UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F COVER PAGE
OMB APPROVAL
OMB Number:3235-0006
Expires:July 31, 2015
Estimated average burden
hours per response:23.8
Report for the Calendar Year or Quarter Ended:
09-30-2025
Check here if Amendment: ☐ Amendment Number:
This Amendment (Check only one.):☐ is a restatement.
☐ adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:
ARES MANAGEMENT LLC
Address:
1800 AVENUE OF THE STARS
SUITE 1400
LOS ANGELES, CA 90067
Form 13F File Number:
028-12990

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.


Person Signing this Report on Behalf of Reporting Manager:
Name:
Richa Gulati
Title:
Chief Compliance Officer
Phone:
646-960-3838


Signature, Place, and Date of Signing:

/s/ Richa Gulati
                         [Signature]
New York, NEW YORK
                 [City, State]
11-14-2025
                           [Date]
                          

Report Type (Check only one.):

☒ 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) 

☐ 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) 

☐ 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)


Form 13F Summary Page

Report Summary:

Number of Other Included Managers:
4
Form 13F Information table Entry Total:
35
Form 13F Information table Value Total:
2202710208
          (thousands)

List of Other Included Managers:

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.
[If there are no entries in this list, state "NONE" and omit the column headings and list entries.]

No.Form 13F File NumberNameCIK
1
028-18057
ACOF Investment Management LLC
0001684171
2
028-18943
ASSF Operating Manager IV, L.P.
0001683967
3
028-21339
ASOF Investment Management LLC
0001793548
4
028-17562
Ares Capital Management III LLC
0001684755


UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number:3235-0006
Expires:July 31, 2015
Estimated average burden
hours per response:23.8
COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
Altice USA IncCL A02156K1038,549,4223,547,478SHDFND33,547,478 0 0
Ares Capital CorpCOM04010L10341,929,8142,054,376SHDFND42,054,376 0 0
ARKO CorpCOM0412421089,642,7002,110,000SHDFND2,110,000 0 0
ARKO Corp*W EXP 12/22/20204124211610,2301,100,000SHDFND1,100,000 0 0
Bain Capital Specialty Finance IncCOM STK05684B107977,47968,595SHDFND468,595 0 0
Barings BDC IncCOM06759L10333,262,7013,797,112SHDFND43,797,112 0 0
Black Rock Coffee Bar IncCL A0922441025,981,129250,676SHDFND250,676 0 0
Blackstone Secured Lending FundCOMMON STOCK09261X10221,406,077821,100SHDFND4821,100 0 0
Blue Owl Capital Corp.COM69121K10431,771,3002,487,964SHDFND42,487,964 0 0
Blue Owl Technology Fin CorpCOMMON STOCK0959241067,449,864539,064SHDFND4539,064 0 0
Clear Channel Outdoor HldgsCOM18453H10665,092,03641,197,491SHDFND1, 2, 341,197,491 0 0
Crescent Capital BDC IncCOM2256551097,363,992516,409SHDFND4516,409 0 0
FS KKR Cap CorpCOM30263520619,117,5961,280,482SHDFND41,280,482 0 0
Global Business Travel GroupCOM CL A37890B100112,199,06613,886,023SHDFND313,886,023 0 0
Goldman Sachs BDC IncSHS38147U1078,119,942798,421SHDFND4798,421 0 0
Golub Capital BDC IncCOM38173M10235,199,8652,571,210SHDFND42,571,210 0 0
Hercules Capital IncCOM4270965083,812,369201,606SHDFND4201,606 0 0
Midcap Financial Invstmnt CoCOM NEW03761U5026,540,929545,532SHDFND4545,532 0 0
MSC Income Fund IncCOM55374X2085,362,200408,393SHDFND4408,393 0 0
Multiplan CorpCL A NEW62548M20998,893,6141,863,105SHDFND31,863,105 0 0
New Mtn Fin CorpCOM6475511005,749,016596,371SHDFND4596,371 0 0
Nuveen Churchill Direct LendingCOM SHS67090S1081,727,153125,156SHDFND4125,156 0 0
Oaktree Specialty Lending CorpCOM67401P40525,386,2301,945,305SHDFND41,945,305 0 0
OPAL Fuels IncCLASS A COM68347P1036,730,9733,059,533SHDFND3,059,533 0 0
Rent the Runway, Inc.CL A NEW76010Y202835,058169,383SHDFND1169,383 0 0
Runway Growth Finance CorpCOM78163D1004,428,592435,885SHDFND4435,885 0 0
Savers Value Village IncCOM80517M1091,556,201,741117,449,188SHDFND1, 2, 3117,449,188 0 0
Sixth Street Specialty Lending IncCOM83012A10931,884,6481,394,779SHDFND41,394,779 0 0
SLR Investment CorpCOM83413U1002,117,696138,502SHDFND4138,502 0 0
SPDR Series TrustS&P HOMEBUILD78464A88822,160,000200,000SHPutDFND200,000 0 0
Tempus AI Inc.CL A88023B10313,267,352164,383SHDFND164,383 0 0
Trinity Cap IncCOM8964423088,447,792545,723SHDFND4545,723 0 0
Uniti Group LLCCOM SHS91293210028,60014,518SHDFND14,518 0 0
Xchange Tec. IncSPONS ADS CL A74738J508217419,729SHDFND419,729 0 0
Yunji IncSPONSORED ADS A98873N3051,062,815215,800,000SHDFND215,800,000 0 0