ARES MANAGEMENT CORPORATION

CUSIP: 03990B309 Class: 6.75 SE B PFD

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

Increased Positions (27)

ANGELO GORDON & CO., L.P.
Value ($000) $33,708 (+207.7%) Shares 670,000 (+204.5%)
PIER 88 INVESTMENT PARTNERS LLC
Value ($000) $16,575 (+56.6%) Shares 328,870 (+54.4%)
Alken Asset Management Ltd
Value ($000) $3 (+76.5%) Shares 52,000 (+73.3%)
INFRASTRUCTURE CAPITAL ADVISORS, LLC
Value ($000) $17,623 (+72.5%) Shares 349,671 (+61.8%)
RATIONAL ADVISORS LLC
Value ($000) $7,963 (+280.7%) Shares 158,000 (+275.3%)
ADVENT CAPITAL MANAGEMENT /DE/
Value ($000) $46,539 (+11.1%) Shares 920,473 (+9.9%)
Magnetar Financial LLC
Value ($000) $45,803 (+21.3%) Shares 907,250 (+19.8%)
FRANKLIN RESOURCES INC
Value ($000) $259,909 (+42.2%) Shares 5,156,929 (+40.2%)
Sculptor Capital LP
Value ($000) $16,625 (+16.1%) Shares 329,854 (+14.4%)
Laffer Tengler Investments, Inc.
Value ($000) $3,352 (+3.5%) Shares 66,555 (+2.4%)
BlueCrest Capital Management Ltd
Value ($000) $2,569 (+35.9%) Shares 50,965 (+34.0%)
WELLINGTON MANAGEMENT GROUP LLP
Value ($000) $31,273 (+163.4%) Shares 622,475 (+161.2%)
D. E. Shaw & Co., Inc.
Value ($000) $43,924 (+17.9%) Shares 872,250 (+16.7%)
VICTORY CAPITAL MANAGEMENT INC
Value ($000) $64,057 (+8.8%) Shares 1,270,979 (+7.3%)
Russell Investments Group, Ltd.
Value ($000) $3,534 (+26.6%) Shares 3,506,200 (+24.8%)
Steward Partners Investment Advisory, LLC
Value ($000) $1,717 (+21.0%) Shares 34,061 (+19.3%)
CITIGROUP INC
Value ($000) $14,016 (+6.6%) Shares 278,101 (+5.1%)
STATE STREET CORP
Value ($000) $21,296 (+4.0%) Shares 423,876 (+3.1%)
JANE STREET GROUP, LLC
Value ($000) $529 (+75.3%) Shares 10,503 (+72.8%)
Invesco Ltd.
Value ($000) $8,060 (+2.6%) Shares 159,918 (+1.1%)

Decreased Positions (23)

Portman Square Capital LLP
Value ($000) $25,280 (-51.7%) Shares 500,000 (-52.4%)
SSI INVESTMENT MANAGEMENT LLC
Value ($000) $13,452 (-25.0%) Shares 267,375 (-25.8%)
Voya Investment Management LLC
Value ($000) $134,527 (-33.5%) Shares 2,669,190 (-34.4%)
TWO SIGMA INVESTMENTS, LP
Value ($000) $23,874 (-55.0%) Shares 473,690 (-55.7%)
MACKAY SHIELDS LLC
Value ($000) $23,909 (-0.6%) Shares 473,045 (-1.6%)
Central Pacific Bank - Trust Division
Value ($000) $299 (-45.0%) Shares 5,940 (-45.8%)
WOLVERINE ASSET MANAGEMENT LLC
Value ($000) $4,345 (-36.8%) Shares 86,241 (-37.4%)
Uniplan Investment Counsel, Inc.
Value ($000) $1,527 (-4.4%) Shares 30,295 (-5.8%)
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.
Value ($000) $34,273 (-5.4%) Shares 680,021 (-6.7%)
AMERIPRISE FINANCIAL INC
Value ($000) $37,054 (-10.0%) Shares 736,520 (-10.9%)
BlackRock, Inc.
Value ($000) $115,543 (-3.1%) Shares 2,292,526 (-4.5%)
JPMORGAN CHASE & CO
Value ($000) $1,088 (-73.0%) Shares 21,590 (-73.4%)
WELLS FARGO & COMPANY/MN
Value ($000) $14,856 (-8.0%) Shares 294,771 (-9.3%)
GOLDMAN SACHS GROUP INC
Value ($000) $802 (-61.2%) Shares 15,920 (-61.8%)
BANK OF AMERICA CORP /DE/
Value ($000) $13,542 (-7.2%) Shares 268,686 (-8.5%)
MORGAN STANLEY
Value ($000) $549 (-68.3%) Shares 10,901 (-68.8%)
FMR LLC
Value ($000) $21,722 (-3.4%) Shares 431,770 (-4.4%)
NEUBERGER BERMAN GROUP LLC
Value ($000) $3,071 (-11.0%) Shares 60,940 (-12.2%)
PALISADE CAPITAL MANAGEMENT, LP
Value ($000) $1,464 (-2.0%) Shares 29,079 (-3.1%)
FIFTH THIRD BANCORP
Value ($000) $44 (-8.9%) Shares 867 (-10.2%)