ARES MANAGEMENT CORPORATION

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

Nicholas Investment Partners, LP's Holding History (CIK: 0001389574)

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

Q4 2025

Shares 25,622 Value ($000) $4,141 Avg Close $154.95 Range $138.30 - $180.02

Q3 2025

Shares 72,500 Value ($000) $11,592 Avg Close $178.28 Range $153.51 - $192.79

Q2 2025

Shares 72,500 Value ($000) $12,557 Avg Close $155.27 Range $108.50 - $173.43

Q1 2025

Shares 72,500 Value ($000) $10,629 Avg Close $168.35 Range $134.55 - $195.10

Q4 2024

Shares 72,500 Value ($000) $12,835 Avg Close $165.33 Range $147.85 - $179.17

Q3 2024

Shares 72,500 Value ($000) $11,298 Avg Close $139.75 Range $123.15 - $154.86

Q2 2024

Shares 72,500 Value ($000) $9,663 Avg Close $130.61 Range $119.64 - $143.42

Q1 2024

Shares 72,500 Value ($000) $9,641 Avg Close $121.35 Range $107.05 - $132.34

Q4 2023

Shares 85,500 Value ($000) $10,168 Avg Close $102.46 Range $90.47 - $114.79

Q3 2023

Shares 85,500 Value ($000) $8,795 Avg Close $94.74 Range $86.95 - $101.18

Q2 2023

Shares 96,105 Value ($000) $9,260 Avg Close $80.33 Range $72.34 - $91.06

Q1 2023

Shares 96,105 Value ($000) $8,019 Avg Close $73.16 Range $61.80 - $80.36

Q4 2022

Shares 96,105 Value ($000) $6,577 Avg Close $65.79 Range $53.36 - $78.37

Q3 2022

Shares 96,105 Value ($000) $5,954 Avg Close $63.25 Range $50.98 - $71.82

Q2 2022

Shares 96,105 Value ($000) $5,465 Avg Close $61.93 Range $48.02 - $76.43

Q1 2022

Shares 94,245 Value ($000) $7,656 Avg Close $68.19 Range $58.16 - $74.64

Q4 2021

Shares 172,100 Value ($000) $13,987 Avg Close $71.78 Range $63.89 - $79.37

Q3 2021

Shares 170,000 Value ($000) $12,551 Avg Close $63.14 Range $53.28 - $71.08

Q2 2021

Shares 170,000 Value ($000) $10,810 Avg Close $48.65 Range $43.84 - $56.33

Q1 2021

Shares 200,000 Value ($000) $11,206 Avg Close $43.40 Range $38.27 - $49.81

Q4 2020

Shares 200,000 Value ($000) $9,410 Avg Close $38.71 Range $34.00 - $42.95

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	25,622	$4,141	$154.95	$138.30 - $180.02
Q3 2025	72,500	$11,592	$178.28	$153.51 - $192.79
Q2 2025	72,500	$12,557	$155.27	$108.50 - $173.43
Q1 2025	72,500	$10,629	$168.35	$134.55 - $195.10
Q4 2024	72,500	$12,835	$165.33	$147.85 - $179.17
Q3 2024	72,500	$11,298	$139.75	$123.15 - $154.86
Q2 2024	72,500	$9,663	$130.61	$119.64 - $143.42
Q1 2024	72,500	$9,641	$121.35	$107.05 - $132.34
Q4 2023	85,500	$10,168	$102.46	$90.47 - $114.79
Q3 2023	85,500	$8,795	$94.74	$86.95 - $101.18
Q2 2023	96,105	$9,260	$80.33	$72.34 - $91.06
Q1 2023	96,105	$8,019	$73.16	$61.80 - $80.36
Q4 2022	96,105	$6,577	$65.79	$53.36 - $78.37
Q3 2022	96,105	$5,954	$63.25	$50.98 - $71.82
Q2 2022	96,105	$5,465	$61.93	$48.02 - $76.43
Q1 2022	94,245	$7,656	$68.19	$58.16 - $74.64
Q4 2021	172,100	$13,987	$71.78	$63.89 - $79.37
Q3 2021	170,000	$12,551	$63.14	$53.28 - $71.08
Q2 2021	170,000	$10,810	$48.65	$43.84 - $56.33
Q1 2021	200,000	$11,206	$43.40	$38.27 - $49.81
Q4 2020	200,000	$9,410	$38.71	$34.00 - $42.95