Class A Units

Ferrellgas Partners, L.P.

One Liberty Plaza, Liberty, MO, 64068

Each of the following is hereinafter individually referred to as a "Reporting Person" and collectively as the "Reporting Persons" or the "Ares Entities." This Schedule 13D is filed on behalf of: Ares Management LLC Ares Capital Corporation Ares Private Credit Solutions, L.P. Ares PCS Holdings Inc. Ares Capital Management LLC ASOF II Holdings II, L.P. ASOF II A (DE) Holdings III, L.P. ASOF FG Holdings, L.P. ASOF Investment Management LLC Ares Centre Street Partnership, L.P. Ares Centre Street Management, L.P. Ares Management Holdings L.P. Ares Holdco LLC Ares Management Corporation Ares Management GP LLC Ares Voting LLC Ares Partners Holdco LLC Schedule A hereto sets forth the information required to be disclosed in response to General Instruction C to Schedule 13D with respect to the officers and directors of Ares Partners Holdco LLC (such persons, the "Related Persons")

The address of the principal office of each of the Reporting Persons and Related Persons is c/o Ares Management LLC, 1800 Avenue of the Stars, Suite 1400, Los Angeles, California 90067.

The Reporting Persons are either holding companies without operations or are principally engaged in the business of investment management or making, purchasing, selling and holding investments. The present principal occupation for each of the Related Persons is set forth on Schedule A.

During the last five years, none of the Reporting Persons or Related Persons has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

Ares Capital Corporation is organized in the State of Maryland. Each of the remaining Reporting Persons is organized in the State of Delaware. Each of the Related Persons is a citizen of the United States of America.

The information contained on the cover pages is incorporated by reference to this Item 5. The percentages on the cover pages are based on 11,357,605 Class A Units outstanding, which includes 4,857,605 Class A Units outstanding as of February 27, 2026, as disclosed in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on March 5, 2026 plus an additional 6,500,000 Class A Units issued upon the conversion of all Class B Units, as disclosed in the Issuer's Current Report on Form 8-K filed on March 16, 2026.

The information contained on the cover pages is incorporated by reference to this Item 5. The amounts reported herein include: (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 above) may be deemed to have shared voting or dispositive power. 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. 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.

Except as set forth in Items 4 above, during the past 60 days, none of the Reporting Persons or the Related Persons have effected any transactions in the Class A Units.

None.

Not applicable.