ARES MANAGEMENT CORPORATION

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

Rakuten Investment Management, Inc.'s Holding History (CIK: 0002062680)

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

Q4 2025

Shares 27,521 Value ($000) $4,652 Avg Close $154.95 Range $138.30 - $180.02

Q3 2025

Shares 43,987 Value ($000) $3,951 Avg Close $178.28 Range $153.51 - $192.79

Q1 2025

Shares 5,200 Value ($000) $753 Avg Close $168.35 Range $134.55 - $195.10

Q3 2024

Shares 3,401 Value ($000) $534 Avg Close $139.75 Range $123.15 - $154.86

Q2 2024

Shares 2,481 Value ($000) $337 Avg Close $130.61 Range $119.64 - $143.42

Q1 2024

Shares 1,445 Value ($000) $192 Avg Close $121.35 Range $107.05 - $132.34

Q4 2023

Shares 117 Value ($000) $14 Avg Close $102.46 Range $90.47 - $114.79

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	27,521	$4,652	$154.95	$138.30 - $180.02
Q3 2025	43,987	$3,951	$178.28	$153.51 - $192.79
Q1 2025	5,200	$753	$168.35	$134.55 - $195.10
Q3 2024	3,401	$534	$139.75	$123.15 - $154.86
Q2 2024	2,481	$337	$130.61	$119.64 - $143.42
Q1 2024	1,445	$192	$121.35	$107.05 - $132.34
Q4 2023	117	$14	$102.46	$90.47 - $114.79