ARES MANAGEMENT CORPORATION

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

Tower Research Capital LLC (TRC)'s Holding History (CIK: 0001533421)

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

Q4 2025

Shares 6,023 Value ($000) $973 Avg Close $154.95 Range $138.30 - $180.02

Q3 2025

Shares 10,345 Value ($000) $1,654 Avg Close $178.28 Range $153.51 - $192.79

Q2 2025

Shares 4,423 Value ($000) $766 Avg Close $155.27 Range $108.50 - $173.43

Q1 2025

Shares 3,992 Value ($000) $585 Avg Close $168.35 Range $134.55 - $195.10

Q4 2024

Shares 4,574 Value ($000) $810 Avg Close $165.33 Range $147.85 - $179.17

Q3 2024

Shares 2,661 Value ($000) $415 Avg Close $139.75 Range $123.15 - $154.86

Q2 2024

Shares 15,952 Value ($000) $2,126 Avg Close $130.61 Range $119.64 - $143.42

Q1 2024

Shares 2,573 Value ($000) $342 Avg Close $121.35 Range $107.05 - $132.34

Q4 2023

Shares 877 Value ($000) $104 Avg Close $102.46 Range $90.47 - $114.79

Q3 2023

Shares 10,589 Value ($000) $1,089 Avg Close $94.74 Range $86.95 - $101.18

Q2 2023

Shares 2,956 Value ($000) $285 Avg Close $80.33 Range $72.34 - $91.06

Q1 2023

Shares 348 Value ($000) $0 Avg Close $73.16 Range $61.80 - $80.36

Q4 2022

Shares 3,006 Value ($000) $0 Avg Close $65.79 Range $53.36 - $78.37

Q3 2022

Shares 21,260 Value ($000) $1,318 Avg Close $63.25 Range $50.98 - $71.82

Q2 2022

Shares 12,263 Value ($000) $698 Avg Close $61.93 Range $48.02 - $76.43

Q1 2022

Shares 14,439 Value ($000) $1,173 Avg Close $68.19 Range $58.16 - $74.64

Q4 2021

Shares 12,550 Value ($000) $1,020 Avg Close $71.78 Range $63.89 - $79.37

Q3 2021

Shares 15,067 Value ($000) $1,113 Avg Close $63.14 Range $53.28 - $71.08

Q2 2021

Shares 490 Value ($000) $31 Avg Close $48.65 Range $43.84 - $56.33

Q1 2021

Shares 354 Value ($000) $20 Avg Close $43.40 Range $38.27 - $49.81

Q4 2020

Shares 3,616 Value ($000) $170 Avg Close $38.71 Range $34.00 - $42.95

Q3 2020

Shares 3,409 Value ($000) $137 Avg Close $33.84 Range $32.04 - $35.87

Q2 2020

Shares 9,240 Value ($000) $367 Avg Close $29.64 Range $23.86 - $34.59

Q4 2019

Shares 18 Value ($000) $1 Avg Close $25.48 Range $21.03 - $29.79

Q3 2019

Shares 4,484 Value ($000) $120 Avg Close $23.22 Range $21.31 - $25.41

Q1 2019

Shares 1,147 Value ($000) $27 Avg Close $17.30 Range $13.35 - $19.34

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	6,023	$973	$154.95	$138.30 - $180.02
Q3 2025	10,345	$1,654	$178.28	$153.51 - $192.79
Q2 2025	4,423	$766	$155.27	$108.50 - $173.43
Q1 2025	3,992	$585	$168.35	$134.55 - $195.10
Q4 2024	4,574	$810	$165.33	$147.85 - $179.17
Q3 2024	2,661	$415	$139.75	$123.15 - $154.86
Q2 2024	15,952	$2,126	$130.61	$119.64 - $143.42
Q1 2024	2,573	$342	$121.35	$107.05 - $132.34
Q4 2023	877	$104	$102.46	$90.47 - $114.79
Q3 2023	10,589	$1,089	$94.74	$86.95 - $101.18
Q2 2023	2,956	$285	$80.33	$72.34 - $91.06
Q1 2023	348	$0	$73.16	$61.80 - $80.36
Q4 2022	3,006	$0	$65.79	$53.36 - $78.37
Q3 2022	21,260	$1,318	$63.25	$50.98 - $71.82
Q2 2022	12,263	$698	$61.93	$48.02 - $76.43
Q1 2022	14,439	$1,173	$68.19	$58.16 - $74.64
Q4 2021	12,550	$1,020	$71.78	$63.89 - $79.37
Q3 2021	15,067	$1,113	$63.14	$53.28 - $71.08
Q2 2021	490	$31	$48.65	$43.84 - $56.33
Q1 2021	354	$20	$43.40	$38.27 - $49.81
Q4 2020	3,616	$170	$38.71	$34.00 - $42.95
Q3 2020	3,409	$137	$33.84	$32.04 - $35.87
Q2 2020	9,240	$367	$29.64	$23.86 - $34.59
Q4 2019	18	$1	$25.48	$21.03 - $29.79
Q3 2019	4,484	$120	$23.22	$21.31 - $25.41
Q1 2019	1,147	$27	$17.30	$13.35 - $19.34