Ares Management Corporation Schedule 13G/A reports that Antony P. Ressler beneficially holds 111,686,003 shares of Class A common stock, representing 34.2% on the stated basis.
The filing states 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. The filing notes 2,325,153 Class A Shares held by a charitable foundation for which the reporting person is trustee and that certain shares and AOG Units are held through Ares Owners/Ares Partners structures. The Reporting Person disclaims membership in a Section 13(d) group.
Positive
None.
Negative
None.
Insights
Large, disclosed stake equals substantial reported economic and voting exposure.
The filing quantifies 111,686,003 shares beneficially held and uses 221,955,340 shares outstanding as of December 31, 2025 plus 105,079,121 convertible AOG Units to compute a 34.2% class percentage. These figures are the basis for disclosed ownership and voting power assignments in the statement.
Implications depend on holder actions and conversions; timing and any exercises/conversions are not described in the excerpt, and the Reporting Person expressly disclaims a Section 13(d) group. Subsequent filings may report changes in holdings or conversions.
Complex holding structure and veto authority are emphasized, not an admission of beneficial ownership for Section 13(d).
The statement explains that Ares Owners holds Class A Shares and 105,079,121 AOG Units convertible one-for-one into Class A Shares, and that Ares Partners (managed by a board including the Reporting Person) is general partner of Ares Owners. The Reporting Person "generally has veto authority" over board decisions, per the excerpt.
Filing language preserves legal disclaimers: the Reporting Person disclaims being part of a "group" under Section 13(d). Watch for later amendments or Forms reporting conversions, vesting, or changes in voting/dispositive power.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 9)
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
Antony P. Ressler
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
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
2,325,153.00
6
Shared Voting Power
109,360,850.00
7
Sole Dispositive Power
2,325,153.00
8
Shared Dispositive Power
109,360,850.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
111,686,003.00
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)
34.2 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: The reported shares of sole voting and dispositive power represent 2,325,153 shares of Class A common stock, par value $0.01 per share, of the Issuer ("Class A Shares") held by a charitable foundation for which the Reporting Person serves as trustee.
The reported shares of shared voting and dispositive power represent (i) 4,281,729 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"), all of which are held by Ares Owners Holdings L.P. ("Ares Owners").
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.
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 Antony P. Ressler, referred to herein as the "Reporting Person."
(b)
Address or principal business office or, if none, residence:
1800 Avenue of the Stars, Suite 1400
Los Angeles, CA 90067
(c)
Citizenship:
See response to Item 4 on the 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 response to Item 9 on the cover page.
The reported securities include 4,281,729 Class A Shares and 105,079,121 AOG Units held by Ares Owners. Ares Partners Holdco LLC ("Ares Partners") is the general partner of Ares Owners. Ares Partners is managed by a board of managers, which is composed of the Reporting Person, Michael J Arougheti, R. Kipp deVeer, David B. Kaplan and Bennett Rosenthal (each, a "Board Member" and collectively, the "Board Members"). The Reporting Person generally has veto authority over decisions of the Board Members. Ares Owners holds 2,235,625 Class A Shares and 49,764,375 AOG Units on behalf of the Reporting Person, or on behalf of a vehicle controlled by him, as a limited partner of Ares Owners. In addition, the reported securities include 2,325,153 Class A Shares held by a charitable foundation for which the Reporting Person serves as trustee. Based on information reported in Statements on Schedule 13G filed by, or information received from, Ares Owners and the other 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).
The Reporting Person expressly disclaims the existence of, or membership in, a "group" within the meaning of Section 13(d)(3) of the Act and Rule 13d-5(b) thereunder with Ares Owners, Ares Partners, and the other Board Members, as well as beneficial ownership with respect to any Class A Shares beneficially owned by Ares Owners, Ares Partners, or the other Board Members, and neither the filing of this Statement on Schedule 13G nor any of its contents shall be deemed to constitute an admission by the Reporting Person that he is the beneficial owner of any of the Class A Shares referred to herein for purposes of Section 13(d) of the Act.
(b)
Percent of class:
See response to Item 11 on the cover page.
The percentage reflected on the cover page to this Schedule 13G is 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 response to Item 5 on the cover page.
(ii) Shared power to vote or to direct the vote:
See response to Item 6 on the cover page.
(iii) Sole power to dispose or to direct the disposition of:
See response to Item 7 on the cover page.
(iv) Shared power to dispose or to direct the disposition of:
See response to Item 8 on the 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.
The limited partners of Ares Owners have the right to receive dividends from, or proceeds from the sale of, the Class A Shares that are held of record by Ares Owners on behalf of such limited partner. Ares Owners holds greater than 5% of the Class A Shares on behalf of the Reporting Person, or on behalf of a vehicle he controls. No other person has the right to receive dividends from, or the proceeds from the sale of, more than five percent of the Class A Shares reported on this Schedule 13G.
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.
How many ARES Class A shares does Antony P. Ressler report beneficially owning?
The filing reports 111,686,003 shares of Class A common stock as beneficially owned by Antony P. Ressler. This total aggregates direct shares, shares held through Ares Owners, and shares held by a charitable foundation as described in the statement.
What percentage of ARES Class A stock does the 13G/A show as owned?
The statement shows 34.2% of the Class A shares on the reported basis. The percentage uses 221,955,340 shares outstanding as of December 31, 2025 plus convertible AOG Units in the calculation.
What are AOG Units and how do they affect the ownership percentage?
The filing describes 105,079,121 AOG Units held by Ares Owners as convertible one-for-one into Class A Shares. These convertible units are included in the calculation that produces the 34.2% figure in the statement.
Does the filing say Antony P. Ressler is part of a Section 13(d) group?
No. The filing explicitly states the Reporting Person "expressly disclaims the existence of, or membership in, a 'group'" under Section 13(d). That disclaimer appears verbatim in the excerpt provided.
What shares are held directly by Antony P. Ressler according to the filing?
The filing states 2,325,153 Class A Shares are held by a charitable foundation for which he serves as trustee. Additional shares and units are held through Ares Owners on his behalf as described in the statement.
