SCHEDULE 13G/A 0001140361-24-046639 0001512805 XXXXXXXX LIVE 1 Class A ordinary shares, $0.0001 par value per share 03/31/2025 0001853138 Ares Acquisition Corp II G33033104 245 Park Avenue, 44th Floor New York NY 10167 Rule 13d-1(b) Westchester Capital Management, LLC b DE 138222 3813198 138222 3813198 3951420 N 7.9 IA * Based on 50,000,000 Shares outstanding as of March 6, 2025, as reported in the Issuer's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 12, 2025. Virtus Investment Advisers, LLC DE 0 3813198 0 3813198 3813198 N 7.63 IA * Based on 50,000,000 Shares outstanding as of March 6, 2025, as reported in the Issuer's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 12, 2025. The amounts reported on this page are also included in the amounts reported by Westchester Capital Management, LLC on this Schedule 13G. The Merger Fund MA 0 3761422 0 3761422 3761422 N 7.52 IV * Based on 50,000,000 Shares outstanding as of March 6, 2025, as reported in the Issuer's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 12, 2025. The amounts reported on this page are also included in the amounts reported by Virtus Investment Advisers, LLC on this Schedule 13G. Ares Acquisition Corp II 245 Park Avenue, 44th Floor, New York, New York, 10167 This statement is being filed jointly by the following (each, a "Reporting Person," and collectively, the "Reporting Persons"): Westchester Capital Management, LLC ("Westchester"), a Delaware limited liability company, Virtus Investment Advisers, LLC ("Virtus"), a Delaware limited liability company, and The Merger Fund ("MF"), a Massachusetts business trust. Virtus, a registered investment adviser, serves as the investment adviser to MF and Virtus Westchester Credit Event Fund ("CEF"). Westchester, a registered investment adviser, serves as sub-advisor to each of MF, CEF and JNL Multi-Manager Alternative Fund ("JARB" together with MF and CEF, the "Funds"). The Funds directly hold Ordinary Shares of the Company for the benefit of the investors in those Funds. Mr. Roy Behren and Mr. Michael T. Shannon each serve as Co-Presidents of Westchester. Westchester Capital Management, LLC 100 Summit Lake Drive, Valhalla, NY 10595 Virtus Investment Advisers, LLC One Financial Plaza, Hartford, CT 06103 The Merger Fund 101 Munson Street, Greenfield, MA 01301-9683 Each of Westchester and Virtus are organized under the laws of the State of Delaware. MF is organized under the laws of the State of Massachusetts. N IA IV Westchester Capital Management, LLC: 3,951,420 Virtus Investment Advisers, LLC: 3,813,198 The Merger Fund: 3,761,422 Westchester Capital Management, LLC: 7.90% Virtus Investment Advisers, LLC: 7.63% The Merger Fund: 7.52% Westchester Capital Management, LLC: 138,222 Virtus Investment Advisers, LLC: 0 The Merger Fund: 0 Westchester Capital Management, LLC: 3,813,198 Virtus Investment Advisers, LLC: 3,813,198 The Merger Fund: 3,761,422 Westchester Capital Management, LLC: 138,222 Virtus Investment Advisers, LLC: 0 The Merger Fund: 0 Westchester Capital Management, LLC: 3,813,198 Virtus Investment Advisers, LLC: 3,813,198 The Merger Fund: 3,761,422 Y Y Y Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. Westchester Capital Management, LLC /s/ CaSaundra Wu 05/14/2025 Virtus Investment Advisers, LLC /s/ Chetram Persaud 05/14/2025 The Merger Fund /s/ Daphne Chisolm 05/14/2025