ARDC

SEC source: 0000314984-26-000042 · primary_doc.xml · nonDerivative · entry 1

THRIVENT FINANCIAL FOR LUTHERANS · CIK 0000314984 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

F1 · kind: The Series B Mandatory Redeemable Preferred Shares were redeemed by the issuer at a price equal to the principal amount of $25.00 per share.

SEC source: 0000314984-26-000042 · primary_doc.xml · nonDerivative · entry 2

THRIVENT FINANCIAL FOR LUTHERANS · CIK 0000314984 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 240,000

SEC source: 0000314984-26-000018 · primary_doc.xml · nonDerivative · entry 1

THRIVENT FINANCIAL FOR LUTHERANS · CIK 0000314984 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 160,000

SEC source: 0001104659-24-065679 · tm2415738-1_4seq1.xml · nonDerivative · entry 4

Shaw John Joseph · CIK 0001559485 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · By the John Shaw Living Trust

Disclosed balance after: 10,000

F1 · balance_after: Includes shares acquired under the Dividend Reinvestment Plan of Ares Dynamic Credit Allocation Fund, Inc.

F2 · ownership.nature: The shares are held by the John Shaw Living Trust, of which the reporting person is a beneficiary.

SEC source: 0001104659-24-065679 · tm2415738-1_4seq1.xml · nonDerivative · entry 3

Shaw John Joseph · CIK 0001559485 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · By the John Shaw Living Trust

Disclosed balance after: 12,099

F1 · balance_after: Includes shares acquired under the Dividend Reinvestment Plan of Ares Dynamic Credit Allocation Fund, Inc.

F2 · ownership.nature: The shares are held by the John Shaw Living Trust, of which the reporting person is a beneficiary.

SEC source: 0001104659-24-065679 · tm2415738-1_4seq1.xml · nonDerivative · entry 2

Shaw John Joseph · CIK 0001559485 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · By the John Shaw Living Trust

Disclosed balance after: 14,124

F1 · balance_after: Includes shares acquired under the Dividend Reinvestment Plan of Ares Dynamic Credit Allocation Fund, Inc.

F2 · ownership.nature: The shares are held by the John Shaw Living Trust, of which the reporting person is a beneficiary.

SEC source: 0001104659-24-065679 · tm2415738-1_4seq1.xml · nonDerivative · entry 1

Shaw John Joseph · CIK 0001559485 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · By the John Shaw Living Trust

Disclosed balance after: 22,025

F1 · balance_after: Includes shares acquired under the Dividend Reinvestment Plan of Ares Dynamic Credit Allocation Fund, Inc.

F2 · ownership.nature: The shares are held by the John Shaw Living Trust, of which the reporting person is a beneficiary.

SEC source: 0001104659-23-093556 · tm2324186-1_4seq1.xml · nonDerivative · entry 2

Shaw John Joseph · CIK 0001559485 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · By the John Shaw Living Trust

Disclosed balance after: 30,000

F3 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $12.7799 to $12.85, inclusive. The Reporting Person undertakes to provide to Ares Dynamic Credit Allocation Fund, Inc., any security holder of Ares Dynamic Credit Allocation Fund, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in footnote (3) to this Form 4.

F1 · balance_after: Includes shares acquired under the Dividend Reinvestment Plan of Ares Dynamic Credit Allocation Fund, Inc.

F2 · ownership.nature: The shares are held by the John Shaw Living Trust, of which the reporting person is a beneficiary.

SEC source: 0001104659-23-093556 · tm2324186-1_4seq1.xml · nonDerivative · entry 1

Shaw John Joseph · CIK 0001559485 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · By the John Shaw Living Trust

Disclosed balance after: 50,715.7299

F1 · balance_after: Includes shares acquired under the Dividend Reinvestment Plan of Ares Dynamic Credit Allocation Fund, Inc.

F2 · ownership.nature: The shares are held by the John Shaw Living Trust, of which the reporting person is a beneficiary.

SEC source: 0001104659-22-035662 · tm229782-1_4seq1.xml · nonDerivative · entry 1

SPECTOR BRUCE H · CIK 0001032667 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 35,000

F1 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $14.16 to $14.20, inclusive. The Reporting Person undertakes to provide to Ares Dynamic Credit Allocation Fund, Inc., any security holder of Ares Dynamic Credit Allocation Fund, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in footnote (1) to this Form 4.

SEC source: 0001104659-22-008346 · tm224702-1_4seq1.xml · nonDerivative · entry 2

Shaw John Joseph · CIK 0001559485 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · By the John Shaw Living Trust

Disclosed balance after: 60,001.7299

F1 · balance_after: Includes shares acquired under the Dividend Reinvestment Plan of Ares Dynamic Credit Allocation Fund, Inc.

F2 · ownership.nature: The shares are held by the John Shaw Living Trust, of which the reporting person is a beneficiary.

SEC source: 0001104659-22-008346 · tm224702-1_4seq1.xml · nonDerivative · entry 1

Shaw John Joseph · CIK 0001559485 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · By the John Shaw Living Trust

Disclosed balance after: 34,001.7299

F1 · balance_after: Includes shares acquired under the Dividend Reinvestment Plan of Ares Dynamic Credit Allocation Fund, Inc.

F2 · ownership.nature: The shares are held by the John Shaw Living Trust, of which the reporting person is a beneficiary.

SEC source: 0001567619-21-017229 · doc1.xml · nonDerivative · entry 2

Sun Life Assurance Co of Canada · CIK 0001381352 · 10% owner

SUN LIFE FINANCIAL INC · CIK 0001097362 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote 1.

Disclosed balance after: 560,000

F1 · ownership.nature: Sun Life Financial Inc. owns 100% of the outstanding common stock of Sun Life Assurance Company of Canada, the direct owner of the shares.

SEC source: 0001567619-21-017229 · doc1.xml · nonDerivative · entry 1

Sun Life Assurance Co of Canada · CIK 0001381352 · 10% owner

SUN LIFE FINANCIAL INC · CIK 0001097362 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 560,000

SEC source: 0001104659-20-066368 · a4.xml · nonDerivative · entry 1

Brufsky Seth J · CIK 0001559401 · Director · President and CEO / Portfolio

10b5-1 filing: Not disclosed

Ownership: Indirect · By The Seth J. Brufsky Living Trust

Disclosed balance after: 69,136.6401

F1 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $11.24 to $11.35, inclusive. The Reporting Person undertakes to provide to Ares Dynamic Credit Allocation Fund, Inc., any security holder of Ares Dynamic Credit Allocation Fund, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in footnote (1) to this Form 4.

F2 · balance_after: Includes shares acquired under the Dividend Reinvestment Plan of Ares Dynamic Credit Allocation Fund, Inc.

F3 · ownership.nature: The shares are held by the Seth J. Brufsky Living Trust, of which the reporting person is a beneficiary.

SEC source: 0001104659-20-005482 · a4.xml · nonDerivative · entry 1

Shaw John Joseph · CIK 0001559485 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · By the John Shaw Living Trust

Disclosed balance after: 30,001.7299

F1 · balance_after: Includes shares acquired under the Dividend Reinvestment Plan of Ares Dynamic Credit Allocation Fund, Inc.

F2 · ownership.nature: The shares are held by the John Shaw Living Trust, of which the reporting person is a beneficiary.

SEC source: 0001104659-19-054735 · a4.xml · nonDerivative · entry 1

ARES CAPITAL MANAGEMENT II LLC · CIK 0001525559 · Adviser

ARES MANAGEMENT LLC · CIK 0001259313 · Affiliate of Adviser

ARES INVESTMENTS HOLDINGS LLC · CIK 0001525554 · Affiliate of Adviser

ARES INVESTMENTS LLC · CIK 0001525555 · Affiliate of Adviser

Ares Partners Holdco LLC · CIK 0001620263 · Affiliate of Adviser

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 59.003

F1 · kind: This Form 4 is being filed jointly by (i) Ares Management LLC ("AM LLC"), (ii) Ares Capital Management II LLC ("ACM"), (iii) Ares Partners Holdco LLC ("Ares Partners"), (iv) Ares Investments Holdings LLC ("AIH") and (v) Ares Investments L.P. ("AI") (collectively, the "Reporting Persons"), in respect of 8,221 shares of common stock ("Common Stock") of Ares Dynamic Credit Allocation Fund, Inc. (the "Issuer") sold by AM LLC.

F2 · shares: AIH initially acquired 4,200 shares of common stock of Ares Multi-Strategy Credit Fund, Inc. ("ARMF") on October 28, 2013 in connection with ARMF's initial public offering. AIH's shares of ARMF's common stock then increased in connection with ARMF's dividend reinvestment plan ("DRIP"). In August 2015, ARMF merged into the Issuer and all of AIH's 4,826.33 shares of ARMF's common stock were exchanged for a total of 5,856.75 shares of the Issuer's Common Stock. AIH's shares of Common Stock then increased in connection with the Issuer's DRIP. AIH transferred 8,221 shares of Common Stock to AM LLC in a transaction that effected only a change in the form of beneficial interest without changing the Reporting Persons' pecuniary interest in the Common Stock.

F3 · ownership.direct: AM LLC is the parent company of ACM. AIH is controlled by AI. Each of AM LLC and AI is indirectly controlled by Ares Management Corporation ("Ares Management" and together with the Reporting Persons, the "Ares Entities"). Pursuant to Ares Management's Certificate of Incorporation, the holders of Ares Management's Class B common stock, $0.01 par value per share and Class C common stock, $0.01 par value per share, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The Class B and Class C common stock are indirectly controlled by Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions of the Board Members. (Continued in Footnote 4)

F4 · ownership.direct: Each of the Ares Entities (other than AM LLC and AIH with respect to the shares held directly by it), the Board Members and the other directors, officers, partners, stockholders, members and managers of the Ares Entities expressly disclaims beneficial ownership of the shares of these securities, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes. The address of each Ares Entity is 2000 Avenue of the Stars, 12th Floor, Los Angeles, California 90067.

SEC source: 0001104659-18-074930 · a4.xml · nonDerivative · entry 1

Brufsky Seth J · CIK 0001559401 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Indirect · By The Seth J. Brufsky Living Trust

Disclosed balance after: 49,136.6401

F1 · balance_after: Includes shares acquired under the Dividend Reinvestment Plan of Ares Dynamic Credit Allocation Fund.

F2 · ownership.nature: The shares are held by The Seth J. Brufsky Living Trust, of which the reporting person is a beneficiary.

SEC source: 0001104659-18-075067 · a4.xml · nonDerivative · entry 1

SPECTOR BRUCE H · CIK 0001032667 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 25,000

SEC source: 0001104659-18-072321 · a4.xml · nonDerivative · entry 1

HUNT JAMES KELSO · CIK 0001273532 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · By the Hunt Living Trust

Disclosed balance after: 7,000

F1 · ownership.nature: The shares are held by the Hunt Living Trust, of which the reporting person is a beneficiary.

SEC source: 0001104659-18-059332 · a4.xml · nonDerivative · entry 1

SPECTOR BRUCE H · CIK 0001032667 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 15,000.83

F1 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $15.625 to $15.6299, inclusive. The Reporting Person undertakes to provide to Ares Dynamic Credit Allocation Fund, Inc., any security holder of Ares Dynamic Credit Allocation Fund, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in footnote (1) to this Form 4.

SEC source: 0001104659-18-059331 · a4.xml · nonDerivative · entry 1

Shaw John Joseph · CIK 0001559485 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · By the John Shaw Living Trust

Disclosed balance after: 31,461

F1 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $15.5195 to $15.57, inclusive. The Reporting Person undertakes to provide to Ares Dynamic Credit Allocation Fund, Inc., any security holder of Ares Dynamic Credit Allocation Fund, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in footnote (1) to this Form 4.

F2 · balance_after: Includes shares acquired under the Dividend Reinvestment Plan of Ares Dynamic Credit Allocation Fund, Inc.

F3 · ownership.nature: The shares are held by the John Shaw Living Trust, of which the reporting person is a beneficiary.

SEC source: 0001104659-18-044567 · a4.xml · nonDerivative · entry 1

Hall Daniel J · CIK 0001559412 · GC, CLO and Secretary

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,500

SEC source: 0001104659-16-163426 · a4.xml · nonDerivative · entry 1

HUNT JAMES KELSO · CIK 0001273532 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · By the Hunt Living Trust

Disclosed balance after: 5,000

F1 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $14.965 to $14.969, inclusive. The Reporting Person undertakes to provide to Ares Dynamic Credit Allocation Fund, Inc., any security holder of Ares Dynamic Credit Allocation Fund, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in footnote (1) to this Form 4.

F2 · ownership.nature: The shares are held by the Hunt Living Trust, of which the reporting person is a beneficiary.

SEC source: 0001104659-16-162860 · a4.xml · nonDerivative · entry 1

Shaw John Joseph · CIK 0001559485 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · By the John Shaw Living Trust

Disclosed balance after: 10,000

F1 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $14.9766 to $14.98, inclusive. The Reporting Person undertakes to provide to Ares Dynamic Credit Allocation Fund, Inc., any security holder of Ares Dynamic Credit Allocation Fund, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in footnote (1) to this Form 4.

F2 · ownership.nature: The shares are held by the John Shaw Living Trust, of which the reporting person is a beneficiary.