ARES MANAGEMENT CORPORATION

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

STATE OF WISCONSIN INVESTMENT BOARD's Holding History (CIK: 0000854157)

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

Q4 2025

Shares 122,205 Value ($000) $19,752 Avg Close $154.95 Range $138.30 - $180.02

Q3 2025

Shares 113,032 Value ($000) $18,073 Avg Close $178.28 Range $153.51 - $192.79

Q2 2025

Shares 108,798 Value ($000) $18,844 Avg Close $155.27 Range $108.50 - $173.43

Q1 2025

Shares 105,075 Value ($000) $15,405 Avg Close $168.35 Range $134.55 - $195.10

Q4 2024

Shares 104,386 Value ($000) $18,479 Avg Close $165.33 Range $147.85 - $179.17

Q3 2024

Shares 104,969 Value ($000) $16,358 Avg Close $139.75 Range $123.15 - $154.86

Q2 2024

Shares 118,950 Value ($000) $15,854 Avg Close $130.61 Range $119.64 - $143.42

Q1 2024

Shares 103,159 Value ($000) $13,718 Avg Close $121.35 Range $107.05 - $132.34

Q4 2023

Shares 109,070 Value ($000) $12,971 Avg Close $102.46 Range $90.47 - $114.79

Q3 2023

Shares 108,901 Value ($000) $11,203 Avg Close $94.74 Range $86.95 - $101.18

Q2 2023

Shares 516,942 Value ($000) $49,807 Avg Close $80.33 Range $72.34 - $91.06

Q1 2023

Shares 538,456 Value ($000) $44,929 Avg Close $73.16 Range $61.80 - $80.36

Q4 2022

Shares 717,848 Value ($000) $49,130 Avg Close $65.79 Range $53.36 - $78.37

Q3 2022

Shares 762,853 Value ($000) $47,259 Avg Close $63.25 Range $50.98 - $71.82

Q2 2022

Shares 678,344 Value ($000) $38,571 Avg Close $61.93 Range $48.02 - $76.43

Q1 2022

Shares 584,149 Value ($000) $47,450 Avg Close $68.19 Range $58.16 - $74.64

Q4 2021

Shares 368,677 Value ($000) $29,962 Avg Close $71.78 Range $63.89 - $79.37

Q3 2021

Shares 502,709 Value ($000) $37,115 Avg Close $63.14 Range $53.28 - $71.08

Q2 2021

Shares 591,735 Value ($000) $37,628 Avg Close $48.65 Range $43.84 - $56.33

Q1 2021

Shares 446,093 Value ($000) $24,995 Avg Close $43.40 Range $38.27 - $49.81

Q4 2020

Shares 471,015 Value ($000) $22,161 Avg Close $38.71 Range $34.00 - $42.95

Q3 2020

Shares 392,679 Value ($000) $15,872 Avg Close $33.84 Range $32.04 - $35.87

Q2 2020

Shares 394,729 Value ($000) $15,671 Avg Close $29.64 Range $23.86 - $34.59

Q1 2020

Shares 323,473 Value ($000) $10,005 Avg Close $28.96 Range $16.91 - $34.62

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	122,205	$19,752	$154.95	$138.30 - $180.02
Q3 2025	113,032	$18,073	$178.28	$153.51 - $192.79
Q2 2025	108,798	$18,844	$155.27	$108.50 - $173.43
Q1 2025	105,075	$15,405	$168.35	$134.55 - $195.10
Q4 2024	104,386	$18,479	$165.33	$147.85 - $179.17
Q3 2024	104,969	$16,358	$139.75	$123.15 - $154.86
Q2 2024	118,950	$15,854	$130.61	$119.64 - $143.42
Q1 2024	103,159	$13,718	$121.35	$107.05 - $132.34
Q4 2023	109,070	$12,971	$102.46	$90.47 - $114.79
Q3 2023	108,901	$11,203	$94.74	$86.95 - $101.18
Q2 2023	516,942	$49,807	$80.33	$72.34 - $91.06
Q1 2023	538,456	$44,929	$73.16	$61.80 - $80.36
Q4 2022	717,848	$49,130	$65.79	$53.36 - $78.37
Q3 2022	762,853	$47,259	$63.25	$50.98 - $71.82
Q2 2022	678,344	$38,571	$61.93	$48.02 - $76.43
Q1 2022	584,149	$47,450	$68.19	$58.16 - $74.64
Q4 2021	368,677	$29,962	$71.78	$63.89 - $79.37
Q3 2021	502,709	$37,115	$63.14	$53.28 - $71.08
Q2 2021	591,735	$37,628	$48.65	$43.84 - $56.33
Q1 2021	446,093	$24,995	$43.40	$38.27 - $49.81
Q4 2020	471,015	$22,161	$38.71	$34.00 - $42.95
Q3 2020	392,679	$15,872	$33.84	$32.04 - $35.87
Q2 2020	394,729	$15,671	$29.64	$23.86 - $34.59
Q1 2020	323,473	$10,005	$28.96	$16.91 - $34.62