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

Rhea-AI Filing Summary

Antony P. Ressler reports beneficial ownership of 116,094,251 Class A shares of Ares Management Corporation, representing 35.5% of the Class A stock on the reporting basis. That total reflects 1,775,153 Class A shares held in a charitable foundation for which he serves as trustee (sole voting and dispositive power) plus shared voting and dispositive power over 7,036,729 Class A shares and 107,282,369 AOG Units that are convertible one-for-one into Class A shares and are held by Ares Owners Holdings L.P.

The filing explains the ownership calculation is based on 219,370,893 Class A shares outstanding as provided by the issuer, increased by the 107,282,369 shares issuable on conversion of the AOG Units. It also discloses that Ares Partners Holdco LLC is the general partner of Ares Owners and that the Reporting Person generally has veto authority over decisions of its board of managers.

Positive

• Large disclosed stake: Reporting Person beneficially owns 116,094,251 shares, representing 35.5% of Class A on the reported basis
• Convertible units included: The position explicitly includes 107,282,369 AOG Units convertible one-for-one into Class A shares, clarifying dilution and conversion impact
• Governance influence disclosed: The filing states the Reporting Person generally has veto authority over Ares Owners' board decisions

Negative

• None.

Insights

Financial Analyst

TL;DR: Reporting Person holds a large, clearly disclosed economic and voting stake: 116.1M shares (35.5%), including convertible units.

The Schedule 13G/A documents a significant ownership position that combines direct shares, shares held via a charitable foundation, and a large position in AOG Units convertible one-for-one into Class A shares. The combined stake and the conversion mechanics materially affect the reported percentage of the class because the filer counts the 107,282,369 AOG Units in the ownership base. The disclosure of veto authority over Ares Owners' board indicates a formal influence mechanism over key partnership decisions. This is a material, routine ownership disclosure with clear implications for control and capital structure.

Corporate Governance Expert

TL;DR: Ownership concentration and disclosed veto rights signal meaningful governance influence but the filer disclaims a formal "group" relationship.

The filing presents both economic and governance details: solitary voting/control of 1,775,153 shares via a foundation, and shared voting/dispositive power over 114,319,098 shares including convertible AOG Units. The statement explicitly disclaims membership in a Section 13(d) group with other Board Members and Ares Owners, while describing the board composition and the Reporting Person's veto authority. For governance assessment, these facts are material because they outline formal influence channels and the aggregation method used to calculate the 35.5% stake.

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

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 1,775,153.00
6	Shared Voting Power 114,319,098.00
7	Sole Dispositive Power 1,775,153.00
8	Shared Dispositive Power 114,319,098.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

116,094,251.00

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)

35.5 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: The reported shares of sole voting and dispositive power represent 1,775,153 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) 7,036,729 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"), all of which are held by Ares Owners Holdings L.P. ("Ares Owners"). 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 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 7,036,729 Class A Shares and 107,282,369 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 4,935,625 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 1,775,153 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 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). 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 (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 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.
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.

Antony P. Ressler

Signature:	/s/ Antony P. Ressler
Name/Title:	Antony P. Ressler
Date:	08/12/2025

FAQ

How many Ares (ARES) Class A shares does Antony P. Ressler beneficially own?

The filing reports beneficial ownership of 116,094,251 Class A shares of Ares.

What percentage of Ares Class A stock does Antony P. Ressler hold according to this filing?

The reported stake represents 35.5% of the Class A shares on the filing's basis.

Does the ownership include convertible units or other instruments?

Yes. The total includes 107,282,369 AOG Units that are convertible one-for-one into Class A shares and 7,036,729 Class A shares held by Ares Owners.

How much sole versus shared voting power does Ressler report?

The filing shows sole voting power for 1,775,153 shares and shared voting power for 114,319,098 shares.

Does the filing state any governance roles or control features?

Yes. It discloses that Ares Partners is the general partner of Ares Owners, lists the board members, and states the Reporting Person generally has veto authority over board decisions.