instruments, which we believe helps mitigate volatility associated with changes in the treasury curve.

 

Notwithstanding the potential opportunities of market volatility, future earnings, cash flows and distributions are affected by a range of factors, including realizations of our funds’ investments, which are subject to significant fluctuations from period to period.

See “Item 1A. Risk Factors” in our Annual Report on Form 10‑K for the year ended December 31, 2015, for a discussion of the risks to which our businesses are subject.

 

 

43


 

Table of Contents

Consolidation and Deconsolidation of Ares Funds

Pursuant to GAAP, we consolidate our Consolidated Funds into our financial results as presented in this Quarterly Report on Form 10‑Q. These funds represented approximately 3.7% of our AUM as of March 31, 2016, and 2.6% of our management fees and 4.7% of our performance fees for the three months ended March 31, 2016. As of March 31, 2016, we consolidated five CLOs and nine non‑CLOs, and as of March 31, 2015, we consolidated five CLOs and seven non‑CLOs.

We generally deconsolidate CLOs upon liquidation or dissolution at the end of their finite lives. In contrast, the other funds we advise are deconsolidated when we are no longer deemed to have a controlling interest in the entity. During the three months ended March 31, 2016, there were no entities liquidated or dissolved and no non-VIEs experienced a significant change in ownership or control that resulted in deconsolidation during the period.

The assets and liabilities of our Consolidated Funds are held within separate legal entities and, as a result, the liabilities of our Consolidated Funds are non‑recourse to us. Generally, the consolidation of our Consolidated Funds has a significant gross‑up effect on our assets, liabilities and cash flows but has no net effect on the net income attributable to us. The net economic ownership interests of our Consolidated Funds, to which we have no economic rights, are reflected as redeemable interests and as non‑controlling interests in the Consolidated Funds, and prior to December 31, 2015 as equity appropriated for our Consolidated Funds in our condensed consolidated financial statements.

The performance of our Consolidated Funds is not necessarily consistent with, or representative of, the combined performance trends of all of our funds. See Note 2, “Summary of Significant Accounting Policies,” in our Annual Report on Form 10‑K.

 

Managing Business Performance

Non‑GAAP Financial Measures

We use the following non-GAAP measures to assess and track our performance:

·

Economic Net Income (“ENI”)

·

Fee Related Earnings (“FRE”)

·

Performance Related Earnings (“PRE”)

·

Distributable Earnings (“DE”)

The specific components and calculations of these non-GAAP measures are discussed in greater detail in Note 14, “Segment Reporting,” to our condensed consolidated financial statements included in this Quarterly Report on Form 10‑Q. These non‑GAAP financial measures supplement and should be considered in addition to and not in lieu of the results of operations discussed further under “—Overview of Consolidated Results of Operations”, which are prepared in accordance with GAAP. For a reconciliation of these measures to the most comparable measure in accordance with GAAP, see “—Results of Operations by Segment—Reconciliation of Certain Non‑GAAP Measures to Consolidated GAAP Financial Measures.”

44


 

Table of Contents

Operating Metrics

We monitor certain operating metrics that are common to the alternative asset management industry, which are discussed below.

Assets Under Management

Assets under management refers to the assets we manage. We view AUM as a metric to measure our investment and fundraising performance as it reflects assets generally at fair value plus available uncalled capital. For our funds other than CLOs, our AUM equals the sum of the following:

·

net asset value (“NAV”) of such funds;

·

the drawn and undrawn debt (at the fund‑level including amounts subject to restrictions); and

·

uncalled committed capital (including commitments to funds that have yet to commence their investment periods).

NAV refers to the fair value of all the assets of a fund less the fair value of all liabilities of the fund.

For our funds that are CLOs, our AUM is equal to subordinated notes (equity) plus all drawn and undrawn debt tranches.

The table below provides the period‑to‑period rollforward of our total AUM by segments (in millions):

 

 

 

 

 

 

 

 

 

 

 

 

Credit Group

 

Private Equity Group

 

Real Estate Group

 

Total AUM

Balance at 12/31/2015

 

$
62,249

 

$
21,115

 

$
10,268

 

$
93,632

Net New Equity Commitments

 

486

 

2,119

 

114

 

2,719

Net New Debt Commitments

 

299

 

 -

 

 -

 

299

Distributions

 

(3,603)

 

(17)

 

(306)

 

(3,926)

Change in Fund Value

 

617

 

59

 

107

 

783

Balance at 3/31/2016

 

$
60,048

 

$
23,276

 

$
10,183

 

$
93,507

Average AUM

 

$
61,148

 

$
22,196

 

$
10,226

 

$
93,570

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit Group

 

Private Equity Group

 

Real Estate Group

 

Total AUM

Balance at 12/31/2014

 

$
61,051

 

$
10,135

 

$
10,575

 

$
81,761

Acquisitions

 

 -

 

4,581

 

 -

 

4,581

Net New Equity Commitments

 

1,811

 

 -

 

(69)

 

1,742

Net New Debt Commitments

 

1,225

 

 -

 

 -

 

1,225

Distributions

 

(1,204)

 

(374)

 

(448)

 

(2,026)

Change in Fund Value

 

(813)

 

481

 

(25)

 

(357)

Balance at 3/31/2015

 

$
62,070

 

$
14,823

 

$
10,033

 

$
86,926

Average AUM

 

$
61,560

 

$
12,479

 

$
10,304

 

$
84,343

 

 

Please refer to “— Results of Operations by Segment” for a more detailed presentation of AUM by segment for each of the periods presented.

As of March 31, 2016 and 2015, our uninvested AUM, which we refer to as dry powder, was $23.0 billion and $18.9 billion, respectively, primarily attributable to our funds in the Credit Group and the Private Equity Group.

Fee Earning Assets Under Management

Fee earning AUM refers to the AUM on which we directly or indirectly earn management fees. We view fee earning AUM as a metric to measure changes in the assets from which we earn management fees. Our fee earning AUM

45


 

Table of Contents

is the sum of all the individual fee bases of our funds that contribute directly or indirectly to our management fees and generally equals the sum of:

·

The amount of limited partner capital commitments for certain closed‑end funds within the reinvestment period in the Credit Group, funds in the Private Equity Group and certain private funds in the Real Estate Group;

·

The amount of limited partner invested capital for the aforementioned closed‑end funds beyond the reinvestment period as well as the structured assets funds in the Credit Group, certain managed accounts within their reinvestment period, the mezzanine fund in the Credit Group, European commingled funds in the Credit Group and co‑ invest vehicles in the Real Estate Group;

·

The gross amount of aggregate collateral balance, for CLOs, at par, adjusted for defaulted or discounted collateral; and

·

The portfolio value, gross asset value or NAV, adjusted in certain instances for cash or certain accrued expenses, for the remaining funds in the Credit Group, ARCC, certain managed accounts in the Credit Group and certain debt funds in the Real Estate Group.

Fee earning AUM in the Credit Group includes the AUM of the Senior Secured Loan Program (the “SSLP”), a program co‑managed by a subsidiary of Ares through which ARCC has co‑invested with affiliates of General Electric Company (“GE”), and from Ivy Hill Asset Management, L.P., a wholly owned portfolio company of ARCC and a registered investment adviser, on which we indirectly generate fees, in each case calculated in accordance with the above. In August 2015, GE completed the sale of certain of its assets, excluding its interest in the SSLP, to Canada Pension Plan Investment Board (“CPPIB”). Prior to closing the sale to CPPIB, GE had announced its intention to provide ARCC and CPPIB the opportunity to work together on the SSLP on a go-forward basis. GE has also stated that if a mutual agreement between ARCC and CPPIB is not reached, it intends to retain its interest in the SSLP and the SSLP would be wound down in an orderly manner. ARCC has been in dialogue with GE and CPPIB to determine if there is an opportunity to work together; however, to date there has been no agreement in respect of the SSLP as a result of these discussions, and there can be no assurance that such discussions will continue or any such agreement will be reached. In addition to discussions with CPPIB and GE, ARCC is also exploring other options with respect to the SSLP’s portfolio, although there can be no assurance that ARCC will pursue any of them.

Our calculations of fee earning AUM and AUM may differ from the calculations of other alternative asset managers and, as a result, this measure may not be comparable to similar measures presented by others. In addition, our calculations of fee earning AUM and AUM may not be based on the definition of fee earning AUM or AUM that is set forth in the agreements governing the investment funds that we advise.

 

The table below provides the period‑to‑period rollforward of our total fee earning AUM by segments (in millions):

 

 

 

 

 

 

 

 

 

 

 

Credit Group

 

Private Equity Group

 

Real Estate Group

 

Total FEAUM

Balance at 12/31/2015

 

$
50,104

 

$
11,411

 

$
6,757

 

$
68,272

Commitments

 

212

 

 -

 

114

 

326

Subscriptions/deployment/increase in leverage

 

935

 

3

 

34

 

972

Distributions

 

(2,692)

 

 -

 

(160)

 

(2,852)

Change in Fund Value

 

287

 

(21)

 

38

 

304

Change in Fee Basis

 

(63)

 

(278)

 

(108)

 

(449)

Balance at 3/31/2016

 

$
48,783

 

$
11,115

 

$
6,675

 

$
66,573

Average FEAUM

 

$
49,444

 

$
11,263

 

$
6,716

 

$
67,423

46


 

Table of Contents

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit Group

 

Private Equity Group

 

Real Estate Group

 

Total FEAUM

Balance at 12/31/2014

 

$
48,069

 

$
7,172

 

$
6,118

 

$
61,359

Acquisitions

 

 -

 

4,046

 

 -

 

4,046

Commitments

 

1,008

 

 -

 

164

 

1,172

Subscriptions/deployment/increase in leverage

 

1,202

 

69

 

76

 

1,347

Distributions

 

(1,742)

 

(177)

 

(150)

 

(2,069)

Change in Fund Value

 

77

 

(3)

 

(66)

 

8

Change in Fee Basis

 

(37)

 

 -

 

(162)

 

(199)

Balance at 3/31/2015

 

$
48,577

 

$
11,107

 

$
5,980

 

$
65,664

Average FEAUM

 

$
48,322

 

$
9,140

 

$
6,050

 

$
63,512

 

 

Please refer to “— Results of Operations by Segment” for detailed information by segment of the activity affecting total fee earning AUM for each of the periods presented.

The table below breaks out fee earning AUM of the Consolidated Segments by its respective components at each period:

 

 

 

 

 

 

 

 

 

As of March 31,

 

 

 

2016

    

2015

    

 

 

(Dollars in millions)

 

Fee earning AUM based on capital commitments

$

9,607

 

$

9,263

 

 

Fee earning AUM based on invested capital

 

13,496

 

 

11,199

 

 

Fee earning AUM based on market value/other

 

21,915

 

 

22,445

 

 

Fee earning AUM based on collateral balances, at par

 

21,555

 

 

22,757

 

 

Total fee earning AUM

$

66,573

 

$

65,664

 

 

 

 

The reconciliation of our total AUM to our total fee earning AUM is presented below for each period:

 

 

 

 

 

 

 

 

 

 

As of March 31,

 

 

    

2016

    

2015

    

 

 

(Dollars in millions)

AUM

 

$

93,507

 

$

86,926

 

Non fee paying debt

 

 

(3,987)

 

 

(6,231)

 

General partner and affiliates

 

 

(1,577)

 

 

(1,186)

 

Undeployed

 

 

(8,942)

 

 

(10,125)

 

Market value/other

 

 

(3,665)

 

 

(3,175)

 

Fees not activated

 

 

(7,565)

 

 

 —

 

Fees deactivated

 

 

(1,198)

 

 

(545)

 

Fee earning AUM

 

$

66,573

 

$

65,664

 

 

 

Fund Performance Metrics

Fund performance information for our investment funds that contributed at least 1% of our total management fees for the three months ended March 31, 2016, which we refer to as our “significant funds,” is included throughout this discussion and analysis to facilitate an understanding of our results of operations for the periods presented. In addition to management fees, each of our significant funds may generate incentive fees upon the achievement of performance hurdles. The fund performance information reflected in this discussion and analysis is not indicative of our overall performance and is also not indicative of the future performance of any particular fund. An investment in Ares is not an investment in any of our funds. Past performance is not indicative of future results. As with any investment there is always the potential for gains as well as the possibility of losses. There can be no assurance that any of our funds or our other existing and future funds will achieve similar returns.

47


 

Table of Contents

Results of Operations

Consolidated Results of Operations

The following table and discussion sets forth information regarding our consolidated results of operations for the three months ended March 31, 2016 and 2015 presented in accordance with GAAP. The Consolidated Funds are not necessarily the same entities in each year presented due to changes in ownership, changes in limited partners’ rights, and the creation and termination of funds. We consolidate funds where we are deemed to hold a controlling financial interest. The consolidation of these funds had the impact of increasing interest and other income of Consolidated Funds, interest and other expenses of Consolidated Funds, net investment gains (losses) of Consolidated Funds and non-controlling interests in Consolidated Funds for the three months ended March 31, 2016 and 2015. The consolidation of these funds had no effect on net income attributable to us for the periods presented.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months

 

 

 

 

 

 

 

 

 

Ended March 31,

 

 

Favorable/

 

 

 

 

 

 

2016

    

2015

 

 

(Unfavorable)

 

% Change

    

 

 

 

(Dollars in thousands)

 

 

 

 

 

Statements of operations data

 

    

 

 

    

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

Management fees (includes ARCC Part I Fees of $28,625 and $29,042 for the three months ended March 31, 2016 and 2015, respectively)

$

158,433

 

$

158,701

 

$

(268)

 

(0.2%)

 

 

 

Performance fees

 

(29,947)

 

 

104,925

 

 

(134,872)

 

NM

 

 

 

Other fees

 

7,529

 

 

6,279

 

 

1,250

 

19.9%

 

 

 

Total revenues

 

136,015

 

 

269,905

 

 

(133,890)

 

(49.6%)

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

110,679

 

 

101,851

 

 

(8,828)

 

(8.7%)

 

 

 

Performance fee compensation

 

(21,330)

 

 

76,392

 

 

97,722

 

NM

 

 

 

General, administrative and other expenses

 

39,962

 

 

45,547

 

 

5,585

 

12.3%

 

 

 

Consolidated Funds’ expenses

 

227

 

 

10,673

 

 

10,446

 

97.9%

 

 

 

Total expenses

 

129,538

 

 

234,463

 

 

104,925

 

44.8%

 

 

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest and investment income (expense) (net of interest expense of $4,855 and $3,684 for the three months ended March 31, 2016 and 2015, respectively)

 

(3,359)

 

 

1,413

 

 

(4,772)

 

NM

 

 

 

Other income (expense), net

 

5,241

 

 

(1,876)

 

 

7,117

 

NM

 

 

 

Net realized and unrealized gain on investments

 

5,142

 

 

14,839

 

 

(9,697)

 

(65.3%)

 

 

 

Net interest and investment income of the Consolidated Funds (net of interest expense of $22,449 and $17,101 for the three months ended March 31, 2016 and 2015, respectively)

 

7,332

 

 

8,905

 

 

(1,573)

 

(17.7%)

 

 

 

Net realized and unrealized loss on investments of Consolidated Funds

 

(29,807)

 

 

(12,274)

 

 

(17,533)

 

142.8%

 

 

 

Total other income (loss)

 

(15,451)

 

 

11,007

 

 

(26,458)

 

NM

 

 

 

Income (loss) before taxes

 

(8,974)

 

 

46,449

 

 

(55,423)

 

NM

 

 

 

Income tax expense

 

4,665

 

 

4,059

 

 

(606)

 

(14.9%)

 

 

 

Net income (loss)

 

(13,639)

 

 

42,390

 

 

(54,817)

 

NM

 

 

 

Less: Net loss attributable to non-controlling interests in Consolidated Funds

 

(11,979)

 

 

(11,115)

 

 

(864)

 

7.8%

 

 

 

Less: Net income attributable to redeemable interests in Ares Operating Group entities

 

10

 

 

243

 

 

(233)

 

(95.9%)

 

 

 

Less: Net income attributable to non-controlling interests in Ares Operating Group entities

 

1,420

 

 

34,806

 

 

(33,386)

 

(95.9%)

 

 

 

Net income (loss) attributable to Ares Management, L.P.

$

(3,090)

 

$

18,456

 

 

(21,546)

 

NM

 

 

 


NM – Not meaningful

48


 

Table of Contents

Three Months Ended March 31, 2016 Compared to Three Months Ended March 31, 2015

Revenues

Management Fees.  Management fees decreased by $0.3 million, or 0.2%, to $158.4 million for the three months ended March 31, 2016 compared to the three months ended March 31, 2015. In connection with an extension of ACOF II’s term for one year, we agreed to waive management fees starting in the first quarter of 2016. In addition, EU II and EU III, two of our Real Estate funds, are no longer generating management fees. Also contributing to the decrease, other funds across our three segments had distributions, which reduced fees earned in the current period. Partially offsetting the fee decreases, we launched a total of 19 new funds and four new CLOs subsequent to March 31, 2015 that earned management fees in the three months ended March 31, 2016.

Performance Fees.    Performance fees decreased by $134.9 million for the three months ended March 31, 2016 compared to the prior year period. In the current period, we had a net fee reversal of $29.9 million for the three months ended March 31, 2016 compared to $104.9 million of performance fees generated in the three months ended March 31, 2015. The reversal of previously recognized fees was primarily attributable to decreases in performance fees from the Private Equity Group and the Credit Group of $98.2 million and $41.2 million, respectively, partially offset by an increase in performance fees from the Real Estate Group of $4.4 million during the three months ended March 31, 2016 as compared to the same period in 2015. The decrease and resulting reversal is primarily the result of the passage of time on the internal rate of return (“IRR”) calculations compounded by the fair values of the funds’ portfolios remaining relatively flat or slightly down during the quarter. Additionally, due to the challenging market conditions during the first quarter of 2016 there were less realizations than in the first quarter of 2015.

For the three months ended March 31, 2016, total unrealized performance fees of $60.3 million, $34.3 million and $0.3 million related to our Private Equity Group, Credit Group and Real Estate Group, respectively, were reversed. Unrealized performance fees of $2.2 million, $0.5 million and $0.7 million related to our Credit Group, Private Equity Group and Real Estate Group respectively were reversed for the three months ended March 31, 2015.

Other Fees.    Administrative fees and other income increased by $1.3 million, or 19.9%, to $7.5 million for the three months ended March 31, 2016 compared to the three months ended March 31, 2015, primarily due to an increase in administrative service fees associated with certain funds within the Credit Group. The increase was partially offset by a decrease in property management related fees within our Real Estate Group.

Expenses

Compensation and Benefits.    Compensation and benefits expenses increased by $8.8 million, or 8.7%, to $110.7 million for the three months ended March 31, 2016 compared to the three months ended March 31, 2015. The increase was primarily due to salary and benefit expenses attributed to merit based increases, as well as increases in headcount related to the May 2015 acquisition of First Capital (“FCC”).

Performance Fee Compensation.    Performance fee compensation expenses decreased by $97.7 million from $76.4 million for the three months ended March 31, 2015, as a result of the performance fee compensation payable being reduced. The reduction in performance fee compensation was directly correlated with the change in our performance fees, before giving effect to the performance fees from our Consolidated Funds that are eliminated upon consolidation. As a result, the overall amount payable to employees for performance fee compensation was reduced.

General, Administrative and Other Expenses. General, administrative and other expenses decreased by $5.6 million, or 12.3%, to $40.0 million for the three months ended March 31, 2016 compared to the three months ended March 31, 2015. The decrease was driven primarily by acquisition related expenses that occurred in the 2015 period but did not recur in the current period, partially offset by increases in certain costs to support our platform expansion.

Expenses of our Consolidated Funds.  Expenses of Consolidated Funds decreased by $10.4 million, or 97.9%, to $0.2 million for the three months ended March 31, 2016 compared to the three months ended March 31, 2015. Expenses

49


 

Table of Contents

incurred in the prior year were higher than the current year primarily due to costs incurred to launch two funds that are consolidated during the first quarter of 2015.

Other Income (Expense)

When evaluating the changes in other income (expense), we separately analyze the other income generated by the Company from the investment returns generated by our Consolidated Funds.

Net Interest and Investment Income (Expense)—Net interest and investment income (expense) of the Company decreased by $4.8 million from net interest and investment income of $1.4 million for the three months ended March 31, 2015 to a net expense of $3.4 million in the current period. The decrease was due primarily to a decrease in dividend and interest income recognized from the Private Equity funds for the three months ended March 31, 2015, that did not recur in the current period. This was partially offset by a $1.2 million increase in interest expense due to a higher average outstanding balance of the Credit Facility when compared to the three months ended March 31, 2015.

Other Income (Expense), Net—Net other income (expense) of the Company increased by $7.1 million from an expense of $1.9 million for the three months ended March 31, 2015 compared to income of $5.2 million for the three months ended March 31, 2016 as a result of transaction gains from the revaluation of certain assets and liabilities denominated in foreign currencies.

Net Realized and Unrealized Gain on Investments—Net gain on investments of the Company decreased by $9.7 million to $5.1 million for the three months ended March 31, 2016. The Credit Group had a decrease of $11.6 million primarily driven by the continued volatility in the credit markets. This was partially offset by increases in the valuations of the underlying assets held by the Real Estate Group funds, resulting in an increase of $1.9 million. 

Net Interest and Investment Income of the Consolidated Funds—Net interest and investment income of the Consolidated Funds decreased by $1.6 million to $7.3 million for the three months ended March 31, 2016 as compared to same period in 2015. For the three months ended March 31, 2016, interest expense increased due to CLOs that did not begin incurring interest expense until after the first quarter of 2015. Having a netting effect, interest and investment income also increased, primarily due to investments in funds launched in 2015 that are generating more income on higher deployed capital.

Net Realized and Unrealized Loss on Investments of the Consolidated Funds—Net loss on investments of the Consolidated Funds increased by $17.5 million to $29.8 million for the three months ended March 31, 2016, from $12.3 million for the three months ended March 31, 2015.  The increase in net investment losses was due to funds in the Private Equity Group of $26.8 million, driven by depreciation of certain portfolio holdings within the Ares Corporate Opportunities Fund Asia, L.P. (“ACOF Asia”) portfolio. This was partially offset by an increase in net investment gain from Credit Group funds of $9.3 million primarily resulting from increasing loan valuations within our U.S. and E.U. direct lending funds.

 

Income Tax Expense/Benefits.  Not all Company and Consolidated Fund entities are subject to income taxes. As a result, income taxes may not move in tandem with income before taxes. Specifically, the Company’s investment income (loss) is generally not subject to income tax.

Income tax expense increased by $0.6 million, or 14.9%, to $4.7 million for the three months ended March 31, 2016 from $4.1 million for the three months ended March 31, 2015. The increase was driven by a $2.0 million, or 50%, increase in the Company’s foreign, state and local income taxes incurred by the Company’s subsidiaries, offset by $1.4 million net income tax benefit recognized by our Consolidated Funds during the period March 31, 2016.

Non-Controlling and Redeemable Interest. Net income (loss) attributable to non-controlling and redeemable interests in Ares Operating Group entities represents results attributable to the owners of AOG Units that are not held by Ares Management, L.P. and is allocated based on the weighted average daily ownership of the AOG unitholders. Net income attributable to non-controlling and redeemable interests in Ares Operating Group entities decreased $33.6 million, from $35.0 million for the three months ended March 31, 2015 to $1.4 million for the three months ended March

50


 

Table of Contents

31, 2016. The decrease is consistent with the decrease in net income of the Company. The weighted average daily ownership percentage for the non-controlling AOG unit holders was 62.1% and 62.2% for three months ended March 31, 2016 and 2015, respectively. As the income to the AOG unitholders is non-taxable at the partnership level and taxable income was in excess of GAAP income, the AOG unitholders were allocated positive income from operations for the current period despite a net loss for GAAP purposes.

 

Segment Analysis

Under GAAP, we are required to consolidate entities where we have both significant economics and the power to direct the activities of the entity that impact economic performance. For more information regarding consolidation principles, see Note 2, “Summary of Significant Accounting Policies,” in our Annual Report on Form 10‑K.

For segment reporting purposes, revenues and expenses are presented on a basis that excludes the results of our Consolidated Funds. As a result, segment revenues from management fees, performance fees and investment income are typically greater than those presented on a consolidated basis in accordance with GAAP because revenues recognized from Consolidated Funds are eliminated in consolidation. Furthermore, expenses and the effects of other income (expense) are typically lower than related amounts presented on a consolidated basis in accordance with GAAP due to the exclusion of the results of Consolidated Funds.

Discussed below are our results of operations for each of our three reportable segments. In addition to the three segments, we separately discuss the OMG. This information is used by our management to make operating decisions, assess performance and allocate resources.

 

ENI and Other Measures

The following table sets forth FRE, PRE, ENI and DE on a segment basis and Stand Alone basis for the three months ended March 31, 2016 and 2015. FRE, PRE, ENI and DE are non‑GAAP financial measures our management uses

51


 

Table of Contents

when making resource deployment decisions and in assessing performance of our segments. Please see “—Reconciliation of Certain Non‑GAAP Measures to Consolidated GAAP Financial Measures” under “Operations Management Group”.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

 

 

 

 

 

 

 

 

March 31,

 

 

Favorable/

 

 

 

 

 

 

2016

    

2015

 

 

(Unfavorable)

 

% Change

    

 

 

 

(Dollars in thousands)

 

 

 

 

 

Fee related earnings:

 

    

 

 

    

 

 

 

 

 

 

 

 

Credit Group

$

60,585

 

$

58,756

 

$

1,829

 

3.1%

 

 

 

Private Equity Group

 

21,751

 

 

21,163

 

 

588

 

2.8%

 

 

 

Real Estate Group

 

2,987

 

 

5,558

 

 

(2,571)

 

(46.3%)

 

 

 

Segment fee related earnings

 

85,323

 

 

85,477

 

 

(154)

 

(0.2%)

 

 

 

Operations Management Group

 

(46,275)

 

 

(37,855)

 

 

(8,420)

 

22.2%

 

 

 

Total Fee related earnings

$

39,048

 

$

47,622

 

 

(8,574)

 

(18.0%)

 

 

 

Performance related earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit Group

$

(7,241)

 

$

11,529

 

 

(18,770)

 

NM

 

 

 

Private Equity Group

 

(12,555)

 

 

22,970

 

 

(35,525)

 

NM

 

 

 

Real Estate Group

 

5,345

 

 

809

 

 

4,536

 

NM

 

 

 

Segment performance related earnings

 

(14,451)

 

 

35,308

 

 

(49,759)

 

NM

 

 

 

Operations Management Group

 

(449)

 

 

 —

 

 

(449)

 

NM

 

 

 

Total Performance related earnings

$

(14,900)

 

$

35,308

 

 

(50,208)

 

NM

 

 

 

Economic net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit Group

$

53,344

 

$

70,285

 

 

(16,941)

 

(24.1%)

 

 

 

Private Equity Group

 

9,196

 

 

44,133

 

 

(34,937)

 

(79.2%)

 

 

 

Real Estate Group

 

8,332

 

 

6,367

 

 

1,965

 

30.9%

 

 

 

Segment economic net income

 

70,872

 

 

120,785

 

 

(49,913)

 

(41.3%)

 

 

 

Operations Management Group

 

(46,724)

 

 

(37,855)

 

 

(8,869)

 

23.4%

 

 

 

Total Economic net income

$

24,148

 

$

82,930

 

 

(58,782)

 

(70.9%)

 

 

 

Distributable earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit Group

$

68,083

 

$

75,707

 

 

(7,624)

 

(10.1%)

 

 

 

Private Equity Group

 

19,605

 

 

27,086

 

 

(7,481)

 

(27.6%)

 

 

 

Real Estate Group

 

3,343

 

 

3,382

 

 

(39)

 

(1.2%)

 

 

 

Segment distributable earnings

 

91,031

 

 

106,175

 

 

(15,144)

 

(14.3%)

 

 

 

Operations Management Group

 

(49,750)

 

 

(38,880)

 

 

(10,870)

 

28.0%

 

 

 

Total Distributable earnings

$

41,281

 

$

67,295

 

 

(26,014)

 

(38.7%)

 

 

 

 


NM – Not meaningful

52


 

Table of Contents

Results of Operations by Segment

Credit Group

The following table sets forth certain statement of operations and other data of our Credit Group segment for the periods presented.

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

 

 

 

 

 

 

March 31,

 

 

Favorable/

 

 

 

 

2016

    

2015

    

    

(Unfavorable)

 

% Change

 

 

(Dollars in thousands)

 

 

 

Management fees (includes ARCC Part I Fees of $28,625 and $29,042 for the three months ended March 31, 2016 and 2015, respectively)

$

109,441

 

$

108,348

 

$

1,093

 

1.0%

 

Administrative fees and other income

 

109

 

 

98

 

 

11

 

11.2%

 

Compensation and benefits

 

(43,914)

 

 

(42,565)

 

 

(1,349)

 

3.2%

 

General, administrative and other expenses

 

(5,051)

 

 

(7,125)

 

 

2,074

 

(29.1%)

 

Fee related earnings

 

60,585

 

 

58,756

 

 

1,829

 

3.1%

 

Performance fees-realized

 

6,178

 

 

35,214

 

 

(29,036)

 

(82.5%)

 

Performance fees-unrealized

 

(29,327)

 

 

(19,201)

 

 

(10,126)

 

52.7%

 

Performance fee compensation-realized

 

(1,983)

 

 

(21,004)

 

 

19,021

 

(90.6%)

 

Performance fee compensation-unrealized

 

16,605

 

 

14,531

 

 

2,074

 

14.3%

 

Net performance fees

 

(8,527)

 

 

9,540

 

 

(18,067)

 

NM

 

Investment income-realized

 

162

 

 

8,618

 

 

(8,456)

 

(98.1%)

 

Investment income (loss)-unrealized

 

(4,007)

 

 

(3,369)

 

 

(638)

 

18.9%

 

Interest and other investment income (loss)

 

7,579

 

 

(1,526)

 

 

9,105

 

NM

 

Interest expense

 

(2,448)

 

 

(1,734)

 

 

(714)

 

41.2%

 

Net investment income

 

1,286

 

 

1,989

 

 

(703)

 

(35.3%)

 

Performance related earnings

$

(7,241)

 

$

11,529

 

 

(18,770)

 

NM

 

Economic net income

$

53,344

 

$

70,285

 

 

(16,941)

 

(24.1%)

 

Distributable earnings

$

68,083

 

$

75,707

 

 

(7,624)

 

(10.1%)

 


NM – Not meaningful

 

 

Accrued performance fees for the Credit Group are comprised of the following:

 

 

 

 

 

 

 

 

 

 

As of March 31,

 

 

2016

 

2015

 

 

 

(Dollars in thousands)

CLOs

    

$

25,665

    

$

44,242

 

CSF

 

 

 —

    

 

64,236

 

ARCC

 

 

 —

    

 

2,252

 

ACE II

 

 

27,849

    

 

10,758

 

Other credit funds

 

 

28,531

 

 

45,317

 

Total Credit Group

 

$

82,045

 

$

166,805

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2016

 

Three Months Ended March 31, 2015

 

Q2 2014

 

Realized

 

Unrealized

 

 

 

 

Realized

 

Unrealized

 

 

 

 

 

 

Gains(Losses)

 

Gains(Losses)

 

Total

 

Gains(Losses)

 

Gains(Losses)

 

Total

 

 

 

(Dollars in thousands)

 

(Dollars in thousands)

 

CLOs

    

$

2,896

    

$

(1,378)

    

$

1,518

    

$

2,733

    

$

2,485

    

$

5,218

 

CSF

 

 

 —

 

 

(29,526)

 

 

(29,526)

 

 

30,000

 

 

(30,104)

 

 

(104)

 

ARCC

 

 

 —

 

 

 —

 

 

 —

 

 

(417)

 

 

2,252

 

 

1,835

 

ACE II

 

 

 —

 

 

2,690

 

 

2,690

 

 

 —

 

 

5,757

 

 

5,757

 

Other credit funds

 

 

3,282

 

 

(1,113)

 

 

2,169

 

 

2,898

 

 

409

 

 

3,307

 

Total Credit Group

 

$

6,178

 

$

(29,327)

 

$

(23,149)

 

$

35,214

 

$

(19,201)

 

$

16,013

 

 

53


 

Table of Contents

Credit Group—Three Months Ended March 31, 2016 Compared to the Three Months Ended March 31, 2015

Management Fees.  Total management fees increased by $1.1 million, or 1.0%, to $109.4 million for the three months ended March 31, 2016 compared to the three months ended March 31, 2015. The increase in management fees was primarily driven by (i) four new CLOs and nine new funds launched subsequent to the first quarter of 2015 that earned management fees of $4.8 million in the three months ended March 31, 2016, and (ii) an increase in ARCC fee-earning assets, which generated $0.9 million more in fees during the three months ended March 31, 2016 compared to the prior year. The increase was partially offset by (i) funds that passed their investment period subsequent to the first quarter of 2015, which generated $3.3 million less in management fees in the current year period, and (ii) fund liquidations subsequent to March 31, 2015, which reduced fees by $1.4 million in the current period. 

The effective management fee rate for our funds in the Credit Group decreased slightly from 0.90% for the three months ended March 31, 2015 to 0.89% for the three months ended March 31, 2016. The effective management fee rate for ARCC Part I Fees contributed 0.49% and 0.51% towards the total effective fee rate of the Credit Group for the three months ended March 31, 2016 and 2015, respectively.

 

Net Performance Fees.  Net performance fees (expense) include realized and unrealized performance fees, net of realized and unrealized performance fee compensation. The impact of reversals of previously recorded performance fee revenue and the corresponding performance fee compensation expense is reflected in unrealized performance fees and performance fee compensation.

Net performance fees decreased by $18.1 million to a net fee reversal of $8.5 million for the three months ended March 31, 2016 compared to net performance fee revenue of $9.5 million in the prior year period. This decrease in net performance fee is primarily attributable to the reversal of previously recognized unrealized gains in certain funds due to modest declines in the valuations of certain portfolio holdings. As of March 31, 2016, net incentive fees of $11.8 million previously accrued for Credit Strategies Fund I, L.P. (“CSF”) were reversed, negatively impacting performance fees for the current period compared to the same period in the prior year. For the three months ended March 31, 2016 and 2015, reversals of previously recognized net performance fees were approximately $14.2 million and $1.3 million, respectively. Additionally, due to the challenging market conditions during the first quarter of 2016, there were less realizations than in the first quarter of 2015.

Compensation and Benefits. Compensation and benefits expenses increased by $1.3 million, or 3.2%, to $43.9 million for the three months ended March 31, 2016 compared to the three months ended March 31, 2015. The increase was due mainly to merit based salary expenses, as well as additional compensation and benefit expenses for the three months ended March 31, 2016 compared to same period in 2015. Compensation and benefits represented 40.1% of management fees for the three months ended March 31, 2016 compared to 39.3% for the three months ended March 31, 2015.

General, Administrative and Other Expenses.  General, administrative and other expenses decreased by $2.1 million, or 29.1%, to $5.1 million for the three months ended March 31, 2016 compared to the three months ended March 31, 2015. In 2016, we had $0.8 million of one-time expenses offsets and $1.2 million of lower office related expenses.

Net Investment Income (Loss).  Net investment income decreased by $0.7 million to $1.3 million for the three months ended March 31, 2016 compared to the prior year period. The decrease was primarily driven by the continued volatility in the credit markets, which resulted in unrealized market depreciation of $2.5 million for the leveraged loan, credit opportunities, and special situation funds. This decrease was partially offset by increasing loan valuations within our E.U. direct lending and asset-backed funds of $0.4 million and $1.1 million, respectively. Additionally, interest expense increased by $0.7 million due to greater average outstanding balance on the Credit Facility for the three months ended March 31, 2016 compared to the prior year period.  

Non-GAAP Performance Measures. The $18.1 million decrease in net performance fees was the primary driver to our reduced PRE and ENI for the three months ended March 31, 2016 compared to the same period in the prior year. Net realized performance fees decreased by $10.0 million, which also reduced DE. Also the investment income offset

54


 

Table of Contents

FRE, which was impacted by changes in compensation and benefits expense, management fees and general, administrative and other expenses, but these changes were not significant.

Credit Group—Assets Under Management

The table below provides the period‑to‑period rollforward of AUM for the Credit Group (in millions):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bank Loans

 

High Yield

 

Credit Opportunities

 

Asset-Backed

 

Special Situations

 

U.S. Direct Lending(1)

 

E.U. Direct Lending

 

Total Credit Group

Balance at 12/31/2015

 

$
17,618

 

$
3,303

 

$
3,714

 

$
2,595

 

$
1,863

 

$
24,101

 

$
9,055

 

$
62,249

Net New Equity Commitments

 

59

 

91

 

(49)

 

222

 

 -

 

 -

 

163

 

486

Net New Debt Commitments

 

 -

 

 -

 

 -

 

 -

 

 -

 

299

 

 -

 

299

Distributions(1)

 

(809)

 

(57)

 

(605)

 

(4)

 

(23)

 

(1,748)

 

(357)

 

(3,603)

Change in Fund Value

 

162

 

105

 

7

 

(46)

 

(55)

 

108

 

336

 

617

Balance at 3/31/2016

 

$
17,030

 

$
3,442

 

$
3,067

 

$
2,767

 

$
1,785

 

$
22,760

 

$
9,197

 

$
60,048

Average AUM

 

$
17,324

 

$
3,372

 

$
3,391

 

$
2,681

 

$
1,824

 

$
23,430

 

$
9,126

 

$
61,148

(1)

Distribution of $3.6 billion includes $1.0 billion reduction in leverage related to the paydown associated with SSLP.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bank Loans

 

High Yield

 

Credit Opportunities

 

Asset-Backed

 

Special Situations

 

U.S. Direct Lending

 

E.U. Direct Lending

 

Total Credit Group

Balance at 12/31/2014

 

$
20,176

 

$
3,075

 

$
5,479

 

$
1,718

 

$
1,952

 

$
23,116

 

$
5,535

 

$
61,051

Net New Equity Commitments

 

127

 

161

 

 -

 

1,200

 

235

 

88

 

 -

 

1,811

Net New Debt Commitments

 

613

 

 -

 

 -

 

 -

 

 -

 

612

 

 -

 

1,225

Distributions

 

(382)

 

(40)

 

(352)

 

(19)

 

(26)

 

(352)

 

(33)

 

(1,204)

Change in Fund Value

 

(631)

 

95

 

71

 

(38)

 

(37)

 

126

 

(399)

 

(813)

Balance at 3/31/2015

 

$
19,903

 

$
3,291

 

$
5,198

 

$
2,861

 

$
2,124

 

$
23,590

 

$
5,103

 

$
62,070

Average AUM

 

$
20,040

 

$
3,183

 

$
5,338

 

$
2,289

 

$
2,038

 

$
23,353

 

$
5,319

 

$
61,560

 

Credit Group—Fee Earning AUM

The table below provides the period‑to‑period rollforward of fee earning AUM for the Credit Group (in millions):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bank Loans

 

High Yield

 

Credit Opportunities

 

Asset-Backed

 

Special Situations

 

U.S. Direct Lending

 

E.U. Direct Lending

 

Total Credit Group

Balance at 12/31/2015

 

$
17,180

 

$
3,303

 

$
2,607

 

$
2,520

 

$
1,051

 

$
19,354

 

$
4,089

 

$
50,104

Commitments

 

59

 

92

 

61

 

 -

 

 -

 

 -

 

 -

 

212

Subscriptions/deployment/increase in leverage

 

 -

 

 -

 

 -

 

7

 

(10)

 

372

 

566

 

935

Distributions

 

(815)

 

(57)

 

(199)

 

(3)

 

(60)

 

(1,230)

 

(328)

 

(2,692)

Change in Fund Value

 

84

 

104

 

7

 

(32)

 

(88)

 

202

 

10

 

287

Change in Fee Basis

 

 -

 

 -

 

(60)

 

 -

 

 -

 

(3)

 

 -

 

(63)

Balance at 3/31/2016

 

$
16,508

 

$
3,442

 

$
2,416

 

$
2,492

 

$
893

 

$
18,695

 

$
4,337

 

$
48,783

Average FEAUM

 

$
16,844

 

$
3,372

 

$
2,511

 

$
2,507

 

$
972

 

$
19,024

 

$
4,214

 

$
49,444

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bank Loans

 

High Yield

 

Credit Opportunities

 

Asset-Backed

 

Special Situations

 

U.S. Direct Lending

 

E.U. Direct Lending

 

Total Credit Group

Balance at 12/31/2014

 

$
16,236

 

$
3,076

 

$
3,943

 

$
1,602

 

$
531

 

$
19,664

 

$
3,017

 

$
48,069

Commitments

 

600

 

 -

 

 -

 

 -

 

 -

 

408

 

 -

 

1,008

Subscriptions/deployment/increase in leverage

 

76

 

96

 

 -

 

457

 

183

 

42

 

348

 

1,202

Distributions

 

(317)

 

(41)

 

(78)

 

(14)

 

 -

 

(1,222)

 

(70)

 

(1,742)

Change in Fund Value

 

(293)

 

34

 

(37)

 

(39)

 

(18)

 

513

 

(83)

 

77

Change in Fee Basis

 

 -

 

 -

 

 -

 

 -

 

 -

 

 -

 

(37)

 

(37)

Balance at 3/31/2015

 

$
16,302

 

$
3,165

 

$
3,828

 

$
2,006

 

$
696

 

$
19,405

 

$
3,175

 

$
48,577

Average FEAUM

 

$
16,269

 

$
3,120

 

$
3,886

 

$
1,804

 

$
613

 

$
19,534

 

$
3,096

 

$
48,322

 

55


 

Table of Contents

The table below breaks out fee earning AUM for the Credit Group by its respective components for each period:

 

 

 

 

 

 

 

 

 

 

 

As of March 31,

 

 

    

2016

 

2015

 

 

 

 

(Dollars in millions)

 

Fee earning AUM based on capital commitments

 

$

183

 

$

—

 

 

Fee earning AUM based on invested capital

 

 

5,527

 

 

3,767

 

 

Fee earning AUM based on market value/other(1)

 

 

21,518

 

 

22,053

 

 

Fee earning AUM based on collateral balances, at par(2)

 

 

21,555

 

 

22,757

 

 

Total fee earning AUM

 

$

48,783

 

$

48,577

 

 


(1)

Includes variances for some funds that are attributable to management fee basis calculations based on average portfolio values or beginning of period values.

(2)

Reflects the gross amount of aggregate collateral balances, at par, for our CLOs.

Credit Group fee earning AUM may vary from AUM for variety of reasons including, but not limited to, the following:

·

leverage for certain funds that utilize leverage strategies and for which management fees are based on NAV, drawn equity or invested equity, referred to as “Non‑Fee Paying Debt;”

·

investments made by the general partner and/or certain of its affiliates, which do not pay management fees;

·

undrawn capital commitments to funds for which management fees are based on invested capital; and

·

fee earning AUM based on invested or committed capital does not reflect the impact of changes in market value.

The reconciliation of AUM to fee earning AUM for the Credit Group is presented below for each period.

 

 

 

 

 

 

 

 

 

 

 

As of March 31,

 

 

    

2016

 

2015

 

 

 

 

(Dollars in millions)

 

AUM

    

$

60,048

    

$

62,070

    

 

Non fee paying debt

 

 

(2,705)

 

 

(4,745)

 

 

General partner and affiliates

 

 

(322)

 

 

(253)

 

 

Undeployed

 

 

(7,557)

 

 

(7,955)

 

 

Market value/other

 

 

(629)

 

 

(483)

 

 

Fees deactivated

 

 

(52)

 

 

(57)

 

 

Fee earning AUM

 

$

48,783

 

$

48,577

 

 

 

Credit Group—Fund Performance Metrics as of March 31, 2016

The Credit Group managed approximately 125 funds as of March 31, 2016 across liquid and illiquid credit strategies. One fund, ARCC, contributed approximately 58% of the Credit Group’s total management fees for the three months ended March 31, 2016, whereas 7 funds contributed over 1% of the Credit Group’s total management fees for the three months ended March 31, 2016. The Credit Group manages three of our significant funds: CSF, a managed account with a flexible and opportunistic mandate to invest in corporate credit funds; ARCC, a publicly-traded business development company that principally originates and invests in first lien senior secured loans, second lien secured loans and mezzanine debt in the United States; and ACE II, a 2013 vintage commingled fund focused on direct lending to European middle market companies. In addition, the following table includes performance information for the fund with the greatest amount of management fees for the three months ended March 31, 2016 for each of the bank loan, high yield,

56


 

Table of Contents

credit opportunities and asset-backed strategies within the Credit Group, which would not otherwise be presented as significant funds.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2016

 

 

 

 

 

 

 

 

 

Net Returns (%)

 

 

 

 

Year of

 

AUM

 

Since

 

Past

 

Past

 

 

Fund

    

Inception

    

(in millions)(1)

    

Inception

    

5 Years

    

3 Years

    

Investment Strategy

ARCC(2)

 

2004

 

$

9,768

 

12.0

 

11.4

 

11.0

 

U.S. direct lending

Sub-advised Client A(3)(4)

 

2007

 

$

454

 

7.2

 

5.2

 

2.6

 

High yield

CSF(3)(5)

 

2008

 

$

517

 

10.0

 

5.0

 

3.1

 

Special situations

Sub-advised Client B(3)(4)

 

2009

 

$

663

 

5.9

 

3.5

 

2.2

 

Bank loans

ARDC(6)

 

2012

 

$

568

 

1.0

 

n/a

 

(0.2)

 

Credit opportunities

ACE II(3)(5)(7)

 

2013

 

$

1,711

 

8.5

 

n/a

 

8.6

 

E.U. direct lending

Sub-advised Client C(8)

 

2015

 

$

936

 

n/a

 

n/a

 

n/a

 

Asset-backed


(1)

AUM equals the sum of the NAV for such fund, the drawn and undrawn debt (at the fund-level including amounts subject to restrictions) and uncalled committed capital. The AUM for ARCC does not include AUM of GE’s co-investment in the SSLP (through which ARCC co-invests with affiliates of GE) or Ivy Hill Asset Management, L.P. (a wholly owned portfolio company of ARCC). The AUM for CSF, a fund of funds, includes AUM that has been committed to other Ares funds.

(2)

Net returns are annualized net returns and are calculated using the fund's net asset value per share (NAV) and assume dividends are reinvested at the closest quarter-end NAV to the relevant quarterly ex-dividend dates. Additional information related to ARCC can be found in its financial statements filed with the Securities and Exchange Commission (“SEC”), which are not part of this quarterly report.

(3)

Net returns are net of management fees and performance fees as applicable. CSF and ACE II net returns are also after giving effect to other expenses. Returns are expressed in U.S. Dollars.

(4)

Net returns for the past three year, five year, and since inception periods are annualized net returns calculated by linking monthly net returns. Monthly net returns are calculated by linking daily returns. Prior to January 1, 2015 monthly net returns were calculated using the modified Dietz method, which is an estimate of the time-weighted return and weights portfolio cash flows according to the time they were invested in the portfolio.

(5)

The net return is an annualized net internal rate of return of cash flows to and from the fee-paying partners and the fee-paying partners’ ending capital for the period. The past five and three years’ net returns are calculated using the beginning partners’ capital for the fee-paying partners for such period. Cash flows for net return calculations are based on the actual dates of the cash flows.

(6)

Net returns are annualized net returns and are calculated using the fund's net asset value per share (NAV) and assume dividends are reinvested at the NAV. Additional information related to ARDC can be found in its financial statements filed with the SEC, which are not part of this quarterly report.

(7)

ACE II is comprised of two feeder funds, one denominated in U.S. Dollars and one denominated in Euros. The since inception net IRR presented in the chart is for the U.S. Dollar denominated feeder fund. All other values for ACE II are for the combined fund and are converted to U.S. Dollars at the prevailing quarter-end exchange rate. The since inception and 3-year net IRR for the Euro denominated feeder fund are 11.5% and 11.6%, respectively, and are calculated using the same methodology described in footnotes 3 and 5 above. The variance between the since inception net IRRs for the U.S. Dollar denominated and Euro denominated feeder funds is driven by the U.S. GAAP mark-to-market reporting of the foreign currency hedging program in the U.S. Denominated feeder fund. The feeder fund is expected to hold the foreign currency hedges until maturity, and therefore is expected to ultimately recognize a gain while mitigating the currency risk associated with the initial principal investments.

(8)

Information not yet meaningful due to limited operating history.

The following table presents certain additional performance data for the group’s significant funds that is structured as closed‑end, private commingled funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2016 (Dollars in millions)

 

 

 

 

 

 

Cumulative

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Original Capital

 

Invested

 

Realized

 

Unrealized

 

Total

 

Gross

 

Net

 

Fund

    

Commitments

    

Capital

    

Proceeds(1)

    

Value(2)

    

Value

    

MoIC(3)(5)

    

MoIC(4)(5)

 

ACE II

    

$

1,216

    

$

891

    

$

98

    

$

1,054

    

$

1,152

    

1.4x

    

1.3x

 


57


 

Table of Contents

(1)

Realized proceeds represent the sum of all cash distributions to all partners.

(2)

Unrealized value represents the fund's net asset value.

(3)

The Gross multiple of invested capital (“MoIC”) is before giving effect to management fees, performance fees and other expenses. The multiple is calculated at the fund-level and is based on the interests of all partners.

(4)

The Net MoIC is after giving effect to management fees, performance fees and other expenses. The multiple is calculated at the fund-level and is based on the interests of the fee-paying limited partners and excludes those interests attributable to the non-fee paying limited partners and the general partner.

(5)

ACE II is comprised of two feeder funds, one denominated in U.S. Dollars and one denominated in Euros. The Gross and Net MoIC presented in the chart are for the U.S. Dollar denominated feeder fund. The Gross and Net MoIC for the Euro denominated feeder fund are 1.3x and 1.2x, respectively. Original capital commitments are converted to U.S. Dollars at the prevailing exchange rate at the time of the fund's closing.  All other values for ACE II are for the combined fund and are converted to U.S. Dollars at the prevailing quarter-end exchange rate. The variance between the Gross and Net MoICs for the U.S. Dollar denominated and Euro denominated feeder funds is driven by the U.S. GAAP mark-to-market reporting of the foreign currency hedging program in the U.S. Denominated feeder fund. The feeder fund will be holding the foreign currency hedges until maturity, and therefore is expected to ultimately recognize a gain while mitigating the currency risk associated with the initial principal investments.

 

 

 

 

 

 

Private Equity Group

The following table sets forth certain statement of operations data and certain other data of our Private Equity Group segment for the periods presented.

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

 

 

 

 

 

 

March 31,

 

 

Favorable/

 

 

 

 

2016

    

2015

    

    

(Unfavorable)

    

% Change

    

 

(Dollars in thousands)

 

 

 

Management fees

$

36,482

 

$

36,589

 

$

(107)

 

(0.3%)

 

Administrative fees and other income

 

340

 

 

13

 

 

327

 

NM

 

Compensation and benefits

 

(12,167)

 

 

(12,321)

 

 

154

 

(1.2%)

 

General, administrative and other expenses

 

(2,904)

 

 

(3,118)

 

 

214

 

(6.9%)

 

Fee related earnings

 

21,751

 

 

21,163

 

 

588

 

2.8%

 

Performance fees-realized

 

 —

 

 

425

 

 

(425)

 

(100.0%)

 

Performance fees-unrealized

 

(12,143)

 

 

87,331

 

 

(99,474)

 

NM

 

Performance fee compensation-realized

 

 —

 

 

(340)

 

 

340

 

(100.0%)

 

Performance fee compensation-unrealized

 

8,941

 

 

(69,981)

 

 

78,922

 

NM

 

Net performance fees

 

(3,202)

 

 

17,435

 

 

(20,637)

 

NM

 

Investment income (loss)-realized

 

(112)

 

 

4,172

 

 

(4,284)

 

NM

 

Investment income (loss)-unrealized

 

(7,745)

 

 

(1,442)

 

 

(6,303)

 

NM

 

Interest and other investment income

 

(91)

 

 

4,485

 

 

(4,576)

 

NM

 

Interest expense

 

(1,405)

 

 

(1,680)

 

 

275

 

(16.4%)

 

Net investment income (loss)

 

(9,353)

 

 

5,535

 

 

(14,888)

 

NM

 

Performance related earnings

$

(12,555)

 

$

22,970

 

 

(35,525)

 

NM

 

Economic net income

$

9,196

 

$

44,133

 

 

(34,937)

 

(79.2%)

 

Distributable earnings

$

19,605

 

$

27,086

 

 

(7,481)

 

(27.6%)

 


NM – Not meaningful

 

 

58


 

Table of Contents

Accrued performance fees for the Private Equity Group are comprised of the following:

 

 

 

 

 

 

 

 

 

 

As of March 31,

 

Q2 2014

 

2016

 

2015

 

 

 

(Dollars in thousands)

 

ACOF II

 

$

26,488

 

$

43,615

 

ACOF III

 

 

388,365

 

 

291,827

 

ACOF IV

 

 

 —

 

 

74,949

 

Other funds

 

 

10,822

 

 

9,305

 

Total Private Equity Group

 

$

425,675

 

$

419,696

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2016

 

Three Months Ended March 31, 2015

 

Q2 2015

 

Realized

 

Unrealized

 

 

 

 

Realized

 

Unrealized

 

 

 

 

Q2 2014

 

Gains(Losses)

 

Gains(Losses)

 

Total

   

Gains(Losses)

 

Gains(Losses)

 

Total

 

 

 

(Dollars in thousands)

 

(Dollars in thousands)

 

ACOF II

 

$

 —

 

$

(1,660)

 

$

(1,660)

 

$

 —

 

$

13,301

 

$

13,301

 

ACOF III

 

 

 —

 

 

49,981

 

 

49,981

 

 

425

 

 

43,863

 

 

44,288

 

ACOF IV

 

 

 —

 

 

(58,608)

 

 

(58,608)

 

 

 —

 

 

31,826

 

 

31,826

 

Other funds

 

 

 —

 

 

(1,856)

 

 

(1,856)

 

 

 —

 

 

(1,659)

 

 

(1,659)

 

Total Private Equity Group

 

$

 —

 

$

(12,143)

 

$

(12,143)

 

$

425

 

$

87,331

 

$

87,756

 

 

59


 

Table of Contents

Private Equity Group—Three Months Ended March 31, 2016 Compared to the Three Months Ended March 31, 2015

Management Fees.  Total management fees decreased by $0.1 million, or 0.3%, to $36.5 million for the three months ended March 31, 2016 compared to the three months ended March 31, 2015. The decrease was primarily attributable to the absence of management fees from ACOF II, which had earned $1.2 million of fees in the three months ended March 31, 2015. In connection with an extension of ACOF II’s term for one year, we agreed to waive management fees starting in the first quarter of 2016. A majority of this decrease was offset by $1.1 million of fees earned in the three months ended March 31, 2016 from a new power and energy infrastructure fund that began paying management fees in the fourth quarter of 2015. The effective management fee rate decreased from 1.31% for the three months ended March 31, 2015 to 1.30% for the three months ended March 31, 2016.

Net Performance Fees. Net performance fees (expense) include realized and unrealized performance fees, net of realized and unrealized performance fee compensation. The impact of reversals of previously recorded performance fee revenue and the corresponding performance fee compensation expense is reflected in unrealized performance fees and performance fee compensation.

Net performance fees decreased by $20.6 million to a net fee reversal of $3.2 million for the three months ended March 31, 2016, compared to net performance fee revenue of $17.4 million for the three months ended March 31, 2015. The decrease and resulting reversal in net performance fee for the three month ended March 31, 2016 as compared to the three months ended March 31, 2015 is primarily the result of the passage of time on the IRR calculations compounded by the fair values of certain funds’ portfolios remaining relatively flat or slightly down during the quarter. For the three months ended March 31, 2016 and 2015, reversals of previously recognized net performance fees were approximately $13.2 million and $0.4 million, respectively.

Compensation and Benefits. Compensation and benefits expenses decreased by $0.2 million, or 1.2%, to $12.2 million for the three months ended March 31, 2016 compared to the three months ended March 31, 2015. The slight decrease was primarily due to lower incentive compensation in the current year, which is generally expected to correlate to operating performance. Compensation and benefits represented 33.4% of recurring management fees for the three months ended March 31, 2016 compared to 33.7% for the three months ended March 31, 2015.

General, Administrative and Other Expenses.  General, administrative and other expenses decreased by $0.2 million, or 6.9%, to $2.9 million for the three months ended March 31, 2016 compared to the three months ended March 31, 2015 primarily due to $0.2 million of lower professional services expenses.

Net Investment Income (Loss).  Net investment income decreased by $14.9 million to a $9.4 million loss for the three months ended March 31, 2016 compared to the three months ended March 31, 2015. The decrease in net investment income was driven by $8.9 million of realized gains and interest income during the three months ended March 31, 2015 that did not recur during the three months ended March 31, 2016.  Net investment income was further decreased by unrealized losses in ACOF Asia and ACOF IV of $5.8 million and $3.7 million, respectively, as a result of decreases in fair values of the underlying portfolio companies and of decreases in inception to date IRR. The decrease was partially offset by unrealized gains in ACOF III of $5.4 million as a result of increases in fair values of the underlying investments.

Non-GAAP Performance Measures. The decreases of $20.6 million and $14.9 million in net performance fees and net investment income, respectively, reduced our PRE and ENI for the three months ended March 31, 2016 compared to the same period in the prior year. Included in the decrease in net investment income was a $8.6 million decrease of realized investment income and other income, which had a negative impact on DE period over period. These decreases in DE were partially offset by a reduction in non‑core expenses, such as acquisition expenses, placement fees and underwriting costs, of $0.6 million. Net performance fees decreased by $20.6 million, also reducing PRE and ENI. FRE was impacted by changes in compensation and benefits expense, management fees and general, administrative and other expenses, but these changes were not significant.

 

 

 

60


 

Table of Contents

 

Private Equity Group—Assets Under Management

The table below provides the period‑to‑period rollforward of AUM for the Private Equity Group (in millions):

 

 

 

 

 

 

 

 

 

 

 

Private Equity - ACOF(1)

 

Private Equity - Asia

 

Private Equity - EIF

 

Total Private Equity Group

Balance at 12/31/2015

 

$
15,725

 

$
183

 

$
5,207

 

$
21,115

Net New Equity Commitments

 

2,119

 

 -

 

 -

 

2,119

Distributions

 

(1)

 

 -

 

(16)

 

(17)

Change in Fund Value

 

158

 

(32)

 

(67)

 

59

Balance at 3/31/2016

 

$
18,001

 

$
151

 

$
5,124

 

$
23,276

Average AUM

 

$
16,863

 

$
168

 

$
5,165

 

$
22,196

 


(1)

Net new equity commitments represents commitments to Ares Corporate Opportunities Fund V, L.P. (“ACOF V”).

 

 

 

 

 

 

 

 

 

 

 

 

 

Private Equity - ACOF

 

Private Equity - Asia

 

Private Equity - EIF

 

Total Private Equity Group

Balance at 12/31/2014

 

$
9,860

 

$
275

 

$ -

 

$
10,135

Acquisitions

 

 -

 

 -

 

4,581

 

4,581

Distributions

 

(194)

 

(20)

 

(160)

 

(374)

Change in Fund Value

 

468

 

(5)

 

18

 

481

Balance at 3/31/2015

 

$
10,134

 

$
250

 

$
4,439

 

$
14,823

Average AUM

 

$
9,997

 

$
262

 

$
2,220

 

$
12,479

 

Private Equity Group—Fee Earning AUM

The table below provides the period‑to‑period rollforward of fee earning AUM for the Private Equity Group (in millions):

 

 

 

 

 

 

 

 

 

 

 

Private Equity - ACOF

 

Private Equity - Asia

 

Private Equity - EIF

 

Total Private Equity Group

Balance at 12/31/2015

 

$
6,902

 

$
55

 

$
4,454

 

$
11,411

Subscriptions/deployment/increase in leverage

 

 -

 

 -

 

3

 

3

Change in Fund Value

 

 -

 

 -

 

(21)

 

(21)

Change in Fee Basis

 

(271)

 

 -

 

(7)

 

(278)

Balance at 3/31/2016

 

$
6,631

 

$
55

 

$
4,429

 

$
11,115

Average FEAUM

 

$
6,767

 

$
55

 

$
4,441

 

$
11,263

 

 

 

 

 

 

 

 

 

 

 

 

 

Private Equity - ACOF

 

Private Equity - Asia

 

Private Equity - EIF

 

Total Private Equity Group

Balance at 12/31/2014

 

$
7,117

 

$
55

 

$ -

 

$
7,172

Acquisitions

 

 -

 

 -

 

4,046

 

4,046

Subscriptions/deployment/increase in leverage

 

3

 

 -

 

66

 

69

Distributions

 

(4)

 

 -

 

(173)

 

(177)

Change in Fund Value

 

 -

 

 -

 

(3)

 

(3)

Balance at 3/31/2015

 

$
7,116

 

$
55

 

$
3,936

 

$
11,107

Average FEAUM

 

$
7,116

 

$
55

 

$
1,969

 

$
9,140

 

 

61


 

Table of Contents

The components of fee earning AUM for the Private Equity Group are presented below for each period.

 

 

 

 

 

 

 

 

 

As of March 31,

 

 

 

2016

    

2015

    

 

 

(Dollars in millions)

 

 

Fee earning AUM based on capital commitments

$

6,562

 

$

6,661

 

 

Fee earning AUM based on invested capital

 

4,553

 

 

4,446

 

 

Total fee earning AUM

$

11,115

 

$

11,107

 

 

 

Private Equity Group fee earning AUM may vary from AUM for variety of reasons including, but not limited to, the following:

·

undrawn capital commitments to funds for which management fees are based on invested capital;

·

capital commitments to funds that have not commenced their investment periods;

·

investments made by the general partner and/or certain of its affiliates; and

·

the impact of changes in market value.

The reconciliation of AUM to fee earning AUM for the Private Equity Group is presented below for each period.

 

 

 

 

 

 

 

 

 

As of March 31,

 

 

 

2016

    

2015

    

 

 

(Dollars in millions)

 

 

AUM

$

23,276

    

$

14,823

 

 

General partner and affiliates

 

(979)

 

 

(729)

 

 

Undeployed/undrawn commitments

 

(493)

 

 

(915)

 

 

Market value/other

 

(2,383)

 

 

(1,970)

 

 

Fees not activated

 

(7,565)

 

 

(102)

 

 

Fees deactivated

 

(741)

 

 

 —

 

 

Fee earning AUM

$

11,115

 

$

11,107

 

 

 

Private Equity Group—Fund Performance Metrics as of March 31, 2016

The Private Equity Group managed 17 commingled funds and related co-investment vehicles as of March 31, 2016. ACOF III, ACOF IV, USPF III and USPF IV, each considered a significant fund, combined for approximately 89% of the Private Equity Group’s management fees for the three months ended March 31, 2016. Our flexible capital Private Equity funds focus on majority or shared‑control investments, principally in under‑capitalized companies in the U.S. and Europe. ACOF III is in harvest mode, meaning it is generally not seeking to deploy capital into new investment opportunities, while ACOF IV is in deployment mode. Each of our U.S. power and energy infrastructure funds focuses on generating long‑term, stable cash‑flowing investments in the power generation, transmission and midstream energy sector. USPF III and USPF IV, acquired in connection with the acquisition of EIF in January 2015, are in harvest mode and deployment mode, respectively. In addition, performance information for ACOF Asia has been included to provide information about the China growth capital sub‑strategy within the Private Equity Group.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2016

 

 

 

 

 

 

 

 

 

Net Returns (%)(2)

 

 

 

 

Year of

 

AUM

 

Since

 

Past

 

Past

 

 

Fund

    

Inception

    

(in millions)(1)

    

Inception

    

5 Years

    

3 Years

    

Investment Strategy

USPF III(3)

    

2007

    

$

1,417

    

5.9

    

9.2

    

12.3

    

U.S. Power and Energy Infrastructure

ACOF III(4)

    

2008

    

$

4,472

    

22.1

    

16.8

    

16.3

    

North American/European Flexible Capital

USPF IV(3)

    

2010

    

$

1,911

    

12.2

    

n/a

    

18.7

    

U.S. Power and Energy Infrastructure

ACOF Asia(4)

    

2011

    

$

152

    

3.3

    

n/a

    

4.4

    

China Growth Capital

ACOF IV(4)

    

2012

    

$

4,959

    

7.7

    

n/a

    

8.5

    

North American/European Flexible Capital

 


(1)

 

(1)

AUM equals the sum of the NAV for such fund, the drawn and undrawn debt (at the fund‑level including amounts subject to restrictions) and uncalled committed capital.

62


 

Table of Contents

(2)

Net returns are net of management fees, performance fees and other expenses.

(3)

The net return is an annualized net internal rate of return of cash flows to and from the fee-paying partners and the fee-paying partners' ending capital for the period. The past five and three years’ net returns are calculated using beginning partners’ capital for the fee-paying partners for such period. Cash flows for net return calculations are based on the actual dates of the cash flows.

(4)

The net return is an annualized net internal rate of return of cash flows on investments and the investments’ ending valuations for the period. The past five and three years’ net returns are calculated using beginning investment valuations for such period. For ACOF III and ACOF IV, cash flows and beginning and ending valuations include those attributable to the interests of the fee-paying limited partners and exclude those attributable to the non-fee paying limited partners and the general partner. For ACOF Asia, cash flows and beginning and ending valuations include those attributable to the interests of all partners, including the general partner and Schedule I limited partners, which both pay reduced performance fees and do not pay management fees, since the commitments of these partners account for approximately 75% of total fund commitments. Cash flows for all net return calculations are assumed to occur at month-end.

For the group’s significant funds and other funds that in each case are structured as closed‑end, private commingled funds, the following table presents certain additional performance data.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2016 (Dollars in millions)

 

 

    

Original Capital

    

Cumulative

    

Realized

    

Unrealized

    

Total

    

Gross

    

Net

 

Fund

 

Commitments

 

Invested Capital

 

Proceeds(1)

 

Value(2)

 

Value

 

MoIC(3)(4)

 

MoIC(4)

 

USPF III

 

$

1,350

 

$

1,734

 

$

1,154

 

$

1,309

 

$

2,462

 

1.4x

 

1.4x

 

ACOF III

 

$

3,510

 

$

3,830

 

$

4,102

 

$

4,086

 

$

8,188

 

2.1x

 

1.8x

 

USPF IV

 

$

1,688

 

$

1,518

 

$

410

 

$

1,684

 

$

2,095

 

1.4x

 

1.2x

 

ACOF Asia

 

$

220

 

$

183

 

$

79

 

$

144

 

$

223

 

1.2x

 

1.1x

 

ACOF IV

 

$

4,700

 

$

3,133

 

$

150

 

$

3,703

 

$

3,852

 

1.2x

 

1.1x

 


(1)

Realized proceeds represents the sum of all cash dividends, interest income, other fees and cash proceeds from realizations of interests in portfolio investments.

(2)

Unrealized value represents the fair value of remaining investments. There can be no assurance that unrealized investments will be realized at the valuations shown.

(3)

The Gross MoIC is before giving effect to management fees, performance fees and other expenses. The multiple is calculated at the investment level and is based on the interests of all partners.

(4)

The Net MoIC is after giving effect to management fees, performance fees and other expenses. For ACOF III and ACOF IV, the multiple is calculated at the investment-level and is based on the interests of the fee-paying limited partners and excludes those interests attributable to the non-fee paying limited partners and the general partner. For ACOF Asia, the multiple is calculated at the investment-level and is based on the interests of all partners, including the general partner and Schedule I limited partners, which both pay reduced performance fees and do not pay management fees, since the commitments of these partners account for approximately 75% of total fund commitments. For USPF III and USPF IV, the multiple is calculated at the fund-level and is based on the interests of the fee-paying limited partners.

 

 

 

 

 

63


 

Table of Contents

Real Estate Group

The following table sets forth certain statement of operations data and certain other data of our Real Estate Group segment for the periods presented.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

 

 

 

 

 

 

 

March 31,

 

 

Favorable/

 

 

 

 

 

2016

    

2015

    

 

(Unfavorable)

    

% Change

    

 

 

(Dollars in thousands)

 

 

Management fees

$

16,745

 

$

17,379

 

$

(634)

 

(3.6%)

 

 

Administrative fees and other income

 

406

 

 

854

 

 

(448)

 

(52.5%)

 

 

Compensation and benefits

 

(10,714)

 

 

(10,131)

 

 

(583)

 

5.8%

 

 

General, administrative and other expenses

 

(3,450)

 

 

(2,544)

 

 

(906)

 

35.6%

 

 

Fee related earnings

 

2,987

 

 

5,558

 

 

(2,571)

 

(46.3%)

 

 

Performance fee-realized

 

171

 

 

 —

 

 

171

 

NM

 

 

Performance fee-unrealized

 

4,122

 

 

320

 

 

3,802

 

NM

 

 

Performance fee compensation-realized

 

 —

 

 

 —

 

 

 —

 

NM

 

 

Performance fee compensation-unrealized

 

(2,233)

 

 

402

 

 

(2,635)

 

NM

 

 

Net performance fees

 

2,060

 

 

722

 

 

1,338

 

185.3%

 

 

Investment income (loss)-realized

 

(132)

 

 

132

 

 

(264)

 

NM

 

 

Investment income (loss)-unrealized

 

2,799

 

 

196

 

 

2,603

 

NM

 

 

Interest and other investment income

 

892

 

 

29

 

 

863

 

NM

 

 

Interest expense

 

(274)

 

 

(270)

 

 

(4)

 

1.5%

 

 

Net investment income (loss)

 

3,285

 

 

87

 

 

3,198

 

NM

 

 

Performance related earnings

$

5,345

 

$

809

 

 

4,536

 

NM

 

 

Economic net income

$

8,332

 

$

6,367

 

 

1,965

 

30.9%

 

 

Distributable earnings

$

3,343

 

$

3,382

 

 

(39)

 

(1.2%)

 

 


NM – Not meaningful

 

 

Accrued performance fees for the Real Estate Group are comprised of the following:

 

 

 

 

 

 

 

 

 

 

As of March 31,

 

 

 

2016

 

2015

 

 

 

(Dollars in thousands)

 

EPEP

 

$

12,962

 

$

3,164

 

US VIII

 

 

4,473

 

 

643

 

Other real estate funds

 

 

4,683

 

 

 —

 

Subtotal

 

 

22,118

 

 

3,807

 

Other fee generating funds (1)

 

 

24,894

 

 

27,400

 

Total Real Estate Group

 

$

47,012

 

$

31,207

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2016

 

Three Months Ended March 31, 2015

 

 2014

 

Realized

 

Unrealized

 

 

 

 

Realized

 

Unrealized

 

 

 

 

 

 

Gains(Losses)

 

Gains(Losses)

 

Total

   

Gains(Losses)

 

Gains(Losses)

 

Total

 

 

 

(Dollars in thousands)

 

(Dollars in thousands)

 

EPEP

 

$

 —

 

$

1,654

 

$

1,654

 

$

 —

 

$

(614)

 

$

(614)

 

US VIII

 

 

 —

 

 

1,381

 

 

1,381

 

 

 —

 

 

(57)

 

 

(57)

 

Other real estate funds

 

 

 —

 

 

686

 

 

686

 

 

 —

 

 

 —

 

 

 —

 

Subtotal

 

 

 —

 

 

3,721

 

 

3,721

 

 

 —

 

 

(671)

 

 

(671)

 

Other fee generating funds (1)

 

 

171

 

 

401

 

 

572

 

 

 —

 

 

991

 

 

991

 

Total Real Estate Group 

 

$

171

 

$

4,122

 

$

4,293

 

$

 —

 

$

320

 

$

320

 


(1)

Relates to investment income from AREA Sponsor Holdings LLC that is reclassified for segment reporting to align with the character of the underlying revenue generated.

64


 

Table of Contents

Real Estate Group—Three Months Ended March 31, 2016 Compared to the Three Months Ended March 31, 2015

Management Fees.  Total management fees decreased by $0.6 million, or 3.6%, to $16.7 million for the three months ended March 31, 2016 compared to the three months ended March 31, 2015. The decrease was driven by (i) funds that passed their investment period subsequent to March 31, 2015, including EU II and EU III, which decreased fees by $0.4 million and $1.0 million, respectively, and (ii) a declining fee basis in certain Real Estate Group equity funds due to sales of investments and distributions, which collectively reduced management fees by $0.7 million, among other changes. The decrease in management fees was partially offset by new funds that launched subsequent to March 31, 2015. The effective management fee rate decreased by 0.15% from 1.15% for the three months ended March 31, 2015 to 1.00% for the three months ended March 31, 2016.

Net Performance Fees.  Net performance fees (expense) include realized and unrealized performance fees, net of realized and unrealized performance fee compensation. The impact of reversals of previously recorded performance fee revenue and the corresponding performance fee compensation expense is reflected in unrealized performance fees and performance fee compensation.

Net performance fees increased by $1.3 million to $2.1 million for the three months ended March 31, 2016 compared to the three months ended March 31, 2015. This increase was primarily driven by increases in the valuations of underlying assets across certain Real Estate equity funds when compared to the three months ended March 31, 2015. For the three months ended March 31, 2016 and 2015, reversals of previously recognized net performance fees were approximately $0.9 million and $0.8 million, respectively.

Compensation and Benefits.  Compensation and benefits expenses increased by $0.6 million, or 5.8%, to $10.7 million for the three months ended March 31, 2016 compared to the three months ended March 31, 2015. The increase was primarily due to certain non-recurring compensation payments made to employees during the current period. Compensation and benefits represented 64.0% of management fees for the three months ended March 31, 2016 compared to 58.3% for the three months ended March 31, 2015.

General, Administrative and Other Expenses.  General, administrative and other expenses increased by $0.9 million, or 35.6%, to $3.5 million for the three months ended March 31, 2016 compared to the prior year period due to increases in professional services expenses and information technology related costs, among others.

Net Investment Income (Loss).  Net investment income increased by $3.2 million to $3.3 million for the three months ended March 31, 2016 compared to the three months ended March 31, 2015. The increase in net investment income was primarily due to $2.6 million in unrealized appreciation on Real Estate Group equity funds that experienced increases in the valuations of the underlying assets for the period ended March 31, 2016. For the three months ended March 31, 2016, EU IV and a separately managed account contributed $0.7 million and $0.8 million, respectively.

Non-GAAP Performance Measures. The $3.2 million increase in net investment income increased our PRE and ENI for the three months ended March 31, 2016 compared to the same period in the prior year. Net performance fees increased by $1.3 million, which had a positive impact on PRE and ENI. Decreases in management fees of $0.6 million, or 3.6%, and increases in compensation and benefits expenses of $0.6 million, or 5.8%, and in general, administrative and other expenses of $0.9 million, or 35.6%, resulted in an overall decrease to FRE and also negatively impacted ENI and DE. These decreases in DE were partially offset by a reduction in non-core expenses, such as acquisition expenses, placement fees and underwriting costs of $1.8 million that increased DE during the current period.

65


 

Table of Contents

Real Estate Group—Assets Under Management

The table below provides the period‑to‑period rollforward of AUM for the Real Estate Group (in millions):

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate Equity - U.S.

 

Real Estate Equity - EU

 

Real Estate Debt

 

Total Real Estate Group

 

Balance at 12/31/2015

 

$
4,616

 

$
3,059

 

$
2,593

 

$
10,268

 

Net New Equity Commitments

 

 -

 

114

 

 -

 

114

 

Distributions

 

(148)

 

(80)

 

(78)

 

(306)

 

Change in Fund Value

 

70

 

31

 

6

 

107

 

Balance at 3/31/2016

 

$
4,538

 

$
3,124

 

$
2,521

 

$
10,183

 

Average AUM

 

$
4,578

 

$
3,091

 

$
2,557

 

$
10,226

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate Equity - U.S.

 

Real Estate Equity - EU

 

Real Estate Debt

 

Total Real Estate Group

 

Balance at 12/31/2014

 

$
4,595

 

$
2,962

 

$
3,018

 

$
10,575

 

Net New Equity Commitments

 

 -

 

89

 

(158)

 

(69)

 

Distributions

 

(171)

 

(81)

 

(196)

 

(448)

 

Change in Fund Value

 

87

 

(121)

 

9

 

(25)

 

Balance at 3/31/2015

 

$
4,511

 

$
2,849

 

$
2,673

 

$
10,033

 

Average AUM

 

$
4,553

 

$
2,905

 

$
2,846

 

$
10,304

 

 

Real Estate Group—Fee Earning AUM

The table below provides the period‑to‑period rollforward of fee earning AUM for the Real Estate Group (in millions):

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate Equity - U.S.

 

Real Estate Equity - EU

 

Real Estate Debt

 

Total Real Estate Group

Balance at 12/31/2015

 

$
3,205

 

$
2,554

 

$
998

 

$
6,757

Commitments

 

 -

 

114

 

 -

 

114

Subscriptions/deployment/increase in leverage

 

1

 

20

 

13

 

34

Distributions

 

(135)

 

(17)

 

(8)

 

(160)

Change in Fund Value

 

1

 

30

 

7

 

38

Change in Fee Basis

 

 -

 

(108)

 

 -

 

(108)

Balance at 3/31/2016

 

$
3,072

 

$
2,593

 

$
1,010

 

$
6,675

Average FEAUM

 

$
3,138

 

$
2,574

 

$
1,004

 

$
6,716

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate Equity - U.S.

 

Real Estate Equity - EU

 

Real Estate Debt

 

Total Real Estate Group

Balance at 12/31/2014

 

$
3,028

 

$
2,698

 

$
392

 

$
6,118

Commitments

 

11

 

70

 

83

 

164

Subscriptions/deployment/increase in leverage

 

66

 

 -

 

10

 

76

Distributions

 

(82)

 

(61)

 

(7)

 

(150)

Change in Fund Value

 

 -

 

(73)

 

7

 

(66)

Change in Fee Basis

 

20

 

(182)

 

 -

 

(162)

Balance at 3/31/2015

 

$
3,043

 

$
2,452

 

$
485

 

$
5,980

Average FEAUM

 

$
3,036

 

$
2,575

 

$
439

 

$
6,050

 

 

Components of fee earning AUM for the Real Estate Group are presented below for each period.

 

 

 

 

 

 

 

 

 

 

 

As of March 31,

 

 

    

2016

 

2015

 

 

 

 

(Dollars in millions)

 

Fee earning AUM based on capital commitments

 

$

2,862

    

$

2,602

    

 

Fee earning AUM based on invested capital

 

 

3,416

 

 

2,986

 

 

Fee earning AUM based on market value/other(1)

 

 

397

 

 

392

 

 

Total fee earning AUM

 

$

6,675

 

$

5,980

 

 


(1)

Market value/other includes ACRE fee earning AUM, which is based on ACRE’s stockholders’ equity.

66


 

Table of Contents

Real Estate Group fee earning AUM may vary from AUM for a variety of reasons including, but not limited to, the following:

·

undrawn capital commitments to funds for which management fees are based on invested capital;

·

capital commitments to funds that have not commenced their investment periods;

·

fee earning AUM may not reflect the impact of changes in market value;

·

funds for which management fees have not been activated; and

·

funds that are beyond the term during which management fees are paid.

The reconciliation of fee earning AUM for the Real Estate Group is presented below for each period.

 

 

 

 

 

 

 

 

 

 

 

As of March 31,

 

 

    

2016

 

2015

 

 

 

 

(Dollars in millions)

 

AUM

 

$

10,183

    

$

10,033

    

 

General partner and affiliates

 

 

(276)

 

 

(203)

 

 

Non-fee paying debt

 

 

(1,282)

 

 

(1,487)

 

 

Undeployed/undrawn commitments

 

 

(892)

 

 

(1,255)

 

 

Market value/other

 

 

(653)

 

 

(723)

 

 

Fees deactivated

 

 

(405)

 

 

(385)

 

 

Fee earning AUM

 

$

6,675

 

$

5,980

 

 

 

Real Estate Group—Fund Performance Metrics as of March 31, 2016

The Real Estate Group managed approximately 46 funds in real estate debt and real estate equity as of March 31, 2016. Two funds in our Real Estate Group, EU IV and US VIII, contributed 10% or more of the Real Estate Group’s management fees for the three months ended March 31, 2016, whereas 16 funds contributed over 1%. The Real Estate Group managed three significant funds; EU IV, which is a commingled fund focused on real estate assets located in Europe, with a focus on the United Kingdom, France and Germany; US VIII, which is a commingled fund focused on the United States; and ACRE, a publicly traded, specialty finance company and real estate investment trust whose common stock is listed on the New York Stock Exchange.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2016

 

 

 

 

 

 

 

 

 

 

Net Returns(2) / Effective Yield (%)

 

 

 

 

 

Year of

 

AUM

 

Since

 

Past

 

Past

 

 

 

Fund

    

Inception

    

(in millions)(1)

    

Inception

    

5 Years

    

3 Years

    

Investment Strategy

 

ACRE(4)

    

2012

    

$

1,774

    

6.1

    

n/a

    

n/a

    

Real Estate Debt

 

EU IV(3) (5)

    

2013

    

$

1,279

    

(1.3)

    

n/a

    

n/a

    

EU Real Estate Equity

 

US VIII (3)

    

2013

    

$

818

    

13.5

    

n/a

    

n/a

    

U.S. Real Estate Equity

 


(1)

AUM equals the sum of the NAV for such fund, the drawn and undrawn debt (at the fund‑level including amounts subject to restrictions) and uncalled committed capital.

(2)

Returns are net of management fees, performance fees and other expenses.

(3)

The net return is an annualized net internal rate of return of cash flows to and from the fee-paying partners. The past five and three years’ net returns are calculated using beginning partners’ capital for the fee-paying partners for such period. Cash flows for net return calculations are based on the actual dates of the cash flows.

(4)

The return shown is an effective yield that represents the dollar weighted average of the unleveraged effective yield of ACRE's principal lending portfolio measured at the end of the 16 quarterly periods ending March 31, 2016. Unleveraged effective yield is based on the contractual interest rate (adjusted for any deferred loan fees, costs, premium or discount) and assumes no dispositions, early prepayments or defaults and does not take into consideration the impact of leverage utilized by ACRE, fees, expenses and other costs incurred by ACRE or its stockholders, which are expected to be significant. Unleveraged effective yield does not represent net returns to investors of ACRE. Additional information related to ACRE can be found in its financial statements filed with the SEC, which are not part of this quarterly report.

67


 

Table of Contents

(5)

EU IV is made up of two parallel funds, one denominated in Euros and one denominated in U.S. Dollars.  The net IRRs presented in the chart are for the U.S. Dollar denominated fund. All other values for EU IV are for the combined fund and are converted to U.S. dollars at the prevailing quarter-end exchange rate. Since inception net IRR for the Euro denominated fund is (1.0%), and is calculated using the same methodology described in footnote 3 above.

 

For the group’s significant funds and other funds that in each case are structured as closed‑end private commingled funds, the following table presents certain additional performance data.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2016 (Dollars in millions)

 

 

    

Original

    

Cumulative

    

 

 

    

 

 

    

 

 

    

 

    

 

 

 

 

Capital

 

Invested

 

Realized

 

Unrealized

 

Total

 

Gross

 

Net

 

Fund

 

Commitments

 

Capital

 

Proceeds(1)

 

Value(2)

 

Value

 

MoIC(3)

 

MoIC(4)

 

EU IV (5)

 

$

1,302

 

$

603

 

$

6

 

$

666

 

$

672

 

1.1x

 

1.0x

 

US VIII

 

$

823

 

$

329

 

$

27

 

$

354

 

$

381

 

1.2x

 

1.1x

 


(1)

Realized proceeds include distributions of operating income, sales and financing proceeds received.

(2)

Unrealized value represents the fair value of remaining real estate investments (excluding balance sheet items). There can be no assurance that unrealized investments will be realized at the valuations shown.

(3)

The Gross MoIC is before giving effect to management fees, performance fees and other expenses. The multiple is calculated at the investment-level and is based on the interests of the fee-paying partners.

(4)

The Net MoIC is after giving effect to management fees, performance fees and other expenses. The multiple is calculated at the fund-level and is based on the interests of the fee-paying partners.

(5)

EU IV is made up of two parallel funds, one denominated in Euros and one denominated in U.S. Dollars.  The gross and net MoIC presented in the chart are for the U.S. Dollar denominated fund.  The gross and net MoIC for the Euro fund are 1.1x and 1.0x, respectively. Original capital commitments are converted to U.S. Dollars at the prevailing exchange rate at the time of fund's closing.  All other values for EU IV are for the combined fund and are converted to U.S. Dollars at the prevailing quarter-end exchange rate.

 

 

68


 

Table of Contents

Operations Management Group

The following table sets forth certain statement of operations data and certain other data of the OMG on a standalone basis for the periods presented.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

 

 

 

 

 

 

 

 

March 31,

 

 

Favorable/

 

 

 

 

 

 

2016

    

2015

    

 

(Unfavorable)

    

% Change

    

 

 

 

(Dollars in thousands)

 

 

 

 

 

Administrative fees and other income

$

6,674

 

$

6,385

 

$

289

 

4.5%

 

 

 

Compensation and benefits

 

(34,714)

 

 

(28,914)

 

 

(5,800)

 

20.1%

 

 

 

General, administrative and other expenses

 

(18,235)

 

 

(15,326)

 

 

(2,909)

 

19.0%

 

 

 

Fee related earnings

 

(46,275)

 

 

(37,855)

 

 

(8,420)

 

22.2%

 

 

 

Investment income (loss)-realized

 

(57)

 

 

 —

 

 

(57)

 

N/M

 

 

 

Investment income (loss)-unrealized

 

385

 

 

 —

 

 

385

 

N/M

 

 

 

Interest and other investment income (expense)

 

(49)

 

 

 —

 

 

(49)

 

N/M

 

 

 

Interest expense

 

(728)

 

 

 —

 

 

(728)

 

N/M

 

 

 

Net investment income (loss)

 

(449)

 

 

 —

 

 

(449)

 

N/M

 

 

 

Performance related earnings

$

(449)

 

$

 —

 

 

(449)

 

N/M

 

 

 

Economic net income

$

(46,724)

 

$

(37,855)

 

 

(8,869)

 

23.4%

 

 

 

Distributable earnings

$

(49,750)

 

$

(38,880)

 

 

(10,870)

 

28.0%

 

 

 


NM – Not meaningful

 

Operations Management Group—Three Months Ended March 31, 2016 Compared to the Three Months Ended March 31, 2015

Administrative Fees and Other Income.  Administrative fees and other income increased by $0.3 million, or 4.5%, to $6.7 million for the three months ended March 31, 2016 compared to the three months ended March 31, 2015. The increase was primarily due to administrative fees associated with services provided to ACF Finco I L.P., which increased $0.6 million over the prior year period. The increase was partially offset by a $0.3 million decrease in administrative fees from ACRE.

Compensation and Benefits.  Compensation and benefits expenses increased by $5.8 million, or 20.1%, to $34.7 million for the three months ended March 31, 2016 compared to the three months ended March 31, 2015, primarily due to increases in headcount from the expansion of our infrastructure groups and the addition of personnel hired in connection with the FCC acquisition, made subsequent to the first quarter of 2015. In addition, compensation expense also increased due to merit increases and one-time bonus payments made in the current period.

General, Administrative and Other Expenses.  General, administrative and other expenses increased by $2.9 million, or 19.0%, to $18.2 million for the three months ended March 31, 2016 compared to the three months ended March 31, 2015. In 2016 we realigned certain general and administrative expenses with our operating activities, which resulted in a decrease in general and administrative expenses attributable to our operating segments and increased general and administrative expenses attributable to OMG. Additionally, professional fees, occupancy, information technology and travel costs have increased to support our global platform expansion as a result of 2015 acquisitions.

Net Investment Income (Loss).  Net investment loss was $0.4 million for the three months ended March 31, 2016 compared to none for the three months ended March 31, 2015. Prior to the fourth quarter of 2015, there was no investment activity within OMG.  For the three months ended March 31, 2016, the loss was primarily due to interest expense of $0.7 million that was allocated to OMG based on the cost basis of our total investments. Interest expense was partially offset by higher unrealized market appreciation of $0.4 million on the OMG investments.

Non-GAAP Performance Measures. For the three months ending March 31, 2016, FRE decreased by $8.4 million, or 22.2%, over the prior year, primarily due to increases in compensation and benefits and general, administrative and other expenses of $5.8 million and $2.9 million, respectively. These changes also drove the decrease in OMG’s DE and

69


 

Table of Contents

ENI period over period. PRE was negative $0.4 million for the three months ended March 31, 2016, attributable to unrealized losses on certain investments not directly aligned with one of our three operating segments.

Reconciliation of Certain Non‑GAAP Measures to Consolidated GAAP Financial Measures

Income before provision for income taxes is the GAAP financial measure most comparable to ENI, FRE, PRE and DE. The following table is a reconciliation of income before provision for income taxes on a consolidated basis to ENI, to FRE, to PRE and to DE on a combined segment basis and a reconciliation of FRE to DE.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

 

 

2016

    

2015

    

 

 

 

(Dollars in thousands)

 

 

Economic net income:

 

    

 

 

    

 

 

 

Income (loss) before taxes

$

(8,974)

 

$

46,449

 

 

 

Adjustments

 

 

 

 

 

 

 

 

Amortization of intangibles

 

7,263

 

 

10,892

 

 

 

Depreciation expense

 

1,858

 

 

1,272

 

 

 

Equity compensation expenses

 

9,173

 

 

7,921

 

 

 

Net acquisition-related expenses

 

496

 

 

2,224

 

 

 

Placement fees and underwriting costs

 

930

 

 

3,045

 

 

 

OMG expenses, net

 

46,724

 

 

37,855

 

 

 

Other non-cash expense

 

 —

 

 

11

 

 

 

Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations

 

13,402

 

 

11,116

 

 

 

Total consolidation adjustments and reconciling items

 

79,846

 

 

74,336

 

 

 

Economic net income

 

70,872

 

 

120,785

 

 

 

Total performance fee income—realized

 

(6,349)

 

 

(35,639)

 

 

 

Total performance fee income—unrealized

 

37,348

 

 

(68,450)

 

 

 

Total performance fee compensation expense—realized

 

1,983

 

 

21,344

 

 

 

Total performance fee compensation expense—unrealized

 

(23,313)

 

 

55,048

 

 

 

Net investment income

 

4,782

 

 

(7,611)

 

 

 

Fee related earnings

 

85,323

 

 

85,477

 

 

 

Performance fee—realized

 

6,349

 

 

35,639

 

 

 

Performance fee compensation expense—realized

 

(1,983)

 

 

(21,344)

 

 

 

Investment and other income realized, net

 

4,171

 

 

12,227

 

 

 

Less:

 

 

 

 

 

 

 

 

Dividend equivalent

 

(684)

 

 

(684)

 

 

 

One-time acquisition costs

 

(270)

 

 

(724)

 

 

 

Income tax expense

 

(232)

 

 

(476)

 

 

 

Non-cash items

 

164

 

 

(156)

 

 

 

Placement fees and underwriting costs

 

(938)

 

 

(3,045)

 

 

 

Non-cash depreciation and amortization

 

(869)

 

 

(739)

 

 

 

Distributable earnings

$

91,031

 

$

106,175

 

 

 

Performance related earnings:

 

 

 

 

 

 

 

 

Economic net income

$

70,872

 

$

120,785

 

 

 

Less: fee related earnings

 

(85,323)

 

 

(85,477)

 

 

 

Performance related earnings

$

(14,451)

 

$

35,308

 

 

 

 

 

 

70


 

Table of Contents

Liquidity and Capital Resources

Sources and Uses of Liquidity

Our sources of liquidity are (1) cash on hand, (2) net working capital, (3) cash from operations, including carried interest and performance fees, (4) realizations on our investments and (5) net borrowing provided by the Credit Facility. As of March 31, 2016, our cash and cash equivalents were $109.9 million, including investments in money market funds, and we had $192.0 million in borrowings outstanding under the $1.03 billion Credit Facility. The ability to make drawings under the Credit Facility are subject to a leverage covenant. Based on our current expectations, we believe that these sources of liquidity will be sufficient to fund our working capital requirements and to meet our commitments in the ordinary course of business for the foreseeable future.

Our material sources of cash from our operations include: (1) management fees, which are collected monthly, quarterly or semi‑annually, (2) performance fees, which are unpredictable as to amount and timing and (3) fund distributions related to our investments in products that we manage.

We expect that our primary liquidity needs will continue to be to (1) provide capital to facilitate the growth of our existing investment management businesses, (2) fund a portion of our commitments to funds that we advise, (3) provide capital to facilitate our expansion into businesses that are complementary to our existing investment management businesses, (4) pay operating expenses, including cash compensation to our employees and payments under the tax receivable agreement (“TRA”), (5) fund capital expenditures, (6) repay borrowings under the Credit Facility, Senior Notes, Term Loan and related interest costs, (7) pay income taxes and (8) make distributions to our unit holders in accordance with our distribution policy. In the normal course of business, we have made distributions to our existing owners, including distributions sourced from investment income and performance fees. If cash flow from operations were insufficient to fund distributions over a sustained period of time, we expect that we would suspend paying such distributions.

Performance fees also provide a significant source of liquidity. Performance fees are realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the preferred return. Performance fees are typically realized at the end of each fund’s measurement period when investment performance exceeds a stated benchmark or hurdle rate.

Our accrued performance fees by segment as of March 31, 2016, gross and net of accrued contingent repayment obligations, are set forth below:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accrued

 

 

 

 

 

Accrued

 

Net Accrued

 

 

 

Performance

 

 

 

Consolidated Accrued

 

Contingent

 

Performance

 

 

    

Fees

    

Eliminations (1)

    

Performance Fees

    

Obligation

    

Fees

 

 

 

 

Segment

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

     

Credit Group

 

$

82,045

 

$

(5,567)

 

$

76,478

 

$

(19,451)

 

$

57,027

 

Private Equity Group

 

 

425,675

 

 

 —

 

 

425,675

 

 

(5,972)

 

 

419,703

 

Real Estate Group

 

 

22,118

 

 

 —

 

 

22,118

 

 

 —

 

 

22,118

 

Total

 

$

529,838

 

$

(5,567)

 

$

524,271

 

$

(25,423)

 

$

498,848

 


(1)

Amounts represent accrued performance fees earned from Consolidated Funds that are eliminated in consolidation.

Our condensed consolidated financial statements reflect the cash flows of our operating businesses as well as the results of our Consolidated Funds. The assets of our Consolidated Funds, on a gross basis, are significantly larger than the assets of our operating businesses and therefore have a substantial effect on our reported cash flows. The primary cash flow activities of our Consolidated Funds include: (1) raising capital from third‑party investors, which is reflected as non‑controlling interests of our Consolidated Funds when required to be consolidated into our condensed consolidated financial statements, (2) financing certain investments by issuing debt, (3) purchasing and selling investment securities, (4) generating cash through the realization of certain investments, (5) collecting interest and dividend income and (6) distributing cash to investors. Our Consolidated Funds are treated as investment companies for financial accounting

71


 

Table of Contents

purposes under GAAP; therefore, the character and classification of all Consolidated Fund transactions are presented as cash flows from operations.

Cash Flows

The significant captions and amounts from our condensed consolidated financial statements, which include the effects of our Consolidated Funds and CLOs, in accordance with GAAP, are summarized below. Negative amounts represent a net outflow, or use of cash.

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

    

2016

 

2015

 

 

 

 

(Dollars in millions)

 

Statements of cash flows data

 

 

    

    

 

    

    

 

Net cash used in operating activities

 

$

(25)

 

$

(598)

 

 

Net cash used in investing activities

 

 

(3)

 

 

(68)

 

 

Net cash provided by financing activities

 

 

17

 

 

590

 

 

Effect of foreign exchange rate change

 

 

(1)

 

 

(3)

 

 

Net change in cash and cash equivalents

 

$

(12)

 

$

(79)

 

 

 

Operating Activities

Net cash used in operating activities is primarily driven by our earnings in the respective periods after adjusting for non‑cash compensation and performance fees, net realized (gain) loss on investments and net change in unrealized (appreciation) depreciation on investments that are included in net income. Cash used to purchase investments, as well as the proceeds from the sale of such investments, is also reflected in our operating activities of our Consolidated Funds.

Our net cash flow used in operating activities was $25.3 million and $597.9 million for the three months ended March 31, 2016 and 2015, respectively. The change in cash used in operating activities was primarily due to a decrease in net purchases of investments by the Company and our Consolidated Funds, which were $10.2 million and $544.9 million for the three months ended March 31, 2016 and 2015, respectively. Our increasing working capital needs reflect the growth of our business, while the capital requirements needed to support fund-related activities vary based upon the specific investment activities being conducted during such period. The movements within our Consolidated Funds do not adversely impact our liquidity or earnings trends. We believe that our ability to generate cash from operations, as well as the capacity under the Credit Facility, provides us with the necessary liquidity to manage short-term fluctuations in working capital and to meet our short-term commitments.

Investing Activities

Our investing activities generally reflect cash used for acquisitions and fixed assets. Net cash used in investing activities was $2.8 million and $67.7 million for the three months ended March 31, 2016 and 2015, respectively. The decrease in investing activities was primarily driven by the $64.4 million of cash used to complete acquisitions during the three months ended March 31, 2015. Purchases of fixed assets also decreased by $0.5 million for the three months ended March 31, 2016 compared to the prior year period.

Financing Activities

Net cash flow provided by financing activities was $17.4 million and $589.8 million for the three months ended March 31, 2016 and 2015, respectively. Net proceeds from our debt obligations contributed $82.0 million and $60.0 million to cash provided by financing activities for the three months ended March 31, 2016 and 2015, respectively. Our Consolidated Funds made net repayments of $44.3 million on their debt obligations for the three months ended March 31, 2016, as compared to net borrowings of $615.3 million on their debt obligations for the three months ended March 31, 2015. The increased borrowings in the first quarter of 2015 related to the launch of a new CLO.

Contributions from non‑controlling interests in our Consolidated Funds increased by $46.8 million to $47.4 million for the three months ended March 31, 2016 due to new commitments to a consolidated fund within our Credit

72


 

Table of Contents

Group. Distributions decreased $5.2 million to $23.2 million for the three months ended March 31, 2016. Distributions to our senior professionals, common unitholders and other owners of Ares Operating Group decreased by $13.6 million to $44.1 million for the three months ended March 31, 2016.

Capital Resources

Our debt obligations include (a) the Credit Facility, (b) Senior Notes issued by a subsidiary of Ares Holdings, (c) Term Loan, (d) loan obligations of the consolidated CLOs and (e) credit facilities of the Consolidated Funds.

The following table summarizes the Company’s debt obligations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2016

 

 

 

As of December 31, 2015

 

 

 

 

 

 

Original Borrowing

 

Carrying

 

 

 

 

 

Carrying

 

 

 

 

 

 

 

Maturity

 

Amount

 

Value

 

 

Interest Rate

 

 

Value

 

 

Interest Rate

 

Credit Facility(1)

 

 

4/30/2019

 

 

 —

 

$

192,000

 

 

2.19%

 

 

$

110,000

 

 

2.11%

 

Senior Notes (2)

 

 

10/8/2024

 

$

250,000

 

 

244,226

 

 

4.21%

 

 

 

244,077

 

 

4.21%

 

Term Loan(3)

 

 

7/29/2026

 

$

35,250

 

 

35,048

 

 

2.47%

 

 

 

35,043

 

 

2.18%

 

Total debt obligations

 

 

 

 

 

 

 

$

471,274

 

 

 

 

 

$

389,120

 

 

 

 


(1)

The Ares Operating Group entities are borrowers under the Credit Facility, which provides a $1.03 billion revolving line of credit with the ability to upsize to $1.28 billion (subject to obtaining commitments for any such additional borrowing capacity). It has a variable interest rate based on either LIBOR or a base rate plus an applicable margin with an unused commitment fee paid quarterly, which is subject to change with our underlying credit agency rating.  Currently, base rate loans bear interest calculated based on a base rate plus 0.75% and LIBOR rate loans bear interest calculated based on LIBOR plus 1.75%.  The unused commitment fee is 0.25% per annum. There is a base rate floor and LIBOR floor of zero.

(2)

The Senior Notes were issued in October 2014 by Ares Finance Co. LLC (“AFC”), a subsidiary of Ares Holdings, at 98.268% of the face amount with interest paid semi-annually. AFC may redeem the Senior Notes prior to maturity, subject to the terms of the indenture.

(3)

In connection with risk retention requirements, the Term Loan was entered into in August 2015 by a subsidiary of the Company that acts as a manager to a CLO. The Term Loan is backed by collateral in the form of CLO senior tranches owned by the Company. To the extent the assets are not sufficient to cover the Term Loan, there is no further recourse to the Company to fund or repay the remaining balance. Interest is paid quarterly, and the Company also pays a fee of 0.025% of a maximum investment amount.

As of March 31, 2016, we were in compliance with all covenants under the Credit Facility, Senior Notes and Term Loan obligations. 

 

Since our inception through March 31, 2016, our senior partners and other senior professionals have invested or committed to invest in excess of $2.0 billion to or alongside (through funds managed by us) our funds. As of March 31, 2016, the Company’s current invested capital of $743.9 million and unfunded commitments of $699.8 million, together with that of our senior partners and other senior professionals, are presented in the table below:

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2016

 

 

 

 

 

 

 

 

 

Total Invested

 

 

 

Invested

 

Unfunded

 

Capital and

 

 

    

Capital

    

Commitment

    

Unfunded Commitment

 

 

 

(Dollars in millions)

 

Segment

 

 

    

 

 

    

 

 

    

 

Credit Group

 

$

440

 

$

287

 

$

727

 

Private Equity Group

 

 

578

 

 

392

 

 

970

 

Real Estate Group

 

 

36

 

 

140

 

 

177

 

Operations Management Group

 

 

70

 

 

100

 

 

170

 

Total

 

$

1,125

 

$

920

 

$

2,044

 

 

We intend to use a portion of our available liquidity to make cash distributions to our common unit holders on a quarterly basis in accordance with our distribution policy. Our ability to make cash distributions to our common unit holders is dependent on a myriad of factors, including among others: general economic and business conditions; our strategic plans and prospects; our business and investment opportunities; timing of capital calls by our funds in support of our commitments; our financial condition and operating results; working capital requirements and other anticipated cash

73


 

Table of Contents

needs; contractual restrictions and obligations; legal, tax and regulatory restrictions; restrictions on the payment of distributions by our subsidiaries to us and other relevant factors.

We are required to maintain minimum net capital balances for regulatory purposes for our United Kingdom subsidiary and for our subsidiary that operates as a broker‑dealer. These net capital requirements are met in part by retaining cash, cash‑equivalents and investment securities. As a result, we may be restricted in our ability to transfer cash between different operating entities and jurisdictions. As of March 31, 2016, we were required to maintain approximately $22.0 million in liquid net assets within these subsidiaries to meet regulatory net capital and capital adequacy requirements. We remain in compliance with all regulatory requirements.

Holders of AOG Units, subject to the terms of the exchange agreement, may exchange their AOG Units for Ares Management, L.P. common units on a one‑for‑one basis. Subsequent exchanges are expected to result in increases in the tax basis of the tangible and intangible assets of Ares Management, L.P. that otherwise would not have been available. These increases in tax basis may increase (for tax purposes) depreciation and amortization and therefore reduce the amount of tax that Ares Management, L.P.’s wholly owned subsidiaries that are taxable as corporations for U.S. federal income purposes, which we refer to as the “corporate taxpayers,” would otherwise be required to pay in the future. The corporate taxpayers entered into the TRA with the TRA Recipients that will provide for the payment by the corporate taxpayers to the TRA Recipients of 85% of the amount of cash savings, if any, in U.S. federal, state, local and foreign income tax or franchise tax that the corporate taxpayers actually realize as a result of these increases in tax basis and of certain other tax benefits related to entering into the tax receivable agreement, including tax benefits attributable to payments under the tax receivable agreement. This payment obligation is an obligation of the corporate taxpayers and not of Ares Management, L.P. Future payments under the tax receivable agreement in respect of subsequent exchanges are expected to be substantial. As of March 31, 2016, no exchange of AOG Units for Ares Management, L.P. common units has taken place; as a result there was no payable recorded pursuant to the TRA.

 

Critical Accounting Estimates

We prepare our condensed consolidated financial statements in accordance with GAAP. In applying many of these accounting principles, we need to make assumptions, estimates or judgments that affect the reported amounts of assets, liabilities, revenues and expenses in our condensed consolidated financial statements. We base our estimates and judgments on historical experience and other assumptions that we believe are reasonable under the circumstances. These assumptions, estimates or judgments, however, are both subjective and subject to change, and actual results may differ from our assumptions and estimates. If actual amounts are ultimately different from our estimates, the revisions are included in our results of operations for the period in which the actual amounts become known. We believe our critical accounting estimates could potentially produce materially different results if we were to change underlying assumptions, estimates or judgments. For a summary of our significant accounting policies see Note 2, “Summary of Significant Accounting Policies,” to our condensed consolidated financial statements included in this Quarterly Report on Form 10‑Q and in our Annual Report on Form 10-K. For a summary of our critical accounting estimates, please see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates” in our Annual Report on Form 10‑K.

74


 

Table of Contents

Fair Value Measurement

The table below summarizes the valuation of investments and other financial instruments included within our AUM, by segment and fair value hierarchy levels, as of March 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Private

 

Real

 

 

 

 

 

    

Credit

    

Equity

    

Estate

    

Total

 

 

 

(Dollars in millions)

 

Level I

    

$

486

    

$

1,057

    

$

 —

    

$

1,543

 

Level II

 

 

9,412

    

 

282

    

 

50

 

 

9,744

 

Level III

 

 

17,468

    

 

11,659

    

 

5,265

 

 

34,392

 

Total fair value

 

 

27,366

 

 

12,998

 

 

5,315

 

 

45,679

 

Other net asset value and available capital(1)

 

 

32,682

 

 

10,278

 

 

4,868

 

 

47,828

 

Total AUM

 

$

60,048

 

$

23,276

 

$

10,183

 

$

93,507

 


(1)

Includes fund net non‑investment assets, AUM for funds that are not reported at fair value and available capital (uncalled equity capital and undrawn debt).

Recent Accounting Pronouncements

Information regarding recent accounting pronouncements and their impact on the Company can be found in Note 2, “Summary of Significant Accounting Policies,” in the “Notes to the Condensed Consolidated Financial Statements” included in this Quarterly Report on Form 10‑Q and in our Annual Report on Form 10‑K. 

 

Off‑Balance Sheet Arrangements

In the normal course of business, we engage in off‑balance sheet arrangements, including transactions in derivatives, guarantees, commitments, indemnifications and potential contingent repayment obligations. 

 

Commitments and Contingencies

Guarantees

On July 30, 2014, AM LLC agreed to provide credit support to a new $75.0 million credit facility (the “Guaranteed Facility”) entered into by a wholly owned subsidiary of ACRE with a national banking association. AM LLC is the parent entity to ACRE’s external manager. In connection with the facility, AM LLC agreed to purchase all loans and other obligations, outstanding under the Guaranteed Facility at a price equal to 100% of the outstanding balance (i) upon an acceleration or certain events of default by ACRE under the Guaranteed Facility or (ii) among other things, in the event that AM LLC’s corporate credit rating is downgraded to below investment grade. ACRE pays AM LLC a credit support fee of 1.50% per annum times the average amount of the loans outstanding under the Guaranteed Facility, payable monthly, and reimburses AM LLC for its out‑of‑pocket costs and expenses in connection with the Guaranteed Facility. As of March 31, 2016, we recorded the fair value of this guarantee of $1.7 million within accounts payable, accrued expenses and other liabilities. The total outstanding balance under the Guarantee Facility was $37.9 million and $66.2 million as of March 31, 2016 and December 31, 2015, respectively. Our maximum exposure to loss shall not exceed $75.0 million plus accrued interest. This guarantee expires on June 30, 2016. We have determined that the likelihood of default is remote. See Note 9, “Commitments and Contingencies,” to our condensed consolidated financial statements included in this Quarterly Report on Form 10‑Q.

Indemnifications

Consistent with standard business practices in the normal course of business, we enter into contracts that contain indemnities for our affiliates, persons acting on our behalf or such affiliates and third parties. The terms of the indemnities vary from contract to contract and the maximum exposure under these arrangements, if any, cannot be determined and has not been recorded in our condensed consolidated financial statements. As of March 31, 2016, we have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

75


 

Table of Contents

Contingent Obligations

The partnership documents governing our funds generally include a provision that, if triggered, may give rise to a contingent obligation that may require the general partner to return amounts to the fund for distribution to investors. Therefore, performance fees, generally, are subject to reversal in the event that the funds incur future losses. These losses are limited to the extent of the cumulative performance fees recognized in income to date. Based primarily on our investment performance and the fact that our performance fees are generally determined on a liquidation basis, if the funds were liquidated at their then current fair values as of December 31, 2015, there would be no contingent obligation. Accordingly, the Company did not record a contingent liability as of that date. Based on fair values as of March 31, 2016, the Company recorded a liability associated with the contingent obligation of $25.4 million. Of this amount, $16.4 million is recoverable from the Company’s senior professionals and other professionals who previously received performance fees, and as such, a receivable has been recorded. There can be no assurance that we will not incur further contingent obligations in the future. If all of the existing investments were deemed worthless, the amount of cumulative revenues that has been recognized would be reversed. We believe that the possibility of all of the existing investments becoming worthless is remote. At March 31, 2016 and December 31, 2015, had we assumed all existing investments were worthless, the amount of carried interest, net of tax, subject to potential repayment, would have been approximately $322.4 million and $322.2 million, respectively, of which approximately $248.1 million and $247.9 million, respectively, is reimbursable to the Company by certain professionals.

 

Performance fees are also affected by changes in the fair values of the underlying investments in the funds that we advise. Valuations, on an unrealized basis, can be significantly affected by a variety of external factors including, but not limited to, bond yields and industry trading multiples.

Our senior professionals and other professionals who have received carried interest distributions are responsible for funding their proportionate share of any contingent obligations. However, the governing agreements of certain of our funds provide that if a current or former professional from such funds does not fund his or her respective share, then we may have to fund additional amounts beyond what we received in carried interest, although we will generally retain the right to pursue any remedies that we have 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 us if we have recognized more performance fees 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.

 

 

 

 

 

 

 

 

 

 

76


 

Table of Contents

Item 3.  Quantitative and Qualitative Disclosures About Market Risk

Our primary exposure to market risk is related to our role as general partner or investment adviser to our investment funds and the sensitivity to movements in the fair value of their investments, including the effect on management fees, performance fees and investment income.

The market price of investments may significantly fluctuate during the period of investment. Investments may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of an investment may decline due to general market conditions which are not specifically related to such investment, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

Our credit orientation has been a central tenet of our business across our debt and equity investment strategies. Our investment professionals benefit from our independent research and relationship networks in over 50 industries, and insights from our portfolio of active investments. We believe the combination of high‑quality proprietary information flow and a consistent, rigorous approach to managing investments across our strategies has been, and we believe will continue to be, a major driver of our strong risk‑adjusted returns and the stability and predictability of our income.

There have been no material changes in our market risks for the three months ended March 31, 2016. For additional information on our market risks, refer to our Annual Report on Form 10‑K for the year ended December 31, 2015, which is accessible on the SEC’s website at sec.gov.

 

Item 4.  Controls And Procedures

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures (as that term is defined in Rules 13a‑15(e) and 15d‑15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our co‑principal executive officers and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Our management, with the participation of our principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of March 31, 2016. Based upon that evaluation and subject to the foregoing, our principal executive officers and principal financial officer concluded that, as of March 31, 2016, the design and operation of our disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting (as defined in Rule 13a‑15(f) and 15d‑15(f) under the Exchange Act) during the quarter ended March 31, 2016 that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

 

 

 

 

 

77


 

Table of Contents

PART II—OTHER INFORMATION

Item 1.  Legal Proceedings

From time to time we are involved in various legal proceedings, lawsuits and claims incidental to the conduct of our business, some of which may be material. As of March 31, 2016 and December 31, 2015, we were not subject to any material pending legal proceedings. Our businesses are also subject to extensive regulation, which may result in regulatory proceedings against us.

 

Item 1A.  Risk Factors

For a discussion of our potential risks and uncertainties, see the information under “Item 1A. Risk Factors” in our Annual Report on Form 10‑K for the year ended December 31, 2015, which is accessible on the SEC’s website at www.sec.gov. There have been no material changes to the risk factors disclosed in the Form 10‑K.

 

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

None.

 

Item 3.  Defaults Upon Senior Securities

None.

 

Item 4.  Mine Safety Disclosures

Not applicable.

 

Item 5.  Other Information

None.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

78


 

Table of Contents

 

Item 6.  Exhibits

The following is a list of all exhibits filed or furnished as part of this report.

 

 

 

Exhibit
No.

    

Description

 

 

 

 

3.1 

 

Certificate of Limited Partnership of Ares Management, L.P. (incorporated by reference to Exhibit 3.1 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2015 (File No. 001‑36429), filed with the SEC on February 29, 2016).

3.2 

 

Amended and Restated Agreement of Limited Partnership of Ares Management, L.P. (incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8‑K (File No. 001‑36429) filed with the SEC on May 7, 2014).

31.1*

 

Certification of the Chief Executive Officer pursuant to Rule 13a‑14(a).

31.2*

 

Certification of the Chief Financial Officer pursuant to Rule 13a‑14(a).

32.1*

 

Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350.

101.INS*

 

XBRL Instance Document.

101.SCH*

 

XBRL Taxonomy Extension Schema Document.

101.CAL*

 

XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF*

 

XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB*

 

XBRL Taxonomy Extension Label Linkbase Document.

101.PRE*

 

XBRL Taxonomy Extension Presentation Linkbase Document.


*Filed herewith.

79


 

Table of Contents

SIGNATURES

 

 

 

 

 

ARES MANAGEMENT, L.P.

 

 

 

 

 

 

 

By:

Ares Management GP LLC, its general partner

 

 

 

Dated: May 10, 2016

By

/s/ Antony P. Ressler

 

 

Name:

Antony P. Ressler

 

 

Title:

Chairman, Co‑Founder & Chief Executive Officer (Principal Executive Officer)

 

 

 

Dated: May 10, 2016

By

/s/ Michael R. McFerran

 

 

Name:

Michael R. McFerran

 

 

Title:

Executive Vice President, Chief Financial Officer & Treasurer (Principal Financial and Accounting Officer)

 

80



ares_EX_31_1

Exhibit 31.1

Certification of Chief Executive Officer

of Periodic Report Pursuant to Rule 13a-14(a) and Rule 15d-14(a)

I, Antony P. Ressler, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Ares Management, L.P.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 10, 2016

 

 

 

 

/S/ Antony P. Ressler

 

Name:

Antony P. Ressler

 

Title:

Chairman, Co-Founder & Chief Executive
Officer (Principal Executive Officer)

 

 



ares_EX_31_2

Exhibit 31.2

Certification of Chief Financial Officer

of Periodic Report Pursuant to Rule 13a-14(a) and Rule 15d-14(a)

I, Michael R. McFerran, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Ares Management, L.P.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 10, 2016

/S/ Michael R. McFerran

 

Name:

Michael R. McFerran

 

Title:

Executive Vice President, Chief Financial
Officer & Treasurer (Principal Financial and
Accounting Officer

 


 

 



ares_EX_32_1

 

Exhibit 32.1

Certification of Chief Executive Officer and Chief Financial Officer

Pursuant to

18 U.S.C. Section 1350

In connection with the Quarterly Report on Form 10-Q of Ares Management, L.P. (the “Company”) for the quarter ended March 31, 2016 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Antony P. Ressler, as Chief Executive Officer of the Company, and Michael R. McFerran, as Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: May 10, 2016

 

/S/ Antony P. Ressler

 

Name:

Antony P. Ressler

 

Title:

Chairman, Co-Founder & Chief Executive
Officer (Principal Executive Officer)

 

 

 

/S/ Michael R. McFerran

 

Name:

Michael R. McFerran

 

Title:

Executive Vice President, Chief Financial Officer & Treasurer (Principal Financial and Accounting Officer)

 

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Ares Management, L.P and will be retained by Ares Management, L.P. and furnished to the Securities and Exchange Commission or its staff upon request.

 



ares-20160331.xml
Attachment: EX-101.INS


ares-20160331.xsd
Attachment: EX-101.SCH


ares-20160331_cal.xml
Attachment: EX-101.CAL


ares-20160331_def.xml
Attachment: EX-101.DEF


ares-20160331_lab.xml
Attachment: EX-101.LAB


ares-20160331_pre.xml
Attachment: EX-101.PRE


v3.4.0.3
Document And Entity Information - shares
3 Months Ended
Mar. 31, 2016
May. 04, 2016
Document and Entity Information    
Entity Registrant Name ARES MANAGEMENT LP  
Entity Central Index Key 0001176948  
Document Type 10-Q  
Document Period End Date Mar. 31, 2016  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity Current Reporting Status Yes  
Entity Filer Category Large Accelerated Filer  
Entity Common Stock, Shares Outstanding   80,690,612
Document Fiscal Year Focus 2016  
Document Fiscal Period Focus Q1  

v3.4.0.3
Condensed Consolidated Statements of Financial Condition - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Mar. 31, 2015
Dec. 31, 2014
Assets        
Total assets $ 4,336,333 $ 4,321,408    
Liabilities        
Total liabilities $ 3,375,026 $ 3,329,497    
Commitments and contingencies    
Controlling interest in Ares Management, LP        
Partners' Capital (80,690,612 and 80,679,600 units, issued and outstanding at March 31, 2016 and December 31, 2015, respectively) $ 236,270 $ 251,537    
Accumulated other comprehensive loss (5,642) (4,619)    
Total controlling interest in Ares Management, LP 230,628 246,918    
Total equity 937,954 968,406    
Total liabilities, redeemable interest, non-controlling interests and equity 4,336,333 4,321,408    
Parent Company        
Assets        
Cash and cash equivalents 109,934 121,483 $ 69,372 $ 148,858
Investments (includes fair value investments of $473,806 and $446,779 at March 31, 2016 and December 31, 2015, respectively) 495,984 468,287    
Performance fees receivable 524,271 534,661    
Due from affiliates 165,781 144,982    
Other assets 61,607 62,975    
Intangible assets, net 77,689 84,971    
Goodwill 144,017 144,067    
Liabilities        
Accounts payable, accrued expenses and other liabilities 108,304 102,626    
Accrued compensation 55,911 125,032    
Due to affiliates 38,100 12,901    
Performance fee compensation payable 394,668 401,715    
Debt obligations 471,274 389,120    
Equity compensation put option liability 20,000 20,000    
Deferred tax liability, net 21,603 21,288    
Redeemable interest 23,353 23,505    
Consolidated Funds        
Assets        
Cash and cash equivalents 123,871 159,507    
Investments (includes fair value investments of $473,806 and $446,779 at March 31, 2016 and December 31, 2015, respectively) 2,553,169 2,559,783    
Due from affiliates 11,955 12,923    
Dividends and interest receivable 11,096 13,005    
Receivable for securities sold 53,976 13,416    
Other assets 2,983 1,348    
Liabilities        
Accounts payable, accrued expenses and other liabilities 13,429 18,951    
Payable for securities purchased 71,480 51,778    
CLO loan obligations, at fair value 2,167,773 2,174,352    
Fund borrowings 12,484 11,734    
Non-controlling interest in Consolidated Funds:        
Non-controlling interest in Consolidated Funds 332,395 320,238    
Equity appropriated for Consolidated Funds   3,367    
Non-controlling interest in Consolidated Funds 332,395 323,605    
AOG        
Liabilities        
Redeemable interest   23,505    
Non-controlling interest in Consolidated Funds:        
Non-controlling interest $ 374,931 $ 397,883    

v3.4.0.3
Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Partners' Capital units issued (in units) 80,690,612 80,679,600
Partners' Capital units outstanding (in units) 80,690,612 80,679,600
Parent Company    
Investments, Fair Value Disclosure $ 473,806 $ 446,779

v3.4.0.3
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Revenues    
Total revenues $ 136,015 $ 269,905
Expenses    
Total expenses 129,538 234,463
Other income (expense)    
Total other income (15,451) 11,007
Income before taxes (8,974) 46,449
Income tax expense (benefit) 4,665 4,059
Net income (loss) (13,639) 42,390
Net income attributable to Ares Management, L.P. $ (3,090) $ 18,456
Net income (loss) attributable to Ares Management L.P. per common unit    
Basic (in dollars per unit) $ (0.04) $ 0.23
Diluted (in dollars per unit) $ (0.04) $ 0.23
Weighted-average common units    
Basic (in units) 80,683,051 80,667,664
Diluted (in units) 80,683,051 80,667,664
Distributions declared and paid per common unit $ 0.20 $ 0.24
Parent Company    
Revenues    
Management fees (includes ARCC Part 1 Fees) $ 158,433 $ 158,701
Performance fees (29,947) 104,925
Other fees 7,529 6,279
Expenses    
Compensation and benefits 110,679 101,851
Performance fee compensation (21,330) 76,392
General, administrative and other expenses 39,962 45,547
Other income (expense)    
Net interest and other investment income (expense) (3,359) 1,413
Other income (expense), net 5,241 (1,876)
Net realized and unrealized gain on investments 5,142 14,839
Consolidated Funds    
Expenses    
Consolidated Funds' expenses 227 10,673
Other income (expense)    
Net interest and other investment income (expense) 7,332 8,905
Net realized and unrealized gain on investments (29,807) (12,274)
Less: Net (income) loss attributable to non-controlling interests (11,979) (11,115)
AOG    
Other income (expense)    
Less: Net (income) loss attributable to non-controlling interests 1,420 34,806
Less: Net income attributable to redeemable interests $ 10 $ 243

v3.4.0.3
Condensed Consolidated Statements of Operations (Parenthetical) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Consolidated Funds    
Interest expense $ 22,449 $ 17,101
Parent Company    
Management fees, Part 1 158,433 158,701
Interest expense 4,855 3,684
Parent Company | Affiliated entity | ARCC    
Management fees, Part 1 $ 28,625 $ 29,042

v3.4.0.3
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Net income (loss) $ (13,639) $ 42,390
Other comprehensive income:    
Foreign currency translation adjustments (2,697) (2,949)
Total comprehensive income (loss) (16,336) 39,441
Parent Company    
Other comprehensive income:    
Comprehensive income (loss) (4,113) 17,364
AOG    
Other comprehensive income:    
Less: Comprehensive income (loss) attributable to non-controlling interests (243) 33,059
Less: Comprehensive income (loss) attributable to redeemable interests (1) 231
Consolidated Funds    
Other comprehensive income:    
Less: Comprehensive income (loss) attributable to non-controlling interests $ (11,979) $ (11,213)

v3.4.0.3
Condensed Consolidated Statements of Changes in Equity - 3 months ended Mar. 31, 2016 - USD ($)
$ in Thousands
Parent Company
Partners' Capital
Parent Company
Accumulated Other Comprehensive Loss
Parent Company
Non-Controlling interest
Consolidated Funds
Equity Appropriated for Consolidated Funds
Consolidated Funds
Non-Controlling Interest in Consolidated Funds
Total
Partners' Capital, beginning balance at Dec. 31, 2015 $ 251,537 $ (4,619) $ 397,883 $ 3,367 $ 320,238 $ 968,406
Increase (Decrease) in Partners' Capital [Roll Forward]            
Changes in ownership interests (51)   (310)     (361)
Deferred tax assets (liabilities) arising from allocation of contributions and Partners' capital 726   (25)     701
Contributions         47,366 47,366
Distributions (16,137)   (27,727)   (23,230) (67,094)
Net income (loss) (3,090)   1,420   (11,979) (13,649)
Currency translation adjustment   (1,023) (1,663)     (2,686)
Equity compensation 3,285   5,353     8,638
Partners' Capital, ending balance at Mar. 31, 2016 $ 236,270 $ (5,642) $ 374,931   $ 332,395 937,954
Increase (Decrease) in Partners' Capital [Roll Forward]            
Cumulative effect of accounting change due to the adoption of ASU 2014-13       $ (3,367)   $ (3,367)

v3.4.0.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities:    
Net income (loss) $ (13,639) $ 42,390
Allocable to non-controlling interest in Consolidated Funds:    
Net cash used in operating activities (25,248) (597,858)
Cash flows from investing activities:    
Net cash used in investing activities (2,799) (67,693)
Allocable to non-controlling interest in Consolidated Funds:    
Net cash provided by financing activities 17,382 589,809
Parent Company    
Adjustments to reconcile net income to net cash used in operating activities:    
Equity compensation expense 9,173 7,921
Depreciation and amortization 9,738 12,618
Net realized and unrealized gain on investments (5,142) (14,839)
Contingent consideration 228 1,251
Investments purchased (23,424) (32,233)
Proceeds from sale of investments 5,520 18,476
Cash flows due to changes in operating assets and liabilities:    
Net performance fees receivable 3,343 (4,718)
Due to/from affiliates 3,268 5,669
Other assets 914 30,166
Accrued compensation and benefits (69,089) (74,738)
Accounts payable, accrued expenses and other liabilities 3,486 (34,977)
Deferred taxes 315 1,165
Cash flows from investing activities:    
Acquisitions, net of cash acquired   (64,437)
Purchase of furniture, equipment and leasehold improvements, net (2,799) (3,256)
Cash flows from financing activities:    
Other financing activities 362 (85)
Proceeds from credit facility 127,000 60,000
Repayments of credit facility (45,000)  
Distributions (44,051) (57,679)
Allocable to non-controlling interest in Consolidated Funds:    
Effect of exchange rate changes (884) (3,744)
Net decrease in cash and cash equivalents (11,549) (79,486)
Cash and cash equivalents, beginning of period 121,483 148,858
Cash and cash equivalents, end of period 109,934 69,372
Supplemental information:    
Cash paid during the period for interest 1,505 303
Cash paid during the period for income taxes 1,875 17
Issuance of AOG Units to non-controlling interest holders in connection with acquisition   25,468
Consolidated Funds    
Adjustments to reconcile net income to net cash used in operating activities:    
Net realized and unrealized gain on investments 29,807 12,274
Allocable to non-controlling interests in Consolidated Funds:    
Receipt of non-cash interest income and dividends from investments (2,284) (1,969)
Amortization on debt and investments (500) 756
Investments purchased (188,040) (859,776)
Proceeds from sale or pay down of investments 195,765 328,663
Allocable to non-controlling interest in Consolidated Funds:    
Change in cash and cash equivalents held at Consolidated Funds 35,636 1,005,892
Cash relinquished with deconsolidation of Consolidated Funds   (870,390)
Change in other assets and receivables held at Consolidated Funds (39,319) (19,187)
Change in other liabilities and payables held at Consolidated Funds 18,996 (152,272)
Allocable to non-controlling interest in Consolidated Funds:    
Contributions from non-controlling interest holders in Consolidated Funds 47,366 531
Distributions to non-controlling interests in Consolidated Funds (23,230) (28,454)
Borrowings under loan obligation by Consolidated Funds 750 615,735
Repayments under loan obligations by Consolidated Funds (45,091) (409)
Cash and cash equivalents, beginning of period 159,507  
Cash and cash equivalents, end of period 123,871  
Supplemental information:    
Cash paid during the period for interest 12,913 11,763
Cash paid during the period for income taxes $ 122 $ 279

v3.4.0.3
ORGANIZATION AND BASIS OF PRESENTATION
3 Months Ended
Mar. 31, 2016
ORGANIZATION AND BASIS OF PRESENTATION  
ORGANIZATION AND BASIS OF PRESENTATION

1. ORGANIZATION

Ares Management, L.P. (the “Company”), a Delaware limited partnership formed on November 15, 2013, is a leading global alternative asset management firm that operates three distinct but complementary investment groups: the Credit Group,  the Private Equity Group and the Real Estate Group. Information about segments should be read together with Note 14, “Segment Reporting.” Subsidiaries of Ares Management LLC (“AM LLC”), a subsidiary of the Company, serve as the general partners and/or investment managers to various investment funds and managed accounts within each investment group (the “Ares Funds”), which are generally organized as pass‑through entities for income tax purposes. Such subsidiaries provide investment advisory services to the Ares Funds in exchange for management fees. Ares is managed and operated by its general partner, Ares Management GP LLC. Unless the context requires otherwise, references to “Ares” or the “Company” refer to Ares Management, L.P. together with its subsidiaries.

The Company is a holding partnership, and the Company’s sole assets are equity interests in Ares Holdings Inc. (“AHI”), Ares Domestic Holdings, Inc. (“Domestic Holdings”), Ares Offshore Holdings, Ltd., AI Holdco LLC (“AI”), and Ares Real Estate Holdings LLC. In this quarterly report, the following of the Company’s subsidiaries are collectively referred to as the “Ares Operating Group”: Ares Domestic Holdings L.P. (“Ares Domestic”), Ares Offshore Holdings L.P. (“Ares Offshore”), Ares Real Estate Holdings L.P. (“Ares Real Estate”), Ares Holdings L.P. (“Ares Holdings”), and Ares Investments L.P. (“Ares Investments”). The Company, indirectly through its wholly owned subsidiaries, is the general partner of each of the Ares Operating Group entities. The Company operates and controls all of the businesses and affairs of and conducts all of its material business activities through, the Ares Operating Group.

Non-Controlling Interests in Ares Operating Group Entities

The non-controlling interests in Ares Operating Group (“AOG”) (collectively, the “Ares Operating Group Units” or “AOG Units”) represent a component of equity and net income attributable to the owners of AOG Units that are not held directly or indirectly by the Company. These interests are adjusted for contributions to and distributions from AOG during the reporting period and are allocated income from the Ares Operating Group entities based on their historical ownership percentage for the proportional number of days in the reporting period.

Income Allocation

Income (loss) before taxes is allocated based on each partner’s average daily ownership of the Ares Operating Group entities for each period presented.

 

As of March 31, 2016, the Company owned a 37.87% direct interest, or 80,690,612 AOG Units, in each of the Ares Operating Group entities; Ares Owners Holding L.P. owns a 56.26% direct interest, or 119,874,362 AOG Units, in each of the Ares Operating Group entities; and an affiliate of Alleghany Corporation (such affiliate, “Alleghany”) owns a 5.87% direct interest, or 12,500,000 AOG Units, in each of the Ares Operating Group entities. For the three months ended March 31, 2016, the daily average ownership of AOG Units in each of the AOG entities by Ares Owners Holding L.P., Alleghany and the Company was 56.26%,  5.87% and 37.87%, respectively.

 


v3.4.0.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
3 Months Ended
Mar. 31, 2016
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and instructions to the Quarterly Report on Form 10-Q. The 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 (consisting of only normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. 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 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, 2015 filed with the Securities and Exchange Commission.

The condensed consolidated financial statements include the accounts and activities of the AOG entities, their consolidated subsidiaries and certain Consolidated Funds. These Consolidated Funds include certain Ares-affiliated funds, related co-investment entities and collateralized loan obligations (“CLOs”) (collectively, the “Consolidated Funds”) managed by AM LLC and its wholly owned subsidiaries that have been consolidated pursuant to GAAP. Including the results of the Consolidated Funds significantly increases the reported amounts of the assets, liabilities, revenues, expenses and cash flows in the accompanying condensed consolidated financial statements; however, the Consolidated Funds results included herein have no direct effect on the net income attributable to controlling interests or on total controlling equity. Instead, economic ownership interests of the investors in the Consolidated Funds are reflected as non-controlling interests in Consolidated Funds in the accompanying condensed consolidated financial statements. Further, cash flows allocable to non-controlling interest in Consolidated Funds are specifically identifiable in the Condensed Consolidated Statements of Cash Flows. All intercompany balances and transactions have been eliminated upon consolidation.

 

The Company has reclassified certain prior period amounts to conform to the current presentation. 

Equity Appropriated for Consolidated Funds and Adoption of ASU 2014-13

Effective January 1, 2016, the Company adopted FASB Accounting Standards Update (“ASU”) No. 2014-13, Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity (“ASU 2014-13”). The Company applied the guidance using a modified retrospective approach by recording a cumulative-effect adjustment of $3.4 million to equity appropriated for Consolidated Funds as of January 1, 2016.

Prior to the adoption of ASU 2014-13, the Company elected the fair value option for eligible liabilities to mitigate the accounting mismatch between the carrying value of the assets and liabilities of its consolidated CLOs. As a result, the Company accounted for the excess of fair value of assets over liabilities as an increase in equity appropriated for Consolidated Funds.

Pursuant to the adoption of ASU 2014-13, the Company is required to determine whether the fair values of the financial assets or financial liabilities are more observable. Beginning January 1, 2016, the Company has determined that the fair value of the financial assets of the consolidated CLOs, which are mostly Level II assets within the GAAP fair value hierarchy, are more observable than the fair value of the financial liabilities of its consolidated CLOs, which are mostly Level III liabilities. As a result, the financial assets of consolidated CLOs are measured at fair value and the financial liabilities of the consolidated CLOs are measured in consolidation as: (1) the sum of the fair value of the financial assets, and the carrying value of any nonfinancial assets held temporarily, less (2) the sum of the fair value of any beneficial interests retained by the Company (other than those that represent compensation for services), and the Company’s carrying value of any beneficial interests that represent compensation for services. The resulting amount is allocated to the individual financial liabilities (other than the beneficial interests retained by the Company).

Equity Compensation

Forfeitures

In accordance with ASU No. 2016-09, Compensation – Stock Compensation (Topic 718) (“ASU 2016-09”), the Company elected to recognize share-based award forfeitures in the period they occur as a reversal of previously recognized compensation expense. The reduction in compensation expense is determined based on the specific awards forfeited during that period. Prior to the adoption of ASU 2016-09, the Company applied an estimated forfeiture rate as a reduction of current period equity compensation expense.

Recent Accounting Pronouncements

In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The objective of the guidance in ASU 2016-01 is to enhance the reporting model for financial instruments to provide more decision-useful information. ASU 2016-01 requires an entity to carry all of its investments in equity securities at fair value, and to recognize periodic changes of that fair value in income. This guidance excludes equity method investments, investments that result in the consolidation of the investee and investments for which the entity has elected the practicability exception to the fair value measurement requirements. The guidance should be applied using a cumulative-effect adjustment to the beginning balance of retained earnings as of the beginning of the fiscal year in which the guidance becomes effective. ASU 2016-01 is effective for public entities for annual reporting periods beginning after December 15, 2017 and interim periods within those reporting periods. The Company is currently evaluating the impact of this guidance on its condensed consolidated financial statements.

 

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The objective of the guidance in ASU 2016-02 is to increase transparency and comparability among organizations by recognizing lease assets and liabilities in the balance sheet and disclosing key information. ASU 2016-02 amends previous lease guidance, which required a lessee to categorize and account for leases as either operating leases or capital leases, and instead requires a lessee to recognize a lease liability and a right-of-use asset on the entity’s balance sheet for all leases with terms that exceed one year. The lease liability and right-of-use asset are to be carried at the present value of remaining expected future lease payments. The guidance should be applied using a modified retrospective approach. ASU 2016-02 is effective for public entities for annual reporting periods beginning after December 15, 2018 and interim periods within those reporting periods, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its condensed consolidated financial statements.

 

In March 2016, the FASB issued ASU 2016-07, Investments – Equity Method and Joint Ventures (Topic 323). ASU 2016-07 removes the requirement to retroactively apply the equity method of accounting for an investment that becomes eligible for the equity method due to an increase in the level of ownership interest or degree of influence. The investment should be accounted for as an equity method investment as of the date that it becomes qualified for such treatment. At this date, any unrealized holding gain (loss), if the investment was an available-for-sale equity security, should be recognized in earnings. ASU 2016-07 is effective for public entities for annual reporting periods beginning after December 15, 2016 and interim periods within those reporting periods, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its condensed consolidated financial statements.

 

In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations. The objective of the guidance in ASU 2016-08 is to provide clarity on the application of the current principal versus agent guidance. ASU 2016-08 clarifies how an entity should determine whether it is acting as a principal or an agent for each specified good or service promised to a customer and how to determine the nature of each specified good or service. The effective date and transition requirements of ASU 2016-08 are the same as that of ASU 2014-09. The Company is currently evaluating the impact of this guidance on its condensed consolidated financial statements.

 

In March 2016, the FASB issued ASU 2016-09. The objective of the guidance in ASU 2016-09 is to reduce the cost and complexity of providing stock compensation information while maintaining or  improving the usefulness of the information. ASU 2016-09 amends previous guidance around when and how excess tax benefits or deficiencies should be recognized, and now requires excess tax benefits to be recognized in the income statement, regardless of whether it will reduce the Company’s taxes payable in the current period. ASU 2016-09 also allows companies to elect whether to use an estimated forfeiture rate, or to recognize forfeitures as they occur. Another change related to this update, is the movement of excess tax benefits from stock options from financing activities to operating activities within the Condensed Consolidated Statements of Cash Flows. ASU 2016-09 is effective for public entities for annual reporting periods beginning after December 15, 2016 and interim periods within those reporting periods, with early adoption permitted. The Company adopted ASU 2016-09 as of January 1, 2016 using a modified retrospective approach and the cumulative adjustment to the Company’s equity components had no net impact to the Company’s total equity. See Note 13 for a detailed impact of the adoption of this guidance.

 

 


v3.4.0.3
GOODWILL AND INTANGIBLE ASSETS
3 Months Ended
Mar. 31, 2016
GOODWILL AND INTANGIBLE ASSETS  
GOODWILL AND INTANGIBLE ASSETS

3. GOODWILL AND INTANGIBLE ASSETS

Finite‑Lived Intangible Assets, Net

The Company’s intangible assets include management contracts, client relationships, a trade name, and the future benefits of managing new assets for existing clients that were recognized at fair value as of their acquisition dates. 

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

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average

 

 

 

 

 

 

 

 

 

Amortization Period

 

 

As of March 31,

 

 

As of December 31,

 

 

 

At March 31, 2016

 

2016

   

2015

 

Management contracts

 

2.4 years

 

$

111,939

 

$

163,469

 

Client relationships

 

12.3 years

 

 

38,600

 

 

38,600

 

Trade name

 

6.3 years

 

 

3,200

 

 

3,200

 

 

 

 

 

 

153,739

 

 

205,269

 

Foreign currency translation

 

 

 

 

(1,697)

 

 

(1,436)

 

Total intangible assets acquired

 

 

 

 

152,042

 

 

203,833

 

Less: accumulated amortization

 

 

 

 

(74,353)

 

 

(118,862)

 

Intangible assets, net

 

 

 

$

77,689

 

$

84,971

 

 

 

Amortization expense associated with intangible assets was $7.3 million and $10.9 million for the three months ended March 31, 2016 and 2015, respectively, and is included in general, administrative and other expenses within the Condensed Consolidated Statements of Operations. In the first quarter of 2016, the Company removed $51.5 million of intangible assets that were fully amortized.

Goodwill

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Private

 

Real

 

 

 

 

 

 

Credit

 

Equity

 

Estate

 

Total

 

Balance as of  December 31, 2015

 

$

32,196

 

$

58,600

 

$

53,271

 

$

144,067

 

Foreign currency translation

 

 

 —

 

 

 —

 

 

(50)

 

 

(50)

 

Balance as of  March 31, 2016

 

$

32,196

 

$

58,600

 

$

53,221

 

$

144,017

 

 

There was no impairment of goodwill recorded as of March 31, 2016 or December 31, 2015.


v3.4.0.3
INVESTMENTS
3 Months Ended
Mar. 31, 2016
INVESTMENTS  
INVESTMENTS

4. INVESTMENTS

The Company’s investments are comprised of investments presented at fair value in accordance with the investment company guidance, equity-method investments (using the equity method or fair value option) and held-to-maturity investments. 

Fair Value Investments, excluding Equity-method Investments Held at Fair Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value as a

 

 

 

 

 

 

 

 

 

percentage of total

 

 

 

Fair value at

 

investments at

 

 

 

March 31,

 

December 31,

 

March 31,

 

December 31,

 

 

    

2016

    

2015

    

2016

    

2015

    

Private Investment Partnership Interests:

 

 

 

 

 

 

 

 

 

 

 

AREA Sponsor Holdings, LLC

 

$

38,554

 

$

37,275

 

8.6

%  

8.7

%

ACE II Master Fund, L.P. (1)(2)

 

 

22,629

 

 

22,015

 

5.1

%  

5.2

%

Ares Corporate Opportunities Fund III, L.P.

 

 

116,470

 

 

108,506

 

26.0

%

25.4

%

Ares Corporate Opportunities Fund IV, L.P. (2)

 

 

29,480

 

 

30,571

 

6.6

%  

7.2

%

Ares Enhanced Credit Opportunities Fund, L.P.

 

 

25,598

 

 

26,073

 

5.7

%

6.1

%

Resolution Life L.P.

 

 

40,703

 

 

40,703

 

9.1

%  

9.5

%

Other private investment partnership Interests (1)(3)

 

 

120,164

 

 

106,332

 

26.9

%  

24.9

%

Total private investment partnership interests (cost: $311,187 and $297,026 at March 31, 2016 and December 31, 2015, respectively)

 

 

393,598

 

 

371,475

 

88.0

%  

87.0

%

Collateralized Loan Obligations Interests:

 

 

 

 

 

 

 

 

 

 

 

Collateralized loan obligations interests

 

 

54,118

 

 

55,752

 

12.0

%  

13.0

%  

Total collateralized loan obligations (cost: $58,556 and $53,669 at March 31, 2016 and December 31, 2015, respectively)

 

 

54,118

 

 

55,752

 

12.0

%  

13.0

%

Common Stock:

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

83

 

 

81

 

0.0

%

0.0

%

Total common stock (cost: $118 and $116 at March 31, 2016 and December 31, 2015, respectively)

 

 

83

 

 

81

 

0.0

%

0.0

%

Total fair value investments (cost: $369,861 and $350,811 at March 31, 2016 and December 31, 2015, respectively)

 

$

447,799

 

$

427,308

 

100.0

%  

100.0

%


(1)

Investment or portion of the investment is denominated in foreign currency; fair value is translated into U.S. dollars at each reporting date

(2)

Represents underlying security that is held through various legal entities

(3)

No single issuer or investment had a fair value that exceeded 5% of the Company's total investments.

 

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's equity-method investments, including those where the fair value option was elected, are summarized below:

 

 

 

 

 

 

 

 

 

 

As of March 31, 2016

 

As of December 31, 2015

 

Equity-method investments

 

$

4,322

 

$

4,486

 

Equity-method investments at fair value

 

 

26,007

 

 

19,471

 

Total equity-method investments

 

$

30,329

 

$

23,957

 

Held-to-Maturity Investments

The Company classifies its securities investments as held-to-maturity investments when the Company has the positive intent and ability to hold the securities to maturity. Held-to-maturity securities are reported as investments and are recorded at amortized cost. A summary of the cost and fair value of CLO notes classified as held-to-maturity investments is as follows:

 

 

 

 

 

 

 

 

 

March 31,

 

 

December 31,

 

    

 

2016

    

2015

Amortized Cost

$

17,856

 

$

17,022

Unrealized loss, net

 

(590)

 

 

(334)

Fair value

 

$

17,266

 

$

16,688

 

Based on the Company’s ability and intent to hold the investments until maturity, the Company has determined that the net unrealized losses are deemed to be temporary impairments as of March 31, 2016 and December 31, 2015, respectively.

 

There were no sales of held-to-maturity investments during the three months ended March 31, 2016 and 2015.  All contractual maturities are due after 10 years as of March 31, 2016. Actual maturities may differ from contractual maturities because some borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

Investments of the Consolidated Funds

Investments held in the Consolidated Funds are summarized below:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value as a

 

 

 

 

 

 

 

 

 

percentage of total

 

 

 

Fair value at

 

investments at

 

 

 

 

March 31,

 

December 31,

 

March 31,

 

December 31,

 

 

    

2016

    

2015

    

2016

    

2015

    

United States:

 

 

 

 

 

 

 

 

 

 

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

 

Consumer discretionary

 

$

403,139

 

$

393,902

 

15.7

%  

15.4

%

Consumer staples

 

 

36,938

 

 

40,030

 

1.4

%  

1.6

%

Energy

 

 

36,973

 

 

38,617

 

1.4

%  

1.5

%

Financials

 

 

77,988

 

 

78,806

 

3.1

%  

3.1

%

Healthcare, education and childcare

 

 

180,020

 

 

162,191

 

7.1

%  

6.3

%

Industrials

 

 

153,511

 

 

161,830

 

6.0

%  

6.3

%

Information technology

 

 

137,925

 

 

138,186

 

5.4

%  

5.4

%

Materials

 

 

89,973

 

 

95,767

 

3.5

%  

3.7

%

Partnership interests

 

 

103,621

 

 

86,902

 

4.1

%

3.4

%

Telecommunication services

 

 

189,418

 

 

202,256

 

7.4

%  

7.9

%

Utilities

 

 

13,112

 

 

12,733

 

0.5

%  

0.5

%

Total fixed income securities (cost: $1,458,969  and $1,462,570 at March 31, 2016 and December 31, 2015, respectively)

 

 

1,422,618

 

 

1,411,220

 

55.6

%  

55.1

%

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

Healthcare, education and childcare

 

 

1,740

 

 

344

 

0.1

%  

0.0

%

Telecommunication services

 

 

718

 

 

510

 

0.0

%  

0.0

%

Total equity securities (cost: $8,304 at March 31, 2016 and December 31, 2015, respectively)

 

$

2,458

 

$

854

 

0.1

%  

0.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value as a

 

 

 

 

 

 

 

 

 

percentage of total

 

 

 

Fair value at

 

investments at

 

 

 

March 31,

 

 

December 31,

 

March 31,

 

December 31,

 

 

    

2016

    

2015

    

2016

    

2015

    

Europe:

 

 

 

 

 

 

 

 

 

 

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

 

Consumer discretionary

 

$

215,526

 

$

221,707

 

8.3

%  

8.7

%

Consumer staples

 

 

53,491

 

 

50,625

 

2.1

%  

2.0

%

Financials

 

 

29,308

 

 

29,922

 

1.1

%  

1.2

%

Healthcare, education and childcare

 

 

111,710

 

 

104,704

 

4.4

%  

4.1

%

Industrials

 

 

106,511

 

 

109,778

 

4.2

%  

4.3

%

Information technology

 

 

32,368

 

 

31,562

 

1.3

%  

1.2

%

Materials

 

 

105,726

 

 

98,450

 

4.1

%  

3.8

%

Telecommunication services

 

 

160,806

 

 

149,105

 

6.3

%  

5.8

%

Utilities

 

 

810

 

 

768

 

0.0

%  

0.0

%

Total fixed income securities (cost: $862,992  and $836,217 at March 31, 2016 and December 31, 2015, respectively)

 

 

816,256

 

 

796,621

 

31.8

%  

31.1

%

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

Consumer discretionary

 

 

4,203

 

 

4,306

 

0.2

%  

0.2

%

Consumer staples

 

 

1,437

 

 

1,286

 

0.1

%  

0.1

%

Healthcare, education and childcare

 

 

34,716

 

 

37,294

 

1.4

%  

1.5

%

Telecommunication services

 

 

155

 

 

159

 

0.0

%  

0.0

%

Total equity securities (cost: $80,830 and $ 80,827 at March 31, 2016 and December 31, 2015, respectively)

 

 

40,511

 

 

43,045

 

1.7

%  

1.8

%

Asia and other:

 

 

 

 

 

 

 

 

 

 

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

 

Consumer discretionary

 

 

30,260

 

 

34,810

 

1.2

%  

1.4

%

Financials

 

 

1,242

 

 

 —

 

0.0

%  

 —

%

Healthcare, education and childcare

 

 

21,993

 

 

23,999

 

0.9

%  

0.9

%

Telecommunication services

 

 

10,193

 

 

9,909

 

0.4

%  

0.4

%

Total fixed income securities (cost: $55,384 and $57,868 at March 31, 2016 and December 31, 2015, respectively)

 

 

63,688

 

 

68,718

 

2.5

%  

2.7

%

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

Consumer discretionary

 

 

29,444

 

 

55,532

 

1.2

%  

2.2

%

Consumer staples

 

 

50,476

 

 

55,442

 

2.0

%  

2.2

%

Healthcare, education and childcare

 

 

32,598

 

 

32,865

 

1.3

%  

1.3

%

Industrials

 

 

12,891

 

 

12,891

 

0.5

%  

0.5

%

Total equity securities (cost: $118,730 at March 31, 2016 and December 31, 2015, respectively)

 

$

125,409

 

$

156,730

 

5.0

%  

6.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value as a

 

 

 

 

 

 

 

 

 

percentage of total

 

 

 

Fair value at

 

investments at

 

 

 

 

March 31,

 

 

December 31,

 

March 31,

 

December 31,

 

 

  

2016

    

2015

    

2016

    

2015

 

Canada:

 

 

 

 

 

 

 

 

 

 

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

 

Consumer discretionary

 

$

806

 

$

827

 

0.0

%  

0.0

%

Consumer staples

 

 

1,377

 

 

1,369

 

0.1

%

0.1

%

Energy

 

 

7,278

 

 

8,724

 

0.3

%  

0.3

%

Healthcare, education and childcare

 

 

14,537

 

 

14,819

 

0.6

%  

0.6

%

Industrials

 

 

620

 

 

513

 

0.0

%  

0.0

%

Telecommunication services

 

 

8,901

 

 

6,627

 

0.3

%  

0.3

%

Total fixed income securities (cost: $35,731  and $34,397 at March 31, 2016 and December 31, 2015, respectively)

 

 

33,519

 

 

32,879

 

1.3

%  

1.3

%

Australia:

 

 

 

 

 

 

 

 

 

 

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

 

Energy

 

 

8,987

 

 

8,888

 

0.4

%  

0.3

%

Industrials

 

 

4,158

 

 

3,657

 

0.2

%  

0.1

%

Utilities

 

 

15,551

 

 

16,041

 

0.6

%  

0.6

%

Total fixed income securities (cost: $39,602 and $39,574 at March 31, 2016 and December 31, 2015, respectively)

 

 

28,696

 

 

28,586

 

1.2

%  

1.0

%

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

Telecommunication services

 

 

4,630

 

 

5,370

 

0.2

%  

0.2

%

Utilities

 

 

15,384

 

 

15,760

 

0.6

%  

0.6

%

Total equity securities (cost: $25,524 at March 31, 2016 and December 31, 2015, respectively)

 

 

20,014

 

 

21,130

 

0.8

%  

0.8

%

Total fixed income securities

 

 

2,364,777

 

 

2,338,024

 

92.4

%  

91.2

%

Total equity securities

 

 

188,392

 

 

221,759

 

7.6

%  

8.8

%

Total investments, at fair value

 

$

2,553,169

 

$

2,559,783

 

100.0

%  

100.0

%

 

At March 31, 2016 and December 31, 2015, no single issuer or investment, including derivative instruments and underlying portfolio investments of the Consolidated Funds, had a fair value that exceeded 5.0% of the Company's total consolidated net assets.


v3.4.0.3
FAIR VALUE
3 Months Ended
Mar. 31, 2016
FAIR VALUE  
FAIR VALUE

5. FAIR VALUE

GAAP establishes a hierarchal disclosure framework which prioritizes the inputs used in measuring financial instruments at fair value into three levels based on their market observability. Market price observability is affected by a number of factors, including the type of instrument and the characteristics specific to the instrument. Financial instruments with readily available quoted prices from an active market or where fair value can be measured based on actively quoted prices generally have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value.

Financial assets and liabilities measured and reported at fair value are classified as follows:

·

Level I—Quoted prices in active markets for identical instruments.

·

Level II—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in inactive markets; and model‑derived valuations with directly or indirectly observable significant inputs. Level II inputs include prices in markets with few transactions, non-current prices that are not current, prices for which little public information exists or prices that vary substantially over time or among brokered market makers. Other inputs include interest rates, yield curves, volatilities, prepayment risks, loss severities, credit risks and default rates.

·

Level III—Valuations that rely on one or more significant unobservable inputs. These inputs reflect the Company’s assessment of the assumptions that market participants would use to value the instrument based on the best information available. 

In some instances, an instrument may fall into more than one level of the fair value hierarchy. In such instances, the instrument’s level within the fair value hierarchy is based on the lowest of the three levels (with Level III being the lowest) that is significant to the fair value measurement. The Company’s assessment of the significance of an input requires judgment and considers factors specific to the instrument.

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

The tables below summarize the financial assets and financial liabilities measured at fair value for the Company and Consolidated Funds as of March 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments of the Company, at fair value

    

Level I 

    

Level II 

    

Level III 

    

Investments
Measured
at NAV

    

Total 

 

Collateralized loan obligations

 

$

 —

 

$

 —

 

$

54,118

 

$

 —

 

$

54,118

 

Total fixed income

 

 

 —

 

 

 —

 

 

54,118

 

 

 —

 

 

54,118

 

Equity securities

 

 

83

 

 

 —

 

 

 —

 

 

 —

 

 

83

 

Partnership interests

 

 

 —

 

 

 —

 

 

58,203

 

 

361,402

 

 

419,605

 

Total investments, at fair value

 

 

83

 

 

 —

 

 

112,321

 

 

361,402

 

 

473,806

 

Derivative assets of the Company, at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

 

 —

 

 

1,038

 

 

 —

 

 

 —

 

 

1,038

 

Total derivative assets, at fair value

 

 

 —

 

 

1,038

 

 

 —

 

 

 —

 

 

1,038

 

Total

 

$

83

 

$

1,038

 

$

112,321

 

$

361,402

 

$

474,844

 

Derivative liabilities of the Company, at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

$

 —

 

$

(2,402)

 

$

 —

 

$

 —

 

$

(2,402)

 

Interest rate contracts

 

 

 —

 

 

(66)

 

 

 —

 

 

 —

 

 

(66)

 

Total derivative liabilities, at fair value

 

$

 —

 

$

(2,468)

 

$

 —

 

$

 —

 

$

(2,468)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments of Consolidated Funds, at fair value

    

Level I 

    

Level II 

    

Level III 

    

Investments
Measured
at NAV

    

Total 

 

Bonds

 

$

 —

 

$

127,926

 

$

105,812

 

$

 —

 

$

233,738

 

Loans

 

 

 —

 

 

1,921,021

 

 

100,135

 

 

 —

 

 

2,021,156

 

Collateralized loan obligations

 

 

 —

 

 

 —

 

 

6,262

 

 

 —

 

 

6,262

 

Total fixed income

 

 

 —

 

 

2,048,947

 

 

212,209

 

 

 —

 

 

2,261,156

 

Equity securities

 

 

44,692

 

 

1,740

 

 

141,805

 

 

 —

 

 

188,237

 

Partnership interests

 

 

 —

 

 

 —

 

 

103,621

 

 

 —

 

 

103,621

 

Other

 

 

 —

 

 

155

 

 

 —

 

 

 —

 

 

155

 

Total investments, at fair value

 

$

44,692

 

$

2,050,842

 

$

457,635

 

$

 —

 

$

2,553,169

 

Derivative liabilities of Consolidated Funds, at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

$

 —

 

$

(1,731)

 

$

 —

 

$

 —

 

$

(1,731)

 

Others

 

 

 —

 

 

 —

 

 

(4,127)

 

 

 —

 

 

(4,127)

 

Total derivative liabilities, at fair value

 

 

 —

 

 

(1,731)

 

 

(4,127)

 

 

 —

 

 

(5,858)

 

Loan obligations of CLOs

 

 

 —

 

 

(2,167,773)

 

 

 —

 

 

 —

 

 

(2,167,773)

 

Total

 

$

 —

 

$

(2,169,504)

 

$

(4,127)

 

$

 —

 

$

(2,173,631)

 

 

 

The tables below summarize the financial assets and financial liabilities measured at fair value for the Company and Consolidated Funds as of December 31, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments of the Company, at fair value

    

Level I 

    

Level II 

    

Level III 

    

Investments
Measured
at NAV

    

Total 

 

Collateralized loan obligations

 

$

 —

 

$

 —

 

$

55,752

 

$

 —

 

$

55,752

 

Total fixed income

 

 

 —

 

 

 —

 

 

55,752

 

 

 —

 

 

55,752

 

Equity securities

 

 

81

 

 

 —

 

 

 —

 

 

 —

 

 

81

 

Partnership interests

 

 

 —

 

 

 —

 

 

51,703

 

 

339,243

 

 

390,946

 

Total investments, at fair value

 

 

81

 

 

 —

 

 

107,455

 

 

339,243

 

 

446,779

 

Derivative assets of the Company, at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

 

 —

 

 

1,339

 

 

 —

 

 

 —

 

 

1,339

 

Total derivative assets, at fair value

 

 

 —

 

 

1,339

 

 

 —

 

 

 —

 

 

1,339

 

Total

 

$

81

 

$

1,339

 

$

107,455

 

$

339,243

 

$

448,118

 

Derivative liabilities of the Company, at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

$

 —

 

$

(176)

 

$

 —

 

$

 —

 

$

(176)

 

Interest rate contracts

 

 

 —

 

 

(214)

 

 

 —

 

 

 —

 

 

(214)

 

Total derivative liabilities, at fair value

 

$

 —

 

$

(390)

 

$

 —

 

$

 —

 

$

(390)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments of Consolidated Funds, at fair value

    

Level I 

    

Level II 

    

Level III 

    

Investments
Measured
at NAV

    

Total 

 

Bonds

 

$

 —

 

$

126,289

 

$

109,023

 

$

 —

 

$

235,312

 

Loans

 

 

 —

 

 

1,875,341

 

 

134,346

 

 

 —

 

 

2,009,687

 

Collateralized loan obligations

 

 

 —

 

 

 —

 

 

6,121

 

 

 —

 

 

6,121

 

Total fixed income

 

 

 —

 

 

2,001,630

 

 

249,490

 

 

 —

 

 

2,251,120

 

Equity securities

 

 

76,033

 

 

15,760

 

 

129,809

 

 

 —

 

 

221,602

 

Partnership interests

 

 

 —

 

 

 —

 

 

86,902

 

 

 —

 

 

86,902

 

Other

 

 

 —

 

 

159

 

 

 —

 

 

 —

 

 

159

 

Total investments, at fair value

 

$

76,033

 

$

2,017,549

 

$

466,201

 

$

 —

 

$

2,559,783

 

Derivative liabilities of Consolidated Funds, at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

$

 —

 

$

(369)

 

$

 —

 

$

 —

 

$

(369)

 

Others

 

 

 —

 

 

 —

 

 

(10,307)

 

 

 —

 

 

(10,307)

 

Total derivative liabilities, at fair value

 

 

 —

 

 

(369)

 

 

(10,307)

 

 

 —

 

 

(10,676)

 

Loan obligations of CLOs

 

 

 —

 

 

 —

 

 

(2,174,352)

 

 

 —

 

 

(2,174,352)

 

Total

 

$

 —

 

$

(369)

 

$

(2,184,659)

 

$

 —

 

$

(2,185,028)

 

 

The following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended March 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments and Derivatives of the Company

Fixed Income

 

Partnership Interests 

    

Total

 

Balance, beginning of period

$

55,752

 

$

51,703

 

$

107,455

 

Purchases(1)

 

3

 

 

6,500

 

 

6,503

 

Sales(2)

 

(775)

 

 

 —

 

 

(775)

 

Realized and unrealized depreciation, net

 

(862)

 

 

 —

 

 

(862)

 

Balance, end of period

$

54,118

 

$

58,203

 

$

112,321

 

Decrease in unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date

$

(1,173)

 

$

 —

 

$

(1,173)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

  

 

 

  

 

 

  

Other

  

 

 

 

 

 

 

 

 

 

 

 

Partnership

 

Financial

 

 

 

 

Investments and Derivatives of Consolidated Funds

    

Equity Securities 

    

Fixed Income 

    

Interests

    

Instruments

    

Total 

 

Balance, beginning of period

 

$

129,809

 

$

249,490

 

$

86,902

 

$

(10,307)

 

$

455,894

 

Transfer in

 

 

15,759

 

 

30,711

 

 

 —

 

 

 —

 

 

46,470

 

Transfer out

 

 

(345)

 

 

(74,213)

 

 

 —

 

 

 —

 

 

(74,558)

 

Purchases(1)

 

 

 —

 

 

19,469

 

 

7,300

 

 

 —

 

 

26,769

 

Sales(2)

 

 

 —

 

 

(9,443)

 

 

(300)

 

 

496

 

 

(9,247)

 

Accrued discounts/premiums

 

 

 —

 

 

453

 

 

 —

 

 

284

 

 

737

 

Realized and unrealized appreciation (depreciation), net

 

 

(3,418)

 

 

(4,258)

 

 

9,719

 

 

5,400

 

 

7,443

 

Balance, end of period

 

$

141,804

 

$

212,209

 

$

103,621

 

$

(4,127)

 

$

453,508

 

Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date

 

$

(3,419)

 

$

(6,032)

 

$

9,635

 

$

5,294

 

$

5,478

 


(1)

Purchases include paid‑in‑kind interest and securities received in connection with restructurings.

(2)

Sales include distributions, principal redemptions and securities disposed of in connection with restructurings.

The following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended March 31, 2015:

 

 

 

 

 

 

 

 

 

 

Investments and Derivatives of the Company

Fixed Income

 

Partnership Interests 

 

Total

 

Balance, beginning of period

$

 —

 

$

45,348

 

$

45,348

 

Deconsolidation of funds(3)

 

17,815

 

 

 —

 

 

17,815

 

Purchases(1)

 

3

 

 

5,000

 

 

5,003

 

Sales(2)

 

(763)

 

 

 —

 

 

(763)

 

Realized and unrealized appreciation (depreciation), net

 

(1,232)

 

 

 —

 

 

(1,232)

 

Balance, end of period

$

15,823

 

$

50,348

 

$

66,171

 

Decrease in unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date

$

(1,510)

 

$

 —

 

$

(1,510)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

Other

  

 

 

 

 

 

 

 

 

 

 

 

Partnership

 

Financial

 

 

 

 

Investments and Derivatives of Consolidated Funds

    

Equity Securities

    

Fixed Income

    

Interests

    

Instruments

    

Total

 

Balance, beginning of period

 

$

3,263,311

 

$

2,192,395

 

$

17,582

 

$

(20,993)

 

$

5,452,295

 

Deconsolidation of funds(4)

 

 

(3,080,402)

 

 

(1,897,304)

 

 

(17,582)

 

 

12,980

 

 

(4,982,308)

 

Transfer in

 

 

 —

 

 

26,144

 

 

 —

 

 

 —

 

 

26,144

 

Transfer out

 

 

 —

 

 

(89,214)

 

 

 —

 

 

 —

 

 

(89,214)

 

Purchases(1)

 

 

 —

 

 

44,835

 

 

 —

 

 

4

 

 

44,839

 

Sales(2)

 

 

(1,689)

 

 

(23,171)

 

 

 —

 

 

(1)

 

 

(24,861)

 

Accrued discounts/premiums

 

 

 —

 

 

(858)

 

 

 —

 

 

(267)

 

 

(1,125)

 

Realized and unrealized appreciation (depreciation), net

 

 

(7,185)

 

 

(18,706)

 

 

 —

 

 

(6,116)

 

 

(32,007)

 

Balance, end of period

 

$

174,035

 

$

234,121

 

$

 —

 

$

(14,393)

 

$

393,763

 

Decrease in unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date

 

$

(8,932)

 

$

(14,877)

 

$

 —

 

$

(7,618)

 

$

(31,427)

 


(1)

Purchases include paid‑in‑kind interest and securities received in connection with restructurings.

(2)

Sales include distributions, principal redemptions and securities disposed of in connection with restructurings.

(3)

Balances for the Company were previously eliminated upon consolidation and not reported as Level III investments.

(4)

Represents investment in Consolidated Funds that were deconsolidated during the period.

The Company recognizes transfers between the levels as of the beginning of the period. 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. For the three months ended March 31, 2016 and 2015, there were no transfers between Level I and Level II. 

The following table sets forth a summary of changes in the fair value of the Level III liabilities for the CLO loan obligations for the three months ended March 31, 2016 and 2015:

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31,

 

 

    

2016

    

2015

 

Balance, beginning of period

 

$

2,174,352

 

$

12,049,019

 

Accounting change due to the adoption of ASU 2014-13(1)

 

 

(2,174,352)

 

 

 —

 

Deconsolidation of funds

 

 

 —

 

 

(10,264,884)

 

Borrowings

 

 

 —

 

 

602,077

 

Paydowns

 

 

 —

 

 

(409)

 

Realized and unrealized gains, net

 

 

 —

 

 

(85,833)

 

Balance, end of period

 

$

 —

 

$

2,299,970

 


(1)

Upon adoption of ASU 2014-13, the debt obligations of consolidated CLOs are no longer considered Level III financial liabilities under the GAAP fair value hierarchy. As of January 1, 2016, the debt obligations of consolidated CLOs are measured on the basis of the fair value of the financial assets of the CLO and are classified as Level II financial liabilities.

 

The following table summarizes the quantitative inputs and assumptions used for the Company’s Level III measurements as of March 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

  

Fair

  

 

  

Unobservable

  

 

 

    

Value

    

Valuation Technique(s)

    

Input(s)

    

Range

Assets

 

 

 

 

 

 

 

 

 

Partnership interests

 

$

40,703

 

Discounted Cash Flow

 

Discount Rate

 

10% 

Partnership interests

 

 

17,500

 

Recent Transaction Price (1)

 

N/A

 

N/A

Collateralized loan obligations

 

 

54,118

 

Broker quotes and/or 3rd party pricing services

 

N/A

 

N/A

Total

 

$

112,321

 

 

 

 

 

 


(1)

Recent transaction price consists of securities recently purchased or restructured. The Company has determined that there has been no change to the valuation based on the underlying assumptions used at the closing of such transactions.

 

The following table summarizes the quantitative inputs and assumptions used for the Company’s Level III measurements as of December 31, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair

 

 

 

Unobservable

 

 

 

 

    

Value 

    

Valuation Technique(s) 

    

Input(s) 

    

Range 

 

Assets

 

 

 

 

 

 

 

 

 

 

Partnership interests

 

$

40,703

 

Discounted Cash Flow

 

Discount Rate

 

10%

 

Partnership interests

 

 

11,000

 

Recent Transaction Price (1)

 

N/A

 

N/A

 

Collateralized loan obligations

 

 

55,752

 

Broker quotes and/or 3rd party pricing services

 

N/A

 

N/A

 

Total

 

$

107,455

 

 

 

 

 

 

 


(1)

Recent transaction price consists of securities recently purchased or restructured. The Company has determined that there has been no change to the valuation based on the underlying assumptions used at the closing of such transactions.

 

The following table summarizes the quantitative inputs and assumptions used for the Consolidated Funds’ Level III measurements as of March 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

  

 

  

 

  

 

Weighted

 

 

    

Fair Value 

 

Valuation Technique(s) 

 

Unobservable Input(s) 

 

Range

    

Average

 

Assets

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

 

 

 

 

 

 

 

 

 

 

 

$

53,247

 

EV market multiple analysis

 

EBITDA multiple

 

1.6x-9.1x

 

5.4x

 

 

 

73,174

 

Market approach (comparable companies)

 

Net income multiple
Illiquidity discount

 

9.1x - 40.0x
25%

 

20.6x
25%

 

 

 

15,384

 

Broker quotes and/or 3rd party pricing services

 

N/A

 

N/A

 

N/A

 

 

 

103,621

 

Discounted cash flow

 

Discount rate

 

14.0%

 

14.0%

 

Fixed Income securities

 

 

 

 

 

 

 

 

 

 

 

 

 

92,891

 

Broker quotes and/or 3rd party pricing services

 

N/A

 

N/A

 

N/A

 

 

 

21,010

 

EV market multiple analysis

 

EBITDA multiple

 

1.6x - 11.0x

 

7.3x

 

 

 

83,045

 

Income approach

 

Yield

 

3.3% - 13.3%

 

9.4%

 

 

 

5,622

 

Discounted cash flow

 

Discount rate

 

11.0% - 15.3%

 

12.7%

 

 

 

1,756

 

Market approach (comparable companies)

 

EBITDA multiple

 

6.5x

 

6.5x

 

 

 

2,800

 

Income approach

 

Collection rates

 

1.2x

 

1.2x

 

 

 

5,085

 

Income approach

 

Constant prepayment rate
Constant default rate
Recovery rate

 

5.0% - 10.0%
11.9% - 25.1%
0.0% - 40.0%

 

6.9%
14.2%
15.0%

 

Total assets

$

457,635

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

Derivatives instruments of Consolidated Funds

 

4,127

 

Broker quotes and/or 3rd party pricing services

 

N/A

 

N/A

 

N/A

 

Total liabilities

$

4,127

 

 

 

 

 

 

 

 

 

 

The following table summarizes the quantitative inputs and assumptions used for the Consolidated Funds’ Level III measurements as of December 31, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Fair Value 

 

Valuation Technique(s) 

 

Unobservable Input(s) 

 

Range

    

Average

 

Assets

 

 

 

 

 

 

 

 

 

 

   

Equity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

42,887

 

EV market multiple analysis

 

EBITDA multiple

 

1.6x - 10.4x

 

4.1x

 

 

 

73,686

 

Market approach (comparable companies)

 

Net income multiple

 

10.0x - 40.0x

 

21.7x

 

 

 

344

 

Broker quotes and/or 3rd party pricing services

 

N/A

 

N/A

 

N/A

 

 

 

12,891

 

Recent transaction price (1)

 

N/A

 

N/A

 

N/A

 

 

 

86,902

 

Discounted cash flow

 

Discount rate

 

14.0%

 

14.0%

 

Fixed Income securities

 

 

 

 

 

 

 

 

 

 

 

 

 

22,934

 

EV market multiple analysis

 

EBITDA multiple

 

1.6x - 11.0x

 

7.8x

 

 

 

1,626

 

Market approach (comparable companies)

 

EBITDA multiple

 

6.5x

 

6.5x

 

 

 

130,131

 

Broker quotes and/or 3rd party pricing services

 

N/A

 

N/A

 

N/A

 

 

 

5,516

 

Discounted cash flow

 

Discount rate

 

11.0% - 15.3%

 

12.7%

 

 

 

84,464

 

Income approach

 

Yield

 

3.3% - 13.3%

 

9.1%

 

 

 

1,133

 

Income approach

 

Collection rates

 

1.2x

 

1.2x

 

 

 

3,687

 

Income approach

 

Constant prepayment rate
Constant default rate
Recovery rate

 

5.0% - 10.0%
11.9% - 25.1%
0.0% - 40.0%

 

7.1%
14.6%
16.8%

 

Total assets

$

466,201

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

Loans payable of Consolidated Funds:

 

 

 

 

 

 

 

 

 

 

 

Fixed income

$

2,146,255

 

Broker quotes and/or 3rd party pricing services

 

N/A

 

N/A

 

N/A

 

 

 

28,097

 

Discounted cash flow

 

Discount rate
Constant prepayment rate
Constant default rate
Recovery rate

 

8.0% - 10.0%
19.7% - 20.0%
2.0%
70.0% - 71.1%

 

8.7%
19.8%
 2.0% 
70.8%

 

Derivatives instruments of Consolidated Funds

 

10,307

 

Broker quotes and/or 3rd party pricing services

 

N/A

 

N/A

 

N/A

 

Total liabilities

$

2,184,659

 

 

 

 

 

 

 

 

 

 


(1)

Recent transaction price consists of securities purchased or restructured. The Company has determined that there has been no change to the valuation based on the underlying assumptions used at the closing of such transactions.

 

A significant change in earnings before interest, tax, depreciation and amortization (“EBITDA”), or one of the other unobservable inputs in the table above, could result in a significantly higher or lower fair value measurement.

For investments valued using NAV per share, a summary of fair value by segment along with the remaining unfunded commitment and any redemption restrictions of such investments are presented below:

 

 

 

 

 

 

 

 

 

 

As of March 31, 2016

 

Segment

    

Fair Value 

    

Unfunded Commitments 

    

Redemption Restriction(s) 

 

Credit Group

 

$

104,824

 

$

86,351

 

(1)(2)(3)

 

Private Equity Group

 

 

163,988

 

 

77,418

 

(1)

 

Real Estate Group

 

 

59,589

 

 

100,579

 

(1)

 

Operations Management Group

 

 

33,001

 

 

17,374

 

(1)(2)

 

Totals

 

$

361,402

 

$

281,722

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2015

Segment

    

Fair Value

    

Unfunded Commitments

    

Redemption Restriction(s)

 

Credit Group

 

$

98,251

 

$

89,917

 

(1)(2)(3)

 

Private Equity Group

 

 

157,234

 

 

78,700

 

(1)

 

Real Estate Group

 

 

56,547

 

 

99,802

 

(1)

 

Operations Management Group

 

 

27,211

 

 

22,789

 

(1)(2)

 

Totals

 

$

339,243

 

$

291,208

 

 

 


(1)

Includes certain closed‑ended funds that do not permit investors to redeem their interests.

(2)

Includes certain open‑ended funds that are subject to a lock‑up period of six months after the closing date; after which an investor has the right to withdraw its capital.

(3)

Includes certain funds that are separately managed investment vehicles, which may be redeemed only upon dissolution or liquidation of the fund at the discretion of a simple majority of investors.


v3.4.0.3
DERIVATIVE FINANCIAL INSTRUMENTS
3 Months Ended
Mar. 31, 2016
DERIVATIVE FINANCIAL INSTRUMENTS  
DERIVATIVE FINANCIAL INSTRUMENTS

6. DERIVATIVE FINANCIAL INSTRUMENTS

In the normal course of business, the Company and the Consolidated Funds are exposed to certain risks relating to their ongoing operations and use various types of derivative instruments primarily to mitigate against credit and foreign exchange risk. The derivative instruments used by the Company and Consolidated Funds include warrants, currency options, interest rate swaps, total return swaps and forward contracts. The derivative instruments are not designated as hedging instruments under the accounting standards for derivatives and hedging. The Company recognizes all of its derivative instruments at fair value as either assets or liabilities in the Condensed Consolidated Statements of Financial Condition.

Quantitative Disclosures of Derivative Financial Instruments

The following tables identify the fair value and notional amounts of derivative contracts by major product type on a gross basis for the Company and the Consolidated Funds as of March 31, 2016 and December 31, 2015. These amounts may be offset (to the extent that there is a legal right to offset) and presented on a net basis in other assets or accounts payable, accrued expenses and other liabilities in the Condensed Consolidated Statements of Financial Condition:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2016

 

 

 

Assets 

 

Liabilities 

 

The Company

    

Notional(1) 

    

Fair Value 

    

Notional(1) 

    

Fair Value 

 

Interest rate contracts

 

$

 —

 

$

 —

 

$

250,000

 

$

66

 

Foreign exchange contracts

 

 

22,018

 

 

1,038

 

 

62,348

 

 

2,402

 

Total derivatives, at fair value

 

$

22,018

 

$

1,038

 

$

312,348

 

$

2,468

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2016

 

 

 

Assets

 

Liabilities

 

Consolidated Funds 

    

Notional(1)

    

Fair Value

    

Notional(1)

    

Fair Value

 

Foreign exchange contracts

 

$

 —

 

$

 —

 

$

25,572

 

$

1,731

 

Other financial instruments

 

 

 —

 

 

 —

 

 

4,501

 

 

4,127

 

Total derivatives, at fair value

 

 

 —

 

 

 —

 

 

30,073

 

 

5,858

 

Other—equity(2)

 

 

522

 

 

155

 

 

 —

 

 

 —

 

Total

 

$

522

 

$

155

 

$

30,073

 

$

5,858

 


(1)

Represents the total contractual amount of derivative assets and liabilities outstanding.

(2)

Includes the fair value of warrants which are presented within investments of the Consolidated Funds in the Condensed Consolidated Statements of Financial Condition.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2015

 

 

 

Assets 

 

Liabilities 

 

The Company

    

Notional(1)

    

Fair Value

    

Notional(1)

    

Fair Value

 

Interest rate contracts

 

$

 —

 

$

 —

 

$

250,000

 

$

214

 

Foreign exchange contracts

 

 

94,634

 

 

1,339

 

 

53,245

 

 

176

 

Total derivatives, at fair value

 

$

94,634

 

$

1,339

 

$

303,245

 

$

390

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2015

 

 

 

Assets 

 

Liabilities 

 

Consolidated Funds 

    

Notional(1)

    

Fair Value

    

Notional(1)

    

Fair Value

 

Foreign exchange contracts

 

$

 —

 

$

 —

 

$

25,572

 

$

369

 

Other financial instruments

 

 

 —

 

 

 —

 

 

4,063

 

 

10,307

 

Total derivatives, at fair value

 

 

 —

 

 

 —

 

 

29,635

 

 

10,676

 

Other—equity(2)

 

 

522

 

 

159

 

 

 —

 

 

 —

 

Total

 

$

522

 

$

159

 

$

29,635

 

$

10,676

 


(1)

Represents the total contractual amount of derivative assets and liabilities outstanding.

(2)

Includes the fair value of warrants and equity distribution rights which are presented at fair value, within investments of the Consolidated Funds in the Condensed Consolidated Statements of Financial Condition.

The tables below set forth the rights of offset and related arrangements associated with the Company’s derivative and other financial instruments as of March 31, 2016 and December 31, 2015. The columns titled “Gross Amounts Not Offset in the Statement of Financial Condition” in the tables below relate to derivative instruments that are eligible to be offset in accordance with applicable accounting guidance but for which management has elected not to offset in the Condensed Consolidated Statements of Financial Condition.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Amounts

 

 

 

 

 

    

    

 

    

    

 

    

    

 

    

Not Offset

    

    

 

 

 

  

 

  

 

 

  

 

 

  

in the Statement

  

 

 

 

 

 

Gross Amounts of

 

Gross Amounts

 

Net Amounts of

 

of Financial Condition

 

 

 

 

 

 

Recognized Assets

 

Offset in Assets

 

Assets (Liabilities)

 

Financial

 

 

 

 

The Company as of March 31, 2016

    

(Liabilities)

    

(Liabilities) 

    

Presented 

    

Instruments 

    

Net Amount 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

$

1,038

 

$

 —

 

$

1,038

 

$

(2,401)

 

$

(1,363)

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

 

(2,468)

 

 

 —

 

 

(2,468)

 

 

2,401

 

 

(67)

 

Net derivatives liabilities

 

$

(1,430)

 

$

 —

 

$

(1,430)

 

$

 —

 

$

(1,430)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Amounts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Not Offset

 

 

 

 

 

  

 

  

    

 

  

    

 

  

in the Statement

  

 

 

 

 

 

Gross Amounts of

 

Gross Amounts

 

Net Amounts of

 

of Financial Condition

 

 

 

 

 

 

Recognized Assets

 

Offset in Assets

 

Assets (Liabilities)

 

Financial

 

 

 

 

The Company as of December 31, 2015

    

(Liabilities) 

    

(Liabilities) 

    

Presented 

    

Instruments 

    

Net Amount 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

$

1,339

 

$

 —

 

$

1,339

 

$

(176)

 

$

1,163

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

 

(390)

 

 

 —

 

 

(390)

 

 

176

 

 

(214)

 

Net derivatives assets

 

$

949

 

$

 —

 

$

949

 

$

 —

 

$

949

 

 

The tables below set forth the rights of offset and related arrangements associated with the Consolidated Funds’ derivative and other financial instruments as of March 31, 2016 and December 31, 2015. The columns titled “Gross Amounts Not Offset in the Statement of Financial Condition” in the tables below relate to derivative instruments that are eligible to be offset in accordance with applicable accounting guidance but for which management has elected not to offset in the Condensed Consolidated Statements of Financial Condition.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Amounts Not

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Offset in the Statement

 

 

 

 

 

  

 

  

 

 

  

 

 

  

of Financial Condition

  

 

 

 

 

 

Gross Amounts of

 

Gross Amounts

 

Net Amounts of

 

 

 

 

Cash Collateral

 

 

 

 

 

 

Recognized Assets

 

Offset in Assets

 

Assets (Liabilities)

 

Financial

 

Received

 

 

 

 

Consolidated Funds as of March 31, 2016

    

(Liabilities)

    

(Liabilities) 

    

Presented 

    

Instruments 

    

(Pledged) 

    

Net Amount 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

$

447

 

$

447

 

$

 —

 

$

 —

 

$

 —

 

$

 —

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

 

(6,305)

 

 

(447)

 

 

(5,858)

 

 

 —

 

 

 —

 

 

(5,858)

 

Net derivatives liabilities

 

$

(5,858)

 

$

 —

 

$

(5,858)

 

$

 —

 

$

 —

 

$

(5,858)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Amounts Not

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Offset in the Statement

 

 

 

 

 

  

 

  

 

 

  

 

 

  

of Financial Condition 

  

 

 

 

 

 

Gross Amounts of

 

Gross Amounts

 

Net Amounts of

 

 

 

 

Cash Collateral

 

 

 

 

 

 

Recognized Assets

 

Offset in Assets

 

Assets (Liabilities)

 

Financial

 

Received

 

 

 

 

Consolidated Funds as of December 31, 2015

    

(Liabilities)

    

(Liabilities)

    

Presented

    

Instruments

    

(Pledged)

    

Net Amount

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

$

85

 

$

85

 

$

 —

 

$

 —

 

$

 —

 

$

 —

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

 

(10,760)

 

 

(85)

 

 

(10,676)

 

 

 —

 

 

 —

 

 

(10,676)

 

Net derivatives liabilities

 

$

(10,676)

 

$

 —

 

$

(10,676)

 

$

 —

 

$

 —

 

$

(10,676)

 

 


v3.4.0.3
DEBT
3 Months Ended
Mar. 31, 2016
DEBT  
DEBT

7. DEBT

Debt represents the (a) revolving credit facility of the Ares Operating Group (the “Credit Facility”), (b) senior notes of a wholly owned subsidiary of Ares Holdings (the “Senior Notes”), (c) term loan of a wholly owned subsidiary of AM LLC (the “Term Loan”), (d) loan obligations of the consolidated CLOs and (e) credit facilities of the Consolidated Funds. The Company has elected to measure the loan obligations of the consolidated CLOs at fair value and reflect the other debt obligations and borrowings of the Company, its subsidiaries and Consolidated Funds at cost.

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2016

 

 

 

As of December 31, 2015

 

 

 

 

 

 

Original Borrowing

 

Carrying

 

 

 

 

 

Carrying

 

 

 

 

 

 

 

Maturity

 

Amount

 

Value

 

 

Interest Rate

 

 

Value

 

 

Interest Rate

 

Credit Facility(1)

 

 

4/30/2019

 

 

 —

 

$

192,000

 

 

2.19%

 

 

$

110,000

 

 

2.11%

 

Senior Notes (2)

 

 

10/8/2024

 

$

250,000

 

 

244,226

 

 

4.21%

 

 

 

244,077

 

 

4.21%

 

Term Loan(3)

 

 

7/29/2026

 

$

35,250

 

 

35,048

 

 

2.47%

 

 

 

35,043

 

 

2.18%

 

Total debt obligations

 

 

 

 

 

 

 

$

471,274

 

 

 

 

 

$

389,120

 

 

 

 


(1)

The Ares Operating Group entities are borrowers under the Credit Facility, which provides a $1.03 billion revolving line of credit with the ability to upsize to $1.28 billion (subject to obtaining commitments for any such additional borrowing capacity). It has a variable interest rate based on either LIBOR or a base rate plus an applicable margin with an unused commitment fee paid quarterly, which is subject to change with our underlying credit agency rating. Currently, base rate loans bear interest calculated based on the base rate plus 0.75% or and the LIBOR rate loans bear interest calculated based on LIBOR plus 1.75%.  The unused commitment fee is 0.25% per annum. There is a base rate and LIBOR floor of zero.

(2)

The Senior Notes were issued in October 2014 by Ares Finance Co. LLC (“AFC”), a subsidiary of the Company, at 98.268% 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.

(3)

In connection with risk retention requirements, the Term Loan was entered into in August 2015 by a subsidiary of the Company that acts as a manager to a CLO. The Term Loan is secured by collateral in the form of CLO senior tranches owned by the Company. To the extent the assets are not sufficient to cover the Term Loan, there is no further recourse to the Company to fund or repay the remaining balance. Interest is paid quarterly, and the Company also pays a fee of 0.025% of a maximum investment amount.

As of March 31, 2016, the Company and its subsidiaries were in compliance with all covenants under the Credit Facility, Senior Notes and Term Loan obligations. 

 

The Company typically incurs and pays debt issuance costs when entering into a new debt obligation. Debt issuance costs may be recorded as a reduction of the corresponding debt obligation and are amortized over the term of the obligation. No new debt issuance costs were incurred in the three month periods ended March 31, 2016 and 2015. The unamortized portion of the Credit Facility debt issuance costs of $5.8 million and $6.2 million as of March 31, 2016 and December 31, 2015, respectively, is included in other assets in the Condensed Consolidated Statements of Financial Condition. The unamortized portion of the Senior Notes and Term Loan debt issuance costs of $2.2 million as of March 31, 2016 and December 31, 2015, is included in the net carrying value of the Company’s debt obligations in the Condensed Consolidated Statements of Financial Condition. Amortization of debt issuance costs was $0.5 million and $0.4 million for the three months ending March 31, 2016 and 2015, respectively, and is included in net interest and investment income (expense) in the Condensed Consolidated Statements of Operations.

 

Loan Obligations of the Consolidated CLOs

Loan obligations of the Consolidated Funds that are CLOs ("Consolidated CLOs") represent amounts due to holders of debt securities issued by the Consolidated CLOs. Several of the Consolidated CLOs issued preferred shares representing the subordinated interests that are mandatorily redeemable upon the maturity dates of the senior secured loan obligations. As a result, these shares have been classified as liabilities and are included in CLO loan obligations in the Condensed Consolidated Statements of Financial Condition.

As of March 31, 2016 and December 31, 2015, the following loan obligations were outstanding and classified as liabilities of the Company’s consolidated CLOs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2016

 

 

As of December 31, 2015

 

 

 

 

 

 

  

 

 

 

Weighted Average

 

 

 

 

  

 

 

Weighted Average

 

 

 

 

Loan

 

Fair Value of

 

Remaining

 

 

Loan

 

 

Fair Value of

 

Remaining

 

 

    

    

Obligations

    

Loan Obligations

    

Maturity In Years 

    

    

Obligations

    

 

Loan Obligations

    

Maturity In Years 

 

Senior secured notes(1)

 

 

$

2,083,929

 

$

2,052,619

 

9.30

 

$

2,101,506

 

$

2,054,123

 

9.55

 

Subordinated notes / preferred shares(2)

 

 

 

199,265

 

 

115,154

 

9.29

 

 

194,443

 

 

120,229

 

9.53

 

Total loan obligations of Consolidated CLOs

 

 

$

2,283,194

 

$

2,167,773

 

 

 

$

2,295,949

 

$

2,174,352

 

 

 


(1)

Original borrowings under the senior secured notes totaled $2.2 billion, with various maturity dates ranging from October 2024 to December 2025. The weighted average interest rate as of March 31, 2016 was 3.44%.

(2)

Original borrowings under the subordinated notes totaled $199.3 billion, with various maturity dates ranging from October 2024 to December 2025. They do not have contractual interest rates, but instead receive distributions from 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, corporate bonds and other securities. 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.

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 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 have no recourse to the Company. As of March 31, 2016 and December 31, 2015, the Consolidated Funds were in compliance with all financial and non‑financial covenants under such credit facilities.

The Consolidated Funds had the following revolving bank credit facilities outstanding as of March 31, 2016 and December 31, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2016

 

As of December 31, 2015

 

 

 

Maturity

 

Total

 

Outstanding

 

 

 

Outstanding

 

 

 

Type of Facility

 

Date

    

Capacity

    

Loan(1)

    

Effective Rate

    

Loan(1)

    

Effective Rate

    

Consolidated Funds credit facility

 

01/01/23

 

$

18,000

 

$

12,484

 

2.00%

 

$

11,734

 

2.00%

 

  Total borrowings of Consolidated Funds

 

 

 

 

 

 

$

12,484

 

 

 

$

11,734

 

 

 


(1)

The fair values of the borrowings approximate the carrying value, as the interest rate on the borrowings is a floating rate.

 

 


v3.4.0.3
REDEEMABLE INTERESTS
3 Months Ended
Mar. 31, 2016
REDEEMABLE INTERESTS.  
REDEEMABLE INTERESTS

8. REDEEMABLE INTERESTS

The following table sets forth a summary of changes in the redeemable interests in the Ares Operating Group entities as of March 31, 2016:

 

 

 

 

 

 

 

As of March 31,

 

 

 

2016

    

Beginning balance

$

23,505

 

Distributions 

 

(187)

 

Net income

 

10

 

Currency translation adjustment

 

(11)

 

Equity compensation

 

36

 

Ending Balance

$

23,353

 

 


v3.4.0.3
COMMITMENTS AND CONTINGENCIES
3 Months Ended
Mar. 31, 2016
COMMITMENTS AND CONTINGENCIES  
COMMITMENTS AND CONTINGENCIES

9. 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 have not been recorded in the Condensed Consolidated Statements of Financial Condition. As of March 31, 2016, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

Capital Commitments

As of March 31, 2016 and December 31, 2015, the Company had aggregate unfunded commitments of $699.8 million and $436.4 million, respectively, including commitments to both non-consolidated funds and Consolidated Funds.

The Company has a $75.0 million commitment to invest in certain funds managed by Kayne Anderson Capital Advisors, L.P. (“KACALP”). As of March 31, 2016, the Company had invested a total of $32.6 million in such funds with $42.4 million in unfunded commitments remaining.

Guarantees

On July 30, 2014, AM LLC agreed to provide credit support to a $75.0 million credit facility, (the “Guaranteed Facility”) entered into by a wholly owned subsidiary of Ares Commercial Real Estate Corporation (“ACRE”) with a national banking association. AM LLC is the parent entity to ACRE’s external manager. In connection with the facility, AM LLC agreed to purchase all loans and other obligations outstanding under the Guaranteed Facility at a price equal to 100% of the outstanding balance (i) upon an acceleration or certain events of default by ACRE under the Guaranteed Facility or (ii) in the event that AM LLC’s corporate credit rating is downgraded to below investment grade, among other things. ACRE pays AM LLC a credit support fee of 1.50% per annum times the average amount of the loans outstanding under the Guaranteed Facility, payable monthly, and reimburses AM LLC for its out‑of‑pocket costs and expenses in connection with the Guaranteed Facility. The Company’s maximum exposure to loss shall not exceed $75.0 million plus accrued interest. The fair value of this guarantee recorded as of March 31, 2016 and December 31, 2015 was $1.7 million, and is included within accounts payable, accrued expenses and other liabilities in the Condensed Consolidated Statements of Financial Condition. The total outstanding balance under the Guaranteed Facility was $37.9 million and $66.2 million as of March 31, 2016 and December 31, 2015, respectively. This guarantee expires on June 30, 2016. The Company believes the likelihood of default by the subsidiary of ACRE to be remote.

 In connection with the acquisition of EIF, contingent consideration is payable to EIF’s former membership interest holders if certain funds and co-investment vehicles meet certain revenue and fee paying commitment targets. The fair value of the liability for contingent consideration is subject to change until the liability is settled with the related impact recorded to our Condensed Consolidated Statements of Operations within other income (expense), net. As of March 31, 2016 and December 31, 2015, the estimated fair value of the contingent consideration liability was $38.3 million and $38.1 million, respectively.

Performance Fees

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 (in most cases) exceed the preferred return threshold or (in all cases) the general partner receives 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. 

At March 31, 2016 and December 31, 2015, if the Company assumed all existing investments were worthless, the amount of performance fees subject to potential repayment, net of tax, which may differ from the recognition of revenue, would have been approximately $322.4 million and $322.2 million, respectively, of which approximately $248.1 million and $247.9 million, respectively, is reimbursable to the Company by certain professionals. Management believes the possibility of all of the investments becoming worthless is remote. As of December 31, 2015, if the funds were liquidated at their fair values, there would be no repayment obligation, and accordingly, the Company did not record a contingent repayment liability as of that date. Based on fair values of certain funds as of March 31, 2016, the Company has recorded a liability associated with the contingent repayment obligation of $25.4 million, of which, $16.4 million is recoverable from the Company’s senior professionals and other professionals who previously received performance fees, and as such has been recorded within due from affiliates on the Company’s Condensed Consolidated Statements of Financial Condition.

 


v3.4.0.3
RELATED PARTY TRANSACTIONS
3 Months Ended
Mar. 31, 2016
RELATED PARTY TRANSACTIONS  
RELATED PARTY TRANSACTIONS

10. RELATED PARTY TRANSACTIONS

Substantially all of the Company’s revenue is earned from its affiliates, including management fees, performance fees, administrative expense reimbursements and service fees. The related accounts receivable are included within due from affiliates within the Condensed Consolidated Statements of Financial Condition, except that performance fees receivable, which are entirely due from affiliated funds, are presented separately within the Condensed Consolidated Statements of Financial Condition.

The Company has investment management agreements with various funds and accounts that it manages. In accordance with these agreements, the Consolidated Funds bear certain operating costs and expenses, which are initially paid by the Company and subsequently reimbursed by the Consolidated Funds. In addition, the Company has agreements to provide administrative services to various entities.

The Company also has entered into agreements to provide administrative services which are eligible for reimbursement from related parties, including Ares Capital Corporation (“ARCC”), ACRE, Ares Dynamic Credit Allocation Fund, Inc. (“ARDC”), Ivy Hill Asset Management, L.P., European Senior Secured Loan Programme S.à.r.l. and ACF FinCo I L.P.

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 or performance fees.

Performance fees from the funds can be distributed to professionals on a current basis, subject 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 comprised of the following:

 

 

 

 

 

 

 

 

 

 

 

As of March 31,

 

As of December 31,

 

 

 

    

2016

    

2015

 

  

Due from affiliates:

 

 

 

 

 

 

 

 

Management fees receivable from non-consolidated funds

 

$

119,573

 

$

112,405

 

 

Contingent obligations due from employees

 

 

16,448

 

 

 —

 

 

Payments made on behalf of and amounts due from non-consolidated funds

 

 

29,760

 

 

32,577

 

 

Due from affiliates—Company

 

$

165,781

 

$

144,982

 

 

Amounts due from portfolio companies and non-consolidated funds

 

$

11,955

 

$

12,923

 

 

Due from affiliates—Consolidated Funds

 

$

11,955

 

$

12,923

 

 

Due to affiliates:

 

 

 

 

 

 

 

 

Management fee rebate payable to non-consolidated funds

 

$

6,678

 

$

6,679

 

 

Management fee paid in advance

 

 

2,686

 

 

1,738

 

 

Contingent obligations to non-consolidated funds

 

 

25,423

 

 

 —

 

 

Payments made by non-consolidated funds on behalf of and amounts due from the Company

 

 

3,313

 

 

4,484

 

 

Due to affiliates—Company

 

$

38,100

 

$

12,901

 

 

 

 

Due from 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. Amounts advanced on behalf of Consolidated Funds are eliminated in consolidation. Certain expenses initially paid by the Company, primarily professional travel and other costs associated with particular portfolio company holdings are subject to reimbursement by the portfolio companies.


v3.4.0.3
INCOME TAXES
3 Months Ended
Mar. 31, 2016
INCOME TAXES  
INCOME TAXES

11. INCOME TAXES

A substantial portion of the Company’s earnings flow through to owners of the Company without being subject to entity level income taxes. Consequently, a significant portion of the Company’s earnings reflects no provision for income taxes except those for foreign, state, city and local income taxes incurred at the entity level. A portion of the Company’s operations is held through AHI and Domestic Holdings, as well as corporate subsidiaries of Ares Investments, which are U.S. corporations for tax purposes. Their income is subject to U.S. federal, state and local income taxes and certain of its foreign subsidiaries are subject to foreign income taxes (for which a foreign tax credit can generally offset U.S. corporate taxes imposed on the same income). A provision for corporate level income taxes is included in the Company’s tax provision. The Company’s tax provision also includes entity level income taxes incurred by certain affiliated funds that are consolidated in these financial statements. The Company’s income tax expense was $4.7 million and $4.1 million for the three months ended March 31, 2016 and 2015, respectively.

The Company’s effective income tax rate is dependent on many factors, including the estimated nature of many amounts and the mix of revenues and expenses between U.S. corporate subsidiaries that are subject to income taxes and those subsidiaries that are not. For the three months ended March 31, 2016 and 2015, the Company has utilized the discrete effective tax rate method to calculate its interim income tax provision. The discrete method is applied when the application of the estimated annual effective tax rate is impractical because it is not possible to reliably estimate the annual effective tax rate. The discrete method treats the year to date period as if it was the annual period and determines the income tax expense or benefit on that basis. Additionally, the Company’s effective tax rate is influenced by the amount of income tax provision recorded for any affiliated funds that are consolidated in these financial statements. Consequently, the effective income tax rate is subject to significant variation from period to period.

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 federal, state, local and foreign tax regulators. As of March 31, 2016, the Company’s U.S. federal income tax returns for the years 2012 through 2016 are open under the normal statute of limitations and therefore subject to examination. State and local tax returns are generally subject to audit from 2011 to 2016. Foreign tax returns are generally subject to audit from 2010 to 2016. 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 condensed consolidated financial statements.


v3.4.0.3
EARNINGS PER COMMON UNIT
3 Months Ended
Mar. 31, 2016
EARNINGS PER COMMON UNIT  
EARNINGS PER COMMON UNIT

12. EARNINGS PER COMMON UNIT

Basic earnings per common unit is computed by dividing income available to common unitholders by the weighted‑average number of common units outstanding during the period. Diluted earnings per common unit is computed using the more dilutive method of either the two-class method or the treasury stock method.

For the three months ended March 31, 2016 and 2015, the two-class method was the more dilutive method for the unvested restricted stock units. For the three months ended March 31, 2016 and 2015, no participating securities had rights to undistributed earnings. The computation of diluted earnings (loss) per common unit for the three months ended March 31, 2016 and 2015 excludes the following options, restricted stock units and AOG Units, as their effect would have been anti-dilutive:

 

 

 

 

 

 

 

 

For the three months ended

 

 

March 31,

 

 

2016

   

2015

   

Options

 

23,495,886

 

 

25,022,983

   

Restricted units

 

6,203,740

 

 

834,288

 

AOG units

 

132,382,815

 

 

132,437,609

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

For the three months ended

 

 

 

March 31, 2016

 

March 31, 2015

 

 

 

Basic

    

Diluted

    

Basic

    

Diluted

    

 

Net income (loss) attributable to Ares Management, L.P.

$

(3,090)

 

$

(3,090)

 

$

18,456

 

$

18,456

 

 

Earnings distributed to participating securities (restricted units)

 

(193)

 

 

(193)

 

 

(237)

 

 

(237)

 

 

Preferred stock dividends

 

(4)

 

 

(4)

 

 

 —

 

 

 —

 

 

Net income (loss) available to common unitholders

$

(3,287)

 

$

(3,287)

 

$

18,219

 

$

18,219

 

 

Weighted-average common units

 

80,683,051

 

 

80,683,051

 

 

80,667,664

 

 

80,667,664

 

 

Effect of dilutive units:

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted units

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

Options

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

Contingently issuable common units

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

Diluted weighted-average common units

 

80,683,051

 

 

80,683,051

 

 

80,667,664

 

 

80,667,664

 

 

Earnings (loss) per common unit

$

(0.04)

 

$

(0.04)

 

$

0.23

 

$

0.23

 

 

 


v3.4.0.3
EQUITY COMPENSATION
3 Months Ended
Mar. 31, 2016
EQUITY COMPENSATION  
EQUITY COMPENSATION

13. EQUITY COMPENSATION

 Ares Management, L.P. 2014 Equity Incentive Plan

In 2014, the Company adopted its Equity Incentive Plan, under which the Company granted options to acquire 24,835,227 common units, 4,936,051 restricted units to be settled in common units and 686,395 phantom common units to be settled in cash. Based on a formula as defined in the Equity Incentive Plan, the total number of units available to be issued under the Equity Incentive Plan resets and increases on January 1 each year. Accordingly, on January 1, 2016, the total number of units available for issuance under the Equity Incentive Plan increased to 31,962,710 units. During the three months ended March 31, 2016, a total of 959,445 units and unit options, net of forfeitures and vesting, were issued and 31,003,265 units remain available to be issued as of March 31, 2016.

Equity‑based compensation expense, net of forfeitures is included in the following table:

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

 

 

March 31,

 

 

    

2016

    

2015

    

Restricted units

 

$

4,761

 

$

3,445

 

Options

 

 

3,913

 

 

3,853

 

Phantom units

 

 

499

 

 

623

 

Equity-based compensation expense

 

$

9,173

 

$

7,921

 

 

No options or phantom units were granted in the three months ended March 31, 2016.

Restricted Units

Each restricted unit represents an unfunded, unsecured right of the holder to receive a common unit on a specific date. The restricted units generally vest and are settled in common units either (i) at a rate of one‑third per year, beginning on the third anniversary of the grant date, (ii) in their entirety on the fifth anniversary of the grant date, or (iii) at a rate of one-quarter per year, beginning on the first anniversary of the grant date. Compensation expense associated with restricted units is recognized on a straight‑line basis over the requisite service period of the award. 

The holders of restricted units generally have the right to receive as current compensation an amount in cash equal to (i) the amount of any distribution paid with respect to a common unit multiplied by (ii) the number of restricted units held at the time such distributions are declared (“Distribution Equivalent”). For the three months ended March 31, 2016, Distribution Equivalents were made to the holders of restricted units in the amount of $1.2 million, which are presented as distributions within the Condensed Consolidated Statements of Changes in Equity until forfeited, at which time the cumulative payments are reclassified to compensation and benefits expense.

The following table presents unvested restricted units’ activity during the three months ended March 31, 2016 and 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2016

 

2015

 

 

 

 

 

 

Weighted Average

 

 

 

 

Weighted Average

 

 

 

 

 

Grant Date Fair

 

 

 

Grant Date Fair

 

 

    

Restricted Units

    

Value Per Unit

 

Restricted Units

 

Value Per Unit

 

Balance - January 1

 

 

4,657,761

 

$

18.01

 

 

4,776,053

 

$

18.08

 

Granted

 

 

1,789,545

 

 

11.26

 

 

171,444

 

 

17.27

 

Vested

 

 

(4,342)

 

 

18.05

 

 

 —

 

 

 —

 

Forfeited

 

 

(239,224)

 

 

17.30

 

 

(75,920)

 

 

18.05

 

Balance - March 31

 

 

6,203,740

 

$

16.10

 

 

4,871,577

 

$

18.06

 

 

The total compensation expense expected to be recognized in all future periods associated with the restricted units is approximately $67.6 million as of March 31, 2016 and is expected to be recognized over the remaining weighted average period of 3.24 years. 

Adoption of ASU 2016-09

The Company adopted ASU 2016-09 effective January 1, 2016 using a modified retrospective approach and recorded a cumulative-effect adjustment with the following impact to beginning equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Partners' Capital

    

 

Non-Controlling Interest in Ares Operating Group Entities

    

 

Redeemable Interest in Ares Operating Group Entities

Balance at December 31, 2015

 

$

251,537

 

$

397,883

 

$

23,505

Retained earnings

 

 

(3,357)

 

 

(5,470)

 

 

(38)

Paid-in-capital - Equity compensation

 

 

3,767

 

 

6,138

 

 

43

Distributions - dividend equivalent

 

 

(410)

 

 

(668)

 

 

(5)

Balance at December 31, 2015 (as adjusted)

 

$

251,537

 

$

397,883

 

$

23,505

 


v3.4.0.3
SEGMENT REPORTING
3 Months Ended
Mar. 31, 2016
SEGMENT REPORTING  
SEGMENT REPORTING

14. SEGMENT REPORTING

 

The Company conducts its alternative asset management business through its distinct operating segments. During the three months ended March 31, 2016, the Company revised its reportable segments by combining two of its segments into a single segment to reflect a change in how the Company is managed. The previously disclosed Tradable Credit Group segment and the Direct Lending Group segment have been combined into a single Credit Group segment. This change was made to more effectively manage the Company’s broad array of credit products and to better position the Credit Group to capitalize on future growth opportunities. The Company has presented its reportable segments for the three months ended March 31, 2015 to conform to the three months ended March 31, 2016 presentation.

The Company’s three revised operating segments are:

·

Credit Group:  The Company’s Credit Group is a leading manager of credit strategies across the non-investment grade credit universe in the U.S. and Europe, with approximately $60.0 billion of assets under management and approximately 125 funds as of March 31, 2016. The Credit Group offers a range of credit strategies across the liquid and illiquid spectrum, including syndicated bank loans, high yield bonds, credit opportunities, special situations, asset-backed investments and U.S. and European direct lending.  The Credit Group provides solutions for traditional fixed income investors seeking to access the syndicated bank loan and high yield bond markets and capitalize on opportunities across traded corporate credit.  It additionally provides investors access to directly originated fixed and floating rate credit assets and the ability to capitalize on illiquidity premiums across the credit spectrum. The Credit Group’s syndicated bank loan strategy focuses on liquid, traded non-investment grade secured loans to corporate issuers.  The high yield bond strategy seeks to deliver a diversified portfolio of liquid, traded non-investment grade corporate bonds, including secured, unsecured and subordinated debt instruments.  Credit opportunities is a “go anywhere” strategy seeking to capitalize on market inefficiencies and relative value opportunities across the capital structure.  The special situations strategy seeks to invest opportunistically across a broad spectrum of distressed or mispriced investments, including corporate debt, rescue capital, private asset-backed investments, post-reorganization securities and non-performing portfolios.  The asset-backed strategy invests across the capital structures of syndicated collateralized loan obligation vehicles (CLOs) and in directly-originated asset-backed instruments comprised of diversified portfolios of consumer and commercial assets.  The Company is one of the largest self-originating direct lenders to the U.S. and European middle markets, providing one-stop financing solutions for small-to-medium sized companies, which we believe are increasingly underserved by traditional lenders.  The Credit Group conducts its U.S. corporate lending activities primarily through ARCC, the largest business development company as of March 31, 2016, by both market capitalization and total assets.  In addition, the Credit Group manages a commercial finance business that provides asset-based and cash flow loans to small and middle-market companies, as well as asset-based facilities to specialty finance companies. The Credit Group’s European direct lending platform is one of the most significant participants in the European middle-market, focusing on self-originated investments in illiquid middle-market credits.

·

Private Equity Group:  The Company’s Private Equity Group has approximately $23.3 billion of assets under management as of March 31, 2016, broadly categorizing its investment strategies as corporate private equity and U.S. power and energy infrastructure.  The group manages five corporate private equity commingled funds focused on North America and Europe, one commingled China growth fund, five commingled funds and six related co-investment vehicles focused on U.S. power and energy infrastructure as of March 31, 2016. In its North American and European flexible capital strategy, the Company targets opportunistic majority or shared-control investments in businesses with strong franchises and attractive growth opportunities in North America and Europe. The China growth capital strategy focuses on privately negotiated, minority growth equity investments in China in companies that operate in industries the Company believes will be the primary drivers of China’s economic growth over the next decade. The U.S. power and energy infrastructure strategy targets U.S. energy infrastructure-related assets across the power generation, transmission and midstream sectors, seeking attractive risk-adjusted equity returns with current cash flow and capital appreciation.

·

Real Estate Group:  The Company’s Real Estate Group manages comprehensive public and private equity and debt strategies, with approximately $10.2 billion of assets under management across approximately 46 funds as of March 31, 2016.  Real Estate equity strategies focus on applying hands-on value creation initiatives to mismanaged and capital-starved assets, as well as new development, ultimately selling stabilized assets back into the market. The Real Estate Group manages both a value-add strategy and an opportunistic strategy.  The value-add strategy seeks to create value by buying assets at attractive valuations and through active asset management of income-producing property types across the U.S. and Western Europe.  The opportunistic strategy focuses on manufacturing core assets through development, redevelopment and fixing distressed capital structures across major property types in the U.S. and Europe.  The Company’s debt strategies leverage the Real Estate Group’s diverse sources of capital to directly originate and manage commercial mortgage investments on properties that range from stabilized to requiring hands-on value creation.  In addition to managing private debt funds, the Real Estate Group makes debt investments through a publicly traded commercial mortgage REIT, Ares Commercial Real Estate Corporation (NYSE: ACRE) (“ACRE”).  In addition, the Real Estate Group services a portfolio of over $6 billion in mortgage loans principally through a subsidiary of ACRE.

 

The Company has an Operations Management Group (the “OMG”) that consists of five 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, business development, legal/compliance and human resources. Additionally, the OMG provides services to certain of the Company’s investment companies and partnerships, which reimburse the OMG for expenses equal to the costs of services provided. The OMG’s expenses are not allocated to the Company’s three reportable segments but the Company does consider the cost structure of the OMG when evaluating its financial performance.

Economic net income (“ENI”) is a key performance indicator used in the alternative asset management industry. ENI represents net income excluding (a) income tax expense, (b) operating results of Consolidated Funds, (c) depreciation and amortization expense, (d) the effects of changes arising from corporate actions and (e) certain other items that the Company does not believe are indicative of its core performance. Changes arising from corporate actions include equity‑based compensation expenses, the amortization of intangible assets, transaction costs associated with acquisitions and capital transactions, placement fees and underwriting costs and expenses incurred in connection with corporate reorganization. The Company believes the exclusion of these items provides investors with a meaningful indication of the Company’s core operating performance. ENI is evaluated regularly by management as a decision tool for deployment of resources and to assess performances of each of the business segments. The Company believes that reporting ENI is helpful in understanding its business and that investors should review the same supplemental non‑GAAP financial measures that management uses to analyze the segment performance. These measures supplement and should be considered in addition to, and not in lieu of, the Condensed Consolidated Statements of Operations prepared in accordance with GAAP.

Fee related earnings (“FRE”) is a component of ENI and is used to assess the ability of the business to cover direct base compensation and operating expenses from management fees. FRE differs from income before taxes computed in accordance with GAAP as it adjusts for the items included in the calculation of ENI and excludes performance fees, performance fee compensation, investment income from Consolidated Funds and non-consolidated funds and certain other items.

Performance related earnings (“PRE”) is a measure used to assess the Company’s investment performance and its ability to cover performance fee compensation from performance fees and total investment income. PRE differs from income before taxes computed in accordance with GAAP as it only includes performance fees, performance fee compensation and total investment and other income (expense) earned from Consolidated Funds and non‑consolidated funds.

Distributable earnings (“DE”) is a pre‑income tax measure that is used to assess amounts potentially available for distributions to stakeholders. Distributable earnings is calculated as the sum of FRE, realized performance fees, realized performance fee compensation, realized net investment and other income, and further adjusts for expenses arising from transaction costs associated with acquisitions, placement fees, underwriting costs, expenses incurred in connection with corporate reorganization and depreciation. DE differs from income before taxes computed in accordance with GAAP as it is presented before giving effect to unrealized performance fees, unrealized performance fee compensation, unrealized net investment income, amortization of intangibles, equity compensation expense and is further adjusted by certain items described in the non-GAAP reconciling table following our segment results.

Management 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.

The following table presents the financial results for the Company’s operating segments, as well as the OMG, for the three months ended March 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

Private

    

Real

    

 

 

    

 

 

    

Total

 

 

 

Credit

 

Equity

 

Estate

 

Total

 

 

 

 

Stand

 

 

 

Group

 

Group

 

Group

 

Segments

 

OMG

 

Alone

 

Management fees (includes ARCC Part I Fees of $28,625)

 

$

109,441

 

$

36,482

 

$

16,745

 

$

162,668

 

$

 —

 

$

162,668

 

Administrative fees and other income

 

 

109

 

 

340

 

 

406

 

 

855

 

 

6,674

 

 

7,529

 

Compensation and benefits

 

 

(43,914)

 

 

(12,167)

 

 

(10,714)

 

 

(66,795)

 

 

(34,714)

 

 

(101,509)

 

General, administrative and other expenses

 

 

(5,051)

 

 

(2,904)

 

 

(3,450)

 

 

(11,405)

 

 

(18,235)

 

 

(29,640)

 

Fee related earnings

 

 

60,585

 

 

21,751

 

 

2,987

 

 

85,323

 

 

(46,275)

 

 

39,048

 

Performance fees—realized

 

 

6,178

 

 

 —

 

 

171

 

 

6,349

 

 

 —

 

 

6,349

 

Performance fees—unrealized

 

 

(29,327)

 

 

(12,143)

 

 

4,122

 

 

(37,348)

 

 

 —

 

 

(37,348)

 

Performance fee compensation—realized

 

 

(1,983)

 

 

 —

 

 

 —

 

 

(1,983)

 

 

 —

 

 

(1,983)

 

Performance fee compensation—unrealized

 

 

16,605

 

 

8,941

 

 

(2,233)

 

 

23,313

 

 

 —

 

 

23,313

 

Net performance fees

 

 

(8,527)

 

 

(3,202)

 

 

2,060

 

 

(9,669)

 

 

 —

 

 

(9,669)

 

Investment income (loss)—realized

 

 

162

 

 

(112)

 

 

(132)

 

 

(82)

 

 

(57)

 

 

(139)

 

Investment income (loss)—unrealized

 

 

(4,007)

 

 

(7,745)

 

 

2,799

 

 

(8,953)

 

 

385

 

 

(8,568)

 

Interest and other investment income

 

 

7,579

 

 

(91)

 

 

892

 

 

8,380

 

 

(49)

 

 

8,331

 

Interest expense

 

 

(2,448)

 

 

(1,405)

 

 

(274)

 

 

(4,127)

 

 

(728)

 

 

(4,855)

 

Net investment income (loss)

 

 

1,286

 

 

(9,353)

 

 

3,285

 

 

(4,782)

 

 

(449)

 

 

(5,231)

 

Performance related earnings

 

 

(7,241)

 

 

(12,555)

 

 

5,345

 

 

(14,451)

 

 

(449)

 

 

(14,900)

 

Economic net income

 

$

53,344

 

$

9,196

 

$

8,332

 

$

70,872

 

$

(46,724)

 

$

24,148

 

Distributable earnings

 

$

68,083

 

$

19,605

 

$

3,343

 

$

91,031

 

$

(49,750)

 

$

41,281

 

 

 

The following table presents the financial results for the Company’s operating segments, as well as the OMG, for the three months ended March 31, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

Private

    

Real

    

 

 

    

 

 

    

Total

 

 

 

Credit

 

Equity

 

Estate

 

Total

 

 

 

 

Stand

 

 

 

Group

 

Group

 

Group

 

Segments

 

OMG

 

Alone

 

Management fees (includes ARCC Part I Fees of $29,042)

 

$

108,348

 

$

36,589

 

$

17,379

 

$

162,316

 

$

—

 

$

162,316

 

Administrative fees and other income

 

 

98

 

 

13

 

 

854

 

 

965

 

 

6,385

 

 

7,350

 

Compensation and benefits

 

 

(42,565)

 

 

(12,321)

 

 

(10,131)

 

 

(65,017)

 

 

(28,914)

 

 

(93,931)

 

General, administrative and other expenses

 

 

(7,125)

 

 

(3,118)

 

 

(2,544)

 

 

(12,787)

 

 

(15,326)

 

 

(28,113)

 

Fee related earnings

 

 

58,756

 

 

21,163

 

 

5,558

 

 

85,477

 

 

(37,855)

 

 

47,622

 

Performance fees—realized

 

 

35,214

 

 

425

 

 

 —

 

 

35,639

 

 

—

 

 

35,639

 

Performance fees—unrealized

 

 

(19,201)

 

 

87,331

 

 

320

 

 

68,450

 

 

—

 

 

68,450

 

Performance fee compensation—realized

 

 

(21,004)

 

 

(340)

 

 

 —

 

 

(21,344)

 

 

—

 

 

(21,344)

 

Performance fee compensation—unrealized

 

 

14,531

 

 

(69,981)

 

 

402

 

 

(55,048)

 

 

—

 

 

(55,048)

 

Net performance fees

 

 

9,540

 

 

17,435

 

 

722

 

 

27,697

 

 

 —

 

 

27,697

 

Investment income (loss)—realized

 

 

8,618

 

 

4,172

 

 

132

 

 

12,922

 

 

—

 

 

12,922

 

Investment income (loss)—unrealized

 

 

(3,369)

 

 

(1,442)

 

 

196

 

 

(4,615)

 

 

—

 

 

(4,615)

 

Interest and other investment income

 

 

(1,526)

 

 

4,485

 

 

29

 

 

2,988

 

 

—

 

 

2,988

 

Interest expense

 

 

(1,734)

 

 

(1,680)

 

 

(270)

 

 

(3,684)

 

 

—

 

 

(3,684)

 

Net investment income (loss)

 

 

1,989

 

 

5,535

 

 

87

 

 

7,611

 

 

 —

 

 

7,611

 

Performance related earnings

 

 

11,529

 

 

22,970

 

 

809

 

 

35,308

 

 

 —

 

 

35,308

 

Economic net income

 

$

70,285

 

$

44,133

 

$

6,367

 

$

120,785

 

$

(37,855)

 

$

82,930

 

Distributable earnings

 

$

75,707

 

$

27,086

 

$

3,382

 

$

106,175

 

$

(38,880)

 

$

67,295

 

 

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

 

 

 

 

 

 

 

 

 

 

    

    

For the Three Months Ended March 31,

 

 

 

 

2016

 

2015

 

Segment Revenues

 

 

 

 

 

 

 

 

Management fees (includes ARCC Part I Fees of $28,625 and $29,042 for the three months ended March 31, 2016 and 2015, respectively)

 

 

$

162,668

 

$

162,316

 

Administrative fees and other income

 

 

 

855

 

 

965

 

Performance fees—realized

 

 

 

6,349

 

 

35,639

 

Performance fees—unrealized

 

 

 

(37,348)

 

 

68,450

 

Total segment revenues

 

 

$

132,524

 

$

267,370

 

Segment Expenses

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

$

66,795

 

$

65,017

 

General, administrative and other expenses

 

 

 

11,405

 

 

12,787

 

Performance fee compensation—realized

 

 

 

1,983

 

 

21,344

 

Performance fee compensation—unrealized

 

 

 

(23,313)

 

 

55,048

 

Total segment expenses

 

 

$

56,870

 

$

154,196

 

Other Income (Expense)

 

 

 

 

 

 

 

 

Investment income (loss)—realized

 

 

$

(82)

 

$

12,922

 

Investment income (loss)—unrealized

 

 

 

(8,953)

 

 

(4,615)

 

Interest and other investment income

 

 

 

8,380

 

 

2,988

 

Interest expense

 

 

 

(4,127)

 

 

(3,684)

 

Total other income (expense)

 

 

$

(4,782)

 

$

7,611

 

 

 

The following table reconciles segment revenue to Ares consolidated revenues:

 

 

 

 

 

 

 

For the Three Months Ended March 31,

 

2016

    

2015

Total segment revenue

$

132,524

 

$

267,370

Consolidated Fund revenue eliminated in consolidation

 

(2,611)

 

 

(2,859)

Administrative fees and other income attributable to OMG

 

6,674

 

 

6,385

Performance fees reclass (1)

 

(572)

 

 

(991)

Total consolidated adjustments and reconciling items

 

3,491

 

 

2,535

Total consolidated revenue

$

136,015

 

$

269,905

(1)

Related to performance fees for AREA Sponsor Holdings LLC, an investment pool. Changes in value of this investment are reflected within other income (expense) in the Company’s Condensed Consolidated Statements of Operations.

 

The following table reconciles segment expenses to Ares consolidated expenses:

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31,

 

 

 

2016

    

2015

    

 

Total segment expenses

$

56,870

 

$

154,196

 

 

Consolidated Fund expenses added in consolidation

 

5,979

 

 

15,359

 

 

Consolidated Fund expenses eliminated in consolidation

 

(5,752)

 

 

(4,686)

 

 

OMG expenses

 

52,949

 

 

44,240

 

 

Acquisition-related expenses

 

268

 

 

2,224

 

 

Equity compensation expense

 

9,173

 

 

7,921

 

 

Placement fees and underwriting costs

 

930

 

 

3,045

 

 

Amortization of intangibles

 

7,263

 

 

10,892

 

 

Depreciation expense

 

1,858

 

 

1,272

 

 

Total consolidation adjustments and reconciling items

 

72,668

 

 

80,267

 

 

Total consolidated expenses

$

129,538

 

$

234,463

 

 

 

 

The following table reconciles segment other income (expense) to Ares consolidated other income:

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31,

 

 

 

2016

    

2015

    

 

Total other income (expense)

$

(4,782)

 

$

7,611

 

 

Consolidated Funds other income added in consolidation, net

 

(22,803)

 

 

(2,583)

 

 

Other income from Consolidated Funds eliminated in consolidation, net

 

12,239

 

 

4,999

 

 

OMG other income

 

(449)

 

 

 —

 

 

Performance fee reclass(1)

 

572

 

 

991

 

 

Change in value of contingent consideration

 

(228)

 

 

 —

 

 

Other non-cash expense

 

 —

 

 

(11)

 

 

Total consolidation adjustments and reconciling items

 

(10,669)

 

 

3,396

 

 

Total consolidated other income (expense)

$

(15,451)

 

$

11,007

 

 


(1)

Related to performance fees for AREA Sponsor Holdings LLC. Changes in value of this investment are reflected within other (income) expense in the Company’s Condensed Consolidated Statements of Operations.

The following table presents the reconciliation of income before taxes as reported in the Condensed Consolidated Statements of Operations to segment results of economic net income, fee related earnings, performance related earnings and distributable earnings consists of the following:

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31,

 

 

 

2016

    

2015

    

 

Economic net income

 

 

 

 

 

 

 

Income (loss) before taxes

$

(8,974)

 

$

46,449

 

 

Adjustments:

 

 

 

 

 

 

 

Amortization of intangibles

 

7,263

 

 

10,892

 

 

Depreciation expense

 

1,858

 

 

1,272

 

 

Equity compensation expenses

 

9,173

 

 

7,921

 

 

Net acquisition-related expenses

 

496

 

 

2,224

 

 

Placement fees and underwriting costs

 

930

 

 

3,045

 

 

OMG expenses, net

 

46,724

 

 

37,855

 

 

Other non-cash expense

 

 —

 

 

11

 

 

Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations

 

13,402

 

 

11,116

 

 

Total consolidation adjustments and reconciling items

 

79,846

 

 

74,336

 

 

Economic net income

 

70,872

 

 

120,785

 

 

Total performance fees income - realized

 

(6,349)

 

 

(35,639)

 

 

Total performance fees income - unrealized

 

37,348

 

 

(68,450)

 

 

Total performance fee compensation - realized

 

1,983

 

 

21,344

 

 

Total performance fee compensation - unrealized

 

(23,313)

 

 

55,048

 

 

Total investment income

 

4,782

 

 

(7,611)

 

 

Fee related earnings

 

85,323

 

 

85,477

 

 

Performance fees—realized

 

6,349

 

 

35,639

 

 

Performance fee compensation—realized

 

(1,983)

 

 

(21,344)

 

 

Investment and other income realized, net

 

4,171

 

 

12,227

 

 

Additional adjustments:

 

 

 

 

 

 

 

Dividend equivalent(1)

 

(684)

 

 

(684)

 

 

One-time acquisition costs(1)

 

(270)

 

 

(724)

 

 

Income tax expense(1)

 

(232)

 

 

(476)

 

 

Non-cash items

 

164

 

 

(156)

 

 

Placement fees and underwriting costs(1)

 

(938)

 

 

(3,045)

 

 

Depreciation and amortization(1)

 

(869)

 

 

(739)

 

 

Distributable earnings

$

91,031

 

$

106,175

 

 

Performance related earnings

 

 

 

 

 

 

 

Economic net income

$

70,872

 

$

120,785

 

 

Less fee related earnings

 

(85,323)

 

 

(85,477)

 

 

Performance related earnings

$

(14,451)

 

$

35,308

 

 

 

 


(1)

Certain costs are reduced by the amounts attributable to OMG, which is excluded from segment results.


v3.4.0.3
CONSOLIDATION
3 Months Ended
Mar. 31, 2016
CONSOLIDATION  
CONSOLIDATION

15. CONSOLIDATION

Investments in Consolidated Variable Interest Entities  

The Company consolidates entities that the Company has a variable interest in, 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 their carrying value, which approximates fair value, and represents its 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 held at their carrying value, which approximates fair value.

The Company's interests and the Consolidated Funds' interests in consolidated and non-consolidated VIEs, as presented in the Condensed Consolidated Statements of Financial Condition, and their respective maximum exposure to loss relating to non-consolidated VIEs (excluding fixed arrangements) are as follows:

 

 

 

 

 

 

 

 

As of March 31,

 

As of December 31,

 

 

2016

    

2015

 

Maximum exposure to loss attributable to the Company's investment in non-consolidated VIEs

$

303,816

 

$

284,169

 

 

 

 

 

 

 

 

Maximum exposure to loss attributable to the Company's investment in consolidated VIEs

$

150,926

 

$

160,858

 

 

 

 

 

 

 

 

Assets of consolidated VIEs

$

2,757,050

 

$

2,759,981

 

Liabilities of consolidated VIEs

$

2,265,166

 

$

2,256,517

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31,

 

 

2016

 

2015

 

Net loss attributable to non-controlling interests related to consolidated VIEs

$

11,979

 

$

11,115

 

 

 

CONSOLIDATING SCHEDULES

The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Company’s financial condition as of March 31, 2016 and December 31, 2015 and results from operations for the three months ended March 31, 2016 and 2015.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2016

 

 

  

Consolidated

  

Consolidated

  

 

 

  

 

 

 

 

    

Company Entities 

    

Funds 

    

Eliminations 

    

Consolidated 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

109,934

 

$

 —

 

$

 —

 

$

109,934

 

  Investments (includes fair value investments of $473,806)

 

 

646,910

 

 

 —

 

 

(150,926)

 

 

495,984

 

Performance fees receivable

 

 

529,838

 

 

 —

 

 

(5,567)

 

 

524,271

 

Due from affiliates

 

 

169,018

 

 

 —

 

 

(3,237)

 

 

165,781

 

Intangible assets, net

 

 

77,689

 

 

 —

 

 

 —

 

 

77,689

 

Goodwill

 

 

144,017

 

 

 —

 

 

 —

 

 

144,017

 

Other assets

 

 

61,607

 

 

 —

 

 

 —

 

 

61,607

 

Assets of Consolidated Funds

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

 

 

123,871

 

 

 —

 

 

123,871

 

Investments, at fair value

 

 

 —

 

 

2,553,169

 

 

 —

 

 

2,553,169

 

Due from affiliates

 

 

 —

 

 

11,955

 

 

 —

 

 

11,955

 

Dividends and interest receivable

 

 

 —

 

 

11,096

 

 

 —

 

 

11,096

 

Receivable for securities sold

 

 

 —

 

 

53,976

 

 

 —

 

 

53,976

 

Other assets

 

 

 —

 

 

2,983

 

 

 —

 

 

2,983

 

Total assets

 

$

1,739,013

 

$

2,757,050

 

$

(159,730)

 

$

4,336,333

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable, accrued expenses and other liabilities

 

$

108,304

 

$

 —

 

$

 —

 

$

108,304

 

Accrued compensation

 

 

55,911

 

 

 —

 

 

 —

 

 

55,911

 

Due to affiliates

 

 

38,341

 

 

 —

 

 

(241)

 

 

38,100

 

Performance fee compensation payable

 

 

394,668

 

 

 —

 

 

 —

 

 

394,668

 

Debt obligations

 

 

471,274

 

 

 —

 

 

 —

 

 

471,274

 

Equity compensation put option liability

 

 

20,000

 

 

 —

 

 

 —

 

 

20,000

 

Deferred tax liability, net

 

 

21,603

 

 

 —

 

 

 —

 

 

21,603

 

Liabilities of Consolidated Funds

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable, accrued expenses and other liabilities

 

 

 —

 

 

13,429

 

 

 —

 

 

13,429

 

Due to affiliates

 

 

 —

 

 

5,126

 

 

(5,126)

 

 

 —

 

Payable for securities purchased

 

 

 —

 

 

71,480

 

 

 —

 

 

71,480

 

CLO loan obligations

 

 

 —

 

 

2,194,820

 

 

(27,047)

 

 

2,167,773

 

Fund borrowings

 

 

 —

 

 

12,484

 

 

 —

 

 

12,484

 

Total liabilities

 

 

1,110,101

 

 

2,297,339

 

 

(32,414)

 

 

3,375,026

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable interest in Ares Operating Group entities

 

 

23,353

 

 

 —

 

 

 —

 

 

23,353

 

Non-controlling interest in Consolidated Funds

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlling interest in Consolidated Funds

 

 

 —

 

 

459,711

 

 

(127,316)

 

 

332,395

 

Non-controlling interest in Consolidated Funds

 

 

 —

 

 

459,711

 

 

(127,316)

 

 

332,395

 

Non-controlling interest in Ares Operating Group entities

 

 

374,931

 

 

 —

 

 

 —

 

 

374,931

 

Controlling interest in Ares Management, L.P.:

 

 

 

 

 

 

 

 

 

 

 

 

 

Partners' Capital ( 80,690,612 units issued and outstanding)

 

 

236,270

 

 

 —

 

 

 —

 

 

236,270

 

Accumulated other comprehensive loss

 

 

(5,642)

 

 

 —

 

 

 —

 

 

(5,642)

 

Total controlling interest in Ares Management, L.P

 

 

230,628

 

 

 —

 

 

 —

 

 

230,628

 

Total equity

 

 

605,559

 

 

459,711

 

 

(127,316)

 

 

937,954

 

Total liabilities, redeemable interests, non-controlling interests and equity

 

$

1,739,013

 

$

2,757,050

 

$

(159,730)

 

$

4,336,333

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2015

 

 

  

Consolidated

  

Consolidated

  

 

 

  

 

 

 

 

    

Company Entities 

    

Funds 

    

Eliminations 

    

Consolidated 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

121,483

 

$

 —

 

$

 —

 

$

121,483

 

  Investments (includes fair value investments of $446,779)

 

 

636,092

 

 

 —

 

 

(167,805)

 

 

468,287

 

Performance fees receivable

 

 

541,852

 

 

 —

 

 

(7,191)

 

 

534,661

 

Due from affiliates

 

 

149,771

 

 

 —

 

 

(4,789)

 

 

144,982

 

Other assets

 

 

62,975

 

 

 —

 

 

 —

 

 

62,975

 

Intangible assets, net

 

 

84,971

 

 

 —

 

 

 —

 

 

84,971

 

Goodwill

 

 

144,067

 

 

 —

 

 

 —

 

 

144,067

 

Assets of Consolidated Funds

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 —

 

 

159,507

 

 

 —

 

 

159,507

 

Investments, at fair value

 

 

 —

 

 

2,559,783

 

 

 —

 

 

2,559,783

 

Due from affiliates

 

 

 —

 

 

13,360

 

 

(437)

 

 

12,923

 

Dividends and interest receivable

 

 

 —

 

 

13,005

 

 

 —

 

 

13,005

 

Receivable for securities sold

 

 

 —

 

 

13,416

 

 

 —

 

 

13,416

 

Other assets

 

 

 —

 

 

1,348

 

 

 —

 

 

1,348

 

Total assets

 

$

1,741,211

 

$

2,760,419

 

$

(180,222)

 

$

4,321,408

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable, accrued expenses and other liabilities

 

$

102,734

 

$

 —

 

$

(108)

 

$

102,626

 

Accrued compensation

 

 

125,032

 

 

 —

 

 

 —

 

 

125,032

 

Due to affiliates

 

 

13,016

 

 

 —

 

 

(115)

 

 

12,901

 

Performance fee compensation payable

 

 

401,715

 

 

 —

 

 

 —

 

 

401,715

 

Debt obligations

 

 

389,120

 

 

 —

 

 

 —

 

 

389,120

 

Equity compensation put option liability

 

 

20,000

 

 

 —

 

 

 —

 

 

20,000

 

Deferred tax liability, net

 

 

21,288

 

 

 —

 

 

 —

 

 

21,288

 

Liabilities of Consolidated Funds

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable, accrued expenses and other liabilities

 

 

 —

 

 

18,956

 

 

(5)

 

 

18,951

 

Due to affiliates

 

 

 —

 

 

5,617

 

 

(5,617)

 

 

 —

 

Payable for securities purchased

 

 

 —

 

 

51,778

 

 

 —

 

 

51,778

 

CLO loan obligations

 

 

 —

 

 

2,202,628

 

 

(28,276)

 

 

2,174,352

 

Fund borrowings

 

 

 —

 

 

11,734

 

 

 —

 

 

11,734

 

Total liabilities

 

 

1,072,905

 

 

2,290,713

 

 

(34,121)

 

 

3,329,497

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable interest in Ares Operating Group entities

 

 

23,505

 

 

 —

 

 

 —

 

 

23,505

 

Non-controlling interest in Consolidated Funds

 

 

—

 

 

466,339

 

 

(146,101)

 

 

320,238

 

Equity appropriated for Consolidated Funds

 

 

 —

 

 

3,367

 

 

—

 

 

3,367

 

Non-controlling interest in Consolidated Funds

 

 

 —

 

 

469,706

 

 

(146,101)

 

 

323,605

 

Non-controlling interest in Ares Operating Group entities

 

 

397,883

 

 

 —

 

 

 —

 

 

397,883

 

Controlling interest in Ares Management, L.P.:

 

 

 

 

 

 

 

 

 

 

 

 

 

Partners' Capital ( 80,679,600 units issued and outstanding)

 

 

251,537

 

 

 —

 

 

 —

 

 

251,537

 

Accumulated other comprehensive loss

 

 

(4,619)

 

 

 —

 

 

 —

 

 

(4,619)

 

Total controlling interest in Ares Management, L.P

 

 

246,918

 

 

 —

 

 

 —

 

 

246,918

 

Total equity

 

 

644,801

 

 

469,706

 

 

(146,101)

 

 

968,406

 

Total liabilities, redeemable interests, non-controlling interests and equity

 

$

1,741,211

 

$

2,760,419

 

$

(180,222)

 

$

4,321,408

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31, 2016

 

 

  

Consolidated

  

Consolidated

  

 

 

  

 

 

 

 

    

Company Entities 

    

Funds 

    

Eliminations 

    

Consolidated 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

Management fees (includes ARCC Part I Fees of $28,625)

 

$

162,668

 

$

 —

 

$

(4,235)

 

$

158,433

 

Performance fees

 

 

(31,571)

 

 

 —

 

 

1,624

 

 

(29,947)

 

Other fees

 

 

7,529

 

 

 —

 

 

 —

 

 

7,529

 

Total revenues

 

 

138,626

 

 

 —

 

 

(2,611)

 

 

136,015

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

110,679

 

 

 —

 

 

 —

 

 

110,679

 

Performance fee compensation

 

 

(21,330)

 

 

 —

 

 

 —

 

 

(21,330)

 

General, administrative and other expense

 

 

39,962

 

 

 —

 

 

 —

 

 

39,962

 

Consolidated Fund expenses

 

 

 —

 

 

5,979

 

 

(5,752)

 

 

227

 

Total expenses

 

 

129,311

 

 

5,979

 

 

(5,752)

 

 

129,538

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest and investment expense (net of interest expense of $4,855)

 

 

(1,993)

 

 

 —

 

 

(1,366)

 

 

(3,359)

 

Other income, net

 

 

5,241

 

 

 —

 

 

 —

 

 

5,241

 

Net realized and unrealized gain (loss) on investments

 

 

(8,135)

 

 

 —

 

 

13,277

 

 

5,142

 

Net interest and investment income of Consolidated Funds (net of interest expense of $22,449)

 

 

 —

 

 

5,274

 

 

2,058

 

 

7,332

 

Net realized and unrealized loss on investments of Consolidated Funds

 

 

 —

 

 

(28,077)

 

 

(1,730)

 

 

(29,807)

 

Total other income (expense)

 

 

(4,887)

 

 

(22,803)

 

 

12,239

 

 

(15,451)

 

Income (loss) before taxes

 

 

4,428

 

 

(28,782)

 

 

15,380

 

 

(8,974)

 

Income tax expense (benefit)

 

 

6,088

 

 

(1,423)

 

 

 —

 

 

4,665

 

Net income (loss)

 

 

(1,660)

 

 

(27,359)

 

 

15,380

 

 

(13,639)

 

Less: Net income (loss) attributable to non-controlling interests in Consolidated Funds

 

 

 —

 

 

(27,359)

 

 

15,380

 

 

(11,979)

 

Less: Net income attributable to redeemable interests in Ares Operating Group entities

 

 

10

 

 

 —

 

 

 —

 

 

10

 

Less: Net income attributable to non-controlling interests in Ares Operating Group entities

 

 

1,420

 

 

 —

 

 

 —

 

 

1,420

 

Net loss attributable to Ares Management, L.P.

 

$

(3,090)

 

$

 —

 

$

 —

 

$

(3,090)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31, 2015

 

 

  

Consolidated

  

Consolidated

  

 

 

  

 

 

 

 

    

Company Entities 

    

Funds 

    

Eliminations 

    

Consolidated 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

Management fees (includes ARCC Part I Fees of $29,042)

 

$

162,316

 

$

—

 

$

(3,615)

 

$

158,701

 

Performance fees

 

 

103,098

 

 

—

 

 

1,827

 

 

104,925

 

Other fees

 

 

7,350

 

 

—

 

 

(1,071)

 

 

6,279

 

Total revenues

 

 

272,764

 

 

 —

 

 

(2,859)

 

 

269,905

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

101,851

 

 

—

 

 

—

 

 

101,851

 

Performance fee compensation

 

 

76,392

 

 

—

 

 

—

 

 

76,392

 

General, administrative and other expense

 

 

45,547

 

 

 —

 

 

 —

 

 

45,547

 

Consolidated Fund expenses

 

 

 —

 

 

15,359

 

 

(4,686)

 

 

10,673

 

Total expenses

 

 

223,790

 

 

15,359

 

 

(4,686)

 

 

234,463

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest and investment income (expense) (net of interest expense of $3,684)

 

 

2,349

 

 

—

 

 

(936)

 

 

1,413

 

Other income (expense), net

 

 

(3,054)

 

 

—

 

 

1,178

 

 

(1,876)

 

Net realized and unrealized gain on investments

 

 

9,296

 

 

—

 

 

5,543

 

 

14,839

 

Net interest and investment income of Consolidated Funds (net of interest expense of $17,101)

 

 

—

 

 

6,214

 

 

2,691

 

 

8,905

 

Net realized and unrealized loss on investments of Consolidated Funds

 

 

—

 

 

(8,797)

 

 

(3,477)

 

 

(12,274)

 

Total other income (expense)

 

 

8,591

 

 

(2,583)

 

 

4,999

 

 

11,007

 

Income (loss) before taxes

 

 

57,565

 

 

(17,942)

 

 

6,826

 

 

46,449

 

Income tax expense

 

 

4,059

 

 

 —

 

 

 —

 

 

4,059

 

Net income (loss)

 

 

53,506

 

 

(17,942)

 

 

6,826

 

 

42,390

 

Less: Net income (loss) attributable to non-controlling interests in Consolidated Funds

 

 

 —

 

 

(17,942)

 

 

6,826

 

 

(11,115)

 

Less: Net income attributable to redeemable interests in Ares Operating Group entities

 

 

243

 

 

 —

 

 

 —

 

 

243

 

Less: Net income attributable to non-controlling interests in Ares Operating Group entities

 

 

34,806

 

 

 —

 

 

 —

 

 

34,806

 

Net income attributable to Ares Management, L.P.

 

$

18,456

 

$

 —

 

$

 —

 

$

18,456

 

 


v3.4.0.3
SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2016
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

16. SUBSEQUENT EVENTS

The Company evaluated all events or transactions that occurred after March 31, 2016 through the date the condensed consolidated financial statements were issued.  During this period the Company had the following material subsequent events that require disclosure:

In May 2016, the Company declared a quarterly distribution of $0.15 per common unit to common unit holders of record at the close of business on May 24, 2016, payable on June 7, 2016.


v3.4.0.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
3 Months Ended
Mar. 31, 2016
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
Basis of Accounting

Basis of Presentation

The accompanying condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and instructions to the Quarterly Report on Form 10-Q. The 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 (consisting of only normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. 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 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, 2015 filed with the Securities and Exchange Commission.

The condensed consolidated financial statements include the accounts and activities of the AOG entities, their consolidated subsidiaries and certain Consolidated Funds. These Consolidated Funds include certain Ares-affiliated funds, related co-investment entities and collateralized loan obligations (“CLOs”) (collectively, the “Consolidated Funds”) managed by AM LLC and its wholly owned subsidiaries that have been consolidated pursuant to GAAP. Including the results of the Consolidated Funds significantly increases the reported amounts of the assets, liabilities, revenues, expenses and cash flows in the accompanying condensed consolidated financial statements; however, the Consolidated Funds results included herein have no direct effect on the net income attributable to controlling interests or on total controlling equity. Instead, economic ownership interests of the investors in the Consolidated Funds are reflected as non-controlling interests in Consolidated Funds in the accompanying condensed consolidated financial statements. Further, cash flows allocable to non-controlling interest in Consolidated Funds are specifically identifiable in the Condensed Consolidated Statements of Cash Flows. All intercompany balances and transactions have been eliminated upon consolidation.

 

The Company has reclassified certain prior period amounts to conform to the current presentation. 

Equity Appropriated for Consolidated Funds

Equity Appropriated for Consolidated Funds and Adoption of ASU 2014-13

Effective January 1, 2016, the Company adopted FASB Accounting Standards Update (“ASU”) No. 2014-13, Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity (“ASU 2014-13”). The Company applied the guidance using a modified retrospective approach by recording a cumulative-effect adjustment of $3.4 million to equity appropriated for Consolidated Funds as of January 1, 2016.

Prior to the adoption of ASU 2014-13, the Company elected the fair value option for eligible liabilities to mitigate the accounting mismatch between the carrying value of the assets and liabilities of its consolidated CLOs. As a result, the Company accounted for the excess of fair value of assets over liabilities as an increase in equity appropriated for Consolidated Funds.

Pursuant to the adoption of ASU 2014-13, the Company is required to determine whether the fair values of the financial assets or financial liabilities are more observable. Beginning January 1, 2016, the Company has determined that the fair value of the financial assets of the consolidated CLOs, which are mostly Level II assets within the GAAP fair value hierarchy, are more observable than the fair value of the financial liabilities of its consolidated CLOs, which are mostly Level III liabilities. As a result, the financial assets of consolidated CLOs are measured at fair value and the financial liabilities of the consolidated CLOs are measured in consolidation as: (1) the sum of the fair value of the financial assets, and the carrying value of any nonfinancial assets held temporarily, less (2) the sum of the fair value of any beneficial interests retained by the Company (other than those that represent compensation for services), and the Company’s carrying value of any beneficial interests that represent compensation for services. The resulting amount is allocated to the individual financial liabilities (other than the beneficial interests retained by the Company).

Equity Compensation

Equity Compensation

Forfeitures

In accordance with ASU No. 2016-09, Compensation – Stock Compensation (Topic 718) (“ASU 2016-09”), the Company elected to recognize share-based award forfeitures in the period they occur as a reversal of previously recognized compensation expense. The reduction in compensation expense is determined based on the specific awards forfeited during that period. Prior to the adoption of ASU 2016-09, the Company applied an estimated forfeiture rate as a reduction of current period equity compensation expense.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The objective of the guidance in ASU 2016-01 is to enhance the reporting model for financial instruments to provide more decision-useful information. ASU 2016-01 requires an entity to carry all of its investments in equity securities at fair value, and to recognize periodic changes of that fair value in income. This guidance excludes equity method investments, investments that result in the consolidation of the investee and investments for which the entity has elected the practicability exception to the fair value measurement requirements. The guidance should be applied using a cumulative-effect adjustment to the beginning balance of retained earnings as of the beginning of the fiscal year in which the guidance becomes effective. ASU 2016-01 is effective for public entities for annual reporting periods beginning after December 15, 2017 and interim periods within those reporting periods. The Company is currently evaluating the impact of this guidance on its condensed consolidated financial statements.

 

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The objective of the guidance in ASU 2016-02 is to increase transparency and comparability among organizations by recognizing lease assets and liabilities in the balance sheet and disclosing key information. ASU 2016-02 amends previous lease guidance, which required a lessee to categorize and account for leases as either operating leases or capital leases, and instead requires a lessee to recognize a lease liability and a right-of-use asset on the entity’s balance sheet for all leases with terms that exceed one year. The lease liability and right-of-use asset are to be carried at the present value of remaining expected future lease payments. The guidance should be applied using a modified retrospective approach. ASU 2016-02 is effective for public entities for annual reporting periods beginning after December 15, 2018 and interim periods within those reporting periods, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its condensed consolidated financial statements.

 

In March 2016, the FASB issued ASU 2016-07, Investments – Equity Method and Joint Ventures (Topic 323). ASU 2016-07 removes the requirement to retroactively apply the equity method of accounting for an investment that becomes eligible for the equity method due to an increase in the level of ownership interest or degree of influence. The investment should be accounted for as an equity method investment as of the date that it becomes qualified for such treatment. At this date, any unrealized holding gain (loss), if the investment was an available-for-sale equity security, should be recognized in earnings. ASU 2016-07 is effective for public entities for annual reporting periods beginning after December 15, 2016 and interim periods within those reporting periods, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its condensed consolidated financial statements.

 

In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations. The objective of the guidance in ASU 2016-08 is to provide clarity on the application of the current principal versus agent guidance. ASU 2016-08 clarifies how an entity should determine whether it is acting as a principal or an agent for each specified good or service promised to a customer and how to determine the nature of each specified good or service. The effective date and transition requirements of ASU 2016-08 are the same as that of ASU 2014-09. The Company is currently evaluating the impact of this guidance on its condensed consolidated financial statements.

 

In March 2016, the FASB issued ASU 2016-09. The objective of the guidance in ASU 2016-09 is to reduce the cost and complexity of providing stock compensation information while maintaining or  improving the usefulness of the information. ASU 2016-09 amends previous guidance around when and how excess tax benefits or deficiencies should be recognized, and now requires excess tax benefits to be recognized in the income statement, regardless of whether it will reduce the Company’s taxes payable in the current period. ASU 2016-09 also allows companies to elect whether to use an estimated forfeiture rate, or to recognize forfeitures as they occur. Another change related to this update, is the movement of excess tax benefits from stock options from financing activities to operating activities within the Condensed Consolidated Statements of Cash Flows. ASU 2016-09 is effective for public entities for annual reporting periods beginning after December 15, 2016 and interim periods within those reporting periods, with early adoption permitted. The Company adopted ASU 2016-09 as of January 1, 2016 using a modified retrospective approach and the cumulative adjustment to the Company’s equity components had no net impact to the Company’s total equity. See Note 13 for a detailed impact of the adoption of this guidance.

 


v3.4.0.3
GOODWILL, INTANGIBLE ASSETS (Tables)
3 Months Ended
Mar. 31, 2016
GOODWILL AND INTANGIBLE ASSETS  
Schedule of carrying value, net of accumulated amortization, for the Company's intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average

 

 

 

 

 

 

 

 

 

Amortization Period

 

 

As of March 31,

 

 

As of December 31,

 

 

 

At March 31, 2016

 

2016

   

2015

 

Management contracts

 

2.4 years

 

$

111,939

 

$

163,469

 

Client relationships

 

12.3 years

 

 

38,600

 

 

38,600

 

Trade name

 

6.3 years

 

 

3,200

 

 

3,200

 

 

 

 

 

 

153,739

 

 

205,269

 

Foreign currency translation

 

 

 

 

(1,697)

 

 

(1,436)

 

Total intangible assets acquired

 

 

 

 

152,042

 

 

203,833

 

Less: accumulated amortization

 

 

 

 

(74,353)

 

 

(118,862)

 

Intangible assets, net

 

 

 

$

77,689

 

$

84,971

 

 

 

Schedule of carrying value of goodwill assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Private

 

Real

 

 

 

 

 

 

Credit

 

Equity

 

Estate

 

Total

 

Balance as of  December 31, 2015

 

$

32,196

 

$

58,600

 

$

53,271

 

$

144,067

 

Foreign currency translation

 

 

 —

 

 

 —

 

 

(50)

 

 

(50)

 

Balance as of  March 31, 2016

 

$

32,196

 

$

58,600

 

$

53,221

 

$

144,017

 

 


v3.4.0.3
INVESTMENTS (Tables)
3 Months Ended
Mar. 31, 2016
Investments  
Schedule of equity method investments

 

 

 

 

 

 

 

 

 

 

As of March 31, 2016

 

As of December 31, 2015

 

Equity-method investments

 

$

4,322

 

$

4,486

 

Equity-method investments at fair value

 

 

26,007

 

 

19,471

 

Total equity-method investments

 

$

30,329

 

$

23,957

 

 

Summary of cost and fair value of investments classified as HTM

 

 

 

 

 

 

 

 

 

March 31,

 

 

December 31,

 

    

 

2016

    

2015

Amortized Cost

$

17,856

 

$

17,022

Unrealized loss, net

 

(590)

 

 

(334)

Fair value

 

$

17,266

 

$

16,688

 

Parent Company  
Investments  
Summary of investments held

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value as a

 

 

 

 

 

 

 

 

 

percentage of total

 

 

 

Fair value at

 

investments at

 

 

 

March 31,

 

December 31,

 

March 31,

 

December 31,

 

 

    

2016

    

2015

    

2016

    

2015

    

Private Investment Partnership Interests:

 

 

 

 

 

 

 

 

 

 

 

AREA Sponsor Holdings, LLC

 

$

38,554

 

$

37,275

 

8.6

%  

8.7

%

ACE II Master Fund, L.P. (1)(2)

 

 

22,629

 

 

22,015

 

5.1

%  

5.2

%

Ares Corporate Opportunities Fund III, L.P.

 

 

116,470

 

 

108,506

 

26.0

%

25.4

%

Ares Corporate Opportunities Fund IV, L.P. (2)

 

 

29,480

 

 

30,571

 

6.6

%  

7.2

%

Ares Enhanced Credit Opportunities Fund, L.P.

 

 

25,598

 

 

26,073

 

5.7

%

6.1

%

Resolution Life L.P.

 

 

40,703

 

 

40,703

 

9.1

%  

9.5

%

Other private investment partnership Interests (1)(3)

 

 

120,164

 

 

106,332

 

26.9

%  

24.9

%

Total private investment partnership interests (cost: $311,187 and $297,026 at March 31, 2016 and December 31, 2015, respectively)

 

 

393,598

 

 

371,475

 

88.0

%  

87.0

%

Collateralized Loan Obligations Interests:

 

 

 

 

 

 

 

 

 

 

 

Collateralized loan obligations interests

 

 

54,118

 

 

55,752

 

12.0

%  

13.0

%  

Total collateralized loan obligations (cost: $58,556 and $53,669 at March 31, 2016 and December 31, 2015, respectively)

 

 

54,118

 

 

55,752

 

12.0

%  

13.0

%

Common Stock:

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

83

 

 

81

 

0.0

%

0.0

%

Total common stock (cost: $118 and $116 at March 31, 2016 and December 31, 2015, respectively)

 

 

83

 

 

81

 

0.0

%

0.0

%

Total fair value investments (cost: $369,861 and $350,811 at March 31, 2016 and December 31, 2015, respectively)

 

$

447,799

 

$

427,308

 

100.0

%  

100.0

%


(1)

Investment or portion of the investment is denominated in foreign currency; fair value is translated into U.S. dollars at each reporting date

(2)

Represents underlying security that is held through various legal entities

(3)

No single issuer or investment had a fair value that exceeded 5% of the Company's total investments.

 

Consolidated Funds  
Investments  
Summary of investments held

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value as a

 

 

 

 

 

 

 

 

 

percentage of total

 

 

 

Fair value at

 

investments at

 

 

 

 

March 31,

 

December 31,

 

March 31,

 

December 31,

 

 

    

2016

    

2015

    

2016

    

2015

    

United States:

 

 

 

 

 

 

 

 

 

 

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

 

Consumer discretionary

 

$

403,139

 

$

393,902

 

15.7

%  

15.4

%

Consumer staples

 

 

36,938

 

 

40,030

 

1.4

%  

1.6

%

Energy

 

 

36,973

 

 

38,617

 

1.4

%  

1.5

%

Financials

 

 

77,988

 

 

78,806

 

3.1

%  

3.1

%

Healthcare, education and childcare

 

 

180,020

 

 

162,191

 

7.1

%  

6.3

%

Industrials

 

 

153,511

 

 

161,830

 

6.0

%  

6.3

%

Information technology

 

 

137,925

 

 

138,186

 

5.4

%  

5.4

%

Materials

 

 

89,973

 

 

95,767

 

3.5

%  

3.7

%

Partnership interests

 

 

103,621

 

 

86,902

 

4.1

%

3.4

%

Telecommunication services

 

 

189,418

 

 

202,256

 

7.4

%  

7.9

%

Utilities

 

 

13,112

 

 

12,733

 

0.5

%  

0.5

%

Total fixed income securities (cost: $1,458,969  and $1,462,570 at March 31, 2016 and December 31, 2015, respectively)

 

 

1,422,618

 

 

1,411,220

 

55.6

%  

55.1

%

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

Healthcare, education and childcare

 

 

1,740

 

 

344

 

0.1

%  

0.0

%

Telecommunication services

 

 

718

 

 

510

 

0.0

%  

0.0

%

Total equity securities (cost: $8,304 at March 31, 2016 and December 31, 2015, respectively)

 

$

2,458

 

$

854

 

0.1

%  

0.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value as a

 

 

 

 

 

 

 

 

 

percentage of total

 

 

 

Fair value at

 

investments at

 

 

 

March 31,

 

 

December 31,

 

March 31,

 

December 31,

 

 

    

2016

    

2015

    

2016

    

2015

    

Europe:

 

 

 

 

 

 

 

 

 

 

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

 

Consumer discretionary

 

$

215,526

 

$

221,707

 

8.3

%  

8.7

%

Consumer staples

 

 

53,491

 

 

50,625

 

2.1

%  

2.0

%

Financials

 

 

29,308

 

 

29,922

 

1.1

%  

1.2

%

Healthcare, education and childcare

 

 

111,710

 

 

104,704

 

4.4

%  

4.1

%

Industrials

 

 

106,511

 

 

109,778

 

4.2

%  

4.3

%

Information technology

 

 

32,368

 

 

31,562

 

1.3

%  

1.2

%

Materials

 

 

105,726

 

 

98,450

 

4.1

%  

3.8

%

Telecommunication services

 

 

160,806

 

 

149,105

 

6.3

%  

5.8

%

Utilities

 

 

810

 

 

768

 

0.0

%  

0.0

%

Total fixed income securities (cost: $862,992  and $836,217 at March 31, 2016 and December 31, 2015, respectively)

 

 

816,256

 

 

796,621

 

31.8

%  

31.1

%

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

Consumer discretionary

 

 

4,203

 

 

4,306

 

0.2

%  

0.2

%

Consumer staples

 

 

1,437

 

 

1,286

 

0.1

%  

0.1

%

Healthcare, education and childcare

 

 

34,716

 

 

37,294

 

1.4

%  

1.5

%

Telecommunication services

 

 

155

 

 

159

 

0.0

%  

0.0

%

Total equity securities (cost: $80,830 and $ 80,827 at March 31, 2016 and December 31, 2015, respectively)

 

 

40,511

 

 

43,045

 

1.7

%  

1.8

%

Asia and other:

 

 

 

 

 

 

 

 

 

 

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

 

Consumer discretionary

 

 

30,260

 

 

34,810

 

1.2

%  

1.4

%

Financials

 

 

1,242

 

 

 —

 

0.0

%  

 —

%

Healthcare, education and childcare

 

 

21,993

 

 

23,999

 

0.9

%  

0.9

%

Telecommunication services

 

 

10,193

 

 

9,909

 

0.4

%  

0.4

%

Total fixed income securities (cost: $55,384 and $57,868 at March 31, 2016 and December 31, 2015, respectively)

 

 

63,688

 

 

68,718

 

2.5

%  

2.7

%

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

Consumer discretionary

 

 

29,444

 

 

55,532

 

1.2

%  

2.2

%

Consumer staples

 

 

50,476

 

 

55,442

 

2.0

%  

2.2

%

Healthcare, education and childcare

 

 

32,598

 

 

32,865

 

1.3

%  

1.3

%

Industrials

 

 

12,891

 

 

12,891

 

0.5

%  

0.5

%

Total equity securities (cost: $118,730 at March 31, 2016 and December 31, 2015, respectively)

 

$

125,409

 

$

156,730

 

5.0

%  

6.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value as a

 

 

 

 

 

 

 

 

 

percentage of total

 

 

 

Fair value at

 

investments at

 

 

 

 

March 31,

 

 

December 31,

 

March 31,

 

December 31,

 

 

  

2016

    

2015

    

2016

    

2015

 

Canada:

 

 

 

 

 

 

 

 

 

 

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

 

Consumer discretionary

 

$

806

 

$

827

 

0.0

%  

0.0

%

Consumer staples

 

 

1,377

 

 

1,369

 

0.1

%

0.1

%

Energy

 

 

7,278

 

 

8,724

 

0.3

%  

0.3

%

Healthcare, education and childcare

 

 

14,537

 

 

14,819

 

0.6

%  

0.6

%

Industrials

 

 

620

 

 

513

 

0.0

%  

0.0

%

Telecommunication services

 

 

8,901

 

 

6,627

 

0.3

%  

0.3

%

Total fixed income securities (cost: $35,731  and $34,397 at March 31, 2016 and December 31, 2015, respectively)

 

 

33,519

 

 

32,879

 

1.3

%  

1.3

%

Australia:

 

 

 

 

 

 

 

 

 

 

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

 

Energy

 

 

8,987

 

 

8,888

 

0.4

%  

0.3

%

Industrials

 

 

4,158

 

 

3,657

 

0.2

%  

0.1

%

Utilities

 

 

15,551

 

 

16,041

 

0.6

%  

0.6

%

Total fixed income securities (cost: $39,602 and $39,574 at March 31, 2016 and December 31, 2015, respectively)

 

 

28,696

 

 

28,586

 

1.2

%  

1.0

%

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

Telecommunication services

 

 

4,630

 

 

5,370

 

0.2

%  

0.2

%

Utilities

 

 

15,384

 

 

15,760

 

0.6

%  

0.6

%

Total equity securities (cost: $25,524 at March 31, 2016 and December 31, 2015, respectively)

 

 

20,014

 

 

21,130

 

0.8

%  

0.8

%

Total fixed income securities

 

 

2,364,777

 

 

2,338,024

 

92.4

%  

91.2

%

Total equity securities

 

 

188,392

 

 

221,759

 

7.6

%  

8.8

%

Total investments, at fair value

 

$

2,553,169

 

$

2,559,783

 

100.0

%  

100.0

%

 


v3.4.0.3
FAIR VALUE (Tables)
3 Months Ended
Mar. 31, 2016
FAIR VALUE  
Summary of changes in the fair value of the Level III investments for the CLO loan obligations

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31,

 

 

    

2016

    

2015

 

Balance, beginning of period

 

$

2,174,352

 

$

12,049,019

 

Accounting change due to the adoption of ASU 2014-13(1)

 

 

(2,174,352)

 

 

 —

 

Deconsolidation of funds

 

 

 —

 

 

(10,264,884)

 

Borrowings

 

 

 —

 

 

602,077

 

Paydowns

 

 

 —

 

 

(409)

 

Realized and unrealized gains, net

 

 

 —

 

 

(85,833)

 

Balance, end of period

 

$

 —

 

$

2,299,970

 


(1)

Upon adoption of ASU 2014-13, the debt obligations of consolidated CLOs are no longer considered Level III financial liabilities under the GAAP fair value hierarchy. As of January 1, 2016, the debt obligations of consolidated CLOs are measured on the basis of the fair value of the financial assets of the CLO and are classified as Level II financial liabilities.

 

Summary of fair value by segment, remaining unfunded commitment, and any redemption restriction of investments valued using NAV per share

As of March 31, 2016

 

Segment

    

Fair Value 

    

Unfunded Commitments 

    

Redemption Restriction(s) 

 

Credit Group

 

$

104,824

 

$

86,351

 

(1)(2)(3)

 

Private Equity Group

 

 

163,988

 

 

77,418

 

(1)

 

Real Estate Group

 

 

59,589

 

 

100,579

 

(1)

 

Operations Management Group

 

 

33,001

 

 

17,374

 

(1)(2)

 

Totals

 

$

361,402

 

$

281,722

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2015

Segment

    

Fair Value

    

Unfunded Commitments

    

Redemption Restriction(s)

 

Credit Group

 

$

98,251

 

$

89,917

 

(1)(2)(3)

 

Private Equity Group

 

 

157,234

 

 

78,700

 

(1)

 

Real Estate Group

 

 

56,547

 

 

99,802

 

(1)

 

Operations Management Group

 

 

27,211

 

 

22,789

 

(1)(2)

 

Totals

 

$

339,243

 

$

291,208

 

 

 


(1)

Includes certain closed‑ended funds that do not permit investors to redeem their interests.

(2)

Includes certain open‑ended funds that are subject to a lock‑up period of six months after the closing date; after which an investor has the right to withdraw its capital.

(3)

Includes certain funds that are separately managed investment vehicles, which may be redeemed only upon dissolution or liquidation of the fund at the discretion of a simple majority of investors.

 

Parent Company  
FAIR VALUE  
Summary of valuation of investments and other financial instruments by fair value hierarchy levels

The tables below summarize the financial assets and financial liabilities measured at fair value for the Company and Consolidated Funds as of March 31, 2016:

Investments and Derivatives of the Company

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments of the Company, at fair value

    

Level I 

    

Level II 

    

Level III 

    

Investments
Measured
at NAV

    

Total 

 

Collateralized loan obligations

 

$

 —

 

$

 —

 

$

54,118

 

$

 —

 

$

54,118

 

Total fixed income

 

 

 —

 

 

 —

 

 

54,118

 

 

 —

 

 

54,118

 

Equity securities

 

 

83

 

 

 —

 

 

 —

 

 

 —

 

 

83

 

Partnership interests

 

 

 —

 

 

 —

 

 

58,203

 

 

361,402

 

 

419,605

 

Total investments, at fair value

 

 

83

 

 

 —

 

 

112,321

 

 

361,402

 

 

473,806

 

Derivative assets of the Company, at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

 

 —

 

 

1,038

 

 

 —

 

 

 —

 

 

1,038

 

Total derivative assets, at fair value

 

 

 —

 

 

1,038

 

 

 —

 

 

 —

 

 

1,038

 

Total

 

$

83

 

$

1,038

 

$

112,321

 

$

361,402

 

$

474,844

 

Derivative liabilities of the Company, at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

$

 —

 

$

(2,402)

 

$

 —

 

$

 —

 

$

(2,402)

 

Interest rate contracts

 

 

 —

 

 

(66)

 

 

 —

 

 

 —

 

 

(66)

 

Total derivative liabilities, at fair value

 

$

 —

 

$

(2,468)

 

$

 —

 

$

 —

 

$

(2,468)

 

 

The tables below summarize the financial assets and financial liabilities measured at fair value for the Company and Consolidated Funds as of December 31, 2015:

 

Investments and Derivatives of the Company

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments of the Company, at fair value

    

Level I 

    

Level II 

    

Level III 

    

Investments
Measured
at NAV

    

Total 

 

Collateralized loan obligations

 

$

 —

 

$

 —

 

$

55,752

 

$

 —

 

$

55,752

 

Total fixed income

 

 

 —

 

 

 —

 

 

55,752

 

 

 —

 

 

55,752

 

Equity securities

 

 

81

 

 

 —

 

 

 —

 

 

 —

 

 

81

 

Partnership interests

 

 

 —

 

 

 —

 

 

51,703

 

 

339,243

 

 

390,946

 

Total investments, at fair value

 

 

81

 

 

 —

 

 

107,455

 

 

339,243

 

 

446,779

 

Derivative assets of the Company, at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

 

 —

 

 

1,339

 

 

 —

 

 

 —

 

 

1,339

 

Total derivative assets, at fair value

 

 

 —

 

 

1,339

 

 

 —

 

 

 —

 

 

1,339

 

Total

 

$

81

 

$

1,339

 

$

107,455

 

$

339,243

 

$

448,118

 

Derivative liabilities of the Company, at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

$

 —

 

$

(176)

 

$

 —

 

$

 —

 

$

(176)

 

Interest rate contracts

 

 

 —

 

 

(214)

 

 

 —

 

 

 —

 

 

(214)

 

Total derivative liabilities, at fair value

 

$

 —

 

$

(390)

 

$

 —

 

$

 —

 

$

(390)

 

 

 

Summary of changes in the fair value of the Level III investments

The following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended March 31, 2016:

 

Investments and Derivatives of the Company

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments and Derivatives of the Company

Fixed Income

 

Partnership Interests 

    

Total

 

Balance, beginning of period

$

55,752

 

$

51,703

 

$

107,455

 

Purchases(1)

 

3

 

 

6,500

 

 

6,503

 

Sales(2)

 

(775)

 

 

 —

 

 

(775)

 

Realized and unrealized depreciation, net

 

(862)

 

 

 —

 

 

(862)

 

Balance, end of period

$

54,118

 

$

58,203

 

$

112,321

 

Decrease in unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date

$

(1,173)

 

$

 —

 

$

(1,173)

 

 


(1)

Purchases include paid‑in‑kind interest and securities received in connection with restructurings.

(2)

Sales include paid‑in‑kind interest, principal redemptions and securities disposed of in connection with restructurings.

The following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended March 31, 2015:

Investments and Derivatives of the Company

 

 

 

 

 

 

 

 

 

 

 

Investments and Derivatives of the Company

Fixed Income

 

Partnership Interests 

 

Total

 

Balance, beginning of period

$

 —

 

$

45,348

 

$

45,348

 

Deconsolidation of funds(3)

 

17,815

 

 

 —

 

 

17,815

 

Purchases(1)

 

3

 

 

5,000

 

 

5,003

 

Sales(2)

 

(763)

 

 

 —

 

 

(763)

 

Realized and unrealized appreciation (depreciation), net

 

(1,232)

 

 

 —

 

 

(1,232)

 

Balance, end of period

$

15,823

 

$

50,348

 

$

66,171

 

Decrease in unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date

$

(1,510)

 

$

 —

 

$

(1,510)

 


(1)

Purchases include paid‑in‑kind interest and securities received in connection with restructurings.

(2)

Sales include paid‑in‑kind interest, principal redemptions and securities disposed of in connection with restructurings.

(3)

Balances for the Company were previously eliminated upon consolidation and not reported as Level III investment.  

Summary of quantitative inputs and assumptions used for Level III inputs

The following table summarizes the quantitative inputs and assumptions used for the Company’s Level III measurements as of March 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

  

Fair

  

 

  

Unobservable

  

 

 

    

Value

    

Valuation Technique(s)

    

Input(s)

    

Range

Assets

 

 

 

 

 

 

 

 

 

Partnership interests

 

$

40,703

 

Discounted Cash Flow

 

Discount Rate

 

10% 

Partnership interests

 

 

17,500

 

Recent Transaction Price (1)

 

N/A

 

N/A

Collateralized loan obligations

 

 

54,118

 

Broker quotes and/or 3rd party pricing services

 

N/A

 

N/A

Total

 

$

112,321

 

 

 

 

 

 


(1)

Recent transaction price consists of securities recently purchased or restructured. The Company has determined that there has been no change to the valuation based on the underlying assumptions used at the closing of such transactions.

 

The following table summarizes the quantitative inputs and assumptions used for the Company’s Level III measurements as of December 31, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair

 

 

 

Unobservable

 

 

 

 

    

Value 

    

Valuation Technique(s) 

    

Input(s) 

    

Range 

 

Assets

 

 

 

 

 

 

 

 

 

 

Partnership interests

 

$

40,703

 

Discounted Cash Flow

 

Discount Rate

 

10%

 

Partnership interests

 

 

11,000

 

Recent Transaction Price (1)

 

N/A

 

N/A

 

Collateralized loan obligations

 

 

55,752

 

Broker quotes and/or 3rd party pricing services

 

N/A

 

N/A

 

Total

 

$

107,455

 

 

 

 

 

 

 


(1)

Recent transaction price consists of securities recently purchased or restructured. The Company has determined that there has been no change to the valuation based on the underlying assumptions used at the closing of such transactions.

 

Consolidated Funds  
FAIR VALUE  
Summary of valuation of investments and other financial instruments by fair value hierarchy levels

 

The tables below summarize the financial assets and financial liabilities measured at fair value for the Company and Consolidated Funds as of March 31, 2016:

Investments and Derivatives of Consolidated Funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments of Consolidated Funds, at fair value

    

Level I 

    

Level II 

    

Level III 

    

Investments
Measured
at NAV

    

Total 

 

Bonds

 

$

 —

 

$

127,926

 

$

105,812

 

$

 —

 

$

233,738

 

Loans

 

 

 —

 

 

1,921,021

 

 

100,135

 

 

 —

 

 

2,021,156

 

Collateralized loan obligations

 

 

 —

 

 

 —

 

 

6,262

 

 

 —

 

 

6,262

 

Total fixed income

 

 

 —

 

 

2,048,947

 

 

212,209

 

 

 —

 

 

2,261,156

 

Equity securities

 

 

44,692

 

 

1,740

 

 

141,805

 

 

 —

 

 

188,237

 

Partnership interests

 

 

 —

 

 

 —

 

 

103,621

 

 

 —

 

 

103,621

 

Other

 

 

 —

 

 

155

 

 

 —

 

 

 —

 

 

155

 

Total investments, at fair value

 

$

44,692

 

$

2,050,842

 

$

457,635

 

$

 —

 

$

2,553,169

 

Derivative liabilities of Consolidated Funds, at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

$

 —

 

$

(1,731)

 

$

 —

 

$

 —

 

$

(1,731)

 

Others

 

 

 —

 

 

 —

 

 

(4,127)

 

 

 —

 

 

(4,127)

 

Total derivative liabilities, at fair value

 

 

 —

 

 

(1,731)

 

 

(4,127)

 

 

 —

 

 

(5,858)

 

Loan obligations of CLOs

 

 

 —

 

 

(2,167,773)

 

 

 —

 

 

 —

 

 

(2,167,773)

 

Total

 

$

 —

 

$

(2,169,504)

 

$

(4,127)

 

$

 —

 

$

(2,173,631)

 

 

 

The tables below summarize the financial assets and financial liabilities measured at fair value for the Company and Consolidated Funds as of December 31, 2015:

 

Investments and Derivatives of Consolidated Funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments of Consolidated Funds, at fair value

    

Level I 

    

Level II 

    

Level III 

    

Investments
Measured
at NAV

    

Total 

 

Bonds

 

$

 —

 

$

126,289

 

$

109,023

 

$

 —

 

$

235,312

 

Loans

 

 

 —

 

 

1,875,341

 

 

134,346

 

 

 —

 

 

2,009,687

 

Collateralized loan obligations

 

 

 —

 

 

 —

 

 

6,121

 

 

 —

 

 

6,121

 

Total fixed income

 

 

 —

 

 

2,001,630

 

 

249,490

 

 

 —

 

 

2,251,120

 

Equity securities

 

 

76,033

 

 

15,760

 

 

129,809

 

 

 —

 

 

221,602

 

Partnership interests

 

 

 —

 

 

 —

 

 

86,902

 

 

 —

 

 

86,902

 

Other

 

 

 —

 

 

159

 

 

 —

 

 

 —

 

 

159

 

Total investments, at fair value

 

$

76,033

 

$

2,017,549

 

$

466,201

 

$

 —

 

$

2,559,783

 

Derivative liabilities of Consolidated Funds, at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

$

 —

 

$

(369)

 

$

 —

 

$

 —

 

$

(369)

 

Others

 

 

 —

 

 

 —

 

 

(10,307)

 

 

 —

 

 

(10,307)

 

Total derivative liabilities, at fair value

 

 

 —

 

 

(369)

 

 

(10,307)

 

 

 —

 

 

(10,676)

 

Loan obligations of CLOs

 

 

 —

 

 

 —

 

 

(2,174,352)

 

 

 —

 

 

(2,174,352)

 

Total

 

$

 —

 

$

(369)

 

$

(2,184,659)

 

$

 —

 

$

(2,185,028)

 

 

Summary of changes in the fair value of the Level III investments

The following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended March 31, 2016:

 

Investments and Derivatives of Consolidated Funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

  

 

 

  

 

 

  

Other

  

 

 

 

 

 

 

 

 

 

 

 

Partnership

 

Financial

 

 

 

 

Investments and Derivatives of Consolidated Funds

    

Equity Securities 

    

Fixed Income 

    

Interests 

    

Instruments 

    

Total 

 

Balance, beginning of period

 

$

129,809

 

$

249,490

 

$

86,902

 

$

(10,307)

 

$

455,894

 

Transfer in

 

 

15,759

 

 

30,711

 

 

 —

 

 

 —

 

 

46,470

 

Transfer out

 

 

(345)

 

 

(74,213)

 

 

 —

 

 

 —

 

 

(74,558)

 

Purchases(1)

 

 

 —

 

 

19,469

 

 

7,300

 

 

 —

 

 

26,769

 

Sales(2)

 

 

 —

 

 

(9,443)

 

 

(300)

 

 

496

 

 

(9,247)

 

Accrued discounts/premiums

 

 

 —

 

 

453

 

 

 —

 

 

284

 

 

737

 

Realized and unrealized appreciation (depreciation), net

 

 

(3,418)

 

 

(4,258)

 

 

9,719

 

 

5,400

 

 

7,443

 

Balance, end of period

 

$

141,804

 

$

212,209

 

$

103,621

 

$

(4,127)

 

$

453,508

 

Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date

 

$

(3,419)

 

$

(6,032)

 

$

9,635

 

$

5,294

 

$

5,478

 

 

 


(1)

Purchases include paid‑in‑kind interest and securities received in connection with restructurings.

(2)

Sales include paid‑in‑kind interest, principal redemptions and securities disposed of in connection with restructurings.

The following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended March 31, 2015:

Investments and Derivatives of Consolidated Funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

  

 

 

  

 

 

  

Other

  

 

 

 

 

 

 

 

 

 

 

 

Partnership

 

Financial

 

 

 

 

Investments and Derivatives of Consolidated Funds

    

Equity Securities

    

Fixed Income

    

Interests

    

Instruments

    

Total

 

Balance, beginning of period

 

$

3,263,311

 

$

2,192,395

 

$

17,582

 

$

(20,993)

 

$

5,452,295

 

Deconsolidation of funds(4)

 

 

(3,080,402)

 

 

(1,897,304)

 

 

(17,582)

 

 

12,980

 

 

(4,982,308)

 

Transfer in

 

 

 —

 

 

26,144

 

 

 —

 

 

 —

 

 

26,144

 

Transfer out

 

 

 —

 

 

(89,214)

 

 

 —

 

 

 —

 

 

(89,214)

 

Purchases(1)

 

 

 —

 

 

44,835

 

 

 —

 

 

4

 

 

44,839

 

Sales(2)

 

 

(1,689)

 

 

(23,171)

 

 

 —

 

 

(1)

 

 

(24,861)

 

Accrued discounts/premiums

 

 

 —

 

 

(858)

 

 

 —

 

 

(267)

 

 

(1,125)

 

Realized and unrealized appreciation (depreciation), net

 

 

(7,185)

 

 

(18,706)

 

 

 —

 

 

(6,116)

 

 

(32,007)

 

Balance, end of period

 

$

174,035

 

$

234,121

 

$

 —

 

$

(14,393)

 

$

393,763

 

Decrease in unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date

 

$

(8,932)

 

$

(14,877)

 

$

 —

 

$

(7,618)

 

$

(31,427)

 

 

 


(1)

Purchases include paid‑in‑kind interest and securities received in connection with restructurings.

(2)

Sales include paid‑in‑kind interest, principal redemptions and securities disposed of in connection with restructurings.

(3)

Balances for the Company were previously eliminated upon consolidation and not reported as Level III investment.

(4)

Represents investment in Consolidated Funds that were deconsolidated during the period.

 

Summary of quantitative inputs and assumptions used for Level III inputs

 

The following table summarizes the quantitative inputs and assumptions used for the Consolidated Funds’ Level III measurements as of March 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

  

 

  

 

  

 

Weighted

 

 

    

Fair Value 

 

Valuation Technique(s) 

 

Unobservable Input(s) 

 

Range

    

Average

 

Assets

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

 

 

 

 

 

 

 

 

 

 

 

$

53,247

 

EV market multiple analysis

 

EBITDA multiple

 

1.6x-9.1x

 

5.4x

 

 

 

73,174

 

Market approach (comparable companies)

 

Net income multiple
Illiquidity discount

 

9.1x - 40.0x
25%

 

20.6x
25%

 

 

 

15,384

 

Broker quotes and/or 3rd party pricing services

 

N/A

 

N/A

 

N/A

 

 

 

103,621

 

Discounted cash flow

 

Discount rate

 

14.0%

 

14.0%

 

Fixed Income securities

 

 

 

 

 

 

 

 

 

 

 

 

 

92,891

 

Broker quotes and/or 3rd party pricing services

 

N/A

 

N/A

 

N/A

 

 

 

21,010

 

EV market multiple analysis

 

EBITDA multiple

 

1.6x - 11.0x

 

7.3x

 

 

 

83,045

 

Income approach

 

Yield

 

3.3% - 13.3%

 

9.4%

 

 

 

5,622

 

Discounted cash flow

 

Discount rate

 

11.0% - 15.3%

 

12.7%

 

 

 

1,756

 

Market approach (comparable companies)

 

EBITDA multiple

 

6.5x

 

6.5x

 

 

 

2,800

 

Income approach

 

Collection rates

 

1.2x

 

1.2x

 

 

 

5,085

 

Income approach

 

Constant prepayment rate
Constant default rate
Recovery rate

 

5.0% - 10.0%
11.9% - 25.1%
0.0% - 40.0%

 

6.9%
14.2%
15.0%

 

Total assets

$

457,635

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

Derivatives instruments of Consolidated Funds

 

4,127

 

Broker quotes and/or 3rd party pricing services

 

N/A

 

N/A

 

N/A

 

Total liabilities

$

4,127

 

 

 

 

 

 

 

 

 

 

The following table summarizes the quantitative inputs and assumptions used for the Consolidated Funds’ Level III measurements as of December 31, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Fair Value 

 

Valuation Technique(s) 

 

Unobservable Input(s) 

 

Range

    

Average

 

Assets

 

 

 

 

 

 

 

 

 

 

   

Equity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

42,887

 

EV market multiple analysis

 

EBITDA multiple

 

1.6x - 10.4x

 

4.1x

 

 

 

73,686

 

Market approach (comparable companies)

 

Net income multiple

 

10.0x - 40.0x

 

21.7x

 

 

 

344

 

Broker quotes and/or 3rd party pricing services

 

N/A

 

N/A

 

N/A

 

 

 

12,891

 

Recent transaction price (1)

 

N/A

 

N/A

 

N/A

 

 

 

86,902

 

Discounted cash flow

 

Discount rate

 

14.0%

 

14.0%

 

Fixed Income securities

 

 

 

 

 

 

 

 

 

 

 

 

 

22,934

 

EV market multiple analysis

 

EBITDA multiple

 

1.6x - 11.0x

 

7.8x

 

 

 

1,626

 

Market approach (comparable companies)

 

EBITDA multiple

 

6.5x

 

6.5x

 

 

 

130,131

 

Broker quotes and/or 3rd party pricing services

 

N/A

 

N/A

 

N/A

 

 

 

5,516

 

Discounted cash flow

 

Discount rate

 

11.0% - 15.3%

 

12.7%

 

 

 

84,464

 

Income approach

 

Yield

 

3.3% - 13.3%

 

9.1%

 

 

 

1,133

 

Income approach

 

Collection rates

 

1.2x

 

1.2x

 

 

 

3,687

 

Income approach

 

Constant prepayment rate
Constant default rate
Recovery rate

 

5.0% - 10.0%
11.9% - 25.1%
0.0% - 40.0%

 

7.1%
14.6%
16.8%

 

Total assets

$

466,201

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

Loans payable of Consolidated Funds:

 

 

 

 

 

 

 

 

 

 

 

Fixed income

$

2,146,255

 

Broker quotes and/or 3rd party pricing services

 

N/A

 

N/A

 

N/A

 

 

 

28,097

 

Discounted cash flow

 

Discount rate
Constant prepayment rate
Constant default rate
Recovery rate

 

8.0% - 10.0%
19.7% - 20.0%
2.0%
70.0% - 71.1%

 

8.7%
19.8%
 2.0% 
70.8%

 

Derivatives instruments of Consolidated Funds

 

10,307

 

Broker quotes and/or 3rd party pricing services

 

N/A

 

N/A

 

N/A

 

Total liabilities

$

2,184,659

 

 

 

 

 

 

 

 

 

 


(1)

Recent transaction price consists of securities purchased or restructured. The Company has determined that there has been no change to the valuation based on the underlying assumptions used at the closing of such transactions.

 


v3.4.0.3
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
3 Months Ended
Mar. 31, 2016
Consolidated Funds  
DERIVATIVE FINANCIAL INSTRUMENTS  
Schedule of fair value and notional amounts of derivative contracts by major product type on a gross basis

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2016

 

 

 

Assets

 

Liabilities

 

Consolidated Funds 

    

Notional(1)

    

Fair Value

    

Notional(1)

    

Fair Value

 

Foreign exchange contracts

 

$

 —

 

$

 —

 

$

25,572

 

$

1,731

 

Other financial instruments

 

 

 —

 

 

 —

 

 

4,501

 

 

4,127

 

Total derivatives, at fair value

 

 

 —

 

 

 —

 

 

30,073

 

 

5,858

 

Other—equity(2)

 

 

522

 

 

155

 

 

 —

 

 

 —

 

Total

 

$

522

 

$

155

 

$

30,073

 

$

5,858

 

 

 


(1)   Represents the total contractual amount of derivative assets and liabilities outstanding.

(2)   Includes the fair value of warrants which are presented within investments, at fair value in the Condensed Consolidated Statements of Financial Condition.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2015

 

 

 

Assets 

 

Liabilities 

 

Consolidated Funds 

    

Notional(1)

    

Fair Value

    

Notional(1)

    

Fair Value

 

Foreign exchange contracts

 

$

 —

 

$

 —

 

$

25,572

 

$

369

 

Other financial instruments

 

 

 —

 

 

 —

 

 

4,063

 

 

10,307

 

Total derivatives, at fair value

 

 

 —

 

 

 —

 

 

29,635

 

 

10,676

 

Other—equity(2)

 

 

522

 

 

159

 

 

 —

 

 

 —

 

Total

 

$

522

 

$

159

 

$

29,635

 

$

10,676

 

 

 

(1)   Represents the total contractual amount of derivative assets and liabilities outstanding.

(2)   Includes the fair value of warrants and equity distribution rights which are presented within investments, at fair value in the Condensed Consolidated Statements of Financial Condition.

 

Schedule of setoff and related arrangements associated with the derivative and other financial instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Amounts Not

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Offset in the Statement

 

 

 

 

 

  

 

  

 

 

  

 

 

  

of Financial Condition

  

 

 

 

 

 

Gross Amounts of

 

Gross Amounts

 

Net Amounts of

 

 

 

 

Cash Collateral

 

 

 

 

 

 

Recognized Assets

 

Offset in Assets

 

Assets (Liabilities)

 

Financial

 

Received

 

 

 

 

Consolidated Funds as of March 31, 2016

    

(Liabilities)

    

(Liabilities) 

    

Presented 

    

Instruments 

    

(Pledged) 

    

Net Amount 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

$

447

 

$

447

 

$

 —

 

$

 —

 

$

 —

 

$

 —

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

 

(6,305)

 

 

(447)

 

 

(5,858)

 

 

 —

 

 

 —

 

 

(5,858)

 

Net derivatives liabilities

 

$

(5,858)

 

$

 —

 

$

(5,858)

 

$

 —

 

$

 —

 

$

(5,858)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Amounts Not

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Offset in the Statement

 

 

 

 

 

  

 

  

 

 

  

 

 

  

of Financial Condition 

  

 

 

 

 

 

Gross Amounts of

 

Gross Amounts

 

Net Amounts of

 

 

 

 

Cash Collateral

 

 

 

 

 

 

Recognized Assets

 

Offset in Assets

 

Assets (Liabilities)

 

Financial

 

Received

 

 

 

 

Consolidated Funds as of December 31, 2015

    

(Liabilities)

    

(Liabilities)

    

Presented

    

Instruments

    

(Pledged)

    

Net Amount

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

$

85

 

$

85

 

$

 —

 

$

 —

 

$

 —

 

$

 —

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

 

(10,760)

 

 

(85)

 

 

(10,676)

 

 

 —

 

 

 —

 

 

(10,676)

 

Net derivatives liabilities

 

$

(10,676)

 

$

 —

 

$

(10,676)

 

$

 —

 

$

 —

 

$

(10,676)

 

 

Parent Company  
DERIVATIVE FINANCIAL INSTRUMENTS  
Schedule of fair value and notional amounts of derivative contracts by major product type on a gross basis

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2016

 

 

 

Assets 

 

Liabilities 

 

The Company

    

Notional(1) 

    

Fair Value 

    

Notional(1) 

    

Fair Value 

 

Interest rate contracts

 

$

 —

 

$

—

 

$

250,000

 

$

66

 

Foreign exchange contracts

 

 

22,018

 

 

1,038

 

 

62,348

 

 

2,402

 

Total derivatives, at fair value

 

$

22,018

 

$

1,038

 

$

312,348

 

$

2,468

 

 

(1)

Represents the total contractual amount of derivative assets and liabilities outstanding.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2015

 

 

 

Assets 

 

Liabilities 

 

The Company

    

Notional(1)

    

Fair Value

    

Notional(1)

    

Fair Value

 

Interest rate contracts

 

$

—

 

$

—

 

$

250,000

 

$

214

 

Foreign exchange contracts

 

 

94,634

 

 

1,339

 

 

53,245

 

 

176

 

Total derivatives, at fair value

 

$

94,634

 

$

1,339

 

$

303,245

 

$

390

 

 

(1)

Represents the total contractual amount of derivative assets and liabilities outstanding.

 

Schedule of setoff and related arrangements associated with the derivative and other financial instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Amounts

 

 

 

 

 

    

    

 

    

    

 

    

    

 

    

Not Offset

    

    

 

 

 

  

 

  

 

 

  

 

 

  

in the Statement

  

 

 

 

 

 

Gross Amounts of

 

Gross Amounts

 

Net Amounts of

 

of Financial Condition

 

 

 

 

 

 

Recognized Assets

 

Offset in Assets

 

Assets (Liabilities)

 

Financial

 

 

 

 

The Company as of March 31, 2016

    

(Liabilities)

    

(Liabilities) 

    

Presented 

    

Instruments 

    

Net Amount 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

$

1,038

 

$

 —

 

$

1,038

 

$

(2,401)

 

$

(1,363)

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

 

(2,468)

 

 

 —

 

 

(2,468)

 

 

2,401

 

 

(67)

 

Net derivatives liabilities

 

$

(1,430)

 

$

 —

 

$

(1,430)

 

$

 —

 

$

(1,430)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Amounts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Not Offset

 

 

 

 

 

  

 

  

    

 

  

    

 

  

in the Statement

  

 

 

 

 

 

Gross Amounts of

 

Gross Amounts

 

Net Amounts of

 

of Financial Condition

 

 

 

 

 

 

Recognized Assets

 

Offset in Assets

 

Assets (Liabilities)

 

Financial

 

 

 

 

The Company as of December 31, 2015

    

(Liabilities) 

    

(Liabilities) 

    

Presented 

    

Instruments 

    

Net Amount 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

$

1,339

 

$

 —

 

$

1,339

 

$

(176)

 

$

1,163

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

 

(390)

 

 

 —

 

 

(390)

 

 

176

 

 

(214)

 

Net derivatives assets

 

$

949

 

$

 —

 

$

949

 

$

 —

 

$

949

 

 


v3.4.0.3
DEBT (Tables)
3 Months Ended
Mar. 31, 2016
Parent Company  
DEBT  
Schedule of borrowings outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2016

 

 

 

As of December 31, 2015

 

 

 

 

 

 

Original Borrowing

 

Carrying

 

 

 

 

 

Carrying

 

 

 

 

 

 

 

Maturity

 

Amount

 

Value

 

 

Interest Rate

 

 

Value

 

 

Interest Rate

 

Credit Facility(1)

 

 

4/30/2019

 

 

 —

 

$

192,000

 

 

2.19%

 

 

$

110,000

 

 

2.11%

 

Senior Notes (2)

 

 

10/8/2024

 

$

250,000

 

 

244,226

 

 

4.21%

 

 

 

244,077

 

 

4.21%

 

Term Loan(3)

 

 

7/29/2026

 

$

35,250

 

 

35,048

 

 

2.47%

 

 

 

35,043

 

 

2.18%

 

Total debt obligations

 

 

 

 

 

 

 

$

471,274

 

 

 

 

 

$

389,120

 

 

 

 


(1)

The Ares Operating Group entities are borrowers under the Credit Facility, which provides a $1.03 billion revolving line of credit with the ability to upsize to $1.28 billion (subject to obtaining commitments for any such additional borrowing capacity). It has a variable interest rate based on either LIBOR or a base rate plus an applicable margin with an unused commitment fee paid quarterly, which is subject to change with our underlying credit agency rating. Currently, base rate loans bear interest calculated based on the base rate plus 0.75% or and the LIBOR rate loans bear interest calculated based on LIBOR plus 1.75%.  The unused commitment fee is 0.25% per annum. There is a base rate and LIBOR floor of zero.

(2)

The Senior Notes were issued in October 2014 by Ares Finance Co. LLC (“AFC”), a subsidiary of the Company, at 98.268% 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.

(3)

In connection with risk retention requirements, the Term Loan was entered into in August 2015 by a subsidiary of the Company that acts as a manager to a CLO. The Term Loan is secured by collateral in the form of CLO senior tranches owned by the Company. To the extent the assets are not sufficient to cover the Term Loan, there is no further recourse to the Company to fund or repay the remaining balance. Interest is paid quarterly, and the Company also pays a fee of 0.025% of a maximum investment amount.

Consolidated Funds  
DEBT  
Schedule of borrowings outstanding

 

 

 

 

 

 

 

As of March 31, 2016

 

As of December 31, 2015

 

 

 

Maturity

 

Total

 

Outstanding

 

 

 

Outstanding

 

 

 

Type of Facility

 

Date

    

Capacity

    

Loan(1)

    

Effective Rate

    

Loan(1)

    

Effective Rate

    

Consolidated Funds credit facility

 

01/01/23

 

$

18,000

 

$

12,484

 

2.00%

 

$

11,734

 

2.00%

 

  Total borrowings of Consolidated Funds

 

 

 

 

 

 

$

12,484

 

 

 

$

11,734

 

 

 


(1)

The fair values of the borrowings approximate the carrying value, as the interest rate on the borrowings is a floating rate.

 

Consolidated Funds | Collateralized loan obligation  
DEBT  
Schedule of borrowings outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2016

 

 

As of December 31, 2015

 

 

 

 

 

 

  

 

 

 

Weighted Average

 

 

 

 

  

 

 

Weighted Average

 

 

 

 

Loan

 

Fair Value of

 

Remaining

 

 

Loan

 

 

Fair Value of

 

Remaining

 

 

    

    

Obligations

    

Loan Obligations

    

Maturity In Years 

    

    

Obligations

    

 

Loan Obligations

    

Maturity In Years 

 

Senior secured notes(1)

 

 

$

2,083,929

 

$

2,052,619

 

9.30

 

$

2,101,506

 

$

2,054,123

 

9.55

 

Subordinated notes / preferred shares(2)

 

 

 

199,265

 

 

115,154

 

9.29

 

 

194,443

 

 

120,229

 

9.53

 

Total loan obligations of Consolidated CLOs

 

 

$

2,283,194

 

$

2,167,773

 

 

 

$

2,295,949

 

$

2,174,352

 

 

 


(1)

Original borrowings under the senior secured notes totaled $2.2 billion, with various maturity dates ranging from October 2024 to December 2025. The weighted average interest rate as of March 31, 2016 was 3.44%.

(2)

Original borrowings under the subordinated notes totaled $199.3 billion, with various maturity dates ranging from October 2024 to December 2025. They do not have contractual interest rates, but instead receive distributions from the excess cash flows generated by each Consolidated CLO.


v3.4.0.3
REDEEMABLE INTERESTS (Tables)
3 Months Ended
Mar. 31, 2016
AOG  
Summary of changes in the redeemable interests

 

 

 

 

 

As of March 31,

 

 

 

2016

    

Beginning balance

$

23,505

 

Distributions 

 

(187)

 

Net income

 

10

 

Currency translation adjustment

 

(11)

 

Equity compensation

 

36

 

Ending Balance

$

23,353

 

 


v3.4.0.3
RELATED PARTY TRANSACTIONS (Tables)
3 Months Ended
Mar. 31, 2016
RELATED PARTY TRANSACTIONS  
Schedule of amounts due from and to affiliates

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31,

 

As of December 31,

 

 

 

    

2016

    

2015

 

  

Due from affiliates:

 

 

 

 

 

 

 

 

Management fees receivable from non-consolidated funds

 

$

119,573

 

$

112,405

 

 

Contingent obligations due from employees

 

 

16,448

 

 

 —

 

 

Payments made on behalf of and amounts due from non-consolidated funds

 

 

29,760

 

 

32,577

 

 

Due from affiliates—Company

 

$

165,781

 

$

144,982

 

 

Amounts due from portfolio companies and non-consolidated funds

 

$

11,955

 

$

12,923

 

 

Due from affiliates—Consolidated Funds

 

$

11,955

 

$

12,923

 

 

Due to affiliates:

 

 

 

 

 

 

 

 

Management fee rebate payable to non-consolidated funds

 

$

6,678

 

$

6,679

 

 

Management fee paid in advance

 

 

2,686

 

 

1,738

 

 

Contingent obligations to non-consolidated funds

 

 

25,423

 

 

 —

 

 

Payments made by non-consolidated funds on behalf of and amounts due from the Company

 

 

3,313

 

 

4,484

 

 

Due to affiliates—Company

 

$

38,100

 

$

12,901

 

 

 

 


v3.4.0.3
EARNINGS PER COMMON UNIT (Tables)
3 Months Ended
Mar. 31, 2016
EARNINGS PER COMMON UNIT  
Schedule of antidilutive securities excluded from computation of earnings per share

 

 

 

 

 

 

 

 

For the three months ended

 

 

March 31,

 

 

2016

   

2015

   

Options

 

23,495,886

 

 

25,022,983

   

Restricted units

 

6,203,740

 

 

834,288

 

AOG units

 

132,382,815

 

 

132,437,609

 

 

Schedule of the computation of basic and diluted earnings per common unit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

For the three months ended

 

 

 

March 31, 2016

 

March 31, 2015

 

 

 

Basic

    

Diluted

    

Basic

    

Diluted

    

 

Net income (loss) attributable to Ares Management, L.P.

$

(3,090)

 

$

(3,090)

 

$

18,456

 

$

18,456

 

 

Earnings distributed to participating securities (restricted units)

 

(193)

 

 

(193)

 

 

(237)

 

 

(237)

 

 

Preferred stock dividends

 

(4)

 

 

(4)

 

 

 —

 

 

 —

 

 

Net income (loss) available to common unitholders

$

(3,287)

 

$

(3,287)

 

$

18,219

 

$

18,219

 

 

Weighted-average common units

 

80,683,051

 

 

80,683,051

 

 

80,667,664

 

 

80,667,664

 

 

Effect of dilutive units:

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted units

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

Options

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

Contingently issuable common units

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

Diluted weighted-average common units

 

80,683,051

 

 

80,683,051

 

 

80,667,664

 

 

80,667,664

 

 

Earnings (loss) per common unit

$

(0.04)

 

$

(0.04)

 

$

0.23

 

$

0.23

 

 

 


v3.4.0.3
EQUITY COMPENSATION (Tables)
3 Months Ended
Mar. 31, 2016
EQUITY COMPENSATION  
Schedule of equity-based compensation expense, net of assumed forfeitures

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

 

 

March 31,

 

 

    

2016

    

2015

    

Restricted units

 

$

4,761

 

$

3,445

 

Options

 

 

3,913

 

 

3,853

 

Phantom units

 

 

499

 

 

623

 

Equity-based compensation expense

 

$

9,173

 

$

7,921

 

 

Summary of unvested restricted units' activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2016

 

2015

 

 

 

 

 

 

Weighted Average

 

 

 

 

Weighted Average

 

 

 

 

 

Grant Date Fair

 

 

 

Grant Date Fair

 

 

    

Restricted Units

    

Value Per Unit

 

Restricted Units

 

Value Per Unit

 

Balance - January 1

 

 

4,657,761

 

$

18.01

 

 

4,776,053

 

$

18.08

 

Granted

 

 

1,789,545

 

 

11.26

 

 

171,444

 

 

17.27

 

Vested

 

 

(4,342)

 

 

18.05

 

 

 —

 

 

 —

 

Forfeited

 

 

(239,224)

 

 

17.30

 

 

(75,920)

 

 

18.05

 

Balance - March 31

 

 

6,203,740

 

$

16.10

 

 

4,871,577

 

$

18.06

 

 

Schedule of effect of adoption of ASU 2016-09

 

 

 

 

 

 

 

 

 

 

 

    

Partners' Capital

    

 

Non-Controlling Interest in Ares Operating Group Entities

    

 

Redeemable Interest in Ares Operating Group Entities

Balance at December 31, 2015

 

$

251,537

 

$

397,883

 

$

23,505

Retained earnings

 

 

(3,357)

 

 

(5,470)

 

 

(38)

Paid-in-capital - Equity compensation

 

 

3,767

 

 

6,138

 

 

43

Distributions - dividend equivalent

 

 

(410)

 

 

(668)

 

 

(5)

Balance at December 31, 2015 (as adjusted)

 

$

251,537

 

$

397,883

 

$

23,505

 


v3.4.0.3
SEGMENT REPORTING (Tables)
3 Months Ended
Mar. 31, 2016
SEGMENT REPORTING  
Schedule of financial results for Company's operating segments, as well as the OMG

The following table presents the financial results for the Company’s operating segments, as well as the OMG, for the three months ended March 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

Private

    

Real

    

 

 

    

 

 

    

Total

 

 

 

Credit

 

Equity

 

Estate

 

Total

 

 

 

 

Stand

 

 

 

Group

 

Group

 

Group

 

Segments

 

OMG

 

Alone

 

Management fees (includes ARCC Part I Fees of $28,625)

 

$

109,441

 

$

36,482

 

$

16,745

 

$

162,668

 

$

 —

 

$

162,668

 

Administrative fees and other income

 

 

109

 

 

340

 

 

406

 

 

855

 

 

6,674

 

 

7,529

 

Compensation and benefits

 

 

(43,914)

 

 

(12,167)

 

 

(10,714)

 

 

(66,795)

 

 

(34,714)

 

 

(101,509)

 

General, administrative and other expenses

 

 

(5,051)

 

 

(2,904)

 

 

(3,450)

 

 

(11,405)

 

 

(18,235)

 

 

(29,640)

 

Fee related earnings

 

 

60,585

 

 

21,751

 

 

2,987

 

 

85,323

 

 

(46,275)

 

 

39,048

 

Performance fees—realized

 

 

6,178

 

 

 —

 

 

171

 

 

6,349

 

 

 —

 

 

6,349

 

Performance fees—unrealized

 

 

(29,327)

 

 

(12,143)

 

 

4,122

 

 

(37,348)

 

 

 —

 

 

(37,348)

 

Performance fee compensation—realized

 

 

(1,983)

 

 

 —

 

 

 —

 

 

(1,983)

 

 

 —

 

 

(1,983)

 

Performance fee compensation—unrealized

 

 

16,605

 

 

8,941

 

 

(2,233)

 

 

23,313

 

 

 —

 

 

23,313

 

Net performance fees

 

 

(8,527)

 

 

(3,202)

 

 

2,060

 

 

(9,669)

 

 

 —

 

 

(9,669)

 

Investment income (loss)—realized

 

 

162

 

 

(112)

 

 

(132)

 

 

(82)

 

 

(57)

 

 

(139)

 

Investment income (loss)—unrealized

 

 

(4,007)

 

 

(7,745)

 

 

2,799

 

 

(8,953)

 

 

385

 

 

(8,568)

 

Interest and other investment income

 

 

7,579

 

 

(91)

 

 

892

 

 

8,380

 

 

(49)

 

 

8,331

 

Interest expense

 

 

(2,448)

 

 

(1,405)

 

 

(274)

 

 

(4,127)

 

 

(728)

 

 

(4,855)

 

Net investment income (loss)

 

 

1,286

 

 

(9,353)

 

 

3,285

 

 

(4,782)

 

 

(449)

 

 

(5,231)

 

Performance related earnings

 

 

(7,241)

 

 

(12,555)

 

 

5,345

 

 

(14,451)

 

 

(449)

 

 

(14,900)

 

Economic net income

 

$

53,344

 

$

9,196

 

$

8,332

 

$

70,872

 

$

(46,724)

 

$

24,148

 

Distributable earnings

 

$

68,083

 

$

19,605

 

$

3,343

 

$

91,031

 

$

(49,750)

 

$

41,281

 

 

 

The following table presents the financial results for the Company’s operating segments, as well as the OMG, for the three months ended March 31, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

Private

    

Real

    

 

 

    

 

 

    

Total

 

 

 

Credit

 

Equity

 

Estate

 

Total

 

 

 

 

Stand

 

 

 

Group

 

Group

 

Group

 

Segments

 

OMG

 

Alone

 

Management fees (includes ARCC Part I Fees of $29,042)

 

$

108,348

 

$

36,589

 

$

17,379

 

$

162,316

 

$

—

 

$

162,316

 

Administrative fees and other income

 

 

98

 

 

13

 

 

854

 

 

965

 

 

6,385

 

 

7,350

 

Compensation and benefits

 

 

(42,565)

 

 

(12,321)

 

 

(10,131)

 

 

(65,017)

 

 

(28,914)

 

 

(93,931)

 

General, administrative and other expenses

 

 

(7,125)

 

 

(3,118)

 

 

(2,544)

 

 

(12,787)

 

 

(15,326)

 

 

(28,113)

 

Fee related earnings

 

 

58,756

 

 

21,163

 

 

5,558

 

 

85,477

 

 

(37,855)

 

 

47,622

 

Performance fees—realized

 

 

35,214

 

 

425

 

 

 —

 

 

35,639

 

 

—

 

 

35,639

 

Performance fees—unrealized

 

 

(19,201)

 

 

87,331

 

 

320

 

 

68,450

 

 

—

 

 

68,450

 

Performance fee compensation—realized

 

 

(21,004)

 

 

(340)

 

 

 —

 

 

(21,344)

 

 

—

 

 

(21,344)

 

Performance fee compensation—unrealized

 

 

14,531

 

 

(69,981)

 

 

402

 

 

(55,048)

 

 

—

 

 

(55,048)

 

Net performance fees

 

 

9,540

 

 

17,435

 

 

722

 

 

27,697

 

 

 —

 

 

27,697

 

Investment income (loss)—realized

 

 

8,618

 

 

4,172

 

 

132

 

 

12,922

 

 

—

 

 

12,922

 

Investment income (loss)—unrealized

 

 

(3,369)

 

 

(1,442)

 

 

196

 

 

(4,615)

 

 

—

 

 

(4,615)

 

Interest and other investment income

 

 

(1,526)

 

 

4,485

 

 

29

 

 

2,988

 

 

—

 

 

2,988

 

Interest expense

 

 

(1,734)

 

 

(1,680)

 

 

(270)

 

 

(3,684)

 

 

—

 

 

(3,684)

 

Net investment income (loss)

 

 

1,989

 

 

5,535

 

 

87

 

 

7,611

 

 

 —

 

 

7,611

 

Performance related earnings

 

 

11,529

 

 

22,970

 

 

809

 

 

35,308

 

 

 —

 

 

35,308

 

Economic net income

 

$

70,285

 

$

44,133

 

$

6,367

 

$

120,785

 

$

(37,855)

 

$

82,930

 

Distributable earnings

 

$

75,707

 

$

27,086

 

$

3,382

 

$

106,175

 

$

(38,880)

 

$

67,295

 

 

Components of Revenue, Expenses, and Other Income (Loss)

 

 

 

 

 

 

 

 

 

 

    

    

For the Three Months Ended March 31,

 

 

 

 

2016

 

2015

 

Segment Revenues

 

 

 

 

 

 

 

 

Management fees (includes ARCC Part I Fees of $28,625 and $29,042 for the three months ended March 31, 2016 and 2015, respectively)

 

 

$

162,668

 

$

162,316

 

Administrative fees and other income

 

 

 

855

 

 

965

 

Performance fees—realized

 

 

 

6,349

 

 

35,639

 

Performance fees—unrealized

 

 

 

(37,348)

 

 

68,450

 

Total segment revenues

 

 

$

132,524

 

$

267,370

 

Segment Expenses

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

$

66,795

 

$

65,017

 

General, administrative and other expenses

 

 

 

11,405

 

 

12,787

 

Performance fee compensation—realized

 

 

 

1,983

 

 

21,344

 

Performance fee compensation—unrealized

 

 

 

(23,313)

 

 

55,048

 

Total segment expenses

 

 

$

56,870

 

$

154,196

 

Other Income (Expense)

 

 

 

 

 

 

 

 

Investment income (loss)—realized

 

 

$

(82)

 

$

12,922

 

Investment income (loss)—unrealized

 

 

 

(8,953)

 

 

(4,615)

 

Interest and other investment income

 

 

 

8,380

 

 

2,988

 

Interest expense

 

 

 

(4,127)

 

 

(3,684)

 

Total other income (expense)

 

 

$

(4,782)

 

$

7,611

 

 

Schedule of revenue adjustment

 

 

 

 

 

 

 

For the Three Months Ended March 31,

 

2016

    

2015

Total segment revenue

$

132,524

 

$

267,370

Consolidated Fund revenue eliminated in consolidation

 

(2,611)

 

 

(2,859)

Administrative fees and other income attributable to OMG

 

6,674

 

 

6,385

Performance fees reclass (1)

 

(572)

 

 

(991)

Total consolidated adjustments and reconciling items

 

3,491

 

 

2,535

Total consolidated revenue

$

136,015

 

$

269,905

(1)

Related to performance fees for AREA Sponsor Holdings LLC, an investment pool. Changes in value of this investment are reflected within other income (expense) in the Company’s Condensed Consolidated Statements of Operations.

 

Schedule of expenses adjustment

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31,

 

 

 

2016

    

2015

    

 

Total segment expenses

$

56,870

 

$

154,196

 

 

Consolidated Fund expenses added in consolidation

 

5,979

 

 

15,359

 

 

Consolidated Fund expenses eliminated in consolidation

 

(5,752)

 

 

(4,686)

 

 

OMG expenses

 

52,949

 

 

44,240

 

 

Acquisition-related expenses

 

268

 

 

2,224

 

 

Equity compensation expense

 

9,173

 

 

7,921

 

 

Placement fees and underwriting costs

 

930

 

 

3,045

 

 

Amortization of intangibles

 

7,263

 

 

10,892

 

 

Depreciation expense

 

1,858

 

 

1,272

 

 

Total consolidation adjustments and reconciling items

 

72,668

 

 

80,267

 

 

Total consolidated expenses

$

129,538

 

$

234,463

 

 

 

Schedule of other income (expense) adjustment

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31,

 

 

 

2016

    

2015

    

 

Total other income (expense)

$

(4,782)

 

$

7,611

 

 

Consolidated Funds other income added in consolidation, net

 

(22,803)

 

 

(2,583)

 

 

Other income from Consolidated Funds eliminated in consolidation, net

 

12,239

 

 

4,999

 

 

OMG other income

 

(449)

 

 

 —

 

 

Performance fee reclass(1)

 

572

 

 

991

 

 

Change in value of contingent consideration

 

(228)

 

 

 —

 

 

Other non-cash expense

 

 —

 

 

(11)

 

 

Total consolidation adjustments and reconciling items

 

(10,669)

 

 

3,396

 

 

Total consolidated other income (expense)

$

(15,451)

 

$

11,007

 

 


(1)

Related to performance fees for AREA Sponsor Holdings LLC. Changes in value of this investment are reflected within other (income) expense in the Company’s Condensed Consolidated Statements of Operations.

Reconciliation of reported net income to segment earnings

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31,

 

 

 

2016

    

2015

    

 

Economic net income

 

 

 

 

 

 

 

Income (loss) before taxes

$

(8,974)

 

$

46,449

 

 

Adjustments:

 

 

 

 

 

 

 

Amortization of intangibles

 

7,263

 

 

10,892

 

 

Depreciation expense

 

1,858

 

 

1,272

 

 

Equity compensation expenses

 

9,173

 

 

7,921

 

 

Net acquisition-related expenses

 

496

 

 

2,224

 

 

Placement fees and underwriting costs

 

930

 

 

3,045

 

 

OMG expenses, net

 

46,724

 

 

37,855

 

 

Other non-cash expense

 

 —

 

 

11

 

 

Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations

 

13,402

 

 

11,116

 

 

Total consolidation adjustments and reconciling items

 

79,846

 

 

74,336

 

 

Economic net income

 

70,872

 

 

120,785

 

 

Total performance fees income - realized

 

(6,349)

 

 

(35,639)

 

 

Total performance fees income - unrealized

 

37,348

 

 

(68,450)

 

 

Total performance fee compensation - realized

 

1,983

 

 

21,344

 

 

Total performance fee compensation - unrealized

 

(23,313)

 

 

55,048

 

 

Total investment income

 

4,782

 

 

(7,611)

 

 

Fee related earnings

 

85,323

 

 

85,477

 

 

Performance fees—realized

 

6,349

 

 

35,639

 

 

Performance fee compensation—realized

 

(1,983)

 

 

(21,344)

 

 

Investment and other income realized, net

 

4,171

 

 

12,227

 

 

Additional adjustments:

 

 

 

 

 

 

 

Dividend equivalent(1)

 

(684)

 

 

(684)

 

 

One-time acquisition costs(1)

 

(270)

 

 

(724)

 

 

Income tax expense(1)

 

(232)

 

 

(476)

 

 

Non-cash items

 

164

 

 

(156)

 

 

Placement fees and underwriting costs(1)

 

(938)

 

 

(3,045)

 

 

Depreciation and amortization(1)

 

(869)

 

 

(739)

 

 

Distributable earnings

$

91,031

 

$

106,175

 

 

Performance related earnings

 

 

 

 

 

 

 

Economic net income

$

70,872

 

$

120,785

 

 

Less fee related earnings

 

(85,323)

 

 

(85,477)

 

 

Performance related earnings

$

(14,451)

 

$

35,308

 

 

 

 


(1)

Certain costs are reduced by the amounts attributable to OMG, which is excluded from segment results.

 


v3.4.0.3
CONSOLIDATION (Tables)
3 Months Ended
Mar. 31, 2016
CONSOLIDATION  
Schedule of interests in consolidated and non-consolidated VIEs and respective maximum exposure to loss relating to non-consolidated VIEs

 

 

 

 

 

 

 

 

As of March 31,

 

As of December 31,

 

 

2016

    

2015

 

Maximum exposure to loss attributable to the Company's investment in non-consolidated VIEs

$

303,816

 

$

284,169

 

 

 

 

 

 

 

 

Maximum exposure to loss attributable to the Company's investment in consolidated VIEs

$

150,926

 

$

160,858

 

 

 

 

 

 

 

 

Assets of consolidated VIEs

$

2,757,050

 

$

2,759,981

 

Liabilities of consolidated VIEs

$

2,265,166

 

$

2,256,517

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31,

 

 

2016

 

2015

 

Net loss attributable to non-controlling interests related to consolidated VIEs

$

11,979

 

$

11,115

 

 

Schedule of consolidating effects of the Consolidated Funds on the Company's financial condition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2016

 

 

  

Consolidated

  

Consolidated

  

 

 

  

 

 

 

 

    

Company Entities 

    

Funds 

    

Eliminations 

    

Consolidated 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

109,934

 

$

 —

 

$

 —

 

$

109,934

 

  Investments (includes fair value investments of $473,806)

 

 

646,910

 

 

 —

 

 

(150,926)

 

 

495,984

 

Performance fees receivable

 

 

529,838

 

 

 —

 

 

(5,567)

 

 

524,271

 

Due from affiliates

 

 

169,018

 

 

 —

 

 

(3,237)

 

 

165,781

 

Intangible assets, net

 

 

77,689

 

 

 —

 

 

 —

 

 

77,689

 

Goodwill

 

 

144,017

 

 

 —

 

 

 —

 

 

144,017

 

Other assets

 

 

61,607

 

 

 —

 

 

 —

 

 

61,607

 

Assets of Consolidated Funds

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

 

 

123,871

 

 

 —

 

 

123,871

 

Investments, at fair value

 

 

 —

 

 

2,553,169

 

 

 —

 

 

2,553,169

 

Due from affiliates

 

 

 —

 

 

11,955

 

 

 —

 

 

11,955

 

Dividends and interest receivable

 

 

 —

 

 

11,096

 

 

 —

 

 

11,096

 

Receivable for securities sold

 

 

 —

 

 

53,976

 

 

 —

 

 

53,976

 

Other assets

 

 

 —

 

 

2,983

 

 

 —

 

 

2,983

 

Total assets

 

$

1,739,013

 

$

2,757,050

 

$

(159,730)

 

$

4,336,333

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable, accrued expenses and other liabilities

 

$

108,304

 

$

 —

 

$

 —

 

$

108,304

 

Accrued compensation

 

 

55,911

 

 

 —

 

 

 —

 

 

55,911

 

Due to affiliates

 

 

38,341

 

 

 —

 

 

(241)

 

 

38,100

 

Performance fee compensation payable

 

 

394,668

 

 

 —

 

 

 —

 

 

394,668

 

Debt obligations

 

 

471,274

 

 

 —

 

 

 —

 

 

471,274

 

Equity compensation put option liability

 

 

20,000

 

 

 —

 

 

 —

 

 

20,000

 

Deferred tax liability, net

 

 

21,603

 

 

 —

 

 

 —

 

 

21,603

 

Liabilities of Consolidated Funds

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable, accrued expenses and other liabilities

 

 

 —

 

 

13,429

 

 

 —

 

 

13,429

 

Due to affiliates

 

 

 —

 

 

5,126

 

 

(5,126)

 

 

 —

 

Payable for securities purchased

 

 

 —

 

 

71,480

 

 

 —

 

 

71,480

 

CLO loan obligations

 

 

 —

 

 

2,194,820

 

 

(27,047)

 

 

2,167,773

 

Fund borrowings

 

 

 —

 

 

12,484

 

 

 —

 

 

12,484

 

Total liabilities

 

 

1,110,101

 

 

2,297,339

 

 

(32,414)

 

 

3,375,026

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable interest in Ares Operating Group entities

 

 

23,353

 

 

 —

 

 

 —

 

 

23,353

 

Non-controlling interest in Consolidated Funds

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlling interest in Consolidated Funds

 

 

 —

 

 

459,711

 

 

(127,316)

 

 

332,395

 

Non-controlling interest in Consolidated Funds

 

 

 —

 

 

459,711

 

 

(127,316)

 

 

332,395

 

Non-controlling interest in Ares Operating Group entities

 

 

374,931

 

 

 —

 

 

 —

 

 

374,931

 

Controlling interest in Ares Management, L.P.:

 

 

 

 

 

 

 

 

 

 

 

 

 

Partners' Capital ( 80,690,612 units issued and outstanding)

 

 

236,270

 

 

 —

 

 

 —

 

 

236,270

 

Accumulated other comprehensive loss

 

 

(5,642)

 

 

 —

 

 

 —

 

 

(5,642)

 

Total controlling interest in Ares Management, L.P

 

 

230,628

 

 

 —

 

 

 —

 

 

230,628

 

Total equity

 

 

605,559

 

 

459,711

 

 

(127,316)

 

 

937,954

 

Total liabilities, redeemable interests, non-controlling interests and equity

 

$

1,739,013

 

$

2,757,050

 

$

(159,730)

 

$

4,336,333

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2015

 

 

  

Consolidated

  

Consolidated

  

 

 

  

 

 

 

 

    

Company Entities 

    

Funds 

    

Eliminations 

    

Consolidated 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

121,483

 

$

 —

 

$

 —

 

$

121,483

 

  Investments (includes fair value investments of $446,779)

 

 

636,092

 

 

 —

 

 

(167,805)

 

 

468,287

 

Performance fees receivable

 

 

541,852

 

 

 —

 

 

(7,191)

 

 

534,661

 

Due from affiliates

 

 

149,771

 

 

 —

 

 

(4,789)

 

 

144,982

 

Other assets

 

 

62,975

 

 

 —

 

 

 —

 

 

62,975

 

Intangible assets, net

 

 

84,971

 

 

 —

 

 

 —

 

 

84,971

 

Goodwill

 

 

144,067

 

 

 —

 

 

 —

 

 

144,067

 

Assets of Consolidated Funds

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 —

 

 

159,507

 

 

 —

 

 

159,507

 

Investments, at fair value

 

 

 —

 

 

2,559,783

 

 

 —

 

 

2,559,783

 

Due from affiliates

 

 

 —

 

 

13,360

 

 

(437)

 

 

12,923

 

Dividends and interest receivable

 

 

 —

 

 

13,005

 

 

 —

 

 

13,005

 

Receivable for securities sold

 

 

 —

 

 

13,416

 

 

 —

 

 

13,416

 

Other assets

 

 

 —

 

 

1,348

 

 

 —

 

 

1,348

 

Total assets

 

$

1,741,211

 

$

2,760,419

 

$

(180,222)

 

$

4,321,408

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable, accrued expenses and other liabilities

 

$

102,734

 

$

 —

 

$

(108)

 

$

102,626

 

Accrued compensation

 

 

125,032

 

 

 —

 

 

 —

 

 

125,032

 

Due to affiliates

 

 

13,016

 

 

 —

 

 

(115)

 

 

12,901

 

Performance fee compensation payable

 

 

401,715

 

 

 —

 

 

 —

 

 

401,715

 

Debt obligations

 

 

389,120

 

 

 —

 

 

 —

 

 

389,120

 

Equity compensation put option liability

 

 

20,000

 

 

 —

 

 

 —

 

 

20,000

 

Deferred tax liability, net

 

 

21,288

 

 

 —

 

 

 —

 

 

21,288

 

Liabilities of Consolidated Funds

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable, accrued expenses and other liabilities

 

 

 —

 

 

18,956

 

 

(5)

 

 

18,951

 

Due to affiliates

 

 

 —

 

 

5,617

 

 

(5,617)

 

 

 —

 

Payable for securities purchased

 

 

 —

 

 

51,778

 

 

 —

 

 

51,778

 

CLO loan obligations

 

 

 —

 

 

2,202,628

 

 

(28,276)

 

 

2,174,352

 

Fund borrowings

 

 

 —

 

 

11,734

 

 

 —

 

 

11,734

 

Total liabilities

 

 

1,072,905

 

 

2,290,713

 

 

(34,121)

 

 

3,329,497

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable interest in Ares Operating Group entities

 

 

23,505

 

 

 —

 

 

 —

 

 

23,505

 

Non-controlling interest in Consolidated Funds

 

 

—

 

 

466,339

 

 

(146,101)

 

 

320,238

 

Equity appropriated for Consolidated Funds

 

 

 —

 

 

3,367

 

 

—

 

 

3,367

 

Non-controlling interest in Consolidated Funds

 

 

 —

 

 

469,706

 

 

(146,101)

 

 

323,605

 

Non-controlling interest in Ares Operating Group entities

 

 

397,883

 

 

 —

 

 

 —

 

 

397,883

 

Controlling interest in Ares Management, L.P.:

 

 

 

 

 

 

 

 

 

 

 

 

 

Partners' Capital ( 80,679,600 units issued and outstanding)

 

 

251,537

 

 

 —

 

 

 —

 

 

251,537

 

Accumulated other comprehensive loss

 

 

(4,619)

 

 

 —

 

 

 —

 

 

(4,619)

 

Total controlling interest in Ares Management, L.P

 

 

246,918

 

 

 —

 

 

 —

 

 

246,918

 

Total equity

 

 

644,801

 

 

469,706

 

 

(146,101)

 

 

968,406

 

Total liabilities, redeemable interests, non-controlling interests and equity

 

$

1,741,211

 

$

2,760,419

 

$

(180,222)

 

$

4,321,408

 

 

 

Schedule of results from operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31, 2016

 

 

  

Consolidated

  

Consolidated

  

 

 

  

 

 

 

 

    

Company Entities 

    

Funds 

    

Eliminations 

    

Consolidated 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

Management fees (includes ARCC Part I Fees of $28,625)

 

$

162,668

 

$

 —

 

$

(4,235)

 

$

158,433

 

Performance fees

 

 

(31,571)

 

 

 —

 

 

1,624

 

 

(29,947)

 

Other fees

 

 

7,529

 

 

 —

 

 

 —

 

 

7,529

 

Total revenues

 

 

138,626

 

 

 —

 

 

(2,611)

 

 

136,015

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

110,679

 

 

 —

 

 

 —

 

 

110,679

 

Performance fee compensation

 

 

(21,330)

 

 

 —

 

 

 —

 

 

(21,330)

 

General, administrative and other expense

 

 

39,962

 

 

 —

 

 

 —

 

 

39,962

 

Consolidated Fund expenses

 

 

 —

 

 

5,979

 

 

(5,752)

 

 

227

 

Total expenses

 

 

129,311

 

 

5,979

 

 

(5,752)

 

 

129,538

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest and investment expense (net of interest expense of $4,855)

 

 

(1,993)

 

 

 —

 

 

(1,366)

 

 

(3,359)

 

Other income, net

 

 

5,241

 

 

 —

 

 

 —

 

 

5,241

 

Net realized and unrealized gain (loss) on investments

 

 

(8,135)

 

 

 —

 

 

13,277

 

 

5,142

 

Net interest and investment income of Consolidated Funds (net of interest expense of $22,449)

 

 

 —

 

 

5,274

 

 

2,058

 

 

7,332

 

Net realized and unrealized loss on investments of Consolidated Funds

 

 

 —

 

 

(28,077)

 

 

(1,730)

 

 

(29,807)

 

Total other income (expense)

 

 

(4,887)

 

 

(22,803)

 

 

12,239

 

 

(15,451)

 

Income (loss) before taxes

 

 

4,428

 

 

(28,782)

 

 

15,380

 

 

(8,974)

 

Income tax expense (benefit)

 

 

6,088

 

 

(1,423)

 

 

 —

 

 

4,665

 

Net income (loss)

 

 

(1,660)

 

 

(27,359)

 

 

15,380

 

 

(13,639)

 

Less: Net income (loss) attributable to non-controlling interests in Consolidated Funds

 

 

 —

 

 

(27,359)

 

 

15,380

 

 

(11,979)

 

Less: Net income attributable to redeemable interests in Ares Operating Group entities

 

 

10

 

 

 —

 

 

 —

 

 

10

 

Less: Net income attributable to non-controlling interests in Ares Operating Group entities

 

 

1,420

 

 

 —

 

 

 —

 

 

1,420

 

Net loss attributable to Ares Management, L.P.

 

$

(3,090)

 

$

 —

 

$

 —

 

$

(3,090)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31, 2015

 

 

  

Consolidated

  

Consolidated

  

 

 

  

 

 

 

 

    

Company Entities 

    

Funds 

    

Eliminations 

    

Consolidated 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

Management fees (includes ARCC Part I Fees of $29,042)

 

$

162,316

 

$

—

 

$

(3,615)

 

$

158,701

 

Performance fees

 

 

103,098

 

 

—

 

 

1,827

 

 

104,925

 

Other fees

 

 

7,350

 

 

—

 

 

(1,071)

 

 

6,279

 

Total revenues

 

 

272,764

 

 

 —

 

 

(2,859)

 

 

269,905

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

101,851

 

 

—

 

 

—

 

 

101,851

 

Performance fee compensation

 

 

76,392

 

 

—

 

 

—

 

 

76,392

 

General, administrative and other expense

 

 

45,547

 

 

 —

 

 

 —

 

 

45,547

 

Consolidated Fund expenses

 

 

 —

 

 

15,359

 

 

(4,686)

 

 

10,673

 

Total expenses

 

 

223,790

 

 

15,359

 

 

(4,686)

 

 

234,463

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest and investment income (expense) (net of interest expense of $3,684)

 

 

2,349

 

 

—

 

 

(936)

 

 

1,413

 

Other income (expense), net

 

 

(3,054)

 

 

—

 

 

1,178

 

 

(1,876)

 

Net realized and unrealized gain on investments

 

 

9,296

 

 

—

 

 

5,543

 

 

14,839

 

Net interest and investment income of Consolidated Funds (net of interest expense of $17,101)

 

 

—

 

 

6,214

 

 

2,691

 

 

8,905

 

Net realized and unrealized loss on investments of Consolidated Funds

 

 

—

 

 

(8,797)

 

 

(3,477)

 

 

(12,274)

 

Total other income (expense)

 

 

8,591

 

 

(2,583)

 

 

4,999

 

 

11,007

 

Income (loss) before taxes

 

 

57,565

 

 

(17,942)

 

 

6,826

 

 

46,449

 

Income tax expense

 

 

4,059

 

 

 —

 

 

 —

 

 

4,059

 

Net income (loss)

 

 

53,506

 

 

(17,942)

 

 

6,826

 

 

42,390

 

Less: Net income (loss) attributable to non-controlling interests in Consolidated Funds

 

 

 —

 

 

(17,942)

 

 

6,826

 

 

(11,115)

 

Less: Net income attributable to redeemable interests in Ares Operating Group entities

 

 

243

 

 

 —

 

 

 —

 

 

243

 

Less: Net income attributable to non-controlling interests in Ares Operating Group entities

 

 

34,806

 

 

 —

 

 

 —

 

 

34,806

 

Net income attributable to Ares Management, L.P.

 

$

18,456

 

$

 —

 

$

 —

 

$

18,456

 

 

 


v3.4.0.3
ORGANIZATION AND BASIS OF PRESENTATION (Details)
3 Months Ended
Mar. 31, 2016
item
shares
ORGANIZATION AND BASIS OF PRESENTATION  
Number operating segments | item 3
AOG  
ORGANIZATION AND BASIS OF PRESENTATION  
Daily average ownership, as a percent 37.87
Minority ownership percentage 37.87%
Number of units held 80,690,612
Ares Owners Holdings LP | AOG  
ORGANIZATION AND BASIS OF PRESENTATION  
Daily average ownership, as a percent 56.26
Number of units held 119,874,362
Ownership percentage 56.26%
Alleghany | AOG  
ORGANIZATION AND BASIS OF PRESENTATION  
Daily average ownership, as a percent 5.87
Minority ownership percentage 5.87%
Number of units held 12,500,000

v3.4.0.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2015
Jan. 01, 2016
Adoption of New Accounting Pronouncements        
Total assets $ 4,336,333   $ 4,321,408  
Total liabilities 3,375,026   3,329,497  
Cumulative effect adjustment to retained earnings (3,367)      
Net income attributable to Ares Management L.P. (3,090) $ 18,456    
Parent Company        
Adoption of New Accounting Pronouncements        
Redeemable interest 23,353   23,505  
Goodwill, Impairment Loss 0   0  
Consolidated Funds | AOG        
Adoption of New Accounting Pronouncements        
Redeemable interest 23,353   23,505  
Consolidated Funds | Consolidated VIEs        
Adoption of New Accounting Pronouncements        
Total assets 2,757,050   2,759,981  
Total liabilities $ 2,265,166   $ 2,256,517  
Accounting Standards Update 2014-13 [Member] | Restatement Adjustment [Member]        
Adoption of New Accounting Pronouncements        
Cumulative effect adjustment to retained earnings       $ 3,400

v3.4.0.3
GOODWILL AND INTANGIBLE ASSETS - Carrying Value and Amortization (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2015
General, administrative and other expense      
Finite-lived intangible assets, net      
Amortization expense $ 7,300    
Parent Company      
Finite-lived intangible assets, net      
Intangible assets before foreign currency translation 153,739   $ 205,269
Foreign currency translation (1,697)   (1,436)
Total intangible assets acquired 152,042   203,833
Less: accumulated amortization (74,353)   (118,862)
Finite-lived intangible assets, net 77,689   84,971
Goodwill 144,017   144,067
Fully-amortized intangibles, amount removed during the period 51,500    
Estimated future annual amortization of finite-lived intangible assets      
Finite-lived intangible assets, net 77,689   84,971
Parent Company | General, administrative and other expense      
Finite-lived intangible assets, net      
Amortization expense 7,300 $ 10,900  
Parent Company | Credit Group      
Finite-lived intangible assets, net      
Goodwill 32,196   32,196
Parent Company | Real Estate Group      
Finite-lived intangible assets, net      
Goodwill $ 53,221   53,271
Management contracts | Parent Company      
Finite-lived intangible assets, net      
Weighted Average Amortization Period 2 years 4 months 24 days    
Intangible assets before foreign currency translation $ 111,939   163,469
Client relationships | Parent Company      
Finite-lived intangible assets, net      
Weighted Average Amortization Period 12 years 3 months 18 days    
Intangible assets before foreign currency translation $ 38,600   38,600
Trade Name | Parent Company      
Finite-lived intangible assets, net      
Weighted Average Amortization Period 6 years 3 months 18 days    
Intangible assets before foreign currency translation $ 3,200   $ 3,200

v3.4.0.3
GOODWILL AND INTANGIBLE ASSETS - Future Amortization, rollforward (Details) - Parent Company - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2016
Dec. 31, 2015
Goodwill [Roll Forward]    
Goodwill, Beginning Balance $ 144,067  
Foreign currency translation (50)  
Goodwill, Ending Balance 144,017 $ 144,067
Impairments of goodwill 0 0
Credit Group    
Goodwill [Roll Forward]    
Goodwill, Beginning Balance 32,196  
Goodwill, Ending Balance 32,196 32,196
Private Equity Group    
Goodwill [Roll Forward]    
Goodwill, Beginning Balance 58,600  
Goodwill, Ending Balance 58,600 58,600
Real Estate Group    
Goodwill [Roll Forward]    
Goodwill, Beginning Balance 53,271  
Foreign currency translation (50)  
Goodwill, Ending Balance $ 53,221 $ 53,271

v3.4.0.3
INVESTMENTS (Details) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Investments    
Fair Value Investments, Fair Value Disclosure $ 447,799 $ 427,308
Fair value as a percentage of total investments 100.00% 100.00%
Investments, at cost $ 369,861 $ 350,811
Private Investment Partnership Interests    
Investments    
Fair Value Investments, Fair Value Disclosure $ 393,598 $ 371,475
Fair value as a percentage of total investments 88.00% 87.00%
Investments, at cost $ 311,187 $ 297,026
Private Investment Partnership Interests | AREA Sponsor Holdings, LLC    
Investments    
Fair Value Investments, Fair Value Disclosure $ 38,554 $ 37,275
Fair value as a percentage of total investments 8.60% 8.70%
Private Investment Partnership Interests | ACE II Master Fund L.P.    
Investments    
Fair Value Investments, Fair Value Disclosure $ 22,629 $ 22,015
Fair value as a percentage of total investments 5.10% 5.20%
Private Investment Partnership Interests | Ares Corporate Opportunities Fund III, L.P.    
Investments    
Fair Value Investments, Fair Value Disclosure $ 116,470 $ 108,506
Fair value as a percentage of total investments 26.00% 25.40%
Private Investment Partnership Interests | Ares Corporate Opportunities Fund IV, L.P.    
Investments    
Fair Value Investments, Fair Value Disclosure $ 29,480 $ 30,571
Fair value as a percentage of total investments 6.60% 7.20%
Private Investment Partnership Interests | Ares Enhanced Credit Opportunities Fund, L.P.    
Investments    
Fair Value Investments, Fair Value Disclosure $ 25,598 $ 26,073
Fair value as a percentage of total investments 5.70% 6.10%
Private Investment Partnership Interests | Resolution Life L.P.    
Investments    
Fair Value Investments, Fair Value Disclosure $ 40,703 $ 40,703
Fair value as a percentage of total investments 9.10% 9.50%
Private Investment Partnership Interests | Other private investment partnership Interests    
Investments    
Fair Value Investments, Fair Value Disclosure $ 120,164 $ 106,332
Fair value as a percentage of total investments 26.90% 24.90%
Collateralized Debt Obligations    
Investments    
Fair Value Investments, Fair Value Disclosure $ 54,118 $ 55,752
Fair value as a percentage of total investments 12.00% 13.00%
Investments, at cost $ 58,556 $ 53,669
Collateralized Debt Obligations | Collateralized loan obligations interests    
Investments    
Fair Value Investments, Fair Value Disclosure $ 54,118 $ 55,752
Fair value as a percentage of total investments 12.00% 13.00%
Equity securities    
Investments    
Fair Value Investments, Fair Value Disclosure $ 83 $ 81
Fair value as a percentage of total investments 0.00% 0.00%
Investments, at cost $ 118 $ 116
Equity securities | Common stock    
Investments    
Fair Value Investments, Fair Value Disclosure $ 83 $ 81
Fair value as a percentage of total investments 0.00% 0.00%

v3.4.0.3
INVESTMENTS - Equity Method (Details) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
INVESTMENTS    
Equity-method investments $ 4,322 $ 4,486
Equity-method investments at fair value 26,007 19,471
Total equity-method investments $ 30,329 $ 23,957

v3.4.0.3
INVESTMENTS - Held to Maturity (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]      
Cost $ 17,856   $ 17,022
Unrealized loss, net (590)   (334)
Fair value 17,266   $ 16,688
Sales of investments during the period 0 $ 0  
Fair value, Due after 10 years $ 17,266    

v3.4.0.3
INVESTMENTS - By Sector (Details) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Investments    
Fair value as a percentage of total investments 100.00% 100.00%
Investments, at cost $ 369,861 $ 350,811
Equity securities    
Investments    
Fair value as a percentage of total investments 0.00% 0.00%
Investments, at cost $ 118 $ 116
Consolidated Funds    
Investments    
Investments, at fair value $ 2,553,169 $ 2,559,783
Fair value as a percentage of total investments 100.00% 100.00%
Consolidated Funds | Fixed income asset    
Investments    
Investments, at fair value $ 2,364,777 $ 2,338,024
Fair value as a percentage of total investments 92.40% 91.20%
Consolidated Funds | Equity securities    
Investments    
Investments, at fair value $ 188,392 $ 221,759
Fair value as a percentage of total investments 7.60% 8.80%
Consolidated Funds | United States | Fixed income asset    
Investments    
Investments, at fair value $ 1,422,618 $ 1,411,220
Fair value as a percentage of total investments 55.60% 55.10%
Investments, at cost $ 1,458,969 $ 1,462,570
Consolidated Funds | United States | Fixed income asset | Consumer discretionary    
Investments    
Investments, at fair value $ 403,139 $ 393,902
Fair value as a percentage of total investments 15.70% 15.40%
Consolidated Funds | United States | Fixed income asset | Consumer staples    
Investments    
Investments, at fair value $ 36,938 $ 40,030
Fair value as a percentage of total investments 1.40% 1.60%
Consolidated Funds | United States | Fixed income asset | Energy    
Investments    
Investments, at fair value $ 36,973 $ 38,617
Fair value as a percentage of total investments 1.40% 1.50%
Consolidated Funds | United States | Fixed income asset | Financials    
Investments    
Investments, at fair value $ 77,988 $ 78,806
Fair value as a percentage of total investments 3.10% 3.10%
Consolidated Funds | United States | Fixed income asset | Healthcare, education and childcare    
Investments    
Investments, at fair value $ 180,020 $ 162,191
Fair value as a percentage of total investments 7.10% 6.30%
Consolidated Funds | United States | Fixed income asset | Industrials    
Investments    
Investments, at fair value $ 153,511 $ 161,830
Fair value as a percentage of total investments 6.00% 6.30%
Consolidated Funds | United States | Fixed income asset | Information technology    
Investments    
Investments, at fair value $ 137,925 $ 138,186
Fair value as a percentage of total investments 5.40% 5.40%
Consolidated Funds | United States | Fixed income asset | Materials    
Investments    
Investments, at fair value $ 89,973 $ 95,767
Fair value as a percentage of total investments 3.50% 3.70%
Consolidated Funds | United States | Fixed income asset | Partnership interests    
Investments    
Investments, at fair value $ 103,621 $ 86,902
Fair value as a percentage of total investments 4.10% 3.40%
Consolidated Funds | United States | Fixed income asset | Telecommunication services    
Investments    
Investments, at fair value $ 189,418 $ 202,256
Fair value as a percentage of total investments 7.40% 7.90%
Consolidated Funds | United States | Fixed income asset | Utilities    
Investments    
Investments, at fair value $ 13,112 $ 12,733
Fair value as a percentage of total investments 0.50% 0.50%
Consolidated Funds | United States | Equity securities    
Investments    
Investments, at fair value $ 2,458 $ 854
Fair value as a percentage of total investments 0.10% 0.00%
Investments, at cost $ 8,304 $ 8,304
Consolidated Funds | United States | Equity securities | Healthcare, education and childcare    
Investments    
Investments, at fair value $ 1,740 $ 344
Fair value as a percentage of total investments 0.10% 0.00%
Consolidated Funds | United States | Equity securities | Telecommunication services    
Investments    
Investments, at fair value $ 718 $ 510
Fair value as a percentage of total investments 0.00% 0.00%
Consolidated Funds | Europe | Fixed income asset    
Investments    
Investments, at fair value $ 816,256 $ 796,621
Fair value as a percentage of total investments 31.80% 31.10%
Investments, at cost $ 862,992 $ 836,217
Consolidated Funds | Europe | Fixed income asset | Consumer discretionary    
Investments    
Investments, at fair value $ 215,526 $ 221,707
Fair value as a percentage of total investments 8.30% 8.70%
Consolidated Funds | Europe | Fixed income asset | Consumer staples    
Investments    
Investments, at fair value $ 53,491 $ 50,625
Fair value as a percentage of total investments 2.10% 2.00%
Consolidated Funds | Europe | Fixed income asset | Financials    
Investments    
Investments, at fair value $ 29,308 $ 29,922
Fair value as a percentage of total investments 1.10% 1.20%
Consolidated Funds | Europe | Fixed income asset | Healthcare, education and childcare    
Investments    
Investments, at fair value $ 111,710 $ 104,704
Fair value as a percentage of total investments 4.40% 4.10%
Consolidated Funds | Europe | Fixed income asset | Industrials    
Investments    
Investments, at fair value $ 106,511 $ 109,778
Fair value as a percentage of total investments 4.20% 4.30%
Consolidated Funds | Europe | Fixed income asset | Information technology    
Investments    
Investments, at fair value $ 32,368 $ 31,562
Fair value as a percentage of total investments 1.30% 1.20%
Consolidated Funds | Europe | Fixed income asset | Materials    
Investments    
Investments, at fair value $ 105,726 $ 98,450
Fair value as a percentage of total investments 4.10% 3.80%
Consolidated Funds | Europe | Fixed income asset | Telecommunication services    
Investments    
Investments, at fair value $ 160,806 $ 149,105
Fair value as a percentage of total investments 6.30% 5.80%
Consolidated Funds | Europe | Fixed income asset | Utilities    
Investments    
Investments, at fair value $ 810 $ 768
Fair value as a percentage of total investments 0.00% 0.00%
Consolidated Funds | Europe | Equity securities    
Investments    
Investments, at fair value $ 40,511 $ 43,045
Fair value as a percentage of total investments 1.70% 1.80%
Investments, at cost $ 80,830 $ 80,827
Consolidated Funds | Europe | Equity securities | Consumer discretionary    
Investments    
Investments, at fair value $ 4,203 $ 4,306
Fair value as a percentage of total investments 0.20% 0.20%
Consolidated Funds | Europe | Equity securities | Consumer staples    
Investments    
Investments, at fair value $ 1,437 $ 1,286
Fair value as a percentage of total investments 0.10% 0.10%
Consolidated Funds | Europe | Equity securities | Healthcare, education and childcare    
Investments    
Investments, at fair value $ 34,716 $ 37,294
Fair value as a percentage of total investments 1.40% 1.50%
Consolidated Funds | Europe | Equity securities | Telecommunication services    
Investments    
Investments, at fair value $ 155 $ 159
Fair value as a percentage of total investments 0.00% 0.00%
Consolidated Funds | Asia and other | Fixed income asset    
Investments    
Investments, at fair value $ 63,688 $ 68,718
Fair value as a percentage of total investments 2.50% 2.70%
Investments, at cost $ 55,384 $ 57,868
Consolidated Funds | Asia and other | Fixed income asset | Consumer discretionary    
Investments    
Investments, at fair value $ 30,260 $ 34,810
Fair value as a percentage of total investments 1.20% 1.40%
Consolidated Funds | Asia and other | Fixed income asset | Financials    
Investments    
Investments, at fair value $ 1,242  
Fair value as a percentage of total investments 0.00%  
Consolidated Funds | Asia and other | Fixed income asset | Healthcare, education and childcare    
Investments    
Investments, at fair value $ 21,993 $ 23,999
Fair value as a percentage of total investments 0.90% 0.90%
Consolidated Funds | Asia and other | Fixed income asset | Telecommunication services    
Investments    
Investments, at fair value $ 10,193 $ 9,909
Fair value as a percentage of total investments 0.40% 0.40%
Consolidated Funds | Asia and other | Equity securities    
Investments    
Investments, at fair value $ 125,409 $ 156,730
Fair value as a percentage of total investments 5.00% 6.20%
Investments, at cost $ 118,730 $ 118,730
Consolidated Funds | Asia and other | Equity securities | Consumer discretionary    
Investments    
Investments, at fair value $ 29,444 $ 55,532
Fair value as a percentage of total investments 1.20% 2.20%
Consolidated Funds | Asia and other | Equity securities | Consumer staples    
Investments    
Investments, at fair value $ 50,476 $ 55,442
Fair value as a percentage of total investments 2.00% 2.20%
Consolidated Funds | Asia and other | Equity securities | Healthcare, education and childcare    
Investments    
Investments, at fair value $ 32,598 $ 32,865
Fair value as a percentage of total investments 1.30% 1.30%
Consolidated Funds | Asia and other | Equity securities | Industrials    
Investments    
Investments, at fair value $ 12,891 $ 12,891
Fair value as a percentage of total investments 0.50% 0.50%
Consolidated Funds | Canada | Fixed income asset    
Investments    
Investments, at fair value $ 33,519 $ 32,879
Fair value as a percentage of total investments 1.30% 1.30%
Investments, at cost $ 35,731 $ 34,397
Consolidated Funds | Canada | Fixed income asset | Consumer discretionary    
Investments    
Investments, at fair value $ 806 $ 827
Fair value as a percentage of total investments 0.00% 0.00%
Consolidated Funds | Canada | Fixed income asset | Consumer staples    
Investments    
Investments, at fair value $ 1,377 $ 1,369
Fair value as a percentage of total investments 0.10% 0.10%
Consolidated Funds | Canada | Fixed income asset | Energy    
Investments    
Investments, at fair value $ 7,278 $ 8,724
Fair value as a percentage of total investments 0.30% 0.30%
Consolidated Funds | Canada | Fixed income asset | Healthcare, education and childcare    
Investments    
Investments, at fair value $ 14,537 $ 14,819
Fair value as a percentage of total investments 0.60% 0.60%
Consolidated Funds | Canada | Fixed income asset | Industrials    
Investments    
Investments, at fair value $ 620 $ 513
Fair value as a percentage of total investments 0.00% 0.00%
Consolidated Funds | Canada | Fixed income asset | Telecommunication services    
Investments    
Investments, at fair value $ 8,901 $ 6,627
Fair value as a percentage of total investments 0.30% 0.30%
Consolidated Funds | Australia | Fixed income asset    
Investments    
Investments, at fair value $ 28,696 $ 28,586
Fair value as a percentage of total investments 1.20% 1.00%
Investments, at cost $ 39,602 $ 39,574
Consolidated Funds | Australia | Fixed income asset | Energy    
Investments    
Investments, at fair value $ 8,987 $ 8,888
Fair value as a percentage of total investments 0.40% 0.30%
Consolidated Funds | Australia | Fixed income asset | Industrials    
Investments    
Investments, at fair value $ 4,158 $ 3,657
Fair value as a percentage of total investments 0.20% 0.10%
Consolidated Funds | Australia | Fixed income asset | Utilities    
Investments    
Investments, at fair value $ 15,551 $ 16,041
Fair value as a percentage of total investments 0.60% 0.60%
Consolidated Funds | Australia | Equity securities    
Investments    
Investments, at fair value $ 20,014 $ 21,130
Fair value as a percentage of total investments 0.80% 0.80%
Investments, at cost $ 25,524 $ 25,524
Consolidated Funds | Australia | Equity securities | Telecommunication services    
Investments    
Investments, at fair value $ 4,630 $ 5,370
Fair value as a percentage of total investments 0.20% 0.20%
Consolidated Funds | Australia | Equity securities | Utilities    
Investments    
Investments, at fair value $ 15,384 $ 15,760
Fair value as a percentage of total investments 0.60% 0.60%

v3.4.0.3
FAIR VALUE (Details) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Investments measured at NAV    
FAIR VALUE    
Investments, at fair value $ 361,402 $ 339,243
Assets, at fair value 361,402 339,243
Investments measured at NAV | Private Investment Partnership Interests    
FAIR VALUE    
Investments, at fair value 361,402 339,243
Parent Company    
FAIR VALUE    
Investments, at fair value 473,806 446,779
Derivative assets, at fair value 1,038 1,339
Assets, at fair value 474,844 448,118
Derivative liabilities, at fair value (2,468) (390)
Debt obligation 471,274 389,120
Parent Company | Interest rate contracts    
FAIR VALUE    
Derivative liabilities, at fair value (66) (214)
Parent Company | Foreign exchange contracts    
FAIR VALUE    
Derivative assets, at fair value 1,038 1,339
Derivative liabilities, at fair value (2,402) (176)
Parent Company | Interest rate swaps    
FAIR VALUE    
Derivative liabilities, at fair value   (214)
Parent Company | Fixed Income Investments [Member]    
FAIR VALUE    
Investments, at fair value 54,118 55,752
Parent Company | Collateralized loan obligation    
FAIR VALUE    
Investments, at fair value 54,118 55,752
Parent Company | Equity securities    
FAIR VALUE    
Investments, at fair value 83 81
Parent Company | Private Investment Partnership Interests    
FAIR VALUE    
Investments, at fair value 419,605 390,946
Parent Company | Level I    
FAIR VALUE    
Investments, at fair value 83 81
Assets, at fair value 83 81
Parent Company | Level I | Equity securities    
FAIR VALUE    
Investments, at fair value 83 81
Parent Company | Level II    
FAIR VALUE    
Derivative assets, at fair value 1,038 1,339
Assets, at fair value 1,038 1,339
Derivative liabilities, at fair value (2,468) (390)
Parent Company | Level II | Interest rate contracts    
FAIR VALUE    
Derivative liabilities, at fair value (66)  
Parent Company | Level II | Foreign exchange contracts    
FAIR VALUE    
Derivative assets, at fair value 1,038 1,339
Derivative liabilities, at fair value (2,402) (176)
Parent Company | Level II | Interest rate swaps    
FAIR VALUE    
Derivative liabilities, at fair value   (214)
Parent Company | Level III    
FAIR VALUE    
Investments, at fair value 112,321 107,455
Assets, at fair value 112,321 107,455
Parent Company | Level III | Fixed Income Investments [Member]    
FAIR VALUE    
Investments, at fair value 54,118 55,752
Parent Company | Level III | Collateralized loan obligation    
FAIR VALUE    
Investments, at fair value 54,118 55,752
Parent Company | Level III | Private Investment Partnership Interests    
FAIR VALUE    
Investments, at fair value 58,203 51,703
Consolidated Funds    
FAIR VALUE    
Investments, at fair value 2,553,169 2,559,783
Assets, at fair value 2,553,169  
Derivative liabilities, at fair value (5,858) (10,676)
Loan obligations of debt (2,167,773)  
Liabilities, at fair value (2,173,631) (2,185,028)
Consolidated Funds | Securities Sold Short    
FAIR VALUE    
Loan obligations of debt   (2,174,352)
Consolidated Funds | Other Derivatives    
FAIR VALUE    
Derivative liabilities, at fair value (4,127) (10,307)
Consolidated Funds | Equity contracts    
FAIR VALUE    
Derivative assets, at fair value 155 159
Consolidated Funds | Foreign exchange contracts    
FAIR VALUE    
Derivative liabilities, at fair value (1,731) (369)
Consolidated Funds | Fixed Income Investments [Member]    
FAIR VALUE    
Investments, at fair value 2,261,156 2,251,120
Consolidated Funds | Corporate Bonds    
FAIR VALUE    
Investments, at fair value 233,738 235,312
Consolidated Funds | Loans    
FAIR VALUE    
Investments, at fair value 2,021,156 2,009,687
Consolidated Funds | Collateralized loan obligation    
FAIR VALUE    
Investments, at fair value 6,262 6,121
Consolidated Funds | Equity securities    
FAIR VALUE    
Investments, at fair value 188,237 221,602
Consolidated Funds | Private Investment Partnership Interests    
FAIR VALUE    
Investments, at fair value 103,621 86,902
Consolidated Funds | Other    
FAIR VALUE    
Investments, at fair value 155 159
Consolidated Funds | Level I    
FAIR VALUE    
Investments, at fair value   76,033
Assets, at fair value 44,692  
Consolidated Funds | Level I | Equity securities    
FAIR VALUE    
Investments, at fair value 44,692 76,033
Consolidated Funds | Level II    
FAIR VALUE    
Investments, at fair value   2,017,549
Assets, at fair value 2,050,842  
Derivative liabilities, at fair value (1,731) (369)
Loan obligations of debt (2,167,773)  
Liabilities, at fair value (2,169,504) (369)
Consolidated Funds | Level II | Foreign exchange contracts    
FAIR VALUE    
Derivative liabilities, at fair value (1,731) (369)
Consolidated Funds | Level II | Fixed Income Investments [Member]    
FAIR VALUE    
Investments, at fair value 2,048,947 2,001,630
Consolidated Funds | Level II | Corporate Bonds    
FAIR VALUE    
Investments, at fair value 127,926 126,289
Consolidated Funds | Level II | Loans    
FAIR VALUE    
Investments, at fair value 1,921,021 1,875,341
Consolidated Funds | Level II | Equity securities    
FAIR VALUE    
Investments, at fair value 1,740 15,760
Consolidated Funds | Level II | Other    
FAIR VALUE    
Investments, at fair value 155 159
Consolidated Funds | Level III    
FAIR VALUE    
Investments, at fair value   466,201
Assets, at fair value 457,635 466,201
Derivative liabilities, at fair value (4,127) (10,307)
Liabilities, at fair value (4,127) (2,184,659)
Consolidated Funds | Level III | Securities Sold Short    
FAIR VALUE    
Loan obligations of debt   (2,174,352)
Consolidated Funds | Level III | Other Derivatives    
FAIR VALUE    
Derivative liabilities, at fair value (4,127) (10,307)
Consolidated Funds | Level III | Fixed Income Investments [Member]    
FAIR VALUE    
Investments, at fair value 212,209 249,490
Consolidated Funds | Level III | Corporate Bonds    
FAIR VALUE    
Investments, at fair value 105,812 109,023
Consolidated Funds | Level III | Loans    
FAIR VALUE    
Investments, at fair value 100,135 134,346
Consolidated Funds | Level III | Collateralized loan obligation    
FAIR VALUE    
Investments, at fair value 6,262 6,121
Consolidated Funds | Level III | Equity securities    
FAIR VALUE    
Investments, at fair value 141,805 129,809
Consolidated Funds | Level III | Private Investment Partnership Interests    
FAIR VALUE    
Investments, at fair value $ 103,621 $ 86,902

v3.4.0.3
FAIR VALUE - Recurring RF (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2015
Changes in the fair value of the Level III investments      
Transfers from Level I to Level II $ 0 $ 0  
Parent Company      
Changes in the fair value of the Level III investments      
Balance, beginning of period 107,455 45,348 $ 45,348
Deconsolidation of funds   17,815  
Purchases 6,503 5,003  
Sales (775) (763)  
Realized and unrealized appreciation (depreciation), net (862) (1,232)  
Balance, end of period 112,321 66,171 107,455
Increase (decrease) in unrealized appreciation (depreciation) included in earnings related to financial assets still held at the reporting date (1,173) (1,510)  
Parent Company | Fixed income asset      
Changes in the fair value of the Level III investments      
Balance, beginning of period 55,752    
Deconsolidation of funds   17,815  
Purchases 3 3  
Sales (775) (763)  
Realized and unrealized appreciation (depreciation), net (862) (1,232)  
Balance, end of period 54,118 15,823 55,752
Increase (decrease) in unrealized appreciation (depreciation) included in earnings related to financial assets still held at the reporting date (1,173) (1,510)  
Parent Company | Private Investment Partnership Interests      
Changes in the fair value of the Level III investments      
Balance, beginning of period 51,703 45,348 45,348
Purchases 6,500 5,000  
Balance, end of period 58,203 50,348 51,703
Consolidated Funds      
Changes in the fair value of the Level III investments      
Balance, beginning of period 455,894 5,452,295 5,452,295
Deconsolidation of funds     (4,982,308)
Transfer in 46,470 26,144  
Accounting change due to the adoption of ASU 2014-13 (74,558) (89,214)  
Purchases 26,769 44,839  
Sales (9,247) (24,861)  
Accrued discounts/premiums 737 (1,125)  
Realized and unrealized appreciation (depreciation), net 7,443 (32,007)  
Balance, end of period 453,508 393,763 455,894
Increase (decrease) in unrealized appreciation (depreciation) included in earnings related to financial assets still held at the reporting date 5,478 (31,427)  
Consolidated Funds | Equity securities      
Changes in the fair value of the Level III investments      
Balance, beginning of period 129,809 3,263,311 3,263,311
Deconsolidation of funds     (3,080,402)
Transfer in 15,759    
Accounting change due to the adoption of ASU 2014-13 (345)    
Sales   (1,689)  
Realized and unrealized appreciation (depreciation), net (3,418) (7,185)  
Balance, end of period 141,804 174,035 129,809
Increase (decrease) in unrealized appreciation (depreciation) included in earnings related to financial assets still held at the reporting date (3,419) (8,932)  
Consolidated Funds | Fixed income asset      
Changes in the fair value of the Level III investments      
Balance, beginning of period 249,490 2,192,395 2,192,395
Deconsolidation of funds     (1,897,304)
Transfer in 30,711 26,144  
Accounting change due to the adoption of ASU 2014-13 (74,213) (89,214)  
Purchases 19,469 44,835  
Sales (9,443) (23,171)  
Accrued discounts/premiums 453 (858)  
Realized and unrealized appreciation (depreciation), net (4,258) (18,706)  
Balance, end of period 212,209 234,121 249,490
Increase (decrease) in unrealized appreciation (depreciation) included in earnings related to financial assets still held at the reporting date (6,032) (14,877)  
Consolidated Funds | Private Investment Partnership Interests      
Changes in the fair value of the Level III investments      
Balance, beginning of period 86,902 17,582 17,582
Deconsolidation of funds     (17,582)
Purchases 7,300    
Sales (300)    
Realized and unrealized appreciation (depreciation), net 9,719    
Balance, end of period 103,621   86,902
Increase (decrease) in unrealized appreciation (depreciation) included in earnings related to financial assets still held at the reporting date 9,635    
Consolidated Funds | Other Financial Instrument [Member]      
Changes in the fair value of the Level III investments      
Balance, beginning of period (10,307) (20,993) (20,993)
Deconsolidation of funds     12,980
Purchases   4  
Sales 496 (1)  
Accrued discounts/premiums 284 (267)  
Realized and unrealized appreciation (depreciation), net 5,400 (6,116)  
Balance, end of period (4,127) (14,393) $ (10,307)
Increase (decrease) in unrealized appreciation (depreciation) included in earnings related to financial assets still held at the reporting date $ 5,294 $ (7,618)  

v3.4.0.3
FAIR VALUE - Recurring RF for Loan Oblig (Details) - Collateralized loan obligation - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Changes in the fair value of the Level III investments for loan obligations    
Balance, beginning of period $ 2,174,352 $ 12,049,019
Accounting change due to the adoption of ASU 2014-13 $ (2,174,352)  
Liability deconsolidation of funds   (10,264,884)
Borrowings   602,077
Paydowns   (409)
Realized and unrealized gains, net   (85,833)
Balance, end of period   $ 2,299,970

v3.4.0.3
FAIR VALUE - By Valuation Technique (Details)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Parent Company    
FAIR VALUE    
Assets, at fair value $ 474,844 $ 448,118
Parent Company | Private Investment Partnership Interests | Discounted cash flow    
Unobservable Input    
Discount rate (as a percent) 10.00%  
Parent Company | Level III    
FAIR VALUE    
Assets, at fair value $ 112,321 107,455
Parent Company | Level III | Collateralized loan obligation | Broker quotes and/or 3rd party pricing services    
FAIR VALUE    
Assets, at fair value 54,118 55,752
Parent Company | Level III | Private Investment Partnership Interests | Recent transaction price    
FAIR VALUE    
Assets, at fair value 17,500 11,000
Parent Company | Level III | Private Investment Partnership Interests | Discounted cash flow    
FAIR VALUE    
Assets, at fair value 40,703 $ 40,703
Unobservable Input    
Discount rate (as a percent)   10.00%
Consolidated Funds    
FAIR VALUE    
Assets, at fair value 2,553,169  
Liabilities, at fair value $ 2,173,631 $ 2,185,028
Consolidated Funds | Fixed income liability | Discounted cash flow    
Unobservable Input    
Default rate (as a percent)   2.00%
Consolidated Funds | Fixed income liability | Discounted cash flow | Minimum    
Unobservable Input    
Discount rate (as a percent)   8.00%
Prepayment rate (as a percent)   19.70%
Recovery rate (as a percent)   70.00%
Consolidated Funds | Fixed income liability | Discounted cash flow | Maximum    
Unobservable Input    
Discount rate (as a percent)   10.00%
Prepayment rate (as a percent)   20.00%
Recovery rate (as a percent)   71.10%
Consolidated Funds | Fixed income liability | Discounted cash flow | Weighted Average    
Unobservable Input    
Discount rate (as a percent)   8.70%
Prepayment rate (as a percent)   19.80%
Default rate (as a percent)   2.00%
Recovery rate (as a percent)   70.80%
Consolidated Funds | Equity securities | EV market multiple analysis | Minimum    
Unobservable Input    
EBITDA multiple 1.6 1.6
Consolidated Funds | Equity securities | EV market multiple analysis | Maximum    
Unobservable Input    
EBITDA multiple 9.1 10.4
Consolidated Funds | Equity securities | EV market multiple analysis | Weighted Average    
Unobservable Input    
EBITDA multiple 5.4 4.1
Consolidated Funds | Equity securities | Market Approach Valuation Technique [Member] | Minimum    
Unobservable Input    
Net income multiple 9.1 10.0
Consolidated Funds | Equity securities | Market Approach Valuation Technique [Member] | Maximum    
Unobservable Input    
Net income multiple 40.0 40.0
Consolidated Funds | Equity securities | Market Approach Valuation Technique [Member] | Weighted Average    
Unobservable Input    
Net income multiple   21.7
Consolidated Funds | Equity securities | Discounted cash flow    
Unobservable Input    
Discount rate (as a percent) 14.00% 14.00%
Consolidated Funds | Equity securities | Discounted cash flow | Weighted Average    
Unobservable Input    
EBITDA multiple 14.0  
Discount rate (as a percent)   14.00%
Consolidated Funds | Fixed income asset | EV market multiple analysis | Minimum    
Unobservable Input    
EBITDA multiple 1.6 1.6
Consolidated Funds | Fixed income asset | EV market multiple analysis | Maximum    
Unobservable Input    
EBITDA multiple 11.0 11.0
Consolidated Funds | Fixed income asset | EV market multiple analysis | Weighted Average    
Unobservable Input    
EBITDA multiple 7.3 7.8
Consolidated Funds | Fixed income asset | Market Approach Valuation Technique [Member]    
Unobservable Input    
EBITDA multiple 6.5 6.5
Consolidated Funds | Fixed income asset | Market Approach Valuation Technique [Member] | Weighted Average    
Unobservable Input    
EBITDA multiple 6.5 6.5
Consolidated Funds | Fixed income asset | Discounted cash flow | Minimum    
Unobservable Input    
Discount rate (as a percent) 11.00% 11.00%
Consolidated Funds | Fixed income asset | Discounted cash flow | Maximum    
Unobservable Input    
Discount rate (as a percent) 15.30% 15.30%
Consolidated Funds | Fixed income asset | Discounted cash flow | Weighted Average    
Unobservable Input    
Discount rate (as a percent) 12.70% 12.70%
Consolidated Funds | Fixed income asset | Income Approach Based on Yield Valuation Technique [Member] | Minimum    
Unobservable Input    
Yield (as a percent) 3.30% 3.30%
Consolidated Funds | Fixed income asset | Income Approach Based on Yield Valuation Technique [Member] | Maximum    
Unobservable Input    
Yield (as a percent) 13.30% 13.30%
Consolidated Funds | Fixed income asset | Income Approach Based on Yield Valuation Technique [Member] | Weighted Average    
Unobservable Input    
Yield (as a percent) 9.40% 9.10%
Consolidated Funds | Fixed income asset | Income Approach Based on Collection Rate Valuation Technique [Member]    
Unobservable Input    
EBITDA multiple 1.2  
Collection rate   1.2
Consolidated Funds | Fixed income asset | Income Approach Based on Collection Rate Valuation Technique [Member] | Weighted Average    
Unobservable Input    
EBITDA multiple 1.2  
Collection rate   1.2
Consolidated Funds | Fixed income asset | Income Approach Based on Other Inputs Valuation Technique [Member] | Minimum    
Unobservable Input    
Prepayment rate (as a percent) 5.00% 5.00%
Default rate (as a percent) 11.90% 11.90%
Recovery rate (as a percent) 0.00% 0.00%
Consolidated Funds | Fixed income asset | Income Approach Based on Other Inputs Valuation Technique [Member] | Maximum    
Unobservable Input    
Prepayment rate (as a percent) 10.00% 10.00%
Default rate (as a percent) 25.10% 25.10%
Recovery rate (as a percent) 40.00% 40.00%
Consolidated Funds | Fixed income asset | Income Approach Based on Other Inputs Valuation Technique [Member] | Weighted Average    
Unobservable Input    
Prepayment rate (as a percent) 6.90% 7.10%
Default rate (as a percent) 14.20% 14.60%
Recovery rate (as a percent) 15.00% 16.80%
Consolidated Funds | Level III    
FAIR VALUE    
Assets, at fair value $ 457,635 $ 466,201
Liabilities, at fair value 4,127 2,184,659
Consolidated Funds | Level III | Fixed income liability | Broker quotes and/or 3rd party pricing services    
FAIR VALUE    
Liabilities, at fair value   2,146,255
Consolidated Funds | Level III | Fixed income liability | Discounted cash flow    
FAIR VALUE    
Liabilities, at fair value   28,097
Consolidated Funds | Level III | Derivatives liabilities of Consolidated Funds | Broker quotes and/or 3rd party pricing services    
FAIR VALUE    
Liabilities, at fair value 4,127 10,307
Consolidated Funds | Level III | Equity securities | EV market multiple analysis    
FAIR VALUE    
Assets, at fair value 53,247 42,887
Consolidated Funds | Level III | Equity securities | Market Approach Valuation Technique [Member]    
FAIR VALUE    
Assets, at fair value $ 73,174 73,686
Unobservable Input    
Net income multiple 20.6  
Illiquidity discount (as a percent) 25.00%  
Consolidated Funds | Level III | Equity securities | Market Approach Valuation Technique [Member] | Weighted Average    
Unobservable Input    
Illiquidity discount (as a percent) 25.00%  
Consolidated Funds | Level III | Equity securities | Broker quotes and/or 3rd party pricing services    
FAIR VALUE    
Assets, at fair value $ 15,384 344
Consolidated Funds | Level III | Equity securities | Recent transaction price    
FAIR VALUE    
Assets, at fair value   12,891
Consolidated Funds | Level III | Equity securities | Discounted cash flow    
FAIR VALUE    
Assets, at fair value 103,621 86,902
Consolidated Funds | Level III | Fixed income asset | EV market multiple analysis    
FAIR VALUE    
Assets, at fair value 21,010 22,934
Consolidated Funds | Level III | Fixed income asset | Market Approach Valuation Technique [Member]    
FAIR VALUE    
Assets, at fair value 1,756 1,626
Consolidated Funds | Level III | Fixed income asset | Broker quotes and/or 3rd party pricing services    
FAIR VALUE    
Assets, at fair value 92,891 130,131
Consolidated Funds | Level III | Fixed income asset | Discounted cash flow    
FAIR VALUE    
Assets, at fair value 5,622 5,516
Consolidated Funds | Level III | Fixed income asset | Income Approach Based on Yield Valuation Technique [Member]    
FAIR VALUE    
Assets, at fair value 83,045 84,464
Consolidated Funds | Level III | Fixed income asset | Income Approach Based on Collection Rate Valuation Technique [Member]    
FAIR VALUE    
Assets, at fair value 2,800 1,133
Consolidated Funds | Level III | Fixed income asset | Income Approach Based on Other Inputs Valuation Technique [Member]    
FAIR VALUE    
Assets, at fair value $ 5,085 $ 3,687

v3.4.0.3
FAIR VALUE - Investments Using NAV per Share (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2016
Dec. 31, 2015
FAIR VALUE    
Fair Value $ 361,402 $ 339,243
Unfunded Commitments 281,722 291,208
Credit Group    
FAIR VALUE    
Fair Value 104,824 98,251
Unfunded Commitments $ 86,351 $ 89,917
Redemption restriction period 6 months 6 months
Private Equity Group    
FAIR VALUE    
Fair Value $ 163,988 $ 157,234
Unfunded Commitments 77,418 78,700
Real Estate Group    
FAIR VALUE    
Fair Value 59,589 56,547
Unfunded Commitments 100,579 99,802
Operations Management Group [Member]    
FAIR VALUE    
Fair Value 33,001 27,211
Unfunded Commitments $ 17,374 $ 22,789

v3.4.0.3
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Parent Company    
Assets    
Notional amount, Assets $ 22,018 $ 94,634
Fair Value, Assets 1,038 1,339
Liabilities    
Notional amount, Liabilities 312,348 303,245
Fair Value, Liabilities 2,468 390
Parent Company | Interest rate contracts    
Liabilities    
Notional amount, Liabilities 250,000 250,000
Fair Value, Liabilities 66 214
Parent Company | Foreign exchange contracts    
Assets    
Notional amount, Assets 22,018 94,634
Fair Value, Assets 1,038 1,339
Liabilities    
Notional amount, Liabilities 62,348 53,245
Fair Value, Liabilities 2,402 176
Consolidated Funds    
Assets    
Notional amount, Total 522 522
Fair Value, Total 155 159
Liabilities    
Notional amount, Liabilities 30,073 29,635
Fair Value, Liabilities 5,858 10,676
Consolidated Funds | Foreign exchange contracts    
Liabilities    
Notional amount, Liabilities 25,572 25,572
Fair Value, Liabilities 1,731 369
Consolidated Funds | Other Financial Instrument [Member]    
Liabilities    
Notional amount, Liabilities 4,501 4,063
Fair Value, Liabilities 4,127 10,307
Consolidated Funds | Equity contracts    
Assets    
Notional amount, Assets 522 522
Fair Value, Assets $ 155 $ 159

v3.4.0.3
DERIVATIVE FINANCIAL INSTRUMENTS - Setoff rows (Details) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Parent Company    
Derivatives, Assets    
Gross Amounts of Recognized Assets $ 1,038 $ 1,339
Net Amounts of Assets Presented 1,038 1,339
Gross Amounts Not Offset in the Statement of Financial Condition    
Financial Instruments (2,401) (176)
Net Amount (1,363) 1,163
Derivatives, Liabilities    
Gross Amounts of Recognized Liabilities (2,468) (390)
Net Amounts of Liabilities Presented (2,468) (390)
Gross Amounts Not Offset in the Statement of Financial Condition    
Financial Instruments (2,401) (176)
Net Amount (67) (214)
Grand Total    
Gross Amounts of Recognized Assets (Liabilities) (1,430) 949
Net Amounts of Assets (Liabilities) Presented (1,430) 949
Net Amount (1,430) 949
Consolidated Funds    
Derivatives, Assets    
Gross Amounts of Recognized Assets 447 85
Gross Amounts Offset in Assets 447 85
Derivatives, Liabilities    
Gross Amounts of Recognized Liabilities (6,305) (10,760)
Gross Amounts Offset in Liabilities (447) (85)
Net Amounts of Liabilities Presented (5,858) (10,676)
Gross Amounts Not Offset in the Statement of Financial Condition    
Net Amount (5,858) (10,676)
Grand Total    
Gross Amounts of Recognized Assets (Liabilities) (5,858) (10,676)
Net Amounts of Assets (Liabilities) Presented (5,858) (10,676)
Net Amount $ (5,858) $ (10,676)

v3.4.0.3
DEBT (Details) - USD ($)
$ in Thousands
1 Months Ended 3 Months Ended
Oct. 31, 2014
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2015
DEBT        
Debt issuance costs   $ 0 $ 0  
Parent Company        
DEBT        
Debt obligation   471,274   $ 389,120
Amount outstanding   471,274   389,120
Parent Company | Term Loan        
DEBT        
Debt instrument face amount   35,250    
Debt obligation   $ 35,048   $ 35,043
Interest rate (as a percent)   2.47%   2.18%
Unused commitment fees (as a percent)   0.025%    
AOG | Credit Facility        
DEBT        
Debt obligation   $ 192,000   $ 110,000
Interest rate (as a percent)   2.19%   2.11%
Maximum borrowing capacity   $ 1,030,000    
Maximum borrowing capacity, upsized   $ 1,280,000    
Unused commitment fees (as a percent)   0.25%    
Floor interest rate (as a percent)   0.00%    
Ares Finance Co LLC | Senior Notes        
DEBT        
Debt instrument face amount   $ 250,000    
Debt obligation   $ 244,226   $ 244,077
Interest rate (as a percent)   4.21%   4.21%
Debt issuance percentage 98.268%      
Interest expense. | Parent Company        
DEBT        
Amortization of debt issuance costs   $ 500 $ 400  
Other assets | AOG | Credit Facility        
DEBT        
Unamortized debt issuance costs   5,800   $ 6,200
Debt obligations | Parent Company | Term Loan        
DEBT        
Unamortized debt issuance costs   $ 2,200   $ 2,200
Base rate | AOG | Credit Facility        
DEBT        
Interest rate spread (as a percent)   0.75%    
LIBOR | AOG | Credit Facility        
DEBT        
Interest rate spread (as a percent)   1.75%    

v3.4.0.3
DEBT - Loan Oblig of Consol CLOs (Details) - Consolidated Funds - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2016
Dec. 31, 2015
DEBT    
Fair Value of Loan Obligations $ 2,167,773 $ 2,174,352
Collateralized loan obligation    
DEBT    
Debt obligations 2,283,194 2,295,949
Fair Value of Loan Obligations 2,167,773 2,174,352
Senior secured notes | Collateralized loan obligation    
DEBT    
Debt obligations 2,083,929 2,101,506
Fair Value of Loan Obligations 2,052,619 $ 2,054,123
Original borrowings $ 2,200,000  
Weighted Average Remaining Maturity In Years 9 years 3 months 18 days 9 years 6 months 18 days
Weighted average interest rate (as a percent) 3.44%  
Subordinated notes / preferred shares | Collateralized loan obligation    
DEBT    
Debt obligations $ 199,265 $ 194,443
Fair Value of Loan Obligations 115,154 $ 120,229
Original borrowings $ 199,300,000  
Weighted Average Remaining Maturity In Years 9 years 3 months 15 days 9 years 6 months 11 days

v3.4.0.3
DEBT - Credit Facil of Consol Funds (Details) - Consolidated Funds - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
DEBT    
Outstanding Loan $ 12,484 $ 11,734
Credit facility with maturity 1/1/2023    
DEBT    
Total Facility (Capacity) 18,000  
Long term borrowings, Outstanding Loan $ 12,484 $ 11,734
Interest rate (as a percent) 2.00% 2.00%

v3.4.0.3
REDEEMABLE INTERESTS (Details)
$ in Thousands
3 Months Ended
Mar. 31, 2016
USD ($)
Redeemable interests  
Changes in ownership interests $ (361)
Cumulative effect of accounting change due to the adoption of ASU 2014-13 (3,367)
Distributions (67,094)
Parent Company  
Redeemable interests  
Beginning balance 23,505
Ending balance 23,353
AOG | Consolidated Funds  
Redeemable interests  
Beginning balance 23,505
Net income 10
Distributions (187)
Currency translation adjustment (11)
Equity compensation 36
Ending balance $ 23,353

v3.4.0.3
COMMITMENTS AND CONTINGENCIES (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Jul. 30, 2014
Mar. 31, 2016
Dec. 31, 2015
COMMITMENTS AND CONTINGENCIES      
Unfunded Capital Commitments   $ 699,800 $ 436,400
Investments, at cost   369,861 350,811
Kayne Anderson Capital Advisors L.P.      
COMMITMENTS AND CONTINGENCIES      
Unfunded Capital Commitments   42,400  
Investment Commitment   75,000  
Investments, at cost   32,600  
EIF Management, LLC      
COMMITMENTS AND CONTINGENCIES      
Unfunded commitment related to acquisition   38,300 38,100
Guarantees [Abstract]      
Contingent consideration   38,300 38,100
ACRE | Indirect Guarantee of Indebtedness [Member]      
Guarantees [Abstract]      
Guarantor Obligations, Current Carrying Value   37,900 66,200
Maximum borrowing capacity $ 75,000    
Percentage of outstanding balance at which entity agreed to purchase all loans and other obligations outstanding 100.00%    
Percentage of credit support fee receivable annually 1.50%    
Maximum exposure to loss   75,000  
ACRE | Indirect Guarantee of Indebtedness [Member] | Accounts payable and accrued expenses      
Guarantees [Abstract]      
Fair value of guarantee   1,700 1,700
Performance Fees      
Guarantees [Abstract]      
Fees subject to clawback provision   $ 322,400 $ 322,200
Portion of clawback fees reimbursable by professionals   $248.1 $247.9
Liability for clawback provision   $ 25,400 $ 0
Receivable for reimbursement of clawback fees   $ 16,400  

v3.4.0.3
RELATED PARTY TRANSACTIONS (Details) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Parent Company    
Due from affiliates:    
Due from affiliates $ 165,781 $ 144,982
Due to affiliates:    
Due to affiliates 38,100 12,901
Parent Company | Affiliated entity    
Due from affiliates:    
Management fees receivable from non consolidated funds 119,573 112,405
Contingent obligations receivable 16,448  
Payments made on behalf of and amounts due from non consolidated funds 29,760 32,577
Due to affiliates:    
Management fee rebate payable to non consolidated funds 6,678 6,679
Management fee paid in advance 2,686 1,738
Contingent obligations payable 25,423  
Payments made by affiliates and amounts due to them 3,313 4,484
Consolidated Funds    
Due from affiliates:    
Due from affiliates 11,955 12,923
Consolidated Funds | Affiliated entity    
Due from affiliates:    
Payments made on behalf of affiliates and amounts due from them $ 11,955 $ 12,923

v3.4.0.3
INCOME TAXES (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Total:    
Total income tax expense $ 4,665 $ 4,059

v3.4.0.3
EARNINGS PER COMMON UNIT - Antidilutive (Details) - shares
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
AOG    
Earnings per common unit    
Antidilutive securities excluded from calculation of earnings per common unit (in units) 132,382,815 132,437,609
Stock Options    
Earnings per common unit    
Antidilutive securities excluded from calculation of earnings per common unit (in units) 23,495,886 25,022,983
Restricted unit    
Earnings per common unit    
Antidilutive securities excluded from calculation of earnings per common unit (in units) 6,203,740 834,288

v3.4.0.3
EARNINGS PER COMMON UNIT (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Basic    
Net income (loss) attributable to Ares Management, L.P. $ (3,090) $ 18,456
Earnings distributed to participating securities (193) (237)
Preferred stock dividends (4)  
Net income (loss) available to common unitholders $ (3,287) $ 18,219
Basic weighted-average common units 80,683,051 80,667,664
Earnings (loss) per common unit, basic (in dollars per unit) $ (0.04) $ 0.23
Diluted    
Net income (loss) attributable to Ares Management, L.P. $ (3,090) $ 18,456
Earnings distributed to participating securities (193) (237)
Preferred stock dividends (4)  
Net income (loss) available to common unitholders, diluted $ (3,287) $ 18,219
Diluted weighted-average common units 80,683,051 80,667,664
Earnings (loss) per common unit, diluted (in dollars per unit) $ (0.04) $ 0.23

v3.4.0.3
EQUITY COMPENSATION - AEP, Restricted and Phantom Units (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2014
Jan. 01, 2016
Equity compensation        
Total number of units available for grant under the Equity Incentive Plan 31,003,265     31,962,710
Issued 959,445      
Equity compensation expenses $ 9,173 $ 7,921    
Stock Options        
Equity compensation        
Granted (in units) 0   24,835,227  
Equity compensation expenses $ 3,913 3,853    
Restricted unit        
Equity compensation        
Equity compensation expenses 4,761 $ 3,445    
Distribution equivalents made to holders $ 1,200      
Restricted Units and Phantom Units        
Balance at the beginning of the period (in units) 4,657,761 4,776,053    
Units granted (in units) 1,789,545 171,444 4,936,051  
Vested (in units) (4,342)      
Forfeited (in units) (239,224) (75,920)    
Balance at the end of the period (in units) 6,203,740 4,871,577 4,776,053  
Weighted Average Grant Date Fair Value        
Balance at the beginning of the period (in dollars per unit) $ 18.01 $ 18.08    
Granted (in dollars per unit) 11.26 17.27    
Vested (in dollars per unit) 18.05      
Forfeited (in dollars per unit) 17.30 18.05    
Balance at the end of the period (in dollars per unit) $ 16.10 $ 18.06 $ 18.08  
Unrecognized Compensation Expenses $ 67,600      
Weighted average period of compensation expense expected to be recognized 3 years 2 months 27 days      
Restricted unit | Awards vested beginning on the third anniversary        
Equity compensation        
Vesting rights (as a percent) 33.00%      
Restricted unit | Awards vested beginning on the first anniversary        
Equity compensation        
Vesting rights (as a percent) 25.00%      
Phantom units        
Equity compensation        
Granted (in units) 0      
Equity compensation expenses $ 499 $ 623    
Restricted Units and Phantom Units        
Units granted (in units)     686,395  

v3.4.0.3
EQUITY COMPENSATION - Adoption of ASU 2016-09 (Details) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Partners' Capital, unadjusted $ 937,954 $ 968,406
Parent Company    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Temporary Equity, Carrying Amount, Attributable to Parent 23,353 23,505
Parent Company | Partners' Capital    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Partners' Capital, unadjusted 236,270 251,537
Partners' Capital (as adjusted)   251,537
Parent Company | Non-Controlling interest    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Partners' Capital, unadjusted $ 374,931 397,883
Parent Company | Accounting Standards Update 2016-09 [Member] | Non-Controlling interest    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Partners' Capital (as adjusted)   397,883
Parent Company | Accounting Standards Update 2016-09 [Member] | Adjustments for New Accounting Principle, Early Adoption | Partners' Capital    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Cumulative Effect Of New Accounting Principle In Period Of Adoption, Effect On Retained Earnings   (3,357)
Cumulative Effect Of New Accounting Principle In Period Of Adoption, Effect On Paid In Capital - Equity Compensation   3,767
Cumulative Effect Of New Accounting Principle In Period Of Adoption, Effect On Distributions - Dividend Equivalent   (410)
Parent Company | Accounting Standards Update 2016-09 [Member] | Adjustments for New Accounting Principle, Early Adoption | Non-Controlling interest    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Cumulative Effect Of New Accounting Principle In Period Of Adoption, Effect On Retained Earnings   (5,470)
Cumulative Effect Of New Accounting Principle In Period Of Adoption, Effect On Paid In Capital - Equity Compensation   6,138
Cumulative Effect Of New Accounting Principle In Period Of Adoption, Effect On Distributions - Dividend Equivalent   (668)
Parent Company | Scenario, Previously Reported [Member] | Partners' Capital    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Partners' Capital, unadjusted   251,537
Parent Company | Scenario, Previously Reported [Member] | Accounting Standards Update 2016-09 [Member] | Non-Controlling interest    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Partners' Capital, unadjusted   397,883
AOG    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Temporary Equity, Carrying Amount, Attributable to Parent   23,505
AOG | Accounting Standards Update 2016-09 [Member] | Adjustments for New Accounting Principle, Early Adoption    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Cumulative Effect Of New Accounting Principle In Period Of Adoption, Effect On Retained Earnings   (38)
Cumulative Effect Of New Accounting Principle In Period Of Adoption, Effect On Paid In Capital - Equity Compensation   43
Cumulative Effect Of New Accounting Principle In Period Of Adoption, Effect On Distributions - Dividend Equivalent   (5)
AOG | Scenario, Previously Reported [Member]    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Temporary Equity, Carrying Amount, Attributable to Parent   $ 23,505

v3.4.0.3
SEGMENT REPORTING (Details)
$ in Thousands
3 Months Ended
Mar. 31, 2016
USD ($)
segment
item
fund
Mar. 31, 2015
USD ($)
Dec. 31, 2015
USD ($)
Segment reporting      
Number operating segments | item 3    
Fee related earnings      
Total other income $ (15,451) $ 11,007  
Total assets 4,336,333   $ 4,321,408
Private Equity Group      
Segment reporting      
Assets under management $ 23,300,000    
Number of co-investment vehicles focused on U.S. energy and power assets | fund 6    
Number of commingled funds focused on U.S. energy and power assets | fund 5    
Number of private equity commingled funds focused on North America and Europe | fund 5    
Number of China growth funds | fund 1    
Fee related earnings      
Management fees (includes ARCC Part 1 Fees) $ 36,482 36,589  
Administrative fees and other income 340 13  
Compensation and benefits 12,167 (12,321)  
General, administrative and other expenses 2,904 (3,118)  
Fee related earnings 21,751 21,163  
Performance fees-realized   425  
Performance fees-unrealized (12,143) 87,331  
Performance fee compensation-realized   (340)  
Performance fee compensation-unrealized (8,941) (69,981)  
Net performance fees (3,202) 17,435  
Investment income (loss)-realized (112) 4,172  
Investment income (loss)-unrealized (7,745) (1,442)  
Net interest and other investment income (expense) (91) 4,485  
Interest expense (1,405) (1,680)  
Total other income (9,353) 5,535  
Performance related earnings (12,555) 22,970  
Economic net income 9,196 44,133  
Distributable Earnings 19,605 27,086  
Credit Group      
Segment reporting      
Assets under management $ 60,000,000    
Number of funds managed | fund 125    
Fee related earnings      
Management fees (includes ARCC Part 1 Fees) $ 109,441 108,348  
Administrative fees and other income 109 98  
Compensation and benefits 43,914 (42,565)  
General, administrative and other expenses 5,051 (7,125)  
Fee related earnings 60,585 58,756  
Performance fees-realized 6,178 35,214  
Performance fees-unrealized (29,327) (19,201)  
Performance fee compensation-realized 1,983 (21,004)  
Performance fee compensation-unrealized (16,605) 14,531  
Net performance fees (8,527) 9,540  
Investment income (loss)-realized 162 8,618  
Investment income (loss)-unrealized (4,007) (3,369)  
Net interest and other investment income (expense) 7,579 (1,526)  
Interest expense (2,448) (1,734)  
Total other income 1,286 1,989  
Performance related earnings (7,241) 11,529  
Economic net income 53,344 70,285  
Distributable Earnings 68,083 75,707  
Real Estate Group      
Segment reporting      
Assets under management $ 10,200,000    
Number of funds managed | fund 46    
Fee related earnings      
Management fees (includes ARCC Part 1 Fees) $ 16,745 17,379  
Administrative fees and other income 406 854  
Compensation and benefits 10,714 (10,131)  
General, administrative and other expenses 3,450 (2,544)  
Fee related earnings 2,987 5,558  
Performance fees-realized 171    
Performance fees-unrealized 4,122 320  
Performance fee compensation-unrealized 2,233 402  
Net performance fees 2,060 722  
Investment income (loss)-realized (132) 132  
Investment income (loss)-unrealized 2,799 196  
Net interest and other investment income (expense) 892 29  
Interest expense (274) (270)  
Total other income 3,285 87  
Performance related earnings 5,345 809  
Economic net income 8,332 6,367  
Distributable Earnings 3,343 3,382  
Total Segments      
Fee related earnings      
Management fees (includes ARCC Part 1 Fees) 162,668 162,316  
Administrative fees and other income 855 965  
Compensation and benefits 66,795 (65,017)  
General, administrative and other expenses 11,405 (12,787)  
Fee related earnings 85,323 85,477  
Performance fees-realized 6,349 35,639  
Performance fees-unrealized (37,348) 68,450  
Performance fee compensation-realized 1,983 (21,344)  
Performance fee compensation-unrealized (23,313) (55,048)  
Net performance fees (9,669) 27,697  
Investment income (loss)-realized (82) 12,922  
Investment income (loss)-unrealized (8,953) (4,615)  
Net interest and other investment income (expense) 8,380 2,988  
Interest expense (4,127) (3,684)  
Total other income (4,782) 7,611  
Performance related earnings (14,451) 35,308  
Economic net income 70,872 120,785  
Distributable Earnings 91,031 106,175  
OMG      
Fee related earnings      
Administrative fees and other income 6,674 6,385  
Compensation and benefits 34,714 (28,914)  
General, administrative and other expenses 18,235 (15,326)  
Fee related earnings (46,275) (37,855)  
Investment income (loss)-realized (57)    
Investment income (loss)-unrealized 385    
Net interest and other investment income (expense) (49)    
Interest expense (728)    
Total other income (449)    
Performance related earnings (449)    
Economic net income (46,724) (37,855)  
Distributable Earnings (49,750) (38,880)  
Stand Alone      
Fee related earnings      
Management fees (includes ARCC Part 1 Fees) 162,668 162,316  
Administrative fees and other income 7,529 7,350  
Compensation and benefits 101,509 (93,931)  
General, administrative and other expenses 29,640 (28,113)  
Fee related earnings 39,048 47,622  
Performance fees-realized 6,349 35,639  
Performance fees-unrealized (37,348) 68,450  
Performance fee compensation-realized 1,983 (21,344)  
Performance fee compensation-unrealized (23,313) (55,048)  
Net performance fees (9,669) 27,697  
Investment income (loss)-realized (139) 12,922  
Investment income (loss)-unrealized (8,568) (4,615)  
Net interest and other investment income (expense) 8,331 2,988  
Interest expense (4,855) (3,684)  
Total other income (5,231) 7,611  
Performance related earnings (14,900) 35,308  
Economic net income 24,148 82,930  
Distributable Earnings $ 41,281 67,295  
Ares Management L.P and Consolidated Funds      
Segment reporting      
Number of segments combined to form one operating segment | segment 2    
Number operating segments | segment 3    
Ares Management L.P and Consolidated Funds | Total Segments      
Fee related earnings      
Management fees (includes ARCC Part 1 Fees) $ 162,668 162,316  
Administrative fees and other income 855 965  
Compensation and benefits (66,795) (65,017)  
General, administrative and other expenses (11,405) (12,787)  
Fee related earnings 85,323 85,477  
Performance fees-realized 6,349 35,639  
Performance fees-unrealized (37,348) 68,450  
Performance fee compensation-realized (1,983) (21,344)  
Performance fee compensation-unrealized 23,313 (55,048)  
Investment income (loss)-realized (82) 12,922  
Investment income (loss)-unrealized (8,953) (4,615)  
Interest expense (4,127) (3,684)  
Total other income (4,782) 7,611  
Performance related earnings (14,451) 35,308  
Economic net income 70,872 120,785  
Distributable Earnings $ 91,031 106,175  
Ares Management L.P and Consolidated Funds | OMG      
Segment reporting      
Number of independent shared resource groups to support entity's operating segments | item 5    
Fee related earnings      
Fee related earnings $ (46,724) $ (37,855)  
Total other income $ (449)    

v3.4.0.3
SEGMENT REPORTING - Rev & Exp Components (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Segment revenues    
Total revenues $ 136,015 $ 269,905
Segment expenses    
Total expenses 129,538 234,463
Segment other income    
Total other income (15,451) 11,007
Total Segments    
Segment revenues    
Management fees (includes ARCC Part 1 Fees) 162,668 162,316
Administrative fees and other income 855 965
Performance fees-realized 6,349 35,639
Performance fees-unrealized (37,348) 68,450
Segment expenses    
Compensation and benefits (66,795) 65,017
General, administrative and other expenses (11,405) 12,787
Performance fee compensation expense-realized (1,983) 21,344
Performance fee compensation expense-unrealized 23,313 55,048
Segment other income    
Investment income (loss)-realized (82) 12,922
Investment income (loss)-unrealized (8,953) (4,615)
Interest expense (4,127) (3,684)
Total other income (4,782) 7,611
OMG    
Segment revenues    
Administrative fees and other income 6,674 6,385
Segment expenses    
Compensation and benefits (34,714) 28,914
General, administrative and other expenses (18,235) 15,326
Segment other income    
Investment income (loss)-realized (57)  
Investment income (loss)-unrealized 385  
Interest expense (728)  
Total other income (449)  
Stand Alone    
Segment revenues    
Management fees (includes ARCC Part 1 Fees) 162,668 162,316
Administrative fees and other income 7,529 7,350
Performance fees-realized 6,349 35,639
Performance fees-unrealized (37,348) 68,450
Segment expenses    
Compensation and benefits (101,509) 93,931
General, administrative and other expenses (29,640) 28,113
Performance fee compensation expense-realized (1,983) 21,344
Performance fee compensation expense-unrealized 23,313 55,048
Segment other income    
Investment income (loss)-realized (139) 12,922
Investment income (loss)-unrealized (8,568) (4,615)
Interest expense (4,855) (3,684)
Total other income (5,231) 7,611
Ares Management L.P and Consolidated Funds | Total Segments    
Segment revenues    
Management fees (includes ARCC Part 1 Fees) 162,668 162,316
Administrative fees and other income 855 965
Performance fees-realized 6,349 35,639
Performance fees-unrealized (37,348) 68,450
Total revenues 132,524 267,370
Segment expenses    
Compensation and benefits 66,795 65,017
General, administrative and other expenses 11,405 12,787
Performance fee compensation expense-realized 1,983 21,344
Performance fee compensation expense-unrealized (23,313) 55,048
Total expenses 56,870 154,196
Segment other income    
Investment income (loss)-realized (82) 12,922
Investment income (loss)-unrealized (8,953) (4,615)
Interest, dividends and other investment income 8,380 2,988
Interest expense (4,127) (3,684)
Total other income (4,782) 7,611
Ares Management L.P and Consolidated Funds | OMG    
Segment expenses    
Total expenses 52,949 44,240
Segment other income    
Total other income (449)  
Credit Group    
Segment revenues    
Management fees (includes ARCC Part 1 Fees) 109,441 108,348
Administrative fees and other income 109 98
Performance fees-realized 6,178 35,214
Performance fees-unrealized (29,327) (19,201)
Segment expenses    
Compensation and benefits (43,914) 42,565
General, administrative and other expenses (5,051) 7,125
Performance fee compensation expense-realized (1,983) 21,004
Performance fee compensation expense-unrealized 16,605 (14,531)
Segment other income    
Investment income (loss)-realized 162 8,618
Investment income (loss)-unrealized (4,007) (3,369)
Interest expense (2,448) (1,734)
Total other income 1,286 1,989
Private Equity Group    
Segment revenues    
Management fees (includes ARCC Part 1 Fees) 36,482 36,589
Administrative fees and other income 340 13
Performance fees-realized   425
Performance fees-unrealized (12,143) 87,331
Segment expenses    
Compensation and benefits (12,167) 12,321
General, administrative and other expenses (2,904) 3,118
Performance fee compensation expense-realized   340
Performance fee compensation expense-unrealized 8,941 69,981
Segment other income    
Investment income (loss)-realized (112) 4,172
Investment income (loss)-unrealized (7,745) (1,442)
Interest expense (1,405) (1,680)
Total other income (9,353) 5,535
Real Estate Group    
Segment revenues    
Management fees (includes ARCC Part 1 Fees) 16,745 17,379
Administrative fees and other income 406 854
Performance fees-realized 171  
Performance fees-unrealized 4,122 320
Segment expenses    
Compensation and benefits (10,714) 10,131
General, administrative and other expenses (3,450) 2,544
Performance fee compensation expense-unrealized (2,233) (402)
Segment other income    
Investment income (loss)-realized (132) 132
Investment income (loss)-unrealized 2,799 196
Interest expense (274) (270)
Total other income $ 3,285 $ 87

v3.4.0.3
SEGMENT REPORTING - Rev Adj (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Revenue adjustment    
Revenues $ 136,015 $ 269,905
Total Segments    
Revenue adjustment    
Administrative fees and other income 855 965
OMG    
Revenue adjustment    
Administrative fees and other income 6,674 6,385
Ares Management L.P and Consolidated Funds | Total Segments    
Revenue adjustment    
Revenues 132,524 267,370
Administrative fees and other income 855 965
Ares Management L.P and Consolidated Funds | Consolidation Adjustments and Reconciling Items    
Revenue adjustment    
Revenues 3,491 2,535
Administrative fees and other income 6,674 6,385
Ares Management L.P and Consolidated Funds | Consolidation Adjustments and Reconciling Items | AREA Sponsor Holdings, LLC    
Revenue adjustment    
Performance fee reclass (572) (991)
Consolidated Funds | Eliminations    
Revenue adjustment    
Revenues $ (2,611) $ (2,859)

v3.4.0.3
SEGMENT REPORTING - Exp Adj (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Expenses adjustment    
Expenses $ 129,538 $ 234,463
Equity compensation expense 9,173 7,921
Ares Management L.P and Consolidated Funds | Total Segments    
Expenses adjustment    
Expenses 56,870 154,196
Acquisition-related expenses 496 2,224
Equity compensation expense 9,173 7,921
Placement fees and underwriting costs 930 3,045
Amortization of intangibles 7,263 10,892
Depreciation expense 1,858 1,272
Ares Management L.P and Consolidated Funds | Consolidation Adjustments and Reconciling Items    
Expenses adjustment    
Expenses 72,668 80,267
Acquisition-related expenses 268 2,224
Equity compensation expense 9,173 7,921
Placement fees and underwriting costs 930 3,045
Amortization of intangibles 7,263 10,892
Depreciation expense 1,858 1,272
Ares Management L.P and Consolidated Funds | OMG    
Expenses adjustment    
Expenses 52,949 44,240
Consolidated Funds | Consolidation Adjustments and Reconciling Items    
Expenses adjustment    
Consolidated Fund expenses added in consolidation 5,979 15,359
Consolidated Fund expenses eliminated in consolidation $ (5,752) $ (4,686)

v3.4.0.3
SEGMENT REPORTING - Other income (expense) Adj (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Other income adjustment    
Other income (expense) $ (15,451) $ 11,007
Total Segments    
Other income adjustment    
Other income (expense) (4,782) 7,611
OMG    
Other income adjustment    
Other income (expense) (449)  
Ares Management L.P and Consolidated Funds | Total Segments    
Other income adjustment    
Other income (expense) (4,782) 7,611
Other non-cash items   (11)
Ares Management L.P and Consolidated Funds | Consolidation Adjustments and Reconciling Items    
Other income adjustment    
Other income (expense) (10,669) 3,396
Contingent consideration (228)  
Other non-cash items   (11)
Ares Management L.P and Consolidated Funds | Consolidation Adjustments and Reconciling Items | AREA Sponsor Holdings, LLC    
Other income adjustment    
Performance fee reclass 572 991
Ares Management L.P and Consolidated Funds | OMG    
Other income adjustment    
Other income (expense) (449)  
Consolidated Funds | Consolidation Adjustments and Reconciling Items    
Other income adjustment    
Consolidated Funds other income added in consolidation, net (22,803) (2,583)
Other income eliminated in consolidation, net $ 12,239 $ 4,999

v3.4.0.3
SEGMENT REPORTING - EBT Recon-Econ Net Inc (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Economic net income    
Income (loss) before provision for income taxes $ (8,974) $ 46,449
Adjustments    
Equity compensation expenses 9,173 7,921
Total Segments    
Adjustments    
OMG expenses, net (85,323) (85,477)
Economic net income 70,872 120,785
OMG    
Adjustments    
OMG expenses, net 46,275 37,855
Economic net income (46,724) (37,855)
Ares Management L.P and Consolidated Funds | Total Segments    
Economic net income    
Income (loss) before provision for income taxes (8,974) 46,449
Adjustments    
Amortization of intangibles 7,263 10,892
Depreciation expense 1,858 1,272
Equity compensation expenses 9,173 7,921
Acquisition-related expenses 496 2,224
Placement fees and underwriting costs 930 3,045
OMG expenses, net (85,323) (85,477)
Other non-cash items   11
Economic net income 70,872 120,785
Ares Management L.P and Consolidated Funds | Consolidation Adjustments and Reconciling Items    
Adjustments    
Amortization of intangibles 7,263 10,892
Depreciation expense 1,858 1,272
Equity compensation expenses 9,173 7,921
Acquisition-related expenses 268 2,224
Placement fees and underwriting costs 930 3,045
Other non-cash items   11
Total consolidation and reconciling items (79,846) (74,336)
Ares Management L.P and Consolidated Funds | OMG    
Adjustments    
OMG expenses, net 46,724 37,855
Consolidated Funds    
Adjustments    
Less: Net (income) loss attributable to non-controlling interests (11,979) (11,115)
Consolidated Funds | Total Segments    
Adjustments    
Less: Net (income) loss attributable to non-controlling interests $ 13,402 $ 11,116

v3.4.0.3
SEGMENT REPORTING - EBT Recon - Fee related earnings (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Adjustments    
Total investment income $ 15,451 $ (11,007)
Total Segments    
Fee related earnings    
Economic net income 70,872 120,785
Adjustments    
Total investment income 4,782 (7,611)
Fee related earnings 85,323 85,477
OMG    
Fee related earnings    
Economic net income (46,724) (37,855)
Adjustments    
Total investment income 449  
Fee related earnings (46,275) (37,855)
Ares Management L.P and Consolidated Funds | Total Segments    
Fee related earnings    
Economic net income 70,872 120,785
Adjustments    
Total performance fee income - realized (6,349) (35,639)
Total performance fee income - unrealized 37,348 (68,450)
Total performance fee compensation - realized 1,983 21,344
Total performance fee compensation - unrealized (23,313) 55,048
Total investment income 4,782 (7,611)
Fee related earnings 85,323 85,477
Ares Management L.P and Consolidated Funds | Consolidation Adjustments and Reconciling Items    
Adjustments    
Total investment income 10,669 (3,396)
Ares Management L.P and Consolidated Funds | OMG    
Adjustments    
Total investment income 449  
Fee related earnings $ (46,724) $ (37,855)

v3.4.0.3
SEGMENT REPORTING - EBT Recon - Distr earnings (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Additional Adjustments:    
Income tax expense $ (4,665) $ (4,059)
Total Segments    
Distributable earnings    
Fee related earnings 85,323 85,477
Performance fees-realized 6,349 35,639
Performance fee compensation-realized 1,983 (21,344)
Additional Adjustments:    
Distributable earnings (loss) 91,031 106,175
OMG    
Distributable earnings    
Fee related earnings (46,275) (37,855)
Additional Adjustments:    
Distributable earnings (loss) (49,750) (38,880)
Parent Company    
Additional Adjustments:    
Non-cash depreciation and amortization (9,738) (12,618)
Consolidated Company Entities | Reportable legal entity    
Additional Adjustments:    
Income tax expense (6,088) (4,059)
Ares Management L.P and Consolidated Funds | Total Segments    
Distributable earnings    
Fee related earnings 85,323 85,477
Performance fees-realized 6,349 35,639
Performance fee compensation-realized (1,983) (21,344)
Investment and other income realized, net 4,171 12,227
Additional Adjustments:    
Dividend equivalent (684) (684)
One-time acquisition costs (270) (724)
Income tax expense (232) (476)
Non-cash items 164 (156)
Placement fees and underwriting costs, noncorporate (938) (3,045)
Non-cash depreciation and amortization (869) (739)
Distributable earnings (loss) 91,031 106,175
Ares Management L.P and Consolidated Funds | OMG    
Distributable earnings    
Fee related earnings (46,724) $ (37,855)
Consolidated Funds | Reportable legal entity    
Additional Adjustments:    
Income tax expense $ 1,423  

v3.4.0.3
SEGMENT REPORTING - EBT Recon-Performance earnings (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Total Segments    
Performance related earnings:    
Economic net income $ 70,872 $ 120,785
Fee related earnings (85,323) (85,477)
Performance related earnings (14,451) 35,308
OMG    
Performance related earnings:    
Economic net income (46,724) (37,855)
Fee related earnings 46,275 37,855
Performance related earnings (449)  
Ares Management L.P and Consolidated Funds | Total Segments    
Performance related earnings:    
Economic net income 70,872 120,785
Fee related earnings (85,323) (85,477)
Performance related earnings (14,451) 35,308
Ares Management L.P and Consolidated Funds | OMG    
Performance related earnings:    
Fee related earnings $ 46,724 $ 37,855

v3.4.0.3
CONSOLIDATION - VIEs (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2015
Variable Interest Entity [Line Items]      
Assets $ 4,336,333   $ 4,321,408
Liabilities 3,375,026   3,329,497
Consolidated VIEs      
Variable Interest Entity [Line Items]      
Maximum exposure to loss attributable to investment in VIE 150,926   160,858
Non-Consolidated Variable Interest Entities      
Variable Interest Entity [Line Items]      
Maximum exposure to loss attributable to investment in VIE 303,816   284,169
Consolidated Funds      
Variable Interest Entity [Line Items]      
Net Income (Loss) Attributable to Noncontrolling Interest (11,979) $ (11,115)  
Consolidated Funds | Consolidated VIEs      
Variable Interest Entity [Line Items]      
Assets 2,757,050   2,759,981
Liabilities $ 2,265,166   $ 2,256,517

v3.4.0.3
CONSOLIDATION - Balance sheet (Details) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Mar. 31, 2015
Dec. 31, 2014
Assets        
Total assets $ 4,336,333 $ 4,321,408    
Liabilities        
Total liabilities $ 3,375,026 $ 3,329,497    
Commitments and contingencies    
Controlling interest in Ares Management L.P.:        
Partners' Capital (80,679,600 units issued and outstanding $ 236,270 $ 251,537    
Accumulated Other Comprehensive Income (Loss), Net of Tax (5,642) (4,619)    
Total controlling interest in Ares Management, LP 230,628 246,918    
Total equity 937,954 968,406    
Total liabilities, redeemable interest, non-controlling interests and equity $ 4,336,333 $ 4,321,408    
Units issued (in units) 80,690,612 80,679,600    
Units outstanding (in units) 80,690,612 80,679,600    
Eliminations.        
Assets        
Total assets $ (159,730) $ (180,222)    
Liabilities        
Total liabilities (32,414) (34,121)    
Controlling interest in Ares Management L.P.:        
Total equity (127,316) (146,101)    
Total liabilities, redeemable interest, non-controlling interests and equity (159,730) (180,222)    
Consolidated Company Entities | Eliminations.        
Assets        
Investments, at fair value (150,926) (167,805)    
Performance fees receivable (5,567) (7,191)    
Due from affiliates (3,237) (4,789)    
Liabilities        
Accounts payable, accrued expenses and other liabilities   (108)    
Due to affiliates (241) (115)    
Consolidated Company Entities | Reportable legal entity        
Assets        
Cash and cash equivalents 109,934 121,483    
Investments, at fair value 646,910 636,092    
Performance fees receivable 529,838 541,852    
Due from affiliates 169,018 149,771    
Intangible assets, net 77,689 84,971    
Goodwill 144,017 144,067    
Other assets 61,607 62,975    
Total assets 1,739,013 1,741,211    
Liabilities        
Accounts payable, accrued expenses and other liabilities 108,304 102,734    
Accrued compensation 55,911 125,032    
Due to affiliates 38,341 13,016    
Performance Fee Compensation Payable 394,668 401,715    
Debt obligations 471,274 389,120    
Equity Compensation put option liability 20,000 20,000    
Deferred tax liability, net 21,603 21,288    
Total liabilities 1,110,101 1,072,905    
Redeemable interest 23,353      
Controlling interest in Ares Management L.P.:        
Partners' Capital (80,679,600 units issued and outstanding 236,270 251,537    
Accumulated Other Comprehensive Income (Loss), Net of Tax (5,642) (4,619)    
Total controlling interest in Ares Management, LP 230,628 246,918    
Total equity 605,559 644,801    
Total liabilities, redeemable interest, non-controlling interests and equity 1,739,013 1,741,211    
Parent Company        
Assets        
Cash and cash equivalents 109,934 121,483 $ 69,372 $ 148,858
Investments, at fair value 495,984 468,287    
Derivative assets, at fair value 1,038 1,339    
Performance fees receivable 524,271 534,661    
Due from affiliates 165,781 144,982    
Intangible assets, net 77,689 84,971    
Goodwill 144,017 144,067    
Other assets 61,607 62,975    
Liabilities        
Accounts payable, accrued expenses and other liabilities 108,304 102,626    
Accrued compensation 55,911 125,032    
Due to affiliates 38,100 12,901    
Performance Fee Compensation Payable 394,668 401,715    
Debt obligations 471,274 389,120    
Equity Compensation put option liability 20,000 20,000    
Deferred tax liability, net 21,603 21,288    
Redeemable interest 23,353 23,505    
Consolidated Funds        
Assets        
Cash and cash equivalents 123,871 159,507    
Investments, at fair value 2,553,169 2,559,783    
Due from affiliates 11,955 12,923    
Dividends and interest receivable 11,096 13,005    
Receivable for securities sold 53,976 13,416    
Other assets 2,983 1,348    
Liabilities        
Accounts payable, accrued expenses and other liabilities 13,429 18,951    
Payable for securities purchased 71,480 51,778    
CLO loan obligations, at fair value 2,167,773 2,174,352    
Fund borrowings 12,484 11,734    
Non-controlling interest in Consolidated Funds        
Non-controlling interest in Consolidated Funds 332,395 320,238    
Equity appropriated for Consolidated Funds   3,367    
Non-controlling interest in Consolidated Funds 332,395 323,605    
Consolidated Funds | Eliminations.        
Assets        
Due from affiliates   (437)    
Liabilities        
Accounts payable, accrued expenses and other liabilities   (5)    
Due to affiliates (5,126) (5,617)    
CLO loan obligations, at fair value (27,047) (28,276)    
Non-controlling interest in Consolidated Funds        
Non-controlling interest in Consolidated Funds (127,316) (146,101)    
Non-controlling interest in Consolidated Funds (127,316) (146,101)    
Consolidated Funds | Reportable legal entity        
Assets        
Cash and cash equivalents 123,871 159,507    
Investments, at fair value 2,553,169 2,559,783    
Due from affiliates 11,955 13,360    
Dividends and interest receivable 11,096 13,005    
Receivable for securities sold 53,976 13,416    
Other assets 2,983 1,348    
Total assets 2,757,050 2,760,419    
Liabilities        
Accounts payable, accrued expenses and other liabilities 13,429 18,956    
Due to affiliates 5,126 5,617    
Payable for securities purchased 71,480 51,778    
CLO loan obligations, at fair value 2,194,820 2,202,628    
Fund borrowings 12,484 11,734    
Total liabilities 2,297,339 2,290,713    
Non-controlling interest in Consolidated Funds        
Non-controlling interest in Consolidated Funds 459,711 466,339    
Equity appropriated for Consolidated Funds   3,367    
Non-controlling interest in Consolidated Funds 459,711 469,706    
Controlling interest in Ares Management L.P.:        
Total equity 459,711 469,706    
Total liabilities, redeemable interest, non-controlling interests and equity 2,757,050 2,760,419    
AOG        
Liabilities        
Redeemable interest   23,505    
Non-controlling interest in Consolidated Funds        
Non-controlling interest 374,931 397,883    
AOG | Reportable legal entity        
Liabilities        
Redeemable interest   23,505    
Non-controlling interest in Consolidated Funds        
Non-controlling interest $ 374,931 $ 397,883    

v3.4.0.3
CONSOLIDATION - IS (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Revenues    
Total revenues $ 136,015 $ 269,905
Expenses    
Total expenses 129,538 234,463
Other income (expense)    
Total other income (15,451) 11,007
Income before taxes (8,974) 46,449
Income tax expense (benefit) 4,665 4,059
Net income (loss) (13,639) 42,390
Net income attributable to Ares Management, L.P. (3,090) 18,456
Eliminations.    
Revenues    
Total revenues (2,611) (2,859)
Expenses    
Total expenses (5,752) (4,686)
Other income (expense)    
Other income (expense), net   1,178
Total other income 12,239 4,999
Income before taxes 15,380 6,826
Net income (loss) 15,380 6,826
Consolidated Company Entities | Eliminations.    
Revenues    
Management fees (includes ARCC Part 1 Fees) (4,235) (3,615)
Performance fees 1,624 1,827
Other fees   (1,071)
Other income (expense)    
Net interest and other investment income (expense) (1,366) (936)
Net realized and unrealized gain on investments 13,277 5,543
Consolidated Company Entities | Reportable legal entity    
Revenues    
Management fees (includes ARCC Part 1 Fees) 162,668 162,316
Performance fees (31,571) 103,098
Other fees 7,529 7,350
Total revenues 138,626 272,764
Expenses    
Compensation and benefits 110,679 101,851
Performance fee compensation (21,330) 76,392
General, administrative and other expenses 39,962 45,547
Total expenses 129,311 223,790
Other income (expense)    
Net interest and other investment income (expense) (1,993) 2,349
Other income (expense), net 5,241 (3,054)
Net realized and unrealized gain on investments (8,135) 9,296
Total other income (4,887) 8,591
Income before taxes 4,428 57,565
Income tax expense (benefit) 6,088 4,059
Net income (loss) (1,660) 53,506
Net income attributable to Ares Management, L.P. (3,090) 18,456
Parent Company    
Revenues    
Management fees (includes ARCC Part 1 Fees) 158,433 158,701
Performance fees (29,947) 104,925
Other fees 7,529 6,279
Expenses    
Compensation and benefits 110,679 101,851
Performance fee compensation (21,330) 76,392
General, administrative and other expenses 39,962 45,547
Other income (expense)    
Net interest and other investment income (expense) (3,359) 1,413
Other income (expense), net 5,241 (1,876)
Net realized and unrealized gain on investments 5,142 14,839
Parent Company | Affiliated entity | ARCC    
Revenues    
Management fees (includes ARCC Part 1 Fees) 28,625 29,042
Consolidated Funds    
Expenses    
Consolidated Funds' expenses 227 10,673
Other income (expense)    
Net interest and other investment income (expense) 7,332 8,905
Net realized and unrealized gain on investments (29,807) (12,274)
Less: Net (income) loss attributable to non-controlling interests (11,979) (11,115)
Consolidated Funds | Eliminations.    
Expenses    
Consolidated Funds' expenses (5,752) (4,686)
Other income (expense)    
Net interest and other investment income (expense) 2,058 2,691
Net realized and unrealized gain on investments (1,730) (3,477)
Less: Net (income) loss attributable to non-controlling interests 15,380 6,826
Consolidated Funds | Reportable legal entity    
Expenses    
Consolidated Funds' expenses 5,979 15,359
Total expenses 5,979 15,359
Other income (expense)    
Net interest and other investment income (expense) 5,274 6,214
Net realized and unrealized gain on investments (28,077) (8,797)
Total other income (22,803) (2,583)
Income before taxes (28,782) (17,942)
Income tax expense (benefit) (1,423)  
Net income (loss) (27,359) (17,942)
Less: Net (income) loss attributable to non-controlling interests (27,359) (17,942)
AOG    
Other income (expense)    
Less: Net (income) loss attributable to non-controlling interests 1,420 34,806
Less: Net income (loss) attributable to redeemable interests 10 243
AOG | Reportable legal entity    
Other income (expense)    
Less: Net (income) loss attributable to non-controlling interests 1,420 34,806
Less: Net income (loss) attributable to redeemable interests $ 10 $ 243

v3.4.0.3
SUBSEQUENT EVENTS (Details)
1 Months Ended
May. 31, 2016
$ / shares
Subsequent event  
Subsequent events  
Quarterly distribution declared (in dollars per unit) $ 0.15

IDEA: XBRL DOCUMENT
begin 644 Financial_Report.xlsx
M4$L#!!0    ( $0TJDC8'.-"- (  'PL   3    6T-O;G1E;G1?5'EP97-=
M+GAM;,W:S6[30! '\%>)?$7Q9C\-J.F%C'N"[:E/Q'QF+=TF!CZ3R-.;)Q8; I
MGX8M\[;>V2TQL5H95KLQT9B6:I?CQ>+6AO3%#CD%._1L#AP_>3G%V=L4C#Z0
M;6)+E(:^C.FAIWBN_C'R5/F&-O:N3Z\J_'CORD#]O":VG7\L]?F0L\3\V[K(
MT?BB"J<;_]99-TQ#\^/VCQW3^3]>R\E-W _]3;#WW4F!_<7&-!W+P7;CN5'=
MN[#[X=SN+1\3FJZJH6;I0UX84G?F*,#2!]\A=((BJ@QW8OG*\M
M"_V/Z'D4X$G1H>)%]2-F Q+M*;V"^GH A3&^.R6:E((C-Z."N[_8_ )02P,$
M%     @ 1#2J2/W75J5F @  #BT  !H   !X;"]?%>=-"%@;.Q80L8_AM]$"@^]Z5=?\KGKIZ&OAQ/8UE]OYS[LI[_WS3'6L>U
MN/ QC[N>K^V&Z='7^.1W<:W'7+_\P+S!?_ACS_RP_[/>G;7X=ME\ON:__J'"_
M%FC<#E!(4EH,")2@N!T5*D"T'&24H+0AI.>B)
M$N1;(&/+24)8<[3V@&O/\=H#L#U'; _(]ARS/4#;<]3V@&W/<=L#N#U';@_H
M]AR[/<#;<_06H+=P]!:@MY">M='#-D=O 7H+1V\!>@M';P%Z"T=O 7H+1V\!
M>@M';P%Z"T=O 7H+1V\%>BM';P5Z*T=O!7HK::\$;99P]%:@MW+T5J"W5'+TCT#MR](Y [\C1.P*](T?O"/2.'+T-Z&TAM'+T-Z&TAMI+,FZ+ )1V\#>AM';P-Z&T=O WH;1^\$]$X<
MO1/0.W'T3D#OQ-$[ ;T31^\$]$X*;OKY]UO]^O4GR'NKZ//+S\ 4$L#!!0    (
M $0TJDC:F.IG(00  'L1   0    9&]C4')O<',O87!P+GAM;+U8WW/:.!#^
M5W9XN.G-E$))TMREE!EA!-6,L3G;T.N]*;8(OAK+9RE,R$0K#-CX?+
M2V3I^_;;E5;K-?U4=>]FN-:I+K3ZW8_=<23%FDDHG:V-=H:](T*R;(D#KF.
M93J8QF$NE5QJH$^A2/J=MX""@99]$3[FL7X>=$O,[E2!\4.>" NU!DN>*%&B
M?DX6&$NN,YX^=\HG.TY_J'D6R!'78I>UOU!:7_%<1"BZ9WT[66"^/F.%:
M*YX^B&@7>[CXNA<+D2L3ZAR[^;;?@=;ZT+7@4IP\S'N=JT-_HNXT(MW&8FB'4BE+N<\5S_
M3UM1Q/2Z$;P'GMTJ.ZTV(P_XB 7,=(,X(AL1G/KAC
MF'G4IY4;67(^JQ!<:UH#!F#G$L1FQ4]@-O;FS6
M<(;5"QX=43HEQF-TGN+6U#AEN=,I*YTN0K55C,\:I. CF!&O. [
M!!YQ?&*9XZC;%92@$) _:^Q1XCFHZ,.,>F#TVP]X?9!>\"
M?BS##.8>Z^:O1U*M&=>8<[W?:W.NV6I5\AUCU.54P3LK;UZ43DV?9L<.\J@9
MOI=0S=#&0G9573 ;\^RJNF V%S(XGW/=/9Z;(Z%YG-1$OHML _WGT;QCIT*O
M9&28)W"^BB0"+6'*==$P5D>QSQD^@U_V%2_>';TXC4'L -O@F<8UQ[8&O'')
M.Y.#_078QSD8PX(GCT4G H$(5]6]Q1Z'I1NAM&EI%,R5T3N_$MQ4'WDSYV-#
M]6CU[K&',PSC988W/*%.-KC6^+>'=
MV;4-Q8Z^-(^X5%L&V]C"ZOC,TEE(G5PZ48+.WF,JJ^HP:CB1S(H,/K7B-L9_
MB#=W:P._\'7V&3]",[#.XI'H[]HJ5,4Q"N=R7+T2.<1I*->GZV""8\V0:;NF
MR6WB0/M\SFWUI6_V;7;":[$-"T;5T9NV3QGRA*>A@.++M.:FO>6P8W?GH+NK
MQA]\Q+[Y9.WL_]0R^ ]02P,$%     @ 1#2J2+%$MSP^ 0  :0,  !$   !D
M;V-0880[]ACHL=WP";9MF<:4 N.7)V!*9N("9U)44I/'"T
MOL=+,>#=WC<$DX)! QH,!I9/,"EE6JM0-YT8]GO
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M621A'^_1S80RY8-[9)-NIL\!"SI^\Y%1^?H.'GS
M[BYBZ(:(E/)X8-DOV]:[MR_>X%#BVR]*+41B1%G\@MNN01.+5)#3(3/PB=AIAJ4!P"I DQEJ&&^+3&K!'@$WVWO@C(
MWXV(]ZMOFCU7H5A)VH3X$$8:XIQSYG/1;/L'I4;1]E6\W*.76!4!EQC?-*HU
M+,76>)7 \:V@S&L%&KQMUAVC2/'K^!?F<-0HACA*FNVB<5@$_9Y>PTG!Z(++9OVX?H;5,VPLCO='U!=*
MY \FIS_I,C0'HYI9";V$5FJ?JH,@H%\;D>/N5Z> HWEL:\4*Z">P'_
MT=HWPJOX@L Y?RY]SZ7ON?0]H=*W-R-]9\'3BUO>1FY;Q/NN,=K7-"XH8U=R
MSTS0LS0[=R
M2^JVE+ZU)CA*]+',<$X>RPP[9SR2';9WH!TU^_9==N0CI3!3ET.X&D*^ VVZ
MG=PZ.)Z8D;D*TU*0;\/YZ<5X&N(YV02Y?9A7;>?8T='[Y\%1L*/O/)8=QXCR
MHB'NH8:8S\-#AWE[7YAGE<90-!1M;*PD+$:W8+C7\2P4X&1@+: '@Z]1 O)2
M56 Q6\8#*Y"B?$R,1>APYY=<7^/1DN/;IF6U;J\I=QEM(E(YPFF8$V>KRMYE
ML<%5'<]56_*POFH]M!5.S_Y9KF4Q9Z;RWRT,"2Q;B%D2XDU=[=7G
MFYRN>B)V^I=WP6#R_7#)1P_E.^=?]%U#KG[VW>/Z;I,[2$R<><41 71% B.5
M' 86%S+D4.Z2D 83  >LX=SFWJXPD6L_UC6'ODR
MWSEPVSK> U[F$RQ#I'[!?8J*@!&K8KZZKT_Y)9P[M'OQ@2";_-;;I/;=X Q\
MU*M:I60K$3]+!WP?D@9CC%OT-%^/%&*MIK&MQMHQ#'F 6/,,H68XWX=%FAHS
MU8NL.8T*;T'50.4_V]0-:/8--!R1!5XQF;8VH^1."CS<_N\-L,+$CN'MB[\!
M4$L#!!0    ( $0TJD@.-D6O5@(  $H+   -    >&PO17"C5/G!\ZIT@QFJYJ+$7*_D0C*D
M]%067E5*C++*!#'J+7Q_Z3%$.(Q#7K,54Q5(1_N]
M%NKV#7#C[-ULYC^>WT[Q,[MP#H'C^)1%,%A>0N]XTKE_F%>O3:B7!ZA;=\W4
M14X"KUZFZ1>2)L37AMAKJQJ'N>!#<1?0 7%8/8$MHMH_,.ZIH$("I4]/*[ (
M1PP[CSM$22*) 7/$"-TY>&$ >^"M'R-<2)O;99CFF?M#)EDD$?3;W_'IDH'=
M#F9[A-+][6D@#DND%)9\I2>@M=>[4F^."XZ=2.OWC'W_(]
M[B8'SL>M+^Y"*D&L(1@BZ4BZ1CY(5&YQHUJ;[#7Y(<4
MOG;+?U/3GZ_:H$9?P7]=GO^:?'PV]C.$$SU'',5]S1(L5_:?^>7"+JY.59GI
MAB4F:4#F(7-O=-.]
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M-CRE"D&3LLA$48N,J7]UF$#-O,EFN@]A'(0=H
MY. YZF:YG'[TY_,V'C^(O>#&OYYSYD41CR,D==PFY/:##8_B!0^ZQ=#D(:'R
MS/-#MO'F:VS_$+4=$MY.>>AO5"(WG,W\P LFOC=7X4=QN-81( K%'1+F3OEU
MYWWTW]V:T<%AX2#W L#
M%7;$5CQDNDW*Z77@8RI-E,\DY.-_K'T5NBJ]XBIX'3L61^-,PKB(W^@TLI"O
MEJ'.(1;NC*#4$*KRM)S[TV>UHGHFH5ZTOHY4X+IBOGEBNXFRF81LO3W7Q&'2
M1 ]-PL/'GOOZ>;=EK^($4:BD22@)75<759-C_2N61Q--PL0??9@LC@J:A(*]
MG=E\BRBTTB2LU)V9BL%"%2U"1:I7DR"4TB*D?+E7MCA$H:(6H>A+7>PA+D1U
MIGE"6J*GD:U#?RW*WZ==CJ2@NA8UQV/?(PEHK$48VSN56CBY6RBO1(+Z]@T8[A-%MR0LV+Y."+6]S^9F5VX>-
M IO,EXA"HQUR4=NB)I50.W@V2U*9 VR&*#3:(8RFIS.J?9WM&#E6]RQ7V2M$
MH=L.X7;?U*A"0Q2Z[1!NXZJ5;AOU6!08XI<5-HEE'X!E96'=@Q %#KN$HX3LSZ1=E?S^9EER4W"4DIU Z'@+5.74@)*=0
MRV8G*B:+M-PC"B5WJ94)%94:(M2T4!87N%]VT7:7L+T7Q2X0A;:[U.%#'VJ$
M _@(;1\1MO+,E/UZN-;@VV/>3Y1]Y:%FN3T>P_DQW/?]_\"4$L#
M!!0    ( $0TJDA'M@GA4@(  /0'   8    >&PO=V]R:W-H965T&ULC579CILP%/T5Q <,V&Q)1) FJ:KVH=)H'MIG)W$"&HRI[83IW]<+
M88S'+7G!"^?<^,UQB)X)VW'MV$M1+^)(GZL,4'\B?:XDW_.E!$D
MY))=(MXSC$Z:1-H(QG$>$=1T857JO1=6E?0JVJ;#+RS@5T(0^[/#+1VV(0CO
M&Z_-I19J(ZK*:.*=&H([WM N8/B\#9_!9@]2!=&(GPT>N#4/E/,'2M_4XOMI
M&\;*!]SBHU FD!QN>(_;5EF2RK]'HQ^:BFC/[]:_ZN-*]P^(XSUM?S4G44MO
MXS XX3.ZMN*5#M_P>(9,&3S2ENMO<+QR0 3@7V$&+#GT">QN1+ LDS@D234\T/5VFIPX]
MU?14TS/O!=B(?%D@@L.C 'RHSR .QLG(D5C;?&RR[&>2!:%D[$FN;GWHE9I!L60+$;D[%MH7<
MGU4S3/& RJ?,!;8%_Y//,0\\.H"N"K0LP-@7O_L18P)X%>?K.+=>[]]:;B:#
MQ-8"WEP9,?GH#W@@(8&;\L#.:.B/LQ&3&8P;:)%59 EF%]U\>'"DUTZ8:CKM
M3@WN&>HB_0&ORAY=\ _$+DW'@P,5LM3K*G^F5&#I1/PD*T,M6_"T:/%9J&DA
MY\PT);,0M+_WV*G15W\!4$L#!!0    ( $0TJDAHQCC$9 4  %@<   8    
M>&PO=V]R:W-H965T&ULG9E-<]LV$(;_BD;W1L#N B \MF[7E9P+Y8HOPN^BX\'"_+RN3E]:Q_J
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MIL_=AD;[E5=]=[7@Y#LCTZ_=KH,O-]Z$=)ME.$I@DFJ)D
M"J=)/C*)UR2?F"2\2C9]%FHJ(%*!,1ZG^.)\/(IX'.-IBH_D34="77@263X8>$'TKR07,^WHEXE^2#5LW')3X1@S-R:.9\N XBQ8SQ\<*/
M3_VH$VG+)*C.M07)HHL@7(2T5^E\?"'BB_3^3NW5(NDM0 _!J)W*9,XZS.C3
M*-S$U(TZ=MM)XD?)3\X3J&:8BKR-Y[U8(UEB4C=!=3-K_-PYQB2C
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M5Z?O'I!"$V./*+WR8+IALMJ( BX42@>M<="8#
M[RA1B R%^KK"E''@'%JO;X%2&$.1<:)$24-DM:L^DY%ASD9]@I4H: @Y?B0-
MD=%0WY31,S\FZ@=_+D.3-9,E"Y&Q4-]0D1>0,2SX"

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�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


IDEA: XBRL DOCUMENT
/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
.report table.authRefData{
	background-color: #def;
	border: 2px solid #2F4497;
	font-size: 1em; 
	position: absolute;
}

.report table.authRefData a {
	display: block;
	font-weight: bold;
}

.report table.authRefData p {
	margin-top: 0px;
}

.report table.authRefData .hide {
	background-color: #2F4497;
	padding: 1px 3px 0px 0px;
	text-align: right;
}

.report table.authRefData .hide a:hover {
	background-color: #2F4497;
}

.report table.authRefData .body {
	height: 150px;
	overflow: auto;
	width: 400px;
}

.report table.authRefData table{
	font-size: 1em;
}

/* Report Styles */
.pl a, .pl a:visited {
	color: black;
	text-decoration: none;
}

/* table */
.report {
	background-color: white;
	border: 2px solid #acf;
	clear: both;
	color: black;
	font: normal 8pt Helvetica, Arial, san-serif;
	margin-bottom: 2em;
}

.report hr {
	border: 1px solid #acf;
}

/* Top labels */
.report th {
	background-color: #acf;
	color: black;
	font-weight: bold;
	text-align: center;
}

.report th.void	{
	background-color: transparent;
	color: #000000;
	font: bold 10pt Helvetica, Arial, san-serif;
	text-align: left;
}

.report .pl {
	text-align: left;
	vertical-align: top;
	white-space: normal;
	width: 200px;
	white-space: normal; /* word-wrap: break-word; */
}

.report td.pl a.a {
	cursor: pointer;
	display: block;
	width: 200px;
	overflow: hidden;
}

.report td.pl div.a {
	width: 200px;
}

.report td.pl a:hover {
	background-color: #ffc;
}

/* Header rows... */
.report tr.rh {
	background-color: #acf;
	color: black;
	font-weight: bold;
}

/* Calendars... */
.report .rc {
	background-color: #f0f0f0;
}

/* Even rows... */
.report .re, .report .reu {
	background-color: #def;
}

.report .reu td {
	border-bottom: 1px solid black;
}

/* Odd rows... */
.report .ro, .report .rou {
	background-color: white;
}

.report .rou td {
	border-bottom: 1px solid black;
}

.report .rou table td, .report .reu table td {
	border-bottom: 0px solid black;
}

/* styles for footnote marker */
.report .fn {
	white-space: nowrap;
}

/* styles for numeric types */
.report .num, .report .nump {
	text-align: right;
	white-space: nowrap;
}

.report .nump {
	padding-left: 2em;
}

.report .nump {
	padding: 0px 0.4em 0px 2em;
}

/* styles for text types */
.report .text {
	text-align: left;
	white-space: normal;
}

.report .text .big {
	margin-bottom: 1em;
	width: 17em;
}

.report .text .more {
	display: none;
}

.report .text .note {
	font-style: italic;
	font-weight: bold;
}

.report .text .small {
	width: 10em;
}

.report sup {
	font-style: italic;
}

.report .outerFootnotes {
	font-size: 1em;
}


IDEA: XBRL DOCUMENT


  3.4.0.3
  
  html
  563
  351
  1
  false
  127
  0
  false
  7
  
    
      false
      false
      R1.htm
      00090 - Document - Document And Entity Information
      Sheet
      http://www.aresmgmt.com/role/DocumentDocumentAndEntityInformation
      Document And Entity Information
      Cover
      1
    
    
      false
      false
      R2.htm
      00100 - Statement - Condensed Consolidated Statements of Financial Condition
      Sheet
      http://www.aresmgmt.com/role/StatementCondensedConsolidatedStatementsOfFinancialCondition
      Condensed Consolidated Statements of Financial Condition
      Statements
      2
    
    
      false
      false
      R3.htm
      00105 - Statement - Condensed Consolidated Statements of Financial Condition (Parenthetical)
      Sheet
      http://www.aresmgmt.com/role/StatementCondensedConsolidatedStatementsOfFinancialConditionParenthetical
      Condensed Consolidated Statements of Financial Condition (Parenthetical)
      Statements
      3
    
    
      false
      false
      R4.htm
      00200 - Statement - Condensed Consolidated Statements of Operations
      Sheet
      http://www.aresmgmt.com/role/StatementCondensedConsolidatedStatementsOfOperations
      Condensed Consolidated Statements of Operations
      Statements
      4
    
    
      false
      false
      R5.htm
      00205 - Statement - Condensed Consolidated Statements of Operations (Parenthetical)
      Sheet
      http://www.aresmgmt.com/role/StatementCondensedConsolidatedStatementsOfOperationsParenthetical
      Condensed Consolidated Statements of Operations (Parenthetical)
      Statements
      5
    
    
      false
      false
      R6.htm
      00300 - Statement - Condensed Consolidated Statements of Comprehensive Income
      Sheet
      http://www.aresmgmt.com/role/StatementCondensedConsolidatedStatementsOfComprehensiveIncome
      Condensed Consolidated Statements of Comprehensive Income
      Statements
      6
    
    
      false
      false
      R7.htm
      00400 - Statement - Condensed Consolidated Statements of Changes in Equity
      Sheet
      http://www.aresmgmt.com/role/StatementCondensedConsolidatedStatementsOfChangesInEquity
      Condensed Consolidated Statements of Changes in Equity
      Statements
      7
    
    
      false
      false
      R8.htm
      00500 - Statement - Condensed Consolidated Statements of Cash Flows
      Sheet
      http://www.aresmgmt.com/role/StatementCondensedConsolidatedStatementsOfCashFlows
      Condensed Consolidated Statements of Cash Flows
      Statements
      8
    
    
      false
      false
      R9.htm
      10101 - Disclosure - ORGANIZATION AND BASIS OF PRESENTATION
      Sheet
      http://www.aresmgmt.com/role/DisclosureOrganizationAndBasisOfPresentation
      ORGANIZATION AND BASIS OF PRESENTATION
      Notes
      9
    
    
      false
      false
      R10.htm
      10201 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
      Sheet
      http://www.aresmgmt.com/role/DisclosureSummaryOfSignificantAccountingPolicies
      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
      Notes
      10
    
    
      false
      false
      R11.htm
      10301 - Disclosure - GOODWILL AND INTANGIBLE ASSETS
      Sheet
      http://www.aresmgmt.com/role/DisclosureGoodwillAndIntangibleAssets
      GOODWILL AND INTANGIBLE ASSETS
      Notes
      11
    
    
      false
      false
      R12.htm
      10401 - Disclosure - INVESTMENTS
      Sheet
      http://www.aresmgmt.com/role/DisclosureInvestments
      INVESTMENTS
      Notes
      12
    
    
      false
      false
      R13.htm
      10501 - Disclosure - FAIR VALUE
      Sheet
      http://www.aresmgmt.com/role/DisclosureFairValue
      FAIR VALUE
      Notes
      13
    
    
      false
      false
      R14.htm
      10601 - Disclosure - DERIVATIVE FINANCIAL INSTRUMENTS
      Sheet
      http://www.aresmgmt.com/role/DisclosureDerivativeFinancialInstruments
      DERIVATIVE FINANCIAL INSTRUMENTS
      Notes
      14
    
    
      false
      false
      R15.htm
      10701 - Disclosure - DEBT
      Sheet
      http://www.aresmgmt.com/role/DisclosureDebt
      DEBT
      Notes
      15
    
    
      false
      false
      R16.htm
      10801 - Disclosure - REDEEMABLE INTERESTS
      Sheet
      http://www.aresmgmt.com/role/DisclosureRedeemableInterests
      REDEEMABLE INTERESTS
      Notes
      16
    
    
      false
      false
      R17.htm
      10901 - Disclosure - COMMITMENTS AND CONTINGENCIES
      Sheet
      http://www.aresmgmt.com/role/DisclosureCommitmentsAndContingencies
      COMMITMENTS AND CONTINGENCIES
      Notes
      17
    
    
      false
      false
      R18.htm
      11001 - Disclosure - RELATED PARTY TRANSACTIONS
      Sheet
      http://www.aresmgmt.com/role/DisclosureRelatedPartyTransactions
      RELATED PARTY TRANSACTIONS
      Notes
      18
    
    
      false
      false
      R19.htm
      11101 - Disclosure - INCOME TAXES
      Sheet
      http://www.aresmgmt.com/role/DisclosureIncomeTaxes
      INCOME TAXES
      Notes
      19
    
    
      false
      false
      R20.htm
      11201 - Disclosure - EARNINGS PER COMMON UNIT
      Sheet
      http://www.aresmgmt.com/role/DisclosureEarningsPerCommonUnit
      EARNINGS PER COMMON UNIT
      Notes
      20
    
    
      false
      false
      R21.htm
      11301 - Disclosure - EQUITY COMPENSATION
      Sheet
      http://www.aresmgmt.com/role/DisclosureEquityCompensation
      EQUITY COMPENSATION
      Notes
      21
    
    
      false
      false
      R22.htm
      11401 - Disclosure - SEGMENT REPORTING
      Sheet
      http://www.aresmgmt.com/role/DisclosureSegmentReporting
      SEGMENT REPORTING
      Notes
      22
    
    
      false
      false
      R23.htm
      11501 - Disclosure - CONSOLIDATION
      Sheet
      http://www.aresmgmt.com/role/DisclosureConsolidation
      CONSOLIDATION
      Notes
      23
    
    
      false
      false
      R24.htm
      11601 - Disclosure - SUBSEQUENT EVENTS
      Sheet
      http://www.aresmgmt.com/role/DisclosureSubsequentEvents
      SUBSEQUENT EVENTS
      Notes
      24
    
    
      false
      false
      R25.htm
      20202 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
      Sheet
      http://www.aresmgmt.com/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicies
      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
      Policies
      25
    
    
      false
      false
      R26.htm
      30303 - Disclosure - GOODWILL, INTANGIBLE ASSETS (Tables)
      Sheet
      http://www.aresmgmt.com/role/DisclosureGoodwillIntangibleAssetsTables
      GOODWILL, INTANGIBLE ASSETS (Tables)
      Tables
      26
    
    
      false
      false
      R27.htm
      30403 - Disclosure - INVESTMENTS (Tables)
      Sheet
      http://www.aresmgmt.com/role/DisclosureInvestmentsTables
      INVESTMENTS (Tables)
      Tables
      http://www.aresmgmt.com/role/DisclosureInvestments
      27
    
    
      false
      false
      R28.htm
      30503 - Disclosure - FAIR VALUE (Tables)
      Sheet
      http://www.aresmgmt.com/role/DisclosureFairValueTables
      FAIR VALUE (Tables)
      Tables
      http://www.aresmgmt.com/role/DisclosureFairValue
      28
    
    
      false
      false
      R29.htm
      30603 - Disclosure - DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
      Sheet
      http://www.aresmgmt.com/role/DisclosureDerivativeFinancialInstrumentsTables
      DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
      Tables
      http://www.aresmgmt.com/role/DisclosureDerivativeFinancialInstruments
      29
    
    
      false
      false
      R30.htm
      30703 - Disclosure - DEBT (Tables)
      Sheet
      http://www.aresmgmt.com/role/DisclosureDebtTables
      DEBT (Tables)
      Tables
      http://www.aresmgmt.com/role/DisclosureDebt
      30
    
    
      false
      false
      R31.htm
      30803 - Disclosure - REDEEMABLE INTERESTS (Tables)
      Sheet
      http://www.aresmgmt.com/role/DisclosureRedeemableInterestsTables
      REDEEMABLE INTERESTS (Tables)
      Tables
      http://www.aresmgmt.com/role/DisclosureRedeemableInterests
      31
    
    
      false
      false
      R32.htm
      31003 - Disclosure - RELATED PARTY TRANSACTIONS (Tables)
      Sheet
      http://www.aresmgmt.com/role/DisclosureRelatedPartyTransactionsTables
      RELATED PARTY TRANSACTIONS (Tables)
      Tables
      http://www.aresmgmt.com/role/DisclosureRelatedPartyTransactions
      32
    
    
      false
      false
      R33.htm
      31203 - Disclosure - EARNINGS PER COMMON UNIT (Tables)
      Sheet
      http://www.aresmgmt.com/role/DisclosureEarningsPerCommonUnitTables
      EARNINGS PER COMMON UNIT (Tables)
      Tables
      http://www.aresmgmt.com/role/DisclosureEarningsPerCommonUnit
      33
    
    
      false
      false
      R34.htm
      31303 - Disclosure - EQUITY COMPENSATION (Tables)
      Sheet
      http://www.aresmgmt.com/role/DisclosureEquityCompensationTables
      EQUITY COMPENSATION (Tables)
      Tables
      http://www.aresmgmt.com/role/DisclosureEquityCompensation
      34
    
    
      false
      false
      R35.htm
      31403 - Disclosure - SEGMENT REPORTING (Tables)
      Sheet
      http://www.aresmgmt.com/role/DisclosureSegmentReportingTables
      SEGMENT REPORTING (Tables)
      Tables
      http://www.aresmgmt.com/role/DisclosureSegmentReporting
      35
    
    
      false
      false
      R36.htm
      31503 - Disclosure - CONSOLIDATION (Tables)
      Sheet
      http://www.aresmgmt.com/role/DisclosureConsolidationTables
      CONSOLIDATION (Tables)
      Tables
      http://www.aresmgmt.com/role/DisclosureConsolidation
      36
    
    
      false
      false
      R37.htm
      40101 - Disclosure - ORGANIZATION AND BASIS OF PRESENTATION (Details)
      Sheet
      http://www.aresmgmt.com/role/DisclosureOrganizationAndBasisOfPresentationDetails
      ORGANIZATION AND BASIS OF PRESENTATION (Details)
      Details
      http://www.aresmgmt.com/role/DisclosureOrganizationAndBasisOfPresentation
      37
    
    
      false
      false
      R38.htm
      40201 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)
      Sheet
      http://www.aresmgmt.com/role/DisclosureSummaryOfSignificantAccountingPoliciesDetails
      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)
      Details
      http://www.aresmgmt.com/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicies
      38
    
    
      false
      false
      R39.htm
      40301 - Disclosure - GOODWILL AND INTANGIBLE ASSETS - Carrying Value and Amortization (Details)
      Sheet
      http://www.aresmgmt.com/role/DisclosureGoodwillAndIntangibleAssetsCarryingValueAndAmortizationDetails
      GOODWILL AND INTANGIBLE ASSETS - Carrying Value and Amortization (Details)
      Details
      39
    
    
      false
      false
      R40.htm
      40302 - Disclosure - GOODWILL AND INTANGIBLE ASSETS - Future Amortization, rollforward (Details)
      Sheet
      http://www.aresmgmt.com/role/DisclosureGoodwillAndIntangibleAssetsFutureAmortizationRollforwardDetails
      GOODWILL AND INTANGIBLE ASSETS - Future Amortization, rollforward (Details)
      Details
      40
    
    
      false
      false
      R41.htm
      40401 - Disclosure - INVESTMENTS (Details)
      Sheet
      http://www.aresmgmt.com/role/DisclosureInvestmentsDetails
      INVESTMENTS (Details)
      Details
      http://www.aresmgmt.com/role/DisclosureInvestmentsTables
      41
    
    
      false
      false
      R42.htm
      40402 - Disclosure - INVESTMENTS - Equity Method (Details)
      Sheet
      http://www.aresmgmt.com/role/DisclosureInvestmentsEquityMethodDetails
      INVESTMENTS - Equity Method (Details)
      Details
      42
    
    
      false
      false
      R43.htm
      40403 - Disclosure - INVESTMENTS - Held to Maturity (Details)
      Sheet
      http://www.aresmgmt.com/role/DisclosureInvestmentsHeldToMaturityDetails
      INVESTMENTS - Held to Maturity (Details)
      Details
      43
    
    
      false
      false
      R44.htm
      40404 - Disclosure - INVESTMENTS - By Sector (Details)
      Sheet
      http://www.aresmgmt.com/role/DisclosureInvestmentsBySectorDetails
      INVESTMENTS - By Sector (Details)
      Details
      44
    
    
      false
      false
      R45.htm
      40501 - Disclosure - FAIR VALUE (Details)
      Sheet
      http://www.aresmgmt.com/role/DisclosureFairValueDetails
      FAIR VALUE (Details)
      Details
      http://www.aresmgmt.com/role/DisclosureFairValueTables
      45
    
    
      false
      false
      R46.htm
      40502 - Disclosure - FAIR VALUE - Recurring RF (Details)
      Sheet
      http://www.aresmgmt.com/role/DisclosureFairValueRecurringRfDetails
      FAIR VALUE - Recurring RF (Details)
      Details
      46
    
    
      false
      false
      R47.htm
      40503 - Disclosure - FAIR VALUE - Recurring RF for Loan Oblig (Details)
      Sheet
      http://www.aresmgmt.com/role/DisclosureFairValueRecurringRfForLoanObligDetails
      FAIR VALUE - Recurring RF for Loan Oblig (Details)
      Details
      47
    
    
      false
      false
      R48.htm
      40504 - Disclosure - FAIR VALUE - By Valuation Technique (Details)
      Sheet
      http://www.aresmgmt.com/role/DisclosureFairValueByValuationTechniqueDetails
      FAIR VALUE - By Valuation Technique (Details)
      Details
      48
    
    
      false
      false
      R49.htm
      40505 - Disclosure - FAIR VALUE - Investments Using NAV per Share (Details)
      Sheet
      http://www.aresmgmt.com/role/DisclosureFairValueInvestmentsUsingNavPerShareDetails
      FAIR VALUE - Investments Using NAV per Share (Details)
      Details
      49
    
    
      false
      false
      R50.htm
      40601 - Disclosure - DERIVATIVE FINANCIAL INSTRUMENTS (Details)
      Sheet
      http://www.aresmgmt.com/role/DisclosureDerivativeFinancialInstrumentsDetails
      DERIVATIVE FINANCIAL INSTRUMENTS (Details)
      Details
      http://www.aresmgmt.com/role/DisclosureDerivativeFinancialInstrumentsTables
      50
    
    
      false
      false
      R51.htm
      40602 - Disclosure - DERIVATIVE FINANCIAL INSTRUMENTS - Setoff rows (Details)
      Sheet
      http://www.aresmgmt.com/role/DisclosureDerivativeFinancialInstrumentsSetoffRowsDetails
      DERIVATIVE FINANCIAL INSTRUMENTS - Setoff rows (Details)
      Details
      51
    
    
      false
      false
      R52.htm
      40701 - Disclosure - DEBT (Details)
      Sheet
      http://www.aresmgmt.com/role/DisclosureDebtDetails
      DEBT (Details)
      Details
      http://www.aresmgmt.com/role/DisclosureDebtTables
      52
    
    
      false
      false
      R53.htm
      40702 - Disclosure - DEBT - Loan Oblig of Consol CLOs (Details)
      Sheet
      http://www.aresmgmt.com/role/DisclosureDebtLoanObligOfConsolClosDetails
      DEBT - Loan Oblig of Consol CLOs (Details)
      Details
      53
    
    
      false
      false
      R54.htm
      40703 - Disclosure - DEBT - Credit Facil of Consol Funds (Details)
      Sheet
      http://www.aresmgmt.com/role/DisclosureDebtCreditFacilOfConsolFundsDetails
      DEBT - Credit Facil of Consol Funds (Details)
      Details
      54
    
    
      false
      false
      R55.htm
      40801 - Disclosure - REDEEMABLE INTERESTS (Details)
      Sheet
      http://www.aresmgmt.com/role/DisclosureRedeemableInterestsDetails
      REDEEMABLE INTERESTS (Details)
      Details
      http://www.aresmgmt.com/role/DisclosureRedeemableInterestsTables
      55
    
    
      false
      false
      R56.htm
      40901 - Disclosure - COMMITMENTS AND CONTINGENCIES (Details)
      Sheet
      http://www.aresmgmt.com/role/DisclosureCommitmentsAndContingenciesDetails
      COMMITMENTS AND CONTINGENCIES (Details)
      Details
      http://www.aresmgmt.com/role/DisclosureCommitmentsAndContingencies
      56
    
    
      false
      false
      R57.htm
      41001 - Disclosure - RELATED PARTY TRANSACTIONS (Details)
      Sheet
      http://www.aresmgmt.com/role/DisclosureRelatedPartyTransactionsDetails
      RELATED PARTY TRANSACTIONS (Details)
      Details
      http://www.aresmgmt.com/role/DisclosureRelatedPartyTransactionsTables
      57
    
    
      false
      false
      R58.htm
      41101 - Disclosure - INCOME TAXES (Details)
      Sheet
      http://www.aresmgmt.com/role/DisclosureIncomeTaxesDetails
      INCOME TAXES (Details)
      Details
      http://www.aresmgmt.com/role/DisclosureIncomeTaxes
      58
    
    
      false
      false
      R59.htm
      41201 - Disclosure - EARNINGS PER COMMON UNIT - Antidilutive (Details)
      Sheet
      http://www.aresmgmt.com/role/DisclosureEarningsPerCommonUnitAntidilutiveDetails
      EARNINGS PER COMMON UNIT - Antidilutive (Details)
      Details
      59
    
    
      false
      false
      R60.htm
      41202 - Disclosure - EARNINGS PER COMMON UNIT (Details)
      Sheet
      http://www.aresmgmt.com/role/DisclosureEarningsPerCommonUnitDetails
      EARNINGS PER COMMON UNIT (Details)
      Details
      http://www.aresmgmt.com/role/DisclosureEarningsPerCommonUnitTables
      60
    
    
      false
      false
      R61.htm
      41301 - Disclosure - EQUITY COMPENSATION - AEP, Restricted and Phantom Units (Details)
      Sheet
      http://www.aresmgmt.com/role/DisclosureEquityCompensationAepRestrictedAndPhantomUnitsDetails
      EQUITY COMPENSATION - AEP, Restricted and Phantom Units (Details)
      Details
      61
    
    
      false
      false
      R62.htm
      41302 - Disclosure - EQUITY COMPENSATION - Adoption of ASU 2016-09 (Details)
      Sheet
      http://www.aresmgmt.com/role/DisclosureEquityCompensationAdoptionOfAsu201609Details
      EQUITY COMPENSATION - Adoption of ASU 2016-09 (Details)
      Details
      62
    
    
      false
      false
      R63.htm
      41401 - Disclosure - SEGMENT REPORTING (Details)
      Sheet
      http://www.aresmgmt.com/role/DisclosureSegmentReportingDetails
      SEGMENT REPORTING (Details)
      Details
      http://www.aresmgmt.com/role/DisclosureSegmentReportingTables
      63
    
    
      false
      false
      R64.htm
      41402 - Disclosure - SEGMENT REPORTING - Rev & Exp Components (Details)
      Sheet
      http://www.aresmgmt.com/role/DisclosureSegmentReportingRevExpComponentsDetails
      SEGMENT REPORTING - Rev & Exp Components (Details)
      Details
      64
    
    
      false
      false
      R65.htm
      41403 - Disclosure - SEGMENT REPORTING - Rev Adj (Details)
      Sheet
      http://www.aresmgmt.com/role/DisclosureSegmentReportingRevAdjDetails
      SEGMENT REPORTING - Rev Adj (Details)
      Details
      65
    
    
      false
      false
      R66.htm
      41404 - Disclosure - SEGMENT REPORTING - Exp Adj (Details)
      Sheet
      http://www.aresmgmt.com/role/DisclosureSegmentReportingExpAdjDetails
      SEGMENT REPORTING - Exp Adj (Details)
      Details
      66
    
    
      false
      false
      R67.htm
      41405 - Disclosure - SEGMENT REPORTING - Other income (expense) Adj (Details)
      Sheet
      http://www.aresmgmt.com/role/DisclosureSegmentReportingOtherIncomeExpenseAdjDetails
      SEGMENT REPORTING - Other income (expense) Adj (Details)
      Details
      67
    
    
      false
      false
      R68.htm
      41406 - Disclosure - SEGMENT REPORTING - EBT Recon-Econ Net Inc (Details)
      Sheet
      http://www.aresmgmt.com/role/DisclosureSegmentReportingEbtReconEconNetIncDetails
      SEGMENT REPORTING - EBT Recon-Econ Net Inc (Details)
      Details
      68
    
    
      false
      false
      R69.htm
      41407 - Disclosure - SEGMENT REPORTING - EBT Recon - Fee related earnings (Details)
      Sheet
      http://www.aresmgmt.com/role/DisclosureSegmentReportingEbtReconFeeRelatedEarningsDetails
      SEGMENT REPORTING - EBT Recon - Fee related earnings (Details)
      Details
      69
    
    
      false
      false
      R70.htm
      41408 - Disclosure - SEGMENT REPORTING - EBT Recon - Distr earnings (Details)
      Sheet
      http://www.aresmgmt.com/role/DisclosureSegmentReportingEbtReconDistrEarningsDetails
      SEGMENT REPORTING - EBT Recon - Distr earnings (Details)
      Details
      70
    
    
      false
      false
      R71.htm
      41409 - Disclosure - SEGMENT REPORTING - EBT Recon-Performance earnings (Details)
      Sheet
      http://www.aresmgmt.com/role/DisclosureSegmentReportingEbtReconPerformanceEarningsDetails
      SEGMENT REPORTING - EBT Recon-Performance earnings (Details)
      Details
      71
    
    
      false
      false
      R72.htm
      41501 - Disclosure - CONSOLIDATION - VIEs (Details)
      Sheet
      http://www.aresmgmt.com/role/DisclosureConsolidationViesDetails
      CONSOLIDATION - VIEs (Details)
      Details
      72
    
    
      false
      false
      R73.htm
      41502 - Disclosure - CONSOLIDATION - Balance sheet (Details)
      Sheet
      http://www.aresmgmt.com/role/DisclosureConsolidationBalanceSheetDetails
      CONSOLIDATION - Balance sheet (Details)
      Details
      73
    
    
      false
      false
      R74.htm
      41503 - Disclosure - CONSOLIDATION - IS (Details)
      Sheet
      http://www.aresmgmt.com/role/DisclosureConsolidationIsDetails
      CONSOLIDATION - IS (Details)
      Details
      74
    
    
      false
      false
      R75.htm
      41601 - Disclosure - SUBSEQUENT EVENTS (Details)
      Sheet
      http://www.aresmgmt.com/role/DisclosureSubsequentEventsDetails
      SUBSEQUENT EVENTS (Details)
      Details
      http://www.aresmgmt.com/role/DisclosureSubsequentEvents
      75
    
    
      false
      false
      All Reports
      Book
      All Reports
    
  
  
    ares-20160331.xml
    ares-20160331.xsd
    ares-20160331_cal.xml
    ares-20160331_def.xml
    ares-20160331_lab.xml
    ares-20160331_pre.xml
  
  
  
  true
  true




IDEA: XBRL DOCUMENT
begin 644 0001558370-16-005746-xbrl.zip
M4$L#!!0    ( $4TJDCK#NUF"?<# -WXB@ 1    87)E=[(^Y_T+IG)KHC;)>HMUQ=O2&[[![O=96]MFMF[Z<*FH0D
M=%.DAJ3L\OSZ!4A)I-Z4Q < GICI;DOB"RCCOWI
M1#NOGE2(;3@FM0>?3B;>F>X9E)[\[]_^ZS]__5]G9__O\O&N8CK&9$1LOV*X
M1/>)67FC_K#RA;@NM:S*I4O- :E46N?:N=9NGUSOG7Y\[[H"=5*U_H+;GZ[9!3L(C+RQJ_[GE$_5HY_JP='
M:]UN]T/PZ_Q0=B&3SH^-7[?U(?QQ=JCNDL5GYE^,!B/_W'!&P6"K];HV.]HD
M2U?UB'$^<%X_L!_XP8VSJG86'70\!B/I%\)!'OAOX_)IQ./CL86?Z;@NZ%+
M^I].N+S.9G(Z_^&9)Y4/X86X]CJV3W[XE2=B^,R, F5EOQC3KZGYZ:3G?;_O
M?Z]_KVO?^56^3T7S_1^Z2_47B]RR0]DM_&O;ISXEWN7[E:5['NU30^?7O.\'
MO[SW?E!O^\GO#RX=Z>[[);$).YNR/[^0T0MQPX&SYR+!8=-/[#,U^3=]2MQ*
M  A9D-P,R:O;_S[YK*!O)A<22_?E@ [=_=D3(M'52JM-]:H) E*6@)IG6DT230$#2<1 J>A5Y-A8+/O]C@W"BFD+
MC[*^LVC*C_WK
MGCTC@]X>_.XZD['8VL2 N5@"YN0W/I*+#F^Z:SZ_C\F",EV/
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M-*.\"=A(@1,@JX#B)JG$S73M@0G']KDYZ_;[DJ+R!+Q-W"M]3'W=XLHAMJ(I>>+^26P;?2'!7+[X6)H:XY"H9SJO#([SI(="]PW0OG-VOPU)N
M)4L4&N[6,N88'HE)R(AW$K$/5TKXWKPBQ 2JEQA@T=5Q1]M!$M+KF7],/)^/
MP;MQW*_DC3D$WF_/L'AP'9O]:03U\YA^1D<\L2T3@/;H%4
M]!3A$2I7'FTI6DBI+!\#,92%& I?LE@>=1%G@5\SWIJV0V9?=%L?!-FVNX>>
M;>X*<7!,&]6:R1K5FF)V6.[0V;FM
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MQ1YH=;N&SVR;G3B?)\>V3+0U_8Q+>47]\HI)C!;Y&2I$14="(B
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M>N.WE2ZELH;B.VK3J :70>76C>
MQ U>:G2I>W114Q\W%5G/R/3,N=LJ^GYK$E:):)][(WDHMC
M5W(43[/O(Y?'HM"%)Y%YH0E/2EM#$YYL!B=(@:?D5B?V]D@R6I8 R80#2D2P
M'O6L!^VJJEI/]JVI$ED/TH%2F!/R@; ON"O8%_P7]A>3R[+DR+C#9V&#,=@4
M_)3$-B5C81@V5P,_4TR
M6AL:G*0S.70XJ6)WV&9,%G/#-F/%6%DZG?+*K.$OOKTVC;)P*71.@?6KXFA;
M[JM6Y=$SU=;LBZ-TQ2[93UL#\YD*8JLQX>9I4FTU)L',;4UWO:A**NJ4ZH!6
M^'+HE#(3%8&43.&9RKY:AP8:,7,UZ%W!WG<"E\'+HG=J3:2%TCZ59M+8_4X6
M_2M^][M4=.^(C1=I$/%^CP+?WXDS/]&$Z
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M@ PT@#P]& #9>F&-'VOI8.Q80:>H<5_;Q$6.KMR&'=NB25\SLKWKHEX7IIV/ZJ+3#V%%I5]:\46F'
MR4M<9P,-I$,#R,?#VI&/5\RHD8^'=2,?7QHS1SX>QHY\O/0FW_N&#:DD-_/>
M-VQ(!=,NUK31W0ZK/MZJT<=^M$%CFRD8N#QE1W6&XKT_).ZFL]'M*J71!X^Q*E_$\""%#$@AO:@>$W*1B=A
M_VB$ U'L!6"+!^@9=-P>93MWFLG (/*+$T MP@&3<@)PA:R)X6D!E,DQ&P7@H,
M@,529;)XO)4$9B_%8BG8ON"VCW@?9H_X7@Z+QPI)&+\TRZ+@^:7@ ?A_4 "B
M@'RM?[93^K\**']CV@;:-=3ZP=D(X9WG=W5[?L>=D//MQ]J>U^EU[ WZM@_5B]!V/'FCTU;1LK
M]6#G6)]7-IO'JCQ8.M;BJ6K?6($'FY=X@0UX0 H>0+8>%("(M'Y1R&CLJYNO:-BAE,&Q4S&:PZN$3/HSJ#\=X?$G?3
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M"E,JI5?Z/ F74G_7OD\;#)Z=8[H-9EH>_S">;MP6ZU"W=-LC3D!#_SIENQ178O4!SH;E"98=G^O; Q&/[3#1CW5[>
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MT6U]$'BY*_:N54QT<9%Y2&_O'8N*C/[I:1R
MV-PP36V3\S5KF2J:TGY6 -6#H]U7&8.=1V^HK=M\!?HM>U9WP@<,_3M8_[9#
M*KK*I9$H+TUL5_S4HMC03IC23#D];O'J)Y##+7Q#]O+1GP >5WW^P]Q60'63
M;:/\/#1-:553ON$\K>9
MJR*FMJ*Y6^79#S-; ;6M@)FMZ(J&J81R4XE"5:XTRE*TB&*=V(B^$7T7VB^^
M0Q<1?HOFHHH-OR72.<3?4L??$FB:TJY6 -V#K\5TL'@%+&PZ6+3.E49;BI-1
MPM=:8YUNX>MT%=K!LYSQ#%(' JCPTOO:H<)08='?-9\["ZN6,RM>:PM(F0G 
MM0D4%9DV@2:;^6;:2J&@2D<# JBL4.& L!$M6%8@E2V098N)5Y=?WSQ3)Y5>
MW343JA"OT2K@Q:/V8/ET?FKP8,_$&-KT7Q,2W?HS
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ML 5Z%,$6J & +<3L. )A*%POQ'P$G(&I"+@"LQ!P!/J/P!%'L/H+MRI0*P!(D@0EC_T0 B$)=HB@F#P""$)D@]LX"@" 4)HA"
MD@ @")'>\%=F$IBIJSIO6X.1RN7%=Z3Q2VB3 CGF[!/S,,%CTN0%.=_
M_IT9@^X:P_<[\DJLQ4!]=LRM/9[X7G! '79>;M^;3(=BO^C1WJPDZAW
M^1[_9>F2[#&9TMB#WUUG,I:5&S>#DRH%),8W_EAK $[;(F/JV$I7'6>JU7O3
M7?/Y?;SH:A^)Y[O48"-_\AWCSV\V];W'IV]B:]%,F@M#BCAUZYC$%=P\8&S&
M L;FBAR?)B\>89[!]J]?V;]6)+KTNQR2W#"H2*9K1Y6U6VPF2S=W@M<8UKJZA$,S,E/%<.@:%4]J!(%">VTF4:+DFE;F+1
M[P&Q35D4;:MG@LH5X_%55[[@"H%1WE!;MPVJ6]%14+T#52]XBNVHBJYX*:Q:
MW#NH>WK3ETM-)9TS"1LC1B(JWUQIWFJ3H5TAS:>\*2BP+HWV8
MZ.2U2J;D,PO4.<1DPF+K'*EH7DZ]*\@)(WF(BK Q6)J65*>/*8!&R
MS2:E:%.:'13N"B"QRHD1M\^.6@>GZ*HF1"PAE/@-&(H^;TX80(:%/#8ON[N[2JA4O;[QU?%G
M6S1*I4OS>'%UV+GHTB)THJM0*JD7$),ZQ)1;G(2I;=FFMD5I&?R?DOY/J91<
M;(=RE^HO%N%M]@LN^,ZQ3<<.NO!?=/O/^WZ?L ORP^YN+^\?9=94.>EOGR=8
MEFH46202JP))1MG,[5+W@B]A5W+:U:+\%#"@U+HRIB^2OM+'U->D;PQATVO ?7L=F?!AFM:%ETT!-[%%-W3>_;F,N'7;NA
M+9>"V#%^<)$G@]C,\)TEC?5FOT_+HS0:))>7Y 0I*N]^
MI]^58_'W$[FZ1?]-S* 6\6+103"7SZ']9]MK.R]=YT_B_M\)SS;V;/-Y2-WP
M-4H/+A,6BXJ(^TH-XBGQ'K^<*E$)7N.70"-*T,NT]7VCQVJFZ"XC2^()3/LA
M: %F(GPEX31B.K'VAG0\VXBF8/9Y)&P2Y,?>Y<9E2\ UJ7!-8$5[*$'9"6<_
M902]B$\OBKZ3'-0B&[44]^YT 5>T[IXOW= ?Q+RU#6=$\GP1.EYL7N"+S;?(
MO,3L,?N]F#>-@SS2B4/"IYE)CU?5S7O[?RBQ3+ (6"2G&&1_)02=2$0GP79S
MX05!*B"5(DDE@2J"6B2B%EZL($%&C#<#@EW +D6R2S)M!,&(23#7_PBGLE\F
MED_'%NG9NO7N4<0L8)6\6&5?%025B$DEBE9W0"(RD @J.K+31ZDZWT J,I!*
MN5O>4J*:<%-+ 5@&=>,\Z&2]N$O,)"@9RTL92)& .9 = 8$@,0+JD(\ZD!.1
MF#20#@&5B$,EY**.L/EHF953"2>>EC#)Z:9F443HWO4:WOA#=F[C!
M=F27ND<7LV\/CAOL7^8'JU6>A[H]/W/^!T]H6@Z_AMC:MD;PZ\8>BQ,/&+SH
MJI#"6WAVYVRQDYL85)K_A <[N:F8S,WC'3K',8\L>RUA*[<,R0;[+>W'.,)L
MY09^05,+N$4I;A&BRT68-W'+MO0'3?E8XU/ZSGRPQS&1"'9S XT4'H4(M9L;
M^"1U/L%V;F 505BEV.W_G!H8YAF&P6AFT4C"M"+1D
M&5R"&@]81$H605U'>OXH50L<6$4&5BEY[YMJ6R6@?(P]$5 Y!F>@/1;$(0-Q
ME*\;5DGV0)(5_('\*A@$J55PAUS<@:RJS*R!A"JX1!PN*7DN=6:PV!52@%5T
M61L-=%'6+:EKK,GY^H=A34QF<:XSXM/KB3^S -VUJ3WP'HC[
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MF-$SK$437 L%+:^"YL.@FRJR<]A2.)O5GDD3!Q>?RXWUUG,A9;
MP>8>W"T \2&)4+07JLBT7N#REMG7"[M,K4*)!!U&34/&(\XH
M4'TIQ1O&1RNC4%"HFUIN0->*Y'>/$CCH6G%!@ZYE%FKF8A(0D7"NV/S>"**0
MPA%83#6RL3727QK)MUASQWPSI*_Z*&:W_ZV_VZ1GF\3U'/M*'U-?MWKF*_4<
MU[M[D,.2UXUN:M!)AB=NYOB SI1 J#WVKRA]<_?  -BU=G+'XK0O[#R7ZM8C
M8<]G4-X?%!PDMH)L7@V9'*$TFP1VK9';CK*",X>D"KU+>Q^)Q7\*-GN+[6/M
M7;['?UDTD&FFTQY(D/@4B\V%2.(W(HK)C'0/B6U
M+ZT)3/M[O[Q/=90](
MR/V+10?Z-/O[5?9>JA*HZCT,2(9:FVNX"
M/;ZL- 'JF3K[QEFU?5:O[G+V\\..U:WJ$-ST$1G%$86LMEN)J64;;L22B9$87
MD]$D*&H';W[@A[EDR$%_)>$6#U#%XZ@O,<0*)B#3KS%(I8Z_
MW_<7G)2<*GI(!]P^"KD*Y<+"WPU8BIM-3;A4$*WL.;:R2^0RC_2/ZB37\VJI
M%"JM7AY%5:F53115S;F)30!E3=H* U853%6+8U41%JN"5252U2)956QEQ?I,
M.7,\!:[/%*>=+A'=)LOS?.'-# S$JO9_='NBN^^U:@UOKC\ZY;,%5G'3/^F]
M!ABZ5SK=2Z6QX> :LU3ZW8SV08DMT)KRM XW/D7:.5(&P_W+-\LQ,S@E4V"$W'4:Y@(SV/K'?L\
M4@K;$>X0BN@=*,>K_6+!GY^Q4O!/T0:VMA=(4K,YV" 20"V8=>PC+G5-9=]B
M8XKV\DA8_##A<-_1/I%ET7!BRTB[S)BS>:R7#@PA T,(PE@%"OYE,Y%]Y0;C
MR;$#AZ/STSA6L2RFSU$!I/)R&3F.RBM0'_[
M>G<^/H?%B&8QR20&@\G?8&YOX6&DLI=(8#"7+,Q%PO?BE,Y"
MW-Y^T=D/+N8D MK#>O&H:PIRKH/*N6 GOW@3U&64DW4*M2AY!:_*ZK'"'5#1
M*A!;\H*V#T&8!6T?N;[R!GT?PEL$^CXDM14T?L@2B.1L'[DW?I38$M#Y(:>-
M"-3Y46+K0>N'=(8C1NM'R6T&O1^RF4SAO1^P_*&(PN31_E-E>T/TAOHD4
MT_U19JM ^X?0!I%[^T?1MH#^CW+(%PT@>3> %"UY=(!(GY45@@X;?JC<>NHQO#2]TCYKW]
M/Y18YNI98JNKJ#OEI+"ITSY/,E>.Z,YKM2/->ZY7L'D[S+X:IN!V;*(3R!=J
MT]%D!.( <<1? 1G7"A &""/^#M8?( P0QC)AQ+4"A)'[AJ^%OV8,V F _8XA#WNJ/Y"+7;V*H-<.J[KO/$]3S*\7.G(0"%B$O=/XL^FB>"$=),.V;_/281((:*C
M)+JD8*E49%+8)U( *:A+"GF'"B %44@A=H'YGW]G5J:[QO#]CKP2:[$ ,CLF
MS!,'!]3!'V7BCV0:$ZNM;%894$T.5)-C>73O .2@$@>(1 TB$:G&(1!+J)/.
M1.X"[(#+Y"9&V$Z
M+Q$2:6C9OALG(5W,7Q#ZU;&?0CT5FRF2&NW&@:GO6B#Z(D2?#U4?$ #/Y/W 
M_*GM7SFCL6Z_+P45TY>#7>ECZNL6/\:QV<&+"L/@Y(_B.E;@ JAH3X=XX1H!SK\E[W*M+YN?S76Q83NQ.N/=%9S\0=
MW3FZ?=]?N"=L>M6F-\$_:XT^Y%6P^]Q_5833.V^088:O($UE!ID@Q=AC_[IG
MUV20VH/?76' 87&VIS85PY=W=7"56^US>^.CZ1M@*V?MBYJ-@B=)E.^!MG6C7!]#8X3+S^
M@36Z-_OIB=C4<6,PSG_Y9IO$M=X9=/L]^6Q%'FC?>)-%X;6*G2)7/JZ5J9L%Y3Y,7QS491[+S M'V;//!)7WB
M,A_Y-.3'P/:*L[W@WHEE!(/,WB!3ZZ:%XQ/=^.#X5.A:A^>3TOC@^42SR*2A
M:)!9>N-%[[\[# %[X-TMI^<>"(V<=_D>_V5WOD\^:]H,
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MEM\+6(.%*KJ2-H0JNNB&M6.KD4^ 'M2;444"K?P\[5%
M1YPWP+Q';JNS%=,2*!V[50%+HS-%BP@=\3)H":;DQ>>>,[47S,G%
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M\PZ ;>.:NIBU X/HX^NV7?K*#@I?N:V8]#>-K3P*L('R \FO$".+OZ;?\,MSR*DH IPE<62*0-22AB95 *BCQ!V06Y>?$F'LC-JU,>
MV\,$D9L7-Y>>3F)5=AY.85$*R:O )[3BAVY.;S
MS,W+)GKDYE56 .3FQV9 $Z&)
MNS4QE95\*>SP5$Y-S&L]J12J*,Q&0M#%TNOB ;3XO\[.OMG4KSR18#QG9^'7
M$_X=UT_^H]:>JX1)7YDXHYOSX[Y.1GS:Y"P .R*Z-W');]1S&C6M??'MZ?.O
M'V9?1D-=?WYPV<_$=H+"T?H+L&W)H/>/?M
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MYA\6WK;:#0'\4KK[8,BIX^F'MXUZ78I1"A?>RJ8>Q8>WC5I=/!H1.[R53CKSOSV#!1@>Y8_)3OM,7HGEC$)/>N.X\T?K,6-Y#;@G%;7;@-BN(7?:
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M86IWW>\3@^G<5_+6,PR>ZF57>'"I;="QQ93R(5@F<]_OF9P; HO&T/-45RX>R$C!K+9FB+"(V:%F*0U/:T*Y8)R;5&N^8.MC3@2JME"
M'50N-7O0J7EK3[$).XXX0BQ8"_PJ'-SQ#JY13U,Y=@A,;.4 !Z7KX.KM5AO*
M!>7*V,&UM'JJ#BY/-7LDODYM-N'479N=<6C%"!YM82E(JNJP+"+!Y ]>27E6
M5J\W4_5:T!\)]2>5B5>ST4YU@K]%DS[KE WTE7F  ;E_XTH_I&-V'8.-B'UU
MR-J /1*H>^7B:W&<:CQ*/.^TIQCM&$8V ][L56?Y8"8*RR*#(;.,5'ILC\*K
M*2Q-CC_%%
M]R0@VN?]&:
M)8$Z1P6NIZ; GC?AF_H\LKMNP*T: M<(3+\Z1:ZQW3?=,%UC5[UR[NZN$NIH
MKV_$(-OJ=9HGOU7/NYU:JQ.'(#:2A4&&6AX_9'611HK3_TO=XO=X&A+BWSF&
MOA),W_M#X@;R3VJ^X3KP&]U@(9+_?M]/OG:2(=4*&LBJRH9KB'*]RY<"Z^O]#Q3U;4, _6I(QR8.U:"[!F
MFAJ*+Y)-&>!@>P[Z2H)KW=J&-3&#YYNMN_581,-.TJUPQ\5\5_DU:[7XP/=\
MUI3'F=TJDJR&Z:T[^4:G[C]T:T(^4\^P'+Y9<;Y"U9K=C:--^L29C#D[ 6O-
M9JI#GO74\!;1M;G\ OLI'G[+!:Z\1\R\ISICV&G*.!3JU;K^8XO RC@$9#B^]7*L)0#O+^
MK7I\64%1"I?"[*_=:0I@.<=.<6K5=BX$(#Z;9P=%CK.\)@NN&SF.(6<^KS6T
M^&I]$41T*)]W^;1.J)$<1.>=>KU6O+ZE,(EK+6SC6O1 #MV*MMIIYR$.\=E\
M'R0"T^V-QZXS=H,-1&X<=^6I']@GX_V9 71I.<:?^[1!_/8WR_]HTM>_#?R/
ME>G?%<]_M\BGDY'N#JA]9I&^?U']Z\?I1Y=WW/'/)_P=%$=^Q7^CU8;^Q_[;#AG?7U$K?>+9SHB7N4K>:L\.B/=/@T^GWK$
MI?WP.(_^FUQ4-'9R=(?@%OS7V5U,ZHTM_?V"VA8CG/#$MZ"5\.+%LFOV!7O(@7W!UZW0_GOXU?0#&Z1/W#,V
M 70&KCX>?C0Z*[[Q7ME./1.JWX0U*9
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MYZA0VW 9:1'VQQY*=UXY0+^:<4\OOH)%)T;G/4Q*W?\
M50V5V]O9J6_4']+0%G_O]1[B=QM2YE)=8_A^N@XY_H#VS@=,8KY;GO(V?H'S
MO9S4;K$LD$;V6K!))"ZA[$'8I*G!F(\=
MV!PS:L?NP'E']RXJ/VN_!/?V)J.YGNXTK=-Y,+KJJ;C1VHZ](M,AL=@I9,23
M&RZ#Y[1B<8_SC\Y@NSA@_.U-># S1\4A(
M&BX9L_/" EYL&QWNHKCQ4N;_?HG&-;U8%-EV/WH;!KOVX9+>\CP(;=U9DW5%
M#UN%&>OK8:]U2/O\D9B_X_6Y";O/>CU='#C9"[5?ML5\:4W>%Q68:>FG$^UD
MGE%8T/%4;AP_O1+_,,NH')(U6>+UP7%7=MB2OC14K\;? IHJ4(4(0+IL;C>^*53&^'L]
MTR1\"[$%=Y^&/A^)W1>>D&(.Z9&_)HPOK;0'P4%)USS4XPL]M@TV#4S26A2?
M*2;-;OMP2&;O(%%05QJM^,*#G0-.#1PYE*8=?ZW;/N#,_>^M/9[XWKP6]87'
MKV,K03]%&ONDS)_B\GW#EA%A-/%$#+Z]P^J+7Q]U>T"6 /U!1Y/1TG'\)L$0
MGHDQM.F_)LLGN7\2OS=-+J\>G!HVI:O5\)HI=\)9"$M0N2A(:)!$_86G7
ME"(D4M/.VSE+)"T&/UH@L0O,__S[+/L8Y (7KK8TZ." >B$RJYZWRBJSLCL6
MD051G%_IGFM'RX%'>HR'W[?L296=1YEU&KRORN'2<5WGC2\@2=<4@D?D69ZP
M4LE?-GUC.6\'B:#.M\9J:QN$$$=6;?SWL8#T\:]N(*/2X']0/)6!'#K2RF&#
M+[BA/_BDE1-I5IXY>-+P%C-O<*E[Q+RW@[W%0FP.%TI#8N-(5RA[)D!S6/$HV2T/B#=\DV,Y>-H^S-_J+
M0STXW7M>6P__5F!+((_,K4=,^?T/Y3UJ4LLII6@@0.((7JO7UPLFN*[: DC'
M]1\I@&IY!9 R4QTKB.Z&I./1@A ]WE*=B83'7W$B$AU_T7BHL;<<#M[?>6=O
M5JU=KW;63DP3;E>O?DO(5WT4X\*>06YOO^CL!Y>3]]U#PDUV^#B!\QXX
M/U[WGL;<5;KS=R?.7E*UF\=J$M)8D6"S?\V;^._'[+\^1Y@]&=?QV]O;I&JN
M53O-:@O0IP;]Z]WY^#SI@IIF&U2^)_37]I!OUV&&F\*MX)^8WEO5=AW8)\<^
MJ%:D&+IJU=;"IFF0P"X)/!(V"PW6=]W1/DFJZ(UJNRJ?HN\Q0T@1X:UO"=U3
MOU6.!]_S^U+WJ!.O''E@%Z23
M43KO)MW0$+/S]1*:5EM7Y;VW/=R=\M GE5(N_G IB
M*J@S;*>8.LUU5%XB,1W9P+?S[2GUDIM!]@V2*;!5K;,N6H>4Q"*K1G-=<"2A
ME#[S Z*-[>[[X5LPCO0F,X39C(T]VG1'Y803UG9G;:-:5D-5!-9\U+[<
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MV:JWST^OU@WD)XP%9@_:'9:G6WC7_;8V(-T:AN#L9,;$A 8SU4*-7NMJG?:VX6Y\Z@S&FK$MU[MU;:LJ'S'6
MN^@MJ[Q$J;\7+MDS-B6LM;>R^98GSV3$&_LU?
ML!@I1G2!8CFZT=:V:8-4NMTJ\V%L>_Y
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M[SA_SZO*>XQ9JW5KM<('G4":T^[QL"EYCP$VM+84X^.7O_;XX_EG<*55 )NSA^C',/_
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ME,T>M3U,<]H3-^WA#!Y&K;RTUHPIP9K1'H&%?"F2A7L-"V=EX#QW1&E0"
MFP+X@V6/=@#:SK0@!V^L@L.>R/B4D/G[Q:;N,YX
M^Z9C(K#;8<-:@\_L(=DU7MA3\WT^G7N;+$..]M!SCSTSK#;_]S?(_FO3U;P/_8V7Z=\7S
MWRWRZ62DNP-JGUFD[U]4__IQ^M&E@V'P^82?PT_Y,#W_@-/_ZS__XS^63GNC
MIC^\8$%V[ Y!O%XQB&6-=9._&IF+(?CL\63^]+-NT8']Z<0@/!H_F5WOQ7%-
MXIX9?!/GL4+WA WYU_##^;E=?I_5X-QI__3B]N>^,+[2Q7[$=FU1^^MSE_ZO,?@SNN/'7\.J;?P_Q7/UY
M2,(?V-C88*:P+0TL',IX46#!,7VFY2MYJSPZ(]T^#3Z?
M>LRV^TMW<5Z)V[>!YF 3!2%
M&V2"R$1=N$$F(!-UX0:9Y*S=M1;@3@'N\+.[\%FZ2NB+;OPY<)V);?(BL.->
M5'[2)[Z3F5PBY"OM@\N>\S.5+GNF)1K>'G$6C/0BK/X?(BQ->:];,KB++GN6
M#&Z0"'=/-D!??6\"NB/2@>\
MA6F>%\J'@SL(U
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M$_J,9D>$OK*Y$+-!94 @N%$90&5 )4> RH \E8%=U7_'#A:IZCXQ*S=L
M5%Y%YUWBE2^Z:PPK=>VT4JMJ+;A\J:UT^U^'R+;0L!S+JA<$C5R0Y *$I99$
MT(N6BBJ]Q**$S99$T \N\?@#F;!7F<4(>RV)H&]MSW(-/2M_EI33>X!/P
MBMGZ.D(_87=Z<_7QIY/POR6)/Y"N,$BK5\)]4=#L%L526NM=_^E&K:@T5
MUR: ?$1 51WR*;K4"/(!^8!\2DH^B'Q /B ?D _(!^0C=A55-O)1HE:JW(+/
MV)YB6/69LKS4=]7J='+(46(-/T.BH,M[@$_")RGB#3\ G*N,-
M/L&J3Y7Q!I^ 3Q1*3ZD3C@@)+]@";*&0.H,ML.I3"K90HI(I:KT2JSZEXY74
MO>)^6Z8K@6(&E<7]4#QP:5;:"[%^;IW6J\U?8-6P:@50S""DE=.J&XTV;+IH
M;81-PZ93M.GF::?9@547K8^P:D$K79FB6.[>>Q 'B$,0% L/!T <( X0AWPH
M%DX@HY/^>)ZJBZQQGXWG;(*ZK36@?! 
M>(BV$&TAVA(58%G()^6"+J(M1%N(MF2W)%&,I6S1%@@/A(> 3DR P6^830I<
M6Y>6?):J[N%'G>G;LI!FO^Z($/^8>#[MOX=?33\PF_09=M0DSH!IQ_"@,2X,
M,7'SUORT)41F1C\?\UB$,5;W&>3^PXI98V@V6K7ZUX]S.=F^'4/)CN6_K8(Q>S/SZ&-V)#JY[SFX6 AD:X.EKI
MVCV&(9=J;&QC/S-37[R+\TI<1J9O%T-JFL2.*= J#:1E)FI$B*)+2^R($7"+
MO>MRR> &F8!,U(6[Z%V&2@8WR 1DHB[<(!.0B;IP@TQRA;OHS99+!C?(!&2B
M+MR(3$ FZL(-,@&9J MWT25W9>!>*L'+60E=TP"A3WPGC_:']L%ES_F92I<]
MTQ)-K ,BK/Z7HE$.<(M=]BP9W" 3D(FZQ;'1[Y ?$."5Q8(
M;GCEG+5;N(5Q:KF& U/'2/HCZ2^#:*2A.3AQ)/U5A1MD C)1%V[,"$ FZL(-
M,@&9J LWR 1)?Q&@SR*S<]_O>\2O4#N2HC\DT8XX.E#7['AO+CTV S2D<]_0VW=
M-JAN1;>X &F< WBP!]%K[Y2O>&\6J,9>GLZ70+/EE\,X)/%@ANU$I0*U'),:!6
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MX<%*2R+H-0NU,[!7%&A0H,E3N%=7U] 5\[;=*\*I##C$W'=Q,3+S!%F7KP5()7K %V$)EO-6A#SGP!I^ 3U3&
M6\ -W)3&&WP"/E$9;\0GX!.5\0:?@$]4QEO DJBD>"M1Q!2U5+E8F?S,KOFJ
M^_25J-A[IT1>MFB_*8S(#S:2O,Q#ZEJ/[%WQD\U\_L)_YWYUFF5BA:'<(FA";)HH.M$$30B@T: (T
M(3)-[(E\A3%"I1K^DXINIR"6RE+'^D\_:E6MH>(6V2 ?$5!5AWR*+E:"?$ ^
M()^2D@\B'Y /R ?D _(!^8A=0Y6-?)2HE"JWW#.V/QC6?*8L+_5=M3I]'')4
M6X!/T/:J,-_@$?*(RWN 3\(G*>(-/L&Y49;S!)^ 3A=)3ZH0C
M0L(+M@!;**3.8 NL^92"+92H9(I:K\2:3^EX)76ON-\VZ4J@F$%E<3\4#UR9
ME?8ZK)^UZFF[5?T%9@VS5@#%#&):.NM5NP:R+5DB8
MM:"EKDQ1+'?S/8@#Q"$(BH7' R .$ >(0SX4"R<.A28211>W!%=()2I6RJV]
M^TK\BAD5N"I6M!9/0<^G?'D]59]88[^;SN3%(L>\+EAN^Y!@G]14Q;0!%"4<
M--@'[ /V23GD+U),8J01=LBP/'D%=;KK0'@@/(1;"+<0;@D+L"SLDW)-%^$6
MPBV$6[);DBC&4K9P"X0'PD- )R; X#=,)T4NKZL3;BU5XL./.M/ 9;'-?LV&
M0G?8=ZA$BX.:6?+\LO'Z<=0Q.SSR<(H9^>'#\4>^=.)
M-G6QZVGDR!O'3Z_$/_SZ07>)=W'?[WO$]YEJ]3SVA]>SS=A6N<]<8L],E2XM
MQ_CSM__ZSTKEU[U/JQAL4.S#(^E_.OD\<76?.O9WC?V/!1&M[\_.]_KW^O2#
M2>CW.S+0K6O;I_Y[[P?UOD^\LX&NC[\_L#O;_I4S&NOV^QB'NR6]32.;#
M.P*>8\2ZR0*I;;)GOJBW%DWRCXGGT_Y[^-7T ]-)GU$#-8DS8.PW%$G[9Y]B
M\(2,J57C2 8&7C&(94WIZM-)]23X[(UU8_9YRL &X>.=,_"4&1GM6?K8(Q>S
M/SZ&-V)#JYY7(SF$8ED9[;[-/O7&>;-:).,/0S^JL;&-_,05:)?P$\5%PIC8[.=*HPC-[BUZGFW
MT,;#:"*M9'"#3$ FZL+=/F^!3$ FBL(-,@&9J LWR 1D
MHB[<()-JH_*6;Q84Z[6)[Z31R='^^!*Q?Q,I2L5!8HFCQ<"
M%.MC50:W\"J$RN""%D +DH);=#U!:7!!"Z %.<$M>OZM-+B@A:/ 9<_LC76&
M;NUD!]#5\ZH26AQK,0W;*W.;6J]?)#&_U.^NXWF1!'LC-E8_B]V_8#+PI'*"
M"T^J<-Y:4G"1I4:66@;1"!OW+*V;WOQ7^K)5Q5E#MNKFZ%.1+>;A,"70)&2K
M;LT"-"D?W(J9$FA27=FJDGD"3JU;YHKO&L%+73BNU
MJM:"KY?:/!7;IPX]"0N"QFQ6<@'"4DLBZ$5+19U18E'"9DLBZ >7>/R!3-BK
MS&*$O99$T+>VY[L3OJN!!XN569"PV)((>LT:E4PM%XEA)(;S%.[5U?7US4T>
MJ>%N>L*<7RKLG;@HAP?-3U2EK.XJ!*^(+\E4"%Z%R"'FIH.;B8FW.FPA!]X"
M;F^L--[@$_")RG@+V%RF--[@$_")RGB#3\ G*N,-/@&?J(RW@$4.2?%6HBPA
M:O%AL=;PF5WS5??I*U%QA;,2>=FB_:8K7:J6>62A)>M9S:)#_BOQ*V:4
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MR$1AN(O>T:UD<(-,0";JPEWT=BDE@QMD C)1%VZ0"$NNGBI
M#-Q+Q4PYBQ=K2LGZQ'?R*"2W#ZY4S,]4NE*1EFAB1*EB/ +7:EHEQP
M@TQ )@K#772EHF1P@TQ )NK"770^H&1P@TQ2AIN-PAOK#._:R0[HJ^=5:/I1
MZ8#U:R[FE_K==3PODF!OQ,;JEV0C';F-"!Y9(+CAD7.%N^@,O3)P(T./#+T,
MHBG<4.!UQ8,;&7K,@Q6&&V2"#+VZ<(-,0";JPHU\ ,A$9KB1H11GA1GH>Z7D91"-L\+2TV^KA'> (5#D59:A]N0L$$!1,91",,S2'<%H;RUB_%K3A]
MV!'L2%'HL:1=%4G"B)0RHJ_$7S6A^1?P23"G'=![CD7-8UZ2JI8],8N9R^^&
MVKIM4-V*OKIR;)/ZU+%A5^+;%1*? L&-Q"<2GRHY"B0^D?B$$U<\.)87^BPH
M[Y$8SL!F7YFQ*:?G$21M8$C*0I^%(4U7!\]%&&_@@4'!H)2&/@N#FAK-7(0_
MWU']A5K4I\3[!;8$6U(4^BQL*((>G%"
MBP*&Q**$S99$T+!9940)FRV)H!]*B'!XT/U&5
MLM2K$+PBOL%0(7@5(H>8FPYN)B;>8(M,X15P'V65X 5;@"T44F L)+]BB;"WHDK*%$N4 49/^BSG^S^R:K[I/7XF*RXR5
MX)6BO:(H0IHN@TF ),H2!3I,T+/VOMUB_@
M!? ">$%J7L@C@M!:=9F+ K(QA1*I?^56 L06KV,Y0,KR4M^OJ@UOX54"M>%5
MB!R*]JUE8PLY\"ZZ=% VO,$GX!.5\2YZ+E\VO,$GX!.5\0:?@$]4QAM\ CY1
M&>^B*Q#JX*U$;4+4"@26)4B6E\W ;^ZW.YX**&91/-@/15%:
M+'+,"U_DM@T)=N5)54P;0!$P^NXVI%X9#RH"%15.16EG^HL4DQA%@!TR+$]5
M /PFB^&(8AL2[ N 4 M4!"H2"V!0$4(MA%K@-QD,1Q3;*!N_E2;4*KK^)"T5
M+56FPH\ZT[YE :9=]AVJ"[K7U$]?^SQ\B,O:5_XP*$",&*=?@PERCZ?
M+(QR=G[X4.R1/YUH4_>ZGD*.O''\]$K\PZ\?=)=X%_?]OD=\GVE2^'+GGFW&
M]G9ZYA)[9B9Y:3G&G[_]UW]6*K^N/2UVSN^NXWD5@PV$G?=(^I].>M[W^_YW
MK?:]KGUG,4/SNTGH]SLRT*UKVZ?^>^\'];[SRWZ_9].SNHGOYUIU5:[Q2AMPZ"6GR[3@4R\LX&N
MC[\_L.O;_I4S&NOV>[)Q,++*:Q#UZ1A:Z0NCV6EVQ!C&$:(XTQKU:MJCX(5A
M40V#/5N&@\C!*(X<@ @&D>D0OJELAV
MLO7!BQI^/A96S- %L4T1!Y^752<>NS\D+G\,EPR)[=%7;$C()]% $9&J=ZK'07%MT1&W^_,II
M3J/;[:Y%9^.8TX1("A72:K7ZX1A-:=:;\NR$;>B3NTK^2-14(\Y.8/YSHV^],@
MHT6 HR.>?-TV==?TOHVYEG-SJ';S]MCU;KL3]R.IB^Z='\K >2+&Q TF)@\3
MUQCJ'C'S31V1C)DT^%-%5V=/)10,VR3!!(\3Q'LV
M;!J_0VQ"X%V^QW]9G'GV^\RW\]_">R4DO5JSO>"N4@$E%YB/GP3FAG*M&V1G
M,T29N :[HCX@]_TKEYC4?YJ,N4W=$,+B/D)?N4WT;'NB6];[^JBT_;U>Y7@V
M>%@:?=AH\SWV+X;KB-TZB"[9$9[/'N[*<=F=@VLNX?W[1&]T@10LW?1 ":=@/-\02T,P]K9TSZ-]NA2\'IJ1
MXE3Z1;<9.W$G??? J";3#,S\L"=C2,R)Q4CQ^E^3(+;PAPX;["L))]:KWQ+R
M51^1V*,_7O>>QOQAW+\[%F="[^[N*F$5M:MMDM%.W#.26-($64DEUFS7TI>8
M%S?(ZQ_\3\+#"?KO_J,J]-!W4,V*.L@N\AQI6G[LEEQS/V?;T3^*)
MF]+SW.TY@GTQ4C6,.]L>Q^UO<:K2U':6V@.GFA.+S5P$8Y3@G;VGMS4XL
MS\'E3%ZM>D,:H1XTL]3:FV?5 LCU2*,L7'SB\U9:$,T:I'-MEFW6&ZW6-@6>
M/56V3WY\^^3"S[-EDP%K)9MEM+7-O7D2P7#<8JV&UFEN+K<?#BE;C9;+7E1^$X':YU._5MD582$ *N5C0SMRO,7AA[.B!)Y]+/=OCT
M_3!2-C/7ZC2:F_M"5T:?%E#2J5.]7=^2P=P#I^B8J/E\KHU8HI'Q$HVD\&:=8]KJA_(>?)8M'.WZE@Y1 0=Z
M4$:M7A-'F!FEC(106/$#IX)PRG/!2*U;KVV>L^<]Q+Q7AVR/C 44\*',?:;5
MPJUTI1GI0=3=T&I)PJ]"E?GH!(H0.BL^>:<#U'0SGFO=M8-YP/(['@H,NC6M
M65N?)5KST)F.+O>&E'IUO6#S'GB&C%VK==OK8P\!!WD067>J0FOOT>TD12NI
M^!1= $9YQM;MVH85#WF/+O=%UT'U0H219QM2-YOKFP8%'.5!#-VL-\08X,ZZ
M=;@#'OGJV-.A)UW>N:'.)M@ #^[P;S2:Q5*0^$[H<)!6E#7)/?/\'D/WRIX]\;LS)"C9PLW23ULQ^\S3>NV10=M2^O1'I@=M)G]
M63V(PM6&9W;042][:=2.P6GBWX_YL&>OK$IW4^F=D\EJ=2$@6WF:C!ZUX&:L
MU(>=60=A04\JD7QX &LY1O 8]_TEKKMQW*NA;@^8Z=V_\>^'=#RSPGW"E=UL
M&6]6/OR1\AZ7<%ZG"1A3]4YG05T^941GK:HW\?H-K14?W,;G
M*N+IS#Y],4?B "89O;U(S#)R#F5^*'>_T^.].)[B/Q
M)I;O/0>O*6+ 7#+;_W,?K_?;WRS_HTE?_S;P/U:F?U<\_]TBGTY&NCN@]IE%
M^OY%]:\?IQ]=.A@>_X.?R4#]/S#SC]O_[S/_YCZ;0W:OK#"\9IL3OXX;H 
M8EECW>01]Z>3ZDGPV1OKQNRS;M&!_>F$OWR "V9ZO1?'-8E[9O#WP8X]K[P<<=^]'S! _KN_&/XV:R\3N_WXOB^,SI9?/Y6\[S6^>O'
MZ-OX97W_Q[B.?JST,2_L#&Q@8SA6UI
M8.%0QHL""X[I,PTZZ^LC:KU?/-,1\2I?R5OET1GI]FGP^=0C+NTOW<5Y)6[?
MQ:/_)BOW#6[,?Y[=VZ3>V-+?+ZC-/"")G:G-SOR;/AI_M%^\
M<:AS_(BY HX7A?/!-_>35E4[[S8@K?W87/TD7U+[KQY\!UV"263V@<]Z+RDS[QG
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MM.IIIUL#9XC'&4BQERXR3S_%7F#,_IF,76*$F]Q5R(\QL3UTJB.,%\5/7W#W5VDC^"^B I>(34$:)**-]VJUIH SQ* .Y_])%YDKE
M_K\2OZ(;+'#W*(_7S]SP?:OSN#V+#6*+=K0H!,CJGR7,PS6Z+9G]MCI9H9)Q
M$^@'],/^KIW6:@T0D$P$A#( )ALREP$>+-T@?,5NI4_8+77;K#!M(NX;?\>F
M/:@8CN>C'H#) Y)[LWI O2JSAY;-+RC))B",$A%&_;3::((RQ*,,5 -*%Z K
M50VX__+[//-_RO>M5S!,1_9?5G\L8?JMT3IM(_\FAKLI&3V!@9AE:5W-/[THU;5
M&EF\I;%H[ZRD"4A'+"*"6#B/"!N3:VCE%TU9"X^Z94-5B=A:J>3]] U5\5=3
M\1TX@S"<'>TZEL7;;RA_:1GQ?(_]5;ER[. -)$'/_PW#(4S[\_.(14?4#E;Q
M2M*M<_0KWU$'*,JOIR4Z<5U^_;11Q7X4$\XR3C4-BX]$IAQ5
M$OV8>Y0BK__L^+I5,>9S!K[!CQZ]H"MH]7<)^]V@X53#)R,EYPZR3=8E<;+"
MNM)V][33D-J5"L[HBMJ]B"C"S#>;>>.T7H>9%V_FJH(ZP:=AT>C9=;YZVZN4R
MZJ+#,#G"7ME052*X5:KM?5?8.[$5#GS1Q"ZK9Y:PH;3>9I$Y7FHKA!\"/8&>
MI**G]-,$G=-&LRKUE*)\=(0<.Z8ARN78%]]XBT2[0'8BA[,5-N+73KL=O*E6
M-'T%"X %3LN&JA)!L_JY^^5P&@E\*:Q+#B11:I (2$3TVEVS>5I%[4XB)2\\NE<';R7B?FFC>VJ_DG"#&(57
MPJ*<+?BJ,F$=<^.TW9%Z/:L*?=H@$!"())WT[=.6IDF='9 M?)0C7)<-526"
M>KPIX0G>9IO29U,XTZ&2&P%%@*
M++6!I1KM-EA*)I9"G0!3$IGK! ]+:W?C;\Q4N/5'A<1IX:5X81UIL(N-S'Y4
M-O:&TO*Y'"JXG?&
M_W_VWK:Y;1Q9&_Y\;]7^!Y1G]IRDBO'P1:(D9S)5'L>9D^NE;SA<
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M2%S2L29MN)%#4L<_:GA,G>-K?.$!2/LM@;IZA][F 0:2T!BN
MZTQ"?TZ"D(K>'KQ5M6CPP683S;_G<GR?>G?7^@M3>%0WX@9"@@7X2,#8JD/80,O2 #^6D,VH])AQSB
MF-VW<5'F\01F/#%W!.I.!
M8]D>=K)6T/\BH""@: @HCNU;3J^+B*(>HB#9;ES<+I5X:0G>^7?/XI+).5Q;
MA](X$#*G25#22*-(7R^-:DFE&\LV.JQ-^]NDS
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MG[_]_6^$_"JN]#4F:T*OA>35/WT[I.S8%S]/H.OM2,6:?@[R,Z].?FMX6#)GN+81XV/3'M1/2#F
M=YQ&3&9GGG\D&]@*BG:*:=:%"[(2&3% 3())0<]F+U[/
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M,&@/[.:7>CNE58%K,!R*ZD5:G)D!?H :7D@O#3A(:P"%O8OT2B/3!*ZB.XT?$DR>Y91@0PU8'3]EB/P ;V
M4IWT3*?5UO1'BFM\J]/9JY.E; >,&**KO%44K_0,J+W0QEN$-ZU,[19B';)2
MZ?33#]=V.H;4U -')?0"F*!IO/ST.;CG:T\%&0<1)5E*;N@H2(9\.V*01O.^
MEO.T#)>C-/+JAPB:MJOL!^"\#[D'[A"IVW8*4C9#6"$%!"0
M*[5[?5,"DIT@10$:N-2)1.V/37)GHML/ G2>X"9$FQFM.V 9X<#
MPH!QH\_8D0:U@*WJ\!&A*!@_.7[7ZO4=G5T]'+X4P9Z!A)2T)2Z4JG3?"%6JB #M(X#L1AT@I:J=R]=#JHBK!F86D)H4
M+C=G)SF]83D'F03WHC\[2T2,*=S#52D]Q*L&KZO=$E2+"E.6L_4MOX @*" [;5$6!1RKY^W%F.CF^K68KXBM)B8:
MD):5'CG["M>3<#U).?'*!B\]$AD-F5>W:W7V*^&7[8<-F^0(*H;E1:#7W_!,
M+*!F@VX!$S>]5XB6S\2ZN7\D*]O@M*QR1 G
MHW4"IYL_1D0!@2C8W>\Q1.E8G7['I)!$%T1!G#8N;P+9W&^I=P,>CX7YTZIX
ML2<6]O/3M">6U[<<6^L3B^$PIXA=IF 7]O-KJY^?O=?)?G#"+%VP"WW%0;+%
MZBUO\+!J)+-/#Q.;/X.O3]%B\\>>'.(QMWG*Q>_F/]OHF9MB7D&MZNFK6N/ESTGSSZR]!3HNSK^&(1M.$
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MI:<&7U:EM4?3W'IZ?WZI=UDN*IZO1SFEY"/[PJA8J//LQR,/1XJWG
M6(]1-#H[)HFV>8RFV7+=D*;"1:>C!)@=Q@VYZ(9DNR'.8:,KT4]O*QM"'W^%
M!JJWHIF!=M% ]=/;00W4C%!3!]UNHSVHL:SBE?;+977761DDI*@*  BMBP( 
MKHCJKJA#U#_*7NEXHOJQ>E^'/>8Y V'/3\5Q&(MV1W&6
M DPE%%\CTL/G*NM+N]9@OU.E9'M2W?;0H-&CTJ=K>5VT>M4FK/0@63>I
M@HB$=:=(GHB1:1*/XU1\8$"@#*Q#P1';S,EVU*V?2="VPW[1M7I=]Z7.'AMX
MC=94>5$!!8<>
MV<4E2R[*>Q)F8YY1B+J@678!,+E -ZVVFU;6&0\LI[?7Z;6RG;%N+@#Q!/$$
M,)[TK(&[UPE&B"<00WC=I HB4-=]@>!S$H14=-,94KXK-HT(&PO-O^=QR9Z>
MQ?9%B2L%Z);5<I](@_2;+#[>E.G5=M-7O
MXCX");P,XA/B$^+3 WQR>UIG$.;A$ZX/8-:Q,W7EF=4AWPM=1LE0?2O
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MZS/7NRI'-'^?AMF8;G!)GB'Q.?R%#M^\AH#]TV?E;[4;MY!S'[24B3I+;E-R?VB7A?3()P]KZ&I^H8[#D\
MU;#!,"$))@4]F[UX7=V(S7K[U%X\7_6X#PQA6R; =TX=J476H\K+.VQL"X_=
M>H"V?)?LCN;,J7\_&\511-,&MCQ$PTW7T9QCE%(PY^7XJ*W'M=4RF^Z>]FT4
M]['$S4+AKM0-!8:)&\$$P02LN!%,CBMNY[2/8-*&N-M8WY,>U:\A.8)IF1V#
M@.WM',+/?[EG",]&S-(]IIONR3-&PS(ZY8K:=])3@XJJTMJC:6X]=3Z_U+LL
M)^6(DNM13BGYR+XP*A;JO4PC&BW>?@SR<+1XZSG68XR-SHY)HFT>GMV5[88T
M%2XZ'27 [#!NR$4W)-L-<0X;78E^>FN8X-.OT$#U5C0ST"X:J'YZ.ZB!FA%J
MZJ#;;;0'-995O(9M70ETQNL!2"P* LB+N@;Z)2)XL/J
M?1T9[5AYV':=X8N.U>N[+X&%(OO7O>WNL(Y1:(B8A)BD#B8=HX^J[^QY0A)B
ME.ETN:X"!Y%VZ)%<-*N)R3LV>8KE3(,-@GT0I\O=3"R2TA)@[J'XTI(>OE>5
M.-]UK;[M:1WHZ[:-!:T&P;E(%$?/J3K5?-4/?89Z-
MR9KXF";Q.$[%'TR)BV'W69#N2W5LJNM:KC?0V>W"GM,(&0@9BD%&QQH,$#&4
MG=+2(W9MQ0LB=-56&G.IV!4=R4BI,1+1J"10,H
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M9POM+'VSTD1#!RNSG4WE91DL7YDX_>H0=3*S/U(;X,F20N[0H5*PFA2 9/EN=<$SS6??WP3\H?M*X<6=TUO;"$
MR;(A1+OJ?^>9L*3\YK106,%;.8?E4UG$1;[01&3I948FR]O<"\+>D?,OE^?D
MZX0G]#GY+Q:3,#-M'$C^XK13,2Y'S?_#"A(;_;
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MYK#_\1.+OUUGW[QO7O7FY+>&RR1[RFX/G:_UDZ]7'.4S3G$&3=5),2_%ZYK+X0;R+YZL>]P%\;$NA=ONG?:D4ZBRPJ?SQH9+;Y;MD=PP=
MD^S[V2B.& "M)U]]23NC=%=6VUS@.AN(\J;K^/XCZ6N!WOM(.S
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M6BCA2Z"<.A7/S/D@B^2TF-"PC.]H
MH7B527AP+X/.*U-H&(@[*%[$':4+!M$P4+Q@$S#]B@8OLC%/K8(RSE+1Y^*&
MIG08EQ!3+<4M (5H3-JD*AVCW2H1G/T*OF_U!EKOU0:"#."%J"PRX$ZF]5%U(4A>>7*O7USJ3@P-/()(^_5*[E285
M)&RL/V%O/DSCH-87ZY&L8XHEZ>**55 W$$USS6K\#RK&\
M#FZ8Q'S(W$6P33,E;.V'612*%SOY08N,L''?,XW[7,_R' \;]ZF,/]BG3UO\
MP;9\VR)2MVO9':U/&M<6CT!D;_"Z\ $N4U3<(& *439))"7MPJY:\O(F2%VU
MNK[5QZ9:*L(%-N$#LND*$EPXW8[E#'R%9C9XO "1Q8!KPGA3S&29OZ<5Y"!^:B%>+Z8SR/CI\J+J?">%#*?'*
MGLX@LB3]ZO'>IW>T*,6R3ESG0DE6%"]QUQ*"$%1"1H]$1U5>1;O5GF/M'VB]
M%*[O:ET&!Q46])(J)%C ;46/-6 8N*Y)DUHV5(!(5B!M*]HDC<$M19CBR!>O
M;.C2(_DQ3-[24Q[U]P7UK4$7MP5I-*=1WKC4HQB&="S?Z2*&*#&G0:10.B9*
M)\/F[746V^HE1!IB3*
MHH!K#?I:]Q30;;Z"2#=@K=C4B4C=30!@TH%K,IJ(5S8X24M4)/5=TD/@V*UM
M$T;5<7O(J.HSJ0%U;]-#X ![KK6.(I[E]SN((DI,:A")$IR>:[,EFJJFC<)M
M4X ID8&LC)3$!ULIR4SAEG-D_4]WN>//5E]Y)5I5SUPI7^0W)X[X!GD$$/:\;==<
MQ==L[MTD6?CG;W__&R&_BOM<4W:)/,CO+_^:QN7]1>.@(1*R0;.??*'#-R=O
MI[GXXS>'_<^U'?_;=?;-^^;5;R(:?_M ;X/D,BW99)B@
MI-$[EO@7'^GXAN;?IL6KVR"8?/M"$_[1YR O[Z_S@-TZY+.S#\^C?TVK$D NW2^4R2>,$ZZ2DHZ+)\75;8JK^[BX^/ ^!FEP
M2_EM/GQF]WE.@DN/*)Y$7&[V\4?VNSP.DM7'W4QLKWH=;TET6PKE4/+<=/JI
M)\]!O]..//^9#MG3T^@BF,3B(N-Q7/UN27+GQ;>KX3?'G_);Q_,[
M(JBHG_#QV^SZ+'.U/?0/U<^&Z6\F63>NS<_8^XG][EP2W6]C$R6]#=EOZZR\/
M+K*X]L4TS_D?XR(,DO]+@_PRC=ZR^;W5;5Z],/K^\EV]W'L5_^S? =^B<6%*RR]8'_/@^0]FZ<__IO>;W4'-M,=
MI^>Y8F;/7BP:F[/ [&O95!N.8_^+RV6[K[VBJOW?1,1$(R*NU7R$I8NOWOD+O8T+IJNTY%"XU:W/OUQ^
M)1_//YW_=?E"U>WK1'XC#TNQ^#B4V%5?YWR"9;D5O/3/RON^M
M9'4'?G9E);5M'M'\K$PY,SE;&:D7NA?NJOY&47]EPV5@M]]%S1Q.,[,O?6)9S[P\!YQ(6)<\TJ-^9!96E;]C5-D\X7Y
M+4;>\[JV,F/?0+6?#J@ANN\7J@=-3 B >">U;0?S.
M8*#-$/='_,'JVI$&H]T+\3L]7T'#TP?Q%84 ]1&_)<$QW:4B%UA4.Q;O@C@7
MU0EOXR),LF*:/UVZ^RPJ> .WL_JP&][X$,][X/((=W6SGBYCW9-&=GNNH^G(
M=ZZ4Z/;I"EN-[@WY?RR'OACJ#;G\UB]IMN&/>[>#?8K)=#=_%:< BUO3V
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M7M_M.UU89K;S=U8KX
M-0][F.$<>8N#V_,'/4E#/201W.MX776'M1/9VW-=M>;DGKG:4:;>$3=*O>IW
M75GC.3)JO!KX_D!=U>V*&J\\=W555*5A[80:KMCWI-*DW!,V=IY[>YS!P.O9
M/-?IK#:&7<>+/'^KHVW=[;,D>\U\WN&)E6Q0QQR(W5EM7W;L ?YOD,?\^>=+
M=!0=4VP]RX3(:?L^-Y7@MW.IK)=P<5J[OW RMJ\=V>O;K?_LCC
M4\O@#RD.9>S=&]BKY?./CG+KRL"6=_-V.GW'61%D7G_D:3Y:>EZ+=X_4H2.>_7'/O32O-'A8R'W30.UMO0TKSE_\5
MLT T#T?W'^@=39:$-?_.^W0R+0OQ!6_#B>#[[FKYW=%ELLFB8PLB<3;N/(R(6PO7O[ST(5V4]G]CFD0[I\B=CH_@J'Q<[SPX$UMUUG1%2[=G12:-X
M,EL+=M]F:&SEDD.QU[=(::9WF;?X%$8WX$9)/&_:?0A"]*KFR2^
M;=960,VDN]U>]^#,[^%.9G6[7<]95_!WS $\,0F?[X/7Z1]^<>1AH9'413VI1%CV/&?UR")-%:06K7P41S4X1IV/J/08<=790G>U7@>#9J\>D
MH;J4B^>=7O?@!0BMDG":KF5K5G^ *FN]_*#WH%6]7FJ;?/=6:UHM'.U*F?_*;;\__61W7DP\L;80[-<3J\S:G_#?\)_\4O]^AY__
M_6__Y__PGTV6?W3FN).2V)/R-1_'*X9IM^G9OZ9%&0_OJS_5;\YB[I1>Q1'-
M;O-@,GH]9$-_-0S&<7)_=AV/:4$^T>_D2S8.4DN\MPJ:Q\/J>P6#RC/B\/O,
MGT8\#O]T]D117$R2@-\I81.B^N%W*D9QDR51?27^W;.X9$\:5M<2JB+9D'QF
MOWW]D@RSG CQQ>/&@\8I^_M8*),$*;])4>93$8<4
MI,S$'?]GRIP;S=FS5#UI"/ON._8K)LI7_W-*N'2V$(C%[L%;X/(!LZL7E*3<
MD5I"4-,T8)_PG_*'H56O7%*PE(B/E#],-/=]!96--TRNZS[HZG9(%&
MY(8F,7/X!8E+,@H*,@[8#9B@2,"C%8^XP0[A5\:\P+\_5SL8OKL8B5(:[7-?B
M4=E0J]E4W;C8^DXY#8HLY7V%Q#TF^92;7Z7&;-9>D'VKF";L%XWG:LP?]K4X
MBZKK,>W-9L
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MYO_8?!@.^7^RZG%26O(?<'<=E&4>WTQ% SLN41[#YYDXB:=">>2 ^HH(Y4S'Q^+2/.:"S
M=^)Z"TG43[ATA:\+U&0RY)0AX9SA=EC&K#C+SWZJDL'7-T'XYRW+(]/H5?4!
M^>F=^*=")7*>)-6(:OF1F^K\IFJ&EPL:K&C8*:V[>K)'GDZRIMVN)B%;/:MX
MHM/=W.@3 UV^R2Y.9NXBKSBSSB0V0$#/M+9JOP88VVKX4Q5#./A_\,
MQ.H.I'3AW%D>QH"ICD%G>%UA&,^69GD1#_^Y3YPT,N+#6";Z
M-R?.R9Q361I?*S=N_IPTWRS(I5
M WN5/ +1=5<.\=Y<'L#DN.MQ&XH)4->S.%V_CV+<8QYV!OZAY,6>AO[$*N'SVUL[S\^G7<>UB<"X L5#
M-VYQGN>_U0%#+0O3<;O.!K)L?^L+!#O
M\/2'&/Z:H]Q;'GV7CW[UJ.C61O^6%F$>BZ-!F574B5%S71;2TOE#!D*E%8H'
M1+[XI7-*KK[\E:_/6;TQTLY!O 7NOAH-]8K;46I,>'T\^GY,7#-0+A@I<6!BP2D+370>)*(1^)KV(TE&\XI38JSB@<695M$%/HTA+MXQ;]45SZ1*E2NOERO1U/"
MJX5(52Y4?<))^D8-P4W&GJ6HLYO59=L^8'2_6.H1L\QBX\K%
M%!!_K4LTYE.+B^@7L4@^%WTU37)!'MZQ1\VF1?/C847@,\G.UK+FZY5<0'%*
M:!".'NCRH1F(P3]<(K/(]U',+L -85%0DN6W02H6[-A )FP^;SWQJIOT77O 
M9VXVO1TMU@6K,@&Q!%0&/_BBVB0K:''*%,:>9&DQ;I)G=W%$F^,+HKNXR)CD
MB[J&%;EP4%S5HA25%4,W^."\C4\EG#2M![#JK:6YG)='_ ,L%57
MY!=[!B67K8R/MBGV'=<[M',E3:9?@/J(N6=19;5P!=8_":B2U+9@NT
MPH:J5/3%;3YK_:W#[ZT[DI7
MPR%#6?9TBRM]**-3]NE[\:9DF2?:^KI!X7Z%(YA:@M7U0 5/.;EW.Q*5YC[ .0FQ-HE?-I#N/L
M$:NLG$*/8)3UEV>VLUG=$64(W
MQT81[<_?W=PW??^L3G<%VEP^,MI74A55YZ6*BSJ>>B!+JJ&$Y; [NV+1ETRX*
MXCKVJ&;D)B&%F*O5I2M3F5?T[UKXIHG\]RU[TV6["7RK"<-U
ML!ILC_M>[[3?^\7)53'&5C]7L?R_-VD2G82IO#.*9GO
M,1#Q"XO3;D=\>EYD.7.1%7W\HN LX?R+RXSP_"?+<=C.BI XN1W7ZMJV9=OV
MT=1PRG]9\CKS1WCP!(T--6)CQG-F9#4F
MP@H71[X'.\2J.YI7/=-VVVJSXTS:B2#9$9,Y'\UW"529T3Y!J%9)J?%%TUM7
M#"Q7'/ M(;SPAOV'KP;>!8GH'3#?U"_:43Q58-)IO5ZMT^]WEPMQ-GK(=L9U
ML#(\?^#U7%FCVN. K>>;5@^Z=D_1@>U5-LDFHJ?HN#9J2/9,L5RU[,ZYI\75
MY_W(0&B]*:#EX1U'1E)GT.$.'W)46LPY.R<75QX_OKS]>?KK^2LX_O67O/UV___3'Y:>+]Y=?C[V@<9/E
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M^ (YNS(+7D9LS+S$5OFH6TV76W
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M%B#0L2TVF:A*R95/N^>05^D/[)@X&@*#)VW3K365%4O:=@(OCJJK+B7NP 
M6[H\3]_87.5[5)/9GD.Q88<%%"E=:7&[D-L3LV+*G$A05(V1>5O/*A"I>O0V
M.WQFTU*DW7P@\WR1K)$_X17$/#4+Q38J]IQ\4]R><\.Q[:TJ(=9&>W4:W1Q)
MW9*0O(A?+B0D&@\&HG\W3>I]^CR]G 4"O&5G%5E'=!A,DU+4OS ]/2,8=HD7
M-LA% IWVMZRW=.\L>=\.KE!W-C%2&&E+:113BGW19T.*&Y:  ^)J5 6]&A
MLRY:-IZW%I2$*\$6Y%$\#N"'D-![?< [IH:#$_M=2W*(5Z*NV
MV6;#%B\VR<(_*:>RB@;U(9K,QNLA8XU@EG8J/4,DL4DHB)1B)/JL9R7?O\LO
MIJB#F213SM:%^;1R$:+.KQHPWV!%[L0ZE)A0S-IN9\)9$%[!QHG[UC5N:\7@
MG/;:2WI%$^5&W]]Z)_I\9WIM$-9<0DLMBBL\:30SWI_]$XQGE:JLP>BGP;45
M\7J]TT'[LZP5PL/W3[YS99N0K_(BW+I<,B9JWZ8S:]PW+AA]B5
MLFF^&?369>,\J*\1?W8B1[6-J4;YEQ;?HKA^2>8Q;GKK.2/BX/K8DVB-3!^5
MXD),.]6._^SU3[W=6:J=ZKGY/9V=[[D*A\@D;<8D?::YZ%G$(XAWZO-):HAY
ME8V;=12R.+S6YQY5Z\'!#-<# ;?D176TE#@/@QEN(NB ^5D_65P=VU(CW9 N
M?OFR[BXR%:O+U1IO$(ZX]XZ:.6U.RVF>UFOT+]BEQBRYX2HQ4OQ![80KN):H\/!6,1_V[==T<&+;2F(<.?*/V),^&(M>[JT/0VH&#(N3'E@VU%QD)\%DPF:K^*C9K$R0,J++S_+>&&;_/ ZIR9@*[/FY
M4/?LZ?,\;F0NE5"^5\WN^<-'*_NTEY]2/,NBYWW506KIVT5%1#$75,=?#3Q>
MD$/\>U6]A6CM$DW#NOO2O#D47Y0/X@=/,_-F?+E%5!LL#V?[#<5W,/IN
M;?2M;!!5<,FYW-"GQ\NU*T%13'E//6X]]$=]7MK"/EE,P71'OF=Y.4KFY38+
M9F;2@&/>PZL9"TTR7N(3BP/7V/2N3(%;'Y^KP8]9CS-^KE@4#WF'K/F>?QX(
MW:;S(+..Y=@O1%.ZQ?$B 3_=^H<(-]AY>59/(A+<.M!_' &J=$J8=Q*SG*[*
M+:IH@,7MB^"],GJ! G5+R'WEF&9[:V(.*0W'9=6'Q?$D2@0KRYXW8AZ+AR%5
MEB5:N-+EOW\?\?58>L?;A(J8J8[65KUC/4&+JB:"3X/E>LLZ?X^F]=,U:U/3QY]U
M9X9VC]Q).\K+F)W#VVW->+BM(TN_ENR#MS$O+V" QC+NKSSC>?C,I08,5-EZ%!U&?I$
MRZOA=?!#YCDB/<]?V=[T^'.V,Z##'MCQJN,X7NL#.F\T=;O./F5IHUW>K*=@
M:V=HS5N!B$X@&P[;\^SN8--Q;S(<]62SZ\Y6Q]U\1J@EF6T.7=EEUK@=X(+9
M>G*,:7YV\>>J06'+QO7LV2^#3L?9=."[/*L\03SM[1_@J>-[GG],2=11
M_#Q2;QS/<#5<Q0*A:-W@2YM4I-
M!>+$D_H0\OD)YG/N8FVK]'6'IU@5PY'51-8D^UX=@E'WX>-_$XM]!1.DV%S-
M^RLOFIJ+VRT6$9+[I2_.CY5?E/FM3+6:/&M,M_>7LV/D>2%LD^P,Z\8-%:EG
M/63%BP;G-ZLDK?NQ%G5_]O6UDR9W#5Y21]V'?1/K1X/EELA$6RSW89_QS&(B
M+[7V7IKGM8TV5GWY5ZI%=#:9@,+S@N5#=_M.RX86(5@,S6$\6G?%VD
M.N%EW3*T:#@^VR_^8(OFHK7F&M!X\.TY<(@.ZKN!A@D;/Y^?U?_9G-&+I@:K
MNV3_+\UNWFM_G88L<2K6K$?VOM7+\P.&XKRQV/?47%U,NO43Z 7],=M&
M7%E%TR)>5DWPB_HXGN)LD^G2"+F_QU$Y.N/;:A;1>77^0$B39!)$_+YO3NP3
M\;Z8!.'LO9A ;TY"L;/J9':]NL"!'\H03 IZ-GOQNKH1FQCVJ;V([:M0_\%<
M*?/YV^I]Q(U!W*^JB#I9?OZ>K/JUSDX<>CRJTY;&QL
M,+785@;V>-_Q30UL^2Y\06K(='XVBB,V51OFMWK?+>I"GBF969Y+]=PJH^VT
M93NG'=36$]I:EOV^XG;LTX&+XCZ6N'%VH[CABMMAXK91W#B[=1-W]3[7.\R\
M"<(_^8' :<0C["P_(S\%TS([F%X:&5UOYYAR_LL]8THV8I9_I+RBXAFC82E&
MVP&/R,G(3[;XYVAZ:F3J59YU-,T]Y.F65-G<#=9H/^*L*=U3$@/EJ'-_(F4G
M#X.&HYSAS/=7:V@[NGBL?4P'HP6,%A#TV@(]7C>"V*:?WAHF^/0K-%"]%%(B^5)I@8T%Q>7E^_>'2.D&>P!U![\W5[[G%5)Q
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M!U\0A(@S$2,H*!'4O)%:5_E&:F :IKW+5953">3A/+6:$%"AG$:I&',
M7L7I,,O'01EG*8F3A#UPSE*L0BP]+'(N?@$Z'-*PVL]8-5UK)&3O&-JQ3])F
M.S8Q_7[ZX=K.X'71N".[:A2+^P6+$QX)7[+@!"$)TFA^=MWLKUWQ5Y833A/V
M ,,\&Y-L0G/QU.Q]O5)2BI62L5@I(90OD*R[-K_8^CN0":+:%-HO
M(7L5QS!QX^Q&4-)=;8>W$MFK08:)&V>W$N0.TG)(R^F@&@7-[.E7VO$$&B]3
M'88H6.R3JINZE>+X##17I=6*Y@I3K\\U9.1['-$TE58AFB9,O3YCFI=)/([3
M:CLP6JC2FD0+A:G7;1;%T$)5UB22/D_H\GB=? Y3&,E/)#?#ZO3HN62:>/7H
MMB>[.X%I\L;YC?*&+&\%%WY!RQOG-\H;LKP5K&X#+6^$J94X6"%[#A\VT#$6P0CKK,:ME8 8)3U*]V\6E7
M*EZ]3^]H4?(SS KR(D[#9!JQQQD&<ZIVVTY5E5]3[ALTO.YDW 5=/1^Q[<&CHTFHT((8)B\380HV1E'>\I#
M(@2"&A'S$/,.C7FR*=[6P[*V@[ 73M>V!J[_$DT$$T-$().B+F43P\Z@:PWZ
M6C/ <((D$-RP?O6FGVD^S')VCY"2(64WS6E(X[O@)J$ UFPG
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M?>$)00E+0,G3"#4F7V
M2P]T0+"'4I>7=O*PWZD8RDV61.M<[KF@%4DV)!=96F1)' 4EC<@[-D*(9",N
M#VHB7MEHI0=!";IHX:"!$5H*(A-D>8.)3S!STE5STBT%!".J7SWE15",2)!&).0OZ%_3F$F8IEA!+U::4Z6
M 6?ITC!YFXAYLC,3#;M5N5:WZUF.K_6Y!@A2FLK;1)"23?)B8(8VB)B'F(>!
M&09FVAB-=) "033K1R>_G5(RS+,Q"8;#.(F#DF+)*SIH7+G5DQ/&! .N/4GW
MT""E:B)*R4X6E$T)',<:=+L&S7[$%,04&*0K1CYP[0E1"E$*(Q^,?$!A"@B^
M$U)A[=OX+HYH&A6B#T"%Z,RM$'$/,0\C,HP*M/#8J0C
M% BF63\^^Y+NK$%*
MU424DITT*)L:=#UKT-,Z-4!,44"J)F**;/(5(Q^X]H0HA2B%D0]&/J P!03U
M":G(]JHXJ9#$(40A10B#H K8N!&09FF'TJ:R8&@AS&81B'
M:1R'@6"2=^6+G?X1">/O5#S]399$Z]SY=58&"5P&&3WU0R&Z[/,HF_)*ZDW!
M_@AB/,3D_EE]VG<'93PR= 4=KF/UO(%E.UH[7=U<*V**=IC2>%T!RPPL5\J--
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M@S 07+)^C/';*25E1H+A,$[BH,2Z5/3-[4QM SVP;.I763_K]2VOH[6?U@*N/2%*(4K!H%=WC'Q:[]/I=ARC>G0B@"" @ AS5$Z='!L[
MAR,1:6Y1ZV>:#[.UQHU$:]LP-*#G-1P>= ;="S?
M[^,LUV>6H[R/*V_9<3O65:'9:&@V*._CRELV/XDPA6:CH=F@O#&:PAP-9[E1
MU*E^!.E;>E.2[(8)57"B6,()19J@E&Q2%%$*K@D@2BFO(DU02G8LA0D:SEA0_":D
MTM#+OZ9Q>;]2$3HM2381+V?'+=T#1'NIY:'HBDU9TM=5PX=*U+5OOC1W8
MK0F5IPU"R4XCL (,S08Q#XCR-,$\V00O8AZ:#6(>$.5I@GGJQGF8B>(D-X-A
MUH]'?DN'-,]I1,K@QX(UMDA*2X ^ 0EB[50@&Y?TH('5=;&.Y=N>01,60WWE
M5:0)IL@.Z)&J@&L"B%+*JT@3E))-M2)* 38!1"'I*M #A63'2IA_X82%1&1*
MK;'
MH#EV.)8"@LS4KRKS/ S9["F+V2%/%@G",)_2B- ??+\_>XP@C4A6CF@^K]J,
M\0A[7#)4006R04L/.A. $\?"!2ROTE5%FJ"4["1$V<(&Q[,Z[L"@"8N8HKR*
M-,$4V40I1CYP30!12GD5:8)2&/E@Y*/(A 7!@D+J?OIV2DF9D6 XC),X*$$2
MG]CFU CER,8V/RM,$D-2-F#!+1+-!XMB4\MG/5=4L&68Y*6@X
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MF"[? Q">;J[5<3I8G(DP@C"" 4I[P.)97J]KV=BV70UD
M 4%*'@%=#L$V7F3C<5R.:5H6)$@C$K*OL&'0-(3)/()P KH)43; @"RCU$2J
M.%=1JKI(5?9"/4RIXEQ%J>HB5J?*F"H,2D4O&'
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M+YO'YR O4YH7_TDN@DE%R+3-"X+$A?%E$8D
M2*-]GRR;ED7)KL-T]!(@&F#IK![B568E$2ME56Y#Y'J^Y?9L-!D5(A?#Y&TB
M1,E.MH!5?&&!%V*>5O(V$?-D4\R(>6B#B'F(>1CG82JJBE/$NW1.DM^1
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M&.$<,<(9>#UKT.TH9B*@@0<$M6E"Y6\2!S=Q$I75N@+A0C3T!=1-N53Y^C+HZI8U,_J,ZBMJDF?","Q>M[ 
MLAU/(8LQ>.$3$0H00K6I)]N;$/A'O
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M&29NG-V(4N#T>'BSD;W*9)BX<78CUZ>\_8T-!6M58AVJHABKY,XG&[AU"Q!.5JI%?OKAVDX'8F$!@H\*
M4H43J,@F%1%\ )L)@@^"C\J1#V9)ZLQJV5@!@E/4KS+Q:5B"L28,KGA5WR8NF]1\
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MWR2T)CDMDM(2H.O%A4FXXE7= ^QWF&O&)F*>;.86,0]M$#$/S<88'AC34*6$KAL\@>".]6.(_\BRZ'N<
M) !=-S*_>@A1=<2#XN7MG<)ISU*].F,\H;Y:U>>&Z:
MO'%^H[PARULV 6F:O'%^H[PARQM,?&(<\8N6@K2EUI66%T$Q(D$:D9"_H']-
M8R9AFF+C456Y,0.$J#KHRZ8G 3AEK#]0U0^#E*J)55*RDPIU:Q*Z ZMK8TT"
M@@J"BF[,)X8^<.T)4(Q %!*D)J_7H'2W*,26#9'"GI)TYP4 L[ZIF'R-I$9O(
M7LC./S0LCW \R[:[:#&(4(A0!O"K&)6A#2+FH=D80PEC2*:4T'6#)Q TLGYD
M\9%E;#;BK?(DC@B/]GB'[7EJ[K?/0 I*DD[*H9,YF0-<)8U34,U
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MMB[3Y(WS&^4-6=ZR=[*;)F^PI"S()
M[GD/3HL$89A/:43HCPE-"UJ=X92)+>L):&(1"1@]A-C"K->@"G%KR2N[,N?8
MKM7S.B;-:MG.%*94X6"%[# =P%8N59<,6K>O\0V02B
MCNU#W*YE>RZ:A H^VS!YF]C$37:* +HYE3F,)F*>IO(V$?-DTZ6(>6B#F%D:
M;26&QG28=FI@+])#,!!4L7Z$\-LI)65&@N$P3N*@Q(I0],PZ+ZB"9G;5=:2>
M9>-A@(@9^[I# VD)V6$[@+3*'/(!44H!J9J(4K+)4V5J39TNUIHB@,#SH:!C
M''7S)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ME#0B[]@P(>Z\!UX(UM/94-X]@VG1&>:.\U0O139,WSF^4-V1YRR8>39,W
MSF^4-V1Y@XE/5%SB $VIP[$4$-RE?C67YV'(9D]9S$YBLD@0AOF41H3^X#OF
MV6,$:42R4UFC(?(JTJ=&2!$U7V";/82@,_&L@0LGM)51=(C*3UR#F7+
M%IR^->CZ!DU8Q!3E5:0)ILCF17?$E-8/D3?J"'D5XT?$#NVP ^.1I^(1/$(>
MJ4A9G+Y\DO+ME)(R(\%P&"=Q4()D'X&7]!DM7M4C&MF,)>CU1W.X3.RDA\I3
M('S3(]_0L$55U_*='LYQ!"B]E:<)0,DF4UL'J/9I5HY'6E.MH -?1"- :*1N
MN 3 4C!%U,]L0)#$^E'!GZLR53+,N9U$X+,45Y%6F"*;*I5(Q\X)J 
MBLI"B-(.HC#LP;!'D0D+@MF$5/YZ\>&*, -)27;#1"[.L,<*V*J0<&E; NI9KNY;O:IV/($BA\K0!*=G4K?I5
ML&[?PR.EU+*_KXCQ789Z#('#UHVGY64Z$C2K/
MOK,'A\C0(@^[7HCB/"_RDRW^44&*JLN@/ 5E9J+;#R.RS%-R^JT^Y!]
MA0V#IB%,(A.$$]!-B+(!1AJKB%+%N8I2U4:JLO<_P90JSE64JBY2E;WG&J94
M<:ZB5'61*L8 .%?E2Q4$)0:NJ.D+C2@=BT-XXK2D.2U*]H*E#0BO-TG1&(;Z6L)\UX)[VT0)PU%/W S$=W<
M-4BI*COOH281RF8&'=^W/&]@T-Q'1$%$ <#4JK*-W>GXEF/KO8\=$40!J1J'
M(!B3/+:#W;4MU]/Z+$;=$ 4$*0GI;/C+OZ9Q>4^"R23/)GDLF,EAEIM!56(-
M[K;BE=1&QCB?K7!S3@"JPWH,_98S$?+DVXUN:4J[3;E4S& LS\?^6XA/B$]:
M$K&H.E-6HQ'GT%@TP3F,PS .TQB?0##,$$YTPD)8Y)!;\ 9:NFM@[1I08^8P
MQKKY>X0QF# F/0W19]==QQ]8/=M7S#X0=1!UM$,=Z21O6ZB#];>(,H@RBJ(,
MQC:;,ZNN9_EZMQ30#75 ,*C@VN8^1:=B[URLVU51O.CI9??3,X"! ++8!BZ[Z4$HPY0J
MSE64JBY2E1UJPY0JSE64JBY2E2$R
M3>.R('%13&E$@C3:]\FR:5F4[#I,1R\!H@&6RVHB7MDPK <%J6%_(+?K6%T/
M.P1I-,M1WF:E-,"*0;"&R@RS07F;Q;TB3*'9:&@V*&^,IC!'PUEN%"&L(>U[
M'H;3\301?5FSI@V@-!R$+%*[S**T(+0@M "4:S2
MHQ;,5DRU>Q"9%G,_LK+[.>"7GDVU$5_97 _2G6 YY6 \ 9Q5"$X(00O,3
MM^-; Z>OV,0W=/4-@49)@4N/[8$5'V'C.4,-"9'+-,(3D0N1"X(A(7)AS(7)
M'0*-Z30M'#*6_C6-RWN KAG)5&-7ZH&=N 3U;$6_T['ZMJ.8?8!>(T74@8DZ
MTM,$?5 '3ZM'U$'4@4&KMH4Z>%H]H@RBC*(H@['-QK@S\/M6!V,;I#.QZO0!
MT9G$P4V04J^VOZR!GWA6CR"98IQ8+4;<3KLL^C;,JG
MSO$7+16QJ)_5)TY;59,^$8!C]3J.Y3I:LZIP%CL1H0 A5,N)B*$(Y5H]W[8Z
MSD ABT&$0H2"@% M$[)*(E3[7&W?MES7U9JK13Q29Z(C'F'$U.Z*M>6YCM6Q
ML8!5"81:87RKMYQ*7-7;[--'!Q&G$4W9G/&71_6O:5'&P_OJ3_6;,\%%OHHC
MFMVR&33::=!+8]X$,L3OYC][9)5G+H3)7U'///3VC]FPP,I0'-O^Q^NY
M"0J]DI F23U+WYS8)^)],0G"V?O:\$+*=30WO-H@V&Q/@DE!SV8O7EVGE;T[ZM0,9%;3VAK?;C1A3W\<3-\E&IZYJ&B=L]]5P4-X()3''W3FVI
M&8QAXD8P03"!*VY?,AUBF+@13!!,X(H;(Y,CSV[D3%H1]PJ3K2??N&9A(9B6
MV3&6X7H[DXOS7X(F%]M236-MI.+892U*LU$4DX#)VW%.GI&]?6JW'?'LW;A'
MGO!WLI3U"];S2[W+Y922C^P+HV*ATLLTHM'B[<<@#T>+MYYC$==V
M?#0Z!?7>"D*B;T/?IH-J%#2S_=0V]Y&N!!=IF J?\9 762IB!GZ+RU[L,4S<"$H(2KJK[1AG$LA=-#),
MW,@7*$'N("V'M)P.JE'0S)Y^I1U/@*M9*T3!F*GBOKF 58IF50:#[.XE4Q_3QHZ;ML*O&Y@S?EQ^Z>8W5[CM;!.YR%.\/@"";B *D:4-%7F$-5
M(J;I*F^ F":;YVP]BCH"\6'Y;@*1T<0DEV
M^ ."CM6/=+TJ1S2'2K>B!UXOQ.T:C*"C/3IWNIV"E WN>U;7'>@9V504)R;$^)[KBU!LHZ+S$^8RZPJ=#G%AT?"$=!)^]X
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M:[WS2C I[B\530;0R,\P DH'#I,-CR!8)GUXY(OLE1T( Y*&I%W;![-N&.(
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MD:KLC>\PI8H(@ B@BU0Q!CC,7-4K[9*TI#DM2M$K-$[O
MV,LQ91>IZ3+R(F5?RH:+[\T^8'_[N6/UNUV(C!K66NHA7C66S/2NK&Q)[V/XA6B$
M:&1P^*4*&GF6UQUH?384'#0"0?_J1_(VJR MDM(2(%V+I*R$J6V>M]7RW/MC
M;/)T.UIO4]?-DR*>P, 3K8HR5-2/.10I0I0"4E71!$#3G0#T@Q"%29A9,QYT
MT 0W"4,.!SY[":UX-:=,W/^FD2A>G:;SM[=!G)(72584+TF6-LI:L2^H0B:E
MAT?&Y4E="5/UER?[EN-UL5@"&0M$H__'WKLVMXTD6/RST[3<[E$'JX">0$^@
M)[WC,67IJ6TY+1Q.C^QO;>:N/K=!0;ZO9SAD&R?6Q\_O6N"Z5JO5>VU@*EAQ
M*]+#I<-QJYW6-4 ^]4F78-2A *HJFH#18PN%1Q!NMP4^ 9^ 3W1*I2K+)ZYE
MMX\Z:01\ CZI'Y\@/GF"3[I6LZEUAE,W/C$BL5F7::UR0NO:?-;M^4\#4YO:
ME@XJ\]BU/L50[WPH1%?#5"FF;L!NM*$\Q<]IK7YJOWMNV=TNYO:#D$!(6B9H
M32,DQ^HV;? 1AH!UQ1=!R^Z@I6>=V\<%+>;DB:H.6HQ(S1Z:@'7.3YB!W7&.
M_/-C$C(:IMV3?C/^?ZCKVY%((9>@HFC
M]7')-2A]ZIU%/:32J6#\W['L.':_4\/A@K/HQEN+;;2G(6&[7:K9[
MH"Q0%BBKCBOWRZ))%W.TWXK2]8$LJ.D\H%213Z].P[NCH1D8B3F#[5XV0J
MY(HKL!@X^HHW$S!18)B"HFI4 !(SE,14. =7P2&) 8E@4(P"J()BJMY' (E;
M98T#E /*051SRD2K8_6Z>B=:=:,8(]*I>F_%NF^B=3W#&HF!$./TVTIR]8H^
ML<\3$?%$)E[_(( F3 2)EWC8U_59HX2;-[J$I$<"U8BY'EH/%^JF\<8P#(88
M50\QZB7*^M2%0(F:XJV%'1F=Z*V7*$&)H$3@;78H5Y=QJ#F)K:HUWHALJF,POI>0]"LVU
M%BHF9=?4-"V[ATUNU?#T8".CV*C0(4658D)F X0'P@/AG31?"\(#X8'P=+P>--[TOOEM3Y2=YWV8
ME-%F>Y]&5]=,':%%FY]O\Q*U9ASHV,2 \ZI.=<1D?E\$HN+V8?+[$6D]G9#OBQ#*V/434O0KAPURARC0WU;
M%$T+CVE6WQ+>BX@\X\/%R!L,1+"D%9L47I0^F5%>4EU::H?_@%OMC5QJ!G?5
MR82:P0TR.3&95+L:MV9P@TQ )N;"7?66)#6#&V0",C$7;D0F)]9NY$P*@7NM
M2*%GOG%+S8A/DU#9:NH)E_E5;2A%B6:IF)?EV*N:6T"]B"><\':JP._C'D'-V'$DI%@WT>1$.PC73"*%R)]%PS$8/'U(X_ZH\77IF,Q
MUW;:,+J2C);>XVW0J\9LU$N,-I+A_[
M7(()5IWGT5]^,$'M10@3U%M^)9F@VBE;I<16_CJ JNL_-8,;I 12TEUL6FZ5
M!+B1+T"F3FOQ5NYAD*G3,APP(G6 FM=:[F!,HGA<+G/E9S^4::Z(WF&N,-=#
M2M34-9BFVB*$:9HIUQVF^<[WQE[ $R\,8*%J2Q(6:J9<]ZF3832*/) Y>2"]
M-WSZ*NY%,#7RO$'LMJT)O%7O[_32@DZU^Q_4#6\%8VVC\0:?U+Y ;#3>X!/P
MB.+3_'H'EVKF=RZ.YV-#
M0>]\Y05]?SJ@3U=?KZ_9%QXE[#V[D3^%0_:+V[/LEOO:P+2B(714K3-5-5NN
MW>E[>R-_ )0G.C"WXUI-IZ-S2*Z;*P57J,X5U<;D6AX'M66&B;E'/H%Q5$#5
M',:I.HEX8'12PO%+':>M]7&_&*;H :*B1%!UZ*'N,*5];G5MITX9C*J#!B,R
M?L4=NGID+K  PODBHF$8T3OZ(DT&&ICE,[X<84@Q3=DQ9UD3W*O.'^XZ2U5%
MEVW+TU3/=8[FS2G?@9],YR=#YA$H*SESLYE@.4WQ5M96RF*YJO.D.D9AUKG;
M!3MA2 @RJDW(I2X9V2VKY[:1H5(A6#(BOZM?%O=S,A*1J?E;N.3M(.ZW+PD\
M[\F3L?L)2%D'V[6:;5OG:%\W)PI&,811"H_EZRD@<[.D8"8HOADISY/$.H7/
M#74LN^M@;B@( X2A=BBC[."H8[G=7IVR*U6'($9D&(N?0>JC"5F7I7*!:
M>51O)JI@@'(80*N=1#5!%0P !M %U:I7K)N)*A@ #* +JH@!RM%5O8;]5:-J
M1/;+I,T\K\.QS(GQQ L#QH,!NQ6!&'J)B3DR3,'4 UXUREYZ3[@L2'+*UK0<
MV['.VT=MQ%UU]&Y.30O\9#H_J;K%E"F2PWQ)L)QB>"MK*QK-CH3DP')@.97Q
M5M96ZA?+F3S6-"?U534_&9%!UB]/O';H$^LOY8T-3!4C(5R!EM?/%>,P^.W;
MAW:L9L_5>3R@FU<%H9A!*%K-\5!6/N;F*
MU'C)X &8;@FX$7)Q%/O'N1SI$-T[.31+::
MW,#L)R;*Z@%O#1TV)LKNZXGBK:#8UC? ,'H":DPZKFIZ,R#+KETN^#H-TUV&>B &[
M(3V:Y8Y-W&4!*>+M(.)X2<4SP;434'T&&+KY:9"4(22%,W"?6%+7MIKMHP[!
M!:6 4FI(*94?X70@I11^+E/+ZIQWM#Z7"0P"!D%0HE)08EN=;K-.N9>J*<6(
M?&3QLUZ=\Q.F*G>1AR'Z#:M
M;L_6>>A@3D42'%8_#L.1KLB?@L+447M0F&Y)V/(I#/E:,!88RQC&0M!5Q,"Q
MV;):':T3Q.9PF!&IXQ,D&,N@JL_I_@=>T _'@KW*<\.O#4P-(P%_FXDJ&  ,H NJB '*T56]AOU5
MHVI$+LRDS4,_B81Y02(B$2?ICJ%><$\?QR)(-M)F[%5 5X?#Q0WY+_)OOS2M
MSGG+Q-0:9EWJ :\:M3.]YU@6)#EU"V-6LX7)2$J$ F GT]E)U0VH3)&!B^H<<2D['G2LEH-IDDJPDQ&I8?T2
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MGQ3 )^=6SV[7*>U2-9\8D!N8S,>%U7WAK?5">WDE0
MB*XN^5%SZJ+@.46,1:-!2['G?U:_%._]=0GKFE9O9[61TJ"<\ Y*G".,7'-"5;J.Y9M=^N4KZF:=(S(:YHT
M@_5]GM.4LU5?LULQ#"/!$OY38%HJ\IZ5V8423ESO_&=!DE/6=[>[5KMSU.J3
MJ@<,F"VA*=XUI"?#-@$K?JY$U^JU7*USIJ C3?&N'1U5O
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ML/LF6M(F''6:?-4JX>:-+
M2'KD3TTHG+JMIL[CA;JI/"CFU!2CZG9E)H[IZE.\J9L=@;=.BW?5*5/P%GC+
M!#L";R'>JMF0SIPD4=4J;T3FM@[YV6=GP-8M28M4;!&+*DP,2"GHRBIT*'&56*28LQ8WT2*2 \
M;2U)%6,I@_ *3@^#\$!X(#S=+4D58ZE;A%>G :@YZ;"JZ6DM^YQ]E=G-=:'-
M?MW1B3^G<>(-'[,_Y5\NTFFOOWD#$=Z1MHP.ZN-*%U]"#^E]\]N>J"_-^SQ9
M[^^:.F>]S=2)5"__FND'?3];@6AV?]9$:L>;,R=WX-LYZ<@7+]_.EK_\U^_3
M^+<[SB<7UV$P$$$L!C=>P(.^Q_WWP3",QCSQPN#S\ N/1)!#S\&H03N3;F)P130_]*H9OSJ[B'Y^'/QSZ/PIE
M.C_RI_^X&DC=D2GU^":,UIX^"#BU<>597T4\^WW1F.P)9VP:>%GS_TD?G#,V
M$'UOS/WXS=EO[;._-ULIER^!?S!6)6+>_-',0'^V.\VSO__6;':Z&O7GQT!X
M/SZ(.^Z_DY/I'U.QDG['/Y;WG$ZWG%[3"+*")!#1-9]X"?>E-1#KKRO95Y%P
M(IG!.QX%U,CX:C*)PDGDR8>^0#]*!?2MN$VV6.X*6F^G46KT"Z/['BXIP]]S
M_IESR1%<= R'KKD9Q]TV6VPM^_^\?T99_.,0\U.!'5G
MO?4D=5,HUE&Q^^F%4N]8)"9D9-)>6#(2[!5_O7"ZD;@/_7NYS*4?B8&7L"'O
M>SX9)PN'Z=5;%\.\DK\L1KK7E]?9S3?YS8N?WEZ^MMBKVZ4W4D.\,**X+:$'
MTTLX>QB%OD\O?"#C9?'T-O8&'H_2%J1O_V\2GC3HS==^RY[U23YK_9W]UXP0
M'S,*=X/=[_G(/GRXWGS!=_F$#_2$]:&69)_:;SR#KK^\D_[UA\\Q
M(]_'7HFE6U=!]\3\WLU=^!OL>_KW-!)@(QXSX1,CT<])R,:"2V));]VC.?+-
M7B1C^JE(&Q>)H7QH>GU(_Q,10Y(&+3]-7D91>!0^I#*9MS=ME\4\TK(YMK)#
M\OHM9PK0N_MAG#0.,\1-^SN-/4D1#$F+TLZS;+9!/!U3P^B)\3(2"X7I768@
MK".S?,4&S!=ZX?*B*'[V;'[^9CMS9E]EGZ/)V0G^??\
M ?EXD 9[/I_$XF+VX3)[,O7%;M@+GY:YN(WN[3NMI]5N]"K=B&J4N36'^K;(
M#!2>"%I]2W@OHB%I_L7(&Y!^+6G,YC"WJ&%@,=DAN]$[A[2>EE;!.5/ ?5*X
M.XT6X(9V V[ ?3S"&=@-N<^%&9 +M!MR &V2B']S0;L -N $W
MN%L_N*'=@-MBGZXIK(-!KZZF 7 1^9C!08A\5#42@(O(QU360>2CGFF@
M"H8JF ZB02U!/[@/LHW\%=?T\MO(.[F]E! $8(;,BO@^\F0:R07;JR:YT
MZZNT6@A+7)VK-I;G$< .]9/^@I>@YU!RH
ML'!^J55D> #($JEK_"XF!QD!PDIXKD
M$*G7.E)W;$3JX#!(3B_)JEB<$;-A] CZOHG "R/V*4SHA:]<
M$V>\8%X+4-7%BVOAJ[?0B&/_?OZ[:[LM\(TJ%L6L1M
M:Y\6 9&H@*J2(%8==ZAK]JV6Y;J=.BDHS+Z^J%;- [J./UH-U\CLH)E:#E2!
MJJ(@5DW 2@=B=K=;)P6%V=<7U:IY ($8M!R;\FL^H^Z[B,;L0\B#5TT3"ZO8
M2D!3O%4LIF!REE9^OON[VY,%WPYX#78&R:'<7)OY^R!"=%6%@$6)3F6JLUOGBAD,J$Y7JH/D=&6ZF@]VW4:K:V)2&S8&R4%RRL2!
M$!U"^%)"^*9B!@.JTY7J(#E=F:[V(;QSCA"^'C9FQ-R7?<4W^\]Q3SC=9?N!
M-HOY+V'"?380MPD+;PELGGAA$!MHA9COH@"J!C&8'E$"M%X!5&NG]9K)1Q5?
M;/1!%& B!5 %$QTG'PKE4&N GRT5D^
MB&@1T9JD]6NS"+*OG-SGNN^9_9I_E1]'T:QY.;RY-"^S?]WVKYR
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M/+@3V8/":92IK/^8=B.3*[\30?^19?K>8-?3**(7R.S6XKOJ%-X1QM+
ML=W\DR2\[;KE%2XYMVC)$4>3Z(+IN,&H'U':YF6SDF+-Y#/T0Q(S45FA#?A?
M$84%BVA[T+WFLW]?1)0[HVP$ML4'ML\.+76->K=UJMR(V*UY1%R]&A41+J\<
MBO>0L7 \)7]"T$DF[MM-BMX]9:'WC!3SH4\0<-MB'#]?L5>J-_O:3
M+KJ^O+JY7GQ]>_G:(D*G8";V!AZ/'B6#I\%V.)Y0A$8_)L4R>N^\X7:VK'TY
M+L#(&CWDU&D^#J=!'DK/XXHTC(O%V/M->C/N^X^I0YMUDV)!BL[$0(AQ^J 5
MQ">1_$QQWI@GTR@=>2P%?_)R>LDXGC7"H^@OH L%7(W&KN9H#EBL?GF13UE<
M7J1S.$CO0K;>E7GO$1])FER9@X%DF6EPI":O=T./3Z7OHK#?[#
M^SP_-6]4"F\V5@I"-IQ&:5HB$OUP&L5BYC3FZ,E+:!@5RDLF/&L-"2I/F]QR
M7_KR@D%\/W.,U,;U%,=LJ#YK(/?CD"YZE+*5P]:BQWAVPRY\W$IME(KXTQM/
MQZ0*]]35=-B=!0=;P#S.-3]9T,N"@8MFYP!B/[X N /&],*K-'#YR*/^B#4=
M2QI\QUJ5/^F#E\0+ O#F8:ADG?'$]])H,TND^7YJ$A2 )L\F;U="+/F*A4TO
M+<[)UY?Q/2DGN85,M5+R
M2M?]RH%3JJS],";]?!B)(/-\DFI3U\=90$U<6R3<8&^WW"T'#;./>2]",Q[20,9 "^_N"T>=*Q$#%%"0% ?F#F3^2H8O:0Y:;L8Q(I
M/I_V2J%E!#H'81VQS.[[,H,]F#G99!217QC3,T27MK8PH
MLL'7-%CT>B(_+$!;HXNM3=G3#V55CW9CKZ)'!L8X+VS(YN__RD[#/>*56^@Y
M;<=;T1=C.?+/_]JVF%0S&0'>"^G&R;.3G/SI()-3F 8A>2B3R^TZE+8M,]/T
M*=U[*,V\?TOHGZQ00^_.D@D>A53RX;<"Y.D>RI8UX"4_0N$+%5$
M45KCH?''5*S%Q(L,2^\RWMARX'C\KS+D^0STK:;*]ZLO9+#:C?:I#<1N;)[3
M_N)7RE+B&@>EY",E\P3[K%M*&N"L"CG8NT&D$?-L4_K 1=!)#P['@KT2/R=2
MVJ_WAV@??@#L'H^
M6-X&9\KAGY>H;,Y[2PI)@^TUZCD4[F."SZ*S.,?KXOKH9BMX-S1HBO.<"L5:
M*9:OSC;P/7LMTP5$-XMA+3F::9I>&)$\Y=R9F6-(,R39Y)J\JP]M4&N
M^S[-GSPIU_P)].JA2(/ >,1ET6'>&LF\\E8:+Y($R'LE65HIY<:EGA'4]-@P
M(A'DN?
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M@!O:;2C<;L-&0O%T<)^#3$ FQL)]7O&9)S6#VVZTH=U%P)U]/^[ G\I+N--O8@GG #OGNWT
M"87'\QICWSV$F+9OU3I_U-+\F(4@9Q-E0%[J&Q/(JR+RZH"\U""OV4R^#?[:
M7$F@_RA%*9D>8T\8I6"48JAHM'3K]60A/:;SU SNJJ?SU QND$G)8>JV;3E+
M\;A@*;"4J7"#I4X*=]63#I6"NPRG\'_3G\5@(;@KN?+U3F LIKOM .X3.^)J
M9R'5#&YH]TGAKGI*HU)P:SPZJWJNI%)R!$L9!G?5$"6]'=5@ WZDDF41.B7Q/,!(6I$V?8P4H88)@B0%2DM+>7
M,@<8J$"A J5$F0,5*&5%<[*Y0*=:O6&&))7U5Z7*MM)" 78%6!'TTO%@L%/]
MQ <[K8F@U\_R@[$J*$-EXJ,2"H:PQQ7A?LP//%R(\7VP^/S_!(]B1, Z"]BL
MT4W=K%<96990'ZV;+#&",5E\%=IF"479:FQ3T9H2F ]C0M"?LO170M$7!JK4
M(!&5X=+&$?L(R]2Z\O7UNW(5GH'RVY^YS<1>&'$8M&?1F) G4M$_,IY
M70^?>3I)U7*"MUGP*K$AXI,W9]F_9S,X!][]#)ZA'_+D0O9Y_NOO]+/\[%KV>=/JN3U0C;T-7G /
MN ?<4QKWM%VKXX![U US%%Q2J[I:]QI-&QJMK$;7&EYEG:=RZ]!49QG7]-M4=L,+>#*KY;'?V2020Q')ZEX\XI&(7[DFEO<4-P* J'.Z?+\)
M/'NBR,C;,3O[KY"*1 %$4O+D[\)SY_L)2-D8Q>GU++=S5)BB&X74M@0'3@&G
MG(13G+;EM%MUXA0E*:3JTIJR"MIKZ#T=Q0CMK'QQ)1R4/I]>R6BVM
ML]5&4$CEZP9!(8HO/5270ES;UE%707J-]E(.KNGBEN'8:4:(J
MK$ XOZP^>8&5C=
MTK;X"WB5@+?0[+5+OP_"Z:TOCEG37ONI:06GK N5RA.=-R>EHG
MN+&B31W5!R&I*!6=",GI=*UN5^N$9-T(J>KBG/$!J"GJ7 =XX4Y5K-C5UIVZ
MO;;5:VF=G#>*LN'FH+[UI9
M,?O*B4'726;V:_Y5?AQ%L_;GZ.3"N,S^==N_7H[$#+#+#)=;GY#:A"O[\QG+
MA;Q*3W@__SY_P/S%I("K
M"C>?#;,LQL5O"^FL7)E)8DD&:\I-FKN*P>J3F7/>L.4#VWXQ6VXA3Z0W7J^[X6!Q1Z\
M9$12CKQP&K-QOD$UDY,*8A;Q@+I_QX91.&:?^TEX2SUW;;=%O61O15^,\S^T
M&^P[ 9*%M=1Y?B\B?B=8*GL1)_2D1#">3EOXR*/^B#4=BVYT.NR!;YFW<$S7
MFHU6Z]="G]AX8HRR9CJ_+XA]I[.#?RG>OVP/T(ZFDW1"D..^U,LL+B^P&T?Z
M&K?FON:$FE&RQ]GHVF^AZ';@LE#FQ$'H?UJ0T1[R=3@F_%\\06
MNYTF]+-_,Z#EM3R.11*SD?#G?]JXW9*"CTF64G'H':G@>##(/HA_
M3STB%L(JO3":A&DL(B=4KOSA-@P&<7I;2&_)HSHO\42C?R[_*3J5OZ5.4["4IQIM$UF!7
M8QJZ$\09\]'?%[R749U4DTA,N$>ZP"4$84"1)O?\M!5+]DI/_U/T$PG1A&@F
MY1=Z_X0_CJ4>Y _>:LAICN-O/RDT[5V2X8<4R :R$X.P/TUO;K -7[KI2G>;
MKTK6^L0T9'GMA4?>Q>MGS[K.Y'=#$>="T394YX;0C0O!2'V*NQ91PKU@"P!D
MKM0D^5NN]<,%:J260[J&[.N>/%2FDK1""KN83"3D;1/QA$#X$&?O$8OG^
MS!WY_N,SQ#D-Y"O$8/[ ?C@>>_G+GA;;DO:3W=(-],N$1PF]4#I1P2,R7_K_
M8+KR2#848F&3BW8658$'2FR^HOYF_V418WB$;/21\P\QWI*.?
M,$X;EON43#7":":153&G,4T0RG EG$;T&^E-)K;QA >/1)C;QM/RS?- *?]K
MVWI"WC1BC^0H7;9]0A@$?9&%9Z1=;$CT'/0]ZEDJFS#8VXEEZG3NVC2 F3]L
M(=N,AN,I-7_#2!HU89#OV^4RHC!5BHSTQT]' 4O^])8'?VUAE7":Q E)2EZR
M-=.R53,N7H#SUGS%Y5K"8D=R8C;2R\[KFF<(\@%:RF&36%S,/ES.4@>VW9 O
MRR2EO-
MX.XTSBO=:*!F<(-,3@FWXU1\BDJ]X(9VPU4:##=<)+]ZI7"_J"8,"<:TKS'-9BYNV%,;]J2N/2'A@82'#J*IW%"0\%#"UWS,EZ.68"H8SI<5
MH[D5Q&CZ0E^&V:2'E,"]P&8,A;X,F_F\6*\%RU'?D%#A$ 6I8NUT&5X 
M7J!^XH,7@!=0 -S*=5G5G&PU90]%_,#WQTFZF4B^NHGN"53>_[3(;*M='0#"UT1]#676P"54D^!-X.1PDB+$+3<$73]
M/ +8J!:B*]5&3Y[L@%VN"/?=<"CZZ7Z87TL*=&&?.MLG?*@Z@H8/U59T\*$&
M"Q<^5'L1EF*?JA9!CA6]5H?_;MGX>G5?ZYKDC?0XU%/;*>J'P)IE%K>%5])QX!5?\STZ)7SU ;7_(3W-$O'-N
M4?/@C)5EG:HW703KJ+495G5)SX>KA.._9)E-J5!QM!
MIU75:?A.^$XC?*=C=9OPGMWMU;/Y
MH]BV4EFZ7T-^T#;U*=U@:\)Y0B_<'#QQ/P,O1&J"1 -J$N8
M:=]P/>HE15SZ?1!.Y?GA+YVQIFD8ID$VY !A/-%U%=,@VI<03."/RI,=ABXU
MAV["M\&WU=:W:9_B-X$_X-O@VZK/K6=?.1'=.DO,?LV_RH^C:-;^'(,<\LOL
M7[?]Z_Q01&I@5G.X]7G_K\U21/;G,Y:+'[N6#>G-G9]UAN-9%]GS]@_F)2LU6UFJ\N61;CXK>%=%:NS"2Q)(,U%2;]
M7,5@]L'1@Q+ZGVVJHK+H<-V;BF@W0=ZWKP LKXLKS8JF
M+.N0?MJP5YEV=7ISM@':2+ A]R()PU2D%:F$_K14H^*3213^],9R'9_\J<^C
MZ)%^R>ZP&(_3/Z<@B#AAD;PP#-8?X]&36!I-R7OE18TGXM?V^8)/G&7;;
M8I+9?\[YX=;QK/,K4LC.89*=W_;$FKRYI4VJ0^OH(=/^TQ%>A,:R'JTYQ@R7
M++HAYY=_S<(5Z0Q7P)S=GS61VO'FS,GKP,\H^>$O7KZ=+7_YK]^G\6]WG$\N
MWHK;Y*T7]_TPGD;B.XGN'W[8_^OO__D?C/W7\D7O@SB)IF.*1?_!8R_^-HD$
M'WP._L4C3YJ;7,#KL#[U@![Q50S?G+V=DOEZ8?##H?^31ZO]^![^:/YHYE\&
MPOOQ0=QQ_UV0>,GCU4\O_L&)&GYS1^'EZ'XPD/'M?N7FYP>N_L!^I6^L?L^C,V#;RL(_^D#XY[Q@:B
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M27VM1,99MROKT_FN+^STMZD<89)BT'VII*^"P9=(4,!)1O]M)*]9
M>](_ QJ0^JG6QK%(KGT>QRO87X>^3X^+:)3[OV*0(GI+ ]XT G^)(IU+TN@U
M[:IUZ5!<9S]]$X$71DOF3:1*G%S3U
M0^YP ]O=^$ZWVWTN*JZP\45*W3TI'N_S?+/, \QWF_LB(EE3Y7>'&D7=MM
MOAROITU*);Q.$/EN5:9S)<"I:@2D, DIDQ'8JC8]73 "!2DT]MZ&3:M;,C;?
M$BG[Q7WR;U]Y<"<^>H$WGHX5+C6]H$;T$O!V(; %R3B>9DP;)_&S +67 6KO
M"G/7F[O\FF-:L2JF8EOQ?]-99V)P=4_BO1/+P!J>D]ABKLU6:Q6\9]!9AS)+
M2KT/^N%8?.<_/WC\5BJ])^)/XK2E2-=QS]?SNL^V[D1=6=:,]&=O0\Z+2TAN
M[Q,Q7I7R5S$)HW1"T.(=WHOSOZ>&I;1R%0VG[?7!M (]J5R^1Z(RB>AY:F&MR^VNI],6
M/=8.BWDX\DW7N=#C;$X5"$. X':>S4FKO+^MQ C.<(9
M.&['>;H':^T\68?4$G*WV3LM0B\P@R-$WNLV3RQQ[#K2
MF-OD0]3S<#Y>3"5L,Z#>VV$0I4FJMV[(WA
M8:E-K9K7GAT=G5 N56CEB46M"*L9V6N=U&=1;EV46;^'7T4RC8)OHC^-TAK+
M:<.Y[OIBIOT:6WA7RQN*M6RGY*Y^E65O>6/?Y]Y888D^U=!"NUBM)/?MXIP/
M/@_7S%F1K.73#3Q%E\H9,9;GZ_=4']O[3M^]?__GQW:?OWX[8_U"BD77;"P:D"!?-CHK0I!>^SW;9#,)H
MG-KD-(J%W,'S=AK3-7%LI3_GUL9X,,B_KY\XQ\@JF?@Y"6/Z2Q*ROH@2LA@6
M>?%?,8N$GTZZDK_0_5[$PN NE'\(L_E8]+STX5-Z^SV/O' :L^1QDNTF.I@;
M%_,6UL4F$9EX1/#(IX[)NN[D(A.>&2KKITN%TH<.LS0I-2_+DZ:-:C"Y;^D3
MCY[*7MP^;O1]2[^]H.]/!X(]\"CB=*_%^M.(&*K_2'U+.V:M;6P:/_")Q#4]
MR2]*F290Y
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M$HTRYP)3+^())[P=YVP']G;Q9R^G1807GQ:N%/@'6BV;8N  ?> >\ ]9@92RG)/IV-8YEA3VBDOKWM"<9B2O+U9WS+5Y/RM
MN5G:4TZX-6"D7&J-L81-U?83D+(>V'4MVSFO$X-4[6N/R)6"4E2BE,)W33&$
M4AS+;H)15&24:E<%@5%.OEN;(8S2<:UF"Y0"2@&E($@I:-QCM6Q7,=TWFE&,
M2#$6/W/4Z56>?=P^57C^J._I64F#Q?E$UNK10@8F)3&I="]\Y0%T@W JSW,Y
M8A6%X@7$'5:BPSS30N7T!"HJNGKM4YSF%!JKF2@*@M)CRD--"4K[A&D-^:G0
M^5?@)SVF@]:4GYJ.]OE7,)1"F@^&0@15>#:WJY_F'0)==21SFK-\5M\R
M/]D')T(;)JWBPT[ ?3JXNPW[''"?4+M!)B 34^'N-%H@$Y")L7"#3!"9F HW
MR 1D8B[K$TE.J836P&EC-02=3(]#33GR&!7K5&*P
M5^W$"'NMB:#A5[46'^RT)H(^E5]%4@E))>57YQX@3)PHHI&P3K*S0WWA5?3H
MKZIGN^,(53 7F$MI>!5EKJJGUH.YP%Q@+J7A592YU(VY#@#Y5"<]6^WND8<>
M@&? ,[7B&74C)&5YQK&Z30=V4 '-&)%MU8-K/B4&<1-.Q
M"(Q,JBJN]Y71"HXK4SRFKYV ZI-T "=!YFA9;?O(U ,(! 1B.H%4'M0H3"".VU5,]TTB$",RE"4< WU^PD0F#GPV)N&O
MB3\V;)K/#@,R._:OERSKD[H !\)N-.' RHQVM9Y^]B3KD%8MG+T&J
M8@D:; =6J)@TJB[JG0L%%8&*JJ>B@@<6-:4BS?.JH")04?54A*@(LT0K-Q:P
M$=@(@1%F@"IA*P4F6;.OG/1O742S7_.O\N,HFK4_1R<7QF7VK]O^]7(D9H!=
M9KC<^H34)ES9G\]8+N15)1E%SS1F51$,+[^??Y ^8O)@5<5;AY.6=9C(O?%M)9N3*3Q)(,UI2;-'<5@]4G,^>\8D=&.=EK!@42^I-YG
MJZJXS.C;3XPKH-T'TEY>#EH_BW-A-I-5JQD=+N.,
MW$%F#_DJ)I&(Y4[%+!D)EJ3[?=[B4?="*=)G- ?B0X:3\0,:\+X?4$5.^D3C%4\8VUW^4SEUIR]3J@9QW+8^Z#O3P,O(",JQ[$2?I;NWR%OF0ZS!(YV]P>=D-A5LQ737[92""F/Z\;*QR07[;?&G/33A^)!ZAV2?F]@SM[#)
M3C=PN>8'=G#^6O!-"N7S22PN9A\N9Q0L#X2FIV<(9P.@S>[M/;/"KGC(-1M:
M9/ZEK&'6ZEO">Q'1,/;A8N0-2".W,=[>$X^ZF! >XH=V &W"#3'2"&]H-N,V%&V0"[0;<@!MDHA_%0J[;=3Z&<4T^)>@;[BVE0O]5VAG*L&'8,&P8_A>V"]N%[<+_ZB;&XVS8A/34L0)7
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MW@>$_;MMP*'13J-UCB-U9AJSR1M%V4U1(9&+ Y">D5;A$2C@/B'
MM5FMH2BUMS0.C=9M8V\5#XV&094JTRHW9HYPZ*U9G'>20Z-A/[ ?
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M])J^\/U_3F-$V_XF*EB_H6(-B&Q>0,1WI&!
MCW8:S(&DOV0)9ZM*NLS^V^VE@'8?2)%Y)6G]W,^%04U6[6EPJ+(:/>2KF$0BEML@LV0D6)+N'3([?FY*G_F8Z"9AX7!I1Q'&
MXUC0'3P8,-_CMY[O)1YU(YPF<4)_)#IH/!%?K GC]P55O)A8P5C%Z>CVZ.!H
M!5V4YE[$6XO+"^S&D>SEUIR]3J@9QW+8^Z#O3P&J6AI4Q>QAY_1'CD6 Y'8K!ZJ9)%GOPDI$7D!G>BSA)-XZ7
M+Y"OO Z#=*((EW?=4' 6TU6S7P8BB.G/*]=\2^B?^2-NYIO2R\L]V:RBV?/)
MV-J3[*=_\
MD4>D/$W'8O2$3GK36]$7XUNZ+_]KN\%D1TAYI^. %-5+?&K'XKW7EW]$81RS
MJ]3;$I)APCYG'?KF#RYU)1J3QT@0$Z8 G
M'2I=>RMFP-(S>;]/Y$!O%AF$?#+QO7[J>^5/U')RJ^QNZF77D(E)2>7&16K!
M,UFP$>$F?-&7L@BHI_2><*6SQ=C-G*0G.R.)R[508D?8,./@[ CHL[7A'$G9
MYY-87,P^7,Z5X?S98S2*6LA)BJV\)[T4T
M)+6^&'D#4I5M/G3O67#.2:8I-AM.I0<6J2ZM@G/';FIQ@/LT<#MVH]<"W"?3
M;I )R,1N>[0#:
M;MA&:/'2-.1L>N7)AM;;E\S.'Y7.T%U(,)^JBW&W:B8#3PI/:B*X5>>M-047
M66IDJ740C;)QS]J6P$]_*EZVICAKR-;<''TALL4X'*8$FH1LS:U9@";U@]LP
M4P)-FBM;4S)/H$G]X-;.E%!44D;.G\)D(Y1C2D5
M-AU,:1]C00D/)3P=1*.#W6'D8*3K@@GI8D*(YA4R&U17P%)@*;"4VF:#- !8
M"BR%X8C*,O6"A2R3D5A\F6_:CL2!?E)%/&&B@T,\@;*"H2R%L@+*"H@.L!A=
M)>A/MQB=A4/8$>S(4.BQJ8,IDH01&65$GT2R:4+S/\ GP9QV0)\>\R*+F&!0,"BCH2_#H'*C
MF8OPU0>/WWJ^EW@B?@U;@BT9"GT9MK3(>L)NE+<;I#@5@ALI3J0X3?($2''J
MD^+<(*$.7]4-G?BHAX>]'2B
MJF5UUR!X53PDTR!X#2*')3>=ODQ-O,UA"SWP5G![8Z/Q!I^ 3TS&6\')94;C
M#3X!GYB,-_@$?&(RWN 3\(G)>"M8Y- 4;R/*$JH6'U9K#6_IF?<\\>Z%B2N<
MC91S%!U&4 W9C BV6_<&H2E9?-8B%"PO,SWHV;#6WE=
MP&QX#2*'JGUKW=A"#[RK+A;4#6_P"?C$9+RK'KO7#6_P"?C$9+S!)^ 3D_$&
MGX!/3,:[Z@J$.7@;49M0M0*!A0B:Y65+\)O[[F7BB)6 ( X0!P*H%C"X!CA *P:5@VK5G)-3CKU'E8.*S< 
M15VMO'#?W>G6:LH\LM":S5DM8X;\)Y&PP2)IS?S%C'D#1ZR&3SDNV!^Z]/L@
MG-[ZXI@S9_2V#PTVY"E43$^ 4KUS=JQ6T]9Z8 WR ?E43CY%I_BK%),:V?\=
M,JQ/.0#\IHOAJ&(;&FP!@. *Y /RJ1I@D ^"*P17X#<=#$<5VZ@;OQD<7%5=
M6=*6?-9J3ME73OJV+J39KSN6;_PYC1-O^)C]*?]"-ID0=MY A'>D':.#^KC2
MQ9<8?WK?_+8U1&9&/^_S1(4^VOMTLIANE=[,)XA87GOA)01H_W)!"+44RQ))
MSLH?Y.GGH*36R/K"]W,J>7-FGZ7?XPGOS[[G[)B=5C]GQYRUB))\/HG%Q>S#
M9?8BZIJ=AA49H!DW;O96NQKT*%,WA_JVF.M4. .OOB6\%Q'YN(>+D3<8B&!)
M@3;9N2CV,B-P5UU::@?R@%OM/=SJ!3?(!&1B,-Q5[^A6,[A!)B 3<^&N>KN4
MFL$-,@&9F LWR 1D8B[<(!.0B;EP5UV\- ;NM6*FGL6++:5D/DW"4Q22NP=7
M*N9W&EVI*$HT2T7+K&!7BRE'@%OM2D6]X :9@$P,AKOJ2D7-X :9@$S,A;OJ
M?$#-X :9% PW]2*><,+;/=L!O=VPH>E'I0.VK[F8/^J/*(SCA02OQM37I"8;
MZ>AM1/#("L$-CWQ2N*O.T!L#-S+TR-#K()K*#05>5SVXD:''.-A@N$$FR-";
M"S?(!&1B+MS(!X!,=(8;&7IE,O2?PF0AO\_#82P2) K4MR"X8X7@ACM&>EY'
MN)&>1WI>!]$H&SRM[;9ZN!P1$"OJ:V!"NI@0(F+UY'@:V2*U#DHTWI1 B6;(
M\32R148"E&B\*6&@I;5,O6 ARV0D%E^^)3P18VHK4B+Z217!BXD.#O$$*AR&
MLM0^W(2""0HF.HA&&9I#N*T,Y6U?BLO"(>P(=F0H]%C2;HHD841&&=$GD6R:
MT/P/\$DPIQW0QZ'O#8XY)-4L>R*+FXO_C3=1@,O,0+ ]B5^G:%
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MR 66/[:YC=#/Z$T/$9^\.AV 6)A:S.\_O;3M9V6B?/W0#XJH&H.
M^50]KD>8HHI.@RG % 8R1=&\\,KI=EZ#%\ +X 6M>>$4$833:>I<%-"-*8Q(
M_1NW$F!I\3J6 Q0L+_/]JMGP5EXE,!M>@\BA:M]:-[;0 ^^J2P=UPQM\ CXQ
M&>^JQ_)UPQM\ CXQ&6_P"?C$9+S!)^ 3D_&NN@)A#MY&U"94K4!@68)F>=D2
M_.9^N^.9@&(9Q8/]4%1E2DZS9]=J2HZ*V@B;5C6C7RJ*6 T X@!Q*(!B"4-C
M! .P:=@T;%K%N;7=#FP<-FX BKK:>.%^VW5:1_GMJG/5BFNC$0EHXR;'?Q()
M&RSRU8RGV^8S X>JAL\T+M@9NO3[()S>^N*8 U_TM@T-=N4I5$Q/@*)@]-UK
M:;TR'E0$*JJ$>J,CJHTRM]?@DWI/?-;UN#:,8)#@%/WW-ZGZ^F%WT>"I5*-V:WPPP<6BX0-PR@9L81^2K4Z9N&0_G\H
M?^+!@$7"YXD8,!Y%/+@38^IB6B(+^U[Z]P!%W]"Z7
M*FSI8T.Z)6)#+^ !/]%;TQ?B6[LO_
MVFXPV24RM>DXB%GB)3Z]>_':Z\L_HC".678R/6$:)NQSUC4O2!O]+:'FRK?*
M-][,6T-]&7B)%P:+9[V]G-VS@F &#TO"Y0XN=R89<0(R$DR0-GB2S^G:6S&#
MF)[)^WUB%7JSR,#DDXGO]>5+TI^HY40<[&[J9=?<3E.9L8>11_B0@O!,*FQ$
MN E?]"7^ ?64WA.N=%;V2@0Q_;PBJSD&\1,@-%Y@&DOT/BOS4-0RY_<4,]87
MOI\3X9LS^RS]'D]X?_8]Y_:^D-8QY_:<HU7IME"CS%T[U+>%ZRW#^[QQ#KA/!S?(!&1B+MS=AHO !F1B*-P@
M$Y")N7"#3$ FYL+=:31!)B 30^$&F2 R,1=ND G(Q%RX028GUFZWTGDXJ1?QA!/>[;,=T-L-&] ?E0[8
MOAAM_JATB<)"@DMK%9 O4-^0X)45@AM>^<3:76V67BFXRW -!Z:.D?1'TE\'
MT6A#=3M(NI6RG7!
MA'0Q(038"ID- FRP%%@*+*6VV8"EP%)@*=6* .FF\\<<:&*64,/A0ICS??<7
M?UJ<0H#\@7:R15AAHI]#6('J@J$LA>H"J@N(#LJ>>H,B0-64MWHD&(7@,!^8
MCYG0GVZY.HP(1F0H]&48T2>1;)K0_ _P23J8$_(R"L%=](^?++Z9@2?K!#^ ^#@D$9#7T9!I4;S5R$KSYX
M_-;SO<03\6O8$FS)4.C+L*7%U'/8#>S&3.A+&AT)[Y[&1C ;Y11?\2:CL5M514Z346)6RV)H+^$HE8-F@ >]59
MC+#7F@CZ?1 GT52>)1##8G46)"RV)H)^]<47@SLQ0$2LM1AAKS41]);5W"7O
M^89Z#NHYIQ/N]?6[=SI
MB;>"!V\;C;&(DO""+< 6!JDSV*)N2]PT90LCBIBJEBI7*Y-OZ9GW//'NA8F[
M_QC"*]5Z13T4^9<2U+?J:N0!4$H\M-#Q"=OSK)_SV:@#;S[
M&0A#/^3)A>S9_-??Z6?YN=7JUHD6JO:'X FU>:+JP!H\H89&@R? $RKSQ)[(
M,Z($9F?_%:+;!8B%K_]M/UW9:)JY- /FH@*HYY%-UJ1'D _(!^=24?!#Y
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M^10<\%*?TSCQ
MAH_9G_(O9),)8><-1'A'VC$ZJ(\K77SQY*WY;6N(S(Q^WN>)"GVT]^GD_MU:
MLL;,;!S;_O5R;HZIV%E?^'ZNLV_.[+/T>SSA_=GWW S[0O9W;H:Y>9#N^WP2
MBXO9A\OL1=0UNR%?E@&:&>%F;[6;[C'*N-2AODV2TDQ]]2WAO8B(3!\N1MY@
M(((E!=JD@:+,Q(P(475IJ1TQ FZU=UVN&=P@$Y")N7!7O &F8!,S(4;
M9 (R,1=ND,E)X:YZL^6:P0TR 9F8"S.I+^I<(-,0";FPHT1 F#?ZFKIS&WG'9I".;/^-%_"@[W%_\8KK,!AXB1<&R'[HK)D(BDSTT@B*
M4!LQE*50&T%M!-%!V1.'4,*HFO+2U<)LMDAXRP "Y@/S,0/ZTRVVAQ'!B R%
MO@PC^B2231.:_P$^20=S0EY&(;BK/O>B9G"#3.";58"^#-]\S>/1J;$7RR0G"C5H):B4F. ;42U$K@Q!$+*PI]&93W5?3#NX#^-%A*5\6Q
M0,(7AF0L].7M5K 0X?*V!3 H&)31T)=A4+G1S$7XZH/';SW?2SP1OX8MP98,
MA;X,6UI,0H?=P&[,A+ZDT9'P[FEL!+-1WFQ0&5 (;E0&4!DPR1&@,J!/96!7
M]3\,TB6V/!$#=D.]BAF7L\396W+VXUL1L:9C,==VVO#Z6AOJ\Y\.D6VED3G6
MA:\(&ND@S04(2ZV)H&&IF@L0EEH307^)1"P;A'R7AL*#E=9$T.^#.(FF\N #
M3"G04'RPTYH(^M477PSNQ  QKX;"@Y761-!;%FJ78*\HT*! W=S
M!4\]MLD>,TAAR4WG;Y,3;S!%G6;
M@V42O& +L(7)>)M#'WK@#3X!GYB,MX(;N!F--_@$?&(RWHA/P"")5%-\3:BB*EJJ7*U,OF6GGG/$^]>F#CWSHB\;-5^4P]%_J4$]:VZ/'D 
ME!*/7&#Y8YO;"/V,WO00\@";5IHNI &S2AA$*#)D 3*M/$GL@S8@1F9_\5HML%B(6MS5C_VT_7
M=EHF;I$-\E$!57/(I^IB)<@'Y /RJ2GY(/(!^8!\0#X@'Y"/VC54W3<8;? (^,1EO\ GX
MQ&2\P2=8-VHRWN 3\(E!Z2ESPA$EX05;@"T,4F>P!=9\:L$61E0R5:U78LVG
M=KQ2N%?<;YMT(U LH;*X'XH'KLPJ>AW6*\>VNAW[-NI.MP.SKEHA8=:*EKI*1;'>D^]!'" .15"L/!X <8 X0!SZ
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M>8^VJ]^
M]D<\N!/TS"3B_1>:A>*Z\"( 4F+8K]M52OX9#J^"#"IS"R_!H7P#<%3TY?OU
M_SV]F(PI^4I6M%_G7:=E4N>_/?")ZAT_$>\CK"C*E=0L+CD-*U>@GH81_8+K
M*L"R1/ILYE!V"A^WM\_;Y]6T^HA1N]OJ5-1H)4;M+<?\/'Z]W2@MAE: ^^%6-
M!ZUJ$[26RFDTUU6 9Q'TN6CC'U$8QU=Q+)+3UI_/VSMZL:V)!76KO-%YJ[6+
M/0[JUJGR-2$4V[Z;94ZX\:60J[TS0.
MEV*B]7:[N\N%*60")T2FK: Q*3#"<=O95-+3XE*>6R->Z)Z<&TK+1C<=M]G:
ME7Y02#JG\P!M>]3[;> 6TM],HO?>'\R.'[7NXP/#L[_EDZ?G$
MYR,F3A\SX7MMCKOC;J[[^G,:)][P,?M3_N7"DV+ZS1N(\"[BDU$!D_GW7?B2
MWNDT&^S=__GG^^__CUU__OCEW:=O5]_??_[TS$SY9V;WIXO>) +J]?ZYE0"'
MK1B2UUYX"76RGSW]BJR.?>0!OQ-2K:W%VSXTOC287%['WOU[2B;$W@=]NH*L
MBGWQ>5 (V%XPH$=>-#O*HO\^2#&P&#E[EA,#HY%I#40$7L8
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MY#13DX.LA?IMVTW+[1S9N:37\I,&7BI_PLMJJ&%TMC\Z>#!0<-0]\/'U+UE\*Y> 'T2X%EMB25QJI+
M,6CZ'-87OI^O!WUS9I^EW^,)[\^^YTM<)1'(.#Y_7K[TM$^-XI-87,P^7&8O
M(I#MAKV(8+. =@/W?7=3[C0K7E([RF(QA_I&G2EKC?GJ6\)[$0U)]!;%XON*'=@-MW (/[_3Z!"^0M$4L7\:M9G&TH1N^VP'
MT#1<5FVKNH. 7DK@9"F#DUG%]IW5YH^Z":.G$H>P&U7L!NX$[D0'T13"O:_-AZ6*=9AYO4
M&-X"+*"$DTPJKY+O.L=D[V-+8U UO\$Z->:H"HAC-4V.7UG&:=U+-JQV8FJBJ""*-_
MVNC/VS!Z1+/U&F1_R7=80&Y;1S8O ]ZC*[(Z'WB_:AQESFHJPQ$7)3IE?72K
MUU/,6FJ:B0([@9W 3FOLU'&U'C^8PTY&C"ST&#]D&RK]]O2N2 :.*3!RV 11
M;EDZ"*=R'ZJ7,KRJ"KY]JI].9>D#A/%$UQ7TLCW+Z6KM9W7SIN 3\(G!?-*U
M>J[6\^ITXY.UZ#S[*G>P7)?,[->B8JJ5)K\XU)W?]L1X>]Z'9S=+[4STVRSU
M4[A!3;MNF6^D'4;[;WR;[_:\_TNS76_3C7=G&WKG>ZWNW%RXF(UO51)==J/\
M:65G^:5U#/_AW"][('>)CT5_
M&M%E*3'*O7RE$HW(?4?R;,_Q>"+ZWM#K,WE62X-]I_LV
MME:_$X&(N.\_IKM%I[M#\^CIO=:%)X^T8:^\UPOJX70;B^@5!VV&37YC[WN6
M]CY.1EXTV-\\)]0)N=.YQ6X%Z5$@MSX.9_9)3R0@ D(UBN6FYSGFJ1VG6%H$
MP#("F65[$9,;FD9P]:^^&#;UA,MJ_.SM:&TJ)48O9Z47UV[^G/"(K>P[Q
MH1>EJO=,'QKL>DLBA_$X#ON>/(.%/9!F;JJW)W<>[X=W 1EKOA,_7<&E*1VC
M=?*/[);']'BY\UW:V$C\>^K%7B*-)[KW^D)VV0L'L\[P!QX-&@NE836AN^]S
MNDHW>7^&@4;\7F10IE2W3&XQ(Q*4)PBM)O2(*GEV+E%^Y@(C(7!?WKI"42G^
MV874!'G*!K64FG$[31\SX=Y"@8@TTW>O$NIXZB?>Q/>HV;>/:^8OG[XX!6&C
M@R/A#Z3EI>1"L+)X2@Y@N0%QRKD#T?>Y9/I7F:;]I&#@^O+M3"S '5O<_K%:;C[,QTIJT\-
MM_*#4R1NN>/,CA%8A57*-&_I=2@M1::$EP\P8]\2^B<]KDEVXCH]="OM77Y*
M!?7.\V?;YTN'3(+,SVR1HI1/[D_ER1[I21:3_.BGM%V1E&<I5,SIKU(D2UHX<8//P9QK(2$0&/.O+7.QS;D:(N
MU[/7\H"#5B]]:'59 =4WIBUJ^%U4]A+'43PGK<*3Q8#[=' [U + #>T&W("[
M"#)IXH"#4VHWN/ND<+>AW:>#^QRC))")P7 C,CDAW+U&"]P-,M$.[K4),7KF
M&XO:XC.[^6]VN].\=@J:FO32>J.IV45-SY"9@8NC,=39Z+:T'<2K]26P$%A(
M<192SA;>L!#$5C@;!J'5*=?T %QCB[(F@PO-+2B>K.)(F$J 5C:<_+_ISV+ 
MKNY%Q._*64\/)C*VH&@TN%67#XT&%[0 'PH?"F-!>D9=[)&>T8C:X%6TAKX>
MF@Z]UDFORXB6_D@7@K^5"]=ON!@V]A@^ K6# K"CV&##7
MG-F6I/?\IT-D6ZD'PSR\%4$_N^$=C%4+&<)8:R+H?W%_*M@7$:6VBG"S\I#G
MY88)T]/;]$[B)V%\,#X8'_Q>34W/U*R-5D?=_H/[/.@+]AO['QY,Y<['3CW&
MA&8=> MXRX-7Q44IJI_ZV+(Z[:[5[1QYAHPI:EWUZ3)UP[L:7UK&H555;RRH
M(?]-<*I(&)1,5U'"#6)BFHKH>SNN<]J]UJUTE%
MD>"KD>%7FY%3U_"E>NDH*N'M_*\5N$UG:*=XZN6U6RY
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M'J4*^M..Y=I-J]LZ.^SX;39!H)-J&FA(.8\3@.^QZ7=SQXR8@E(WG3
M_!BMJ3Q&BWETW602A3^],5WI/[(-SMS5ZE\ZW49G[[L6PB50?=E-'K-P.$_Y
M6LRUG0[CP4 V\>FNA_[=QA$FYQP.AN_)NOFP2/CLD.DITN=86(X
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M"L^U .[3P>VXC1:X"-H-N $WR$0ON*'=@-M?P])(95%24-)9J/7TAZSJ'R*=;7'EZ_JBU#5F>_G2(; FR>,))N.[9#CG;
M#;MH.>^WVL9X07_A41*(*/[_V#6?R/H&K%4_(99JK2>7+2ST*>$6+KXR1JP0
MWXKX/H7!;]?TYRCT?5DK?"\;)^)$3HRXH@_L\T1$/)$__4$X3-B[(/$23\1Z
M&"N(&$19LF!VW:L=O/(
M%5"FV$711,V X+2#6PM"*KJ6K_V!.4V
MK?93N\\9,2[78W3Q522/V'Z1HS!
M=*_]?.'>X#:5K>#
MXJ8FD0W !K?\_^R]:6_CQM(V_/T ]W]H."? #,!H2&KW9 +,>K\&9L/$R8/[
MDT&3+8LG%*GAXAF?7_\V2>V6+4LBU57%2G!.+,NBR%JNKKYJ:438TC.L]H#-
M'8>YL[";M$5%CRV=!PH>2&QF<6Q9W_GY3-#K+-^9)FK#JC3C>S+TBI%[2L!2
M;5/I[5_]@F1I-=[*!W"2,)(
MPD@"L0T6)I)T.:T*:8^ZXVR?QWI0Q3,GF4V8E]YS@GM7VLG JL7+1V&AZ/AJ
MZ%%8W)>*\ !BQB?&IX;@$[>E,CXQ/B%H2&TH/NW1E5J^W/>P2S2G5ZT^T(;\
MU@Z76IPU52IE?K+50@;SSY>WJ.[CU9E5_,5#9KA12?Y-!?K[EVRA)DS_'3BS?.(GTOCIW^.LD
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MQV3WN[QR!HK]L? )+N:4Q*
MGXKT(TG;KG[M.-6S'Z?UWM"T!GL^^F6T>/-M%N?N]3KT/D>A6[XX;;1CJP?8
MO/\=-UC_ T$(A[H]ZYY-DQ#,408/4BIP@-"R[JT!A*1S9*RML/STPJDMRFD7
M(0ZPYP$!G)8-3L_Z<1.@4.# IMW1$(.@"##;@_:1LGD_&\/X5<8%!;U@G?<@
MB,_^F/'F"P[\" []&.Y_2\M._C_+7L_WSQ>?__5-\??]-O/WRZ=.7S^*OSQ>7CV1/=HF@
MMRT5!$XDL]K(Q'<7XT'%5,;Y])E)%!:^(/RD&$:3*8<3UW=ENU]^+(L?JE]+
MX=PZ?E AX_\EKBG1\4S_"D!\V2^<
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MC'@G&P%!'O(*3F^ISYS<8ZACJ*,A^SHB?M&!=GU_*W'XS5D]",\NT)TUW
MC7* .;FA,^P:@T&/[1K3X'F;7'+KB
M#%UQ!*C+635EM2G!2)7$.J(['@6[6O0,VVP;_8[9)!/ET+(QCJ\[@ 3K^(-V
MQ[ '1YYCJ3=&Q.;V).(R[)1BW@I$-51K&/FB/:I#R Y8;=MH#VQC8#TP))8M
M':"EL[P;%C8B199.NV_TS"'FH)*.I6^$F^7+H\=]PVS'?])$\,>>\T2W>=#-
M;7G[M1%(\3&#('K8F!'WK=_;YK QAB!9O3G
M=X:M(=8VMI;9G>5>ZN]F>[)E5E1DNVLA:VMMHT*BM(H#Y6&KS:ZBH<^6;9VE
MW@BI6V:KSU+78.LVXSHC3".D/L0[<0BQU!EA&&&:(O5!:XAU#!%BJ3/"Z)%Z
M%^N$,Y!2KZ**13NC64E?Y/[J.;:)E(4[L5!S.<3C70!7P:$]>BG9KM#AAL):%1V]RM"GZVS%[A?V5F+YG1V5R
MJ AEQ61W;+([UK=\DG)&L/IC?VV6OGGY;.[RR9S-X_H;'**_!Z=##K;H=!^M
M466!#NG(/TJM!PT>V@ZCBTM]EJGP0S>:R/DAZ4Y:'K)>M"2GD7@=JWO[Y(3.
MC9RH%< 0'UM?6\W@&7!H>%VA_ZY!-;K[62L?1%+UV)%G;<,BDC()^A05P+^?#WI4?UIRH=++F="I$Z>^ZT^=-!\A
MF4@WB_W45S?U+-XX@>+9):$P7#EF2X+,@D(H5,%U?
M8SF2<2P]]9'(_4

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�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end

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�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

C$9SQZ:J3_-16)V M_G0IT$)G7GC0Y?VI%4T(M=N3^[:L%QV5*U;]GE/Q$LLE">I!(XKB&==[_W[7 M]2H^&#.%ZO#HM<%SRH6*G\[P+'T%U0OJJ0A1QO17(Z:N6P(3-V2*4. M.9M0VPZIZCZ_U"U'HAEVK^F0X;"$8M6("@=#O4E )J08&G-.8S:1#CT_3U+J MOTM'P&;38KJA8QL7)AP71[0S]UI\WQL7)[\7X+,OCL/O[+.4NHUX.G/),Y/- MZ.R4]Z?H36K\<2(>I=I'I:%ZNP# MBCEU_/1AEW@N@!P743A[4#HC^<4AW<7<4VA".%X%?L,K+ZXZNP05B3>91"&] MZ=.(E!Z^>*,\='\^NR^EX<7QE#K1'0\5%A-/2L49LGGRGOC>-&//Q3ZA&-&( M(SF/S*Y=WWG?QW0^?I\3+L^*7SS0V8M=E7E^A44>8%/VM M0C8G%YY[Y?+SCZD< GJU=,P:V11?V.'UJ5COZ:0[#/-R.J4RO_>RD,X=5P&= ME2E&;#I67PC:=B,5#R,:"/KEI%8\7*'7112Q0WK+KEW,/15V4,L$N!Z2%J)^ MR7Q73&0U>'VD%E'JRY!FBG. Z9?*O\[TB ](44Y8@%+7H8Z5%FG*0T_J?Y- MZ!3AI^']4N#L"Y'WM,@L_IRF81:$_BQ>CF>Q(%.\(HQF4>MM::$T5:?9/Q7T M-,T*SW@_Z\:T[E/6!4:^>W-"ECW">H"KSJ);9A2KL6=*'IA[H0Z:*OR.?G$O M*/YJ&+VF2S-0YO,L,]V,7EGV1.GQJA0K6;I*OC9D\\S8N!,Y(YGP7Y MLQDA+:B-/2/O*5\WXODU.='?+4/LE2MX4Q:!%\I-GTUG;[%G+-S^"E8G745; M7N4J8LDD2S?I(&E666#%U()>M?A1$8E[T9/W3&>)>!8#KPL[2$CI9N^I:R6/ M9/-:A79.BZFT?(ZB&>#(H]_T%.:!4^8;O."1,)TJO< \@]@I7^IF N8B@W6' ML]//=+-\YB4V; ]O1K+/7A@TN:)\B$PTG%TK^(M':_2Y*[35*QKN-/#4%=G[ M@X]M[&+=VWGN*FB[SJXEYT//?5,&56]G 56--5R:M4=KUV]9]W,!6)'K.[NJ MJO@@(\IZ26O:62'#MUZK;YC"P"&(4=N:NVL1 M]# F*?$R\HZ4_[V-CVDMR#'.>67V!\Y6K'/&&!K'H=D(Q.R[6_-: RB\(T/" MEA[8LU$E*K-GCM)W^HZYI>9'/'/MXVRX2;8]T-RM.;K&<:[$JSS%J>O;,_[A M)ZY[D W+TM0;&.,GQO0L@HFK+"/U%?2>-4B*W"&'M.N9:Q]GP\(, M,O?B![844'[Z.\EOOL\6?^:-WT]O]UQA5"Z=4_6-81U^Q#8'Q3FXX@A08ZKL M./;6%"/4F#C+O"9\BFK"TK'/ O'?DSB9NP=Z"9YDYRN=JO668A]\Y/8'66EJ MLMU-G]WZ$!NF45\9QO;.,Q$'646.?=?:#*3.'2+C:#F;GJX[]B:)L?9PC3YY MEDY/ROX,LI3T8;#WKB8_3WFA:VM;URG"WZ'9Q,6F1"O\X6W3_0NCS^6%$ M'7;QI2,9<H5KS4KD5DR]*Y8N2.IE.(9C;\;L M B%YVK*F;MK:%@4H[&A:FQ5M?3/Q%!<3,+.BV1\@JO7-BKII6 881R3JK C= MT@69%773M;>.B*H)R?GNPZ_^B 33B'P:KNPME'$+\YEG*=>Q([G/-B3_\^;K MW<>;W^^J[$=>;L,&M4E@)*&Q?;-X=J'; WC29,-7_I:BC9_MZ7^7)J_'LG,#5Z_5.WH9WU)F+@#?H%Q]= MACE],'_S8,[ET>+_+%!>V]],YDLMRLV:]%;/LV '-C+U6+G&$2BNN);9,:C: MJA.IA]Y;3!Q:/2B>GT[$M#UBM_0S=];LDCR1EAQ5OAZ1V#6^\-N/8YZ1S< MZ$Q:A-OIF1C8H#.1%&ZG-\"ILCVXC9Z!VMVF=EOHN]OTW39FE77 7;ZNUGZ0 M.R.SHX^.-\V3-OH;.6?3+XM?2DV_U"6:%8+79\QX*FJW+[X94\?@YDV_= QN MWAE3Y^!&9](BW+SIEX[!CX &9CKKAZLIG+\UC MDF:C<*+,FPMFE]V@>]H39B>WA)T)[\KL5=Q,3+P%W& J-=X")K^2XXW^I-WE M7N'VF$J--_J3SANOMQ< M*5\GK UHJLR[:JK*AP_7S525\>53!-=[&%D.#,7^L0'UY?LE&MOATWO#6=%7+ZD-.;62-0-!5 M\'$5O*D1<5V%HQJ.A:Y"-%?!F^L05F'=G@V9TX#A@G^"6RXCBY8[D*D.*%J. MY2C"EZ-L\"/7-\KMK?+1RW*2*N_I.%3E0^]S3_E9_^5GXQ<).1*PK"&,E*AK M)#AOSF0_WL+.Q8:AVL8 +'6%Q0%I&09D?@>^972.^8$AF*N4WN@Z22=)RC89?9K0/_)I'.8A?9_1 M/#G$G)J;'H!V2D6L3U YJK6EJE MV@#T S+R)L)JK&'W*DU;O.D1&!G%::D>#,)#7)6V>A7+CK%N!=D+"0FG(WB- M?\XK6;",!4D/7(P3FPX!N.1@#-2^"YHGZ9J2HU/I%K<"T*F8FFHYE1;YT:ET MBXX!J.0V["U'T',G+&,1UC(<+&-!(@@9NMUTSTT\\F*?!,IU2H(PWT'Z8"$+ M1T<8B%N0N)*2;OI LB:9YF,3*AW!(9"4OL%0%"+PP M D?>A ? 986^ICH:Z!RH:TJ.3J5;] DZ%:% EU7)L53E1"4?X(DK6*J"EK'3 M,BJ>MH6E*DCW2,C#?-Z\"XQ4!3"[(HN>]ZOI.6\6!8J> M=XXKJ8W>FL>0BMVB^)Y(,:S[) IVR?,NR;WH$,42+BD6/\GRR^U^SQ6?XD=3 MUU7==>J^KN+%0?T/:PP<53/L^A\V5SYZJ3]23%U5#$VWB\=_1WPROB?I_%U+ M5:@L)L3/PT<2/W#[NK=-;_"G5N30>]=%_:)RO"*/ ZD6YUA[*2P'J>:]? F]R2T MGL[Q@$ E=9U$D9>3E&+[;Q(H'Q(O5C[=4Z ]MELN6]9/74K()$F1=_#>P"(% MB+RWNLF9&O!.Q61%%0U>1+8&51,-'@K#@JARITPD<:-\MW/)J9J\^0C!55,* MO@ >Y_,B<1 QXB!9(0X654$2\@:2KV3B2C$XLJ%>SE] BM_JJ[J.]2:@@ACT M(L 8#/F]B*4Z%NC]65WS(L)7EPBHY;J!Q22XVPMM8Z=MF%@J MLVI&!_I-D; MYA^@@9K:$F:YJF4UL,FJB1UAEJG:]J#^9\4-82#H:B#ILA0HSGM;1-=69GEOF>H:WKR3K.[AC?X$.&.#>*,_ M$09OWKNXNH8W;TY'\G";]\ZOKJDS;V(&K#I+0;:(2JGL9% RQJ!(2* (KNAR M+B]WKKV.("4L JYMN*![(,L:EJ [$=J="%(((Z([J=1P&MT)$))$$FW5L,)% MM/Y%H(I7Y%-IWHR(C"HM!5G2@99<_@K3TM@>*UUWZ[YF,QNL=!W;;8EO36)& MG-P36,GQY4YG2='@ #3SU;VE.G0IP"J%.NA20+-?77,IW'DQ&50>.(4FW88+ M*=DV-!3NQ%S'#44*#D\:IF[HA2G#>DJ4,'XD63XF<=[W![%<%13PT/;A/,H-?-S4BNQK@$GXH Z;Z"G-:$M MB,RU@;6%"HQ:^=*C&KDISOFGLY?LSU$Z?\P9DC/!O2[_:U@_O1Z1.;BO2[[R M/O+\?VW3F.7;%\I,(=85:I2^\##K2D.5[J?%#XMQ;'].;^.3*)J)]\V%5K[. M)IX_>[VXP.+&5%G7E7.QP6%5&9:?+>6R]LU2$BLRV# $JN7K&*Q?6=%ICLHN MJ,SU0IDIQL6:0!HEHHY M6=?+X%QQG"V8-5FL2JEYO(]Q!<4E!@OCFDTBY45N%Y2LDJ3*)$G9J?5*,E3R MT2I?JX29$I X&8>QEY. ?J(,DY2:;:SXTS0EL?_\>HWIS90\]>(LFGT[3Y0_ M>E][=!Z+(B_-&$%)/'^DI*2X9?R@!/2;VP3K3L3_MK2X@UX(#1^^X1MH^/4; M_A!\4%_: M;[Q0RLDQ W#7L^$_IUD>#I_+MV8O+HL>T*_"@"0/-#4>U4#='358]M%E2 4; M^N5/;_Z:4J?^ZB/)1TF@W*XLP]9PHI01N7H*W6+H2Q'TV#]7J&PM2\E"AQDBM^$A=%4T7T>S^EL?4C M-=:G44A#WA7[HZ9)4OK;C,(5#D/?8X%V/*26&_NDI]RM6>K>QU%GS\/F;_I9 M1NB-2$J*&ZWX@F12A/9/'KU41'SZ9&KQO-ET3 5;-*^Z)U'R='F$2NR#V?+AEA1&]6*F-)ZFRKP,GE/G;/ MX%KN,Z= REC@)%*IIUFE11YM/NLW8[HY9((?A0$UY%W3ZHM7@ M?*(@$*'5OGCLHJFTC;IN]P:(>NNZ;O0,KJL+W41=[PT0]=8]C-/3$/76=5U# MOUXKZBOD!-QL8,<&#F^:)TV+9R6M=LX._1>_E#KTKUE"*[1)F0_SJO*B@Z$Y M.H7=N#CHN+2ZBY J;S3C+H*SS&9WJ<;B4LI5QGC;8D/'4J#SG1V-V!;?H%=$ MP:)M<1=!@[8UWQFU95Y6 ^;%.^+C'UQP/\U>P/CNG VZE80P.#O"6_SR9M^2 M1#<"/A@BV^T!#ZV%RD$5@Q7:NHP:V'7$G4\^=$S$22 /EM1%DYN/5-.HU"9> MP, :HCDT[++X5Y]B8E;-/!LAY* MPA0%AD5PRQP:;*LC-IA-Q/J-=V!H9WXT;%73',@QO41ZVD3LW5VC;R!:EJ3M MBCY0^TZETW]Y1\4P]%2*V+?N!$29_7GF.8U-4,#E.8U[]Q=(&"F+D%5VG8ZL"J M1(7PSHI$L)D:\Z7RY2E[ZW>4VXFZ+7UYJ>65?B-10/7FU4FZ[XD9=EX3"D-P[9GO'RI);BY>H:1WED"X-Q/(=Q]?.G$8G7 MMJ"/O*QX/4FRD)T#SPYK8F=)L /CO?LP*@Z#29114IP#0U;O2]^>WZ.G_+9Y MUY4OLFWFY4E/)&!/N/; [#[%YSZS[H"MTGAC=B@4VY'.F@3T3CIWO\#M:K:K M_7E^X 6[3G&KU0WQ0^7ZPR?J0W+ZB MT@X,0A@7*PR2*DJ?L\AC%E&Z[O-VO MOT"YK5U+K6Q7.G;54F]ILTP?ZCYYL3:7'9L]6'6W/T2X]X?_9OW=)A%N=":" MP(W.I%5GTN\Y4#?!BP5W'8M_W,/,6K9*G4'GE[9 M(13V39R.OV.O-0P3 BS'-LK+:@^E$.]V8RG >#>Q?7WWOO637!7&:1BG01"- ML+'"SJ92[32:XLT-""7;YN>S!HA&P/-9$[;4V(%&Z /A^D!,C,41],E'(AT9 M7G*5,8\BHQ8K\M8+\*X6M177299W(RAI3T [@I CRE6:*(KDO2I:ZV$)^LIB M2),;PQS5M2H=ER!@I,%5^<5G\$##R\FW\%XD?<&W5.TGU)ZGT?:=)25=R 0C M,/HC3@F%D45&49)EJA(3(.%1@WOT";BG? MW+('*.26<#M^V\M"#1OY+O1 < 6Q0/5'*MVU@/9JNVZ1P6WYH6\]7- MUM,X#Z/%-G-U:^MZ0*C8QO1)@K(#._L\)CG]W1J;-]N$'A R9M],E'NBY&0\ M25*V23RDUPO3Q0;Z>;,M9=YCJWC0>:WE_%U+55*238C/=LU'SSV@ JQ%#2$= ML[#AX^;G+%#M>&+_VIHK3KQ4G%2]@I)Y$2FT\,5C" +Z5OQ0*/PI=]RA7AOW MST[7R.GO)"X=")F%Y% MD>+3]U//SZ?>PJ',#Z<(ID3QAE01*XM?URJ+_YEXZ=P/5;W8NN"J7JVG7&W! M-_:>E2 <#BEVPS09[T/YGOC>-"-*EHR)0B.;-*'6EE$7_D@*%2ZB">:8?8^* M*DF524HF]-+)/74=7AXF<:8\A?F(?<3^FTSSC:\RJU F)/8B=L,SW7'AR%QA MW=8VV;1ZIDYQK=4SY!X_" M"91'QA0APSUAVV&/0$FZDUTL![?WKZC=60EHBR>[Z+T!GL/S@K1JYV-T/!V@ M/;B=GHF^J$WM[J-VHS.1%&YT)BUK-T8FK6KW (^):@]NHV>C,VE3NS$I;56[ M=:X'>4L#]\82)DQ&AN/A&F>=F;)^1(K4](M0^XW;*(?AFS%U#&[>&5/'X.9- MOW0.;G0FZ$QDA1LCDYKA7FRW-0]LM]5=SMF34- W<>HAVU.S%&"YN6;QTLM6 M_FX@Y.>=&W/,QKCW L9,&#-A"$X/@U?)X,;@%3-AF>%&9X+.1%:X,3+!3%@$ MZ)O(A">Y%Z$23 FP7)@CTDP(']7ZU1C'9YJL)=2\ZSK MK'.VES?1#@NM1Z9 #:UGS7K66MXW<:XHAF08DF%(AI,*;[(%J42D$N69MMMI M!(OK'4U%O@?/QG=[%LX/@KR*F'[X9#H>"&._7PWL@(-&T\UD;DR N% MM9'6)A=D5Y!=078%8ZZV'=R*]'@VUFT@2\+U@35!-]3Y6A9F@;OO1.N3W/I. M:VN-TZ,0"6/,% A)/DN.- M_@3]B;QXRQ..P,!;P/(>J?$6D)62*=R6)Q&%HL[",3PPU%D*VN5$C)7Y/W:+ M1,LZK_(^_$Y8?T"?M:?,B#]K6RDCL2*X @#T M #!0A3;EPT"5-T4A)ZJ\B0@IPE-@"1@8U>1+*@BNFE)0![41-PM203>XL0K7 M29Q-QR15Z%?]E.1A$GOILX2< EBZ#4:N :^,:=T.?FQ Y7EG*OME<@;(#*F9 M*&?/HW^C'[NZ^9JFX. M(',975M'0<^#GD<"SV,.3'6@&1CBL(#47 :GM7BA&LP$VDXIV>U%MWH.9!(' M^K3Q$]P=3!TPC3YD$@F^:9QB!E)P4I"9IRSW)A')).2G51Q<'6R(PD9P"48QOTX)F3N!\N(@.*- M[DD8R8GKGES5UBN53T@3+'707+#6J%OL$_QZBF[P4B MPX+,6,&WC,YQ60 9 MJ_=A[,5^Z$588X3)'ZZ+ DSQA)U_'4<=N%ACA X%'0HZE%H'"C^*(P"]H&$5 X6(,& MX,A*Z[PG[HPXVJJ9E3<+((52.B?T#^A?VK" M/]F&J@\JI2+2A$L=M!I3I[WH06?,OH'-4% MD-"ZC8-IEJ=8@X3T%*Z;PDSRA)V =$14+S1/PDC.8']DZOJ+N@= M;F@O4%DG@/92N9<4%AXA4X66(1Z'!=\R.L=N >2P/GHYP;(C)*=PH11HBB?L M].L.H!^QC6R2 *BB0T&'4CJ4@:4Z-NA#L5'UQ:9_A%5]L^HQOEATA%0. "VO MY-UY$S90M+QSM(Q414>?O32/29J-PHD2QCE)29;+2-Y@S1$0>&%DO;RS*H#K M)[IFJK8!>M]8U[0A3T*'5X%$,S5,,"O5D+=5]L]D=8W7=@;[R"DL-B30YG+1] YG"@ M:'GGF!JI:G+^R,,HS$,I*1NLPSD5WBR)PD#Y02O^UZ(A="\RK3TKJTMTPD[G MNJGJ>L75=RSI00>%#@H=5#,.RE =L^*N44D"I@[:2^U4D_3VHL'>&0:_Q@(L M/X6F(39U!=\T.D=J@:"NGDCQ]/=)%.RL1TIR+U*&X7<2*&'L)V.B9,2?I@6_ MI?SL)UE^J6R)MN)-?]35ON6J WM0]Y65I5OVXJ"1![<-U7*TVA_I/-W+55)238A?AX^DNCY%PD92.09ZYC I4"1>T:] MQW0%C'ZH8S(,U<9R+_&T&'T!^H*V?8&NJX:!'=N0/4-[R%];5J]2S2)OUDQ4 M N! 2M,9L@R4)53XL?H+OFQNU.;-7],P?U[AQ2XEI%VP\ L( MO#"27MY[:+J&-V_JIGMXHS]!?R(OWO*$(S#PYKWOKFMX\^9T) ^WI4D_P:AS MAZN7JL K!=D"HA!IG5/YC7A1/O*]E*@*"::SLY!8R8L_"J. ?2 AR2*X,G3:@ MC[L6M8A FNH96;2\4JS(FY&!HN58&0/Y**1.'6<-EN0$LD\!CU(0*$63?K^X M WNO5-=6N- [H7?JD'>R=-"[M]!8!&*=I#>6RJEZAVN!NDU5H6F(S6+!-XW. M\5L@6*RC3D4BF_N^&CL/R55-K5_W5?%(H1:Y\ XDP*)ZW$/&)6-&"V?+N<&. M>H-,M"&=AMX$O8D@WL2UL.0*R2^T!"S"PC.-T!!D8+C &D(%8JM\Z=U'9%.8 M\T_W!M9A')"8*I*]KDE_3K,\'#Z7;\U>T.'D%/@P(,D#5:O168'X&G1'SY;Z M@=ER <+DT*"K)P\''OKTQUPQR]*&=(U:T,(N"[DJ/HFBF6J_N= NBM?9Q//G MKV[1:ER^ZM&IG M"A#N%N%V>B[Z(M1NA!OA1F<"#&[4[E;A'O1,KBM#'8/;Z-EWV'/3= M;6HWW[(I:>#>X/I@,C([Z@Z]:9ZTP=8Z9],OBU]*3;]P%$T;91ER@+M"S9<4 MKYAP\\Z/.@8W:C?"+2_133R*MWEQ 'JMIXFVNY0?]&?%Z[NK M*Q:7>N^%Z5* 5!A3LGSI92M_-Q#@\\Z$@0;XF/=BWBNI:' R!S>98Z@J$-RH MW0BWO'"C,T'MA@PWYKW"Y+T3DK('\AY6TMUDN/P[9^(PL50^V4JNF84QJDI!I+)C<=!6,"Q#ZSG>>L+XD63YF#Y31LT' S!1 M9AH,P# DU0TM4XA!F;VG&>0XB#"I039V8-H+Z+92S? %2;"15J=JTN:'X2* M7DDNP^&]+5 HN.'.Y;RW&PHEQN:MAO=V0Z'@!CW=()>"7 IR*=)&8=Q%\_)? MYPB.*T^#5/^:H%F?"+0^>')# ^V(H%G+%C10 >76HCVV3H"@#;8Q20@B M)8XFV ";@B;8QC388?($C G*RM0(WMGR0$> FVF:3,AE-T+3,YM9S_^Q<8V_ M::N T89-P$5^J?%&_4:\9<8;_0GJM\QX"UC;TU[4WCR\ A)0,L$K8(V-U-Y" M0#('ACI+P;" M:S&',P@?Y_ ,H\3++]F8%Y_^ MC7[,_C9T2[4,&RT!3OPC#][H>;KL>0Q==30'+8'%.>8RYJG%"]5@)M#V2\EN M+V[/A$SH0)\U?H*[C4E^RZ@TB_#FD^!;QBE6( 4]!9F$RG)O$I%,0OH)22;> MB'8MC.6=]@D[)5NFVA_H'5)]Y([0H:!#:="A:*IM6*CZ\JH^;TI(6-4W>I4F M4M[$#Y0DMAOTCL!:KD$F<:!H>>>H&G%J4FK9K!1[L1]ZD8STC3B2DC\/PY5+ MJ!D:P/498Z":FHOF@C01NB=T3R*ZIX%AH+ETT5QXDTX S46'34?!K[;H!E$% MTC(JS2*\*2SXEM$Y<@L@A?4;\:)\Y'LI41423'V/;8=3O#A0_%$8!>P#";DM M9+!X(]JUR)9W(BCN+*WKJJ-76FP"IOM(.J%'08_2H$?1^JJC]5'WY=5]WCR1 ML+K?[U72>]YL$)3,MAN!!1O]$_"2$Y@_S10'0?+)SMI+[QY)X#VTJ]: MA8'U2$+GNIA<4:)NFXK$K*B3^*J:H]R'A8-])6O!'M M6C#+._D3=F(V#=6T06=XR#,)@"HZ%'0H,X>BJY8->DL;JK[8Q)"PJJ_#/B8; M2BK;#9)'8"T'O=4,BI9WCK 1I\JE!OE]]'*"Y4C(ZXB#==>B5-X)&L!%&EVS M5 <;LB%-A/X)_9. _FG@JGT+].Y9-!>HI!- M%!9\R^@*EG>. MMA&GU*4&^?V1AU&8AU+R-^(("F0>EB51&"@_:,7_R8&]>1:-12#&27ICT:HV6L>*I([25&@:8C-8\$VC<]P6 M" ;KB11/?Y]$P!$L9^,B9*1OQI6M!$9^, M[TDZ?]=2E91D$^+GX2.)GG^1D(1$JK'VF;R%V:-Y%+GGU7OL6, PR-6IC[*P M^$LX'49/@)Z@76)M8*NV ;HW E)H@E-H<*S!U*M6N& =UQFY36<8,U"6@ WQ M>%A"YPBR!FJ*#&X$Y\U?TS!_7F''+B4D8,21&,B$#.M:!-Y=TS6\4;\1;YGQ M1G^"^BTSWKQWY'4-;]X,#]<*D.;AY;WUKGOJW.&"IBKP2D&]@*A-6B=8KI,X MFXY)JM"O^BEA!R9Y*39OZVB5"ZX3BKTOY23Y"+L6TE<-K=+Q#L T'TCL @Q5 M]"?H3^;^Q.S4P6N=TWS>I(RPFJ]5;6J%Y352[S]#+1> DX&BY5@I _F8I 61 MD^7>),+3DI#<$03KK@6KO-,T@+O(=;5O.F@M2!6A=T+O)*!W,ES0]!):"U3B M":"U:-B^#:E!2K\1+\I'OI<252'!=-;"C9W,XX_" M*& ?2,AL(7_%&]&N1;:\\T!A9VFSKSHZZ'0/*2+)&PJJ_W*ND];RX(2E[;#<9'8"VOU*.3-Z\#1QN&,TZ%W>0Q]+%1"HF<3:VR8\<"1CU]3;7T+K5N0A(/'0$Z M@AV.P%2U/FB>'_DRP?DR.,:@]RIMS>=-DXF:\6,+-WB&4+&7(=9Y80G+ M S*\RD*OX&62?$12;.$&+G>0!UX8&2_OS31=PQOU&_&6&6_T)ZC?,N/->P=> MU_#F3>I('F[SWFK7/77N<+T2=FUKN:1,6X3(2//8&PJD=M=2>Q%[L MAUXDX\G-2/GP1K1K 2SO?$_$G<,Z:2Z\*2Z YJ+U M*MD*;_(+?IE(-VBQ+EH&%E AZR5TP4X-4KHC$?&3\7@:AS->B][E,?0)%E1U ME+AJM!M-YR):01K="#@]ZYJJPZ:AD&Q"EX(N12"7,E '&FCF"%4?1* 5K1SL^-T1RD\.XW$@LX,2&D_GB$2 _=MN M_IJ&^3-V;L/.;5C]PGW#CIRHHJXBJE!010^ N@H%5=[[Y>1$E3>)(@6=SGO# MFJRJ*7T!$W9N$Z96 CNW092:_,%:=-"0FK^@:V44-ZIP-:#IK$@:+EG:-JQ*G_P(YGX$4H?X*&V^RAIFX %VY, M0[4&>"H%\D?HGM ]">F>7+O2L1]H+E#-A3<;!=!6 )$%1S$7@.*&K>.39#G *0YKJ D.3T(?N$L?C?O2X&NF&I?=A]K+%<21B] M1^^$WJE6[V39+*H3S%JP6@EJM5+W+,B"O<].NJFF,WR>#,9CP]Z^)Z'Q5& ) MRY?>?40VQ3S_M*XSQ==&?O2DJA^85!=CF#3QS-HI#WWZ8Z[86VD?/7\^,S2=Q3M*%L$6! MMI/>NM2^KIS9XNJ*19>6^!0%POUBL(>^J#VXC9Z!VHW.1%*XT9F@,Y$7;J=G M<-T"V3&X>?.''8,;M1NU&R+<&U0=3$9F!]WJ3?.D#;+5.9M^6?Q2:OJE+M&L M+#"4+&1G*D00;G$SIH[!S3MCZACN^%Z5* 5!A3LGSI92M_-Q#R\\Z-H65C!V1Y9GJ&B34F MUA!$(\STA;&P0'!C+(RQL+QPHS-!9R(OW.A,,+$6 ?HFDK$)2=D#>0\K^70R M7/Z=L\,O,*?FGHAA3BV-*#&GEF#FLCC,7)5W+58H# M09=28V> 8B -W6K02:&3DLE)S8\H1C\EE^'PWN(G%-R09WQF5(.HQ1$2EB0)%$[BFLO]@+O MLAML3GNBZN1:OTSP"KBV+Q.\ B:O,L&+S@&= UQXT3ETK8Y )G@%S#9E@A>U M%[571'BEH#=.;><\_\=ND=!8YR_>A]])H(2QGXR)DA%_FH9Y2#(9"0W!#0!& M9B(%B+SS#RE Y)UE2 $BFC.:LQ@@HCE+D%Q) 2+O%$H*$%$341,Q96^3,%DD M\[K!+9N_3N)L.B:I0K_JIR0/D]A+GR7,Y<'27##2 GAE.NMV\&,#*L\[R]@O MDS- 9DC-1#F[H;E>V%B\^?J"/L-3ZDW>7)3_O9C#&82/+EEVS,BT__ M1C]F?[N:#3DE02CF@'4L:!EH&<@PG4/]B< C_4:\*!_Y7DI4A013WV-[H10O#A1_%$8! M^T!"D@E3.Q@@BAZO\D[@A)U[];YJF5@9@RX"702ZB+TNPM6QL :V=O-.2X75 M;JU7<4LO%C$@^8):CEK>22)%JE*=VSB89GD:>I&,NX1P_5Q>>$6//GGG5@ 7 M16RCXN;>#J^>H[=!;R.D<(3U-I9><0FVP]Y&='/@G10#- <\60/I(K0,M P! M+:-S%!- (NF.1,1/QN-I',[J=.A='D,?3Y_I4#Z7)5$8*#]HQ?]$0%'T.+6! MM.TT&0@[Z;KJ0*NXU5KZ!7CT$>@CNNPC;-6&?6XP:G<3^:@DV@U\BP@,W09, MNZ":HYHCAR)KFYN_*S\["=9?JEL";WB37\T+=4Q M];HOJRP]+]O;5?]3]U5SX-3^U%ZN?/12?Z28NJH8FFX7.]/>$9^,[TDZ?]=2 ME91D$^+GX2.)GG^1D W#NH=FIV[)\>6>WQY:DMIR! )&4::I6K WK$BNY>A% MT(N([T4,U770BR#7AC:R?VLH;+X"GH$,%@4KJBFW3 MH\!ZEQ(R2%)D(+SWQT@!(N]]+%* R#L)DP)$-&%% MYX#. 2Z\Z!RD3OPDAY=W2B@YO*B]J+TBPBL%U0%B2U)'FGP+KN\P$A$I0.2= M;@A;QN>J QQT[KTZ\?=/AU%%BT' MO5\"BI:?HM%2\ W #T?!'D8 B#D820R\+5VPCYZL23C"SMA]5;= ITWH;^2% M%_V-=/[&5&T+-!6+!B%P8@S0(+2> 3EEAFX.7:&,0%I&Q88*:!E(,\E>UO)' M'D;%UAP)J21,X':#B"U)^.=IDIQFKUNJ96'?(G02Z"302>QU$K:J]=%)P%9O M[N=!"JO>6L^&G&?"T&W / NJ.:HYDB9MUN:X+]2#U>Q'+1 MBR##AC;R0L<5+(<2J8]'9W@[.8Q'0^,1RG@ZQP;".^KXYJ]IF#]+?LBQ%$D( M[[TP4H#(>\^*%"#RSL.D !'-&#R-0]_+PR2F*7WZ&/I2;HV2?+F1=VH CXF$O5&B)N$(2\SW M5=NL2,UW>.$7_0WZ&R&%(ZR_L53307\CJT'PSF\!&@2>LH.[O] RT#($M PL M$1&?6\)3=KJ7P.$!&OSS-$FV7NLT'W,K]O_ %6IT$N@DY'82C@V:M$'UYK^- M05CUQN-'D&=!-4P5,O ,VO$UU9,)+N(+_@[3NG6D**28H4A7L** 6*W!,].+.MH9IV7W4)LH&C\@.C5U';L1H#^18S'Q2H>P8RG<\33N?22*9#82GHIC!])EH]) MG&!!OT\2*;W$1%I.;\)C?^Q 8VN.6<\0QAP M)FY#M2Q3U6W0R2&Z$'0AZ$)XNI"!ZK@FNA!DD3JB\[JFP>ZU+*J^RTD*H2V@ M+8C%\90O/:J1F^*T!BZ9,JQ6J^>&CQ\X:HF]F>3HMB*7BNE,*3QH]LV]-DC0?)E&8K+)/ M2C)4\A%1KI.XH+2]G 3*>_JK3%5&7J!XJ]14/O)RA7SW"0GHMZR>]M/RY^.) M%S__=Z;D!;_EKUXN)KGB91G)L]X+TEY5T W/5,J]= W4CEK9.7U^L*/] W*(OOJCT@P MCA8]T4J/>_@0EF@_B:TY'SZ[Z=DIG&Y)E\\&LF$M*@C#_1YI, M)T?Z ]TR7G8(.QZ^E='ND6@QS"UQTGO-WJ._6JK."4 <;0=MXW"$U#\7,06Y M*0JA3QASO^]:4,?\A5"_D;'OG21D(8?+V;,W-MP-?]^D'W,LA[-L]PRV93?F MFJ8N) X-NK%7 [!#/LN+N0-#R/$><&/724KS6CK4WY-XAL21\NV#,NVV8LX3 MACM_??-]0N*,B!)\ZH[9/S#4C2=O8: M.VS3=L7#H$%GK=L'U5O(\9X7;SKB MC;49KR64&HM/+/"%J\6XW* YIG #;=G%TRS[4)HMI+#/=O%]#>1XSW3QXAER M4X&X8X"QY8K^N:\74[<80Q5_.JL/KD]/,0FN\NMD8RGABGKFX3?=F,_Q!R=8 M2W/U?;3 RDVJ/L<"N8_>GTEZ]SPAV:?A.W+/LK/2<7Y=G$NQY5F7M_OLI7E, MTFP43N;IW=$LGZ/M9?!Y#G2I<5%$QYIZ4?AO$K!??+J/PH?9?'K<:IYIV_LH M !&&N/GAD=.DWH;83EU9_596''Q;WNH?LQJ,T/]"'JC05OQ/%GHL/,I')-WP M,VU!Z#KFOA2K@RB^9R<.EQ[W5"@MQ[7WS>X D"S6[]/G;U=_M*R"AF49^R+ M;N!60>G,@;4W? 8$WO45%_#ZYF!?U 4(O#^^MFRQKJE)H',58*N@$2M+B:NS=;ZAJ"%531-6U#;PS'1?9]F,D=N'9CB>8NOF/* M$L0)31B??_?&9"G6_^L]Q^2*%1%G27SM3<+AHBE2R MM<'P2II-G64.XHVSSIS9M?96^@HPPK/SO>:'!"37$S%C!@=BE839,O>NX8D/ MI)SY,@38*J7+MK:O] L.=IRR9/HB9$J M PY6A,F4;6.PMV3X6!C?>I$7^^3KB %S5$KPA; <)F!9VO-=ZL69YQ?YR]OG MU4_65[,7Z\\O5J^/3F))0([-U8^_HUAZ]ID'N7Y,?#L,HI,/[-+R*(O(P M\N+G><$%'?V&%K2%D6[LWQ') 2,VBB>6NL\WV7Z8\ )&'[A.W[3KT)[/)/79 MW\/?27Y5;*(^J83!6'TT@SY:[P5Y;=^KSD>KO!]W;2QF.19N@VF;;=HWM1X]^D#*)[5O3V*%_%L)[!+Q? M;JZ^3IA9I(NP[,/U\3;N(,:',:;_6I1??YJPK]2&U4? MJP+^^*$WZ1VMX@ZZD>,0OXE'+&<*RNU"6["?X+EM'2$_"'FQ$E9KPF+T!XC[ M0=R_$!I"3EE&]"$F!!0?>$=+!&8-?O]B'QXI6[G:S,TF2A-2*\_"[% M\SH9CY/X:Y[X_Y(RWQ6Y0&/7G,R^"'7KUQ2L/$G7;SL=DY0=(9T2EI]ZZ3,OE3>ZDCAP$4O%((0;6R^J M;+[FWB3:HC;06%H7R&_$B_*13_^^":9^0;*QDV1&812P-[E-X+*%[8(*J)I? MT[@M%(@FI=LXF&9Y&E)P>)F,QFU=031AW)&(4(T>4\A*@_E*TL?0KSS=5#06 MV8* %;;LH$AN8I(^\ W"--FFE%/PK\\_512";,GC*4)HRB^=/V7(%@:?(HT_ M\C#:M;[:'OHVHL][3I95!-=7$'D2:=<73A%'/=0(3M-G"P)C5;[X"\UX='G" M$":)Z/(T(2BY(:O#^N,KP$!*Y[<]1"!QB!!(Z;+.%\<(0H! 2I>-%#\%__=A M[,4^]^G:E#69.$8&@JZO2AM"\9=)-6.QNQQ(B9)@=%P(PR0=%U9Q1_Q1G$0) MYTF\T]'L1[87CKM%F++NFSE&!"O[22G*'SY<[]M5VK),NFP6XJVE=CFB$I.4 M3:L;"[Q0E(07#>8^ =&O@(DBC MXNY]V6*L\T0B"*_+[]Q"H:0A*,,KW!@X)8OJONEI]V%!F57'Q/JW3AXT*WG*C#ZO=A6^0B#?0Y\-N MMSX*).Q?SF[S 242.2$'K!'7FKM\2))ZU@CP\KM FGPTWI)[WWERK:?(%@+; M9)%0NX4/C:/;H0X?$+ $M93=&J!=Z>_1&J!$ZJQAX=2:T/RD.0/2)=X9 . MRD/472*2I4^"R@=4FQ5QA=2]+BOBRD+,0NN6FZRT25@>E(@ QRUV&7Y1MK&U M?+R#4#(0;U=.AX71M08K4H(/ZKC\-I>[ ))5LB7CV%T%GAQ$"%(EXSRPMPI\ MN0B3/'1XBA"4T9#46P%MK")9[0'8OBJ2$DU0VJIT&'Y!5E9;[JHBE @$74R5 M-:_C+Y**YX!W6"ZB)!;<=C$+(0/13M1KN:.*4-(0Y!@]R>H().BGTO)QK$*) M1+R%TP[/%V(244Z'YPQ!5E,EFS,63H)[WPZL[Q!.)!5;J4C&FE>32[VC7[GR44,[E_'S<0_9MUW"=%I[Q106>#V#Y.57:VYR,UW7H"V'G/7OW$5E> M?:\6\1?'ZFC7G_78 :]]?!.%XS!^J3_*YI!?Z;;C:A:H(5>2L6W:VL"H8[SU M]2G:H8>F;@^:?\@J7F%@#=P^7QS;<@KM"D, GV!1$[$AC;B:2^C; UT[>;CO MO3#]IQ=-"5M?BI)LFA*AHH<=S]?L6*IXD[[M.'MMK-&1+*+/^0_?TF?VV._8 M]=YZ6;BN:I^IHK%X.2_.);D;>?'BESON?=SP37-@],41Y%$^=P6O(J:^CKQL MI2]"@J/\X4'2+CT(TA4B%+AF;T+AT/MH;PT #9^GB7^B]<*0GUPU=/EAF M#83>)G%PJ@T9)@U>I-.4\_R)8>@V-*MIAF7<@8P#V-DN_OPMI-XC]4?/'\@C MB=:YI?EW;N/)-,^*+^C'H>/8F@EW;CX7'.-(U=&HZO2[ISOFL=R931\5+#I[ M_.\*4;ORA,?Z&DLO9B1(D#3(9&_/V*:K&7N)%3'Q.:PR+)P[%@%-&]C[">>V MD\&*H3SFER<1!1R2*7.@#?I[V2Y@X-283%F68XD3+M<#RWGQL2O.#'XB# V' MQMT#YLBX3]>4-UNYJY;MF,"":;YX%HA%*=!J.[" MP+8V4IX#A=!AGI_#S 1HZ> XA]%:(]*M/%77Y7*][;8AW8+3M5QQLK!Z#WGD M *=IN)P6U,5MFWEF]F-:P[&"6NI]73>@T;^UT"TW6-=@S%P-2 .N,(NK'9C MWKZI]<6AKT7#M$+\ZPQL6[Z@[*65 2Y%29IN0^%FQ$/Y2,=K] =%X9=<(*\4 MJO (%5S',OO_/WOOVMPVDJ0+?]Z-V/]0H>Z98T? &MQ!V-L3(R+>3QT0410Q P)L )2M_?6G"N"=HL0+@*K*RI[H:5$BB:K,RBG"SJ?EZ1V[JQ//09U(T#QV9SO/'>P_HJRE8OKL'KMK)JZ+9B)+?\Q'MKY] M4.25I-HYZY1+&(+B;$]647L=,D^L(+4'H3R!KDA-2-!B;ELYS$9 6<[ ME"D=D%?TYY0K^J8JNS%'%R6K1H$,;)#NX!A-]'Y)R^Y6VOY.B-"5(#P@#51I M"]&^[*4E,BQW8&EK$5*D"9XESUYSS_*7D+'P?9A>^I#K."6+EYS0 7K4\QAE M" ^9F,]6I12Q?2V(CIF<@6]IBT#$QY2N]Z5H"4FZ,NR"1"O#K. M8IEL"]8FW#%JD2*+L'QKH*^;%GPQX"[+-+!@]H(X1!D";@/A#2K+.$T54M*V@1V"(FYE5,TY8;#I!B8J2!(RUPR# %3Q M_JG*D(K6=2S/1__3J M3]]=_Y0:#KBXW;'Z+*1_>BH+Q9QR;WO@]%K?LYK(;[E];LN= MOB(/;2S6QJWM/4)E]P)I\9Y!RW1Z;?W9J7 6[VCCTG:[SZR@)ZF<=6>[PU$5 MED1.!)/!P'9ZW#9I010]Y0J#@1-"LYKSKI7V+:O/0@ !2^6L?CN^&P1J6=+S M"^:H2Z5M4>NC_4@#@U_)KY1VK=#ODS+H4C8M1GJ>:_5YH68?4CGQ2K$>*Z9: ME<+RQXY:[NHF%^? <,^R'7E2QW8LYZS;I&4"D@Y[UO6<5-B>VV>_.>7$>LZY M>,?OLYV<#$QAFSAY\$U;T@1=/9./(IR2.GSF87 A[B9IT[1ZK!U209!G723M MAVH00<=)4] ]TH[79X.CWJ39^S72MNNI$0#T)L>S:C(XX:N&/%NE6 3X>=WV MYT3$K780VFKX+ F%?'"\Z@TL:"M9FMNR7-<'MR$I3UX;N#V6ZP*1[:&PX+(X M0@W:X(SJSGYC7=?T+$C,0*LB/:<-B.7WVNU >-F' *RU37<0NM!*)22[^]&V M;%N1K8;#92SXZNC0MDQ%^%CA,CTX93 M1YK8X+Q]5P5V%+R!W>?%T9)4S8@0 MM$S[Y^T(6II$6-D:%C4B!ZF6;HQY.GXY0=NGTV%=9+)>=LW9EVGY>' MR:\7H5=&FVZ@1N;>L3)D:'1DV7U>WRVO+J3L=&1[(3IXF7L=V5882A/DBM20 M9G=WRZL(&;N&F!8H(U'JZNYPH 9_W[[HI>B_YEH@2]W4N[C;]?N\TT0J18B^ MM]L90*)$5+NVV_,\2(&1RK=VBVD/)9$BA'?8MAQ%.C^TKP/1D6A@]]F'5BK1 M2TM?6*ZG2$^A]I4B17I0'R?04OP2\A2#T(08*2EX7[=K.I:C1DU<=[H0'BPY M?JA(\[WVE2 Z6F*R#R!RILIG#XF]/U8543*YC.VI^Y%-;_T2EBGEWY'=+>>9Q?/?\?9241;=U>(X8KJA$SJ6P.D>H,)Y$[-F M*1\QM=U+M*2;VC>60+TO^?N.F9=I"579GA6Z^O.\#_COW&74,SZ0[1B$6]>B M2#6O'>,[L/K=,ZU P*R.[!!VP*(;>")6W5[/>\7^;P5YG[YRYN&9_I/Z:'A= M$O6?=Z.%9X3QC3(KKJ+;E*Z><4PWA)Y6B[\N$[_3R."5Z_0$4'LFU7-H\(II MT=OJVBN=%D\-#EY9MN7W8K6GS^VDZ(!I+9!QE9X='KSBG+O$$SO1>[SR_2#L M)>'8FE;; 8)ELHE(,@_) @0)-2PZ0#AQM231[9S[>(2NL>Q%;/3\+7=VZ(9; M\+_Z[M,>>C@"KOWY?9I,DNR86]49#EK;>>W90S^YI7N7B\2V0^;+'%FF^G^C M(N$S6=0=+R;S]J'NHIR,YCSIE]$C]O;HAQ]8]#*)BH>W-*/LT\FR'NIYR7B^ MMYUT="(96?#"#-AB\-J8\!(?GP>)P#.WMF;.?69O&&&[V['2N2.7%2("9^L4 MM;B92H40#"#\EA>OS #!(@K+/-XMLH#C>Y4/_S7.TY@699-'GA5;N([-3&^P M;R2//K#%X?6%,-; M&U;V"SE1*/ -UUK+QH)$8HL]AGPJ'6O?78CFH-=O>LX MON/LC30['EUO)NLUIP?%3%)2B_6".JR41R;2&"P+J_8G7\=)YK!RBS/@_?G# M'@,6R^]URL_7+/0XEU5]1F^7R3G^7J<%5C3.P2O']3UMQ?/85RZF]+![>]3; MO"CR'TEVMYL:I;-5\6ORYXRN9O.VR/]%B_]OEEO;WE[R %5XO@JY./@161I?1^7X0YK_.%E9 W,_,8NJVOBF=[3> M_4SNZ?*TTL>LK(I9O3FQ)@N)C-$R';-'_9X>?SZ/*@%+&O9F-#)-14!$85M^ MZ)E[*4BHTCDPJ&"YL!(V@!!W"L2=J=U)PI2PZ'9S'4V3*DJOAK5[/8N8M#UK MNQ/RDP]K:UPR9[G]RN1@/LIV_'H)]3PLJ375G4CX\\J/93FC\5$&YJ^/\>/O M'^K;#X+0/WB,:P]N;;A[U]BCHPU-W[*['^T7Y@2J*(L9N J0\-K3VQUXQ[)^ M8MP9_3)J"E@_1,/:=7Z.?B:3V629O;'O8W]YE'\,_G!,/FSWZ=JIZWPRH07W MN*M"Q$7U'K/O+=O_QRPJ(O8DNG;A^=N'WZ.*>;@-%/C()E308;7ZP(C]BMXR M6? RR /0P+OX>U!SMIO+X'"9M"K- RO1EK5C:[6<:U'.;;4*:[9KE!>#8H,\ MN"(O:#(ME:3T7 QZF) ^\Q7'QF):_QUE;(D]V*9]8%1>=RSK4%S_D\U*3I T M[^?FE=1'YCY0^I49&OLINFNO]+'[!6?OH)QY:9JV][3\#I*"),)MAG M17E#B\FG/,I.$F(G4LRS.SXH/N#3 _832H.=06AM]5!>'TN;HSP(2/Z'N9LB M?6"F<566M-I-.J_SE->@%E&:_"^-:R6NG-K!A4E>Z(:]3%J2"%TV->\SS.^S MV[R(^=XYC7^?MXCX5(QCQ)%.R:H 7VMN=%N02GB1X9PZ< MT#X\DBA9XI[QN)]FPX>KX;"81>E5=1T5!1]GS3T?5D"Z^55U&7.3SO.(=O6$ MU5%,6M0MKK(A95%H^8W>TZ)<]E9ZP9?Z-#G,VFH!>ZNH3\B?6_?S[MB4$T M"# I/(,"ITJ!#FERSX,;"6=M^<]->CGZS4E^3K*\8+Y]<5#F'1T6-"HIMY)W M">]W>3NK_>M-_GN>\8D7S NS+UU\X+^:FM4CD.#9$[Z!N17XMC5(X5,_/:*: M'^2M,>NFB+(R&LYW!=;_\CQI^3QM&Z#H-T4_WU2:[RGQQ#7/-GM+L#%^HS&E M$VY?[,7U[H /W9>UM\X4P);_(93P\^+?VO4[M/VAY>BTU,\6]>)-CX_RT!,B M@2U$Z,OZH!LFPK=I/OS7,0[K[W]-JS=Q MI714O3;_\F;^LDCNQO7K"_X9_I&_S3]_PL?_X]__[=_XQZ:;'WIM3BO"__6G MU1L^E5T4/SJ_F+UPF7Q*LDGC?.?#-BLW\UBB9)^O#Z)IG0 MDOQ.?Y!O.0M C/JU4=(B&37O*UF^_9I8[%FK =4CXG]=#"I.RFD:\2ZKU54C-SI*15R7Y95&,2D7(VX2>B23XBPS&/BTN29*1B M'RN6#HTDGZ:\U+ M"&\0?6?N5;%\V;R.R?W\>O\CG?V]HK?W:VI3]N>*VF,6AN'L3MVE?!B:*NP5Q-Z\+M3W#;33\UQT+_;*8 M.\6\>$U^B695WIE>UF**PSY M&2>T;Z.4UV&HX1:UTM&O:OBZEG1R@I##%3$R?Z"SB:;U+]]#4"_GA4%/[E"*G[<(:WKVQMS'J;7U\6^MN:/.!2\^WPR1 MC>.W"ZM^Q[Z=R3,?O/YQLO[BB7/=NR>PGSZR_>4'/](_3J:K#JQO'W[?. +> MO.6@;BQ=M<_8:#CK\G:S3C (]HOAX%GU(9S]'8]'HR1-F%B^C*[2E-Z-H^QA M?[/R_F1K>AW(]G=:\6NVOA;Y?1+3^.W#_Y0T_I@UO7-F_$/-6-F,GN_VY735 M]O=5$+J#S3Z=1PR\FQF?UW7B^1M6+6^KYV_;,Y[?@I/=7;$5>U^?7C]3[<]- MRAN$ _.@21TXMM[F>5P/)RMP!G;?T_R8W3,8Z%.=K_S #YU#YGG@V'J;YW'J M?&4'X4&KMLUI+GU$?^KTPF#@#0Z9Z(&#ZVVBQ^K3L]U.Y_FQ+L7@3>A:U(\U M<+T='[AZ4CN#D+E'EW0,C)@D[UI__LC36=WEP!>@D=*L*-/[]/DPGO&']X MGW)_8*,,ETOX.[VK;R@]T$FR?U!XYWDX*PC=G?Q-'AF>>W77LTO(M9]P\*K, M_G0O& 8[V9YZTQ?J!4&OH)Z?:]RH?_ M&C>]V=]&93)LE0:VK:=@^=FQ=#>18YE4>^NZC9XF\BY)9]76C??B=#(?39>3 MZ4\OST^&O?@RNHE^?J7%VJ7T6S?8CY,I']KYB@K6)V?S*@K;V3.O$P;6XS2? M5N'V-%^9EZ;;RSP/^9;:6!>/[4>91P^KMRFVI\BSY_CC:CC,9_4E65^+/&,_ M#FF=8WUEWGCXT/P_Q"M#5G=>2'UG2/--_+VO^8TTR7!^ 0CE]5UDI3RRJ;TG M2BZ?*A,]^^J$S@54O_%C1OX[RF;\V@Z^U(SZ2HX/5]_?DJ0L9PQ%K[[_3_V7 M5^9C37"?K6/=$?>\1B=*R>I.UY+4%:Z__&0//NSIF>?])?OM/RFL7*'\:%]7=C 7:;*GPVTS61,6D1ZJ;#ZC1BU$]CU%(_O_I81E'TD>\^AU?LU++8R-3_$O;CIH7)*;,9/& M4E#TYS"=Q>Q#\^=.:#7.X_5!&1LCK+^836J65HLK8X;K&FP61\/?)!T6G\[FSC_^]K,)FMK M;B[Q^D%\HFL+HASGLS0FMVQ TVF:L.?,2J[]B QGDQD_@GY/7]'1B(UA[23Z MXGFWV_T#^30+6D5L.<:$1@7_V^)ZG,T/S'\Q2LHA6U@/[+U<;BL)+$=X2[E^ MF!SJ0;#A7&XOX>5?:B%.9[?,C%=W\_#?11D#CW1M<3=KHUP;3S1BP$;>,9CE M&>:JEMWRZNM\@KG"V)N2R?+C/Y)J7&L[+^GNMS>BGE> \H$.Z_/]52%S>-*W/ME]TZ'WON?!C\UK??-3TOIE'3 (,;&S]D M'14+K(M8TLE0H[B+&+C/JP-O'Y9PSRTIK;\G6OG4=.5)%Z"\P*ER3&E5OREN MCFGP+_@7?=CGMFPV )HQDY\6]#[)9^7\:8O)&7/HFD-MS TI6PDM/%M%;W+ M"^Z4^!.C)HBKD2EMQ,YQGF$)0Z!\>S"G7"-^66U&I$31?#J4&0,".9 MS+T@]TI, /S(%8?U!@4?&\4C8V#JY^-G[HC' ]P=L2]L/!\MN>-IG%OM92;, MRW YT9_3QD..9ORRX?FCIM'#HL!;W-XBY#'&9QOG][/7[=K\KGM7@6'_! MW&G.O5I*V2#XL_+%@;#E#9;5,Q[?*">>CR)4NYUK.H>@ _F@%&"X+Z%7O0JS)*Z5;&^&"L M37'I'^,ZM9SG*>L0'_0%\3Y"O +0AQ"_!?B#^&\.MC*':J,@GA!^RX?S& M/**\9H)@&%(LX=PW_9>OR=>"@5\R98OOGOV-Q>%7=QP&^'8R$];\;$ZWJ_.(QEQL/J;]VQ)%FG/]8(\OF M,!93'G.S\;/,@]:I \-=-C#NDCCL\(Q@];S&\32/X\!%64A+>)#;H/-=SGT5 M0VA:W"=#'F[GDX0;/O+@L:S.;*# WV MGKNHB-/Y!-=P\4>2INORG\/#)LO!'LI&,(T>YE? ;T)W'7IM"2DM<\Z$Y#_* MAJW*^$SYC@KG[)?/9[^H&0Z&X&QU3Z)Y:#VB20V:11W]YL4F<;-Z0]D '64K M9,A&PX:0Y?7W-OL:[#-URXF&DV7I,NK7O;99;$TC. M?S5:'%.O/4IS#I8_8T50K?U^&:]RT2Y@<[V0E7Q?@B4?"#]W2SYPP5UN&PJ( MH+O^^R9DS%.EQ3ZFU0SDZ"!J#H))QE9 4KUINMG-NTPU*'8HHW5TB-0XZMHF M%EM#C^P)/6I:=-4W,\_J13".N.63C/>P;_SP4Y^O'38H%LQ'5OFLE4D\V@IZ,/WV2W+ M-A)FQPT7]9$%"+5W;*\@SPTGB*S;R*[Y,R+QX^4'IVDX9S#KU9IA\XV[,_ M:-3RS;6GXUFO7'^[(Q5XD9U7B>_M'"<2)[".#Y':=@!DIGU9DQ=XMF8B.\N: MO)U#RBW):]ZU\";_2HN:$& .K0W\6?/IQ_;""WPG?&YQ[!NVZ.D*;M8CG>@Z M[IIH6XYC*CI?T7V=6I7=DAIJSBO,/][FD2O+-'><[.-/;7]P2XDOJ:RWG&FA M9;DXIK[F)0H:)]4QYT##P0ZT]SZQ/2NMGM'.F?RK+%XUP_L<9=%=+9,CYASX M7)_R*_-KD=RS-S7YWA'S\UCPJ\+\OE$&&S6+?L3DMD\+RK-<6XI.W7"[_Z=\ M4SRQ4890PWORR/@*1SY]90!S9K#].>($?Y3R\SC9,*DI'?ZF [NZ.>%.K@]1 M2J 6D=CF*=Y@AU 3*A))HLR!%_:X5(X\^&YYKB=L=-W&E/8N6=G[Q'J.*5]Y MMJ.$-D\-*E^%CM]!@R'[=D6XHK+=MV>@PL3YUC<_4)WUZ; MJ_;0'9+M"RSDF]R) <\K-]B^X*''N?48$*JI?&7RBE>6Z?M:R F6H8E-+>R! M*<[M2YQ;O'(')U-1Q3&=\)JKQ"R[LWH,QW9\6Z,@B?5UU:QY?J6N1/8 M Q'.60;@^F&P??M /Y+IKI3"8;80"C$%^8LF+#MPMIO]0Y'->8;@A<$N)7FD M8&;\25]&.Y'+&8R3NS[0C[]_8,M[;83['MC^N-J(_+;GYJW/S3QE9LL_SYUT MFY=GV8[K^IM1T\[CVAN-L!K$+N>D0MKINK9K0I3(>7GFP+3] *)83KT>P'.M M4 ++D:L>MV\12)(VVK83A!V"QI%WQ]IA<_%'+Z,15M[;Y9Q4<%2>';H=6I^J MA&A@^WY_BU]^1^7Y-:,E6AXB_=1.I7O?$I#$33''X&SEM(=*XK2;@+NL1_ & M@;H..-2Q'O9X3 MFF['(-Q_C9YM!=Z>H$W\I$YRE78X$&-XD.@)QX]].]P&DDZ&*)R3Z5D5 M@IF7UM3:8<.1<.NX42<_APP_O_\H:2><;\8OTJK4=_M6PPV,)EDKMEM3L;,IT, M6;A8CCP39_.:0B%B4>B N&4%C_C# ZN/VYMLV]U4K$'@2SXMP0CXRC$]5X2( MNNVCX]FN)?FL!"O^? E]>?2-# ]AD;&6O=T,[^G9MR8IY7)QUPH>65+'".IK M04>4N=ZXOI+]7<*OI&"C9S-:.=QVBVH?T>Q!@^AD\$<66H6/!.HG#'YQX_:\ M2^V36>ZS G7]T-J,)+:^_O1GRXRF[<_[X&5@.Z9O=_-HJ25^WK2OJJI(;F?U MTV_R5@]0<3Q>@MY1VT?!8"OW/F'0LLVZE\4@K^@.]-\GK9? #;?Z@Z@_Z7Z6 M2_>28\%..N.WWWSE-V_DV=F6]]R<0G_@;AV=;&%(_00(;PW]P*S(LSP'\IH]6::+-UT-YS=^T7C?1M#!Y3A6 MB)+>+^G'!]160J>K=/=CPV[AY/>O/CEU_EUF.E#@^*'.D6M(6:- M1/V0%T]EH%ZAKHP<1JZ 3AUMZH M:E,4V,='.5$ID4_O]I+21\Z=IM.[_99 "%:65,_T/$_)8/GD"I7.,SW'M[=. MUJ-(NTGT/-^U4=#=Y'G/[L2T(=R'1<#.8O0AI7')+[]=W2XH].;:5XX]\/WM M2/JY$;[=G MQ]ON!+LMIW1=T]NVTA,G>)-?#?^<)05=G.JD95U"?1V5X_E?8H&J]%UWA]PX M?.#/3+E%R#ECBHYM.X_CS6,#;6E*W:Y/VW'M[4S]Y"DQ0)K2HGKXFD99=97% M_,CTE+]%J,Z\[?3ZT%%W,MN.U1F$C\/IZ;-=@-/W,1O..$]C%F&(=/OVP-WA MEIX::VOSZOKB\.8X[JGSDN;*9LMT0WLK9GGJQMB.1GY^WGXFM6<-MHK?U93" M>8>%3<<,!]U(H>OKI,/0[4A_O1YU.7<5^]OA@9)2./.DE^5MG<]X6@J/GR1H MF)/EYM)'MAJ'Q\0*SZ8:FR,\8A#;PU]+*\MRQB?)DA5ZV\[QI!/=H\]TL'61 M\OZ!MC*ACOU]W5?@S-E\XND42Z3JQE(B?QV6R,LHW)= O]5L,.GSD; MV<)F;YLL?&:L+,/+NIMVM03J^W. MOUL!='PW^7\OXS^BZ8QR['G7_2=#OE_C[/TYZ;QQ 3V/[^3<1\74[8S M[E%2'=EJ]%G,;V[/W1S>_#$M/+ZGY,H?V#O&W>(DI*P7>64%X?:F<.>SEB21 M]%@"TZK"C[WDWO&W+IUN]?E]41+-)2F=S4).L[&#[3M[NI^U)&;SRJKC^P.F MOKQYI![&E]$W>D^S&:U=UKPAQTV^/IL;)IVW:3[\US%F]O>_IM6;.+G_ZUWU MALQ_)F7UD-+?+B91<9=DKU(ZJEZ;?WDS?UDD=^/Z]07_#/_(W^:?/^'C__'O M__9O6Q_[D<35^#5+\-:>4$N;#&F:3J.8EX'PJ_GJU^4T&BY>1VERE_UV,:1\ MZ_EB\7VW><'RI%=#%E!%TY*^7OSPIGD084^Z-%?C:X8[K5;CJP=8%N8 MW,^?=YM753ZYV!R_;U[Z[E_>S!]>Y=/7UK0B69Y1\LN[D/^/+/Y8/W'O7YMO MW__W1IZ[?Q[3Y@]L;FPR<[%M3:R9RG138?5[1FP%O1I%DR1]>'V33%@<]CO] M0;[EDR@SZM=&28MDM/64_)X6HS3_\7JDU^B695WII>5Y$EPYFG\F"H_Y 6IQI3X&Y[L(9>?O,EY[]FRH;-)T3#< .D]]?3TN+DM MO^K7]I4D/(_?KZ0WS>LYV)Z@@W!%#,P?[VR":?W+-Q=L1#^*:/K;1?/?Y?[' MVO8(R_JCZC67P,[^B^78AF>[P *2$PVE%4]E@><*U4,F!"+I@J<)^GV2\7F!5\ P_.I!6YU["N&H="+:M(TM+VS# MMZR7*@YG!XE]? M<-W0<'U[*UJ[73VJ=[KFQV>S.Y+P,[P00R'-LFOQ6*5@DN88;FBI' 8)Y@TS/;@ADV?+4Y#X2%"E34ICM;UG\=:UU MUKC8:EDUMY1YHRK;^\NR"02;5A,YWJ8LEMP-*)M?+SMB;:RC$_5 MQLEZV5#%NI*Z%_=1'./F*8OZ2[[1^@Y)7M8VW=YO9:_(U;?W5^3[E ??!?DO MAE]L[:^U>_CTZ=H@4<;6UZ*3+YGF>7I)KL=1=L>^(\FX0&:4Y"-2C9-R_9U1 M05DD/^+]@-D(?B3L[]EFY=T+^G-*LY*^Y-_#FT[,^Q+7 _CEIVU:X9N2_3*+ M^;MBLG$P8'F!0LD?_H5-K^E@>;G'T6SI]6\KLWX:ZI[*HVS[TFO#Q;:VM[(T MD^GV=+: \I@NA\OO:H;(QO';A=58[5.R/OW!ZQ\GZR]6[2=/;S.YW:YR[6KK M1V[CO*FOZCRA1>5:W\W:!/G-H \W19254=,?^^W#^E]6+4ZOV/_-5W-V]P_F M'J?S%IW8\[*;GI<#[]+&QF>[+O'H?2ZKCXU?T[H,L6_:$]IJF79F%H?B[DW< MIGT9F"CN%L3=!K\OW#,([ HX.-D-#%IR T+[% E14RO-'TY2W./DW?*KKNH< MZ]QN?VH@H%3*/(?01@14'0%[#X05[L[6!>QU6L#:06"-ZMM07T?=+]%!]6=V M[76_A.H-E3J/_Y:RYV>\MODV2OE.A!IN42L==;%1+YI$4K%TT3&\?=OUROHI M10MT0?@.-=#G'>_6PKNQ\"VRE8:Z(!I$.PH(]7#"D5V64WC6(#CKT*YHL)9\ M,8) 8-4CP]]I-:_< 8C&L(]K"<=I!2-P:T\G8#4 7=GU# +JU0#TZUE1T&SX M0"I>EY;6U6QK)](!HKSD:U\-+)F6/OAU?96Q7=D�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

]K?(>8=9X)2/6<]5CS8MM\1I>T,GFYF-;6=T91JIFY M3HRN*\:$,K'+7S0TP_,Z71,5:=%9W51D>+MWR!H2-DSTIWXN1_:*PI9=TQO&#F=0B6+Q* M[V<[APE>D9^ESM;;3G-,*ZQ(Y01X;N"M@@J_2BKDIIUNH$8V1F/[+QNS->J^ M;>$9 >^=J@U$=A<%L*^7.E=_ZUW+$+ MS$M><:.\C%)&2S_?,'+M^D$VXLPQ*^>0F6L>ETG=O^D\"K+">W+/%/FI" 4J M9^F5W!?)=YTP \$#^,4FB[OB?=]76RA=_2Q?S=TKZ[FO,EO%V=_J%J46F:BM M6IZW*MAV_HT=GK]QF-M?9$QKE2#D?7-@X]>/?2@><.5?9X8^6W5RGJ_"!_AU M_Y=;'*O]<(MG%:?N7;1Q(E85A7?6?*77L\GE?+](:81SWX$AJL?D=>T\=+%>K\K&%:+)><9FK4C6*[BBB*W#%&* M]6A=$+;6:;N//]E>O)%\@<^-<;7PV71#%Y0!CY?4])U9&+<"NL>%.H_CE;:I M3,^'M^N!;EO#7O8W)H?LP3Q*RW?$E&*1O;QR.=/Y.LP0U#KM;DZA#!W5#L[= M_6+YS+!BN9*U*N>J784".;W7$E8RI%QO/#'OL%%Z4 2"C2>?E3-\RADKDA_> M]V!1X;J&*R?^(Q6$Y0.*O1C9ILQE0D_+#V_*%] MIS<9BSR05<)WO.;?S34^^.QXT-M MH8>XRLZMQ@\V!KF/2.YAKR_T]/2.D1O2#7+K2VZ ":0;Y :Y 2;JD1O2?61R MBVT-TC%RCYIO6 AR TRD(3? !)Z)KN0&F !,]"4W/!. B8KDSJ\/:Z$L/!.Z MHR^6NTJC8S3FVZN9^&;O<*W3GDVQ1MK.[[NV>^_\M ]O&\="J6!TD!IH#0R,0Y* Z6!TD!IE*%]*Z&#HBD ] 9Z M\_^S]Z[-;2/)MNCW$W'^ T+=<\*.J.;@08"DO'LB-&J[Q_NVVS[=GKEQ/W5 M8$G$;!!@ Z!LS:^_50#XDBA+(D%496'-#N\619$ \K$R>GRP[M:?_+![OJWU:GTP MY\5OEY?6IS OK??6.UX?2/U OR^[V/?NF 6N_[H?/MV='?2R&4[*S;X_@TZR<+R7#[S M^MV_BK?ESXX]8<.A T^P]PD7R /D ?*[L?K> X^&FXOI#SPN"X(QD ?( ^0Q,>5YH4XL 3*67?]KQ1]:4)AU M;UNJ[[ZZMC/LR<@VH(R$O,V!,B112*(H(X\1#6L:\',QG<=I7)1Y6,:WO&Y- MA^G4RLH9SZTXC;*YB9,AZ!5W+T0=\]*3KAY475'H&VSM28_L7GDX-5*J0!.@ M2=/Q'=H]LGN@"= $:'(Z-!G:08_LG@R:J"49@29Z$X[:HLG8)ST1 C310*J] M0Q/D)H^@2<""T1!X CP!GB [:0%/1LQWP<2BL=FOB8O+;+[@:1&6<996OY3]?H MXPV1^P!]@#[(?=147@[S[0G@1P7\&-$>IM$$_IFG/ \39H6["V W:U_Y5]DE MYB9VA35W V5"?-FQ BVG:?Z+U.0+C'59[;OD(ZH P !@"C,\!PV<2FS0 M, 8 (SN.$,V]&T AGK :)T8!&!HSO_1! S'84.;=HL3B '$0(K1'6*,F>L! M,8 80 SD&,]C,28L&*(J0;]0XV[M06"R_S3E]5>]X]S*>1*6?&KQ,$_%(YC8 M1"3;92="_ADVY?.$TYB=Q#\U]_- .!IN%A'8S!^3WLW*G WR 6& ,&UT20?" M7(>-?!Q*#0@#A '"B$(8FXQ'FGD4$$QGOA8(9@ZU:P*"C7WFN1X@#! &"$,2 M=@((:W\GMH"Y(]JM;T"6-F8.R$+6I>"0K FSASC>5@L(,Z)MKVMS?A>8/O'\ M.LO%-:+Z;-O_LW7X?,Z%@/_#IP;VYM&![UZ(>@1JVJ7$B_2C;:P-F#,B'6JI M!50CI0H\@7Y>JA]K2T%;F0XR'$!47US :(C2-N5Q1J3':DQ%$YQ+IS.:J-Z- M4%LT"9@WQ+ETP!/@":GLQ #]H( "1/7W996IP M@Q:+IVF(MWZ$>2Y.Q@3Z 'V /DK.Y1UZ0!^@#] 'Z*.';T$ MV16R*TW< \WJ-M1!LB5M1=E#">+@P0#_]H1V 2+!X()+^^@$B$4,D+*[1&9%4DYHHJ0 7@ LR<($$ M!@D,$$EC(>IH\4A@D,#0APLC^JF&+?Y]M-.*A< ZNI R\?;Z' ;:Y4&[QRYH MN!S&"5A@XXQD+6:F % * #4/8 :L\F0]$ZMP"=MC!SXU#=\:G\O%>9ZM(F. M_N$1#M8CBD?:GZ.G8;[D>LQS<%@Q H U>N$R0#5]:=7# MR1O8I(WF="DF'(=V%Q=81%3>P")M-*<-%GG (EI8A%/Q:&*1ZOT7]<>B,: ( M4 0H0EJD'HI\VI/Z@"*B\NX=%"$K>KI"H]UX-@>+C&A)F]-X-GKK:C28NQ=B M[X*OZCI EQ [9+9-.^$'7 N !<=P<6(C88^X )P ;@P$"ZZ6'0[FDQZ9/FZ MP@?.J],9/E0S@[ID&V,V\6EOXPZX %P@VU"5;7ACTF=F 3P 'L@UNMNC,!@C MUT +L:..KJKF8LES7I16F$ZMK)SQW(KO]QL-;"EB-2L-\?8N^JI.W0FN9ATQ M?T2:0C1G*JAG\@8Z::,Y7:J&B4.Z9 4$94WH$@;S6F;*(TGV/:#%#9A(0=- M;%)-H5+$)N:-26^^#G0B*N_>H9-QF5/[,_!8908H A0A4=(S4?(!< X !P'C>WC-L:&.E M*P #@ ' >%Z&,1H"+M3#!8Y5TQHN<*S:>N,=Q\7&.P , ;RB^=MO>."OP!< M "Z07SPSOQC[X"_0#NQJEF'USW&5=0U_Y>7#U:RKW7/-ZR!B4>MID1QS/F1S M=H*#/@YSQX%F_M+301_@$_")&#ZUO["5><2WW@,>:6/4P*.^X5$'>_N)?(GT M[G[]PR?%U"GPB2RIJG^^-&0CG.$*/ (>(5_2 X^PJ!5H!#1"=J0%&OG,];!3 MFAYX9$3?6M=EK%]X=<-763+=AT.?>'Z=Y>*B$;=RGH0EGUH\S%/Q*(6!'6KT MH16,?.DI1>4I^R/^J3XVCI@[I!T;J45 ^#W\7KW?.R[S>S:A"<>'XY-S_-.W M,GWF#4FW,DW% 5IK/?24HG)V3-\$8,B&/C)__4P6CH\$ +TY>#V\'N&^U7 _ ML6TX/EI=JCJ/FC3!WD99FLWCR$KY>I&F@'X%\ 1X CSMP-.$.1.L'01DD*G5IE0H--IT*EEJK6GZ#2RV7@$> (\ 9Z0/"EO$@T#-G)IGR, .-+' MS@%'R)9:!2AWR)SA&/"D SP9T=TFBE _Q469QU?+,I0(L%K":6(;&\WJ5L"? MJ)V;61C0B;?!F-EC3R/3-WYF#( "0#$84)P)"VPL-@.@ % *&T BIR,0X*B M(9ZH9B6!)]_F'OPX0!8@"1.E!AM)^"W7"1C[6V0% "!:MT/I M9"1#>38;,A)UK\-W:4/9O+;V^[05N\R6W>=#-;0Z> MK0PW3J<\%5 0[%KROY=%&5_?U;]J7HB+E\)OXBG/;@0PS#IZS,\S;EUG29)] M$5YIU4WD1YWEU3N7V7P1IG>5/K_[ZMK. MY$UA90N>AZ7\KH+?R,-O"V:%A?6%)XG\K_S-8PY]@"Y-9JK)\J$K?0H,^/9_99];I8A-'J M=?,%#7Y%0B;AHN#GJQ_>U-\L9&P/Y+?7.J]1\J'8R4T_S.KHYXAGVT2RUM.3 MW:MDMSP7P>[+^2R>"C_9LN2'@/V,W*7ZI+/ZY$DWVE<=1777EMXM"8B[\_VR M(&Y8-\3=1W$#3&#=$#?$#3"A)VY8=\?B;GW?3XB[TPU"(6Z B3;B!I@@,S%5 MW 3@(FYXD9F C"A*.Y[PQ(T.Z%[EN6'RS+K8F1K='#;<_U)H]N>;:EF:Q0C MXG+LHC-E[9^OVZ>];_]TB&Z%R(I%*)3KGCVA9UMQ_.F3GN&EE+4'+S58SY_R M^#8L.5R4GNK@HOW0\V\\3."?]/1V4O_4F\O22KZY;DL<$0 M-Y#+3.1"3:2-GC]G)8JB;RA.$S4=Z'#HL:''1D$UVF0=B$S:1*;+G$_C$DX# MIS%4]*=PFK=_+N/R#DX#IS%4]"=QFJ)$YQ9.8Z[H01P051RYW0TA;K0)-!(W MP 0!6 ?1GR( _UZ&Z10!6$/%@;H'=0\WZU5HVG\J!@G9GR(V_2P>;@&G@=/ M:> T6BD.3@.G@=/ :;[??/SP,UP&+@.7>;[+7"3B M>>$T&BH.+/4W='EY^?;MNW?:GKRW>]#>AS -;[C,Z*QK+J[Y*DZC9#D5/UW\ M=GEI?0KSTGIOO9-O9=?6 _V^[&+?NQ-F#]W7_?#I[NR@E\WPP\1K>8OZ[+1[ M 'KPF7\M^""!TW);5-@!0N[FS$O''C-O.(:;M.4:@"7 $F#I6%CR N:/)_ 2 MH!)0":BD"RHY(^:-@$JD4$F[:7U23,DI@$?#/$U,> M W+4RH&^^^K:SK GX]_ +PKRUM%7D%8AK=+,393#DA&=<1JYU<5T'J=Q4>9A M&=_RN@<>IE,K*V<\M^(TRN8FCJ"@*=V]$'6,OB==IJBZQM VV$Y(-YFI15,C MI0HP 9@TF;O7([,'F !, ":G Y.Q/^R1W9-!$[7\(]!$;[I16S29!#[0!&@" M-$%NT@*:!,P; T^ )\ 39"=MX,F(>;X-/$%;LU?#9)?9?,'3(BSC+*TZG5<\ MY==Q7S9TP:)<#<7;NYBL.L=O?4"I[=C\:N@R/_!?PSV /D ?H$_'Z..XS',= MH _0!^@#].D$ ?K=$'*T)HHH]J-E1_] E\9CLCH _0!^B#W*=K]''' M;.(,@3Y 'Z />\CQ,F!7NKG[=+'SE7V63 MF)O8%-;<#90)\66'#R#6=I[IOTQ!NH34$7-]X]S*>1*6?&KQ,$_%(Q0/ MCXW5DIZBH[@>L'^&3?D\X35F9_%/S?T\$(Z&FT7X8S;RL3V^%OM( ,( 8=KH MD@Z$N0YS M*;!0/"M#%[0!@@3$$6QGR?]-D)_4,PQ80M$,P<;M<$!!O[;#@: M <( 88 P)&$G@+#VYW%';.S3GN '9&ECYH L9%W=9UW#$0M<%Q"F X09T;?7 MM3N_"TR?>'Z=Y>(:47VR[?_9.I<^YT+ _^%3 WOSZ,!W+T0] C7M4N)%^M$V MUGH^CM";1,>44$%W@2 D !H"#GZ5X_2'2 2WVT>R0Z2'0,!Q0CFJ_T%DT_ORV[ M3 UNS&+1- WQ]BY"JZX<]#\9P9DP@4^8 @7Z 'V /LHKA_&(>9X#=P$: 8V M1JK1R'-M^(K&4(0#ZVA"D6KBE" 4!6,V](%&0".@47\2(U,T9V[C&:!&0[S: MN@92+*18^KD+^MEMJ(-DU]J*LKD\(S@LXRS%PF)*L9J4$'L7D567&;ITG%V' MV3;.]0-> "^ %\_9IVQH RP %@ +G<'" /U@63 Q1,+B&)T1234!J4OZ(LH= M#\>8 R^ %\A@T&L%# &&M(8AI"U(6]#BI#'_TF'S$\MW=70A9>+M]:D)M(N" M=@])T'",R1DR'TOH]!AC D !H(@!5.N51#!ADS%V& @ 9 2%IF3$,;1TB1 M0B><@D<4G;0_]$Y]NN3[S!Z.D2X!D !(O4Z73%&=N0UIX!RYT==N ],1=#4O+K1E7"?,'Y+>:8-: M/ 6B %&,1A1GQ(8>SA,&I !2 "GM0,K()=T6-A5/%'.0P!/-F49M\<0=L6 R M J0 4@ IM%(4 Q2$W4T 4GWW >0]R'MZ 2E&=$^I+RU^G][RHIQS\9DXC;(Y MMUXE65&\[LF>REA43$.\O0O4JC<:(KA 9LP"9PQOT2&T]TS>0"=M-*\@%\$14WKV# M)WU3)U,T9VY+&RA'5-[:^@J2,"1A^KF+J MJPY=-O?PF!=,2._M ;@ 7 N.H(+APV'+N "< &X,! N.JCI)T&/[%Y7\,!) M>SJ#AVJJ4)=<8\@"QT>N ;@ 7.B<:YBB'W.[I( AF#FR%F0M)X(+]":U:A6K MZEJ6/.=%:87IU,K*&<^M^'XCT\#0BL6\-,3;NW"LNBK0_U@#A_EN0#I0FS-> MU#-Y XVTT9RVG9(A&XY);]L,="(J;Z"3-IK3%IW<"5R%$C1AV0A-:%+-JE*$ M)C898T\FH!/0J<>)DRF:,[&"ZAEV)]@N*!BC( %@ # TSR],49"Y#5 $>P0,5:W-,B.2:(R%8#!$>('#89 M8Y&)%B-$P"?@$_#I'C[YS/>P/A?X!'P"/NF(3^.19LX"<-*91P4XD658"8+3 MB 6. WP"/@&?^IP\&: Z:TMW9O>K 7GP&R*0AY0,*1EA?#*BDZ[KDMTOO+KA MJRR9[L.E3SR_SG)QT8A;.4_"DD\M'N:I>)3",C"JHS6N8 I-3RDJ+Q0><5 - M@Z4C-X\FW9VF%A,!! "#8' ==ED9&MFL@ " & H.-VJXUT0#O[54[A&8$" MRMDT.BC@^SQ!./:G@0AHT<$I])0B<@SD&-H"@1'] M.'H'S#X1.-]&69K-X\A*^7IMJX%1$ZM:7R)>5[P_S997">]^S$87Q_A>_R'" M5M5$)W2/;.;B4$<]@CK@"? $>-H] (WWL''"$ M=*G=>5F733S2@_/FP),1_6VB"/537)1Y?+4L0XD 6&F*=K5Z,5*)Q.H+ SKQ M=N2SD4V:/:4650$H !2# <4=,7L<:&3Z !0 "@"%+J!XS!N[&ED^\$035A)X MHA'W2 =/'#M@SHAT0Q:( D1!AJ*LA3IFX[%-NH4* & ("71)B4)1LR=("-1 MU]JL7\I6VWW5K-X]32?J"=^M#67_CMCKVUX\<9O53A?!2N9Q.N6IL.*@L_O_ M/./6=98DV1=A(%;=SUSDO!"W45BE>#/*Y@MA3/)E=EW]YE+\)DSO-OM>3-Z( M]Q8\#TOY'06_D0?7%MOO6SF_Y>F2,XM_7?"T$ \3IE,K$U^7[YYP>_X,,6ZY M;>U@CBW<:^VW]4-$/$D:N__QS#ZK7A>+,%J];APV$K?*\[7#-HX4"8F$BX*? MKWYX4U](2-@>R(O5"JS=]:'07]J&]\>#<=L;*;P((&8U##OBV3:0VGJ$KA7'=MM9PX0MP=BSM0 M.A+4+W$[7OL[$4'< !.(NX?B%F 20-RP;G+BOE?PTRRB]HR6A\LRZX)V'!U< M,:T_:73%U)9JMHBQFCCH3%G[.>)]VOOV3] M=+NM6R&R8A$*Y?IG3^C95KW9 MI_&*?I?E%<'Z>99S;GT0?S K-NI]FT[Y=//R0YA'L\U+SV&G6'X"Y]9HM18R M'&0XQCL*Q*U$W.L\P$4>H#H/<&TG $3!9^ S+_(9'SZCK\^8FO_2WFGE]WI6 MQ_JM'L\I^N%!)NW$;XYX50\=TIB.:$W>>ARSM0M'IZS0E0]:],]3@$R0M['R M5CYKT3-YP[Y1BQVQIF65ZEB.VV'YM9O>? C3\(97!=Q[=\P"]R$G\K)OJ99I''TG$V8/W6/OY+KI MCI95=W1>=47S1M8U*!C1T2\J@&+1B&$ MCAW50NJI$ULT3)O&_E$;%0&;$ N 310*-X+8- F 35I@DQ&%'KUR[A//K[-< M7".J:[G-!FG#-SD7POX/GQI8SJ%H@Q#UJ,20T^A=;VF;N03,&TX '\KA@Y00 M>P@?Z&7M/R/'9X$'_$!!TYO.U;=*G65J<+&#WA41\:KF8)153$>O&Z=,$#^Q M')9:==66+@_,G-H_NV(94092&)=VQ,H]3DKPV1U$-#J[!\3-Q=!4=?#.6DEI9M!QQV26X%U\.F& M&N8KCNB'2!0PTOC"ACC-TJ\6US@*F! MU0R:5Q"O-@4/UC)0[DS!,8 [$"]P1^N!03@&Q&ML 49O:/ RF\O2*BSC+*WV MN;CB*;^.2Q-++FUVH8@@_%"U!89L))I M/S+XS'9&,&J4'MTP(NJ+DI]%#9*'";/"WPI.NC21]X#*BZ*-7VMW; MI,**MOI/V)L/99RI\\4TBC7D/'J79/IF-FPR]H G^N$)*:GV$$_0\]J_ LIA MWA +)E$/];<)]MQ*"5O[H8J">+&3GVF9$3;N>V+C/M=CGN-AXSZ=\0?[])'% M'VS+]U)$\GUF#TF?-$X6CXRHWLS;A<_@,47-'<),(:HFB9247=A52UW=9-*N M6G[ QMA42T>XP"9\ABRZ,@DN''_(G$F@D64;CQ=&5#'&;<+WL5IQ]3Z-LCFW M7C5;\;TVL*0A6_WW3;RJ<8K&,%_/Y*U\. _P042\),P9\NX^_26%V75UHF;6BC)BN(U5BT!A$PE9&@4.KKR*N2Z/5VM'VA] M%&[LDAZ#,Q46:$G5)%C LJ+'-F"8N&Z?C%HU5!A1K)BTK.@Y90R6%*'$42]> MU=!%H_CIF;R5ESSZKPL:LXF/94&$;!KR1JM',PP9LL#Q@2%:V+01)13%0JGD MN2B5MG8=C^_73@:61RB">LC2T"AUC)2J\H)&6[)VS+PQENOH9J^0JI$EB;8H MX++)F/2> M3LU8ARPZR.35.(-+L)&%ATH"=#1+RJP4E9H:)HWR4: L=N;<]A M5!UW!$:5CE$;M'L;#8$;N.=:ZRCBL6 \!(IH8=1&%$KF[+FV:M'4,VWAL*7[FEF]>YJL\@G'K.UD_Q[OZ]M>:'*;6M_H#W3UWB(A=?)+ZQHI?"DD]7WU:MT@8L2EC->(V"!5)!X_7!3\?/7# MF_I"0ISV0%ZLUFZ-AP\E_%(6([ 'P5 E L]J@L 1S[8)6:UG&;M7R6YY+J+: ME_-9/!4NL66T#Z'YN2F(L_KD*<^V$/%RJ)1STEU;+=/:_F"H=&RR7^*VO8$/ M+.I.W 3@ E%<;?1O5&>]^QIIH7+,NN"9QD=G.2,6DIRQ!.+A%CHQC][ J-$ MSMLV1AW=6#Y(3UL%5YWX=Z:Y_2VX]5>]RW*K%'77YUG.N?5!_,&LV*CWK:@9 MIYN7'\(\FFU>>@Y[6('!=;4WB=,XLPMG5NW,KNT$)R@[52?FQNMMRP6__1,< ME+:BA8/ZB)B=+A*8'!PAUY_O7 M#=@>H(-))UUCQW.9[PX-2TB.'X4]/%)U,8 "9#HF@@"(- 0B-Q@Q[[%S18U( MO&@XQ^5V._Z=L*=UAY\G\3Q.J]_'Z5;;/LY2 ],O$\;#E:/2@6C3^BBM*V?C MCAJE59WDF&".\&GX=)L^/?8GC_BT$?D"]33[8BK2A;@HF5D?/_QL8#+1WCXJWF*]>+"5 >@6]'S*(3OE:-?J6N9N M*JF !2,0.EHL$0 Z 9V 3O?0R1O[!F=M-'*S3SR_SG)QC:A)S'(>)6%16*^< MUS3RKY?UL@%DG0/9RQ2D2U7ICXY;VL-@VG&TZ.VDM" M=1ID_$[( !& B.8@XC+? ]/3WIZ/IYC)W9,4D9FHUG/CK)Y.3A^\D]:#1]<0 MR1PO8+;S");12(B0]@! "#JAILG;&(_+QFJ7WYK'[GFI?QQEM_;LJKQE&:C M*M?_RWH3"/%8=>9XE8A<\F%"6?]ZO2/6[G/,\F_K=-*R5&UK; M.YJM%;JXIY='KIH%S.USZQ\" M'H5K;>TF\!=9E@RLRUF8WHCOB%,IL"6WLFNKG,7%]E^&N=P, M\#KAD;R#+[%X/WUDZWCY/7)/B\MLO@C3N^H&OOOJVL[D32%^*?=!+,1W[*P[ M^+T4_ZEY67'QC^+QJF4&Q>"1.'9/[W_=H,:+=^19TVF&51F!2Z)M=M S5AB&BPD70T0+,L#[:O6JQ&]@1I:ZH4XR*JNYT MD-\/+>@UZ!'1B+G:QE*?3483RI'4R)T>X/1P^I,FT,SSX?6Z&:SR M))F:5(W(A*E3)-_(D?MU5A,V,*<:J%O?UJK]#8'9R#]V2V!3&"]-0S? !^!C M)O@,63 . #XZ@X\IY#H*""VYFA8P_..'GTT>N$&4U3O*:LO%^2Z;#,'%:1A3 M 2@ %(* ,APR=TAZ2L]40 &YW[OO )N 33W")N:Z1Y[>#G3J4W5ACKR-J#MH5!=O17%1WEE1 M-I<51347M*HN#"PN$*;U#M/:!N,)Y6!,+00 3X G!N/)B$W<(\_5!9Z8 ME\)3DZH1B3KU!L&G)(RJ,Y+J$Y_D^?7B67C^)8]+>5Q.E!4E.@4(R_J$98)L MW,0CW<\WAQL"-@&;@$T[V.0Q>WCDF=1 ISZ5&>;(VX@"A$:9<3'/\C+^3]TB MR*ZM."W#]":^2HP<0T*8UCM,:QN,1\P-T"G0,.0"3X G!/'$L=EXX@)0] ,4 MM IZEZE3;Q7\Q! MX),[(EU!] ^?T!] U7$P=[3Z%RBK,^I#OG9V&[7"Z;^712GGE.H9)5&(9&D4 M)W)$*2[YG$@7X6710O/-MXC$7&TCZ\AE >TEQ-0 '7X/OU?O]V.;N<$(?J^9 MQ2I/G*E)U8CTN#TR9?7/<3O,G/>?=?QH*DUJ]Q\A1VN:+:\2WCTUIHL""9Q? MV:J:'A&*AE'<<2?,]TBG[V2W?08< 8X 1[L;_GA#-J0].V@.<4RCWC!'WOLWCU-#'L"8+_5WUS?]N*)VUQS\Y7,XW3*4P$HP:X2)%<>7]_5 MOVI>B+LHA3'$4Y[="'B9X7E/\KR?9]RZSI(D^R);$Y41KIL5XI(%OZD66V?E MC.=6G$;9G%NOFIKLM55FUD4N_FQ5L3T(MT]=OBKQMK_\_!EBWXHP34RV[;^\ M68>8^B$BGB0-+OQX9I]5KXM%&*U>-U!7'ZF]AKH&@@2^).&BX.>K'][4%Q(2 MM@?R8K7":Z![*/27L@J!,W"4#FS/ZHS!$<^VB?ZM)WN[5\EN>2X2A"_GLW@J MO&3+CA\BZW-[B9N@ G MQ%AQ TRZ%;]RW)+U/C6YUG.N?5!_,&LV*CW M;3KET\W+#V$>S38O/8=9)ZCA5 J98=1@B*EP$'2W [#1AR$484AV& M7-L)$$KHZ6W+!;_]$QR4MJ*%@_IP4'IZ.ZF#]B/5I*#;EVC/U%Q6\WFX?>/4 M^WOW!O9%C=YHX!2CC*J;(=\89*Q?-YG1@5.,;<\LOAJRT=A];5@J$! MJXNA16 2,$D?3.IB3]; .?*T)6!4W^ERJ@(WHNR@45Q<;J_2?">,I]BM-,1# MB#?B='=G%&:EO#2P]M"\M40C]NJ2Y[LN&]L>Z42?VI(8>#F\O&LO9_X83JZ= M?2I/AZE)U8BH 31JI]M$;HA$M3Y5%9$4"1[ V ^%(^ V M"D!U+#7?.I/@.*2)A)Y9M/)*P!QY&U$CO#3=6?T+E%4%]5Z0.VM.K7 J#Y^4 M!SP65IA.UP<_RJ,@XY+/BU.-X/!S^+GZ M41:/>9, ;J^9P2I/E*E)U8ATN#U>ZH+J5K3 M;"D/2.^>N])$G01V+6Y538\(18/4W6=#'S28OMDGT ?HHPOZ=+ QE<-L>P0T MTK0]V[=CI,R@]^N7H<"2^^ZV>K=Y*7^OT%ZPL+B]RUP+69;^MU\]Y&.SM_66MB2P?WK%V8\JX,=K_9K6 MRO^LQ@'/=A2ZOJ$MZY*M@_CZKC:XYH5PWU*H+9[R[$8 \.Q0J+A7$%;%X-FN MS6V#Q[X_/_V=RAMM)D?NKYK>>,)BUQ&FA^K_8$O84?ZV66BLX!<%A]U36:HO M^8TG595>9M9B=YE[88E7UL5O;R^LWQ>RH,^M?XB<1+CIUH'DO_QR.;#J52S% MSC*6[4LLWD\;:N!5S0V\7HW?R>^11Z!?9O-% MF-YM!HPF;PJY5>Q4_M%T=]/8WTOQG[H[)R[^<=$LFBD&CP3 >\K_ZP9MOHW MC_$PP3;DS147%L'%1[Z*6PL+\8>++&]VZ*T5]B+=2)LK^$UE'N+ZRZ3^ WGU M;!Y'YJFT0K9CL???K;JTXOG+/+Y:UD^Y?JM:6%74ERNW MQ7'^ )H>(M/>N/?F7N![(LBMH*8^^>7L7B@7;IJ$BX*?KWYXLPI!\F!=<;': M^.K\ZJ$!O)@2]0?N6&5&MTI4ZOAZJF)U]RK9K; =H?3S63P51KLO5+PX_W8Z MRK\G2BLGW;75TT1Z__.$A/ MK1QH>I#F]K<1UU_U+LNK*O_S+.?<^B#^8+;%8+U-IWRZ>?DAS*/9YJ7GL%,, M=JL.3 I]LXNQ.K5AB*AP$72T +/3A"$784AU&')M)T HH:>W>TO='_\)#DI; MT<)!?3@H/;V=U$'[D6I2T.U+M&=J+MO=/.^X'67*OSV/2R'G:.O;UU_^]F&O MW\".Z4DF%@_WT].OQ%3=YNB;P'7,,NWV3&E!)Z=80WF"6'SRC5;&N[C4SJKL,9N, MADZ"A>P ?@PVAYJT[7S9&W$8E\ MUYNFMI&OS[.\C/^SM;M&&:8W\55"A2<_J8+:WDZM!86=;S6EB\;,3?P M*$=F:O' 2#P!9/0(,AR;C2Z8X) M5AU<]=T5&3'Y4,WI&ZW9V!]3#M;F4$$]0R< $ "H B!W1+I:Z!\ @?M'A4&9 M^W_[YS(N[ZPHF\L28J>< /F/J@%,7A.:)\P9@?S7, "3PA- 1H\@8\0FK@/( MT \RP/WW+C,WBOO_E9=6&(G$O8AEOO[#^J29)F\_Q0:QJ@,M&@%4XS-!'FXX M"2C';7-8H9YA$^ '\"-^=IGK#@% E (;0 4&Y3; )^2,*J.Q*P/6I5'50IK MXOF77)08Z8T5946)?@"*!Y![JWZ 9U..T-3B@I%H L#H$6!XS![Z@ S]( /= M@-XEZ$9U SY^^'G-_#.Y;[V!:3K8?ZKQF"#]-@S8"/R;'N&F9_ $! ("R5IA MQ,8^Z6*A?PB$#@ *#,H=@(_EC.?R,7Z(PF)F\))B:@Y!(\H:4(=9]\YH_.ZK M:SO#4YS2J#HZ&^D"Y(!%1R$JQQ%M%$6XB?K,DNK$TBJF?]W0@XU[2\_QY-X'J?5 M*EXBTSI''_F./H"JN-Z6ZO0-^1X;VMB/0]MDU2 \ N0 S6E1\W6&'>?$77CW7 M599,]R7*;T4.G,WCJ.+2XXJ7-S$-ID=9/:&W?G-8#X2C8XBVV1C[6A.J*H%2 M0*G>H93CVFPTQM0]*9@RA8Q7+6\CZA.R[/R"Y]=9+JX4\7K_G;K\L'ZP!Y MF*?B$8S0:GA: 24HH12Z!.@ M)*'<)_AT;^WN]HF9!H_^F$"<*F_%:QM(JUUL*,=1:N@-IX?3JW;Z>IL;>+UF M!JL\1Z8F52,R8:,FY3]]8T:^)_DRV>/*: 15_2?CJ]6HI%O?YG E@ SUX@5D M/+V8IEJZ"LP@A1G@LY'%4^:SWV\FWN6)J%DYX_EJ/\I5?L[DT5 &)NF(JR;S M6T/FC!S*P90:A,/IX?2JG=YQF>N2'@DQU>M!:O1N3P!#/U MG^+;>,K3J<7_7,9"NB)/?^6\-C!11SQ51V6=X(@0VJU?:N@,%X>+P\7AXLH3 M7FI2-2*M-8J:_ICR'TKQ[588B8RWJ&AJ*\J*LC S[P7#U/=)R1'.TM,C& P MU(L7@/'T1H0N[2 M#I/4P!DN#A?OV,6'HP NKIMU*L]WJ4G5B*S6* [ZURS](0J+F167?$YD&VYP M2/K$1X+'U#D!Z7.FS>$X "#JQ6L>@+2_)9!/._7N'V" A$:Z3IF$_I2$$:_V M]I!;55<;? AKXOF7/"[%HY@\(X*8:A!I-?'&I",G-;R&B\/%.W9QC]E#'TZN MFWTJ3X*I2=6(5-[3U7RW+ M\"KAA,YQ=\7[TVPI;_JY(8"HAKYO7QEMA^,#E/'(HVLX9S)QF.UA)VL-XR\ M!8!"$% <.V#.R >BZ(0<[9U#V3H0,N=)6/(I MH4R?ED9)4FD]Y1UHQ-J^R1OP ?@PR)P!'_U*XLV1MQ'I/<$S(=]&69K-XT@> M^]B=ZF#S5(AH -320+U#C M6:@Q'(V &J10 \0XW0A/FQWTC#N/^&S:>OVQ>Q)9 >?ZF1=]>\9&K?+'6;ZZ1F/W]35Z=7B:A7'Q:M]:_/K,9'=Z%SEC]F5%N8V\0BV_[+^H/U MXML'[XO+1#Q)&H_[\+,&I>K[]@?6&!'[MXL9;=MMHW[VVDO/.7M2BW M?.D>-@G@V97![C=;SGA@RR^T5DJU&JWNJG]]0QT8WT3BGSF?#RF3MZTWV5G_))<_+,&Y. M\+7"7/(,TV7$I];5G57.N-S :IG*M\JME?-E9GW\\#.SOLSB:&;%A<6_1LER M*CYUG6=SJ^ WU4:P.2^625D,'DEN[PG^KQN_WA^S[O^\!3.U;.HD0$!)\[*. MZA):=L+!ZO.UW(1P?CQS:IO\UHT>?N'MCUO;+_[KK\OBAYLP7)S_7DOL-[Z0 MVX6E-S_%191DQ3+GGX4E_3W)HO_YV__^7Y;U7YL/)$+!-S_SE.=A?S'+_PF3-ZF95S>77R-BS^:J_WQ21A&6EYF\T68WGW@\RN>GUG+-*Z_^)_B M!^?,FO(HGH=)\>/9#][9WX:^/QP),]M^QN?;;J[9@7]=/N M^1-QB??R^)&=;Z@5*(UW M%GPJ]27>#YO#VU5AQ&CB.KM/M?<.CWZ*T]KSQ!EYASW%U?V_N]9 MJ]PH)Q+6_GLI8H]\[N*WW_]YS^2;V]CYY/Z'KZ\B'BZ:\8\IWR]8=UNRP[._ MV0//>R#7MF4&M31J^3S+^;,5X_HJ%//P_A]I$-Q2_K+X M*++:_/,L3#\NY%<4[[+\FL="I.]3U!?%_UMQ07QZ<2LRB1O^L_CR\B>1Y[P+X_Q? M8;)\47;=HE9&VUIQS_XF21:_0Z4\2S;D]'4Z+WJ@K]' ZQ*_M-)7=>7B6;@V ME!IQW$8EPT=4(NZB^..3N$"9S2L]/ /*WO_Z[NQOP3CP)IWXS>XSDY7T\2&D MDOMPX@6V[T#PG29-SL@9#CL)W=H+O;M\R1F-)_ZP-QA#)F$:#=Q1]TK1- :3 M29N<@1OT6&N_9NFMD!^?_KJ4XMK1RD7QQ\?K+B*X +7A:"3BM]>%)NX]LCZ2 M[B1D#\5="#D''22DFHKZ4X2HL"UO=&PD^)7M:!?%E9/ M">#[^*)QIRK0+X8>HIW.R+Q.LAS#E'.:0+%/.]V&"3.TTTV!$ R<;D.+-LKY M5W4[FK$?0V_H=J&.W8=7(W(R1717O:(7BJ>[K7"2CS^J6ED^"^(.Z>4)>VS#*4G+[3@3 MI"+!&B/>%\7RH%3G*1E,_,FPE5[-OOM\C@AJ 5ZDXD-RTBN^Y9^2,"T^94D< MW;WD0?^VM>[).G(L_YCE!/<6TOC;F[J]=&G(4\L5CU].>-ABY?UGKFR^NDZ4 MK&T]'[ P;R6ZX'#)?7.-J&*Q/BG%K4F6PY8UWC.\.)T*#SOW6I?G(?)R#UP. MN9;.^]0*HTC<5K4=RI>XG%D7O__3^C4;6!(/?K G[.$"GJ-ULC-D7BW)_.ZK MN)SWQJK"SX[)6Z\^9XLXLD;.^/4!M[)[X5>;BUV^D0_:/.3FUS^]>^!O MK3,]X);E>K%F=-[B"9?%FUPJEO,HNTG%GUJ%C @_5&/ 5BB#B'6],7DK3JL5 M9XLZY(D?[ZPLBI:Y%196*+Y%5%5%F%C9M;40+^)L621WFR^707)+%;Q> 3&P M/L^:-6W5KZNE;@__3*YAFW+A 7/Q;%.KOL.LOI]B(>+GM5!K=9S>B#\*R^:N!]8G\9]&Z:5=%.WO.6"IFU+:EPL4AB*1!Q-\(7Y]4N M/QNY6"((\I4(5H\AOD\(1BY56(F+UPB\7P;?0!.3%]6]//^XE\ (M)2:%ZG> MA4">92KGU*L_C'FQ7IAG0,ZR"AWCP;BCM?'')275)]V!]?L_/WRX^.W_LSZ^ MLWY___.O[]^]O[SX];-U<7GY\9^_?G[_Z\_6IX^_O+]\__;W ^*IC%A65WL% MM)VD5=\E;%_@FL"*3P)>A:T?FI>UFUF<7#S5'TK8E^E"A;$2I8673B4:5L74 M>C&?=1VG(I^(15PIA'RJBJ=>!RUBS$+\=RI#QOV\(URC@?BS6'Q\D8C'N*D7 MXXF@)-[GB[+^K(1Z68F)5[_+*U0*N9B+1XQ":R?(_WQQ\6DGNLLH8%7BB^=; M-QJGU:9P%<2'J;R(Y">KP%"L(L__78:Y^)RXEWKAH0QF(KV<"U'^\'_KH/@" M@3!Y,DNRG-;13MB2R ?%D[!*4,LT%.^4502;KE:"6T4VY_))YB@L(05LICWA1A+F0 M^%2:6ZV]5_)YXFI1D;R#+!522*7$$IDMB+ IWXCE"LW7XC;K\%V^3" K"Y%> M)?\DC*6HY?-7W[:*X\VMBD>MK:F^6_=1Y0OU]0GMKV0DW%'\S%=8H8^%*9:OOJAYG'MX)'53I1+3Z M6IFY9)(-OWC-XZ(0-_W-3,PT]'V)JAO-U/JLP;46 M8BB4?5O+M+',BX\_5X8E?UX%B>57$TUA8=J.(J-GC8GL1M_5NF4[W M[$S10M0]K)Y:B:W@>^YS+9_5HUP(__PAO!8&&-="E7_%UGN$1IFP$=F\K>!S M):U:&%DB_T;$J:IF2C)1=F17PG[".G[L1*3+7SX6NQ'IE?P\ETKAR5U=Q^Q\ MX,&M[WY\7H%ZM;G(Q0?KEU\NZP FE/UEELG(F7U)[ZNP@J!9*+#IBO-T5]>+ M95XL99]'A#T9/@?6^^U M8:QQG;V2+;8Y/@5$$82:ZNKRD]+8)"!K=D$I?F: ML"BX#(I"^%=" [4EROHT76+/LBRR"V6// MLGK:-.;BJI7PTDS$81'_A#U<7\O_-.7MYMRU!WN\R,(FSZJ-!FJ4YW*3 M&(&,\J.9,/F=OZ@K4*F!HA1X+>2P.MI-*C4O9O%B^UMJ4=9FFN5KZ>QYK#H" M7C>$@HC_:9;^L/_>]GKYL8(?B*_)9:ACV]H4^4<6K23UV!T]A&6[.P'MV:SZ7?6_9JNFBR2I MGZB1GW45)C(9KBV\S$7Y'#;IY\9/1[\(>=&]5G]ERMW?WM6DP8CI?,B]*'/=K^O$66R?1?@%@B(%BX"]\$]T7% MNS4YZ JO:PR3U=*J+EJS9EL5\>D\ISTU:L,I-)V>B\4BSX3,5V3E7I03X'#Q MD $=_N!X!X@C:,3A$S3J6G)5V)4UUG^'HNX016M=1P3WZ& I,2'#%R>/[RY^ M_[NUX2EEH$BG%6/]SX54BW6_H[";FC5]%*F=8_LH>WSX@\BJ5FPYM]ZMH^Q% ME4HUE?/V&[]L;W06%6< MBO0AWKL#G[4-;ZM>@)3%S3*N*:=E(9\LM.;9M,:\G(M$0^8/E36%TA7#:":3 M:MD-R:?UGT?+^3*IBOH?FHQO0Y)(D9[@6;[W!L-3B$C\01)72>>JSQ$^!W\J MR[GG; >F#NU!3S=@\V0?JO;SO1T[\3M):,F=+Y>27ZH^*64L4KJ;6&:H6X6/ MO,1<_'0C$6:K?)5A*R^3E%YD35A$XS/,J V^^?KNDJG @V?7\AB_; M\GU1E X$<%0-,5GPW,//^OJ-650TU%?)=,GOVGZLZ]4U,U%2[5Q4]MK2=2DH MT_'G&]U!#,_#D9$6.O>JAQUV6\.?M@KU9UMDO$47B\^M&[36EQFOJ,==4UT7 ME9LB;J7B?.MW.ZH6A=@\$_\ONQ(/?2O+KX'U]W8A;)\XN%"[/,7EVZF 3':W MNM)KHGK7C/<_\?6*TMYUG-6>K?6#%Y+S^(7?\L1Z_W[U48/IDS?X'/?^QEV^W_Z"P8N"V--JV0&5TUO!8YI[((]:$%4* M)1F0^=@'6\LLOD= "&F?RRVHZPF/Y7QMIT^Z M%ELGJP\CF71: ;8/=#KCB?@(GR^RO&JX,"N1$>F5^\3U*ZZ%I_PZ;AI_*YY+ M9(!A/:ERMX,8K[(&%RM'S I>@T;.FWIW=SY$AC#IO+&(CZ\WS]5\V2;SG;PI M'GG8O3?WW$NN9G.DNU4I:U6U2]2ON;5F?*BF":?Q;3S=[19NV^GN@_,72>WU M(3EA&V.>.@\K8@84,Z"8 <4,*&9 S9\!?3Z:Z,1S/)>Q_HW+.<]M9O13GJ7B MYZANHQW82R)"! G$7-68FP*SHHKC:NG.EDTZQV)G'<#6^=G6NME=U/QX6\W) M6:]^7UZ5%5J.7?\'QWY];OU6N_)ZMJWFC?F*L]Q+'.\EC5]6&J[[3-G5OQM: MM4G(URRLG+K8B$J"A60CTUGUYF9:H.*]LJFH5:]W6(=X2QCB@XL\$_EL4T++ M!5IR/.B'9<&OESL#?H.=BS9L2,5/\9KIEBTNF9I7\W!-/;V9_2BVV*MB:SQI MNX)L$O]MC*[Q1.BEGF!JZ(3=NC-.F[$!":]"&FM!-1. Q>JZGV3;&= M.VS*!5D%K.!_MU3;&17@O)EYW'R!%'3-%ZR&SLJ:.]EF-!>Y;%%'M7W<59Q@ M#MD+O%5'_3>:]N=[5F@)JFNGR,=<%RNJ0 MWX;#WOW NC M(F%8U82:D-M& NL[O.)2/T4S\"%N9W#?A-?O5$)<+*^$&V_F MA>HYOVI&;F/"/9=*J@<>*ZL0?Q*5M4RVK5#&^9=-6AXZ5$ D$+1S9)[^SRD"WCM^ ME3\KXKFM1+Q?ZHFQ)O$?#]W7IPT^;A-\UAV*:@)'#JNGT5TSY">\(E]A73C/ M)&KD-Z$ ]V;,[VJ3-4M/2JKO>:0)TX#R"J>*&>=E]4?-7+?\@O_A=X^%+5?< M )?]N%7&WEQM]7 KLG=-]8<5.\;K$33AG3=9+H-2/0Y:)7$5,B6UV"7.QQ7Y MLYF$;MX2?Q2%"ZFJYC=L/2\O!XHWT73K@IL@&#;WN1)%+5J1@1K^;AUL2="&^N)[F559M276M2KO)\?[YYH3 _NVVX746=\ M0-1AM4*$Y).[3=VVD!5A*:2$H(2@='A0^B ;9T]&I%$K$>G]5G:\4WDU'.V' M.B67'O+?F9"(]2_QIQ7_T@0QS_4."6);SR%1)KM=#U*OL^@:8TL)#/40>84F M-1^_6S#(%L.F9J]182OOKQ%SG>*N1A/63?^=[YHN*W"\U]8O*W25?46Y3.C! MD+*,'U-^D_,*-45T$_@IO+B&@:T;V0+&G=F#>H[@L2IH*[6?UK,3XG'BS1/] M*0"P1M6J9[*4R;VX\^JS E'+&EKD1UG5BEFFXMUZ'&J6)=4,T(T,=VEN*LN3996C9URC;$C[J"^ 0 M3P#Z /'W('[<"L3_5B\WJ0_3A%S<2!N00DQ!6O6[]Q+S9N"E=5O17E(028%8)=)581CNLSV9@^][- MA]7-KRXSV+E(];77$FEFV9#1''==H[J/K2L"#;7JP-/?;EJ"D[. M6C8- :'8FZQ>]-ATM>6CS>.B[GI(*JA61055\F9VYIBJ]3=AE7J+Q_WV%]?0 MM,'5*FBLUU_4C.DV6[7;;QC7]8%L983SJI50Q9OMZ2M[ O0#^IT:_1HC>R9> M3!J\J \E;[CAHER3' G_6L''=8,HTCZ+LMZ48ZL)MKUB_LLL%AF.K(#+I@K. MME*+S4_"Q.57-@9?,_-I,T=:)U)[V8[) [9C_61AM5!$8DZZAH-F-K4,OS8C M*_6TXK0:7A'9IL2P?*7.$FVY;]W.DA<5-S!(KS;7L"VVYV\)Z2DR*HQGR]%S5:ES2QQQ=EO M!CPSJV(XOM$695;=:]T0-]O]Y KH5DUD<0MI/2?4K,Q>K9>M.'EA:J+M:G/N[*&9_S43FX'BU0']W4:;+[(](V?EMG#?GN(OVZ](NJ_&S:!/PZ>V^VM@G$ MGXAD]6:V34^^;$>7+SSG3?8_V)=>_[2:FQ.A93/MM[7TI5F(ELDL] MJXNLW7+U?,T$294';VTV=:[<-E180U6);;>^5R*=RF7S=7_US_7N8.+[ZCT_ MJM'6EZ8U+UQ%6J\1M0>.__*/"1LY8K%/]14BA9J+IY3[8]<[ VQ>2L:KA:.K8HO\<9_+U-N MC5Z>);]PIPV3TX7'0O_]#&$NKG"W:;?]H^Z\')0J_#'E\1^_B#(\J1>Q;\X* MV*X&JU6FS7;WFN<68Q(0^O*L?TM,7^)I.3MW[&V)UMLG13Q)%N%46H/<=[]Z M78@":_6Z$L&/9W(T61Y/&V9 MKU_6KZ=R^*.Z7KW\Y6SW_OW18#C^R[.6SU17?/GBFN;]VGX>OCVK4SU'/)MX MF$9L]Q[L\8KKN2:R>Q6Y[%ONY'0^BZ?"/+<,Z/YU7[!0Y8G]>W9MJ;&MNZ.F>L?&PY'KQ'1^]1D:C!>W:\9_N0@K!$2H:4S S9(R4C!&R@$@T3 M-ZC$$X?M:BN=BH=^AG=>L,U_WBM##W2-/YD2(])V& M'K4+#K42-]W0HWHA(]&R\;D^8D9=J*V/=!97EV[?OWG6AZDE[JEY_U3_3N.33C4JK\^"*\Q/XJ(:Y M:W>JZ^6@S('BW0I>U<7TE+>&DS)&RUM#XLEP>0-/@"?FRMN<=(2&O#4<[S%: MWAJR4B:EV^84HE3,63N&AX8Y&T&[O%#&UNI?T"'1LLNKO(N_RF//TRB;_B2AXL? MS^K_GJW$.8UO5^*Y3K*P/)?/O'[WK^)M^?/0]ICC32AS&7WKHP!Y@#P&((\W M\=C$=I'BR(34VR2GK:!0"VY";:64Z?[B^(,191*'>MCX"]T53#UPC2%E$HF^ M:[S$#8S@I"@S3T49+A)>&,@Y@5E28-K]RUW5UGK:AF$O8!-O3)E* F&D@50! M* "4%3G-;,_N44+20]-7RP-I:_K.L16M\1,[H'1,L/* ,F]#Q#,2*B\@8\::,Y?>%IS +GJ/$)8Y*E M'KH+9HWZQ3[1GZ?H!R]%TC-\RHP5?<_H'9=%D+%Z%Z=A&L5A@ADC%'_HBQ(L M\;2-OZ,1FXPQ8P1 : 4%H!E#$;VT=UH8DE)#TT?,$7@9TV>,_L'#I)Q%8 MEC8Y17_0HA^T%4'/" 9'S=FK)K3H>T;OJ"Z"A-;[=+HLRAPS2*"GT#>E6>1I M&X =WV.^43-&32&]3Z^S?%[/'I4\FJ7BB;#S$9@=-"K[4J$1;,P"=M-*T3MVBR"']2$L.<:.0$ZA44JTQ-,V_(XGU+?8!IND@50!* "4&E F/AL% MI#?%ANGK3?]H:_K>L=OX8N@(5 X!*S\*W543-E2LO'>TC%%#1Y_"O$QY7LSB MA16G)<]Y49I(WF#FB(AX:52]JJLJ@OT3Q_98X))>-]8W*P>J %4T1Y5QP":V MB\R$DI%C*.>%1C[$;D!T:EP:K U!+_ P@$/'"XQ@>@CR.9]YPJ-L/E^F<;.- MM;C*;1QQ$TD=4#?H(J*!KF[/Z0D;.CB-#(@"1 &BM($HKNTRUR>]6 NVKS?[ MHZWMCV@OO*)2PV(F1[&53RAS.%2LO'=,C5$S.?\LXR0N8R,I&\SAO%2\19;$ M4^L[N_I?AX[0O\RT]:JL+=5I&\X=CSG.D=UWC/0 H !0 *C3 )3+1MZ1JT8- M29AZZ"^M4TW&^XM->V48_1D+LOP47$-OZHJ^:_2.U")!77WAU=U?9L5U%6E.?6 ]4>>='O'3;TQVP23-K^9FL# MRV$Z/!1 M&=_RY.ZU@0PD>,8V K@14E1>43_BNAIF/P*87)<%&/?2SXJ!!<""KK' <9CK MXL0VL&?PA_*-[P^.FEE4S9KI2@ \4=+TABPCY0E'KE3%?-=!GM [;JS]@:] M&;7Y]L]E7-YM\6+G!M(N&/PB(EX:1:_J-31]D[=JZJ9_\@:> $_,E;:M>=]:OF= Q/MXTI/\F8I9*VW0^'C89']L0Q'P,\ 9X 3^H- M3X=';0E#+!GIH=UC*Z1'5MJ0WNY:UR$"8Z9G3+'RHW)%U8P,%2O'9 SEK9!Z MM9TU69*3R#H%;*6@48EF_'KQ$>VU4GWK< &=@$X]0B??(;UZ"\ZB$>MDO+,< M7:KW>!:HWU057$-O%HN^:_2.WR+!8CUK5R1^?]W7R?9#&C//'K;]K=A2J$,N MO <%L*Z(^Y1SF5C1TEER[LJMWB@3;:#3@"9 $TW09.QCY KD%SP!0UC8TPB. M8 +#1=81CB"VZI?A5<+O*W/U[J.)=9Q.>2H,*=BUI'\OBS*^OJM_U;P0CU,* MP<=3GMT(LYH=E(COB.[9T=)Y(EJNA;!XZJ&/+QZ>N.F7W^:66]8^Y-C"@]9^ M6>G5BGB2-*;]XYE]5KTN%F&T>MWX9,2ECM8^V?A*E"5)N"CX^>J'-_6%Q*,) M;Q<7JP54>^3#IWTQ93H$W:MDMSP7J/KE?!9/A4MM M&=##VK,MLV^K=/64SN7KKJW6F0*(NT-QCP9C8!&L&^*&N $FQ,0-Z^Y4W).! MI[0SU#-QNX- *5/2,W&/!R-@=Y?6K79LRAAQW^/Z:#(R>^8.PV69=<'6C@ZF M7]:?-)I^4:B:+L8RS!#N%C5?4[QZBEMU?=0S<<.Z(6YSQ0TP@753%K=XBF(1 M"GE[9T^(WA[8NJTN52?Z@_+U_=,5ZZ]Z%\;Y1H%"&4N^>1D66S^?(,%770D3 M3?!1]Z+N-50U".;D@CE258W$#>N&N,T5-\ $UDU9W*A[M:E[%SR7-Q3>;)6[ MV?7FYU+NRX"25Y?<'B4O2EY#5=-J8/$5!):C=[8R*[)(1M6JB%2Y+0Y\!6D9 MO.?YWA.GM[PHY^*>"N$^2,!TB31(P)" &:J:5D.(B\I><02I-B+<:%#N/0A_ MT4IP'5OZ-H>4X$O(^>WN"@/5&T/+(%#JJA MWCKTQ\X)$/A@%T'2%,I#$RTI=,$3L"EPP2["8(_)$S(N:"I3H_G)ED^<"/!V MF6<+?MZ/U/3 PZQ7_P+T^$_M%32.8=.PR6^TO&'?D+?)\@:>P+Y-EK>&LSW= M9>VG%Z^&!)1)XM5PQL9HM-"0S*%ASD8P+(<6YX[;(:FRRZ&\B[_RJ16G43;G M5L&C91Z7,2],)%6ZUH[YN:"9&*ZZHC%3JK!52)6*5($ L%4J4E7-3Y@I5=6T MA.;5&@WRP5335$LQ:&Z:1A )[??_G;$RBN$R2XOEG.>6^-,HYV6P?]5ER^,Z.4#(4E*-*IL+>OM"])FXAR]YN/CQK/[O MV4J0I\_(XSIL9(_@ M"3+/\38Y3RLHU(*;4%LO9;J_C <>94*'>M3X"]UE3.9[QE%11#6?1-\S7N(% M1M!3E$FHH@P7"2\,I)] ,JF6:-_26-5EG[8AV??8<.+TR/3!'0%0 "@G!!2; M!:X/TS?7]%530MJ:OCLX*I"J)GZH%+']H'G4BF9Q,I5O&,AM@<%2+=&^9;:J"T%]H[3CL)%S5+.)F.V#= *B %%. MB"CVD(WL(6S?7-M7S1-I:_O#P5%VKYH-HE+9]H/ST=C*C^0\,9P$_D;KD9<6 M]/<^G2Z+,L=T$K@=;63=MSQ5=8U&L6MC!\QW2*]5PW@247D#G[31G,;X-&&C M$<8G>^DOJGDG@OXR/'8* _-)X*H,]8PC=Q##?!+X+:W'7EIAL:ZS?%Y/)94\ MFJ7"U&Y,W*P;M)5JB?8MF55=_&D;F#V7>0'I"@\\DP92!: 4!I <9@?D%[2 M!M/7FQC2UO0=VMMD4REE^T'R:&SEI)>:4;'RWA$V^DRYM*"_#V'),8X$7D*JFL.A[1N_(+8(4UF>>\"B;SY=IW.R4)*YR&T : M>C-8]%VC=]P6"0;K"Z_N_BI+IGMGE+(R3*SK^"N?6G$:97-N%3Q:YA7-9;V* MLJ(\MQZH]LB+?C\.7#:9N&U_K[4!97DF7?NW[07,=4:MWW986A_"/)I9GL,L MUW:"ZDB]GWC$YU<\7_W69U;.BP6/ROB6)W>O#20A036V'LD[B!ZGEZ+RNOH1 M/]8P#1H[ J-\#']I9\- B!!M\3:)&"!2_IL!%!HFE-H=+S!@ /Q5'A"[PBR$\P4N0@-%'8R0+,LRU:+RZ MIF_RAGU#WB;+&W@"^S99WJI7Y/5-WJH9'J43(*<7K^JE=_TSYQX/-!TC7B.H M%Q*S2;L$RV66%LLYSRWQIU'.Y89)88[#VWHZY8(^H=[K4EZD'VU[(4/FVD=M M[T#,\HGD+L2D"CP!GJSPQ.O5QFN]LWS5I(RVEF\?>Z@5QFN,7G\&*]> DZ%B MY9B4H;Q-TIK(*BD(3JY M8]+T$KR%*O%$T%ML'-\&L@J><0K/Z/%H$0@N"C,O+6CI'SQ,RED4YIQ9?+IL MCG"3._-$LSB9RC<,9+; 7ZF6:-\R6]5UH+91VANRD4.ZW /EI(%4 2@ E 90 M1LR=#&'ZYIJ^:I9(6]-W!D?9O6HNB$I=VP_&1V,K/^J,3M6\#A4K[QU[H\^X M2POZ^\P3'F7S^3*-&TY'7.4VCC"H!*+GOJQQM8-WY_R^K3 M'>AFL[%GM_VUU;#5]ZW?K;Q9%Z>X&>- /:C=-=\RCT@9_8@?:YCU#&WF.WTZ MN@DD'H 0+ '"#QF#TGS_.#+-.?+Z#B#,SAJ:;YJFDS7BA]'N-%SA"//,L2< M%TYP,Y.^?$*'%T4<5KQ,5LYXCB/C%-W^0-^X:\398W\ 3V M;;*\5:_ ZYN\59,ZAJ?;JI?:]<^<>SROA%/;.CYDO87>R+OX*Y]:<1IE<[XU M:60BL]*U=LQ/#LW$<-4ECIE2A:U"JE2D"@2 K5*1JFK"PDRIJJ8E-*_6:) / MIIJF\=,?O2<2]-GV!0?#4]2:^ M6HH7&'+(ENUC!QB"A3Q::4Y;=W%H'QI/;SK>F)4]YGO&D?N5]WB,!-O>4-BU MHY79DS1,HSA,3-RY&92/:HGV+8%57>_I&XR9.SPJ425F^:!_@"<&X(D!^K'N M56C??75M9W@*9<&9]'8FU>R2ML&9^-[)5.KA?C!%!J!0=R%#-"8^#)J]#\.A(M5ZH5)L'&DNNPR<2#NX#F CP!GO2#)T_ $TX.ZZ6[J*:X M"+J+/3C*5U237_3'1/I!B_71,S! !=9+ZX&=%K3TF2<\RN;S91HWO):XRFT< M<0Q4]92X.NEI-+W+:#4YZ$;#\.S8S*%-0X%L J0 4C2"E F;V*29(Y@^B9.R M-#1]^]C50IB!,IKL@9GKP.E0,?/>,3?Z#+N<[BSXZ_W[-)_L1'C?9]YXV/;7 M5G-7[=_KB(V#4'YF.,^(,CMHH//TCD@D M>'[;VS^7<7F'D]MP F6I74SM: ! MX5.4X2+!-D(@=$X@T;Z-5JNNU;0-R;[-AJ.@1Z9/I.XB)E4 "@!E3?$,>W72 M8^],7S4EI*WINSA&#?1.#ZR<-(E#QLI4G?0\(B(5MO+M3O6-HJ( \?N[ M_9[L_"_'&;.19[?]O3A42S]S[4'Q1X^*@>/Z;$C['&N,*VEC M]T GH%.KZ.0',JO3S%LPK41U6JE_'N337F=G7*CI#9]G@O,$M)?O&>@\1["$ M]>_-E!U7DBJ*Z?87&*>[9?G$+UM M2+[>BN@/RN#WCTNLO^I=&.<;!0IE+/GF95AL_7R"E%]U;4RM&GM"EP>69RBL M45A34(TVX0NYL$;B1BZ,7-A<<0-, ";FBAM@@L):!]&?HAA;\%S>4'BS54]G MUYN?2[GY!6IJY848:FIC5(F:VH#(Y2N(7$>O6C0K=$E.V*JH8+FUT4EB%/(^ M<_(^>,^.]\3I+2_*N;BG0K@/,CSE:0$R/&-4B0R/;HP"T:F1N$%TGCBJ5!N" M;K0F]P!%(DW=:P!2 "F30&JU13%PRBS'4;W$3RMQ4X[N9A3Z\!IZXB8>;LQP MG([=!)06*"T*JM$6X%K;MW7=SW'1SU&M5'F@"THB>GK;ZXQP4/,4+<]6@H/2 MT]M)';3S4@].V4W4-*.RTU9O<$J#E7NR2&F&4VJB)0PD&70JZF6OWR3Q:MC;-TF\&A:O)HD7X !PH"M>@$/?Y@A,$J^&U:9)XH7UPGIU M%*\1],9+CW->_0LZ)#1V^8MW\5<^M>(TRN;<*GBTS.,RYH6)A(;F#D"C,C%" MB*KK#R.$J+K*,$*(<&>XLQY"A#L;4%P9(435)9010H0EPA)1LG=)F*R+><=5 M5LU?9FFQG//<$G\:Y;R,LS3,[PRLYE1;VH9*AWDCTE65$>8)'X>/G]3' M@PE\O.=]>FW-TQXXE*LU$VLR6#0LVBR+-H)E,&J"Y6W*\QM,K)#+8U37*M39 MT9,V"U370 2;!2/FCL:4JR/@C;GB!=X8AS=C-G*'P!M#'4)U34S0(>R!1[E: MINX.F&.!9\ SP# =0OWIP"/]@X=).8O"G#.+3Y=1*-="66$ZM:)9G$SE&P:2 M3"CM: A1]WQ5=0&G;>QUALSW,!D#B !$ "(>A8BQ@\$:VM:MNBS5UKKMP9%+ M>C'$ /(%5@XK[R618M2HSOMTNBS*/ X3$U<)H7]NKGAUSSY5UU8$FR*!>^3B MWAYWSX$V0!LME:,MVOC.D2W8'J.-[NZ@NB@FZ [860-T$3P#GJ&A9_2.8B)( M)'WF"8^R^7R9QLVU7-%EL13ZSN[^I\.4M0]3SU!V?8R'6@; M=,=L8A^YU-KX!CPP AC19XP(6$![WV!8]RGJ44.LF_@2$1JV39AV@9G#S,&A MF#JF\X57SW65)=.]=$M6AHEUO?_@9^M5E!7EN?5 Z4=>]'O/9R//:?MKK0WR MRK5=[=_UD'F34>MW'9;6AS"/9I;G,,NUG:!:F?83C_C\BN>KW_K,RGFQX%$9 MW_+D[K6!;!CF'DX;N@V7K_+Z]JF6U ,@T#"+\CSFTUZP8KB5 T6 (OJCB,O& M(Z (N#;XR.-+0VGS%?0)573$8+E[5M83AX@4X !SHBA?@ M8'3A9[AX59>$AHL7U@OKU5&\1E =))8D]>20;\WMG48A8H0059<;VH[QC=ED MC(T75)LG?!P^?DH?'X_'\/&>5UW:FJ<]./*D=>/[Q_W>'<44*R>]7H**E;_$ MHHW@&XAOCH(SC @0(%WAB'-QX+ M?-)4+!Q"X\*8H$/8 Y=RR4S='?I"&9'TC",/5(!G@&8R?:SEGV6<5$MS#*22 M4,#M%R*.)%%?IQFRF[WC,]_'N44 "8 $0.)1D B8/01(T#9OY?M!:FO>]B"@ M7&?2L&W"/ O,'&8.TJ3+V9QQA_K3\^"B"0MLM^VOM4YS7-&$^:-A^_>*XXHT MX)%[4/H:+E_E9:T)^\"[8Q9,CDR?>CRV !2A+E^@2#LHXH^!(F#8X"/?.'$% MXU ZG>/1&][.#.>QX3Q:.4_OV$!Z6QV__7,9EW>&;W)L1!&B>BV,$4)4O6;% M""&JKL.,$"+<&>ZLAQ#ASGI6$77;Z5\!A M PWU=9HA2Z\=48^-CSS_ QUJ@ 1 PFR0& 6D21N8M_IE#-J:-[8? <\",X>9 M@S31951'NUUV^/V5."?;7\?UF>]BSQK]K16%9!_EJ[Q(-&$QL&LSVR%-.AEN MY4 1H(C^*.(P!Z.+X*O@(]^J^8\\01,C%*U6D[UAP> \F-DN:4I8 MUZ2Z3Y0-'9.?N(,CK1W3&.!?C/ $XOMJD_6$WI$I_1Q4,I!@,;P[K+S^,ER^ MRBLS$YHCSGC,O,F1D;O'[7? "'7Y D;:H'YN4// M0< BF>,\8TSQ:.8\O2.>#J67/(W45M-+<7K+BW+.T[)@W=3%((O@!?T(OCJ5^&PB+OJW/U[FD2 MYR>>^UM1;GW;B_NW?,]6ZQNNC4485O.RUKYX?;;SE*O/USS><1 M\1YYX>V/6]LO_NNOR^*'FS!O[?6Y%X#/'B-W[]X]E/R[PZ'^T/1_R?W*7HC\_9']X?7O-BRN,_ M?N$W8?(V+>/R[N)K7/S17.F/3V$NOOXRFR_"].Y#M:O1V=\:(:P?Z B!'*'( MK8_5L")@:>L*E:E;$4^2QMM_/+//JM?%(HQ6KYLO:/ BRI(D7!3\?/7#F_J; MK0KQ-C=4W]\#,W\Q@SH:C)3BX*S&&T<\VR9PM(Z*NU?);GDN8LN7\UD\G?)T M"SD>%MS/39>=3M)E9S!4>M:$[MIJG1YQE!:(/1/W>& K[0KT3-S.8**T>=8[ M<0-,.A3W:. AL0&8&"KNT6""4-F=N-V!"^ONTKI]8'>7V!V@JFQ#W/?X3IJ, MS)ZYQ'!99ETPUJ.#Z9?U)XVF7]I2S58W)N)IR7-=IU/45DP]$[=J^J5GXE9= M,?5.W "3#L6MFG[IF;@!)BV+6SQ%L0B%O+VS)T1OZ[?YB3K1'Y3![Y\Y67_5 MNS#.-PJLUJ1L7H;%UL\G2?G5UL8*J[%CW B5,"IA"JK1)MX@>=5(W*B$D;R: M+&Z "2IA4\4-,$$EK(/H3U$)+W@N;RB\V2J L^O-SZ7;H#;3,BC7O-AL A>5I]@ R(U%3[2LJTC+XRHZO;&V>)9P%"9@N MOH($# D8!=7HEX"YJ/45QY0/81[--AKT'(8D#!YDJNA/X4$_\:C:+0).I&=V M1F.EF_%NTDV@4;V"3BLU=N$U:E?0:25NXL$%I3]*?Y3^*/V[4M:W?SI$E4J+ M(G#5.XJ6^^VA!J*G-SAH3Q0M'-2'@]+3VTD=M'..!$[91=0$*T(HB^V<<8$/ M=A,8>TNPZ.IQII(WW9WO.&[/_]9?]2F/;\.26YL]WZU/85ZF/"]F\4+\6F"% M>*,X[P?=8]*)YQHN"3M0O \.&M%2WAHN,#5:WAH6OX;+&WC2;;M7NS6F1LL; M>-+[(2"CY:TA+V52NJWA=([1YJPAQ4/#G(T@8G2E6W;9E8O?WEY8OR^RM,AR M:W68'K-^^>7R-%-E:OD4S>V>1I5#P[!/9S^7%QOS'Q_2+FT M,34# 52H@0K5U(B^4#%B[L@'5.@&%:JY#FT-=CP(*',:-"#X+W3'94RQ\A%E MJH.*E6,<1?MQE'O\R.5;Z_U[ZT-8E#RWWHGG8-8O@T\#ZY7S^I7[VD".A"QK M2*,DZAL)KIHS>5S>VL9BUV6!.Z%<(O7-R $J&#S1'U1LAS3OTC\CUW7Z1%LC M]P<.9:Z&>K'4%Q:'I&>XE/D=^I[1.^:'AF(NI&]&#E#I%[="$%0\F_FCHYK\ M )5^T3$$C3R@O>2(>NV$,19M/6.$,18006#H]M,];]-9F$9\:EWF?!J7>T@? M#+* T^E;.U UHR@N-?((=5S"J L_8 MZQE'[K:%4170/0;R_O!!3.R\2J;51U7)LY 8X:TLYDJ2&!):S3LNM_K8BXA=!XXA2^ M=0;'%$RQ ^9Y1PZ6 U-(\#&&F*P;#([:(%XU[T*C5"',KIABY\/C[%PUBT+% MSGO'E;1&;ZUR2"OH4'U?>/585UDRW:?/SUD9)D]1+/&&8HFRHCQ_>-[SD7?Q MO>*TRG[=^L.QDQVPW:O]G2^A#FTK MW_K,$KI8\*B,;WER9R+?A2FGT\9PP^6KG!)[J@7U @T3*>\B4=]S5??9A* M*^0&FWJ(*R.'#6F?ZMTW7%'.K9E@]^,Q[1V5Z0UY/%%N]8:Q,\)[1L=YCVIR MST#OZ1T/2%13EUF2A"7/A6S_PZ?6+UF86A^OA*!#N5JNV,Q/G1O()!E1=ZA> MP&*$$%4O=3.S-%!=BIDJ53B\CFP-3!,.3X5A@5254R:&P*C:Y5QFFJ9J/D)S MTS2"+Z#'^7R3.$@D<9!M$0?KJ2 #>0/#.YGH%),C&]KE_#6D^/TA70LWG66K]7F;1_YBXVLGP?KCJ91%]Z\RJ7C+5-WFK+K+Z)V_@"7'&!O(& MGF@C;]6KN/HF;]6V?Z'W2>9GH?0F+CF$#S,D/> MVLSDDDS"M1\]BKV >K;ED^1,^/==V09LDJ.$ L6$+P0A2]8^^^RN=D5,ES*A ML4Z L.@9I HA4LM[+I+=:.TV&U8UZG:V8^XVK24L=EN[6]D11>72Z3KV^SQY M"F"=GHBR# ?TRQ(8O>!RWAS*J,XVZN#@PU:IRGKV9V?36HZR11UEP-6^S M/4K]<-^110[]OK,F;VL4%R0I0) MU1=3%E,F#9)N9S0PE>-U/][&@R#(U7MBF%E;QM3+VZ,)1C=&LI;).?H'AR(9 MQGUCO92NS#11T,&$(2#+RQB49R86YJAZ0C+D!%=HOK%>BUADO@0\9!%5(&//:3+!9IM1+Q$"(B\ MP5&ITBN)$C2207ZUXN3KWN,>QK$@H$+J B50KT\$I+>,>L3'*U\76-]$?']L MQ6" !1$,M!5*0'-F:H#F3U.C[T/@8P.C M<*^/$@K&$TD"Z-& X%BF&/SH]TVW1ONAC=;>&NWBC?:6$XE\#G2 E0D(';,+ M0;I/4;IB&$ZM&%X\ !_#L+,S#.SG/(QI-/@5HW1Z1ELXF-U;L#E/.ZNVFO,E M1*WY09WV_\8C4L:3PDSXI4R4+*%$WY,WLPQ1^Z*2_,/QV1)Q'2>&E=G(-*3G MOW%Q."DVCO<36>M1&O_VF(0X=##>^_V!62+R2G8PNS\+N/?M].>?"#D>7M^! M$+=I..+R>X+!X9P*H:-%.\3<3+65$NPI24G0X?=4:"9Z*!7.]0#=$Z,MW;NN M:]5=VW+UJ;/K W-O= BYU!%DT'YATL5ATFWCRUT,@NH=X>\8<^(OZ8&U@2&* M99-]Q3>6@7M1CX4TD"=&S39.Z[9C.F@D8PG?O>*5"YS?RLW&YP:YN>).U>\( MC',>I5\V2W\[ZUI!*$M8/:39@E[(>'K<@'QTU!X5YD[:C!\]B/06K03:\,-[ M <]Z]Q8,,AC!WW#)2[6+&L:GC,!,A726U#7D<=#V"C8-&@_1FTD(PYX7Y4)E[U^H2\L3,(;+N7E2\QE(B#C\/3(.)3[S:G1K,X&YP&5 MDG69E^)]UWW#J-]>URU7]X+I).(,(L )&+YM]WH"]8) 7C#I!>DZ9S3=YH'5 M:)50FPN/*D/Z&L\9V=8PFTYS7;$;FVUUV&B;=A-1_O=JEBE,.3;.($S3-AWK_Q/F@@6)/A)<*P7EBUJ!:"M75TFT3[7: M%>SD691T]L@XFHF0X:++.T%NVOM$3&&;5N[9=A:(4W[<'9Y=OG]]V<7 MVNEID/O6<(":$DT4__QXL/'ZTM-?XP( M'Z%E2UQ*^>I8'QUSC3:&YAILA=RQL4'.UC#1IY.UZVX_GI^_O+R<&0PYF]7& M/3/I1A1T<7U]>:(9KLOPL^>B!\HV]VAI>+8+PB"_>X8M:@<9V8B+($602 :A M$N2$ELO.W?T6G0,%8MB,,E!2(0\EIYE\G,ARHWS) M!KT_]Q-#4@OA-)V#S+,5W9U# A?,N].+R]-8-";UB,OV\BQ!(L]VG<[V:BOD M^U#HA/PH?F]!3%"8D#CON4'N@$25 MTS1LT[,;9(Q;5IPO^!HB_*V GVP1$QPY=0%/Y%0#?=4,Z+C\'M_F^-[1#0AD M#31XAX:@O&Q07:!E1:@1OVZ&>*HBS:^IQ_X [ UG_6#3E]I#.\ZHQOE]0YRA M>$V4WZ.;1?<>.Z9-'8^ASY1:+[!IT(DU!*;)"C_;2'<+P'[N#+XX_-DUHH.GS^6 QYSTEJ%43U6H&L;1DQ=IW0=5_ZOM(<1\9"EU7#*S![QYV M]X_(75.KH ^44*LQ?G=QE<5X./XRF"\>!V,!J%^DYI?9PU<%O@<#,]']"P#+ MI:LA>I\?A@_Z<*9]T4=/@QZ1*HCH6B?,82])Q,V':< IFJ9U-A] MR&-W/Y@-O^B+X9>!]C C"B<^32Y7(&JD@C;//9 MRU#.3:*E*(.")6H!SE^<'O-JF#^[=PQ9V'TP3&SS+0Q71A\\8A7C7)Y%C>WW M%]=Y;&\77-41Y6JB8'^?PXO61-D]H%4 G2&;[R.F!G/W"V80QS"%9: S#)R M)9"7%_FI>#88Z8O!O3;59XM?M<5,'\_UN\5P,NXGX4KX#0Q&0-=WIHC!)G]# MR1,TI \):T:N:O\]#K09^/A^/-IB8PS=!N\+KEXXP2Q2:E:K8R&',C,0\CK)=HI_VWL=G^CP9U:'$E/<)- M$ 89ZM8_*^*:)BY#\UT5-#F&4&8/7A/P)NX:,?\L ^3(;>/5L53F+8/V?15H M10T:%E5HWR&_DC_U:#<>JL_PVZ1D /^-D0O851VVA1G+U]&@?!>TI8DO*-MP'K2'FBA+*D+^I-\,G:NK1KX)^X+(; M_JL3:T!<[.Z'1,@Q]H:K1*EVF;BXX2X380')GU"8YI>F)8KKX3JF4^,4BB.@ M\KH8^#WS7 V^;'O!B56["5@8)O,E@;;TU M' PX31,RR*IN%7*H8+V$.3YGY)[,/NOCX?_Y!Q3<%^Y6GP_GVN1!F\X&$;R$B0X4+U/<50'-=@I#Q<0HKX97RZ7&\TIR:/'T M^*C/?N4 SH>?Q\.'X9T.FKA^=S=Y&@M5?#H9#>^&@WF/:2/?UAJ.JR7HU?9* M[1&KY&FJ<"LM041R")CP(>W%7\%3M-!%M$3T2M_07O)-_0?KN0N68-3 ![1' M3NT%*'/S*T'A>QD*MXM>TBKW/ NAC0$+,RS1" CS T-&HL;A+S(WO/O!X%'G M*S8LW@-0H/L1H,*%^\]A?V4&]0DVEESW142F+ZM(U3C=Y''B?G;#X&((U[3N M)D(U'HQ[O;B9GVM5!U@5#_;+CNY+@&D MBD=O#X=*.0OM_)+AD4Y4 R'9VH/"-9^,AO?]F"@U+C\[Z')B@^+P9=^RWX,6_]A-O]*MO^K"\E=HNJV?^V[L);^3+;",4#6 ML+_@=H+"DX ":A6HV2( MB1Z3&N<$M@=&U +$B.C5Q)HJW^SDR70JD%[GU_N$L<_/,A;4* V>^AA:PK; V4C:I#)LXV+(BY6 MS58&I^HT+P,G:"<:+U\3%?3HUD+W=L__\:T"R%P3_'MYA']5GC)<8 M6J.BM:CL'M):D"96OB<'QLC8V$T1FZ\-5HILA:QE .="^:4 3E2@B1JTL?Y% MVR*FB4IZI*L>[2I"PU<- 2^].M8C4!6!:$D+X^_?09H"%B5]&5:2IQA$N/[$ MNA<'Z[\;3?H@6DU/Z0O#]!=2JK&K>#6PQ^O 2X(%N%7(H<:O[I7!'LB:E](* M]^\Y"B5095?4>EP:.U/H,&@L;'O;"5>5J#%]KIKH_NQ MA5XWR>O6[LD(27G\+X]9G99Y2MSJ\N+JY]D+,2"BH.BS"8F2OEY5J4 M<7ES!K(U?04>IRE>Y;;63*-I[K M,@59D/UU^/GA_-6Q/AK;+29+*KX%7PBA?I?W/_)OP!KHX!HQ-LC9&F9UVE$(EOP^S0NHGI34AA:+COG'>.<4')*O V"G6-A:PISCOV,T)R+F]/+ MJ]/+#PVQ0WGOQE^56;D"8@=?\OGJ=2\-Y%D5XSNG*,+:\K[^O,D2D&<^1 M[3KAE].XJ(:C5K@>LWWM89O,%_ZA&KC(]D/)\^9\.M%G WV^YW''S&0G&@&I#+#=#^=N(Q'K278MOE)3_BW3PL3.*;60M1C>2P(A5/, MU7*);0Q#9++4;1NMU@;9WU$&,(B<>?:JT;>/3]N&O@&E+.B8$G[ PCV& 9WH MG$P/JDTR6R.3S['?-F[V Z*6,SPDR7<1^-/IC42@*J9U0H$6WQE;[/(79Q2= M7$G6OK[-FTLWL.+RR 8S9-@#AS]R43XDB:WCX);1WQ#[NT==Q,_K%VO, M_(OV4U!Z0?YSQ';81$[> 3''[^%%M4\ZGH,)&LYXA6"8Y M/VMD_8S=]3U_23"VO#Y0%@U7W73Q#KM1_#4AE /*^*9R,AFRF@L*E F8?IEA MQW.S4#*@ ?DYO!+U&P^'D#])H_&_D!6YUXE<@%56#G*B3#L. CC/A+\]=8NA MW=C$D=F.8%-Y>?[+XV@N=E\J&6RV#*T1R7!BON@MZX;/G^CIF M[+\&VJ:9US9C>1VOP*\KV[B#%,PO-64K&T-END]W%!W>4FXZXB<8#'%BD+Z4 MGT*JUO(T=XVMC>3H2-);QP?W#H[#IOV,\&K-_6AV,&NMT SQ!L+ "B\*)ABL MFS$Y L-V'7OY:L#["'04W@PGPUKB>]OVNU$,M4R3@V\-FFNY']>0SDSO63#] M==;,>[1$#!8?T7,,8V MK$G'D&/EPKHA2\F0A3'$F4(6W[H^V/2E@OFC3J:V[>R@[?%6(W0M/XFE(4U\ MH]U&TZV# M5J[#BKEWO7 ]@GTPTVQT*#@*UUV*=E"9WOSSFF))U80=.ZGDL0 M6^6WS.G/K=M;^I:@U=^8P4YNF4A*WFZBL-';7R6E63M4&(KS#4!%P,;;S#A2.5824M%1=CY MN2@1X6#K@7883C?A6I* OYPTR?Z67U5\VVZ=:? ,F72'V'X&4!:SE:8*ABN, M56Z!@**_*4NYOIMI:\:PQ4WZ2(3<]ALOE4)9'D6/K@7IU]7\,TS]BI%M%6,: M)+\MF HF'I'!#0'"5HG=]1.ASPYB._]2?=@IB2GAI_K3J% [*5LA]^JPI8N!1($PL6A!(^=DK@Z?%,JY)%?7 M_0'R# MG.O\4!)@&_0'A72+\?H%P%;G:VF4J"R,TQF/A=#Y_M(_HH[#G=FY%UV**159EV:S/!]/A%5C.$GX-4_]C\2A,_68 MN88Y1LY7,KD[ ,9^J_YD^0QJ1S!+K M+ I5IG8LRE4$X2+YLI)+:=T$_(@)9>)4U_>G%Z!098KQ-[8:NY[+PF30KA33.R19$:FRCG: M-A;4#<^:HBI1M]ME:>?R>92'1_NSB5D[Z-?7LYJZCBG8G]OJE M5!UWM%;S)UG/JV9H^\25:;?P1 V\4%<&%WM\&ZTZ]^I2NJ**Y]9>?A79_P8Z M6[SYD-_!;I2[=3I0^9N>TF6]3J[6C9#2QN>6]ZHYVK+$YQD3N/,43,Y//Q_(HZ_\L/!Z=;__0B,Y-_NR+_ D%X,3-:5]Z@XJZ?Z0B9 M\4-U[D8M?!WGW M$S+[Y::@"9W07F7L*62HF;2%WPM@,LW,\D\C, M\R5T;S,PR[6^]!EF\LF @*$DB^6TW6#37SCYI)*8:V;(M W'P4N(9VB'C%LW^>L"7G6O7'?WR2JN(VIFG'!%]JZEYJHZIV17%4#K4970=$T6%CK\#75QV^%Y&V#XM/=W@&+;2>4Q"VI)- MM)++P.$CO%TO,=E7(6Z;,;*XS:/T\5,987LA3#R\EA]VDL3V#341U2-X8TY^ M&%!,TE9N8N>ZA(E"8<>HDZN%/-,E=OE 45B04]Q6HF_OF//^.[5\FS^NHH?("Z^ MJYCU]"_TP3N@C%8ZY,7\%,Q]JE&ME,]!Y;5 5CD[3S%KU09ZS%V9Z&N7)[4; M-9:>TG)TL(DHX":*L)2W*Q12M,V8$#0TZ3-1R(V4Z&T9RO?PS"/?L2-0-AQG M)K5S]K2/AUQD-/R&DBA1AEM%T?Z4+ZN("KE;KL( M,BU/KDG%TU^]W*T5@;#?J[C,$+2/$8(I&P?O(74K:N3R\0?]060/)/@I(>4RF^ M%%0M,<578/;)#:X$Y8#+I;0.J%PLS@W(6AQ#3CR76[3YF8]D8:V9KV4;JB-& MH7N5F>4/Z_K1YB%V5OZJ'L!0>O6L,'P(?'(L823(H(WYB37D_FA/7]Y MW)_?,[> >&S_M4%6/"K?2];CY"3A%M"XA(YY.>;$QVB1$[E4?DKJD5.X'I MJQ5#*_&2O,,OH$J?6$L^^M&L@&ZOT\?1A2-GK6^A>)=7UJTI)#]E!F&:H#4O M[CHE07F2@M^ZL9F.>5A4R)AH]P,U/0=9$^(_",1M@_0E#/.;Y;=2CJZ)X8[& M<\T7M,:FC>I)I4D!71'2_QI[PB/W@D;$U02A*^G6#CN4.;';C"^/BK2J@_^: M*^Y799WK^'>4<2N("7TK45)BM_G5*Y(+ MO8&^]%5%G@W6&VY$>(!ZO,,6(E:@M,=AN&ODZ/I>)ME1[D2A0:#$!X22X<:) M!QN^O:Q[5=>Q_"DHQYA,#-6S=$40\5+-#P:Q^)5?QE-I'1_@0B6+'FP; M$@?8X!1IM$NIN@)PXG7#Z&T"A=&K.GFW35Q\-/NF]9^H;8E+R=O\>"^DZ KZ M]P:V]\')?W22$.N>T4)>2M;&ESY+M$]N"MEL#;)7:9QYHJY R]\QY-O, C:+ MD[O"8/9.A^\ BZSH+>$%C9Q&'<]V<]>%Y!?3ZA?3WKLA^4Y!7<-.16&,[Q4$ MSZ0E?8 @3A2..14U-!=Z(WN1[2@E=>.B6]['( RZ*)ST%A0V2-#:9]&V M"?-]O[EW+;&>^$'4"P^&05;<>TWX^@4VE2F_UQ/'5CYVH1W?K_OZNF0PRA*Z M,OS"P]I4%":A8)"5';A^BD/;,<"XUC?0"M/@P\IC=!MMVPXNI2OGOB&CX3UN MX/$9$^[QZ=()0=F'+;+RJ9ZM:P(1$/MKD97E.I/6%=;B^T%S?E)J,,MYVG*' MZ*N+RP\7-UES?#7B(\X+WW2!":Z[;[>,&N;ZUA!.'+]B9%O%0862S]#7S/F' M$E-P59A[CC425K7\?RB1\>T,$H&KN =G(ZE5+J*K@HN#CN0OZ4=O4W/%%W0K M\3IB<"G!B:)Q!&XA@?4IM#8]RR.;?)U*.F32@L7:("O,O2'\-_M,T]MX0C>6 M/<=C&TE=NFGF;A]N/& "58_P3J@Z*0&(1X?*Y790"7]8X3UXMKW7-WP@_@M9 M,,1^AKV7B\ADN:P@.'7NKIM3^=WUT)4I=N=YQ1MO//L,4=D@($FIG2HU&-B6M>M'6]*9*4^ M1D'='K'\!6?H(O M87Q-O@80VFK+R/Z 8HA>_5'((*;YPXRI!3W*B&I:3,?E M&!NW'Q *V KN,*>%$DJL3H:.RT:LY3&_@'OB;IA_O6#/;;%19ZI.WW45(+3_ M!^\"^CN1%,.IE,1;SHUR=EU<=_Y.!%3%P7()6^;)$M%Q&"8FWO)CE:EH MUV2I6U2L1P?FA[OKL"P,2'5.8AHG+J"T\@8)9^S*. M,T]1>^[F/'C6KY72P2 X(IYU,\BM\QCE-2E9?*'&UL[5U??IC#(CF8P> 0XR7SZE0388".00!AAYV'F.+;44O>O);5:K=8O_WB? MV]H2( ^ZSH^CTR\G1QIP3->"SNS'4>!U#,^$\.@??__O__KE?SJ=?]T,'S7+ M-8,Y<'S-1,#P@:6]0?]5>P((0=O6;A"T9D#3+K^7W\].-?UI5? )]VP*"TO: MT/G]._G?!#>I818=[_N[!W\WLR\NFN'Z)Z?'_WIZ')FO M8&YTH./YAF."(PV7_^[1+Q]=T_"I?!+5WR?(C@F<':_:8I8@?W7B8AWR5>?T M:^?L],N[9QU%720_1@8#7(0B.KA%:-BD)"3R/=)(NR_#7JJCI(WY;.Y_,=WY,2EP M7*T-*A N*1_O3AB#!4!4QSSY0DC25I+Y6W>^0. 5EX%+T,.SSQS(ET)F(VJ* MP_!>[VWWK0952)#>(>MWT#-MUPL0>'!=ZPVO$KIC]1P\X:6YXR2K(,LC MX+O3Z1!/,C4QG]% 0V*8^-APQ7;%O6%"FRPQ9-:]#QRK"NL<1!MA=PALLIP\ M&\C_&"/#\0R3&A6E62TDV B;70,Y>%GPG@'")L/<=5X/^,E1KH(8A+7Z%OJD]9.3 MTY,3K:.M2.'/J[:T9&/K(I[F3K55>UH95R,5"Q:,[9JI7MK$\^RBM(I$Y"BI MJ>%-*+W Z\P,8T'=D]/(U?R7Z.M?0R](3-DV)L"F#O_4 MC\<-=(SXJ'3'(O\08W)IV$3&NI]RV##ZS57WU\NSB^NK\XNSBZN+\^OS\[.K MKPE.$[JIHS33!C+C=O''+75-8QN5./:"^9Q2ZT"L+G']*7+GV^*.&G-E,.0B M"Z ?1Z='6N#A?H8VN&$?:6\ SEY]^DL3\":\40P0$R7:!%51MR- OLH#9'NM M(-_\FIBJ\1+NX>D;8,69V)N#)K]P&T1?@H,(A3/5AL5= .XQM_IT"FV(%Q;6 MX-@JUP:USW[H?]RX: M 3- V!0#WLBUK:S9+Z=X&T IQ4.$Q:5JPVOS@ [OOKOOIAV04)3X'(]I,117 M;0.>E?F)L/VF&K8%^+41(QX)J33!#3O(,8#>#'S&?Q*H*R>-O-BG]3SN@3!XRU8(.AB MV^*#[F$5T"\^75$/][HP+-06"<@WM_4*Y@$]BZ S?48PWZ/K$3MI,!T;[^R- MF @5Y36'4PMDL-T*+7F$ULN36V1<-$&>2QUFYQONL&;SQ MW(B !<"<3)5"]@1'3>6QKW'=*"L>,:T1MB(8/I\GZ%"*<=<>$)[-LKP]F075 MP[FL]#?\0OSW MFVSG[K&Q7435/6;NT5OC6C8&\X6+#/01!;)&Y^SZG)A*:=:Q7 #3KA2FHYZ& ME?%/R&%;_E&Y=&]=L6,NR=G%*1;^U5D+ 2UB2-7S]$?7F8T!FI/[%"RL$D64 M!BNS%1<_&@XZZ_#RA78W9W04AA]U)' MTL\!,E])#H#,0*2\"FT&KB1WJDZL=V *$"(1(,1Q.#;>$Y+H ]9<6U"KS?A6 M89$GU$F^PR0=,9>\JQ6I:7&@8$:E-F-8@<.=A38]!_Y@$8;,AVQM'@XS2K4? M%SZ65(UKZLX7MONQNDN38/XV0&0+A)=PLHL._V#,GV)$V@RY1(Y5C8:Z"_#V M=Q4$*Z %Q17W ?F27,J/N6),Q+>N3502&3;\$RNF:SB#B0UGJQ0[6W-R;H4V M(U:2._G!6 RD2-:$&QW]U(I MJQ)R9M[:^UKNUEZIU%A-G'0#?QVHP3K33I=IY(@&N5/HY_1Q74"]H98IX]0Y M2'[G5?6NK9DB=V_P8/"A$Y![_BO=OP%XWP-6^U;@;1X=T_1922K)/%(\%_IV MU@/UU*I :[;5K&EIJ:O'<;]U:PD]%WT\&8XQHY,YR=]FS:%#[NJ'>:, TULL M3$<]G6I:1;*45H90:PY$85B)]-I JKO;W&3HDU!=%75(!F(;]F265@]+>'# M)",.A9\_5?<:?=>!D:)'W8^8&;M\!@ _@?W!O2+/J@;]C0 -;7T #O%Q;RV, M^6.=K_+^Z$ %?E4->-E6:Z[MH6CU_=&!2ARKFOP',^7&\D@E1V7#GEU>/9S5 MLP;%A"=_XF XBF)NT\EQG:UD2-$OV]%P):FHIS)B &TXB20)H!57DA\,Z) Q M,7"*CTDRR^X/]N)LMN):&HV^%ET=\BOM'^8E^&V%3VBU)$:FHIP"%L1!R>&RC*@Q+9IPH3W&_U*,4MX6+ M04>!H+7L%P83>#"CU\[*1:^E&M2$WS1L(K?[MH@*>[=Y%N'-.>!W"3#Z8ISL6 M_2M"UOHM"#?5!3-K/8U]:N#.I=N*>)H<%.I9)@]]651I4\:\2,79>\$]EUSB MK562'8BA'?NRQ*/G/+NQBY*[,=R,)OJX>C.^#=)5;"(M(6;_YN/%(TD+LL[] MV+X,?@H-N6^R.K@ZT-;Q8KL,[Q)7YIJ3J'JS2 D]V'#QR!:'JF9YJS=@->"T M-_NMT2M>5VX,NG:LLWVP0KDR"Q\HX +"4#6N[PY@P\B$1K3OTN=D#_AGG@;D MU#A0-1"5B*HQ?OL8IK$+_(5C.>K*="5'#6X"#SK PQ*93Z!#)1$*9Q;N,SPL M213!B PGO"KCW;Z2CSTG3')*SH$RJZRR%YTR%&M'K1^HJC8I79X<88TK_[/Q M05D>N[KY1P 1*)X*\ZH#)\DKCR@SQ' M[=HVH YK;S#E4!-Q2H>J/9(D)3_S&3,D.AVSFP@(OX-$4#1M%Q%<=B@T;^T# MTP<9TN')A];XHK/)8W(',9C>02_O[2:^R@>F.A*$4YB?3=H)4&(>RTT.G57N MP' 5DT-QEK?&S(K(0+IW47*UXS'$ZB+Q886ZM&7[21[NIXO*$?O4IJK"BK5+N="I* MU/W4'4'9Q*K"=J;6:/<2P1#G+_Z'I-18&G:TT\N0#I\=+$+QP'2E+HG%&L1V MQ=:H0>'K<-0LHSG9X@T?I[HPJW_JAKAX8D78@6>52&((<#FLL=XKL/X)_5?< M[57X,FZ7?Q8I3>P0E42NL.+H.9F.7+&Y(_UJ;&1IB

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