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 over two days under a pre-arranged 10b5-1 trading plan.

Summary

• David Kaplan, a co-founder and director of Ares Management Corp, sold a total of 65,902 shares of Class A Common Stock on November 25th and 26th, 2024.
• The sales were executed under a pre-arranged 10b5-1 trading plan adopted on August 16, 2024.
• The shares were sold in multiple transactions at varying prices, with weighted average prices reported for each day's sales.
• The sales were conducted through Trently Holdings, LLC, an entity indirectly controlled by Kaplan.
• Kaplan also indirectly holds 1,150,052 shares through Ares Owners Holdings L.P.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing detailing stock sales by an insider under a pre-arranged plan. It does not indicate any positive or negative sentiment about the company's performance.

Risks

• Large sales by insiders can sometimes be perceived negatively by the market, potentially impacting the stock price.

Industry Context

The filing is a routine disclosure of insider trading activity, which is common for publicly traded companies. The use of a 10b5-1 plan indicates that the sales were pre-planned and not based on any non-public information.

Comparison to Industry Standards

• The use of a 10b5-1 trading plan is a standard practice for corporate insiders to avoid accusations of illegal insider trading.
• Similar filings are common across all publicly traded companies, such as those by executives at Blackstone, Apollo, and KKR, who also use 10b5-1 plans for stock sales.
• The volume of shares sold is not unusual for a co-founder and director of a company of Ares' size.

Stakeholder Impact

• The stock sales may have a minor impact on the share price, but the use of a 10b5-1 plan suggests the sales were planned and not a reaction to any new information.

Key Dates

Keywords

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