ARES Ares Management Corp - 8-K

Item 1.01 Entry into a Material Definitive Agreement.

On March 27, 2026 (the “Closing Date”), Ares Holdings L.P., a Delaware limited partnership (“Ares Holdings” or the “Borrower”) and certain subsidiaries of Ares Management Corporation (the “Company”) entered into a Credit Agreement (the “Credit Agreement”), by and among Ares Holdings, as borrower, the subsidiaries of the Company party thereto, as guarantors, the lenders party thereto and Bank of America, N.A., as administrative agent, that provides a term loan facility in an aggregate commitment amount of $400 million. The term loan facility under the Credit Agreement has a final maturity date of March 27, 2029 and was fully funded at closing.

Loans under the Credit Agreement bear interest, at the Borrower’s option, at a floating rate, which can be, at the Borrower’s option, either (a) the Term SOFR Rate (as defined in the Credit Agreement) plus an applicable margin or (b) the Base Rate (as defined in the Credit Agreement) plus an applicable margin, in each case, determined based on the Company’s senior long-term unsecured debt ratings. The obligations under the Credit Agreement are guaranteed by certain subsidiaries of the Company.

The Credit Agreement contains various covenants, including, but not limited to, restrictions on the Borrower and its subsidiaries’ ability to incur indebtedness, grant liens, make investments, merge or consolidate into other companies, dispose of material assets and make dividends or other distributions, in each case, subject to various exceptions. The Credit Agreement requires the maintenance of a net debt to Adjusted EBITDA (as defined in the Credit Agreement) ratio not to exceed 4.00 to 1.00 as of the end of any four fiscal quarter period of the Company, and Assets Under Management (as defined in the Credit Agreement) must remain equal to or greater than $179,825,526,099.

The Credit Agreement also includes various events of default. Upon an event of default, commitments under the Credit Agreement may be terminated and outstanding borrowings may be accelerated.

Proceeds from the Credit Agreement must be used to refinance existing indebtedness, pay certain fees and expenses or fund ongoing working capital needs and general corporate purposes of the Borrower.

A copy of the Credit Agreement is attached to this Current Report on Form 8-K as Exhibit 10.1 and is incorporated by reference into this Item 1.01 as though fully set forth herein. The foregoing summary description of the Credit Agreement is not intended to be complete and is qualified in its entirety by the complete text of the Credit Agreement.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth in Item 1.01 is hereby incorporated by reference into this Item 2.03.

Item 9.01 Financial Statements and Exhibits.

(d)                                Exhibits:

Exhibit Number

Description

10.1

Credit Agreement, dated as of March 27, 2026, by and among Ares Holdings L.P., the Guarantors party thereto, the Lenders party thereto and Bank of America, N.A., as administrative agent

104

Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document

2