SCHEDULE 13G/A 0001104659-19-008758 0001620263 XXXXXXXX LIVE 9 Class A common stock, par value $0.01 per share 09/30/2025 0001176948 Ares Management Corporation 03990B101 1800 Avenue of the Stars Suite 1400 Los Angeles CA 90067 Rule 13d-1(d) Ares Partners Holdco LLC b DE 0.00 110863589.00 0.00 110863589.00 110863589.00 N 33.9 OO The reported securities represent (i) 4,336,729 shares of Class A common stock, par value $0.01 per share, of the Issuer ("Class A Shares") and (ii) 106,526,860 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) 220,324,704 Class A Shares outstanding on September 30, 2025, based on information provided by the Issuer, as increased by (ii) 106,526,860 Class A Shares issuable upon conversion of 106,526,860 AOG Units held by Ares Owners Holdings L.P. ("Ares Owners"). Ares Owners Holdings L.P. b DE 0.00 110863589.00 0.00 110863589.00 110863589.00 N 33.9 PN The reported securities represent (i) 4,336,729 Class A Shares and (ii) 106,526,860 Class A Shares issuable upon conversion of 106,526,860 AOG Units. The percent of class is calculated based on (i) 220,324,704 Class A Shares outstanding on September 30, 2025, based on information provided by the Issuer, as increased by (ii) 106,526,860 Class A Shares issuable upon conversion of 106,526,860 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 4,336,729 Class A Shares held by Ares Owners and an aggregate of 106,526,860 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 113,247,742 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, within sixty days of September 30, 2025, of Restricted Stock Units ("RSUs") held by such Board Member, representing 34.6% of the outstanding Class A Shares (based on 220,324,704 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 220,324,704 Class A Shares outstanding as of September 30, 2025, as reported by the Issuer, as increased by (ii) 106,526,860 Class A Shares issuable in respect of 106,526,860 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 See Exhibit A. Y Y Y Y https://www.sec.gov/Archives/edgar/data/1620263/000110465919008758/a19-4665_8ex99d1.htm Ares Partners Holdco LLC /s/ Anton Feingold 11/11/2025 Ares Owners Holdings L.P. /s/ Anton Feingold 11/11/2025