Ares Management LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Ares Management LLC reported 33 stock positions worth $2.2 billion. Its top holding was Savers Value Village (SVV) at 71.4% of the portfolio, followed by Global Business Travel (GBTG, 5.1%) and Claritev (CTEV, 4.5%). Compared with Q2 2025, it opened 3 new positions, sold out of 3, added to 2 and reduced 5. The biggest buy was a new position in Blue Owl Technology Finance (OTF) and the biggest sale an exit from Frontier Communications Pare (FYBR).

Most Recent 13F
Q2 2026
Location
LOS ANGELES, CA
CIK
0001259313
Portfolio Value
$2.2B (Q3 2025)
SEC Filing
0001104659-25-112525 ↗ filed Nov 14, 2025

Holdings Value

0$1.0B$2.0B$3.0B$4.0B$5.0B Q1 2024: $4.5B Q1 2024 Q2 2024: $3.5B Q2 2024 Q3 2024: $3.6B Q3 2024 Q4 2024: $2.8B Q4 2024 Q1 2025: $1.6B Q1 2025 Q2 2025: $2.0B Q2 2025 Q3 2025: $2.2B $2.2B Q3 2025 Q4 2025: $1.8B Q4 2025 Q1 2026: $1.5B Q1 2026 Q2 2026: $2.2B Q2 2026

Holdings 33 stocks · $2.2B
SVV Savers Value Village Inc. 71.37% 117,449,188 $1.6B No change
GBTG Global Business Travel Group 5.15% 13,886,023 $112.2M No change
CTEV Claritev Corp. 4.54% 1,863,105 $98.9M No change
CCO Clear Channel Outdoor Holdin 2.99% 41,197,491 $65.1M Reduce -26.2%
ARCC Ares Capital Corp. 1.92% 2,054,376 $41.9M Add +10.3%
GBDC Golub Capital BDC Inc. 1.61% 2,571,210 $35.2M No change
BBDC Barings BDC Inc. 1.53% 3,797,112 $33.3M No change
TSLX Sixth Street Specialty Lendi 1.46% 1,394,779 $31.9M Reduce -0.6%
OBDC Blue Owl Capital Corp. 1.46% 2,487,964 $31.8M No change
OCSL Oaktree Specialty Lending Co. 1.16% 1,945,305 $25.4M No change
BXSL Blackstone Secured Lending F 0.98% 821,100 $21.4M No change
FSK FS KKR Capital Corp. 0.88% 1,280,482 $19.1M Reduce -0.4%
TEM Tempus AI Inc. Class A 0.61% 164,383 $13.3M No change
ARKO Arko Corp. 0.44% 2,110,000 $9.6M No change
OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC 0.39% 3,547,478 $8.5M No change
TRIN Trinity Capital Inc. 0.39% 545,723 $8.4M No change
GSBD Goldman Sachs BDC Inc. 0.37% 798,421 $8.1M No change
OTF Blue Owl Technology Finance 0.34% 539,064 $7.4M New
CCAP Crescent Capital BDC Inc. 0.34% 516,409 $7.4M No change
OPAL Opal Fuels Inc. Class A 0.31% 3,059,533 $6.7M No change
MFIC Midcap Financial Investment 0.30% 545,532 $6.5M No change
BRCB Black Rock Coffee Bar Inc. Class A 0.27% 250,676 $6.0M New
NMFC New Mountain Finance Corp. filed as NEW MTN FIN CORP 0.26% 596,371 $5.7M No change
MSIF MSC Income Fund Inc. 0.25% 408,393 $5.4M No change
RWAY Runway Growth Finance Corp. 0.20% 435,885 $4.4M No change
HTGC Hercules Capital Inc. 0.17% 201,606 $3.8M No change
SLRC SLR Investment Corp. 0.10% 138,502 $2.1M Reduce -85.3%
NCDL Nuveen Churchill Direct Lend 0.08% 125,156 $1.7M No change
YJ Yunji Inc.-ADR 0.05% 215,800,000 $1.1M Add +0.1%
BCSF Bain Capital Specialty Finan 0.04% 68,595 $977K No change
RENT Rent the Runway Inc. Class A 0.04% 169,383 $835K No change
UNIT Uniti Group Inc. 0.00% 14,518 $29K New
XHG Xchange Tec.inc 0.00% 419,729 $217 Reduce -100.0%

Options reported separately and not counted above: XHB puts ($22.2M).

Other holdings (1): bonds, preferreds, convertibles and warrants · $10K (not counted above)
SecurityClassShares / PrincipalValueChange
ARKOW Arko Corp. -CW25 *W EXP 12/22/202 1,100,000$10KNo change

Total filed on the 13F, all lines: $2.2B.

Portfolio Sells Q2 2025 → Q3 2025
FYBR Frontier Communications Pare Sold out 0.00% −5.83
CRC California Resources Corp. Sold out 0.00% −1.65
SLRC SLR Investment Corp. Reduce -85.3% 0.10% −0.68
FSK FS KKR Capital Corp. Reduce -0.4% 0.88% −0.49
CCO Clear Channel Outdoor Holdin Reduce -26.2% 2.99% −0.35
FLYYQ Spirit Aviation Holdings Inc. Sold out 0.00% −0.35
TSLX Sixth Street Specialty Lendi Reduce -0.6% 1.46% −0.25
XHG Xchange Tec.inc Reduce -100.0% 0.00% −0.00

Portfolio Buys Q2 2025 → Q3 2025
OTF Blue Owl Technology Finance New 0.34% +0.34
BRCB Black Rock Coffee Bar Inc. Class A New 0.27% +0.27
UNIT Uniti Group Inc. New 0.00% +0.00
YJ Yunji Inc.-ADR Add +0.1% 0.05% −0.01
ARCC Ares Capital Corp. Add +10.3% 1.92% −0.17

Options Activity Q2 2025 → Q3 2025
XHB SS SPDR S&P Homebldrs ETF put New 200,000 $22.2M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 41$2.2BSVV, XE, CCO, CTEV, ARXS
Q1 2026 37$1.5BSVV, CCO, GBTG, INTEGER HOLDINGS CORP (ITGR 1.875 03/15/30), ARCC
Q4 2025 35$1.8BSVV, GBTG, CCO, CTEV, ARCC
Q3 2025 33$2.2BSVV, GBTG, CTEV, CCO, ARCC
Q2 2025 33$2.0BSVV, FYBR, GBTG, CTEV, CCO
Q1 2025 32$1.6BSVV, FYBR, GBTG, CCO, ARCC
Q4 2024 33$2.8BSVV, FYBR, GBTG, CCO, GBDC
Q3 2024 36$3.6BSVV, FYBR, CRC, CCO, GBTG
Q2 2024 33$3.5BSVV, FYBR, YJ, CRC, CCO
Q1 2024 33$4.5BSVV, FYBR, YJ, CRC, CCO