# EDGAR Filing Document

**Accession Number:** 0001515324
**File Stem:** 0001104659-25-112810
**Filing Date:** 2025-11
**Character Count:** 30459
**Document Hash:** 692e8d05b6a8eabddd7f31c88c05e8e2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-112810.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001104659-25-112810

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ares Dynamic Credit Allocation Fund, Inc.
- **CENTRAL INDEX KEY:** 0001515324

**ORGANIZATION NAME:**
- **EIN:** 454969053
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-87482
- **FILM NUMBER:** 251488923

**BUSINESS ADDRESS:**
- **STREET 1:** 1800 AVENUE OF THE STARS
- **STREET 2:** SUITE 1400
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90067
- **BUSINESS PHONE:** (310) 201-4200

**MAIL ADDRESS:**
- **STREET 1:** 1800 AVENUE OF THE STARS
- **STREET 2:** SUITE 1400
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90067

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Ares Senior Credit Strategies Fund, Inc.
- **DATE OF NAME CHANGE:** 20110314
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Apollo Management Holdings GP, LLC
- **CENTRAL INDEX KEY:** 0001449433

**ORGANIZATION NAME:**
- **EIN:** 208351017
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** 9 W. 57TH STREET
- **STREET 2:** 43RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-515-3200

**MAIL ADDRESS:**
- **STREET 1:** 9 W. 57TH STREET
- **STREET 2:** 43RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**(Amendment No. 7)**

**Issuer:** Ares Dynamic Credit Allocation Fund, Inc.

**Title of Class of Securities:** See Exhibit 99.1

**CUSIP Number:** MULTIPLES

**Date of Event Which Requires Filing of this Statement:** 09/30/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [x] Rule 13d-1(b)

- [ ] Rule 13d-1(c)

- [ ] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>Apollo Management Holdings GP, LLC | Names of Reporting Persons<br>Apollo Management Holdings GP, LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>760000.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>760000.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>760000.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>760000.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>19% | Percent of Class Represented by Amount in Row (9)<br>19% |
| 12. | Type of Reporting Person (See Instructions)<br>HC | Type of Reporting Person (See Instructions)<br>HC |

**Comment for Type of Reporting Person:** Amount beneficially owned: 760,000 shares, based upon: (i) 360,000 shares of Series A Mandatory Preferred Stock, (ii) 160,000 shares of Series B Mandatory Preferred Stock, and (iii) 240,000 shares of Series C Mandatory Preferred Stock.

Percent of Class: 19%, based upon: (i) 45.0% of Series A Mandatory Preferred Stock, (ii) 13.3% of Series B Mandatory Preferred Stock, and (iii) 12.0% of Series C Mandatory Preferred Stock.

---

| 1. | Names of Reporting Persons<br>Athene Annuity and Life Company | Names of Reporting Persons<br>Athene Annuity and Life Company |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>IA | Citizenship or Place of Organization<br>IA |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>760000.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>760000.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>760000.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>760000.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>19% | Percent of Class Represented by Amount in Row (9)<br>19% |
| 12. | Type of Reporting Person (See Instructions)<br>IC | Type of Reporting Person (See Instructions)<br>IC |

**Comment for Type of Reporting Person:** Amount beneficially owned: 760,000 shares, based upon: (i) 360,000 shares of Series A Mandatory Preferred Stock, (ii) 160,000 shares of Series B Mandatory Preferred Stock, and (iii) 240,000 shares of Series C Mandatory Preferred Stock.

Percent of Class: 19%, based upon: (i) 45.0% of Series A Mandatory Preferred Stock, (ii) 13.3% of Series B Mandatory Preferred Stock, and (iii) 12.0% of Series C Mandatory Preferred Stock.

---

| 1. | Names of Reporting Persons<br>Apollo Insurance Solutions Group LP | Names of Reporting Persons<br>Apollo Insurance Solutions Group LP |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>760000.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>760000.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>760000.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>760000.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>19% | Percent of Class Represented by Amount in Row (9)<br>19% |
| 12. | Type of Reporting Person (See Instructions)<br>IA | Type of Reporting Person (See Instructions)<br>IA |

**Comment for Type of Reporting Person:** Amount beneficially owned: 760,000 shares, based upon: (i) 360,000 shares of Series A Mandatory Preferred Stock, (ii) 160,000 shares of Series B Mandatory Preferred Stock, and (iii) 240,000 shares of Series C Mandatory Preferred Stock.

Percent of Class: 19%, based upon: (i) 45.0% of Series A Mandatory Preferred Stock, (ii) 13.3% of Series B Mandatory Preferred Stock, and (iii) 12.0% of Series C Mandatory Preferred Stock.

---

| 1. | Names of Reporting Persons<br>AISG GP Ltd. | Names of Reporting Persons<br>AISG GP Ltd. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>E9 | Citizenship or Place of Organization<br>E9 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>760000.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>760000.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>760000.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>760000.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>19% | Percent of Class Represented by Amount in Row (9)<br>19% |
| 12. | Type of Reporting Person (See Instructions)<br>HC | Type of Reporting Person (See Instructions)<br>HC |

**Comment for Type of Reporting Person:** Amount beneficially owned: 760,000 shares, based upon: (i) 360,000 shares of Series A Mandatory Preferred Stock, (ii) 160,000 shares of Series B Mandatory Preferred Stock, and (iii) 240,000 shares of Series C Mandatory Preferred Stock.

Percent of Class: 19%, based upon: (i) 45.0% of Series A Mandatory Preferred Stock, (ii) 13.3% of Series B Mandatory Preferred Stock, and (iii) 12.0% of Series C Mandatory Preferred Stock.

---

| 1. | Names of Reporting Persons<br>Apollo Life Asset L.P. | Names of Reporting Persons<br>Apollo Life Asset L.P. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>760000.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>760000.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>760000.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>760000.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>19% | Percent of Class Represented by Amount in Row (9)<br>19% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

**Comment for Type of Reporting Person:** Amount beneficially owned: 760,000 shares, based upon: (i) 360,000 shares of Series A Mandatory Preferred Stock, (ii) 160,000 shares of Series B Mandatory Preferred Stock, and (iii) 240,000 shares of Series C Mandatory Preferred Stock.

Percent of Class: 19%, based upon: (i) 45.0% of Series A Mandatory Preferred Stock, (ii) 13.3% of Series B Mandatory Preferred Stock, and (iii) 12.0% of Series C Mandatory Preferred Stock.

---

| 1. | Names of Reporting Persons<br>Apollo Life Asset GP, LLC | Names of Reporting Persons<br>Apollo Life Asset GP, LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>E9 | Citizenship or Place of Organization<br>E9 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>760000.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>760000.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>760000.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>760000.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>19% | Percent of Class Represented by Amount in Row (9)<br>19% |
| 12. | Type of Reporting Person (See Instructions)<br>HC | Type of Reporting Person (See Instructions)<br>HC |

**Comment for Type of Reporting Person:** Amount beneficially owned: 760,000 shares, based upon: (i) 360,000 shares of Series A Mandatory Preferred Stock, (ii) 160,000 shares of Series B Mandatory Preferred Stock, and (iii) 240,000 shares of Series C Mandatory Preferred Stock.

Percent of Class: 19%, based upon: (i) 45.0% of Series A Mandatory Preferred Stock, (ii) 13.3% of Series B Mandatory Preferred Stock, and (iii) 12.0% of Series C Mandatory Preferred Stock.

---

| 1. | Names of Reporting Persons<br>Apollo Capital Management, L.P. | Names of Reporting Persons<br>Apollo Capital Management, L.P. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>760000.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>760000.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>760000.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>760000.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>19% | Percent of Class Represented by Amount in Row (9)<br>19% |
| 12. | Type of Reporting Person (See Instructions)<br>IA | Type of Reporting Person (See Instructions)<br>IA |

**Comment for Type of Reporting Person:** Amount beneficially owned: 760,000 shares, based upon: (i) 360,000 shares of Series A Mandatory Preferred Stock, (ii) 160,000 shares of Series B Mandatory Preferred Stock, and (iii) 240,000 shares of Series C Mandatory Preferred Stock.

Percent of Class: 19%, based upon: (i) 45.0% of Series A Mandatory Preferred Stock, (ii) 13.3% of Series B Mandatory Preferred Stock, and (iii) 12.0% of Series C Mandatory Preferred Stock.

---

| 1. | Names of Reporting Persons<br>Apollo Capital Management GP, LLC | Names of Reporting Persons<br>Apollo Capital Management GP, LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>760000.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>760000.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>760000.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>760000.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>19% | Percent of Class Represented by Amount in Row (9)<br>19% |
| 12. | Type of Reporting Person (See Instructions)<br>HC | Type of Reporting Person (See Instructions)<br>HC |

**Comment for Type of Reporting Person:** Amount beneficially owned: 760,000 shares, based upon: (i) 360,000 shares of Series A Mandatory Preferred Stock, (ii) 160,000 shares of Series B Mandatory Preferred Stock, and (iii) 240,000 shares of Series C Mandatory Preferred Stock.

Percent of Class: 19%, based upon: (i) 45.0% of Series A Mandatory Preferred Stock, (ii) 13.3% of Series B Mandatory Preferred Stock, and (iii) 12.0% of Series C Mandatory Preferred Stock.

---

| 1. | Names of Reporting Persons<br>Apollo Management Holdings, L.P. | Names of Reporting Persons<br>Apollo Management Holdings, L.P. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>760000.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>760000.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>760000.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>760000.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>19% | Percent of Class Represented by Amount in Row (9)<br>19% |
| 12. | Type of Reporting Person (See Instructions)<br>HC | Type of Reporting Person (See Instructions)<br>HC |

**Comment for Type of Reporting Person:** Amount beneficially owned: 760,000 shares, based upon: (i) 360,000 shares of Series A Mandatory Preferred Stock, (ii) 160,000 shares of Series B Mandatory Preferred Stock, and (iii) 240,000 shares of Series C Mandatory Preferred Stock.

Percent of Class: 19%, based upon: (i) 45.0% of Series A Mandatory Preferred Stock, (ii) 13.3% of Series B Mandatory Preferred Stock, and (iii) 12.0% of Series C Mandatory Preferred Stock.

---

**Item 1(a). Name of Issuer:**
Ares Dynamic Credit Allocation Fund, Inc.

**Item 1(b). Address of Issuer's Principal Executive Offices:**
1800 Avenue of the Stars Suite 1400 Los Angeles, CA, 90067

**Item 2(a). Name of Person Filing:**
This statement is filed by: (i) Athene Annuity and Life Company ("AAIA"); (ii) Apollo Insurance Solutions Group LP ("AISG"); (iii) AISG GP Ltd. ("AISG GP"); (iv) Apollo Life Asset, L.P. ("Apollo Life"); (v) Apollo Life Asset GP, LLC ("Apollo Life GP"); (vi) Apollo Capital Management, L.P. ("Capital Management"); (vii) Apollo Capital Management GP, LLC ("Capital Management GP"); (viii) Apollo Management Holdings, L.P. ("Management Holdings"); and (ix) Apollo Management Holdings GP, LLC ("Management Holdings GP"). The foregoing are collectively referred to herein as the "Reporting Persons."

AAIA holds Mandatory Redeemable Preferred Stock of the Issuer.

AISG is the investment adviser of AAIA. AISG GP is the general partner of AISG. Apollo Life is the general partner of AISG GP, and Apollo Life GP is the general partner of Apollo Life. Capital Management is the sole member of Apollo Life GP. The general partner of Capital Management is Capital Management GP. Management Holdings is the sole member and manager of Capital Management GP, and Management Holdings GP is the general partner of Management Holdings.

**Item 2(b). Address of Principal Business Office:**
The address of the principal office of AAIA is 7700 Mills Civic Parkway, West Des Moines, Iowa 50266. The address of the principal office of AISG is 2121 Rosecrans Ave. Ste 5300, El Segundo, California 90245. The address of the principal office of each of AISG GP and Apollo Life GP is c/o Walkers Corporate Limited, 190 Elgin Avenue, George Town, KY1-9008 Grand Cayman, Cayman Islands. The address of the principal office of each of Apollol Life, Capital Management, Capital Management GP, Management Holdings, and Management Holdings GP is 9 West 57th Street, 41st Floor, New York, NY 10019.

**Item 2(c). Citizenship:**
AAIA  Iowa
AISG  Delaware
AISG GP  Cayman Islands
Apollo Life  Delaware
Apollo Life GP  Cayman Islands
Capital Management  Delaware
Capital Management GP  Delaware
Management Holdings  Delaware
Management Holdings GP  Delaware

**Item 2(d). Title of Class of Securities:**
See Exhibit 99.1

**Item 2(e). CUSIP Number:**
MULTIPLES

**Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [x] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [x] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [x] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

Information in Rows 5 to 11 of the respective cover pages of the individual Reporting Persons are incorporated into this Item 4 by reference.
AISG, AISG GP, Apollo Life, Apollo Life GP, Capital Management, Capital Management GP, Management Holdings, and Management Holdings GP each disclaim beneficial ownership of all Common Stock held of record by AAIA, and the filing of this report shall not be construed as an admission that any such person or entity is the beneficial owner of any such securities for purposes of Section 13(d) or 13(g) of the Securities Exchange Act of 1934, as amended, or for any other purpose.

**(b) Percent of class:**

Information in Rows 5 to 11 of the respective cover pages of the individual Reporting Persons are incorporated into this Item 4 by reference.
The Reporting Persons' aggregate percentage of beneficial ownership of the total amount of Mandatory Redeemable Preferred Stock outstanding is based on 800,000 shares of Series A; 1,200,000 shares of Series B; and 2,000,000 shares of Series C Mandatory Redeemable Preferred Stock outstanding as of June 30, 2025, as reported by the Issuer in its certified shareholder report filed with the Securities and Exchange Commission on September 4, 2025.

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

0 for all Reporting Persons

**(ii) Shared power to vote or to direct the vote:**

AAIA                                              Series A - 360,000
Series B - 160,000
Series C - 240,000
AISG                                              Series A - 360,000
Series B - 160,000
Series C - 240,000
AISG GP                                        Series A - 360,000
Series B - 160,000
Series C - 240,000
Apollo Life                                     Series A - 360,000
Series B - 160,000
Series C - 240,000
Apollo Life GP                               Series A - 360,000
Series B - 160,000
Series C - 240,000
Capital Management                     Series A - 360,000
Series B - 160,000
Series C - 240,000
Capital Management GP               Series A - 360,000
Series B - 160,000
Series C - 240,000
Management Holdings                  Series A - 360,000
Series B - 160,000
Series C - 240,000
Management Holdings GP            Series A - 360,000
Series B - 160,000
Series C - 240,000

**(iii) Sole power to dispose or to direct the disposition of:**

0 for all Reporting Persons

**(iv) Shared power to dispose or to direct the disposition of:**

AAIA                                              Series A - 360,000
Series B - 160,000
Series C - 240,000
AISG                                              Series A - 360,000
Series B - 160,000
Series C - 240,000
AISG GP                                       Series A - 360,000
Series B - 160,000
Series C - 240,000
Apollo Life                                     Series A - 360,000
Series B - 160,000
Series C - 240,000
Apollo Life GP                               Series A - 360,000
Series B - 160,000
Series C - 240,000
Capital Management                     Series A - 360,000
Series B - 160,000
Series C - 240,000
Capital Management GP               Series A - 360,000
Series B - 160,000
Series C - 240,000
Management Holdings                  Series A - 360,000
Series B - 160,000
Series C - 240,000
Management Holdings GP            Series A - 360,000
Series B - 160,000
Series C - 240,000

**Item 5. Ownership of Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

Not Applicable

**Item 7. Identification and Classification of the Subsidiary**

See response to Item 2(a), which is incorporated herein by reference.

**Item 8. Identification and Classification of Members of the Group**

Not Applicable

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Apollo Management Holdings GP, LLC**

**Date:** 11/14/2025

**By:** /s/ William B. Kuesel

**Name & Title:** William B. Kuesel, Vice President

**Athene Annuity and Life Company**

**Date:** 11/14/2025

**By:** Apollo Insurance Solutions Group LP

**Name & Title:** Investment Adviser

**Apollo Insurance Solutions Group LP**

**Date:** 11/14/2025

**By:** AISG GP Ltd.

**Name & Title:** General Partner

**AISG GP Ltd.**

**Date:** 11/14/2025

**By:** /s/ Angelo Lombardo

**Name & Title:** Angelo Lombardo, Authorized Signatory

**Apollo Life Asset L.P.**

**Date:** 11/14/2025

**By:** /s/ Apollo Life Asset GP, LLC

**Name & Title:** General Partner

**Apollo Life Asset GP, LLC**

**Date:** 11/14/2025

**By:** /s/ Apollo Capital Management, L.P.

**Name & Title:** Managing Member

**Apollo Capital Management, L.P.**

**Date:** 11/14/2025

**By:** Apollo Capital Management GP, LLC

**Name & Title:** General Partner

**Apollo Capital Management GP, LLC**

**Date:** 11/14/2025

**By:** /s/ William B. Kuesel

**Name & Title:** William B. Kuesel, Vice President

**Apollo Management Holdings, L.P.**

**Date:** 11/14/2025

**By:** Apollo Management Holdings GP, LLC

**Name & Title:** General Partner