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).
1. Name and Address of Reporting Person*
KAPLAN DAVID B
(Last) (First) (Middle)
2000 AVENUE OF THE STARS
12TH FLOOR
(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
3. Date of Earliest Transaction (Month/Day/Year)
10/02/2023
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 10/02/2023 S(1) 70,398 D $102.46(2) 29,602 I By Trently Holdings, LLC
Class A Common Stock 10/02/2023 S(1) 7,160 D $103.16(3) 22,442 I By Trently Holdings, LLC
Class A Common Stock 10/03/2023 S(1) 6,410 D $99.42(4) 16,032 I By Trently Holdings, LLC
Class A Common Stock 10/03/2023 S(1) 12,294 D $100.08(5) 3,738 I By Trently Holdings, LLC
Class A Common Stock 10/03/2023 S(1) 3,638 D $101.28(6) 100 I By Trently Holdings, LLC
Class A Common Stock 10/03/2023 S(1) 100 D $101.82(7) 0 I By Trently Holdings, LLC
Class A Common Stock 1,180,052 I By Ares Owners Holdings L.P.(8)
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
Explanation of Responses:
1. This transaction was effected pursuant to a 10b5-1 trading plan adopted on May 12, 2023 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 October 2, 2023 in multiple transactions at prices ranging from $101.92 to $102.91. 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 and 7.
3. The price reported in Column 4 is a weighted average price. These shares were sold on October 2, 2023 in multiple transactions at prices ranging from $102.92 to $103.69.
4. The price reported in Column 4 is a weighted average price. These shares were sold on October 3, 2023 in multiple transactions at prices ranging from $98.81 to $99.80.
5. The price reported in Column 4 is a weighted average price. These shares were sold on October 3, 2023 in multiple transactions at prices ranging from $99.82 to $100.77.
6. The price reported in Column 4 is a weighted average price. These shares were sold on October 3, 2023 in multiple transactions at prices ranging from $100.82 to $101.80.
7. The price reported in Column 4 is a weighted average price. These shares were sold on October 3, 2023 in multiple transactions at prices ranging from $101.82 to $101.84.
8. 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.
Remarks:
/s/ Naseem Sagati Aghili, by power of attorney 10/04/2023
** 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.