Blair Jacobson - 31 Jan 2026 Form 4/A - Amendment Insider Report for Ares Management Corp (ARES)

Footnote F1

The 300,000 restricted units reported on the original Form 4 filed with the Securities and Exchange Commission on February 3, 2026 (the "Original Form 4") included 100,000 performance-based restricted units that the Issuer's reporting persons have historically reported in Table II. Accordingly, this Statement is being filed to amend the Original Form 4, not to correct any error, but to clarify the reporting person's beneficial ownership and reflect such performance-based restricted units in Table II, consistent with past practice for the Issuer's reporting persons.

Footnote F2

Granted under an equity incentive plan of Ares Management Corporation. Each restricted unit represents the right to receive one share of Class A Common Stock upon vesting. The restrictions on such units are scheduled to lapse in four equal installments on January 31, 2028, 2029, 2030 and 2031.

Footnote F3

Includes 621,860 restricted units granted under an equity incentive plan of Ares Management Corporation. Each restricted unit represents the right to receive one share of Class A Common Stock upon vesting. The restricted units vest in installments in accordance with the applicable restricted unit award agreement.

Footnote F4

Consists of Class A Common Stock withheld by the Issuer in order to satisfy the minimum tax withholding obligations of the reporting person arising in connection with the vesting of restricted units representing the right to receive one share of Class A Common Stock under an equity incentive plan of Ares Management Corporation. Each restricted unit represents the right to receive one share of Class A Common Stock upon vesting.

Footnote F5

Includes 521,860 restricted units granted under an equity incentive plan of Ares Management Corporation. Each restricted unit represents the right to receive one share of Class A Common Stock upon vesting. The restricted units vest in installments in accordance with the applicable restricted unit award agreement.

Footnote F6

The restricted units were granted on January 31, 2026 pursuant to an equity incentive plan of Ares Management Corporation, each of which represents the right to receive one share of Class A Common Stock upon vesting. The restricted units are subject to market price-based vesting conditions as follows: (i) 33,334 units will vest if, over all trading days that occur during any 30 consecutive calendar day period on or prior to January 31, 2034, the volume-weighted average price per share of Class A Common Stock is at least $191.67; (Continued in footnote 7)

Footnote F7

(ii) 33,333 units will vest if, over all trading days that occur during any 30 consecutive calendar day period on or prior to January 31, 2034, the volume-weighted average price per share of Class A Common Stock is at least $221.67; and (iii) 33,333 units will vest if, over all trading days that occur during any 30 consecutive calendar day period on or prior to January 31, 2034, the volume-weighted average price per share of Class A Common Stock is at least $251.67, in each case generally subject to the reporting person's continued service through the applicable vesting date.