Form 4: Ares Management Corp Director Bennett Rosenthal Sells Shares Under 10b5-1 Plan

Bennett Rosenthal, Co-Founder & Chairman of PEG at Ares Management Corp, sold Class A Common Stock on June 21, 2024, under a pre-arranged 10b5-1 trading plan.

Summary

• Bennett Rosenthal, a Director and Co-Founder & Chairman of PEG at Ares Management Corp, reported the sale of Class A Common Stock on June 21, 2024.
• The sales were executed under a 10b5-1 trading plan adopted on March 1, 2024.
• Rosenthal sold shares at weighted average prices ranging from $131.42 to $134.21.
• The transactions involved multiple sales at varying price ranges.
• Rosenthal also indirectly owns shares through BAR Holdings, LLC and Ares Owners Holdings L.P. (AOH).

Sentiment

Score: 5

Explanation: The sentiment is neutral as the filing simply reports transactions under a pre-existing 10b5-1 plan. It doesn't inherently indicate positive or negative sentiment about the company's prospects.

Industry Context

Sales by company insiders are a common occurrence and are often scrutinized by investors for insights into management's perspective on the company's valuation and future prospects. The use of a 10b5-1 trading plan suggests that these sales were pre-planned and not based on any recent material non-public information.

Comparison to Industry Standards

• Comparing Rosenthal's transactions to those of other executives at similar asset management firms like Blackstone (BX), Apollo Global Management (APO), and KKR & Co. (KKR) would provide context.
• Analyzing the frequency and size of insider sales at these firms, as well as the use of 10b5-1 plans, can help determine whether Rosenthal's actions are typical or unusual.
• For example, if other executives at these firms are also selling shares under similar plans, it may indicate a broader trend in the industry related to personal financial planning or diversification.

Stakeholder Impact

• The sale of shares by a director could be perceived negatively by some shareholders, potentially creating short-term selling pressure.
• However, the existence of a 10b5-1 trading plan mitigates concerns that the sales are based on insider information.

Key Dates