Ares Management LLC

• A percentage of assets under your management
• Performance-based fees

Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ

The brochure lists different fees for different services or strategies. See the firm's brochure (dated March 27, 2026) for its fees and any account minimum, on the SEC's IAPD site.

$458,821,489,418 as of October 2026, filing dated August 26, 2026.

A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means

A firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.

• Portfolio management for pooled investment vehicles (other than investment companies)
• Portfolio management for businesses (other than small businesses) or institutional clients

Registration

SEC-registered investment adviser. Status as filed: Approved.

Registered since

2005 (21 years)

Employees

Total: 3,990. Performing investment advisory functions: 1,550.

Wrap fee program participation

No.

Custodians (Schedule D, Section 5.K(3))

Bank of New York MellonCitibank, NANorthern Trust

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

Other offices (Schedule D, Section 1.F)

23 other offices, as of the September 2026 filing

Atlanta, GABoston, MACentral Hong KongChicago, ILDallas, TXDenver, COEast Rutherford, NJFrankfurtHanoiHo Chi Minh CityLondonMumbaiNew York, NYNewport Beach, CAParisRedondo Beach, CASao PauloShanghaiSingaporeSydneyTarrytown, NYTokyoWarsaw

States registered or notice-filed

26 states or jurisdictions

CACOCTDEFLGAIAILINLAMAMDMIMNMONCNENJNYOHOKPASCTXVAWA

SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration

3 Reports 3 disclosure items on Form ADV Item 11. View on IAPD.

Questions answered yes on this filing

Regulatory matters Items 11.C to 11.G

• 11.C(2) Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?
• 11.C(4) Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?
• 11.C(5) Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. What happened, and who was involved, is on the Disclosure Reporting Pages of the IAPD record. Reading a firm's disclosures

Regulatory assets under management: $139,184,107,056 in the October 2021 data and $458,821,489,418 in the October 2026 data, up 230%.

Total employees: 1,418 in October 2021 and 3,990 in October 2026.

As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.

1. April 2026
   • Employees performing advisory functions went from 1092 to 1550.
   • Regulatory assets under management went from $359,147,435,843 to $458,821,489,418 (+28%).
   • Changed its office addresses in Mumbai.
   • Changed its office addresses in Shanghai.
   • Changed its office addresses in Singapore.
   • Added an office in East Rutherford, NJ.
   • Added an office in Hanoi.
   • Added an office in Ho Chi Minh City.
   • Added an office in London.
   • Added an office in Redondo Beach, CA.
   • Added an office in Sao Paulo.
   • Added an office in Tokyo.
   • Added an office in Warsaw.
   • No longer lists an office in Arlington, VA.
   • No longer lists an office in Luxembourg.
   • No longer lists an office in New York, NY.
   • No longer lists an office in Oakbrook, IL.
   • No longer lists an office in Rutherford, NJ.
   • No longer lists an office in Stockholm.
   • No longer lists an office in West Hartford, CT.
   • Registered or notice-filed in MD.

Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.