Vanguard discloses 21.68M Ares shares (10.03% ownership)

Rhea-AI Filing Summary

The Vanguard Group reports beneficial ownership of 21,675,835 shares of Ares Management Corp common stock, equal to 10.03% of the class. Vanguard discloses it holds 19,920,262 shares with sole dispositive power and 1,325,808 shares with shared voting power; no sole voting power is reported. The filing states these holdings are held in the ordinary course of business and not for the purpose of changing control.

Positive

• Reportable stake of 21,675,835 shares representing 10.03% signals meaningful institutional ownership
• Majority of holdings show sole dispositive power on 19,920,262 shares, indicating control over disposition decisions

Negative

• None.

Insights

Institutional Ownership Analyst

Vanguard holds a significant passive stake of 10.03% in Ares.

Large passive holders can influence liquidity and shareholder composition without active control; Vanguard reports 21,675,835 shares beneficially owned with most voting rights held in shared form and substantial dispositive power.

Watch for changes in filing status or increases above regulatory thresholds near Q4 2025 or subsequent amendments that could alter disclosure or signal strategic shifts.

Corporate Governance Specialist

Filing indicates passive investment intent and no effort to change control.

The certification clarifies the securities were acquired and held in the ordinary course of business and not to influence issuer control; that aligns this Schedule 13G/A with passive investor treatment under the Exchange Act.

Material governance implications would appear only if Vanguard later amends to an active filing or seeks directors; monitor any transition from Schedule 13G to Schedule 13D.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 6)

Ares Management Corp

(Name of Issuer)

Common Stock

(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

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 1,325,808.00
7	Sole Dispositive Power 19,920,262.00
8	Shared Dispositive Power 1,755,573.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

21,675,835.00

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)

10.03 %

12

Type of Reporting Person (See Instructions)

IA

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: 21675835
(b)	Percent of class: 10.03 %
(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: 1325808
	(iii) Sole power to dispose or to direct the disposition of: 19920262
	(iv) Shared power to dispose or to direct the disposition of: 1755573
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. 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:	10/06/2025

FAQ

What stake does Vanguard hold in ARES per this filing?

Vanguard beneficially owns 21,675,835 shares, equal to 10.03% of Ares common stock.

Does Vanguard have sole voting power over ARES shares?

No. The filing reports 0 shares with sole voting power and 1,325,808 shares with shared voting power.

How many ARES shares does Vanguard have sole dispositive power over?

Vanguard reports sole dispositive power over 19,920,262 shares.

Is Vanguard seeking to influence control of Ares according to the filing?

No. The certification states the securities are held in the ordinary course of business and not to change or influence control.

When was this Schedule 13G/A signed?

The filing is signed on 10/06/2025 by Ashley Grim, Head of Global Fund Administration.