ARES MANAGEMENT CORPORATION

That top-heavy structure makes the activity below them look larger than its effect on control. Portman Square Capital executed the quarter's decisive sale, reducing its position by 176,700 shares, an estimated $19.7 million. Its remaining $14.5 million stake now represents only 2.9% of tracked value. Assenagon Asset Management also cut about $4.2 million, while the Pennsylvania Public School Employees' Retirement System made a much smaller $156,000 reduction.

The buyer side was broader but less forceful. Swedbank purchased an estimated $2.8 million, increasing its holding more than threefold to $4.1 million. Cox Capital added roughly $1.2 million, Wealth Enhancement Advisory Services $735,000 and Dynamic Advisor Solutions $651,000. The Czech National Bank, PensionDanmark and Capital Investment Counsel also increased their positions.