Form 4: Ares Management Co-Founder David Kaplan Sells Over 29,000 Shares Under Pre-Arranged Plan

Ares Management Corp. Co-Founder, Director, and Officer David B. Kaplan sold a total of 29,355 shares of Class A Common Stock across three transactions in late May 2025, pursuant to a Rule 10b5-1 trading plan.

Summary

• David B. Kaplan, Co-Founder, Director, and Officer of Ares Management Corp. (ARES), reported the sale of Class A Common Stock.
• On May 27, 2025, Kaplan sold 626 shares at a weighted average price of $165.07.
• On May 28, 2025, an additional 5,205 shares were sold at a weighted average price of $165.06.
• On May 29, 2025, 23,524 shares were sold at a weighted average price of $165.06.
• All transactions were executed pursuant to a Rule 10b5-1 trading plan adopted on February 13, 2025.
• Following these transactions, Kaplan beneficially owns 33,145 shares indirectly through Trently Holdings, LLC, and 1,025,052 shares indirectly through Ares Owners Holdings L.P.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly negative. While insider selling can be a concern, the fact that it was conducted under a pre-arranged 10b5-1 plan mitigates the negative signal, suggesting a planned diversification or liquidity event rather than a lack of confidence in the company's future.

Negatives

• The sale of a significant number of shares by a co-founder and key executive, even under a 10b5-1 plan, can sometimes be perceived negatively by investors as it reduces insider ownership.

Risks

• Potential negative investor sentiment or misinterpretation of the insider selling, despite it being a pre-planned transaction under Rule 10b5-1.

Future Outlook

This Form 4 filing does not contain any forward-looking statements or guidance regarding the company's future outlook.

Industry Context

This filing is a standard insider transaction report (Form 4) and does not provide information related to broader industry trends or competitive landscape, focusing solely on the personal stock transactions of a key executive.

Stakeholder Impact

• Shareholders: May observe a reduction in direct insider ownership, which could be interpreted differently depending on individual investment philosophies, though the 10b5-1 plan context is important.

Next Steps

• The reporting person undertakes to provide full information regarding the number of shares sold at each separate price within the reported ranges upon request to the issuer, any security holder, or the SEC staff.

Key Dates

Recommendation

Keywords

Ares Management, ARES, Form 4, Insider Trading, Beneficial Ownership, Stock Sale, David B. Kaplan, 10b5-1 Plan