Vault-13

ARES MANAGEMENT CORPORATION ARES 6.75 10.01.27 B

6.75 SE B PFD · PUBLIC · CUSIP 03990B309

70 institutional holders -2 vs Q3 2025
55,379,43755.4m shares reported held*
$1.3bnreported value*
9 new 28 added 25 reduced 12 sold out net sold ≈ $17.4m (+28.0m 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 ($3.0m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $23.43.

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0255075Q4 24: 58Q1 25: 74Q2 25: 72Q3 25: 72Q4 25: 7070Q4 24Q1 25Q2 25Q3 25Q4 25
Numbers
QuarterHolders
Q4 202458
Q1 202574
Q2 202572
Q3 202572
Q4 202570

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 25Q3 25: 35 bought or addedQ3 25: 26 cut or sold outQ3 25Q4 25: 37 bought or addedQ4 25: 37 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 20254128
Q2 20253137
Q3 20253526
Q4 20253737

Biggest buyers

Fosun International Ltd New +28,120,000+28.1m
FRANKLIN RESOURCES INC Added +1,479,375+1.5m
Russell Investments Group, Ltd. Added +697,500+697.5k
ANGELO GORDON & CO., L.P. Added +450,000+450.0k
WELLINGTON MANAGEMENT GROUP LLP Added +384,125+384.1k
PRICE T ROWE ASSOCIATES INC /MD/ Added +206,372+206.4k
Magnetar Financial LLC Added +150,000+150.0k
HBK INVESTMENTS L P New +150,000+150.0k
INFRASTRUCTURE CAPITAL ADVISORS, LLC Added +133,570+133.6k
D. E. Shaw & Co., Inc. Added +125,000+125.0k

Biggest sellers

VOYA INVESTMENT MANAGEMENT LLC Reduced -1,401,555-1.4m
TWO SIGMA INVESTMENTS, LP Reduced -595,030-595.0k
Portman Square Capital LLP Reduced -550,000-550.0k
Clearbridge Investments, LLC Sold out -533,418-533.4k
Context Capital Management, LLC Sold out -200,000-200.0k
JPMORGAN CHASE & CO Reduced -140,828-140.8k
GABELLI FUNDS LLC Sold out -119,000-119.0k
BlackRock, Inc. Reduced -107,175-107.2k
SSI INVESTMENT MANAGEMENT LLC Reduced -93,015-93.0k
AMERIPRISE FINANCIAL INC Reduced -90,500-90.5k

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Fosun International Ltd 3.30% of their portfolio HONG KONG, F4 28,120,00028.1m $14.2m $14.2m 3.30% New
2 FRANKLIN RESOURCES INC 0.06% of their portfolio San Mateo, CA 5,156,9295.2m $259.9m $259.9m 0.06% Added +1.5m +1,479,375
3 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 3,506,2003.5m $3.5m $3.5m 0.00% Added +697.5k +697,500
4 VOYA INVESTMENT MANAGEMENT LLC 0.13% of their portfolio ATLANTA, GA 2,669,1902.7m $134.5m $134.5m 0.13% Reduced -1.4m -1,401,555
5 BlackRock, Inc. 0.00% of their portfolio New York, NY 2,292,5262.3m $115.5m $115.5m 0.00% Reduced -107.2k -107,175
6 Calamos Advisors LLC 0.34% of their portfolio NAPERVILLE, IL 1,640,6091.6m $82.7m $82.7m 0.34% Reduced -2.9k -2,925
7 VICTORY CAPITAL MANAGEMENT INC 0.04% of their portfolio San Antonio, TX 1,270,9791.3m $64.1m $64.1m 0.04% Added +86.3k +86,332
8 ADVENT CAPITAL MANAGEMENT /DE/ 1.07% of their portfolio NEW YORK, NY 920,473920.5k $46.5m $46.5m 1.07% Added +83.2k +83,173
9 Magnetar Financial LLC 0.45% of their portfolio EVANSTON, IL 907,250907.2k $45.8m $45.8m 0.45% Added +150.0k +150,000
10 D. E. Shaw & Co., Inc. 0.03% of their portfolio New York, NY 872,250872.2k $43.9m $43.9m 0.03% Added +125.0k +125,000
11 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 736,520736.5k $37.1m $37.1m 0.01% Reduced -90.5k -90,500
12 MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.05% of their portfolio CAUSEWAY BAY, K3 680,021680.0k $34.3m $34.3m 0.05% Reduced -49.2k -49,188
13 ANGELO GORDON & CO., L.P. 3.18% of their portfolio NEW YORK, NY 670,000670.0k $33.7m $33.7m 3.18% Added +450.0k +450,000
14 CREDIT INDUSTRIEL ET COMMERCIAL 4.68% of their portfolio PARIS FRANCE, I0 625,000625.0k $32.0m $32.0m 4.68% Unchanged
15 WELLINGTON MANAGEMENT GROUP LLP 0.01% of their portfolio Boston, MA 622,475622.5k $31.3m $31.3m 0.01% Added +384.1k +384,125
16 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 606,930606.9k $30.6m $30.6m 0.00% Added +206.4k +206,372
17 Portman Square Capital LLP 4.39% of their portfolio London, X0 500,000500.0k $25.3m $25.3m 4.39% Reduced -550.0k -550,000
18 TWO SIGMA INVESTMENTS, LP 0.04% of their portfolio NEW YORK, NY 473,690473.7k $23.9m $23.9m 0.04% Reduced -595.0k -595,030
19 MacKay Shields LLC 0.84% of their portfolio New York, NY 473,045473.0k $23.9m $23.9m 0.84% Reduced -7.9k -7,860
20 FMR LLC 0.00% of their portfolio BOSTON, MA 431,770431.8k $21.7m $21.7m 0.00% Reduced -20.0k -20,000
21 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 423,876423.9k $21.3m $21.3m 0.00% Added +12.9k +12,876
22 INFRASTRUCTURE CAPITAL ADVISORS, LLC 1.94% of their portfolio New York, NY 349,671349.7k $17.6m $17.6m 1.94% Added +133.6k +133,570
23 Sculptor Capital LP 0.20% of their portfolio New York, NY 329,854329.9k $16.6m $16.6m 0.20% Added +41.6k +41,594
24 PIER 88 INVESTMENT PARTNERS LLC 3.71% of their portfolio SAN FRANCISCO, CA 328,870328.9k $16.6m $16.6m 3.71% Added +115.9k +115,900
25 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 294,771294.8k $14.9m $14.9m 0.00% Reduced -30.3k -30,306
26 CITIGROUP INC 0.01% of their portfolio NEW YORK, NY 278,101278.1k $14.0m $14.0m 0.01% Added +13.5k +13,492
27 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 268,686268.7k $13.5m $13.5m 0.00% Reduced -24.9k -24,921
28 SSI INVESTMENT MANAGEMENT LLC 0.91% of their portfolio Los Angeles, CA 267,375267.4k $13.5m $13.5m 0.91% Reduced -93.0k -93,015
29 LORD, ABBETT & CO. LLC 0.04% of their portfolio JERSEY CITY, NJ 243,801243.8k $12.3m $12.3m 0.04% Added +14.5k +14,504
30 Thrivent Financial for Lutherans 0.02% of their portfolio Minneapolis, MN 228,075228.1k $11.5m $11.5m 0.02% Reduced -11.5k -11,525
31 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 159,918159.9k $8.1m $8.1m 0.00% Added +1.8k +1,809
32 RATIONAL ADVISORS, INC. 0.82% of their portfolio San Juan, PR 158,000158.0k $8.0m $8.0m 0.82% Added +115.9k +115,900
33 HBK INVESTMENTS L P 0.08% of their portfolio DALLAS, TX 150,000150.0k $7.5m $7.5m 0.08% New
34 WOLVERINE ASSET MANAGEMENT LLC 0.06% of their portfolio CHICAGO, IL 86,24186.2k $4.3m $4.3m 0.06% Reduced -51.6k -51,577
35 LAFFER TENGLER INVESTMENTS, INC. 0.51% of their portfolio Scottsdale, AZ 66,55566.6k $3.4m $3.4m 0.51% Added +1.6k +1,580
36 Penserra Capital Management LLC 0.04% of their portfolio ORINDA, CA 62,95463.0k $3.2m $3.2m 0.04% Added +2.3k +2,253
37 NEUBERGER BERMAN GROUP LLC 0.00% of their portfolio NEW YORK, NY 60,94060.9k $3.1m $3.1m 0.00% Reduced -8.5k -8,500
38 FEDERATED HERMES, INC. 0.01% of their portfolio PITTSBURGH, PA 60,00060.0k $3.0m $3.0m 0.01% Unchanged
39 NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 0.00% of their portfolio PHILADELPHIA, PA 53,15053.1k $2.7m $2.7m 0.00% First filing
40 Alken Asset Management Ltd 42.96% of their portfolio LONDON, X0 52,00052.0k $2.6m $2.6m 42.96% Added +22.0k +22,000
41 BlueCrest Capital Management Ltd 0.10% of their portfolio ST HELIER, Y9 50,96551.0k $2.6m $2.6m 0.10% Added +12.9k +12,919
42 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 34,67434.7k $1.7m $1.7m 0.00% Reduced -73.5k -73,483
43 Steward Partners Investment Advisory, LLC 0.01% of their portfolio STAMFORD, CT 34,06134.1k $1.7m $1.7m 0.01% Added +5.5k +5,502
44 Uniplan Investment Counsel, Inc. 0.15% of their portfolio MILWAUKEE, WI 30,29530.3k $1.5m $1.5m 0.15% Reduced -1.9k -1,857
45 PALISADE CAPITAL MANAGEMENT, LP 0.04% of their portfolio FORT LEE, NJ 29,07929.1k $1.5m $1.5m 0.04% Reduced -921 -921
46 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 22,91922.9k $1.2m $1.2m 0.00% New
47 AEGON USA Investment Management, LLC 0.81% of their portfolio CEDAR RAPIDS, IA 22,70022.7k $1.1m $1.1m 0.81% Unchanged
48 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 21,59021.6k $1.1m $1.1m 0.00% Reduced -140.8k -140,828
49 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 15,92015.9k $802.4k $802.4k 0.00% Reduced -25.7k -25,727
50 Elequin Capital, LP 0.08% of their portfolio NEW YORK, NY 11,43211.4k $574.3k $574.3k 0.08% New
51 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 10,90110.9k $549.4k $549.4k 0.00% Reduced -24.0k -23,990
52 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 10,50310.5k $529.4k $529.4k 0.00% Added +4.4k +4,426
53 NewEdge Advisors, LLC 0.00% of their portfolio NEW ORLEANS, LA 8,0848.1k $407.4k $407.4k 0.00% New
54 ODDO BHF ASSET MANAGEMENT SAS 0.01% of their portfolio PARIS, I0 6,5106.5k $328.1k $328.1k 0.01% Added +510 +510
55 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 5,9886.0k $301.8k $301.8k 0.00% Added +11 +11
56 Central Pacific Bank - Trust Division 0.04% of their portfolio HONOLULU, HI 5,9405.9k $299.4k $299.4k 0.04% Reduced -5.0k -5,015
57 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 5,3675.4k $270.5k $270.5k 0.00% Added +300 +300
58 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 5,2505.2k $264.6k $264.6k 0.00% Unchanged
59 ANGELES WEALTH MANAGEMENT, LLC 0.01% of their portfolio SANTA MONICA, CA 3,2003.2k $163.7k $163.7k 0.01% New
60 WHITTIER TRUST CO 0.00% of their portfolio SOUTH PASADENA, CA 2,4002.4k $129.7k $129.7k 0.00% New
61 FIFTH THIRD BANCORP 0.00% of their portfolio CINCINNATI, OH 867867 $43.7k $43.7k 0.00% Reduced -98 -98
62 VIRTUS ADVISERS, LLC 0.02% of their portfolio HARTFORD, CT 850850 $42.8k $42.8k 0.02% Unchanged
63 UBS Group AG 0.00% of their portfolio ZURICH, V8 620620 $31.2k $31.2k 0.00% Added +234 +234
64 LANARK FINANCIAL, INC. 0.00% of their portfolio BIRMINGHAM, AL 320320 $16.1k $16.1k 0.00% Unchanged
65 COMERICA BANK 0.00% of their portfolio DALLAS, TX 160160 $8.1k $8.1k 0.00% Added +44 +44
66 Prosperity Bancshares Inc 0.01% of their portfolio Houston, TX 135135 $6.8k $6.8k 0.01% First filing
67 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 5959 $3.0k $3.0k 0.00% Reduced -48 -48
68 CoreCap Advisors, LLC 0.00% of their portfolio SOUTHFIELD, MI 4848 $2.4k $2.4k 0.00% New
69 TD PRIVATE CLIENT WEALTH LLC 0.00% of their portfolio NEW YORK, NY 1919 $958 $958 0.00% Reduced -3 -3
70 MAI Capital Management 0.00% of their portfolio INDEPENDENCE, OH 1515 $756 $756 0.00% New