Sec Form 3 Filing - ARES MANAGEMENT LLC @ FERRELLGAS PARTNERS L P - 2026-03-16

FORM 3 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person ARES MANAGEMENT LLC 2. Issuer Name and Ticker or Trading Symbol FERRELLGAS PARTNERS L P [ NONE] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director X __ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 1800 AVENUE OF THE STARS, SUITE 1400, 3. Date of Earliest Transaction (MM/DD/YY) 03/16/2026 (Street) LOS ANGELES, CA90067 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) _____ Form filed by One Reporting Person __ X __ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Class A Units 1,563,690 I See Footnotes ( 1 ) ( 2 ) ( 3 ) ( 4 )

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other ARES MANAGEMENT LLC 1800 AVENUE OF THE STARS, SUITE 1400 LOS ANGELES, CA90067 X Ares Partners Holdco LLC C/O ARES MANAGEMENT LLC 1800 AVENUE OF THE STARS, SUITE 1400 LOS ANGELES, CA90067 X Ares Voting LLC C/O ARES MANAGEMENT LLC 1800 AVENUE OF THE STARS, SUITE 1400 LOS ANGELES, CA90067 X Ares Management GP LLC C/O ARES MANAGEMENT LLC 1800 AVENUE OF THE STARS, SUITE 1400 LOS ANGELES, CA90067 X Ares Management Corp C/O ARES MANAGEMENT LLC 1800 AVENUE OF THE STARS, SUITE 1400 LOS ANGELES, CA90067 X Ares Holdco LLC C/O ARES MANAGEMENT LLC 1800 AVENUE OF THE STARS, SUITE 1400 LOS ANGELES, CA90067 X Ares Management Holdings L.P. C/O ARES MANAGEMENT LLC 1800 AVENUE OF THE STARS, SUITE 1400 LOS ANGELES, CA90067 X ASOF Investment Management LLC C/O ARES MANAGEMENT LLC 1800 AVENUE OF THE STARS, SUITE 1400 LOS ANGELES, CA90067 X Ares Centre Street Management, L.P. C/O ARES MANAGEMENT LLC 1800 AVENUE OF THE STARS, SUITE 1400 LOS ANGELES, CA90067 X Signatures Ares Management LLC, By: /s/ Anton Feingold, Authorized Signatory 03/24/2026 Signature of Reporting Person Date Ares Partners Holdco LLC, By: /s/ Anton Feingold, Authorized Signatory 03/24/2026 Signature of Reporting Person Date Ares Voting LLC, By: Ares Partners Holdco LLC, its sole member, By: /s/ Anton Feingold, Authorized Signatory 03/24/2026 Signature of Reporting Person Date Ares Management GP LLC, By: /s/ Anton Feingold, Authorized Signatory 03/24/2026 Signature of Reporting Person Date Ares Management Corporation, By: /s/ Anton Feingold, Authorized Signatory 03/24/2026 Signature of Reporting Person Date Ares Holdco LLC, By: /s/ Anton Feingold, Authorized Signatory 03/24/2026 Signature of Reporting Person Date Ares Management Holdings L.P., By: Ares Holdco LLC, its general partner, By: /s/ Anton Feingold, Authorized Signatory 03/24/2026 Signature of Reporting Person Date ASOF Investment Management LLC, By: /s/ Evan Hoole, Authorized Signatory 03/24/2026 Signature of Reporting Person Date Ares Centre Street Management, L.P., By: Ares Management LLC, its general partner, By: /s/ Ian Fitzgerald, Authorized Signatory 03/24/2026 Signature of Reporting Person Date

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.

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 4(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).

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