# EDGAR Filing Document

**Accession Number:** 0001176948
**File Stem:** 0001104659-25-076940
**Filing Date:** 2025-8
**Character Count:** 13214
**Document Hash:** 2ca84d8b2e36dab03d0ed6ecbc66da0b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-076940.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0001104659-25-076940

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250812

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ares Management Corp
- **CENTRAL INDEX KEY:** 0001176948
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 954656677
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-90773
- **FILM NUMBER:** 251208113

**BUSINESS ADDRESS:**
- **STREET 1:** 1800 AVE OF THE STARS
- **STREET 2:** SUITE 1400
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90067
- **BUSINESS PHONE:** 3102014100

**MAIL ADDRESS:**
- **STREET 1:** 1800 AVE OF THE STARS
- **STREET 2:** SUITE 1400
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90067

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ARES MANAGEMENT LP
- **DATE OF NAME CHANGE:** 20020701
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ares Partners Holdco LLC
- **CENTRAL INDEX KEY:** 0001620263

**ORGANIZATION NAME:**
- **EIN:** 465192240
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** 1800 AVENUE OF THE STARS
- **STREET 2:** SUITE 1400
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90067
- **BUSINESS PHONE:** 310-201-4100

**MAIL ADDRESS:**
- **STREET 1:** 1800 AVENUE OF THE STARS
- **STREET 2:** SUITE 1400
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90067

## Ex-99.A

**Exhibit A**

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 Mr. Ressler, or on behalf of a vehicle Mr. Ressler 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. Calculated as of June 30, 2025, Ares Owners holds the following amounts of Class A Shares and AOG Units on behalf of the individual Board Members, or on behalf of a vehicle controlled by such Board Member, in their capacity as limited partners of Ares Owners:

---

| | | | |
|:---|:---|:---|:---|
| **Board Member** | **Class A Shares** | **AOG Units** | **Total** |
| Michael J Arougheti | 0 | 8431596 | 8431596 |
| R. Kipp deVeer | 0 | 1210409 | 1210409 |
| David B. Kaplan | 1025052 | 8321596 | 9346648 |
| Antony P. Ressler | 4935625 | 49764375 | 54700000 |
| Bennett Rosenthal | 1076052 | 8196596 | 9272648 |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**(Amendment No. 8)**

**Issuer:** Ares Management Corporation

**Title of Class of Securities:** Class A common stock, par value $0.01 per share

**CUSIP Number:** 03990B101

**Date of Event Which Requires Filing of this Statement:** 06/30/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [ ] Rule 13d-1(b)

- [ ] Rule 13d-1(c)

- [x] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>Ares Partners Holdco LLC | Names of Reporting Persons<br>Ares Partners Holdco LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>114319098.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>114319098.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>114319098.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>114319098.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>35.0% | Percent of Class Represented by Amount in Row (9)<br>35.0% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>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").

---

| 1. | Names of Reporting Persons<br>Ares Owners Holdings L.P. | Names of Reporting Persons<br>Ares Owners Holdings L.P. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>114319098.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>114319098.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>114319098.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>114319098.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>35.0% | Percent of Class Represented by Amount in Row (9)<br>35.0% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>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.

---

**Item 1(a). Name of Issuer:**
Ares Management Corporation

**Item 1(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")

**Item 2(b). Address of Principal Business Office:**
1800 Avenue of the Stars, Suite 1400
Los Angeles, California 90067

**Item 2(c). Citizenship:**
See responses to Item 4 on each cover page.

**Item 2(d). Title of Class of Securities:**
Class A common stock, par value $0.01 per share

**Item 2(e). CUSIP Number:**
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 Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

See Exhibit A.

**Item 7. Identification and Classification of the Subsidiary**

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. Certification:**

—

### 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**

**Date:** 08/12/2025

**By:** /s/ Anton Feingold

**Name & Title:** Anton Feingold/Authorized Signatory

**Ares Owners Holdings L.P.**

**Date:** 08/12/2025

**By:** /s/ Anton Feingold

**Name & Title:** Anton Feingold/Authorized Signatory