Antony Ressler discloses multiple ARES share sales under 10b5-1 plan

Rhea-AI Filing Summary

Ares Management director and 10% owner Antony P. Ressler executed multiple sales of Class A common stock on 09/10/2025 pursuant to a 10b5-1 trading plan adopted May 21, 2025. Reported dispositions totaled 128,837 shares sold in separate blocks at weighted average prices of $176.15, $177.79, $178.49 and $179.44, with price ranges disclosed for each block. Post-transaction beneficial ownership is reported indirectly: 127,637 shares, 78,398 shares, 13,820 shares (various holdings via TJ Capital Investors, LLC) and 2,235,625 shares indirectly held by Ares Owners Holdings L.P.

Positive

• Trades executed under a documented 10b5-1 plan, which supports compliance with insider trading rules
• Detailed price ranges and weighted average prices disclosed, and the filer offers to provide trade-level breakdowns on request

Negative

• Reported disposals total 128,837 Class A shares, representing a reduction in beneficial holdings on the filing lines
• One reported holding line reduced to zero after the reported sale (13,820 shares disposed leaving 0 on that line)

Insights

Financial Analyst

TL;DR: Insider sales of 128,837 ARES shares executed under a 10b5-1 plan; clear pricing ranges disclosed, leaving substantial indirect holdings.

The filing documents methodical dispositions by Antony P. Ressler on 09/10/2025 under a pre-established 10b5-1 plan, totaling 128,837 Class A shares sold across multiple transactions with weighted average prices reported for each block. The disclosure provides price ranges and commits to furnish granular trade-level information upon request, which improves transparency. Post-sale, the reporting person retains significant indirect exposure through vehicles including TJ Capital Investors, LLC and Ares Owners Holdings L.P., with 2,235,625 shares attributable to AOH.

Corporate Governance Expert

TL;DR: Transactions follow a documented 10b5-1 plan, reducing regulatory risk while still showing material indirect ownership.

The Form 4 indicates the trades were effected under a written plan adopted May 21, 2025, which typically provides an affirmative defense under Rule 10b5-1 for scheduled insider sales. The filer documents weighted average prices and price ranges, and signs via power of attorney, meeting Form 4 disclosure norms. Significant indirect holdings remain via managed vehicles, preserving concentrated insider economic interest despite the disposals.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

RESSLER ANTONY P

(Last) (First) (Middle)

1800 AVENUE OF THE STARS

SUITE 1400

(Street)

LOS ANGELES CA 90067

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Ares Management Corp [ ARES ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Co-Founder & Exec. Chairman

3. Date of Earliest Transaction (Month/Day/Year)
09/10/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	09/10/2025		S(1)		1,200	D	$176.15(2)	127,637	I	By TJ Capital Investors, LLC
Class A Common Stock	09/10/2025		S(1)		49,239	D	$177.79(3)	78,398	I	By TJ Capital Investors, LLC
Class A Common Stock	09/10/2025		S(1)		64,578	D	$178.49(4)	13,820	I	By TJ Capital Investors, LLC
Class A Common Stock	09/10/2025		S(1)		13,820	D	$179.44(5)	0	I	By TJ Capital Investors, LLC
Class A Common Stock								2,235,625	I	By Ares Owners Holdings L.P.(6)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. This transaction was effected pursuant to a 10b5-1 trading plan adopted on May 21, 2025 by the reporting person, or a vehicle controlled by him.

2. The price reported in Column 4 is a weighted average price. These shares were sold on September 10, 2025 in multiple transactions at prices ranging from $175.58 to $176.55. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote and footnotes 3, 4 and 5.

3. The price reported in Column 4 is a weighted average price. These shares were sold on September 10, 2025 in multiple transactions at prices ranging from $177.17 to $178.16.

4. The price reported in Column 4 is a weighted average price. These shares were sold on September 10, 2025 in multiple transactions at prices ranging from $178.17 to $179.16.

5. The price reported in Column 4 is a weighted average price. These shares were sold on September 10, 2025 in multiple transactions at prices ranging from $179.17 to $179.83.

6. The reporting person or a vehicle controlled by him is a limited partner in Ares Owners Holdings L.P. ("AOH"), the direct holder of the shares of Class A Common Stock. The shares of Class A Common Stock indirectly held by the reporting person or the vehicle are the number of shares of Class A Common Stock that he or the vehicle has a right to receive as a limited partner in AOH.

Remarks:

	/s/ Anton Feingold, by power of attorney	09/12/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Antony P. Ressler report in the ARES Form 4?

He reported sales of 128,837 Class A shares on 09/10/2025 executed under a 10b5-1 plan, with weighted average prices disclosed for each block.

Were the sales executed under a trading plan or were they ad hoc?

The sales were effected pursuant to a 10b5-1 trading plan adopted May 21, 2025, as stated in the filing.

What prices were reported for the ARES share sales?

Weighted average prices reported: $176.15, $177.79, $178.49 and $179.44, with specified price ranges for each block.

How many ARES shares does the filing show remain indirectly owned after the transactions?

Indirect holdings reported include 127,637 shares, 78,398 shares, 13,820 shares (various vehicles) and 2,235,625 shares held indirectly by Ares Owners Holdings L.P.

When was the Form 4 signed and who signed it?

Signed on 09/12/2025 by Anton Feingold by power of attorney for the reporting person.