[SCHEDULE 13G/A] Ares Management Corporation SEC Filing

Rhea-AI Filing Summary

Ares Partners Holdco LLC and Ares Owners Holdings L.P. report beneficial ownership totaling 114,319,098 shares of Ares Management Corporation Class A common stock, representing 35.0% of the class when accounting for 107,282,369 AOG Units convertible one-for-one into Class A shares. The position comprises 7,036,729 Class A Shares and 107,282,369 AOG Units, with shared voting and dispositive power over the aggregate amount. The filing names the board of managers that manages the reporting entities and discloses that Antony P. Ressler generally has veto authority. Aggregating reported holdings with Board Members' interests yields 118,703,251 shares (36.1%) on the stated basis.

Positive

• Material transparency: The filing clearly quantifies an aggregate position of 114,319,098 shares (35.0%).
• Conversion detail disclosed: The report specifies 107,282,369 AOG Units convertible one-for-one into Class A shares, allowing readers to assess potential share increase.
• Board composition and authority disclosed: Board members are named and veto authority for Antony P. Ressler is explicitly stated.

Negative

• Concentrated ownership: The reported 35.0% stake represents a substantial concentration of Class A shares.
• Significant potential voting power: 107,282,369 convertible AOG Units increase potential influence over outcomes if converted.
• Shared control reported: The filing shows shared voting and dispositive power rather than sole control, indicating coordinated rather than individual decision-making.

Insights

Financial Analyst

TL;DR: Ares-related entities report a material 35.0% economic and voting position including large convertible units.

The Schedule 13G/A discloses a sizable aggregated position of 114,319,098 shares (35.0%), composed of 7,036,729 Class A Shares and 107,282,369 AOG Units convertible one-for-one. This level of ownership is material to the shareholder base and the reported shared voting/dispositive power confirms collective influence rather than sole control. The filing also quantifies potential further aggregation with board members to 118,703,251 shares (36.1%), which is important for modeling potential voting outcomes and governance scenarios.

Corporate Governance Expert

TL;DR: Disclosure shows concentrated ownership and clear governance roles including a disclosed veto right.

The report names the board of managers overseeing the general partner and explicitly states that Antony P. Ressler generally holds veto authority, a governance detail that investors should note. Shared voting and dispositive power over 114,319,098 shares indicates coordinated decision-making among reporting persons. The conversion feature of 107,282,369 AOG Units enhances potential voting influence, and the filing quantifies aggregation with board members at 118,703,251 shares (36.1%), which is material for control and governance assessment.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 8)

Ares Management Corporation

(Name of Issuer)

Class A common stock, par value $0.01 per share

(Title of Class of Securities)

03990B101

(CUSIP Number)

06/30/2025

(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 114,319,098.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 114,319,098.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

114,319,098.00

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)

35.0 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: The reported securities represent (i) 7,036,729 shares of Class A common stock, par value $0.01 per share, of the Issuer ("Class A Shares") and (ii) 107,282,369 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) 219,370,893 Class A Shares outstanding on June 30, 2025, based on information provided by the Issuer, as increased by (ii) 107,282,369 Class A Shares issuable upon conversion of 107,282,369 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 114,319,098.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 114,319,098.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

114,319,098.00

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)

35.0 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: The reported securities represent (i) 7,036,729 Class A Shares and (ii) 107,282,369 Class A Shares issuable upon conversion of 107,282,369 AOG Units. The percent of class is calculated based on (i) 219,370,893 Class A Shares outstanding on June 30, 2025, based on information provided by the Issuer, as increased by (ii) 107,282,369 Class A Shares issuable upon conversion of 107,282,369 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 7,036,729 Class A Shares held by Ares Owners and an aggregate of 107,282,369 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 118,703,251 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 of Restricted Stock Units ("RSUs") held by such Board Member, representing 36.1% of the outstanding Class A Shares (based on 219,370,893 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 219,370,893 Class A Shares outstanding as of June 30, 2025, as reported by the Issuer, as increased by (ii) 107,282,369 Class A Shares issuable in respect of 107,282,369 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.

Ares Partners Holdco LLC

Signature:	/s/ Anton Feingold
Name/Title:	Anton Feingold/Authorized Signatory
Date:	08/12/2025

Ares Owners Holdings L.P.

Signature:	/s/ Anton Feingold
Name/Title:	Anton Feingold/Authorized Signatory
Date:	08/12/2025

Exhibit Information

https://www.sec.gov/Archives/edgar/data/1620263/000110465919008758/a19-4665_8ex99d1.htm

FAQ

How many ARES Class A shares do Ares Partners and Ares Owners beneficially own?

114,319,098 shares in the aggregate, comprising 7,036,729 Class A Shares and 107,282,369 AOG Units convertible one-for-one into Class A shares.

What percentage of ARES does the reported position represent?

The reported position represents 35.0% of the Class A shares on the stated basis; aggregated with Board Members' interests the filing states 36.1% (118,703,251 shares) on the same basis.

Do the reporting persons have sole voting or dispositive power over these shares?

No sole power is reported; the filing indicates shared voting power and shared dispositive power over 114,319,098 shares.

What are AOG Units and how do they affect ownership of ARES?

The filing states there are 107,282,369 AOG Units held by Ares Owners that are convertible one-for-one into Class A Shares, increasing potential shares issuable upon conversion.

Are any board-level authorities disclosed in the filing for Ares-related entities?

Yes; the filing names the board of managers for the general partner and discloses that Antony P. Ressler generally has veto authority over board decisions.