ARES MANAGEMENT CORPORATION

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

Mount Lucas Management LP's Holding History (CIK: 0001185072)

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

Q4 2025

Shares 2,500 Value ($000) $404 Avg Close $154.95 Range $138.30 - $180.02

Q3 2025

Shares 2,533 Value ($000) $405 Avg Close $178.28 Range $153.51 - $192.79

Q2 2025

Shares 2,713 Value ($000) $470 Avg Close $155.27 Range $108.50 - $173.43

Q1 2025

Shares 3,042 Value ($000) $446 Avg Close $168.35 Range $134.55 - $195.10

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	2,500	$404	$154.95	$138.30 - $180.02
Q3 2025	2,533	$405	$178.28	$153.51 - $192.79
Q2 2025	2,713	$470	$155.27	$108.50 - $173.43
Q1 2025	3,042	$446	$168.35	$134.55 - $195.10