ARES Insider Sale: General Counsel Disposes of 21,000 Shares via 10b5-1

Rhea-AI Filing Summary

Naseem Sagati Aghili, General Counsel of Ares Management Corp (ARES), reported the sale of 21,000 shares of Class A common stock on October 1, 2025 under a 10b5-1 trading plan adopted on June 11, 2025. The sales occurred in multiple transactions at weighted-average reported prices of $154.34, $155.64, $156.48, $157.36, and $158.12 across separate lots; price ranges for the lots spanned approximately $153.95 to $157.72.

After these disposals the reporting person beneficially owns 255,397 shares, which the filing notes include 155,098 restricted units that convert to one share each upon vesting. The Form 4 is signed and dated October 3, 2025.

Positive

• Sales were executed under a documented 10b5-1 trading plan (adopted June 11, 2025)
• Reporting person discloses inclusion of 155,098 restricted units in post-sale ownership
• Filing offers to provide detailed per-price breakdowns on request, enhancing transparency

Negative

• Reporting person sold 21,000 shares on a single date (Oct 1, 2025), reducing direct holdings

Insights

Securities Compliance Specialist

Sale executed under a 10b5-1 plan; disclosures align with rule conditions.

The filing explicitly states the transactions were made pursuant to a 10b5-1 trading plan adopted on June 11, 2025, which provides an affirmative defense under Rule 10b5-1 when properly structured. The report lists weighted-average prices and discloses the exact date of the trades: October 1, 2025.

The reporting person offers to provide breakdowns of shares sold at each price on request, which is consistent with full-disclosure practice for Section 16 filings.

Corporate Governance Analyst

Insider sales reduced direct holdings to 255,397 shares, with 155,098 restricted units included.

The General Counsel sold a total of 21,000 shares in multiple lots at prices ranging roughly from $153.95 to $157.72. The filing indicates remaining beneficial ownership and specifies that 155,098 restricted units are included in that total and will convert to shares upon vesting.

This provides transparency on insider liquidity and retention via restricted units.

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^*

Sagati Aghili Naseem

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	General Counsel

3. Date of Earliest Transaction (Month/Day/Year)
10/01/2025

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	10/01/2025		S(1)		4,971	D	$154.34(2)	271,426(3)	D
Class A Common Stock	10/01/2025		S(1)		3,218	D	$155.64(4)	268,208(3)	D
Class A Common Stock	10/01/2025		S(1)		9,908	D	$156.48(5)	258,300(3)	D
Class A Common Stock	10/01/2025		S(1)		2,803	D	$157.36(6)	255,497(3)	D
Class A Common Stock	10/01/2025		S(1)		100	D	$158.12	255,397(3)	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

Explanation of Responses:

1. This transaction was effected pursuant to a 10b5-1 trading plan adopted on June 11, 2025 by the reporting person, or a vehicle controlled by her.

2. The price reported in Column 4 is a weighted average price. These shares were sold on October 1, 2025 in multiple transactions at prices ranging from $153.95 to $154.87. 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 4, 5 and 6.

3. Includes 155,098 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.

4. The price reported in Column 4 is a weighted average price. These shares were sold on October 1, 2025 in multiple transactions at prices ranging from $154.97 to $155.96.

5. The price reported in Column 4 is a weighted average price. These shares were sold on October 1, 2025 in multiple transactions at prices ranging from $155.97 to $156.96.

6. The price reported in Column 4 is a weighted average price. These shares were sold on October 1, 2025 in multiple transactions at prices ranging from $157.01 to $157.72.

Remarks:

	/s/ Naseem Sagati Aghili	10/03/2025
	** 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.
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FAQ

What did the ARES insider sell and when?

Naseem Sagati Aghili sold a total of 21,000 shares of Class A common stock on October 1, 2025.

Were the sales part of a 10b5-1 plan for ARES?

Yes. The filing states the transactions were effected pursuant to a 10b5-1 trading plan adopted on June 11, 2025.

What prices were the ARES shares sold at?

The filing reports weighted-average prices and ranges: lot prices of $154.34, $155.64, $156.48, $157.36, and $158.12, with ranges approximately $153.95 to $157.72.

How many ARES shares does the reporting person own after the sales?

Following the reported transactions the reporting person beneficially owns 255,397 shares, which include 155,098 restricted units.

Who is the reporting person and what is their role at ARES?

Naseem Sagati Aghili is identified in the filing as the company's General Counsel.