Vault-13

ARES MANAGEMENT CORPORATION ARES 6.75 10.01.27 B

6.75 SE B PFD · PUBLIC · CUSIP 03990B309

72 institutional holders -2 vs Q1 2025
37,032,37537.0m shares reported held*
$1.4bnreported value*
9 new 22 added 26 reduced 11 sold out net sold ≈ $124.0m (+954.1k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($2.7m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $36.04.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0255075Q4 24: 58Q1 25: 74Q2 25: 7272Q4 24Q1 25Q2 25
Numbers
QuarterHolders
Q4 202458
Q1 202574
Q2 202572

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
50050Q1 25: 41 bought or addedQ1 25: 28 cut or sold outQ1 25Q2 25: 31 bought or addedQ2 25: 37 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q1 20254128
Q2 20253137

Biggest buyers

Fosun International Ltd Added +3,000,000+3.0m
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. New +757,844+757.8k
Russell Investments Group, Ltd. Added +286,200+286.2k
INFRASTRUCTURE CAPITAL ADVISORS, LLC Added +208,475+208.5k
Magnetar Financial LLC Added +200,000+200.0k
WELLS FARGO & COMPANY/MN Added +188,224+188.2k
BlueCrest Capital Management Ltd New +174,944+174.9k
PIER 88 INVESTMENT PARTNERS LLC Added +146,100+146.1k
BANK OF AMERICA CORP /DE/ Added +109,482+109.5k
Invesco Ltd. Added +106,000+106.0k

Biggest sellers

VOYA INVESTMENT MANAGEMENT LLC Reduced -2,323,500-2.3m
NORGES BANK Sold out -475,000-475.0k
Nuveen, LLC Sold out -250,000-250.0k
JANE STREET GROUP, LLC Reduced -209,306-209.3k
Calamos Advisors LLC Reduced -183,945-183.9k
BARCLAYS PLC Reduced -154,944-154.9k
LORD, ABBETT & CO. LLC Reduced -149,014-149.0k
BlackRock, Inc. Reduced -144,143-144.1k
Context Capital Management, LLC Reduced -125,000-125.0k
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Sold out -125,000-125.0k

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Fosun International Ltd 1.62% of their portfolio HONG KONG, F4 11,000,00011.0m $5.8m $5.8m 1.62% Added +3.0m +3,000,000
2 VOYA INVESTMENT MANAGEMENT LLC 0.23% of their portfolio ATLANTA, GA 4,423,5004.4m $234.4m $234.4m 0.23% Reduced -2.3m -2,323,500
3 FRANKLIN RESOURCES INC 0.05% of their portfolio San Mateo, CA 3,661,0973.7m $194.0m $194.0m 0.05% Reduced -31.6k -31,649
4 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 2,808,7002.8m $3.0m $3.0m 0.00% Added +286.2k +286,200
5 BlackRock, Inc. 0.00% of their portfolio New York, NY 2,362,5312.4m $125.2m $125.2m 0.00% Reduced -144.1k -144,143
6 Calamos Advisors LLC 0.37% of their portfolio NAPERVILLE, IL 1,644,9101.6m $87.2m $87.2m 0.37% Reduced -183.9k -183,945
7 VICTORY CAPITAL MANAGEMENT INC 0.04% of their portfolio San Antonio, TX 1,206,4801.2m $63.9m $63.9m 0.04% Reduced -18.5k -18,538
8 Portman Square Capital LLP 6.08% of their portfolio London, X0 1,050,0001.1m $56.4m $56.4m 6.08% Unchanged
9 PRICE T ROWE ASSOCIATES INC /MD/ 0.01% of their portfolio BALTIMORE, MD 860,080860.1k $45.6m $45.6m 0.01% Added +66.2k +66,234
10 ADVENT CAPITAL MANAGEMENT /DE/ 0.99% of their portfolio NEW YORK, NY 828,550828.5k $45.3m $45.3m 0.99% Reduced -52.5k -52,484
11 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 782,020782.0k $42.5m $42.5m 0.01% Reduced -105.1k -105,139
12 MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.08% of their portfolio CAUSEWAY BAY, K3 757,844757.8k $40.2m $40.2m 0.08% New
13 CREDIT INDUSTRIEL ET COMMERCIAL 5.34% of their portfolio PARIS FRANCE, I0 625,000625.0k $33.6m $33.6m 5.34% Unchanged
14 TWO SIGMA INVESTMENTS, LP 0.06% of their portfolio NEW YORK, NY 585,348585.3k $31.0m $31.0m 0.06% Added +20.4k +20,410
15 Clearbridge Investments, LLC 0.02% of their portfolio NEW YORK, NY 496,537496.5k $26.3m $26.3m 0.02% Unchanged
16 MacKay Shields LLC 0.84% of their portfolio New York, NY 479,590479.6k $26.1m $26.1m 0.84% Reduced -2.0k -2,039
17 FMR LLC 0.00% of their portfolio BOSTON, MA 471,370471.4k $25.6m $25.6m 0.00% Reduced -37.6k -37,600
18 Magnetar Financial LLC 0.12% of their portfolio EVANSTON, IL 460,000460.0k $24.7m $24.7m 0.12% Added +200.0k +200,000
19 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 408,000408.0k $21.9m $21.9m 0.00% Reduced -20.0k -20,000
20 INFRASTRUCTURE CAPITAL ADVISORS, LLC 2.34% of their portfolio New York, NY 365,912365.9k $19.4m $19.4m 2.34% Added +208.5k +208,475
21 SSI INVESTMENT MANAGEMENT LLC 1.36% of their portfolio Los Angeles, CA 360,545360.5k $19.3m $19.3m 1.36% Added +79.7k +79,671
22 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 352,867352.9k $18.7m $18.7m 0.00% Added +109.5k +109,482
23 PIER 88 INVESTMENT PARTNERS LLC 2.80% of their portfolio SAN FRANCISCO, CA 284,450284.4k $15.1m $15.1m 2.80% Added +146.1k +146,100
24 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 246,915246.9k $13.2m $13.2m 0.00% Added +7.6k +7,600
25 Thrivent Financial for Lutherans 0.03% of their portfolio Minneapolis, MN 242,040242.0k $12.8m $12.8m 0.03% Reduced -10.2k -10,170
26 CITIGROUP INC 0.01% of their portfolio NEW YORK, NY 225,609225.6k $12.0m $12.0m 0.01% Reduced -100.9k -100,931
27 ANGELO GORDON & CO., L.P. 1.59% of their portfolio NEW YORK, NY 220,000220.0k $12.0m $12.0m 1.59% Unchanged
28 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 204,748204.7k $10.9m $10.9m 0.00% Added +188.2k +188,224
29 Context Capital Management, LLC 0.36% of their portfolio LAJOLLA, CA 200,000200.0k $10.6m $10.6m 0.36% Reduced -125.0k -125,000
30 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 191,000191.0k $10.1m $10.1m 0.00% Added +106.0k +106,000
31 LORD, ABBETT & CO. LLC 0.03% of their portfolio JERSEY CITY, NJ 187,411187.4k $10.1m $10.1m 0.03% Reduced -149.0k -149,014
32 BlueCrest Capital Management Ltd 1.03% of their portfolio ST HELIER, Y9 174,944174.9k $9.3m $9.3m 1.03% New
33 WOLVERINE ASSET MANAGEMENT LLC 0.11% of their portfolio CHICAGO, IL 119,346119.3k $6.4m $6.4m 0.11% Added +77.2k +77,249
34 GABELLI FUNDS LLC 0.04% of their portfolio Rye, NY 119,000119.0k $6.3m $6.3m 0.04% Unchanged
35 RATIONAL ADVISORS, INC. 0.61% of their portfolio San Juan, PR 116,100116.1k $6.2m $6.2m 0.61% Added +44.0k +44,000
36 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 95,00095.0k $5.0m $5.0m 0.00% New
37 Penserra Capital Management LLC 0.06% of their portfolio ORINDA, CA 86,33286.3k $4.6m $4.6m 0.06% Added +15.3k +15,294
38 NEUBERGER BERMAN GROUP LLC 0.00% of their portfolio NEW YORK, NY 69,44069.4k $3.7m $3.7m 0.00% Added +1.9k +1,940
39 LAFFER TENGLER INVESTMENTS, INC. 0.62% of their portfolio Scottsdale, AZ 64,89064.9k $3.5m $3.5m 0.62% Reduced -1.7k -1,725
40 FEDERATED HERMES, INC. 0.01% of their portfolio PITTSBURGH, PA 60,00060.0k $3.2m $3.2m 0.01% Unchanged
41 MACQUARIE GROUP LTD 0.00% of their portfolio Sydney, NSW 2000, C3 53,15053.1k $2.9m $2.9m 0.00% New
42 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 45,33745.3k $2.5m $2.5m 0.00% Reduced -3.3k -3,280
43 Uniplan Investment Counsel, Inc. 0.17% of their portfolio MILWAUKEE, WI 30,86830.9k $1.6m $1.6m 0.17% Reduced -3.0k -3,040
44 PALISADE CAPITAL MANAGEMENT, LP 0.05% of their portfolio FORT LEE, NJ 30,00030.0k $1.6m $1.6m 0.05% Unchanged
45 Alken Asset Management Ltd 2.78% of their portfolio LONDON, X0 30,00030.0k $1.6m $1.6m 2.78% Reduced -30.0k -30,000
46 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 29,56429.6k $1.6m $1.6m 0.00% Reduced -5.9k -5,900
47 Steward Partners Investment Advisory, LLC 0.01% of their portfolio STAMFORD, CT 26,04926.0k $1.4m $1.4m 0.01% Added +15.1k +15,137
48 AGF MANAGEMENT LTD 0.01% of their portfolio TORONTO, A6 25,00025.0k $1.3m $1.3m 0.01% Unchanged
49 AEGON USA Investment Management, LLC 0.91% of their portfolio CEDAR RAPIDS, IA 22,70022.7k $1.2m $1.2m 0.91% New
50 Central Pacific Bank - Trust Division 0.07% of their portfolio HONOLULU, HI 10,95511.0k $580.6k $580.6k 0.07% Added +2.1k +2,125
51 Stonegate Investment Group, LLC 0.01% of their portfolio BIRMINGHAM, AL 8,0708.1k $427.7k $427.7k 0.01% Added +260 +260
52 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 7,3997.4k $392.1k $392.1k 0.00% Reduced -154.9k -154,944
53 ODDO BHF ASSET MANAGEMENT SAS 0.01% of their portfolio PARIS, I0 6,0006.0k $326.9k $326.9k 0.01% Unchanged
54 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 5,9385.9k $314.7k $314.7k 0.00% Reduced -209.3k -209,306
55 Ground Swell Capital, LLC 0.49% of their portfolio FOLLY BEACH, SC 5,6655.7k $300.2k $300.2k 0.49% New
56 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 5,6555.7k $299.7k $299.7k 0.00% Reduced -549 -549
57 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 5,2505.2k $278.2k $278.2k 0.00% Unchanged
58 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 5,0755.1k $269.0k $269.0k 0.00% New
59 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 4,7024.7k $249.2k $249.2k 0.00% New
60 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 4,4204.4k $234.3k $234.3k 0.00% Reduced -897 -897
61 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 1,4281.4k $76.0k $76.0k 0.00% Added +914 +914
62 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 1,3461.3k $71.0k $71.0k 0.00% Unchanged
63 FIFTH THIRD BANCORP 0.00% of their portfolio CINCINNATI, OH 867867 $46.0k $46.0k 0.00% Unchanged
64 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 538538 $28.5k $28.5k 0.00% New
65 LANARK FINANCIAL, INC. 0.00% of their portfolio BIRMINGHAM, AL 320320 $16.0k $16.0k 0.00% Reduced -65 -65
66 Farther Finance Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 200200 $10.6k $10.6k 0.00% Unchanged
67 UBS Group AG 0.00% of their portfolio ZURICH, V8 184184 $9.8k $9.8k 0.00% Reduced -1.1k -1,116
68 COMERICA BANK 0.00% of their portfolio DALLAS, TX 117117 $6.2k $6.2k 0.00% Added +67 +67
69 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 5959 $3.1k $3.1k 0.00% Reduced -157 -157
70 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 5050 $2.6k $2.6k 0.00% Added +40 +40
71 TD PRIVATE CLIENT WEALTH LLC 0.00% of their portfolio NEW YORK, NY 2222 $1.2k $1.2k 0.00% Unchanged
72 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged