Vanguard discloses 12% Ares Management (NYSE: ARES) ownership position

Rhea-AI Filing Summary

The Vanguard Group filed an amended Schedule 13G reporting beneficial ownership of 26,049,790 shares of Ares Management Corp common stock, representing 12.01% of the class as of 12/31/2025. Vanguard reports shared voting power over 2,076,664 shares and shared dispositive power over all 26,049,790 shares, with no sole voting or dispositive power.

The filing states these securities are held in the ordinary course of business and not for the purpose of changing or influencing control of Ares. Vanguard notes an internal realignment effective 01/12/2026, after which certain subsidiaries may report beneficial ownership separately while continuing the same investment strategies.

Insights

Institutional ownership analyst

Vanguard reports a 12.01% passive stake in Ares Management.

The Vanguard Group discloses beneficial ownership of 26,049,790 Ares shares, or 12.01% of the common stock as of 12/31/2025. It holds shared voting power over 2,076,664 shares and shared dispositive power over the full position, indicating broad client exposure.

The filing is made on Schedule 13G, which is used for holdings certified as passive. Vanguard explicitly states the shares were acquired and are held in the ordinary course of business and not to change or influence control, aligning with its role as a large asset manager for diversified clients.

Vanguard also describes an internal realignment effective 01/12/2026, after which certain subsidiaries or business divisions may report beneficial ownership separately on a disaggregated basis. Future ownership reports for Ares may therefore appear under multiple related filers while pursuing the same investment strategies referenced here.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 7)

Ares Management Corp

(Name of Issuer)

Common Stock

(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

The Vanguard Group

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

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,076,664.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 26,049,790.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

26,049,790.00

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)

12.01 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: On January 12, 2026, The Vanguard Group, Inc. went through an internal realignment. As of that date, The Vanguard Group, Inc. no longer performs portfolio management services or administers proxy voting. In accordance with SEC Release No. 34-39538 (January 12, 1998), The Vanguard Group, Inc. anticipates that certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that currently have, or are deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on such release. These subsidiaries and/or business divisions pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Ares Management Corp
(b)	Address of issuer's principal executive offices: 2000 Avenue of the Stars, 12th Floor, Los Angeles, CA, 90067
Item 2.
(a)	Name of person filing: The Vanguard Group
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd., Malvern, PA 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(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: 26049790
(b)	Percent of class: 12.01 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 2076664
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 26049790
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. The Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein. No one other person's interest in the securities reported herein is more than 5%.
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:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

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.

The Vanguard Group

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	01/30/2026

FAQ

What percentage of Ares Management (ARES) shares does The Vanguard Group report owning?

The Vanguard Group reports beneficial ownership of 12.01% of Ares Management’s common stock. This represents 26,049,790 shares as of December 31, 2025, according to the amended Schedule 13G filing describing its institutional, passive stake in the company.

How many Ares Management (ARES) shares does Vanguard have voting and dispositive power over?

Vanguard reports shared voting power over 2,076,664 Ares shares and shared dispositive power over 26,049,790 shares. It reports no sole voting or dispositive power, reflecting its role managing assets for multiple clients and accounts.

Is The Vanguard Group’s stake in Ares Management (ARES) considered passive or activist?

The Vanguard Group characterizes its Ares stake as passive. It certifies the securities were acquired and are held in the ordinary course of business, not for changing or influencing control of Ares or participating in control-related transactions.

What internal changes at The Vanguard Group are mentioned in the Ares (ARES) Schedule 13G/A?

The filing notes that on January 12, 2026, The Vanguard Group, Inc. underwent an internal realignment and no longer performs portfolio management or proxy voting. Certain subsidiaries or divisions may report beneficial ownership separately while pursuing the same investment strategies.

Who ultimately benefits from The Vanguard Group’s Ares Management (ARES) holdings?

The filing states Vanguard’s clients, including registered investment companies and other managed accounts, have the right to receive dividends or sale proceeds. No single other person’s interest in the reported Ares securities exceeds 5% of the class.

Why did The Vanguard Group file an amended Schedule 13G for Ares Management (ARES)?

The amended Schedule 13G updates Vanguard’s 12.01% beneficial ownership of Ares as of December 31, 2025 and describes an internal realignment. It reaffirms the holdings are in the ordinary course and not intended to influence control of Ares Management.