ARES MANAGEMENT CORPORATION

Ticker: ARES CUSIP: 03990B101 Class: CL A COM STK

STATE OF MICHIGAN RETIREMENT SYSTEM's Holding History (CIK: 0000762152)

Note: Option positions (PUT/CALL) are excluded.

Q4 2025

Shares 53,900 Value ($000) $8,712 Avg Close $154.95 Range $138.30 - $180.02

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	53,900	$8,712	$154.95	$138.30 - $180.02