Ares Management Files 13D on Ferrellgas Partners, Signals Major Stake

TL;DR

**Ares Management just took a big chunk of Ferrellgas, expect potential shake-ups!**

AI Summary

Ares Management LLC filed a Schedule 13D on March 23, 2026, indicating a significant ownership stake in Ferrellgas Partners L.P. This filing, required when an entity acquires more than 5% of a company's stock, signals that Ares Management now has substantial influence over Ferrellgas. This matters to stockholders because a major institutional investor like Ares taking a large position can indicate confidence in the company's future, potentially leading to strategic changes or increased stock value, but also means Ares will have a strong say in major decisions.

Why It Matters

This filing reveals a significant ownership change in Ferrellgas Partners L.P., indicating a powerful new stakeholder, Ares Management LLC, which could influence the company's direction and stock performance.

Risk Assessment

Risk Level: medium — A new major shareholder can bring positive changes but also introduces uncertainty regarding their intentions and potential impact on existing shareholders.

Analyst Insight

A smart investor would research Ares Management LLC's past investments and strategies to anticipate potential changes or influences on Ferrellgas Partners L.P. and consider if this new major shareholder aligns with their investment thesis.

Key Players & Entities

• Ares Management LLC (company) — the entity filing the Schedule 13D, indicating acquisition of beneficial ownership
• Ferrellgas Partners L.P. (company) — the subject company in which Ares Management LLC acquired a significant stake
• March 23, 2026 (date) — the filing date and acceptance date of the Schedule 13D

FAQ

Filing Documents

• primary_doc.html (SCHEDULE 13D)
• primary_doc.xml (SCHEDULE 13D) — 34KB
• tm269571d1_ex1.htm (EX-99.1) — 29KB
• tm269571d1_ex2.htm (EX-99.2) — 4KB
• 0001104659-26-033438.txt ( ) — 69KB

From the Filing

EX-99.1 2 tm269571d1_ex1.htm EXHIBIT 1 Exhibit 1 JOINT FILING AGREEMENT In accordance with Rule 13d-1(k)(1) promulgated under the Securities Exchange Act of 1934, as amended, the undersigned hereby agree that they are jointly filing this statement on Schedule 13D. Each of them is responsible for the timely filing of such statement and any amendments thereto, and for the completeness and accuracy of the information concerning such person contained therein; but none of them is responsible for the completeness or accuracy of the information concerning the other persons making the filing, unless such person knows or has reason to believe that such information is inaccurate. IN WITNESS WHEREOF, the undersigned hereby execute this Joint Filing Agreement as of the 23 rd of March 2026. Ares Management LLC By: /s/ Anton Feingold Name: Anton Feingold Title: Authorized Signatory Ares Capital Corporation By: Ares Capital Management LLC, its investment advisor By: Ares Management LLC, its sole member By: /s/ Ian Fitzgerald Name: Ian Fitzgerald Title: Authorized Signatory Ares Private Credit Solutions, L.P. By: Ares Capital Management LLC, its manager By: Ares Management LLC, its sole member By: /s/ Ian Fitzgerald Name: Ian Fitzgerald Title: Authorized Signatory Ares PCS Holdings Inc. By: Ares Capital Management LLC, its servicer By: Ares Management LLC, its sole member By: /s/ Ian Fitzgerald Name: Ian Fitzgerald Title: Authorized Signatory Ares Capital Management LLC By: Ares Management LLC, its sole member By: /s/ Ian Fitzgerald Name: Ian Fitzgerald Title: Authorized Signatory ASOF II Holdings II, L.P. By: ASOF Investment Management LLC, its manager By: /s/ Evan Hoole Name: Evan Hoole Title: Authorized Signatory ASOF II A (DE) Holdings III, L.P. By: ASOF Investment Management LLC, its manager By: /s/ Evan Hoole Name: Evan Hoole Title: Authorized Signatory ASOF FG Holdings, L.P. By: ASOF Investment Management LLC, its manager By: /s/ Evan Hoole Name: Evan Hoole Title: Authorized Signatory ASOF Investment Management LLC By: /s/ Evan Hoole Name: Evan Hoole Title: Authorized Signatory Ares Centre Street Partnership, L.P. By: Ares Centre Street Management, L.P., its investment manager By: Ares Management LLC, its general partner By: /s/ Ian Fitzgerald Name: Ian Fitzgerald Title: Authorized Signatory Ares Centre Street Management, L.P. By: Ares Management LLC, its general partner By: /s/ Ian Fitzgerald Name: Ian Fitzgerald Title: Authorized Signatory Ares Management Holdings L.P. By: Ares Holdco LLC, its general partner By: /s/ Anton Feingold Name: Anton Feingold Title: Authorized Signatory Ares Holdco LLC By: /s/ Anton Feingold Name: Anton Feingold Title: Authorized Signatory Ares Management Corporation By: /s/ Anton Feingold Name: Anton Feingold Title: Authorized Signatory Ares Management GP LLC By: /s/ Anton Feingold Name: Anton Feingold Title: Authorized Signatory Ares Voting LLC By: Ares Partners Holdco, LLC, its sole member By: /s/ Anton Feingold Name: Anton Feingold Title: Authorized Signatory Ares Partners Holdco LLC By: /s/ Anton Feingold Name: Anton Feingold Title: Authorized Signatory

View Full Filing

View this filing on SEC EDGAR