9AT: ARES MANAGEMENT LLC

Adviser Profile

As of Date	05/26/2026
Registration	SEC, Approved, 01/31/2005
ADV Location	LOS ANGELES, CA, United States
Contact Info	310 xxxxxxx
Websites

AUM^*	458,821,489,418 46%
of that, discretionary	433,966,995,326 45%
Number of Employees	3,990 37%
of those in investment advisory functions	1,550 46%
Private Fund GAV^*	407,590,629,718 9%
Avg Account Size	641,708,377 9%
SMA’s	Yes
Private Funds	981 224

Adviser Type

- Large advisory firm

Client Types

- Pooled investment vehicles
- Pension and profit sharing plans
- Other investment advisers
- Insurance companies
- Sovereign wealth funds and foreign official institutions
- Corporations or other businesses not listed above
- Other

Advisory Activities

- Portfolio management for pooled investment vehicles
- Portfolio management for businesses

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

Accounting Firm Name	Filing Date	Form ADV-E
Accounting Firm Name KPMG	Filing Date02/27/2026	Form ADV-E View Report

	Count	GAV
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Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser FIRST LONG ISLAND INVESTORS, LLC	Hedge Fund517.0m	Liquidity Fund-	Private Equity Fund1.4m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund35.3m	Total Private Fund GAV553.6m	AUM1.9b	#Funds9
Adviser E&E ADVISORS L.P.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM932.6m	#Funds-
Adviser EAGLE POINT CREDIT MANAGEMENT LLC	Hedge Fund3.4b	Liquidity Fund-	Private Equity Fund115.5m	Real Estate Fund-	Securitized Asset Fund187.0m	Venture Capital Fund-	Other Fund518.0m	Total Private Fund GAV4.2b	AUM13.2b	#Funds32
Adviser NEUBERGER BERMAN INVESTMENT ADVISERS LLC	Hedge Fund10.0b	Liquidity Fund-	Private Equity Fund594.5m	Real Estate Fund-	Securitized Asset Fund3.5b	Venture Capital Fund-	Other Fund3.8b	Total Private Fund GAV17.8b	AUM398.6b	#Funds127
Adviser LIBREMAX CAPITAL, LLC	Hedge Fund10.6b	Liquidity Fund-	Private Equity Fund548.4m	Real Estate Fund-	Securitized Asset Fund5.9b	Venture Capital Fund-	Other Fund334.4m	Total Private Fund GAV17.4b	AUM13.9b	#Funds66
Adviser CHENAVARI INVESTMENT MANAGERS	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund5.3m	Venture Capital Fund-	Other Fund-	Total Private Fund GAV5.3m	AUM5.8b	#Funds3
Adviser NXT CAPITAL INVESTMENT ADVISERS, LLC	Hedge Fund1.9b	Liquidity Fund-	Private Equity Fund156.5m	Real Estate Fund-	Securitized Asset Fund1.2b	Venture Capital Fund-	Other Fund-	Total Private Fund GAV3.2b	AUM6.6b	#Funds19
Adviser BLUEARC CAPITAL MANAGEMENT	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund2.5b	Total Private Fund GAV2.5b	AUM2.4b	#Funds64
Adviser BLACKROCK FINANCIAL MANAGEMENT, INC	Hedge Fund137.9b	Liquidity Fund13.3b	Private Equity Fund14.8b	Real Estate Fund891.9m	Securitized Asset Fund19.1b	Venture Capital Fund-	Other Fund21.2b	Total Private Fund GAV207.2b	AUM1,595.1b	#Funds363
Adviser EXTRACT ADVISORS	Hedge Fund894.1m	Liquidity Fund-	Private Equity Fund16.7m	Real Estate Fund-	Securitized Asset Fund3.6m	Venture Capital Fund-	Other Fund-	Total Private Fund GAV914.4m	AUM914.4m	#Funds7

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker80517M109	Stock NameSavers Value Village Inc	$ Position$1,185,062,307	% Position52.00%	$ Change36.00%	# Change0.00%
Stck Ticker98386P102	Stock NameX-Energy Inc	$ Position$254,186,581	% Position11.00%	$ Change	# Change
Stck Ticker18453H106	Stock NameClear Channel Outdoor Holdings, Inc.	$ Position$99,697,928	% Position4.00%	$ Change2.00%	# Change0.00%
Stck Ticker04339D105	Stock NameArxis Inc	$ Position$57,884,799	% Position3.00%	$ Change	# Change
Stck Ticker62548M209	Stock NameMultiplan Corp	$ Position$63,550,512	% Position3.00%	$ Change109.00%	# Change0.00%
Stck Ticker45826HAD1	Stock NameInteger Holdings Corp	$ Position$61,533,397	% Position3.00%	$ Change15.00%	# Change15.00%
Stck Ticker500081104	Stock NameKodiak Robotics Inc	$ Position$53,903,154	% Position2.00%	$ Change	# Change
Stck Ticker37890B100	Stock NameGlobal Business Travel Group I	$ Position$40,736,299	% Position2.00%	$ Change-47.00%	# Change-69.00%
Stck Ticker38173M102	Stock NameGolub Capital BDC Inc	$ Position$43,239,641	% Position2.00%	$ Change12.00%	# Change10.00%
Stck Ticker06759L103	Stock NameBarings BDC Inc	$ Position$35,480,066	% Position2.00%	$ Change19.00%	# Change15.00%

Brochure Summary

Overview

Overview. Ares is a Delaware limited liability company that was initially established in 1997 and became an independent company in 2002. Ares is a subsidiary of Ares Management Corporation (“Ares Corp”), a publicly traded, leading global alternative investment manager. The indirect principal owner of Ares Corp is Antony P. Ressler who, together with certain other members of the senior management team of Ares Corp, indirectly controls Ares Corp through intermediate holding companies. For purposes of this brochure, “Ares” may include (where the context permits) affiliated general partners of the Clients (as defined below), relying advisers and other affiliates that may provide advisory, management or other services to the Clients. We are a leading global alternative investment manager, managing a range of investment strategies that seek to deliver attractive performance to our advisory clients, which are comprised of various pooled investment vehicles, including, among others, public and private investment funds, single investor funds, co-investment vehicles, joint ventures, collateralized loan obligations (“CLOs”), collateralized debt obligations (“CDOs”), and other structured investment vehicles, special purpose vehicles, alternative investment vehicles, feeder vehicles (collectively, the “Funds”), and other separately managed accounts and institutional clients, including insurance and reinsurance companies (together, with the Funds, “Clients”). In addition to providing investment advisory services to Clients, Ares serves as manager of various co-investment vehicles structured to facilitate participation by third party co-investors in portfolio investments alongside its Clients, as well as collateral manager or administrative manager, administrative agent, servicer or in other capacities, to CLOs, CDOs and other structured investment vehicles. Typically, Ares, or an affiliated entity of Ares, serves as general partner, managing member, investment adviser, sub-adviser or manager of each Client. The Clients’ underlying investors are generally either accredited investors and qualified purchasers (as noted in Item 7 below) or non-U.S. persons, depending on the applicable eligibility requirements of the respective Client. We refer to these investors as “Underlying Investors.” Ares provides investment and portfolio analysis services as required for the benefit of its Clients, and tailors its advisory services to the specific investment objectives and restrictions of each Client pursuant to the investment guidelines and restrictions set forth in each Client’s confidential private placement memorandum, prospectus, limited partnership agreement, advisory agreement, management agreement and other governing documents (collectively, the “Governing Documents”). Investment advice is provided directly to its Clients, subject to the discretion and control of Ares or the applicable general partner, and not individually to the Underlying Investors. Current and prospective investors should refer to the applicable Governing Documents for complete information on the investment objectives, investment restrictions and risks related to the applicable Client. Prior performance, while illustrative of Ares’ investment philosophy and experience, is not indicative of future performance and there is no assurance that any investment objectives will be achieved. In accordance with common industry practice, Ares or a Client’s general partner, managing member, investment adviser, sub-adviser or manager routinely enters into “side letters” or similar agreements pursuant to which certain Underlying Investors are granted specific rights, benefits or privileges (including, without limitation, with respect to differences, including discounts to and/or sharing of, management fees, performance allocations, performance hurdles, withdrawals, access to information, minimum investment amounts, co-investment opportunities, reporting obligations, and other rights or terms including those that may be requested in light of

particular investment, legal, regulatory or public policy characteristics of an investor). These rights, benefits or privileges are not always made available to all Underlying Investors nor in some cases are they required to be disclosed to all Underlying Investors. The disclosure and extension of any such rights, benefits or privileges are governed by the corresponding Governing Documents and/or applicable law. Our Business. Since our inception in 1997, we have adhered to a disciplined investment philosophy that focuses on delivering strong risk-adjusted investment returns through market cycles. Ares believes each of its distinct but complementary investment groups in Credit, Private Equity, Real Assets and Secondaries is a market leader based on assets under management and investment performance. Please see “Item 8. Methods of Analysis, Investment Strategies and Risk of Loss” for further discussion of Ares’ investment groups and strategies. Ares was built upon the fundamental principle that each of our distinct but complementary investment groups benefits from being part of our broader platform. We believe that our strong performance, consistent growth and high talent retention through economic cycles is due largely to the effective application of this principle across our broad organization of over 2,850 employees. The management of our operating businesses is currently overseen by our Executive Management Committee which meets frequently to discuss strategy and operational matters and includes as representatives our Holdco Members Michael Arougheti, David Kaplan, Antony P. Ressler, Bennett Rosenthal, Ryan Berry and R. Kipp deVeer, as well as other senior leadership from our investment groups and business operations team. We also have a Partners Committee comprised of senior leadership from across the Firm that meets periodically to discuss our business, including investment and operating performance, fundraising, market conditions, strategic initiatives and other Firm matters. Each of our investment groups is led by its own deep leadership team of highly accomplished investment professionals, who average approximately 25 years of investment experience in managing, advising, underwriting and restructuring companies. While primarily focused on managing strategies within their own investment group, these senior professionals are integrated within our platform through economic, cultural and structural measures. We do not participate in any wrap fee programs. As of December 31, 2023, the amount of assets we managed was approximately $418,846,739,000 (“AUM”). AUM refers to the assets of the Clients, alternative asset companies and other entities and accounts that are managed or co-managed by Ares, including capital committed for management by our subsidiaries and other related investment advisers who file separate Form ADV filings with the SEC, Ares Capital Management LLC (“ACM”), Ares Capital Management II LLC (“ACM II”), Ares Commercial Real Estate Management LLC (“ACREM”), and CION Ares Management, LLC (“CION”). It also includes funds managed by Ivy Hill Asset Management, L.P. (“Ivy Hill”), a wholly owned portfolio company of Ares Capital Corporation (“ARCC”), and a registered investment adviser. For our Clients other than CLOs, our AUM represents the sum of the net asset value of such Clients, the drawn and undrawn debt (at the Client- level including amounts subject to restrictions) and uncalled committed capital (including commitments to Clients that have yet to commence their investment periods). For our Clients that are CLOs, our AUM is equal to initial principal amounts adjusted for paydowns. For more detailed information on the related parties described herein, please refer to “Relationships with Related Persons” in “Item 10. Other Financial Industry Activities and Affiliations.” Of the $314,926,162,887 of regulatory assets under management (“RAUM”) we manage directly, $15,800,647,981 is managed on a non-discretionary basis.

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