Michael J. Arougheti - 18 Dec 2025 Form 4 Insider Report for Ares Management Corp (ARES)

Role: Co-Founder and CEO, Director
Signature: /s/ Anton Feingold, by power of attorney
Issuer symbol: ARES
Transactions as of: 18 Dec 2025
Net transactions value: $0
Form type: 4
Filing time: 19 Dec 2025, 19:59:05 UTC
Previous filing: 01 Dec 2025
Next filing: 03 Feb 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Arougheti Michael J	Co-Founder and CEO, Director	1800 AVENUE OF THE STARS, SUITE 1400, LOS ANGELES	/s/ Anton Feingold, by power of attorney	19 Dec 2025	0001304471

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	ARES	Ares Operating Group Units	Gift	$0	-425,000	-5.9%	$0.000000	6,826,596	18 Dec 2025	Class A Common Stock	425,000		By Ares Owners Holdings L.P.	F1, F2, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Pursuant to the terms of the Sixth Amended and Restated Exchange Agreement (the "Exchange Agreement"), dated as of May 8, 2025, among Ares Management Corporation, Ares Holdings L.P. and each Ares Operating Group Limited Partner (as defined in the Exchange Agreement), and subject to certain requirements and restrictions, the partnership units of the Ares Operating Group ("AOG Units") are exchangeable for shares of Class A Common Stock on a one-for-one basis.
F2	Represents the number of AOG Units which were donated to a charity by the Reporting Person on December 18, 2025.
F3	The reporting person or a vehicle controlled by him is a limited partner in Ares Owners Holdings L.P. ("AOH"), the direct holder of the shares of AOG Units. The AOG Units indirectly held by the reporting person are the number of AOG Units that he has a right to receive as a limited partner in AOH.