| Item 1. | |
| (a) | Name of issuer:
Ares Management Corporation |
| (b) | Address of issuer's principal executive offices:
1800 Avenue of the Stars Suite 1400 Los Angeles, CA, 90067 |
| Item 2. | |
| (a) | Name of person filing:
This statement is filed by the entities and persons listed below, each of whom is referred to herein as a "Reporting Person" and together as the "Reporting Persons":
1. Ares Partners Holdco LLC ("Ares Partners")
2. Ares Owners Holdings L.P. ("Ares Owners") |
| (b) | Address or principal business office or, if none, residence:
1800 Avenue of the Stars, Suite 1400
Los Angeles, California 90067 |
| (c) | Citizenship:
See responses to Item 4 on each cover page. |
| (d) | Title of class of securities:
Class A common stock, par value $0.01 per share |
| (e) | CUSIP No.:
03990B101 |
| Item 3. | If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a: |
| (a) |  Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
|
| (b) | Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
|
| (c) | Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
|
| (d) | Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
|
| (e) | An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
|
| (f) | An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
|
| (g) | A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
|
| (h) | A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
|
| (i) | A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
|
| (j) | A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
|
| (k) | Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
|
| | |
| Item 4. | Ownership |
| (a) | Amount beneficially owned:
See responses to Item 9 on each cover page.
The securities reported on this Schedule 13G include an aggregate of 4,281,729 Class A Shares held by Ares Owners and an aggregate of 105,079,121 AOG Units held by Ares Owners. The general partner of Ares Owners is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael J Arougheti, R. Kipp deVeer, David B. Kaplan, Antony P. Ressler and Bennett Rosenthal (each a "Board Member" and collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions of the Board Members. Based on information reported in Statements on Schedule 13G filed by, or information received from, the Board Members, the Class A Shares held by Ares Owners, if aggregated with other Class A Shares beneficially owned by each of the individual Board Members, would equal 112,046,064 Class A Shares in the aggregate, which includes 105,079,121 shares that may be acquired upon the exchange of AOG Units held by Ares Owners, representing an aggregate of 34.2% of the outstanding Class A Shares (based on 221,955,340 outstanding shares as of December 31, 2025, as increased by (i) 105,079,121 Class A Shares issuable in respect of 105,079,121 AOG Units held by Ares Owners and (ii) 246,061 Class A Shares issued to certain of the Board Members on January 31, 2026 upon the vesting of restricted stock units). |
| (b) | Percent of class:
See responses to Item 11 on each cover page.
The percentages reflected on the cover pages to this Schedule 13G are calculated based on an aggregate of 221,955,340 Class A Shares outstanding as of December 31, 2025, as reported by the Issuer, as increased by 105,079,121 Class A Shares issuable in respect of 105,079,121 AOG Units held by Ares Owners. |
| (c) | Number of shares as to which the person has:
|
| | (i) Sole power to vote or to direct the vote:
See responses to Item 5 on each cover page.
|
| | (ii) Shared power to vote or to direct the vote:
See responses to Item 6 on each cover page.
|
| | (iii) Sole power to dispose or to direct the disposition of:
See responses to Item 7 on each cover page.
|
| | (iv) Shared power to dispose or to direct the disposition of:
See responses to Item 8 on each cover page.
|
| Item 5. | Ownership of 5 Percent or Less of a Class. |
| |
Not Applicable
|
| Item 6. | Ownership of more than 5 Percent on Behalf of Another Person. |
| |
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
See Exhibit A. |
| Item 7. | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person. |
| |
Not Applicable
|
| Item 8. | Identification and Classification of Members of the Group. |
| |
Not Applicable
|
| Item 9. | Notice of Dissolution of Group. |
| |
Not Applicable
|
Rule 13d-1(d)