Ares (ARES) insider converts 590,000 AOG units into Class A stock

Rhea-AI Filing Summary

Ares Management Corporation (ARES) reported an insider equity transaction by its Co-Founder and CEO, who is also a director. On 11/14/2025, 590,000 Ares Operating Group units were exchanged into 590,000 shares of Class A common stock at a stated price of $0. These shares are held indirectly through Atticus Enterprises LLC. Following the transaction, the reporting person also beneficially owns 1,400,000 restricted units that each represent the right to receive one share of Class A common stock upon vesting, and indirectly holds 7,251,596 Ares Operating Group units through Ares Owners Holdings L.P., which are exchangeable for Class A common stock on a one-for-one basis under an exchange agreement.

Insider Trade Summary

Net Buyer: 590,000 shares

Net Buy 3 txns

Insider Arougheti Michael J

Role Co-Founder and CEO

Type	Security	Shares	Price	Value
Conversion	Ares Operating Group Units	590,000	$0.00	$0.00
Conversion	Class A Common Stock	590,000	$0.00	$0.00
holding	Class A Common Stock	--	--	--

Holdings After Transaction: Ares Operating Group Units — 7,251,596 shares (Indirect, By Ares Owners Holdings L.P.); Class A Common Stock — 590,000 shares (Indirect, By Atticus Enterprises LLC); Class A Common Stock — 1,400,000 shares (Direct)

Footnotes (3)

1. F1. Represents 1,400,000 restricted units granted under an equity incentive plan of Ares Management Corporation. Each restricted unit represents the right to receive one share of Class A Common Stock upon vesting. The restricted units vest in installments in accordance with the applicable restricted unit award agreement.
2. F2. Pursuant to the terms of the Sixth Amended and Restated Exchange Agreement (the "Exchange Agreement"), dated as of May 8, 2025, among Ares Management Corporation, Ares Holdings L.P. and each Ares Operating Group Limited Partner (as defined in the Exchange Agreement), and subject to certain requirements and restrictions, the partnership units of the Ares Operating Group ("AOG Units") are exchangeable for shares of Class A Common Stock on a one-for-one basis.
3. F3. 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 AOG Units. The AOG Units indirectly held by the reporting person are the number of AOG Units that he has a right to receive as a limited partner in AOH.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 11/18/2025 - 07:53 PM Learn about SEC filing dates

FAQ

What insider transaction did Ares Management (ARES) report on this Form 4?

On 11/14/2025, the Co-Founder and CEO of Ares Management Corporation (ARES) reported an exchange of 590,000 Ares Operating Group units into 590,000 shares of Class A common stock at a stated price of $0.

How many Ares (ARES) Class A shares does the reporting person hold after the transaction?

After the reported transaction, the insider holds 590,000 shares of Class A common stock indirectly through Atticus Enterprises LLC and 1,400,000 restricted units that each represent the right to receive one Class A share upon vesting.

What are the 1,400,000 restricted units reported for Ares (ARES)?

The 1,400,000 restricted units are awards under an equity incentive plan. Each restricted unit gives the right to receive one share of Class A common stock of Ares Management Corporation upon vesting, in installments under the related award agreement.

What are Ares Operating Group (AOG) units and how are they treated in this Form 4?

The filing notes that Ares Operating Group (AOG) units are, under an Exchange Agreement dated May 8, 2025, exchangeable for shares of Class A common stock on a one-for-one basis, subject to certain requirements and restrictions.

How many Ares Operating Group units does the insider still beneficially own?

Following the reported transaction, the insider beneficially owns 7,251,596 Ares Operating Group units indirectly through Ares Owners Holdings L.P., as shown in the derivative securities table.

In what capacity is the reporting person related to Ares Management (ARES)?

The reporting person is disclosed as a Director and an Officer of Ares Management Corporation, serving as Co-Founder and CEO.

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).

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^*

Arougheti Michael J

(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		10% Owner
X	Officer (give title below)		Other (specify below)
	Co-Founder and CEO

3. Date of Earliest Transaction (Month/Day/Year)
11/14/2025

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	11/14/2025		C		590,000	A	$0	590,000	I	By Atticus Enterprises LLC
Class A Common Stock								1,400,000(1)	D

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
Ares Operating Group Units	(2)	11/14/2025		C			590,000	(2)	(2)	Class A Common Stock	590,000	(2)	7,251,596	I	By Ares Owners Holdings L.P.(3)

Explanation of Responses:

1. Represents 1,400,000 restricted units granted under an equity incentive plan of Ares Management Corporation. Each restricted unit represents the right to receive one share of Class A Common Stock upon vesting. The restricted units vest in installments in accordance with the applicable restricted unit award agreement.

2. Pursuant to the terms of the Sixth Amended and Restated Exchange Agreement (the "Exchange Agreement"), dated as of May 8, 2025, among Ares Management Corporation, Ares Holdings L.P. and each Ares Operating Group Limited Partner (as defined in the Exchange Agreement), and subject to certain requirements and restrictions, the partnership units of the Ares Operating Group ("AOG Units") are exchangeable for shares of Class A Common Stock on a one-for-one basis.

3. 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 AOG Units. The AOG Units indirectly held by the reporting person are the number of AOG Units that he has a right to receive as a limited partner in AOH.

Remarks:

	/s/ Anton Feingold, by power of attorney	11/18/2025
	** 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.