Ares Management Corporation ownership disclosure: Ares Partners Holdco LLC and Ares Owners Holdings L.P. report beneficial ownership of 109,360,850 Class A shares, representing 33.4% of the Company’s Class A stock on a calculated basis. The percentage is calculated using 221,955,340 Class A Shares outstanding as of December 31, 2025, increased by 105,079,121 Class A Shares issuable upon conversion of AOG Units held by Ares Owners.
The filing states the reported securities include 4,281,729 Class A Shares held directly by Ares Owners and 105,079,121 AOG Units convertible one‑for‑one into Class A Shares, subject to restrictions. Governance details note that Ares Partners is managed by a board whose members include Michael J. Arougheti and Antony P. Ressler, with Mr. Ressler having general veto authority.
Positive
None.
Negative
None.
Insights
Large combined stake reported—ownership structure and conversion rights are central.
The filing shows an aggregate of 109,360,850 Class A shares reported as beneficially owned by the related entities, including 105,079,121 AOG Units convertible one‑for‑one into Class A Shares. The percent of class is calculated using December 31, 2025 outstanding figures as increased by the convertible AOG Units.
Control dynamics matter: the general partner, Ares Partners, is managed by a board of named members and notes that Mr. Ressler has veto authority. Future disclosures about conversions, transfers, or changes in board composition would clarify voting influence; timing and cash‑flow treatment are not specified in the excerpt.
Ares Owners reports beneficial ownership of 109,360,850 Class A shares, equal to 33.4% on the filing’s calculation basis using the issuer’s outstanding share count as of December 31, 2025.
How is the 33.4% ownership percentage calculated?
The percentage is calculated using 221,955,340 Class A Shares outstanding as of December 31, 2025, increased by 105,079,121 Class A Shares issuable upon conversion of AOG Units held by Ares Owners.
What securities comprise the reported holdings?
The reported holdings include 4,281,729 Class A Shares held by Ares Owners and 105,079,121 AOG Units, which are convertible one‑for‑one into Class A Shares subject to restrictions.
Who manages Ares Partners and what governance notes are disclosed?
Ares Partners is managed by a board of managers including Michael J. Arougheti and Antony P. Ressler; the filing states that Mr. Ressler generally has veto authority over board decisions.
Does the filing state who receives proceeds if shares are sold?
The filing does not state proceeds recipients; it identifies beneficial ownership and conversion rights but does not describe cash‑flow treatment for future sales or conversions.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 10)
Ares Management Corporation
(Name of Issuer)
Class A common stock, par value $0.01 per share
(Title of Class of Securities)
03990B101
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
03990B101
1
Names of Reporting Persons
Ares Partners Holdco LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
109,360,850.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
109,360,850.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
109,360,850.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
33.4 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: The reported securities represent (i) 4,281,729 shares of Class A common stock, par value $0.01 per share, of the Issuer ("Class A Shares") and (ii) 105,079,121 partnership units of Ares Holdings L.P., which are convertible one for one into Class A Shares, subject to certain restrictions ("AOG Units").
The percent of class is calculated based on 221,955,340 Class A Shares outstanding on December 31, 2025, based on information provided by the Issuer, as increased by 105,079,121 Class A Shares issuable upon conversion of 105,079,121 AOG Units held by Ares Owners (as defined herein).
SCHEDULE 13G
CUSIP No.
03990B101
1
Names of Reporting Persons
Ares Owners Holdings L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
109,360,850.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
109,360,850.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
109,360,850.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
33.4 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: The reported securities represent (i) 4,281,729 Class A Shares and (ii) 105,079,121 Class A Shares issuable upon conversion of 105,079,121 AOG Units.
The percent of class is calculated based on 221,955,340 Class A Shares outstanding on December 31, 2025, based on information provided by the Issuer, as increased by 105,079,121 Class A Shares issuable upon conversion of 105,079,121 AOG Units held by Ares Owners (as defined herein).
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Ares Management Corporation
(b)
Address of issuer's principal executive offices:
1800 Avenue of the Stars Suite 1400 Los Angeles, CA, 90067
Item 2.
(a)
Name of person filing:
This statement is filed by the entities and persons listed below, each of whom is referred to herein as a "Reporting Person" and together as the "Reporting Persons":
1. Ares Partners Holdco LLC ("Ares Partners")
2. Ares Owners Holdings L.P. ("Ares Owners")
(b)
Address or principal business office or, if none, residence:
1800 Avenue of the Stars, Suite 1400
Los Angeles, California 90067
(c)
Citizenship:
See responses to Item 4 on each cover page.
(d)
Title of class of securities:
Class A common stock, par value $0.01 per share
(e)
CUSIP No.:
03990B101
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
See responses to Item 9 on each cover page.
The securities reported on this Schedule 13G include an aggregate of 4,281,729 Class A Shares held by Ares Owners and an aggregate of 105,079,121 AOG Units held by Ares Owners. The general partner of Ares Owners is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael J Arougheti, R. Kipp deVeer, David B. Kaplan, Antony P. Ressler and Bennett Rosenthal (each a "Board Member" and collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions of the Board Members. Based on information reported in Statements on Schedule 13G filed by, or information received from, the Board Members, the Class A Shares held by Ares Owners, if aggregated with other Class A Shares beneficially owned by each of the individual Board Members, would equal 112,046,064 Class A Shares in the aggregate, which includes 105,079,121 shares that may be acquired upon the exchange of AOG Units held by Ares Owners, representing an aggregate of 34.2% of the outstanding Class A Shares (based on 221,955,340 outstanding shares as of December 31, 2025, as increased by (i) 105,079,121 Class A Shares issuable in respect of 105,079,121 AOG Units held by Ares Owners and (ii) 246,061 Class A Shares issued to certain of the Board Members on January 31, 2026 upon the vesting of restricted stock units).
(b)
Percent of class:
See responses to Item 11 on each cover page.
The percentages reflected on the cover pages to this Schedule 13G are calculated based on an aggregate of 221,955,340 Class A Shares outstanding as of December 31, 2025, as reported by the Issuer, as increased by 105,079,121 Class A Shares issuable in respect of 105,079,121 AOG Units held by Ares Owners.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See responses to Item 5 on each cover page.
(ii) Shared power to vote or to direct the vote:
See responses to Item 6 on each cover page.
(iii) Sole power to dispose or to direct the disposition of:
See responses to Item 7 on each cover page.
(iv) Shared power to dispose or to direct the disposition of:
See responses to Item 8 on each cover page.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
See Exhibit A.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
Not Applicable
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Ares Partners Holdco LLC
Signature:
/s/ Anton Feingold
Name/Title:
Anton Feingold/Authorized Signatory
Date:
02/17/2026
Ares Owners Holdings L.P.
Signature:
/s/ Anton Feingold
Name/Title:
Anton Feingold/Authorized Signatory from Ares Partners Holdco LLC, its General Partner
