=== SEC Form 4 — Statement of Changes in Beneficial Ownership ===
Document Type: 4
Period of Report: 2026-02-04
10b5-1 Pre-arranged Plan: Yes
--- Issuer ---
Name: Ares Management Corp (ARES)
CIK: 0001176948
--- Reporting Owner ---
Name: Sagati Aghili Naseem
CIK: 0001779014
Role: Officer (General Counsel)
--- Non-Derivative Transactions ---
[Transaction #1]
Security: Class A Common Stock
Date: 2026-02-04 | Code: S (Open market sale)
Shares: -300 | Price: $126.68
Total Value: $38,004.00
Shares Owned After: 330,510 | Ownership: D (Direct)
Footnotes:
[F1] This transaction was effected pursuant to a 10b5-1 trading plan adopted on June 11, 2025 by the reporting person.
[F2] The price reported in Column 4 is a weighted average price. These shares were sold on February 4, 2026 in multiple transactions at prices ranging from $126.41 to $127.21. 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 4, 5, 6, 7 and 8.
[F3] Includes 204,872 restricted units granted under an equity incentive plan of Ares Management Corporation. Each restricted unit represents the right to receive one share of Class A Common Stock upon vesting. The restricted units vest in installments in accordance with the applicable restricted unit award agreement.
[Transaction #2]
Security: Class A Common Stock
Date: 2026-02-04 | Code: S (Open market sale)
Shares: -300 | Price: $128.98
Total Value: $38,694.00
Shares Owned After: 330,210 | Ownership: D (Direct)
Footnotes:
[F1] This transaction was effected pursuant to a 10b5-1 trading plan adopted on June 11, 2025 by the reporting person.
[F4] The price reported in Column 4 is a weighted average price. These shares were sold on February 4, 2026 in multiple transactions at prices ranging from $128.65 to $129.60.
[F3] Includes 204,872 restricted units granted under an equity incentive plan of Ares Management Corporation. Each restricted unit represents the right to receive one share of Class A Common Stock upon vesting. The restricted units vest in installments in accordance with the applicable restricted unit award agreement.
[Transaction #3]
Security: Class A Common Stock
Date: 2026-02-04 | Code: S (Open market sale)
Shares: -100 | Price: $131.61
Total Value: $13,161.00
Shares Owned After: 330,110 | Ownership: D (Direct)
Footnotes:
[F1] This transaction was effected pursuant to a 10b5-1 trading plan adopted on June 11, 2025 by the reporting person.
[F3] Includes 204,872 restricted units granted under an equity incentive plan of Ares Management Corporation. Each restricted unit represents the right to receive one share of Class A Common Stock upon vesting. The restricted units vest in installments in accordance with the applicable restricted unit award agreement.
[Transaction #4]
Security: Class A Common Stock
Date: 2026-02-04 | Code: S (Open market sale)
Shares: -300 | Price: $134.00
Total Value: $40,200.00
Shares Owned After: 329,810 | Ownership: D (Direct)
Footnotes:
[F1] This transaction was effected pursuant to a 10b5-1 trading plan adopted on June 11, 2025 by the reporting person.
[F5] The price reported in Column 4 is a weighted average price. These shares were sold on February 4, 2026 in multiple transactions at prices ranging from $133.47 to $134.27.
[F3] Includes 204,872 restricted units granted under an equity incentive plan of Ares Management Corporation. Each restricted unit represents the right to receive one share of Class A Common Stock upon vesting. The restricted units vest in installments in accordance with the applicable restricted unit award agreement.
[Transaction #5]
Security: Class A Common Stock
Date: 2026-02-04 | Code: S (Open market sale)
Shares: -1,110 | Price: $135.28
Total Value: $150,160.80
Shares Owned After: 328,700 | Ownership: D (Direct)
Footnotes:
[F1] This transaction was effected pursuant to a 10b5-1 trading plan adopted on June 11, 2025 by the reporting person.
[F6] The price reported in Column 4 is a weighted average price. These shares were sold on February 4, 2026 in multiple transactions at prices ranging from $134.78 to $135.76.
[F3] Includes 204,872 restricted units granted under an equity incentive plan of Ares Management Corporation. Each restricted unit represents the right to receive one share of Class A Common Stock upon vesting. The restricted units vest in installments in accordance with the applicable restricted unit award agreement.
[Transaction #6]
Security: Class A Common Stock
Date: 2026-02-04 | Code: S (Open market sale)
Shares: -611 | Price: $136.74
Total Value: $83,548.14
Shares Owned After: 328,089 | Ownership: D (Direct)
Footnotes:
[F1] This transaction was effected pursuant to a 10b5-1 trading plan adopted on June 11, 2025 by the reporting person.
[F7] The price reported in Column 4 is a weighted average price. These shares were sold on February 4, 2026 in multiple transactions at prices ranging from $136.45 to $137.25.
[F3] Includes 204,872 restricted units granted under an equity incentive plan of Ares Management Corporation. Each restricted unit represents the right to receive one share of Class A Common Stock upon vesting. The restricted units vest in installments in accordance with the applicable restricted unit award agreement.
[Transaction #7]
Security: Class A Common Stock
Date: 2026-02-04 | Code: S (Open market sale)
Shares: -1,200 | Price: $137.72
Total Value: $165,264.00
Shares Owned After: 326,889 | Ownership: D (Direct)
Footnotes:
[F1] This transaction was effected pursuant to a 10b5-1 trading plan adopted on June 11, 2025 by the reporting person.
[F8] The price reported in Column 4 is a weighted average price. These shares were sold on February 4, 2026 in multiple transactions at prices ranging from $137.45 to $138.07.
[F3] Includes 204,872 restricted units granted under an equity incentive plan of Ares Management Corporation. Each restricted unit represents the right to receive one share of Class A Common Stock upon vesting. The restricted units vest in installments in accordance with the applicable restricted unit award agreement.
--- Footnotes (Complete Index) ---
F1: This transaction was effected pursuant to a 10b5-1 trading plan adopted on June 11, 2025 by the reporting person.
F2: The price reported in Column 4 is a weighted average price. These shares were sold on February 4, 2026 in multiple transactions at prices ranging from $126.41 to $127.21. 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 4, 5, 6, 7 and 8.
F3: Includes 204,872 restricted units granted under an equity incentive plan of Ares Management Corporation. Each restricted unit represents the right to receive one share of Class A Common Stock upon vesting. The restricted units vest in installments in accordance with the applicable restricted unit award agreement.
F4: The price reported in Column 4 is a weighted average price. These shares were sold on February 4, 2026 in multiple transactions at prices ranging from $128.65 to $129.60.
F5: The price reported in Column 4 is a weighted average price. These shares were sold on February 4, 2026 in multiple transactions at prices ranging from $133.47 to $134.27.
F6: The price reported in Column 4 is a weighted average price. These shares were sold on February 4, 2026 in multiple transactions at prices ranging from $134.78 to $135.76.
F7: The price reported in Column 4 is a weighted average price. These shares were sold on February 4, 2026 in multiple transactions at prices ranging from $136.45 to $137.25.
F8: The price reported in Column 4 is a weighted average price. These shares were sold on February 4, 2026 in multiple transactions at prices ranging from $137.45 to $138.07.
--- Signature ---
/s/ /s/ Naseem Sagati Aghili (2026-02-06)
