SEC Form 4
FORM 4 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
or Section 30(h) of the Investment Company Act of 1940
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 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
X
 Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Rosenthal Bennett
(Last) (First) (Middle)
1800 AVENUE OF THE STARS
SUITE 1400
(Street)
LOS ANGELES CA 90067
(City) (State) (Zip)
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
3. Date of Earliest Transaction (Month/Day/Year)
11/15/2024
4. If Amendment, Date of 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)
Code V Amount (A) or (D) Price
Class A Common Stock 11/15/2024 C 250,000 A $0 250,000 I By BAR Holdings, LLC
Class A Common Stock 11/15/2024 S(1) 17,157 D $167.34(2) 232,843 I By BAR Holdings, LLC
Class A Common Stock 11/15/2024 S(1) 2,891 D $168.02(3) 229,952 I By BAR Holdings, LLC
Class A Common Stock 11/18/2024 S(1) 3,600 D $166.71(4) 226,352 I By BAR Holdings, LLC
Class A Common Stock 11/18/2024 S(1) 12,163 D $167.4(5) 214,189 I By BAR Holdings, LLC
Class A Common Stock 11/19/2024 S(1) 1,739 D $166.93(6) 212,450 I By BAR Holdings, LLC
Class A Common Stock 11/19/2024 S(1) 2,400 D $168.42(7) 210,050 I By BAR Holdings, LLC
Class A Common Stock 11/19/2024 S(1) 4,326 D $168.98(8) 205,724 I By BAR Holdings, LLC
Class A Common Stock 11/19/2024 S(1) 12,153 D $170.11(9) 193,571 I By BAR Holdings, LLC
Class A Common Stock 1,076,052 I By Ares Owners Holdings L.P.(10)
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: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Ares Operating Group Units (11) 11/15/2024 C 250,000 (11) (11) Class A Common Stock 250,000 (11) 8,421,596 I By Ares Owners Holdings L.P.(12)
Explanation of Responses:
1. This transaction was effected pursuant to a 10b5-1 trading plan adopted on August 16, 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 November 15, 2024 in multiple transactions at prices ranging from $166.80 to $167.79. 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 and 9.
3. The price reported in Column 4 is a weighted average price. These shares were sold on November 15, 2024 in multiple transactions at prices ranging from $167.81 to $168.35.
4. The price reported in Column 4 is a weighted average price. These shares were sold on November 18, 2024 in multiple transactions at prices ranging from $166.00 to $166.95.
5. The price reported in Column 4 is a weighted average price. These shares were sold on November 18, 2024 in multiple transactions at prices ranging from $167.01 to $167.86.
6. The price reported in Column 4 is a weighted average price. These shares were sold on November 19, 2024 in multiple transactions at prices ranging from $166.28 to $167.24.
7. The price reported in Column 4 is a weighted average price. These shares were sold on November 19, 2024 in multiple transactions at prices ranging from $167.64 to $168.63.
8. The price reported in Column 4 is a weighted average price. These shares were sold on November 19, 2024 in multiple transactions at prices ranging from $168.65 to $169.63.
9. The price reported in Column 4 is a weighted average price. These shares were sold on November 19, 2024 in multiple transactions at prices ranging from $169.65 to $170.35.
10. 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.
11. Pursuant to the terms of the Fifth Amended and Restated Exchange Agreement (the "Exchange Agreement"), dated as of April 1, 2021, 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.
12. 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.
Remarks:
/s/ Anton Feingold, by power of attorney 11/19/2024
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
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