Form 4: Ares Management Corp Director Antony P. Ressler Executes Stock Sales Under 10b5-1 Plan

Antony P. Ressler, Co-Founder & Executive Chairman of Ares Management Corp, sold shares of Class A Common Stock between April 10 and April 12, 2024, under a pre-arranged 10b5-1 trading plan.

Summary

• Antony P. Ressler, Co-Founder & Executive Chairman of Ares Management Corp, reported the sale of Class A Common Stock between April 10 and April 12, 2024.
• The sales were executed under a 10b5-1 trading plan adopted on December 15, 2023.
• The transactions involved multiple sales at varying prices, with weighted average prices reported for each day.
• On April 10, 2024, Ressler sold 2,107 shares at an average price of $131.9, 15,067 shares at $133.59, 79,422 shares at $134.18 and 43,319 shares at $135.07.
• On April 11, 2024, Ressler sold 58,459 shares at an average price of $133.72, 116,540 shares at $134.31 and 1 share at $134.95.
• On April 12, 2024, Ressler sold 92,924 shares at an average price of $131.8, 20,014 shares at $132.63 and 1,554 shares at $133.35.
• The sales were conducted through TJ Capital Investors, LLC, and some shares were transferred from Ares Owners Holdings L.P. (AOH) to Ressler or a vehicle controlled by him before the sale.
• After the reported transactions, Ressler continues to indirectly hold a significant number of shares through Ares Owners Holdings L.P. (6,382,751 shares).

Sentiment

Score: 5

Explanation: The sentiment is neutral as the document simply reports stock sales under a pre-arranged plan, which is a common practice. There is no indication of positive or negative implications for the company's performance.

Industry Context

Insider sales are a common occurrence in publicly traded companies. The use of a 10b5-1 trading plan allows insiders to sell shares over a predetermined period, mitigating concerns about trading on non-public information. Investors often monitor insider transactions for signals about a company's prospects, although sales under a 10b5-1 plan are generally viewed as less informative than discretionary trades.

Comparison to Industry Standards

• Comparing Ressler's transactions to other executives in similar asset management firms, the use of 10b5-1 plans is a standard practice.
• For example, executives at Blackstone and Apollo Global Management also utilize such plans for orderly sales of their holdings.
• The size of the transactions is within the typical range for high-level executives managing their personal liquidity and diversification.
• The reported prices are in line with the current trading range of Ares Management Corp's stock, indicating no unusual market impact from these sales.

Stakeholder Impact

• The stock sales could have a minor impact on shareholders due to the increased supply of shares in the market, but the effect is likely to be minimal given the pre-planned nature of the transactions.
• Employees are unlikely to be directly affected by these transactions.
• Customers, suppliers, and creditors are not expected to be impacted.

Key Dates