ARES MANAGEMENT CORPORATION

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

SBI Securities Co., Ltd.'s Holding History (CIK: 0001851815)

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

Q4 2025

Shares 994 Value ($000) $161 Avg Close $154.95 Range $138.30 - $180.02

Q3 2025

Shares 1,012 Value ($000) $162 Avg Close $178.28 Range $153.51 - $192.79

Q2 2025

Shares 1,018 Value ($000) $176 Avg Close $155.27 Range $108.50 - $173.43

Q1 2025

Shares 987 Value ($000) $145 Avg Close $168.35 Range $134.55 - $195.10

Q4 2024

Shares 470 Value ($000) $83 Avg Close $165.33 Range $147.85 - $179.17

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	994	$161	$154.95	$138.30 - $180.02
Q3 2025	1,012	$162	$178.28	$153.51 - $192.79
Q2 2025	1,018	$176	$155.27	$108.50 - $173.43
Q1 2025	987	$145	$168.35	$134.55 - $195.10
Q4 2024	470	$83	$165.33	$147.85 - $179.17