SCHEDULE: Ares Partners Holdco Reports 33.9% Stake in Ares Management

Ares Partners Holdco LLC and Ares Owners Holdings L.P. report a 33.9% beneficial ownership in Ares Management Corporation's Class A common stock as of September 30, 2025.

Summary

• Ares Partners Holdco LLC and Ares Owners Holdings L.P. (the "Reporting Persons") beneficially own an aggregate of 110,863,589 Class A Shares of Ares Management Corporation.
• This ownership represents 33.9% of the outstanding Class A common stock.
• The reported securities consist of 4,336,729 Class A Shares and 106,526,860 partnership units of Ares Holdings L.P. (AOG Units), which are convertible one-for-one into Class A Shares.
• The percentage of class is calculated based on 220,324,704 Class A Shares outstanding as of September 30, 2025, as increased by the 106,526,860 AOG Units held by Ares Owners.
• Ares Owners holds greater than 5% of the Class A Shares on behalf of Board Member Antony P. Ressler or a vehicle he controls.
• No other person has the right to receive dividends from, or proceeds from the sale of, more than five percent of the Class A Shares.
• Individual Board Members' holdings as of September 30, 2025, including Class A Shares and AOG Units, are: Michael J Arougheti (7,841,596), R. Kipp deVeer (1,210,409), David B. Kaplan (9,346,648), Antony P. Ressler (52,000,000), and Bennett Rosenthal (9,272,648).
• The aggregate beneficial ownership of all Board Members, including shares from AOG Units and Restricted Stock Units (RSUs) vesting within 60 days of September 30, 2025, would total 113,247,742 Class A Shares, representing 34.6% of the outstanding Class A Shares.
• Antony P. Ressler generally has veto authority over decisions made by the Board Members of Ares Partners, which is the general partner of Ares Owners.

Sentiment

Score: 7

Explanation: The filing indicates strong insider ownership and alignment, which is generally positive for investor confidence. However, the concentration of power with Mr. Ressler's veto authority could be a minor concern for corporate governance, balancing the overall sentiment to moderately positive.

Positives

• Significant insider ownership (33.9% by Ares Partners/Owners, 34.6% including Board Members' individual holdings) suggests strong alignment of interests between management/insiders and shareholders.
• Antony P. Ressler, a key Board Member, holds a substantial stake (52,000,000 units/shares), indicating strong personal investment in the company's success.

Negatives

• High concentration of voting power, particularly with Mr. Ressler's veto authority, could limit the influence of other shareholders.

Risks

• Concentrated ownership and voting power, especially with Mr. Ressler's veto authority over Board Member decisions, could pose governance risks if interests diverge from minority shareholders.

Future Outlook

NA

Industry Context

This filing reflects a significant ownership stake by key internal entities and management in a major alternative asset manager, which is common in the industry where founders and key executives often retain substantial equity, aligning their interests with the company's long-term performance.

Corporate Governance

Stakeholder Impact

• Shareholders: High insider ownership may instill confidence due to aligned interests, but concentrated voting power, especially Mr. Ressler's veto, could reduce the influence of other shareholders.
• Management: The structure solidifies the control and influence of the current management team, particularly the Board Members.

Key Dates

Recommendation

This Schedule 13G filing is a routine update on beneficial ownership and does not present new information that would fundamentally alter the investment thesis for Ares Management Corporation. The high insider ownership is a positive for long-term alignment, but the concentration of control is a known factor. Therefore, a 'hold' recommendation is appropriate as the filing does not introduce new catalysts for a 'buy' or 'sell' decision.

Keywords

Ares Management Corporation, Class A common stock, Schedule 13G, Beneficial Ownership, Ares Partners Holdco, Ares Owners Holdings, Institutional Ownership, Antony P. Ressler, AOG Units, Corporate Governance