SCHEDULE 13G/A 0001104659-19-008758 0001620263 XXXXXXXX LIVE 7 Class A common stock, par value $0.01 per share 12/31/2024 0001176948 Ares Management Corporation 03990B101 1800 Ave of the Stars Suite 1400 Los Angeles CA 90067 Rule 13d-1(d) Ares Partners Holdco LLC b DE 0.00 116968418.00 0.00 116968418.00 116968418.00 N 37.4 OO The reported securities represent (i) 7,161,729 shares of Class A common stock, par value $0.01 per share, of the Issuer ("Class A Shares") and (ii) 109,806,689 partnership units of Ares Holdings L.P., which are convertible one for one into Class A Shares, subject to certain restrictions ("AOG Units"). The percent of class is calculated based on (i) 203,362,482 Class A Shares outstanding on December 31, 2024, based on information provided by the Issuer, as increased by (ii) 109,806,689 Class A Shares issuable upon conversion of 109,806,689 AOG Units held by Ares Owners Holdings L.P. ("Ares Owners"). Ares Owners Holdings L.P. b DE 0.00 116968418.00 0.00 116968418.00 116968418.00 N 37.4 PN The reported securities represent (i) 7,161,729 Class A Shares and (ii) 109,806,689 Class A Shares issuable upon conversion of 109,806,689 AOG Units. The percent of class is calculated based on (i) 203,362,482 Class A Shares outstanding on December 31, 2024, based on information provided by the Issuer, as increased by (ii) 109,806,689 Class A Shares issuable upon the conversion of 109,806,689 AOG Units held by Ares Owners. Ares Management Corporation 1800 Avenue of the Stars Suite 1400 Los Angeles, CA, 90067 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" and, together with Ares Partners, the "Ares Filing Persons") 1800 Avenue of the Stars, Suite 1400 Los Angeles, California 90067 See responses to Item 4 on each cover page. Y See responses to Item 9 on each cover page. The securities reported on this Schedule 13G include an aggregate of 7,161,729 Class A Shares held by Ares Owners and an aggregate of 109,806,689 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 121,252,571 Class A Shares in the aggregate, including shares that may be acquired upon the exchange of AOG Units held by Ares Owners and Class A Shares that may be acquired by the individual Board Members upon the vesting of Restricted Stock Units ("RSUs") held by such Board Member, representing 38.4% of the outstanding Class A Shares (based on 203,362,482 outstanding shares and assuming the exchange of such AOG Units and the vesting of such RSUs). See responses to Item 11 on each cover page. The percentages reflected on the cover pages to this Schedule 13G are calculated based on (i) an aggregate of 203,362,482 Class A Shares outstanding as of December 31, 2024, as reported by the Issuer, as increased by (ii) 109,806,689 Class A Shares issuable in respect of 109,806,689 AOG Units held by Ares Owners. See responses to Item 5 on each cover page. See responses to Item 6 on each cover page. See responses to Item 7 on each cover page. See responses to Item 8 on each cover page. Y N The limited partners of Ares Owners have the right to receive dividends from, or proceeds from the sale of, the Class A Shares that are held of record by Ares Owners on behalf of such limited partner. Ares Owners holds greater than 5% of the Class A Shares on behalf of Mr. Ressler, or on behalf of a vehicle Mr. Ressler controls. No other person has the right to receive dividends from, or the proceeds from the sale of, more than five percent of the Class A Shares. Calculated as of December 31, 2024, Ares Owners holds the following amounts of Class A Shares and AOG Units on behalf of the individual Board Members, or on behalf of a vehicle controlled by such Board Member, in their capacity as limited partners of Ares Owners: Board Member Class A Shares AOG Units Total Michael J Arougheti 0 9,021,596 9,021,596 R. Kipp deVeer 0 1,210,409 1,210,409 David B. Kaplan 1,150,052 8,421,596 9,571,648 Antony P. Ressler 4,625,625 49,764,375 54,390,000 Bennett Rosenthal 1,076,052 8,421,596 9,497,648 Y Y Y Y https://www.sec.gov/Archives/edgar/data/1620263/000110465919008758/a19-4665_8ex99d1.htm Ares Partners Holdco LLC /s/ Anton Feingold 02/14/2025 Ares Owners Holdings L.P. /s/ Anton Feingold 02/14/2025