Form 4: Ares Management Co-Founder David Kaplan Sells Shares Under 10b5-1 Plan

Ares Management Co-Founder David Kaplan sold a significant number of Class A Common Stock shares between November 20th and November 22nd, 2024, under a pre-arranged 10b5-1 trading plan.

Summary

• David Kaplan, a Co-Founder and Director of Ares Management Corp, sold shares of Class A Common Stock over a three-day period.
• The sales occurred between November 20th and November 22nd, 2024.
• The transactions were executed under a pre-arranged 10b5-1 trading plan adopted on August 16, 2024.
• The shares were sold at varying prices, with weighted average prices reported for each day's transactions.
• The sales were conducted through Trently Holdings, LLC, an entity controlled by Kaplan.
• Kaplan also indirectly holds shares through Ares Owners Holdings L.P.
• The total number of shares sold was 66,121, reducing his indirect holdings through Trently Holdings, LLC.
• Kaplan's indirect holdings through Ares Owners Holdings L.P. remain at 1,150,052 shares.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing detailing stock sales by an insider under a pre-arranged plan. It doesn't indicate any positive or negative sentiment, but the sales could be interpreted as slightly negative by some investors.

Risks

• The sale of a significant number of shares by a company insider could be perceived negatively by the market.
• The 10b5-1 plan indicates a pre-determined strategy for selling shares, which may continue in the future.

Future Outlook

The document does not provide any forward-looking statements or guidance.

Industry Context

This is a standard SEC Form 4 filing, which is common for corporate insiders who trade company stock. The use of a 10b5-1 plan is a common practice to avoid accusations of insider trading.

Comparison to Industry Standards

• The use of a 10b5-1 trading plan is a common practice among corporate insiders at publicly traded companies, including those in the asset management industry like Blackstone, Apollo Global Management, and KKR.
• These companies also regularly file Form 4s when insiders execute trades, often under similar pre-arranged plans.
• The volume of shares sold by Kaplan is not unusual for a high-ranking executive at a company of Ares' size.

Stakeholder Impact

• The sale of shares by a company insider could potentially impact shareholder confidence.
• The transactions are unlikely to have a direct impact on employees, customers, or suppliers.

Key Dates

Keywords

Ares Management Corp, David Kaplan, insider trading, Form 4, 10b5-1 plan, stock sale, Class A Common Stock, Trently Holdings LLC, Ares Owners Holdings L.P.