Arougheti Michael J Form 4 Filed 2025-05-22

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 ^*

Arougheti Michael J

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 and CEO

(Last)

(First)

(Middle)

1800 AVENUE OF THE STARS, SUITE 1400

3. Date of Earliest Transaction (Month/Day/Year)
05/20/2025

(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	05/20/2025		S⁽¹⁾		88,490	D	$165.91⁽²⁾	169,010	I	By Atticus Enterprises LLC
Class A Common Stock	05/20/2025		S⁽¹⁾		51,970	D	$166.93⁽³⁾	117,040	I	By Atticus Enterprises LLC
Class A Common Stock	05/20/2025		S⁽¹⁾		9,540	D	$167.59⁽⁴⁾	107,500	I	By Atticus Enterprises LLC
Class A Common Stock	05/21/2025		S⁽¹⁾		45,242	D	$159.25⁽⁵⁾	62,258	I	By Atticus Enterprises LLC
Class A Common Stock	05/21/2025		S⁽¹⁾		5,732	D	$160.44⁽⁶⁾	56,526	I	By Atticus Enterprises LLC
Class A Common Stock	05/21/2025		S⁽¹⁾		11,060	D	$161.33⁽⁷⁾	45,466	I	By Atticus Enterprises LLC
Class A Common Stock	05/21/2025		S⁽¹⁾		4,501	D	$162.42⁽⁸⁾	40,965	I	By Atticus Enterprises LLC
Class A Common Stock	05/21/2025		S⁽¹⁾		33,202	D	$163.49⁽⁹⁾	7,763	I	By Atticus Enterprises LLC
Class A Common Stock	05/21/2025		S⁽¹⁾		7,763	D	$164.4⁽¹⁰⁾	0	I	By Atticus Enterprises LLC
Class A Common Stock								1,400,000⁽¹¹⁾	D

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

Explanation of Responses:

1.	This transaction was effected pursuant to a 10b5-1 trading plan adopted on December 13, 2024 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 20, 2025 in multiple transactions at prices ranging from $165.35 to $166.31. 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, 6, 7, 8, 9 and 10.
3.	The price reported in Column 4 is a weighted average price. These shares were sold on May 20, 2025 in multiple transactions at prices ranging from $166.38 to $167.37.
4.	The price reported in Column 4 is a weighted average price. These shares were sold on May 20, 2025 in multiple transactions at prices ranging from $167.38 to $167.87.
5.	The price reported in Column 4 is a weighted average price. These shares were sold on May 21, 2025 in multiple transactions at prices ranging from $158.98 to $159.92.
6.	The price reported in Column 4 is a weighted average price. These shares were sold on May 21, 2025 in multiple transactions at prices ranging from $159.98 to $160.96.
7.	The price reported in Column 4 is a weighted average price. These shares were sold on May 21, 2025 in multiple transactions at prices ranging from $160.98 to $161.96.
8.	The price reported in Column 4 is a weighted average price. These shares were sold on May 21, 2025 in multiple transactions at prices ranging from $161.98 to $162.97.
9.	The price reported in Column 4 is a weighted average price. These shares were sold on May 21, 2025 in multiple transactions at prices ranging from $162.98 to $163.97.
10.	The price reported in Column 4 is a weighted average price. These shares were sold on May 21, 2025 in multiple transactions at prices ranging from $163.98 to $164.73.
11.	Represents 1,400,000 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.

	Signatures
	/s/ Naseem Sagati Aghili, by power of attorney	05/22/2025
	** Signature of Reporting Person	Date
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