Rosenthal Bennett Form 4 Filed 2025-05-19

FORM 4

☐	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person ^*

Rosenthal Bennett

2. Issuer Name and Ticker or Trading Symbol
Ares Management Corp [ARES]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

__X__ Director	_____ 10% Owner
__X__ Officer (give title below)	_____ Other (specify below)
Co-Founder & Chairman of PEG

(Last)

(First)

(Middle)

1800 AVENUE OF THE STARS, SUITE 1400

3. Date of Earliest Transaction (Month/Day/Year)
05/15/2025

(Street)

LOS ANGELES, CA 90067

(City)

(State)

(Zip)

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Filing(Check applicable line)

__X__ Form Filed by One Reporting Person
_____ Form Filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	05/15/2025		C		125,000	A	$ 0	125,000	I	By BAR Holdings, LLC
Class A Common Stock	05/15/2025		S⁽¹⁾		20,822	D	$168.62⁽²⁾	104,178	I	By BAR Holdings, LLC
Class A Common Stock	05/15/2025		S⁽¹⁾		8,848	D	$169.7⁽³⁾	95,330	I	By BAR Holdings, LLC
Class A Common Stock	05/15/2025		S⁽¹⁾		9,100	D	$170.39⁽⁴⁾	86,230	I	By BAR Holdings, LLC
Class A Common Stock	05/15/2025		S⁽¹⁾		700	D	$171.49⁽⁵⁾	85,530	I	By BAR Holdings, LLC
Class A Common Stock	05/15/2025		S⁽¹⁾		530	D	$173.16⁽⁶⁾	85,000	I	By BAR Holdings, LLC
Class A Common Stock								1,076,052	I	By Ares Owners Holdings L.P.⁽⁷⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Ares Operating Group Units

⁽⁸⁾

05/15/2025

125,000

⁽⁸⁾

Class A Common Stock

125,000

⁽⁸⁾

8,196,596

By Ares Owners Holdings L.P.⁽⁹⁾

Explanation of Responses:

1.	This transaction was effected pursuant to a 10b5-1 trading plan adopted on February 13, 2025 by the reporting person, or a vehicle controlled by him.
2.	The price reported in Column 4 is a weighted average price. These shares were sold on May 15, 2025 in multiple transactions at prices ranging from $168.10 to $169.09. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote and footnotes 3, 4, 5 and 6.
3.	The price reported in Column 4 is a weighted average price. These shares were sold on May 15, 2025 in multiple transactions at prices ranging from $169.10 to $170.09.
4.	The price reported in Column 4 is a weighted average price. These shares were sold on May 15, 2025 in multiple transactions at prices ranging from $170.10 to $170.95.
5.	The price reported in Column 4 is a weighted average price. These shares were sold on May 15, 2025 in multiple transactions at prices ranging from $171.11 to $171.93.
6.	The price reported in Column 4 is a weighted average price. These shares were sold on May 15, 2025 in multiple transactions at prices ranging from $173.12 to $173.21.
7.	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 Class A Common Stock. The shares of Class A Common Stock indirectly held by the reporting person or the vehicle are the number of shares of Class A Common Stock that he or the vehicle has a right to receive as a limited partner in AOH.
8.	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.
9.	The reporting person or a vehicle controlled by him is a limited partner in 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.

	Signatures
	/s/ Naseem Sagati Aghili, by power of attorney	05/19/2025
	** Signature of Reporting Person	Date
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