ARES MANAGEMENT LLC

Major shareholder Ares Management sells 14.63M CCO shares (26.2% of holdings) in two transactions for $17.0M on Sept 9–10

Ares Management, a 10% owner of Clear Channel Outdoor, executed 2 separate sales on consecutive days: sold 1,631,555 shares at $1.39 on 2025-09-09 and 13,000,000 shares at $1.13 on 2025-09-10, for a combined $16,972,135.23. The blended average transaction price of $1.16 falls below the current price of $1.33, and the aggregate sale reduced Ares's stake by 26.2% from 55,829,046 shares to 41,197,491 shares. Set against deteriorating fundamentals—annual revenue declined 29.2% year-over-year, the company reported negative full-year net income, and the P/E ratio stands at 33.25—this substantial liquidation of a core holding warrants investor attention. The timing of the larger 13M-share tranche at a notably lower price ($1.13 vs $1.39 the prior day) occurred amid a 30-day price recovery of +19.8%, making the execution pattern noteworthy for future comparison against stock performance.

Ares Management (10% owner) sells 14.63M CCO shares for $17.0M across two days; retains 41.20M shares post-sale.

Ares Management executed two separate sales totaling 14,631,555 shares for $16,972,135.23 on September 9–10, 2025, reducing its stake from 55,829,046 shares to 41,197,491 shares—a -26.2% reduction in holdings. The blended average sale price of $1.16 sits below the current price of $1.33, yet the stock has risen 19.8% over the prior 30 days and 20.9% over 90 days. The company reported a -29.2% annual revenue contraction, full-year losses, and a high P/E of 33.25 on quarterly net income of only $9.5M. This large reduction in a 10% owner's stake during a period of operational stress and prior poor cross-ticker sell-timing history (avg 90d return +9.6% after sells, 0.00% well-timed rate) may signal a reassessment of position size despite recent positive price momentum.

Ares Management (10% owner) sold 2,250,000 shares of SVV at $8.86 on 2025-06-11 for $19,928,025.00

Ares Management reduced its SVV stake by 2,250,000 shares (1.9% of pre-transaction holdings) at $8.86, with the stock now trading 21.9% below its 52-week high of $13.17. The company's fundamentals show mixed signals: revenue of $370,145,000.00 with net income of $-4,723,000.00 and an elevated P/E of 64.31, indicating the market is pricing substantial growth expectations despite current losses. Across Ares's broader open-market trading history, the insider's cross-ticker track record shows a 0.00% well-timed 90-day rate on prior sells, suggesting a pattern of selling before subsequent stock appreciation rather than before declines. At SVV specifically, prior measurable outcomes are not yet available for the three recent transactions at this ticker, limiting assessment of timing accuracy.

10% owner ARES MANAGEMENT LLC sold 2,250,000 shares of SVV at $8.86 on 2025-06-11, worth $19,928,025.00.

ARES MANAGEMENT LLC, holding 117,449,188 shares post-transaction, executed a sale of 2,250,000 shares at $8.86, reducing holdings by 1.9%. The stock currently trades at $10.29, 21.9% below its 52-week high of $13.17, and has climbed 7.5% over the past 30 days and 55.4% over 90 days since the June 11 transaction. The company faces earnings headwinds, reporting a net loss of $4,723,000 on $370,145,000 in quarterly revenue and a notably elevated P/E of 64.31. Across the insider's broader trading history, prior sells averaged +1.9% returns over 30 days and +4.3% over 90 days with a 0.00% well-timed rate, indicating a pattern of selling into strength rather than before declines. At this specific ticker, three prior trades occurred within a compressed timeframe (two sells on 2025-05-16 and the current sale on 2025-06-11), suggesting sustained portfolio repositioning rather than a singular signal. The outcomes of those prior SVV trades remain unmeasurable, precluding direct assessment of timing quality at this ticker.

ARES MANAGEMENT sold 14,960,000 shares (14.96M) of SVV at $8.86 on 2025-05-16 for $132,499,224.00; now holds 119,699,188 shares post-sale.

ARES MANAGEMENT LLC, a 10% shareholder, divested 14,960,000 shares at $8.86, reducing its stake by 11.1% to 119,699,188 shares and generating $132,499,224.00 in proceeds. The sale occurred when SVV stock trades at $9.88 (current), 30.1% below its 52-week high of $14.13 and 8.8% higher than 30 days prior, but 11.8% lower than 90 days ago. Savers Value Village carries a high P/E of 61.75 on trailing net income of $-4,723,000.00 (net loss) and recent revenue of $370,145,000.00 with modest 2.5% year-over-year growth. The scale of this 14.96M-share reduction from a 10% owner is material and merits investor attention to the motivations driving a substantial partial exit.

Ares Management LLC (10% owner) sold 14,960,000 shares of SVV at $8.86 on 2025-05-16 for $132.5M, reducing stake by -11.1% to 119.70M shares.

ARES MANAGEMENT LLC executed a material sale of 14,960,000 shares at $8.86, representing an -11.1% reduction in its ownership position at SVV. The transaction occurred at a price roughly 10% below the current market price of $9.88 and 37% below the 52-week high of $14.13, indicating the sale was conducted during a period of relative weakness. The company's fundamentals show modest revenue growth of +2.5% annually but current unprofitability with a net loss of $-4.7M in the latest quarter, alongside a 61.75 P/E ratio that reflects market expectations despite negative earnings. The 14.96M share reduction is significant given it represents over 10% of the insider's prior stake; subsequent price movement and the insider's future activity at this ticker will be material signals worth monitoring.

Ares Management (10% owner) sold 11,500,000 shares at $34.37 for $395,255,000, reducing stake by 32.5%

Ares Management, a 10% shareholder, executed a material $395,255,000 sale of 11,500,000 shares on 2024-12-10 at $34.37 per share, cutting its holdings from 35,422,768 to 23,922,768 shares—a 32.5% reduction in position size. This substantial stake reduction comes as Frontier Communications trades near its 52-week high of $38.68 and is currently at $34.66, down 10.4% from peak levels. The company's fundamentals remain pressured: net income stands at $-82,000,000 on revenue of $1,489,000,000 with negative annual revenue growth of -0.6% and an elevated P/E ratio of 288.83, indicating significant unprofitability that conflicts with valuation levels. The timing of this large-scale portfolio reduction by a major shareholder warrants close attention given the disconnect between the company's deteriorating profitability and its current market valuation.

ARES MANAGEMENT LLC sold 11,500,000 shares of FYBR at $34.37; retains 23,922,768 shares (-32.5% position reduction).

A 10% owner reduced its Frontier Communications stake by 11,500,000 shares for $395,255,000.00 on 2024-12-10, cutting its holding from 35,422,768 to 23,922,768 shares. The sale occurred near the 52-week high (stock at $34.37 vs $38.68 high, and trading at $34.66 today), though Frontier's fundamentals remain challenged: the company reported net income of -$82,000,000.00 on revenue of $1,489,000,000.00, with a P/E of 288.83 reflecting depressed earnings. The filing shows 5 prior trades at FYBR all clustered on 2024-12-09 and 2024-12-10, suggesting a coordinated liquidity event rather than incremental decisions. With outcomes not yet measurable and no historical pattern of well-timed exits at this ticker (0 of 0 prior sells achieved negative 90-day returns), the timing relative to future price action remains unknown, but the scale of the reduction—relinquishing a third of holdings—warrants investor attention to any upcoming disclosures by the remaining shareholder.

Ares Management LLC (10% owner) sold 11,500,000 shares of FYBR at $34.37 on 2024-12-10 for $395,255,000.00

Ares Management LLC, a 10% shareholder, executed a substantial open-market sale of 11,500,000 shares on 2024-12-10 at $34.37, reducing its holdings by 32.5% to 23,922,768 shares post-transaction. The sale occurred at a price 0.84% below the current market price of $34.66, near the midpoint of the 52-week range of $21.58–$38.68. Frontier Communications' fundamentals present a mixed picture: the company generated $1,489,000,000 in quarterly revenue but reported a net loss of $82,000,000, with annual revenue declining 0.6% year-over-year and a distressed P/E ratio of 288.83. The substantial reduction in the 10% holder's stake, combined with the company's negative profitability and flat-to-declining revenue trajectory, suggests a meaningful rebalancing of exposure to this position rather than a conviction-driven accumulation signal.

Ares Management sold 11,500,000 shares of FYBR at $34.37 on 2024-12-10; holdings reduced from 35.42M to 23.92M shares (-32.5%)

Ares Management, a 10% owner, executed a substantial 11,500,000 share divestiture reducing its stake by 32.5% relative to pre-transaction holdings, at a price of $34.37 per share. The transaction occurred on 2024-12-10 at a level that was -10.4% from the 52-week high of $38.68, while the stock currently trades at $34.66, just 29 cents above the sale price. Frontier Communications faces structural headwinds with a negative net income of $-82,000,000 in the latest quarter and flat year-over-year revenue growth of -0.6%, paired with a highly elevated P/E of 288.83 reflecting minimal profitability. The 32.5% reduction in a major institutional holder's position, combined with the company's weak fundamental profile, warrants close monitoring of whether additional selling pressure or strategic repositioning by other significant stakeholders may follow.