[Form 4] Ares Management Corporation Insider Trading Activity

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

Securities Analyst

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.

Corporate Governance Expert

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.

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)
08/15/2025

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	08/15/2025		C		590,000	A	$0	590,000	I	By Atticus Enterprises LLC
Class A Common Stock	08/15/2025		S(1)		26,823	D	$187.89(2)	563,177	I	By Atticus Enterprises LLC
Class A Common Stock	08/15/2025		S(1)		20,140	D	$189(3)	543,037	I	By Atticus Enterprises LLC
Class A Common Stock	08/15/2025		S(1)		4,669	D	$189.89(4)	538,368	I	By Atticus Enterprises LLC
Class A Common Stock	08/15/2025		S(1)		4,572	D	$190.74(5)	533,796	I	By Atticus Enterprises LLC
Class A Common Stock	08/18/2025		S(1)		15,330	D	$187.53(6)	518,466	I	By Atticus Enterprises LLC
Class A Common Stock	08/18/2025		S(1)		17,176	D	$188.12(7)	501,290	I	By Atticus Enterprises LLC
Class A Common Stock	08/18/2025		S(1)		19,975	D	$189.34(8)	481,315	I	By Atticus Enterprises LLC
Class A Common Stock	08/18/2025		S(1)		33,071	D	$190.06(9)	448,244	I	By Atticus Enterprises LLC
Class A Common Stock	08/19/2025		S(1)		22,926	D	$180.1(10)	425,318	I	By Atticus Enterprises LLC
Class A Common Stock	08/19/2025		S(1)		34,000	D	$180.75(11)	391,318	I	By Atticus Enterprises LLC
Class A Common Stock	08/19/2025		S(1)		25,542	D	$181.93(12)	365,776	I	By Atticus Enterprises LLC
Class A Common Stock	08/19/2025		S(1)		8,255	D	$183(13)	357,521	I	By Atticus Enterprises LLC
Class A Common Stock	08/19/2025		S(1)		9,082	D	$184.24(14)	348,439	I	By Atticus Enterprises LLC
Class A Common Stock	08/19/2025		S(1)		10,497	D	$185.11(15)	337,942	I	By Atticus Enterprises LLC
Class A Common Stock	08/19/2025		S(1)		10,284	D	$186.07(16)	327,658	I	By Atticus Enterprises LLC
Class A Common Stock	08/19/2025		S(1)		11,112	D	$186.94(17)	316,546	I	By Atticus Enterprises LLC
Class A Common Stock	08/19/2025		S(1)		2,871	D	$187.85(18)	313,675	I	By Atticus Enterprises LLC
Class A Common Stock	08/19/2025		S(1)		1,947	D	$189.08(19)	311,728	I	By Atticus Enterprises LLC
Class A Common Stock								1,400,000(20)	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	(21)	08/15/2025		C			590,000	(21)	(21)	Class A Common Stock	590,000	(21)	7,841,596	I	By Ares Owners Holdings L.P.(22)

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 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.

3. 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.

4. 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.

5. 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.

6. 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.

7. 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.

8. 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.

9. 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.

10. 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.

11. 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.

12. 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.

13. 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.

14. 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.

15. 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.

16. 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.

17. 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.

18. 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.

19. 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.

20. 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.

21. 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.

22. 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	08/19/2025
	** 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 insider Michael J. Arougheti do in the Form 4 (ARES)?

The filing shows an acquisition of 590,000 Class A shares via AOG unit conversion and multiple sales of Class A shares between Aug 15–19, 2025, leaving 311,728 shares indirectly owned.

Were the trades made under a 10b5-1 plan?

Yes. The filing indicates the sales were effected pursuant to a 10b5-1 trading plan adopted on December 13, 2024.

What price range were the shares sold at?

Sales occurred at weighted-average prices within multiple ranges across Aug 15–19, 2025, roughly from $179.51 up to $191.28, as detailed in the footnotes.

Did the filing disclose any equity awards?

Yes. Footnote 20 references 1,400,000 restricted units granted under an equity incentive plan, each representing the right to one Class A share upon vesting.

Through what entities does the reporting person hold shares?

The reporting person holds shares indirectly by Atticus Enterprises LLC and AOG units are held indirectly via Ares Owners Holdings L.P.