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ARES MANAGEMENT LLC

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13F filer, CIK 1259313, LOS ANGELES, CA

ARES MANAGEMENT LLC reported $2,202,710,208 across 35 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 93.18% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001104659-25-112525

Period
2025-09-30
Reported value
$2.2B
Holdings
35
Top 10 weight
93.18%
New
4
Sold out
3

Part of the filer group ARES MANAGEMENT LLC

How groups are built

Largest buys vs the previous quarter

SecurityShares changeApprox. value
OTFnew+539,064$7.45M
BRCBnew+250,676$5.98M
ARCCadded+192,463$3.93M
UNITnew+14,518$28.6K
YJadded+280,300$1.38K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
FYBRexited-3,131,679-$114M
CRCexited-708,676-$32.4M
CCOreduced-14,631,555-$23.1M
XHGreduced-34,082,847,071-$17.6M
SLRCreduced-805,629-$12.3M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q3 2025

Share positions as resolved from 13F-HR 0001104659-25-112525, largest first. % of portfolio is the value over $2,180,550,208, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
SVVSAVERS VALUE VLG INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 134,659,188 shares; 2024Q4: 134,659,188 shares; 2025Q1: 134,659,188 shares; 2025Q2: 117,449,188 shares; 2025Q3: 117,449,188 shares 117,449,188$1.56B71.37%0Timeline
GBTGGLOBAL BUSINESS TRAVEL GROUPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 11,396,517 shares; 2024Q4: 11,396,517 shares; 2025Q1: 11,396,517 shares; 2025Q2: 13,886,023 shares; 2025Q3: 13,886,023 shares 13,886,023$112M5.15%0Timeline
CTEVCLARITEV CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 749,738 shares; 2024Q4: 893,738 shares; 2025Q1: 1,863,105 shares; 2025Q2: 1,863,105 shares; 2025Q3: 1,863,105 shares 1,863,105$98.9M4.54%0Timeline
CCOCLEAR CHANNEL OUTDOOR HLDGSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 55,829,046 shares; 2024Q4: 55,829,046 shares; 2025Q1: 55,829,046 shares; 2025Q2: 55,829,046 shares; 2025Q3: 41,197,491 shares 41,197,491$65.1M2.99%-14,631,555Timeline
ARCCARES CAPITAL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,153,544 shares; 2024Q4: 1,897,505 shares; 2025Q1: 1,888,631 shares; 2025Q2: 1,861,913 shares; 2025Q3: 2,054,376 shares 2,054,376$41.9M1.92%+192,463Timeline
GBDCGOLUB CAP BDC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,844,260 shares; 2024Q4: 2,844,260 shares; 2025Q1: 2,498,802 shares; 2025Q2: 2,571,210 shares; 2025Q3: 2,571,210 shares 2,571,210$35.2M1.61%0Timeline
BBDCBARINGS BDC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,607,096 shares; 2024Q4: 3,607,096 shares; 2025Q1: 3,607,096 shares; 2025Q2: 3,797,112 shares; 2025Q3: 3,797,112 shares 3,797,112$33.3M1.53%0Timeline
TSLXSIXTH STREET SPECIALTY LENDIQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,555,751 shares; 2024Q4: 1,555,751 shares; 2025Q1: 1,372,689 shares; 2025Q2: 1,402,689 shares; 2025Q3: 1,394,779 shares 1,394,779$31.9M1.46%-7,910Timeline
OBDCBLUE OWL CAPITAL CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,446,252 shares; 2024Q4: 2,266,804 shares; 2025Q1: 2,336,822 shares; 2025Q2: 2,487,964 shares; 2025Q3: 2,487,964 shares 2,487,964$31.8M1.46%0Timeline
OCSLOAKTREE SPECIALTY LENDINGQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,977,378 shares; 2024Q4: 1,977,378 shares; 2025Q1: 1,977,378 shares; 2025Q2: 1,945,305 shares; 2025Q3: 1,945,305 shares 1,945,305$25.4M1.16%0Timeline
BXSLBLACKSTONE SECD LENDING FDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,083,945 shares; 2024Q4: 1,083,945 shares; 2025Q1: 791,100 shares; 2025Q2: 821,100 shares; 2025Q3: 821,100 shares 821,100$21.4M0.98%0Timeline
FSKFS KKR CAP CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,603,682 shares; 2024Q4: 1,603,682 shares; 2025Q1: 1,312,833 shares; 2025Q2: 1,285,492 shares; 2025Q3: 1,280,482 shares 1,280,482$19.1M0.88%-5,010Timeline
TEMTEMPUS AI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 164,383 shares; 2024Q4: 164,383 shares; 2025Q1: 164,383 shares; 2025Q2: 164,383 shares; 2025Q3: 164,383 shares 164,383$13.3M0.61%0Timeline
ARKOARKO CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,110,000 shares; 2024Q4: 2,110,000 shares; 2025Q1: 2,110,000 shares; 2025Q2: 2,110,000 shares; 2025Q3: 2,110,000 shares 2,110,000$9.64M0.44%0Timeline
OPTUOPTIMUM COMMUNICATIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,547,478 shares; 2024Q4: 3,547,478 shares; 2025Q1: 3,547,478 shares; 2025Q2: 3,547,478 shares; 2025Q3: 3,547,478 shares 3,547,478$8.55M0.39%0Timeline
TRINTRINITY CAP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 440,000 shares; 2024Q4: 549,839 shares; 2025Q1: 545,723 shares; 2025Q2: 545,723 shares; 2025Q3: 545,723 shares 545,723$8.45M0.39%0Timeline
GSBDGOLDMAN SACHS BDC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 461,984 shares; 2025Q2: 798,421 shares; 2025Q3: 798,421 shares 798,421$8.12M0.37%0Timeline
OTFBLUE OWL TECHNOLOGY FIN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 539,064 shares 539,064$7.45M0.34%newTimeline
CCAPCRESCENT CAP BDC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 469,573 shares; 2024Q4: 469,573 shares; 2025Q1: 469,573 shares; 2025Q2: 516,409 shares; 2025Q3: 516,409 shares 516,409$7.36M0.34%0Timeline
OPALOPAL FUELS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,059,533 shares; 2024Q4: 3,059,533 shares; 2025Q1: 3,059,533 shares; 2025Q2: 3,059,533 shares; 2025Q3: 3,059,533 shares 3,059,533$6.73M0.31%0Timeline
MFICMIDCAP FINANCIAL INVSTMNT COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 310,000 shares; 2024Q4: 482,032 shares; 2025Q1: 482,032 shares; 2025Q2: 545,532 shares; 2025Q3: 545,532 shares 545,532$6.54M0.3%0Timeline
BRCBBLACK ROCK COFFEE BAR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 250,676 shares 250,676$5.98M0.27%newTimeline
NMFCNEW MTN FIN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 491,694 shares; 2024Q4: 566,186 shares; 2025Q1: 566,186 shares; 2025Q2: 596,371 shares; 2025Q3: 596,371 shares 596,371$5.75M0.26%0Timeline
MSIFMSC INCOME FUND INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 520,000 shares; 2025Q2: 408,393 shares; 2025Q3: 408,393 shares 408,393$5.36M0.25%0Timeline
RWAYRUNWAY GROWTH FINANCE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 304,698 shares; 2024Q4: 439,943 shares; 2025Q1: 459,943 shares; 2025Q2: 435,885 shares; 2025Q3: 435,885 shares 435,885$4.43M0.2%0Timeline
HTGCHERCULES CAPITAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 198,306 shares; 2024Q4: 226,606 shares; 2025Q1: 201,606 shares; 2025Q2: 201,606 shares; 2025Q3: 201,606 shares 201,606$3.81M0.17%0Timeline
SLRCSLR INVESTMENT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,430,205 shares; 2024Q4: 1,430,205 shares; 2025Q1: 1,430,205 shares; 2025Q2: 944,131 shares; 2025Q3: 138,502 shares 138,502$2.12M0.1%-805,629Timeline
NCDLNUVEEN CHURCHILL DIRECT LENDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 133,070 shares; 2024Q4: 133,070 shares; 2025Q1: 109,156 shares; 2025Q2: 125,156 shares; 2025Q3: 125,156 shares 125,156$1.73M0.08%0Timeline
YJYUNJI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 215,519,700 shares; 2025Q3: 215,800,000 shares 215,800,000$1.06M0.05%+280,300Timeline
BCSFBAIN CAP SPECIALTY FIN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 68,595 shares; 2024Q4: 68,595 shares; 2025Q1: 68,595 shares; 2025Q2: 68,595 shares; 2025Q3: 68,595 shares 68,595$977K0.04%0Timeline
RENTRENT THE RUNWAY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 169,383 shares; 2024Q4: 169,383 shares; 2025Q1: 169,383 shares; 2025Q2: 169,383 shares; 2025Q3: 169,383 shares 169,383$835K0.04%0Timeline
UNITUNITI GROUP LLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 14,518 shares 14,518$28.6K<0.01%newTimeline
ARKO CORPARKO CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,100,000 shares; 2024Q4: 1,100,000 shares; 2025Q1: 1,100,000 shares; 2025Q2: 1,100,000 shares; 2025Q3: 1,100,000 shares 1,100,000$10.2K<0.01%0
XHGXCHANGE TEC.INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 34,083,266,800 shares; 2025Q3: 419,729 shares 419,729$217<0.01%-34,082,847,071Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
XHBSPDR SERIES TRUST SHSput200,000$22.2Mnew

Sold out in Q3 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
FYBRFRONTIER COMMUNICATIONS PARE3,131,679$114Mshares
CRCCALIFORNIA RES CORP708,676$32.4Mshares
FLYYSPIRIT AVIATION HLDGS INC COM(1,378,343$6.88Mshares

How Q3 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001104659-25-112525 base2025-11-14acceptance time not in the bulk data set