Schedule 13D Filing by Ares Management LLC and Affiliates

Ares Management LLC and its affiliates (collectively, the "Reporting Persons") have filed a Schedule 13D regarding their ownership of Ferrellgas Partners, L.P. (the "Issuer"). The filing indicates that on March 16, 2026, the Issuer converted all outstanding Class B Units into Class A Units at a conversion factor of 5 Class A Units for every 1 Class B Unit. As a result, the Reporting Persons acquired an aggregate of 1,563,690 Class A Units. The Reporting Persons purchased 312,738 Class B Units for $75,036,400 and subsequently converted them. The Reporting Persons acquired these securities for investment purposes and intend to continuously review their investments. They may take various actions, including acquiring more securities, selling existing holdings, or engaging in discussions regarding corporate transactions such as mergers, reorganizations, or changes to the Issuer's capitalization or management. The filing details the ownership percentages of various Ares entities, with Ares Management LLC holding the largest percentage at 13.8%. The filing also includes a Joint Filing Agreement and Schedule A, listing the Board of Managers of Ares Partners Holdco LLC.