ARES MANAGEMENT CORPORATION

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

Zhang Financial LLC's Holding History (CIK: 0001776290)

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

Q4 2025

Shares 4,497 Value ($000) $727 Avg Close $154.95 Range $138.30 - $180.02

Q3 2025

Shares 3,034 Value ($000) $485 Avg Close $178.28 Range $153.51 - $192.79

Q2 2025

Shares 3,531 Value ($000) $612 Avg Close $155.27 Range $108.50 - $173.43

Q1 2025

Shares 5,049 Value ($000) $740 Avg Close $168.35 Range $134.55 - $195.10

Q4 2024

Shares 2,961 Value ($000) $524 Avg Close $165.33 Range $147.85 - $179.17

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	4,497	$727	$154.95	$138.30 - $180.02
Q3 2025	3,034	$485	$178.28	$153.51 - $192.79
Q2 2025	3,531	$612	$155.27	$108.50 - $173.43
Q1 2025	5,049	$740	$168.35	$134.55 - $195.10
Q4 2024	2,961	$524	$165.33	$147.85 - $179.17