Ares Partners Holdco LLC and Ares Owners Holdings L.P. reported beneficial ownership of 110,863,589 shares of Ares Management Corporation Class A common stock, representing 33.9% of the class.
The position includes 4,336,729 Class A shares and 106,526,860 AOG Units that are convertible one-for-one into Class A shares, subject to restrictions. The reporting persons disclose shared voting power and shared dispositive power over 110,863,589 shares, with no sole power. Percentages are based on 220,324,704 Class A shares outstanding as of September 30, 2025, as increased by the 106,526,860 Class A shares issuable upon conversion of AOG Units.
Positive
None.
Negative
None.
Insights
Large disclosed stake of 33.9% via shares and convertible units.
Ares Partners Holdco LLC and Ares Owners Holdings L.P. report beneficial ownership of 110,863,589 Ares Management Class A shares, calculated at 33.9% of the class. The stake comprises 4,336,729 outstanding Class A shares plus 106,526,860 AOG Units convertible one-for-one into Class A, subject to restrictions.
The filers report shared voting and shared dispositive power over 110,863,589 shares, with no sole power. The percentage uses 220,324,704 Class A shares outstanding as of September 30, 2025, increased by the 106,526,860 shares issuable upon conversion.
The filing indicates a concentrated ownership position; actual market impact depends on future holder decisions and any conversions of AOG Units.
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)
09/30/2025
(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
110,863,589.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
110,863,589.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
110,863,589.00
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)
33.9 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: The reported securities represent (i) 4,336,729 shares of Class A common stock, par value $0.01 per share, of the Issuer ("Class A Shares") and (ii) 106,526,860 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 (i) 220,324,704 Class A Shares outstanding on September 30, 2025, based on information provided by the Issuer, as increased by (ii) 106,526,860 Class A Shares issuable upon conversion of 106,526,860 AOG Units held by Ares Owners Holdings L.P. ("Ares Owners").
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
110,863,589.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
110,863,589.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
110,863,589.00
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)
33.9 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: The reported securities represent (i) 4,336,729 Class A Shares and (ii) 106,526,860 Class A Shares issuable upon conversion of 106,526,860 AOG Units.
The percent of class is calculated based on (i) 220,324,704 Class A Shares outstanding on September 30, 2025, based on information provided by the Issuer, as increased by (ii) 106,526,860 Class A Shares issuable upon conversion of 106,526,860 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 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" and, together with Ares Partners, the "Ares Filing Persons")
(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 4,336,729 Class A Shares held by Ares Owners and an aggregate of 106,526,860 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 113,247,742 Class A Shares in the aggregate, including shares that may be acquired upon the exchange of AOG Units held by Ares Owners and Class A Shares that may be acquired by the individual Board Members upon the vesting, within sixty days of September 30, 2025, of Restricted Stock Units ("RSUs") held by such Board Member, representing 34.6% of the outstanding Class A Shares (based on 220,324,704 outstanding shares and assuming the exchange of such AOG Units and the vesting of such RSUs).
(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 (i) an aggregate of 220,324,704 Class A Shares outstanding as of September 30, 2025, as reported by the Issuer, as increased by (ii) 106,526,860 Class A Shares issuable in respect of 106,526,860 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.
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.
What stake in Ares Management (ARES) was reported?
Ares Partners Holdco LLC and Ares Owners Holdings L.P. reported beneficial ownership of 33.9% of Ares Management Class A common stock.
How many ARES shares are beneficially owned?
The filing reports 110,863,589 shares beneficially owned.
What makes up the reported ownership for ARES?
It includes 4,336,729 Class A shares and 106,526,860 AOG Units convertible one-for-one into Class A shares, subject to restrictions.
What voting and dispositive powers are disclosed?
The reporting persons have shared voting power over 110,863,589 shares and shared dispositive power over 110,863,589 shares; sole power is 0.
What outstanding share count was used in the calculation?
Percentages are based on 220,324,704 Class A shares outstanding as of September 30, 2025, increased by 106,526,860 shares issuable upon conversion of AOG Units.
Who are the reporting persons in this Schedule 13G/A?
The reporting persons are Ares Partners Holdco LLC and Ares Owners Holdings L.P..
What is the form type for this disclosure?
It is a Schedule 13G/A (Amendment No. 9) for Ares Management Corporation.
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