Arougheti sells Class A stock under 10b5-1 while obtaining 590K exchangeable units
Rhea-AI Filing Summary
Ares Management Corp director and Co-Founder/CEO Michael J. Arougheti reported multiple transactions in Class A Common Stock in mid-August 2025. The filing shows a conversion/acquisition of 590,000 Class A shares (via Ares Operating Group units) and an acquisition of 590,000 AOG units exchangeable one-for-one into Class A shares. Concurrently, the reporting person sold multiple blocks of Class A shares across August 15–19, 2025, at prices ranging roughly from $179.51 to $191.28, reducing his indirect beneficial ownership to 311,728 Class A shares held indirectly through Atticus Enterprises LLC and Ares Owners Holdings L.P. The transactions were effected pursuant to a 10b5-1 trading plan adopted December 13, 2024.
Positive
- Acquisition of 590,000 Class A shares via conversion of AOG units (reported as a C transaction)
- Acquisition of 590,000 Ares Operating Group units that are exchangeable one-for-one into Class A common stock
- Transactions executed under a 10b5-1 trading plan, which provides an affirmative defense and reduces likelihood of opportunistic trading concerns
Negative
- Material net sell-down of indirect holdings, with beneficial ownership reported at 311,728 Class A shares after the August trades
- Large volume of sales over a short period (multiple blocks sold Aug 15–19, 2025), which could be perceived as insider liquidity pressure
Insights
TL;DR: Insider sold substantial Class A shares under a 10b5-1 plan while acquiring exchangeable AOG units that convert to Class A stock.
The filing documents both acquisition and sizable dispositions. The acquisition of 590,000 AOG units (exchangeable one-for-one into Class A stock) increases potential long-term economic exposure, while the staggered sales from August 15–19, 2025 reduced reported indirect holdings to 311,728 shares. Sales occurred across multiple price bands between approximately $179.51 and $191.28, consistent with an authorized trading plan, which helps mitigate signaling risk but still represents material insider supply over a short period.
TL;DR: Transactions reflect planned insider liquidity and retained exposure through exchangeable units and restricted-unit awards.
The report notes a 10b5-1 plan, multiple weighted-average sale prices disclosed in footnotes, and a separate mention of 1,400,000 restricted units granted under an equity incentive plan (each unit converts to one Class A share upon vesting). These elements indicate simultaneous management of personal liquidity and ongoing equity-based incentives, which is common for executives but materially relevant to governance and alignment discussions.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Class A Common Stock | 22,926 | $180.10 | $4.13M |
| Sale | Class A Common Stock | 34,000 | $180.75 | $6.15M |
| Sale | Class A Common Stock | 25,542 | $181.93 | $4.65M |
| Sale | Class A Common Stock | 8,255 | $183.00 | $1.51M |
| Sale | Class A Common Stock | 9,082 | $184.24 | $1.67M |
| Sale | Class A Common Stock | 10,497 | $185.11 | $1.94M |
| Sale | Class A Common Stock | 10,284 | $186.07 | $1.91M |
| Sale | Class A Common Stock | 11,112 | $186.94 | $2.08M |
| Sale | Class A Common Stock | 2,871 | $187.85 | $539K |
| Sale | Class A Common Stock | 1,947 | $189.08 | $368K |
| Sale | Class A Common Stock | 15,330 | $187.53 | $2.87M |
| Sale | Class A Common Stock | 17,176 | $188.12 | $3.23M |
| Sale | Class A Common Stock | 19,975 | $189.34 | $3.78M |
| Sale | Class A Common Stock | 33,071 | $190.06 | $6.29M |
| Conversion | Ares Operating Group Units | 590,000 | $0.00 | -- |
| Conversion | Class A Common Stock | 590,000 | $0.00 | -- |
| Sale | Class A Common Stock | 26,823 | $187.89 | $5.04M |
| Sale | Class A Common Stock | 20,140 | $189.00 | $3.81M |
| Sale | Class A Common Stock | 4,669 | $189.89 | $887K |
| Sale | Class A Common Stock | 4,572 | $190.74 | $872K |
| holding | Class A Common Stock | -- | -- | -- |
Footnotes (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. The price reported in Column 4 is a weighted average price. These shares were sold on August 15, 2025 in multiple transactions at prices ranging from $187.45 to $188.33. 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, 13, 14, 15, 16, 17, 18 and 19. The price reported in Column 4 is a weighted average price. These shares were sold on August 15, 2025 in multiple transactions at prices ranging from $188.47 to $189.44. The price reported in Column 4 is a weighted average price. These shares were sold on August 15, 2025 in multiple transactions at prices ranging from $189.47 to $190.44. The price reported in Column 4 is a weighted average price. These shares were sold on August 15, 2025 in multiple transactions at prices ranging from $190.48 to $191.28. The price reported in Column 4 is a weighted average price. These shares were sold on August 18, 2025 in multiple transactions at prices ranging from $186.73 to $187.72. The price reported in Column 4 is a weighted average price. These shares were sold on August 18, 2025 in multiple transactions at prices ranging from $187.73 to $188.70. The price reported in Column 4 is a weighted average price. These shares were sold on August 18, 2025 in multiple transactions at prices ranging from $188.74 to $189.73. The price reported in Column 4 is a weighted average price. These shares were sold on August 18, 2025 in multiple transactions at prices ranging from $189.74 to $190.60. The price reported in Column 4 is a weighted average price. These shares were sold on August 19, 2025 in multiple transactions at prices ranging from $179.51 to $180.50. The price reported in Column 4 is a weighted average price. These shares were sold on August 19, 2025 in multiple transactions at prices ranging from $180.51 to $181.50. The price reported in Column 4 is a weighted average price. These shares were sold on August 19, 2025 in multiple transactions at prices ranging from $181.51 to $182.50. The price reported in Column 4 is a weighted average price. These shares were sold on August 19, 2025 in multiple transactions at prices ranging from $182.51 to $183.48. The price reported in Column 4 is a weighted average price. These shares were sold on August 19, 2025 in multiple transactions at prices ranging from $183.51 to $184.50. The price reported in Column 4 is a weighted average price. These shares were sold on August 19, 2025 in multiple transactions at prices ranging from $184.51 to $185.49. The price reported in Column 4 is a weighted average price. These shares were sold on August 19, 2025 in multiple transactions at prices ranging from $185.51 to $186.50. The price reported in Column 4 is a weighted average price. These shares were sold on August 19, 2025 in multiple transactions at prices ranging from $186.51 to $187.50. The price reported in Column 4 is a weighted average price. These shares were sold on August 19, 2025 in multiple transactions at prices ranging from $187.54 to $188.53. The price reported in Column 4 is a weighted average price. These shares were sold on August 19, 2025 in multiple transactions at prices ranging from $188.55 to $189.31. 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. 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. 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.
