ARES MANAGEMENT CORPORATION

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

STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM's Holding History (CIK: 0000938076)

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

Q4 2025

Shares 166,510 Value ($000) $26,913 Avg Close $154.95 Range $138.30 - $180.02

Q3 2025

Shares 166,510 Value ($000) $26,623 Avg Close $178.28 Range $153.51 - $192.79

Q2 2025

Shares 173,924 Value ($000) $30,124 Avg Close $155.27 Range $108.50 - $173.43

Q1 2025

Shares 168,841 Value ($000) $24,754 Avg Close $168.35 Range $134.55 - $195.10

Q4 2024

Shares 165,021 Value ($000) $29,214 Avg Close $165.33 Range $147.85 - $179.17

Q3 2024

Shares 155,971 Value ($000) $24,307 Avg Close $139.75 Range $123.15 - $154.86

Q2 2024

Shares 155,871 Value ($000) $20,774 Avg Close $130.61 Range $119.64 - $143.42

Q1 2024

Shares 96,895 Value ($000) $8,085 Avg Close $121.35 Range $107.05 - $132.34

Q4 2023

Shares 128,594 Value ($000) $15,292 Avg Close $102.46 Range $90.47 - $114.79

Q3 2023

Shares 111,349 Value ($000) $11,454 Avg Close $94.74 Range $86.95 - $101.18

Q2 2023

Shares 111,109 Value ($000) $10,705 Avg Close $80.33 Range $72.34 - $91.06

Q1 2023

Shares 96,895 Value ($000) $8,085 Avg Close $73.16 Range $61.80 - $80.36

Q4 2022

Shares 94,095 Value ($000) $6,440 Avg Close $65.79 Range $53.36 - $78.37

Q3 2022

Shares 90,855 Value ($000) $5,628 Avg Close $63.25 Range $50.98 - $71.82

Q2 2022

Shares 90,855 Value ($000) $5,166 Avg Close $61.93 Range $48.02 - $76.43

Q1 2022

Shares 93,171 Value ($000) $7,568 Avg Close $68.19 Range $58.16 - $74.64

Q4 2021

Shares 87,451 Value ($000) $7,107 Avg Close $71.78 Range $63.89 - $79.37

Q3 2021

Shares 82,659 Value ($000) $6,103 Avg Close $63.14 Range $53.28 - $71.08

Q2 2021

Shares 82,519 Value ($000) $5,247 Avg Close $48.65 Range $43.84 - $56.33

Q1 2021

Shares 81,603 Value ($000) $4,572 Avg Close $43.40 Range $38.27 - $49.81

Q4 2020

Shares 81,603 Value ($000) $3,839 Avg Close $38.71 Range $34.00 - $42.95

Q3 2020

Shares 76,978 Value ($000) $3,111 Avg Close $33.84 Range $32.04 - $35.87

Q2 2020

Shares 75,988 Value ($000) $3,017 Avg Close $29.64 Range $23.86 - $34.59

Q1 2020

Shares 21,130 Value ($000) $654 Avg Close $28.96 Range $16.91 - $34.62

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	166,510	$26,913	$154.95	$138.30 - $180.02
Q3 2025	166,510	$26,623	$178.28	$153.51 - $192.79
Q2 2025	173,924	$30,124	$155.27	$108.50 - $173.43
Q1 2025	168,841	$24,754	$168.35	$134.55 - $195.10
Q4 2024	165,021	$29,214	$165.33	$147.85 - $179.17
Q3 2024	155,971	$24,307	$139.75	$123.15 - $154.86
Q2 2024	155,871	$20,774	$130.61	$119.64 - $143.42
Q1 2024	96,895	$8,085	$121.35	$107.05 - $132.34
Q4 2023	128,594	$15,292	$102.46	$90.47 - $114.79
Q3 2023	111,349	$11,454	$94.74	$86.95 - $101.18
Q2 2023	111,109	$10,705	$80.33	$72.34 - $91.06
Q1 2023	96,895	$8,085	$73.16	$61.80 - $80.36
Q4 2022	94,095	$6,440	$65.79	$53.36 - $78.37
Q3 2022	90,855	$5,628	$63.25	$50.98 - $71.82
Q2 2022	90,855	$5,166	$61.93	$48.02 - $76.43
Q1 2022	93,171	$7,568	$68.19	$58.16 - $74.64
Q4 2021	87,451	$7,107	$71.78	$63.89 - $79.37
Q3 2021	82,659	$6,103	$63.14	$53.28 - $71.08
Q2 2021	82,519	$5,247	$48.65	$43.84 - $56.33
Q1 2021	81,603	$4,572	$43.40	$38.27 - $49.81
Q4 2020	81,603	$3,839	$38.71	$34.00 - $42.95
Q3 2020	76,978	$3,111	$33.84	$32.04 - $35.87
Q2 2020	75,988	$3,017	$29.64	$23.86 - $34.59
Q1 2020	21,130	$654	$28.96	$16.91 - $34.62