Ares Management LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Ares Management LLC reported 33 stock positions worth $2.0 billion. Its top holding was Savers Value Village (SVV) at 61.3% of the portfolio, followed by Frontier Communications Pare (FYBR, 5.8%) and Global Business Travel (GBTG, 4.5%). Compared with Q1 2025, it opened 3 new positions, sold out of 2, added to 11 and reduced 7. The biggest buy was a new position in Spirit Aviation (FLYYQ) and the biggest sale SLR Investment (SLRC, shares −34%).
- Most Recent 13F
- Q2 2026
- Location
- LOS ANGELES, CA
- CIK
- 0001259313
- Portfolio Value
- $2.0B (Q2 2025)
- SEC Filing
- 0001104659-25-078660 ↗ filed Aug 14, 2025
Holdings Value
Holdings 33 stocks · $2.0B
| SVV Savers Value Village Inc. | 61.25% | 117,449,188 | $1.2B | Reduce -12.8% |
| FYBR Frontier Communications Pare | 5.83% | 3,131,679 | $114.0M | No change |
| GBTG Global Business Travel Group | 4.47% | 13,886,023 | $87.5M | Add +21.8% |
| CTEV Claritev Corp. | 4.30% | 1,863,105 | $84.1M | No change |
| CCO Clear Channel Outdoor Holdin | 3.34% | 55,829,046 | $65.3M | No change |
| ARCC Ares Capital Corp. | 2.09% | 1,861,913 | $40.9M | Reduce -1.4% |
| GBDC Golub Capital BDC Inc. | 1.93% | 2,571,210 | $37.7M | Add +2.9% |
| OBDC Blue Owl Capital Corp. | 1.82% | 2,487,964 | $35.7M | Add +6.5% |
| BBDC Barings BDC Inc. | 1.77% | 3,797,112 | $34.7M | Add +5.3% |
| TSLX Sixth Street Specialty Lendi | 1.71% | 1,402,689 | $33.4M | Add +2.2% |
| CRC California Resources Corp. | 1.65% | 708,676 | $32.4M | No change |
| FSK FS KKR Capital Corp. | 1.36% | 1,285,492 | $26.7M | Reduce -2.1% |
| OCSL Oaktree Specialty Lending Co. | 1.36% | 1,945,305 | $26.6M | Reduce -1.6% |
| BXSL Blackstone Secured Lending F | 1.29% | 821,100 | $25.2M | Add +3.8% |
| SLRC SLR Investment Corp. | 0.78% | 944,131 | $15.2M | Reduce -34.0% |
| TEM Tempus AI Inc. Class A | 0.53% | 164,383 | $10.4M | No change |
| GSBD Goldman Sachs BDC Inc. | 0.46% | 798,421 | $9.0M | Add +72.8% |
| ARKO Arko Corp. | 0.46% | 2,110,000 | $8.9M | No change |
| TRIN Trinity Capital Inc. | 0.39% | 545,723 | $7.7M | No change |
| OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC | 0.39% | 3,547,478 | $7.6M | No change |
| OPAL Opal Fuels Inc. Class A | 0.38% | 3,059,533 | $7.4M | No change |
| CCAP Crescent Capital BDC Inc. | 0.37% | 516,409 | $7.3M | Add +10.0% |
| MFIC Midcap Financial Investment | 0.35% | 545,532 | $6.9M | Add +13.2% |
| FLYYQ Spirit Aviation Holdings Inc. | 0.35% | 1,378,343 | $6.9M | New |
| MSIF MSC Income Fund Inc. | 0.34% | 408,393 | $6.7M | Reduce -21.5% |
| NMFC New Mountain Finance Corp. filed as NEW MTN FIN CORP | 0.32% | 596,371 | $6.3M | Add +5.3% |
| RWAY Runway Growth Finance Corp. | 0.24% | 435,885 | $4.7M | Reduce -5.2% |
| HTGC Hercules Capital Inc. | 0.19% | 201,606 | $3.7M | No change |
| NCDL Nuveen Churchill Direct Lend | 0.10% | 125,156 | $2.0M | Add +14.7% |
| YJ Yunji Inc.-ADR | 0.06% | 215,519,700 | $1.1M | New |
| BCSF Bain Capital Specialty Finan | 0.05% | 68,595 | $1.0M | No change |
| RENT Rent the Runway Inc. Class A | 0.04% | 169,383 | $866K | No change |
| XHG Xchange Tec.inc | 0.00% | 34,083,266,800 | $4K | New |
Other holdings (1): bonds, preferreds, convertibles and warrants · $14K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| ARKOW Arko Corp. -CW25 | *W EXP 12/22/202 | 1,100,000 | $14K | No change |
Total filed on the 13F, all lines: $2.0B.
Portfolio Sells Q1 2025 → Q2 2025
| SLRC SLR Investment Corp. | Reduce -34.0% | 0.78% | −0.70 |
| OCSL Oaktree Specialty Lending Co. | Reduce -1.6% | 1.36% | −0.50 |
| ARCC Ares Capital Corp. | Reduce -1.4% | 2.09% | −0.48 |
| FSK FS KKR Capital Corp. | Reduce -2.1% | 1.36% | −0.32 |
| MSIF MSC Income Fund Inc. | Reduce -21.5% | 0.34% | −0.18 |
| YJ Yunji Inc.-ADR | Sold out | 0.00% | −0.06 |
| RWAY Runway Growth Finance Corp. | Reduce -5.2% | 0.24% | −0.05 |
| XHG Xchange Tec.inc | Sold out | 0.00% | −0.00 |
| SVV Savers Value Village Inc. | Reduce -12.8% | 61.25% | +4.24 |
Portfolio Buys Q1 2025 → Q2 2025
| FLYYQ Spirit Aviation Holdings Inc. | New | 0.35% | +0.35 |
| GSBD Goldman Sachs BDC Inc. | Add +72.8% | 0.46% | +0.13 |
| YJ Yunji Inc.-ADR | New | 0.06% | +0.06 |
| XHG Xchange Tec.inc | New | 0.00% | +0.00 |
| NCDL Nuveen Churchill Direct Lend | Add +14.7% | 0.10% | −0.01 |
| MFIC Midcap Financial Investment | Add +13.2% | 0.35% | −0.03 |
| NMFC New Mountain Finance Corp. | Add +5.3% | 0.32% | −0.06 |
| CCAP Crescent Capital BDC Inc. | Add +10.0% | 0.37% | −0.12 |
| TSLX Sixth Street Specialty Lendi | Add +2.2% | 1.71% | −0.18 |
| OBDC Blue Owl Capital Corp. | Add +6.5% | 1.82% | −0.28 |
| BXSL Blackstone Secured Lending F | Add +3.8% | 1.29% | −0.28 |
| BBDC Barings BDC Inc. | Add +5.3% | 1.77% | −0.34 |
| GBDC Golub Capital BDC Inc. | Add +2.9% | 1.93% | −0.40 |
| GBTG Global Business Travel Group | Add +21.8% | 4.47% | −0.60 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 41 | $2.2B | SVV, XE, CCO, CTEV, ARXS |
| Q1 2026 | 37 | $1.5B | SVV, CCO, GBTG, INTEGER HOLDINGS CORP (ITGR 1.875 03/15/30), ARCC |
| Q4 2025 | 35 | $1.8B | SVV, GBTG, CCO, CTEV, ARCC |
| Q3 2025 | 33 | $2.2B | SVV, GBTG, CTEV, CCO, ARCC |
| Q2 2025 | 33 | $2.0B | SVV, FYBR, GBTG, CTEV, CCO |
| Q1 2025 | 32 | $1.6B | SVV, FYBR, GBTG, CCO, ARCC |
| Q4 2024 | 33 | $2.8B | SVV, FYBR, GBTG, CCO, GBDC |
| Q3 2024 | 36 | $3.6B | SVV, FYBR, CRC, CCO, GBTG |
| Q2 2024 | 33 | $3.5B | SVV, FYBR, YJ, CRC, CCO |
| Q1 2024 | 33 | $4.5B | SVV, FYBR, YJ, CRC, CCO |