Ares entities disclose 13.8% Ferrellgas Partners (FGPR) stake after unit conversion

Rhea-AI Filing Summary

Ares-affiliated investment entities reported a significant ownership position in Ferrellgas Partners, L.P. through a Schedule 13D filing. On March 16, 2026, Ferrellgas converted all outstanding Class B Units into Class A Units at a 5‑for‑1 conversion rate. As a result, the Ares entities acquired an aggregate of 1,563,690 Class A Units.

Based on 11,357,605 Class A Units outstanding, this stake represents about 13.8% of the class, with all voting and dispositive power reported as shared among various Ares funds and management vehicles. The position was originally funded by purchasing 312,738 Class B Units for total consideration of $75,036,400. The investors state they hold the units for investment purposes but may from time to time buy more, sell, or adjust exposure, and may discuss strategic alternatives with Ferrellgas management and its board, including potential mergers, asset transactions, capital structure changes, or other corporate actions, although they currently have no specific plans formed.

Insights

Event-driven equities analyst

Ares discloses a 13.8% Ferrellgas stake via unit conversion.

The filing shows multiple Ares-managed vehicles now collectively hold 1,563,690 Class A Units of Ferrellgas Partners, L.P., or 13.8% of the class, after the issuer converted all Class B Units into Class A Units on March 16, 2026.

The original position came from 312,738 Class B Units purchased for $75,036,400. The units are described as being held for investment, but the narrative explicitly leaves room for additional purchases, sales, derivatives, and engagement with management and the board on possible strategic transactions or capital structure changes.

There is no specific transaction plan or timeline disclosed, so any impact depends on future actions by the Ares entities and the issuer. Subsequent company and ownership filings will clarify whether this stake remains passive or evolves into more active involvement in Ferrellgas’s strategic direction.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

Ferrellgas Partners, L.P.

(Name of Issuer)

Class A Units

(Title of Class of Securities)

(CUSIP Number)

Naseem Sagati Aghili
1800 Avenue of the Stars, Suite 1400
Los Angeles, CA, 90067
(310) 201-4100

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

03/16/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP No.

1

Name of reporting person

Ares Management LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,563,690.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,563,690.00

11

Aggregate amount beneficially owned by each reporting person

1,563,690.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

13.8 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Limited Liability Company

SCHEDULE 13D

CUSIP No.

1

Name of reporting person

Ares Capital Corporation

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

MARYLAND

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 476,770.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 476,770.00

11

Aggregate amount beneficially owned by each reporting person

476,770.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.2 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No.

1

Name of reporting person

Ares Private Credit Solutions, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 102,300.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 102,300.00

11

Aggregate amount beneficially owned by each reporting person

102,300.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.9 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No.

1

Name of reporting person

Ares PCS Holdings Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 185,940.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 185,940.00

11

Aggregate amount beneficially owned by each reporting person

185,940.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.6 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No.

1

Name of reporting person

Ares Capital Management LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 765,010.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 765,010.00

11

Aggregate amount beneficially owned by each reporting person

765,010.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.7 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Limited Liability Company

SCHEDULE 13D

CUSIP No.

1

Name of reporting person

ASOF II Holdings II, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 154,070.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 154,070.00

11

Aggregate amount beneficially owned by each reporting person

154,070.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.4 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No.

1

Name of reporting person

ASOF II A (DE) Holdings III, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 27,775.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 27,775.00

11

Aggregate amount beneficially owned by each reporting person

27,775.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.2 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No.

1

Name of reporting person

ASOF FG Holdings, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 600,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 600,000.00

11

Aggregate amount beneficially owned by each reporting person

600,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.3 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No.

1

Name of reporting person

ASOF Investment Management LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 781,845.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 781,845.00

11

Aggregate amount beneficially owned by each reporting person

781,845.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.9 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Limited Liability Company

SCHEDULE 13D

CUSIP No.

1

Name of reporting person

Ares Centre Street Partnership, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 7,715.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 7,715.00

11

Aggregate amount beneficially owned by each reporting person

7,715.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.1 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No.

1

Name of reporting person

Ares Centre Street Management, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 7,715.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 7,715.00

11

Aggregate amount beneficially owned by each reporting person

7,715.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.1 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No.

1

Name of reporting person

Ares Management Holdings L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,563,690.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,563,690.00

11

Aggregate amount beneficially owned by each reporting person

1,563,690.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

13.8 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No.

1

Name of reporting person

Ares Holdco LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,563,690.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,563,690.00

11

Aggregate amount beneficially owned by each reporting person

1,563,690.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

13.8 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Limited Liability Company

SCHEDULE 13D

CUSIP No.

1

Name of reporting person

Ares Management Corporation

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,563,690.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,563,690.00

11

Aggregate amount beneficially owned by each reporting person

1,563,690.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

13.8 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No.

1

Name of reporting person

Ares Voting LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,563,690.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,563,690.00

11

Aggregate amount beneficially owned by each reporting person

1,563,690.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

13.8 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Limited Liability Company

SCHEDULE 13D

CUSIP No.

1

Name of reporting person

Ares Management GP LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,563,690.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,563,690.00

11

Aggregate amount beneficially owned by each reporting person

1,563,690.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

13.8 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Limited Liability Company

SCHEDULE 13D

CUSIP No.

1

Name of reporting person

Ares Partners Holdco LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,563,690.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,563,690.00

11

Aggregate amount beneficially owned by each reporting person

1,563,690.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

13.8 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Limited Liability Company

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A Units
(b)	Name of Issuer: Ferrellgas Partners, L.P.
(c)	Address of Issuer's Principal Executive Offices: One Liberty Plaza, Liberty, MISSOURI , 64068.
Item 1 Comment: This statement on Schedule 13D (this "Schedule 13D") relates to the Class A Units of Ferrellgas Partners, L.P., a Delaware limited partnership (the "Issuer"). The address of the principal executive offices of the Issuer is One Liberty Plaza, Liberty, Missouri 64068.
Item 2.	Identity and Background
(a)	Each of the following is hereinafter individually referred to as a "Reporting Person" and collectively as the "Reporting Persons" or the "Ares Entities." This Schedule 13D is filed on behalf of: Ares Management LLC Ares Capital Corporation Ares Private Credit Solutions, L.P. Ares PCS Holdings Inc. Ares Capital Management LLC ASOF II Holdings II, L.P. ASOF II A (DE) Holdings III, L.P. ASOF FG Holdings, L.P. ASOF Investment Management LLC Ares Centre Street Partnership, L.P. Ares Centre Street Management, L.P. Ares Management Holdings L.P. Ares Holdco LLC Ares Management Corporation Ares Management GP LLC Ares Voting LLC Ares Partners Holdco LLC Schedule A hereto sets forth the information required to be disclosed in response to General Instruction C to Schedule 13D with respect to the officers and directors of Ares Partners Holdco LLC (such persons, the "Related Persons")
(b)	The address of the principal office of each of the Reporting Persons and Related Persons is c/o Ares Management LLC, 1800 Avenue of the Stars, Suite 1400, Los Angeles, California 90067.
(c)	The Reporting Persons are either holding companies without operations or are principally engaged in the business of investment management or making, purchasing, selling and holding investments. The present principal occupation for each of the Related Persons is set forth on Schedule A.
(d)	During the last five years, none of the Reporting Persons or Related Persons has been convicted in any criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	During the last five years, none of the Reporting Persons or Related Persons has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	Ares Capital Corporation is organized in the State of Maryland. Each of the remaining Reporting Persons is organized in the State of Delaware. Each of the Related Persons is a citizen of the United States of America.
Item 3.	Source and Amount of Funds or Other Consideration
	The information set forth in Item 4 of this Schedule 13D is incorporated by reference into this Item 3. The Reporting Persons purchased 312,738 Class B Units using working capital for an aggregate consideration of $75,036,400. On March 16, 2026, the Issuer elected to convert all outstanding Class B Units into Class A Units at a conversion factor of 5 Class A Units for every 1 Class B Unit. As a result, the Reporting Persons acquired an aggregate of 1,563,690 Class A Units.
Item 4.	Purpose of Transaction
	Class A Unit Conversion On March 16, 2026, the Issuer elected to convert all outstanding Class B Units into Class A Units at a conversion factor of 5 Class A Units for every 1 Class B Unit. As a result, the Reporting Persons acquired an aggregate of 1,563,690 Class A Units. General The Reporting Persons acquired the securities described in this Schedule 13D for investment purposes and they intend to review their investments in the Issuer on a continuing basis. Any actions the Reporting Persons might undertake will be dependent upon the Reporting Persons' review of numerous factors, including, but not limited to: an ongoing evaluation of the Issuer's business, financial condition, operations and prospects; price levels of the Issuer's securities; general market, industry and economic conditions; the relative attractiveness of alternative business and investment opportunities; and other future developments. The Reporting Persons, as holders of Class A Units and, in the case of certain Reporting Persons, debt and Preferred Units of the Issuer, may acquire additional securities of the Issuer, or retain or sell all or a portion of the securities then held, in the open market or in privately negotiated transactions. The Reporting Persons may also enter into financial instruments or other agreements with institutional or other counterparties that would increase or decrease the Reporting Persons' economic exposure with respect to their investment in the Issuer, which instruments or agreements may or may not affect the Reporting Persons' beneficial ownership in securities of the Issuer. In addition, the Reporting Persons, as well as Craig Snyder, the Co-Head of Opportunistic Credit and Co-Portfolio Manager of Special Opportunities in the Ares Credit Group, in his position as a director of the Issuer, may engage in discussions with management, the Board, other securityholders of the Issuer and other relevant parties or encourage, cause or seek to cause the Issuer or such persons to consider or explore extraordinary corporate transactions, such as: a merger, reorganization or take-private transaction that could result in the de-listing or de-registration of the Class A Units; security offerings and/or securities repurchases by the Issuer; sales or acquisitions of assets or businesses; changes to the capitalization or dividend policy of the Issuer; or other material changes to the Issuer's business or corporate structure, including changes in management or the composition of the Board. To facilitate their consideration of such matters, the Reporting Persons may retain consultants and advisors and may enter into discussions with potential sources of capital and other third parties. The Reporting Persons may exchange information with any such persons pursuant to appropriate confidentiality or similar agreements. The Reporting Persons will likely take some or all of the foregoing steps at preliminary stages in their consideration of various possible courses of action before forming any intention to pursue any particular plan or direction. Other than as described above, the Reporting Persons do not currently have any plans or proposals that relate to, or would result in, any of the matters listed in Items 4(a)-(j) of Schedule 13D, although, depending on the factors discussed herein, the Reporting Persons may change their purpose or formulate different plans or proposals with respect thereto at any time.
Item 5.	Interest in Securities of the Issuer
(a)	The information contained on the cover pages is incorporated by reference to this Item 5. The percentages on the cover pages are based on 11,357,605 Class A Units outstanding, which includes 4,857,605 Class A Units outstanding as of February 27, 2026, as disclosed in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on March 5, 2026 plus an additional 6,500,000 Class A Units issued upon the conversion of all Class B Units, as disclosed in the Issuer's Current Report on Form 8-K filed on March 16, 2026.
(b)	The information contained on the cover pages is incorporated by reference to this Item 5. The amounts reported herein include: (i) 154,070 Class A Units held by ASOF II Holdings II, L.P., (ii) 27,775 Class A Units held by ASOF II A (DE) Holdings III, L.P., (iii) 476,770 Class A Units held by Ares Capital Corporation, (iv) 600,000 Class A Units held by ASOF FG Holdings, L.P., (v) 102,300 Class A Units held by Ares Private Credit Solutions, L.P., (vi) 185,940 Class A Units held by Ares PCS Holdings Inc., and (vii) 7,715 Class A Units held by Ares Centre Street Partnership, L.P. Also includes 9,120 Class A Units (the "Managed Units") held by an account managed or subadvised by Ares Management LLC with respect to which the Ares Entities (as defined above) may be deemed to have shared voting or dispositive power. Ares Partners Holdco LLC ("Ares Partners") is the sole member of each of Ares Voting LLC and Ares Management GP LLC, which are respectively the holders of the Class B and Class C common stock of Ares Management Corporation ("Ares Management"), which common stock allows them, collectively, to generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. Ares Management is the sole member of Ares Holdco LLC, which is the general partner of Ares Management Holdings L.P., which is the sole member of Ares Management LLC. Ares Management LLC is (i) the sole member of Ares Capital Management LLC, which is (a) the servicer of Ares PCS Holdings Inc., (b) the investment advisor of Ares Capital Corporation, and (c) the manager of Ares Private Credit Solutions, L.P.; (ii) the sole member of ASOF Investment Management LLC, which is the manager of (a) ASOF II Holdings II, L.P., (b) ASOF II A (DE) Holdings III, L.P. and (c) ASOF FG Holdings, L.P.; and (iii) the general partner of Ares Centre Street Management, L.P., which is the investment manager of Ares Centre Street Partnership, L.P. Each of the Ares Entities may be deemed to share beneficial ownership of the securities reported herein, but each disclaims any such beneficial ownership of securities not held of record by them. 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 (collectively, the "Board Members"). Mr. Ressler generally has veto authority over Board Members' decisions. Each of these individuals disclaims beneficial ownership of the securities that may be deemed to be beneficially owned by Ares Partners.
(c)	Except as set forth in Items 4 above, during the past 60 days, none of the Reporting Persons or the Related Persons have effected any transactions in the Class A Units.
(d)	None.
(e)	Not applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Except as set forth herein, none of the Reporting Persons or Related Persons has any contracts, arrangements, understandings or relationships (legal or otherwise) with any person with respect to any securities of the Issuer, including but not limited to any contracts, arrangements, understandings or relationships concerning the transfer or voting of such securities, finder's fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or losses, or the giving or withholding of proxies.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 1: Joint Filing Agreement Exhibit 2: Schedule A

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 Management LLC

Signature:	/s/ Anton Feingold
Name/Title:	Anton Feingold, Authorized Signatory
Date:	03/23/2026

Ares Capital Corporation

Signature:	By: Ares Capital Management LLC, its investment advisor, By: Ares Management LLC, its sole member, By: /s/ Ian Fitzgerald
Name/Title:	Ian Fitzgerald, Authorized Signatory
Date:	03/23/2026

Ares Private Credit Solutions, L.P.

Signature:	By: Ares Capital Management LLC, its manager, By: Ares Management LLC, its sole member, By: /s/ Ian Fitzgerald
Name/Title:	Ian Fitzgerald, Authorized Signatory
Date:	03/23/2026

Ares PCS Holdings Inc.

Signature:	By: Ares Capital Management LLC, its servicer, By: Ares Management LLC, its sole member, By: /s/ Ian Fitzgerald
Name/Title:	Ian Fitzgerald, Authorized Signatory
Date:	03/23/2026

Ares Capital Management LLC

Signature:	By: Ares Management LLC, its sole member, By: /s/ Ian Fitzgerald
Name/Title:	Ian Fitzgerald, Authorized Signatory
Date:	03/23/2026

ASOF II Holdings II, L.P.

Signature:	By: ASOF Investment Management LLC, its manager, By: /s/ Evan Hoole
Name/Title:	Evan Hoole, Authorized Signatory
Date:	03/23/2026

ASOF II A (DE) Holdings III, L.P.

Signature:	By: ASOF Investment Management LLC, its manager, By: /s/ Evan Hoole
Name/Title:	Evan Hoole, Authorized Signatory
Date:	03/23/2026

ASOF FG Holdings, L.P.

Signature:	By: ASOF Investment Management LLC, its manager, By: /s/ Evan Hoole
Name/Title:	Evan Hoole, Authorized Signatory
Date:	03/23/2026

ASOF Investment Management LLC

Signature:	By: /s/ Evan Hoole
Name/Title:	Evan Hoole, Authorized Signatory
Date:	03/23/2026

Ares Centre Street Partnership, L.P.

Signature:	By: Ares Centre Street Management, L.P., its investment manager, By: Ares Management LLC, its general partner, By: /s/ Ian Fitzgerald
Name/Title:	Ian Fitzgerald, Authorized Signatory
Date:	03/23/2026

Ares Centre Street Management, L.P.

Signature:	By: Ares Management LLC, its general partner, By: /s/ Ian Fitzgerald
Name/Title:	Ian Fitzgerald, Authorized Signatory
Date:	03/23/2026

Ares Management Holdings L.P.

Signature:	By: Ares Holdco LLC, its general partner, By: /s/ Anton Feingold
Name/Title:	Anton Feingold, Authorized Signatory
Date:	03/23/2026

Ares Holdco LLC

Signature:	/s/ Anton Feingold
Name/Title:	Anton Feingold, Authorized Signatory
Date:	03/23/2026

Ares Management Corporation

Signature:	/s/ Anton Feingold
Name/Title:	Anton Feingold, Authorized Signatory
Date:	03/23/2026

Ares Voting LLC

Signature:	By: Ares Partners Holdco LLC, its sole member, By: /s/ Anton Feingold
Name/Title:	Anton Feingold, Authorized Signatory
Date:	03/23/2026

Ares Management GP LLC

Signature:	/s/ Anton Feingold
Name/Title:	Anton Feingold, Authorized Signatory
Date:	03/23/2026

Ares Partners Holdco LLC

Signature:	/s/ Anton Feingold
Name/Title:	Anton Feingold, Authorized Signatory
Date:	03/23/2026

FAQ

What stake do Ares entities report in Ferrellgas Partners (FGPR)?

Ares-affiliated entities report beneficial ownership of 1,563,690 Class A Units of Ferrellgas Partners, L.P., representing about 13.8% of the outstanding Class A Units, based on 11,357,605 units outstanding after conversion of all Class B Units.

How did Ares acquire its Class A Units in Ferrellgas Partners (FGPR)?

Ares entities originally bought 312,738 Class B Units for total consideration of $75,036,400. On March 16, 2026, Ferrellgas converted all Class B Units into Class A Units at a 5‑for‑1 rate, giving the Ares entities 1,563,690 Class A Units.

Why did this Schedule 13D filing occur for Ferrellgas Partners (FGPR)?

The Schedule 13D was filed because Ares-managed entities came to hold a sizable stake in Ferrellgas Class A Units following the mandatory conversion of Class B Units. The filing discloses their ownership, control structure, and potential intentions regarding future actions or strategic discussions.

What are Ares’s stated intentions regarding its Ferrellgas Partners (FGPR) investment?

The Ares entities state they hold the Ferrellgas units for investment purposes and will review their position continuously. They may buy more, sell, use derivatives, or discuss possible mergers, asset deals, capital changes, or board and management changes, but have no specific plans currently.

How many Ferrellgas Partners (FGPR) units are outstanding after the conversion?

The ownership percentages are calculated using 11,357,605 Class A Units outstanding. This figure combines 4,857,605 Class A Units previously outstanding as of February 27, 2026 and an additional 6,500,000 Class A Units issued when all Class B Units were converted.

Which Ares entities directly hold Ferrellgas Partners (FGPR) Class A Units?

Direct holders include ASOF II Holdings II, L.P. (154,070 units), ASOF II A (DE) Holdings III, L.P. (27,775), Ares Capital Corporation (476,770), ASOF FG Holdings, L.P. (600,000), Ares Private Credit Solutions, L.P. (102,300), Ares PCS Holdings Inc. (185,940), and Ares Centre Street Partnership, L.P. (7,715).