ARES MANAGEMENT CORPORATION

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

Arizona State Retirement System's Holding History (CIK: 0001558481)

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

Q4 2025

Shares 59,381 Value ($000) $9,598 Avg Close $154.95 Range $138.30 - $180.02

Q3 2025

Shares 63,753 Value ($000) $10,193 Avg Close $178.28 Range $153.51 - $192.79

Q2 2025

Shares 59,579 Value ($000) $10,319 Avg Close $155.27 Range $108.50 - $173.43

Q1 2025

Shares 54,503 Value ($000) $7,991 Avg Close $168.35 Range $134.55 - $195.10

Q4 2024

Shares 54,726 Value ($000) $9,688 Avg Close $165.33 Range $147.85 - $179.17

Q3 2024

Shares 53,262 Value ($000) $8,300 Avg Close $139.75 Range $123.15 - $154.86

Q2 2024

Shares 49,550 Value ($000) $6,604 Avg Close $130.61 Range $119.64 - $143.42

Q1 2024

Shares 45,941 Value ($000) $6,109 Avg Close $121.35 Range $107.05 - $132.34

Q4 2023

Shares 44,859 Value ($000) $5,335 Avg Close $102.46 Range $90.47 - $114.79

Q3 2023

Shares 43,823 Value ($000) $4,508 Avg Close $94.74 Range $86.95 - $101.18

Q2 2023

Shares 43,234 Value ($000) $4,166 Avg Close $80.33 Range $72.34 - $91.06

Q1 2023

Shares 45,376 Value ($000) $3,786 Avg Close $73.16 Range $61.80 - $80.36

Q4 2022

Shares 43,811 Value ($000) $2,998 Avg Close $65.79 Range $53.36 - $78.37

Q3 2022

Shares 39,630 Value ($000) $2,455 Avg Close $63.25 Range $50.98 - $71.82

Q2 2022

Shares 39,427 Value ($000) $2,242 Avg Close $61.93 Range $48.02 - $76.43

Q1 2022

Shares 33,981 Value ($000) $2,760 Avg Close $68.19 Range $58.16 - $74.64

Q4 2021

Shares 32,996 Value ($000) $2,682 Avg Close $71.78 Range $63.89 - $79.37

Q3 2021

Shares 33,153 Value ($000) $2,448 Avg Close $63.14 Range $53.28 - $71.08

Q2 2021

Shares 30,487 Value ($000) $1,939 Avg Close $48.65 Range $43.84 - $56.33

Q1 2021

Shares 31,402 Value ($000) $1,759 Avg Close $43.40 Range $38.27 - $49.81

Q4 2020

Shares 31,148 Value ($000) $1,466 Avg Close $38.71 Range $34.00 - $42.95

Q3 2020

Shares 29,976 Value ($000) $1,212 Avg Close $33.84 Range $32.04 - $35.87

Q2 2020

Shares 20,078 Value ($000) $797 Avg Close $29.64 Range $23.86 - $34.59

Q1 2020

Shares 20,204 Value ($000) $625 Avg Close $28.96 Range $16.91 - $34.62

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	59,381	$9,598	$154.95	$138.30 - $180.02
Q3 2025	63,753	$10,193	$178.28	$153.51 - $192.79
Q2 2025	59,579	$10,319	$155.27	$108.50 - $173.43
Q1 2025	54,503	$7,991	$168.35	$134.55 - $195.10
Q4 2024	54,726	$9,688	$165.33	$147.85 - $179.17
Q3 2024	53,262	$8,300	$139.75	$123.15 - $154.86
Q2 2024	49,550	$6,604	$130.61	$119.64 - $143.42
Q1 2024	45,941	$6,109	$121.35	$107.05 - $132.34
Q4 2023	44,859	$5,335	$102.46	$90.47 - $114.79
Q3 2023	43,823	$4,508	$94.74	$86.95 - $101.18
Q2 2023	43,234	$4,166	$80.33	$72.34 - $91.06
Q1 2023	45,376	$3,786	$73.16	$61.80 - $80.36
Q4 2022	43,811	$2,998	$65.79	$53.36 - $78.37
Q3 2022	39,630	$2,455	$63.25	$50.98 - $71.82
Q2 2022	39,427	$2,242	$61.93	$48.02 - $76.43
Q1 2022	33,981	$2,760	$68.19	$58.16 - $74.64
Q4 2021	32,996	$2,682	$71.78	$63.89 - $79.37
Q3 2021	33,153	$2,448	$63.14	$53.28 - $71.08
Q2 2021	30,487	$1,939	$48.65	$43.84 - $56.33
Q1 2021	31,402	$1,759	$43.40	$38.27 - $49.81
Q4 2020	31,148	$1,466	$38.71	$34.00 - $42.95
Q3 2020	29,976	$1,212	$33.84	$32.04 - $35.87
Q2 2020	20,078	$797	$29.64	$23.86 - $34.59
Q1 2020	20,204	$625	$28.96	$16.91 - $34.62