[Form 4] Ares Management Corporation Insider Trading Activity

Rhea-AI Filing Summary

Michael J. Arougheti, Co-Founder and CEO of Ares Management Corp (ARES), reported multiple sales of Class A common stock under a 10b5-1 plan executed August 20-22, 2025. The filings show a series of dispositions ranging from 1,300 to 56,263 shares on individual dates at weighted average prices between $176.71 and $183.63. Following the reported sales, beneficial ownership reported via Atticus Enterprises LLC declined in stages, with reported post-sale beneficial holdings shown as 301,627; 286,827; 230,564; 213,848; 159,477; 150,408; 148,906; 147,606; 97,601; 67,244; 50,560; 44,760 shares at various points. The filing also discloses 1,400,000 restricted units that convert to Class A shares upon vesting.

Positive

• Trades executed under a 10b5-1 plan, indicating pre-planned, authorized insider sales
• Detailed disclosure of weighted-average price ranges for each tranche, improving transparency
• Clear reporting of indirect ownership via Atticus Enterprises LLC and restricted unit grants

Negative

• Substantial net dispositions across Aug 20-22, 2025 that reduced beneficial holdings reported
• 1,400,000 restricted units convert to Class A shares upon vesting and represent potential future dilution

Insights

Financial Analyst

TL;DR: CEO executed pre-planned share sales across Aug 20-22, 2025; disclosure shows staged reductions in beneficial holdings.

The transaction pattern is consistent with sales under a Rule 10b5-1 trading plan, which can provide pre-authorization defense for insider sales. The filing details multiple disposals with weighted-average prices per tranche from $176.71 to $183.63 and shows stepwise declines in shares held indirectly through Atticus Enterprises LLC. The disclosure of 1,400,000 restricted units is material for potential future dilution when those units vest and convert to Class A shares. From an analytical perspective, these are routine, pre-planned liquidity events rather than ad hoc insider sales, and the clear price ranges and quantities improve transparency for market participants.

Corporate Governance Expert

TL;DR: Reported sales used a 10b5-1 plan; filing is appropriately detailed and includes restricted unit holdings.

The form indicates adherence to disclosure requirements and includes explanatory footnotes about weighted-average prices and the 10b5-1 plan adoption date. The presence of a 10b5-1 plan adopted December 13, 2024, suggests the trades were pre-authorized. The filing also specifies indirect ownership through a controlled vehicle, Atticus Enterprises LLC, and provides the size of outstanding restricted units (1,400,000). For governance review, the document supplies adequate transactional granularity and a signature by power of attorney, which is standard practice.

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^*

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)
08/20/2025

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	08/20/2025		S(1)		10,101	D	$176.71(2)	301,627	I	By Atticus Enterprises LLC
Class A Common Stock	08/20/2025		S(1)		14,800	D	$177.24(3)	286,827	I	By Atticus Enterprises LLC
Class A Common Stock	08/20/2025		S(1)		56,263	D	$178.75(4)	230,564	I	By Atticus Enterprises LLC
Class A Common Stock	08/20/2025		S(1)		16,716	D	$179.23(5)	213,848	I	By Atticus Enterprises LLC
Class A Common Stock	08/21/2025		S(1)		54,371	D	$178.12(6)	159,477	I	By Atticus Enterprises LLC
Class A Common Stock	08/21/2025		S(1)		9,069	D	$178.65(7)	150,408	I	By Atticus Enterprises LLC
Class A Common Stock	08/22/2025		S(1)		1,502	D	$178.75(8)	148,906	I	By Atticus Enterprises LLC
Class A Common Stock	08/22/2025		S(1)		1,300	D	$179.82(9)	147,606	I	By Atticus Enterprises LLC
Class A Common Stock	08/22/2025		S(1)		50,005	D	$181.01(10)	97,601	I	By Atticus Enterprises LLC
Class A Common Stock	08/22/2025		S(1)		30,357	D	$181.91(11)	67,244	I	By Atticus Enterprises LLC
Class A Common Stock	08/22/2025		S(1)		16,684	D	$182.83(12)	50,560	I	By Atticus Enterprises LLC
Class A Common Stock	08/22/2025		S(1)		5,800	D	$183.63(13)	44,760	I	By Atticus Enterprises LLC
Class A Common Stock								1,400,000(14)	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 December 13, 2024 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 August 20, 2025 in multiple transactions at prices ranging from $176.00 to $176.99. 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, 5, 6, 7, 8, 9, 10, 11, 12 and 13.

3. The price reported in Column 4 is a weighted average price. These shares were sold on August 20, 2025 in multiple transactions at prices ranging from $177.00 to $177.97.

4. The price reported in Column 4 is a weighted average price. These shares were sold on August 20, 2025 in multiple transactions at prices ranging from $178.03 to $179.02.

5. The price reported in Column 4 is a weighted average price. These shares were sold on August 20, 2025 in multiple transactions at prices ranging from $179.03 to $179.82.

6. The price reported in Column 4 is a weighted average price. These shares were sold on August 21, 2025 in multiple transactions at prices ranging from $177.52 to $178.51.

7. The price reported in Column 4 is a weighted average price. These shares were sold on August 21, 2025 in multiple transactions at prices ranging from $178.52 to $179.13.

8. The price reported in Column 4 is a weighted average price. These shares were sold on August 22, 2025 in multiple transactions at prices ranging from $178.22 to $179.10

9. The price reported in Column 4 is a weighted average price. These shares were sold on August 22, 2025 in multiple transactions at prices ranging from $179.37 to $180.34.

10. The price reported in Column 4 is a weighted average price. These shares were sold on August 22, 2025 in multiple transactions at prices ranging from $180.37 to $181.36.

11. The price reported in Column 4 is a weighted average price. These shares were sold on August 22, 2025 in multiple transactions at prices ranging from $181.37 to $182.36.

12. The price reported in Column 4 is a weighted average price. These shares were sold on August 22, 2025 in multiple transactions at prices ranging from $182.37 to $183.33.

13. The price reported in Column 4 is a weighted average price. These shares were sold on August 22, 2025 in multiple transactions at prices ranging from $183.39 to $183.93.

14. 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.

Remarks:

	/s/ Anton Feingold, by power of attorney	08/22/2025
	** 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 ARES CEO Michael J. Arougheti report on Form 4?

He reported multiple sales of Class A common stock executed August 20-22, 2025 under a 10b5-1 plan and disclosed 1,400,000 restricted units.

Were the sales pre-planned under a 10b5-1 trading plan?

Yes. The filing states the transactions were effected pursuant to a 10b5-1 plan adopted December 13, 2024.

What price ranges were reported for the share sales?

Weighted-average prices per tranche ranged from $176.71 to $183.63, with specified intra-day ranges for each disposal.

How many restricted units were disclosed and what do they represent?

1,400,000 restricted units were disclosed; each unit represents the right to one Class A share upon vesting.

How was ownership held according to the filing?

Indirectly through Atticus Enterprises LLC, with stepwise reductions in reported beneficial ownership after each sale.