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Ares-affiliated funds report major Ferrellgas Partners (FGPR) unit holdings

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
3

Rhea-AI Filing Summary

Ares-affiliated entities reported an existing indirect ownership position in Ferrellgas Partners’ Class A Units. The filing shows 1,563,690 Class A Units held indirectly, with the position split among several Ares-managed funds and vehicles, including ASOF II entities, Ares Capital Corporation and other affiliated partnerships and corporations.

The units also include 9,120 Class A Units held in an account managed or subadvised by Ares Management LLC, over which the Ares entities may share voting or dispositive power. The Ares entities collectively may be deemed to share beneficial ownership but expressly disclaim beneficial ownership of the managed units and of securities not held of record by them.

Positive

  • None.

Negative

  • None.
Insider ARES MANAGEMENT LLC, Ares Partners Holdco LLC, Ares Voting LLC, Ares Management GP LLC, Ares Management Corp, Ares Holdco LLC, Ares Management Holdings L.P., ASOF Investment Management LLC, Ares Centre Street Management, L.P.
Role 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner
Type Security Shares Price Value
holding Class A Units -- -- --
Holdings After Transaction: Class A Units — 1,563,690 shares (Indirect, See Footnotes)
Footnotes (1)
  1. Includes: (i) 154,070 Class A Units held by ASOF II Holdings II, L.P., (ii) 27,775 Class A Units held by ASOF II A (DE) Holdings III, L.P., (iii) 476,770 Class A Units held by Ares Capital Corporation, (iv) 600,000 Class A Units held by ASOF FG Holdings, L.P., (v) 102,300 Class A Units held by Ares Private Credit Solutions, L.P., (vi) 185,940 Class A Units held by Ares PCS Holdings Inc., and (vii) 7,715 Class A Units held by Ares Centre Street Partnership, L.P. Also includes 9,120 Class A Units (the "Managed Units") held by an account managed or subadvised by Ares Management LLC with respect to which the Ares Entities (as defined below) may be deemed to have shared voting or dispositive power. The Ares Entities disclaim beneficial ownership of the Managed Shares for purposes of Section 16 and this report shall not be deemed an admission that any of the Ares Entities are the beneficial owner of the Managed Shares for purposes of Section 16 or for any other purpose. Ares Partners Holdco LLC ("Ares Partners") is the sole member of each of Ares Voting LLC and Ares Management GP LLC, which are respectively the holders of the Class B and Class C common stock of Ares Management Corporation ("Ares Management"), which common stock allows them, collectively, to generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. Ares Management is the sole member of Ares Holdco LLC, which is the general partner of Ares Management Holdings L.P., which is the sole member of Ares Management LLC. Ares Management LLC is (i) the sole member of Ares Capital Management LLC, which is (a) the servicer of Ares PCS Holdings Inc., (b) the investment advisor of Ares Capital Corporation, and (c) the manager of Ares Private Credit Solutions, L.P. ; (ii) the sole member of ASOF Investment Management LLC, which is the manager of (a) ASOF II Holdings II, L.P., (b) ASOF II A (DE) Holdings III, L.P. and (c) ASOF FG Holdings, L.P.; and (iii) the general partner of Ares Centre Street Management, L.P., which is the investment manager of Ares Centre Street Partnership, L.P. We refer to all of the foregoing entities collectively as the Ares Entities. Each of the Ares Entities may be deemed to share beneficial ownership of the securities reported herein, but each disclaims any such beneficial ownership of securities not held of record by them. Ares Partners is managed by a board of managers, which is composed of Michael J Arougheti, R. Kipp deVeer, David B. Kaplan, Antony P. Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over Board Members' decisions. Each of these individuals disclaims beneficial ownership of the securities that may be deemed to be beneficially owned by Ares Partners.
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SEC Form 3
FORM 3UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0104
Estimated average burden
hours per response:0.5
1. Name and Address of Reporting Person*
ARES MANAGEMENT LLC
(Last)(First)(Middle)
1800 AVENUE OF THE STARS, SUITE 1400
(Street)
LOS ANGELES CALIFORNIA 90067
(City)(State)(Zip)
UNITED STATES
(Country)		2. Date of Event Requiring Statement (Month/Day/Year)
03/16/2026		3. Issuer Name and Ticker or Trading Symbol
FERRELLGAS PARTNERS L P [ NONE ]
3a. Foreign Trading Symbol
5. If Amendment, Date of Original Filed (Month/Day/Year)
4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
DirectorX10% Owner
Officer (give title below)Other (specify below)
6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
XForm filed by More than One Reporting Person
Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4) 2. Amount of Securities Beneficially Owned (Instr. 4) 3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A Units1,563,690ISee Footnotes(1)(2)(3)(4)
Table II - Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4) 2. Date Exercisable and Expiration Date (Month/Day/Year)3. Title and Amount of Securities Underlying Derivative Security (Instr. 4) 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 6. Nature of Indirect Beneficial Ownership (Instr. 5)
Date ExercisableExpiration DateTitleAmount or Number of Shares
1. Name and Address of Reporting Person*
ARES MANAGEMENT LLC
(Last)(First)(Middle)
1800 AVENUE OF THE STARS, SUITE 1400
(Street)
LOS ANGELES CALIFORNIA 90067
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Ares Partners Holdco LLC
(Last)(First)(Middle)
C/O ARES MANAGEMENT LLC
1800 AVENUE OF THE STARS, SUITE 1400
(Street)
LOS ANGELES CALIFORNIA 90067
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Ares Voting LLC
(Last)(First)(Middle)
C/O ARES MANAGEMENT LLC
1800 AVENUE OF THE STARS, SUITE 1400
(Street)
LOS ANGELES CALIFORNIA 90067
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Ares Management GP LLC
(Last)(First)(Middle)
C/O ARES MANAGEMENT LLC
1800 AVENUE OF THE STARS, SUITE 1400
(Street)
LOS ANGELES CALIFORNIA 90067
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Ares Management Corp
(Last)(First)(Middle)
C/O ARES MANAGEMENT LLC
1800 AVENUE OF THE STARS, SUITE 1400
(Street)
LOS ANGELES CALIFORNIA 90067
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Ares Holdco LLC
(Last)(First)(Middle)
C/O ARES MANAGEMENT LLC
1800 AVENUE OF THE STARS, SUITE 1400
(Street)
LOS ANGELES CALIFORNIA 90067
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Ares Management Holdings L.P.
(Last)(First)(Middle)
C/O ARES MANAGEMENT LLC
1800 AVENUE OF THE STARS, SUITE 1400
(Street)
LOS ANGELES CALIFORNIA 90067
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
ASOF Investment Management LLC
(Last)(First)(Middle)
C/O ARES MANAGEMENT LLC
1800 AVENUE OF THE STARS, SUITE 1400
(Street)
LOS ANGELES CALIFORNIA 90067
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Ares Centre Street Management, L.P.
(Last)(First)(Middle)
C/O ARES MANAGEMENT LLC
1800 AVENUE OF THE STARS, SUITE 1400
(Street)
LOS ANGELES CALIFORNIA 90067
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% Owner
Officer (give title below)Other (specify below)
Explanation of Responses:
1. Includes: (i) 154,070 Class A Units held by ASOF II Holdings II, L.P., (ii) 27,775 Class A Units held by ASOF II A (DE) Holdings III, L.P., (iii) 476,770 Class A Units held by Ares Capital Corporation, (iv) 600,000 Class A Units held by ASOF FG Holdings, L.P., (v) 102,300 Class A Units held by Ares Private Credit Solutions, L.P., (vi) 185,940 Class A Units held by Ares PCS Holdings Inc., and (vii) 7,715 Class A Units held by Ares Centre Street Partnership, L.P. Also includes 9,120 Class A Units (the "Managed Units") held by an account managed or subadvised by Ares Management LLC with respect to which the Ares Entities (as defined below) may be deemed to have shared voting or dispositive power. The Ares Entities disclaim beneficial ownership of the Managed Shares for purposes of Section 16 and this report shall not be deemed an admission that any of the Ares Entities are the beneficial owner of the Managed Shares for purposes of Section 16 or for any other purpose.
2. Ares Partners Holdco LLC ("Ares Partners") is the sole member of each of Ares Voting LLC and Ares Management GP LLC, which are respectively the holders of the Class B and Class C common stock of Ares Management Corporation ("Ares Management"), which common stock allows them, collectively, to generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. Ares Management is the sole member of Ares Holdco LLC, which is the general partner of Ares Management Holdings L.P., which is the sole member of Ares Management LLC.
3. Ares Management LLC is (i) the sole member of Ares Capital Management LLC, which is (a) the servicer of Ares PCS Holdings Inc., (b) the investment advisor of Ares Capital Corporation, and (c) the manager of Ares Private Credit Solutions, L.P. ; (ii) the sole member of ASOF Investment Management LLC, which is the manager of (a) ASOF II Holdings II, L.P., (b) ASOF II A (DE) Holdings III, L.P. and (c) ASOF FG Holdings, L.P.; and (iii) the general partner of Ares Centre Street Management, L.P., which is the investment manager of Ares Centre Street Partnership, L.P.
4. We refer to all of the foregoing entities collectively as the Ares Entities. Each of the Ares Entities may be deemed to share beneficial ownership of the securities reported herein, but each disclaims any such beneficial ownership of securities not held of record by them. Ares Partners is managed by a board of managers, which is composed of Michael J Arougheti, R. Kipp deVeer, David B. Kaplan, Antony P. Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over Board Members' decisions. Each of these individuals disclaims beneficial ownership of the securities that may be deemed to be beneficially owned by Ares Partners.
Remarks:
Due to the limitations of the electronic filing system, each of Ares Capital Management LLC, ASOF II Holdings II, L.P., ASOF II A (DE) Holdings III, L.P., Ares Capital Corporation, ASOF FG Holdings, L.P., Ares Private Credit Solutions, L.P., Ares PCS Holdings Inc., and Ares Centre Street Partnership, L.P. are filing a separate Form 3.
Ares Management LLC, By: /s/ Anton Feingold, Authorized Signatory03/24/2026
Ares Partners Holdco LLC, By: /s/ Anton Feingold, Authorized Signatory03/24/2026
Ares Voting LLC, By: Ares Partners Holdco LLC, its sole member, By: /s/ Anton Feingold, Authorized Signatory03/24/2026
Ares Management GP LLC, By: /s/ Anton Feingold, Authorized Signatory03/24/2026
Ares Management Corporation, By: /s/ Anton Feingold, Authorized Signatory03/24/2026
Ares Holdco LLC, By: /s/ Anton Feingold, Authorized Signatory03/24/2026
Ares Management Holdings L.P., By: Ares Holdco LLC, its general partner, By: /s/ Anton Feingold, Authorized Signatory03/24/2026
ASOF Investment Management LLC, By: /s/ Evan Hoole, Authorized Signatory03/24/2026
Ares Centre Street Management, L.P., By: Ares Management LLC, its general partner, By: /s/ Ian Fitzgerald, Authorized Signatory03/24/2026
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What did Ares Management report about its Ferrellgas Partners (FGPR) holdings?

Ares-affiliated entities reported an existing indirect holding of 1,563,690 Class A Units of Ferrellgas Partners. These units are spread across multiple Ares-managed funds and vehicles, reflecting a significant ownership stake reported on a beneficial ownership basis.

How are the 1,563,690 Ferrellgas Partners Class A Units held by Ares entities structured?

The 1,563,690 Class A Units are held through multiple entities, including ASOF II partnerships, Ares Capital Corporation, ASOF FG Holdings, Ares Private Credit Solutions, Ares PCS Holdings, and Ares Centre Street Partnership. Each vehicle holds a specified portion of the overall reported position.

Do Ares entities claim full beneficial ownership of all reported FGPR units?

The Ares entities state they may be deemed to share beneficial ownership of the reported securities but disclaim beneficial ownership of securities not held of record. They also specifically disclaim beneficial ownership of the 9,120 managed units held in an account they manage or subadvise.

What are the ‘Managed Units’ referenced in the Ares Ferrellgas Partners filing?

The filing describes 9,120 Ferrellgas Partners Class A Units as “Managed Units,” held by an account managed or subadvised by Ares Management LLC. Ares entities may share voting or dispositive power over these units but expressly disclaim beneficial ownership for Section 16 purposes.

Which key Ares management entities are tied to the Ferrellgas Partners holdings?

The structure links Ares Partners Holdco, Ares Voting, Ares Management GP, Ares Management Corp, Ares Holdco, Ares Management Holdings, ASOF Investment Management, and Ares Centre Street Management. These entities collectively form the Ares platform overseeing the various funds holding Ferrellgas Partners units.

How is voting control over Ares Partners Holdco described in the Ferrellgas Partners filing?

Ares Partners Holdco is managed by a board of managers comprising Michael J. Arougheti, R. Kipp deVeer, David B. Kaplan, Antony P. Ressler and Bennett Rosenthal, with Mr. Ressler generally having veto authority. These individuals disclaim beneficial ownership of securities deemed owned by Ares Partners.