Form 4: Ares Management Corp Executive Ryan Berry Sells Shares Under 10b5-1 Plan

Ryan Berry, Chief Marketing & Strategy Officer of Ares Management Corp, sold shares of Class A Common Stock between September 12 and September 16, 2024, under a pre-arranged 10b5-1 trading plan.

Summary

• Ryan Berry, Chief Marketing & Strategy Officer at Ares Management Corp, reported the sale of Class A Common Stock.
• The transactions occurred between September 12 and September 16, 2024.
• The sales were executed under a 10b5-1 trading plan adopted on June 6, 2024.
• On September 12, 2024, 1 share was sold at $144.01.
• On September 13, 2024, 9,999 shares were sold at a weighted average price of $144.92, with individual prices ranging from $144.43 to $145.28.
• An additional 10,000 shares were sold on September 13, 2024, at a weighted average price of $146.23, with individual prices ranging from $146.00 to $146.73.
• On September 16, 2024, 12,200 shares were sold at a weighted average price of $148.40, with individual prices ranging from $148.00 to $148.97.
• A final 300 shares were sold on September 16, 2024, at a weighted average price of $149.04, with individual prices ranging from $149.04 to $149.05.
• Following these transactions, Berry directly owns 414,202 shares of Class A Common Stock, which includes 264,202 restricted units.
• Berry also indirectly owns shares through a Retirement Savings Plan (2,700 shares), Spouse's SEP IRA (7,387 shares), joint tenancy with spouse (293,224 shares), and an IRA (5,003 shares).

Sentiment

Score: 5

Explanation: The sentiment is neutral as the filing simply reports transactions under a pre-existing trading plan. There is no indication of positive or negative implications for the company.

Industry Context

This filing is a routine disclosure of insider trading activity. It is common for executives to use 10b5-1 plans to sell shares over time to avoid accusations of trading on inside information. The impact on the stock price is usually minimal unless the sales are unusually large or frequent.

Comparison to Industry Standards

• Insider selling is a common occurrence in publicly traded companies.
• The use of 10b5-1 plans is a standard practice to ensure compliance with insider trading regulations.
• Comparable companies like Blackstone, Apollo Global Management, and KKR also have executives who utilize similar trading plans.
• The size of the transactions is relatively small compared to the overall market capitalization of Ares Management Corp.

Key Dates