organization · Reporting owner

ARES INVESTMENTS LLC

Disclosed activity across 1 company

Tapewire entity: 154405
SEC CIK: 0001525555

Reported relationships

Latest disclosed role at each company.

Company	Last reported as	Report date	Published
Ares Dynamic Credit Allocation Fund, Inc.ARDC · Entity 5956	Affiliate of Adviser	October 15, 2019	October 17, 2019

Disclosed balances

About these balances

Latest available filing per company, not a reconstructed current portfolio. Matching sequences show the last reported balance with all source rows expandable; grouping alone does not establish account ownership. Do not add unresolved positions together. Filings may omit unchanged positions, and amendments may correct only part of an older disclosure. Jointly reported shares are not necessarily this owner's personal holdings.

Ares Dynamic Credit Allocation Fund, Inc.

Report date October 15, 2019 · Filed October 17, 2019

Jointly reported with ARES CAPITAL MANAGEMENT II LLC, ARES MANAGEMENT LLC, ARES INVESTMENTS HOLDINGS LLC, Ares Partners Holdco LLC

Security / award	Ownership account	Disclosed shares / units	Disclosure context
Common StockSEC Table I · non-derivative	Direct	59.003	Reported balance After 2019-10-15 transaction · row 1 Joint disclosure: continuity of the reported position is unresolved; see ownership footnotes. 1 source row Row 1 · 2019-10-15 · Sale · Disposed 8,221 · Balance 59.003 F1: 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: 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: 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: 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.

Filing footnotes · ownership attribution and instrument terms

F1: 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: 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: 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: 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.

Transaction history

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Purchases/sales include open-market and private transactions. Plan disclosure applies to the filing; individual rows may differ. “Not disclosed” is not “unplanned.”

The cutoff filters transaction history only. Company summaries and owner relationships show the latest available disclosures. Parser corrections can improve historical records.

Transaction date	Company	Activity / security	Shares / units	Reported price	Reported value	Details
October 15, 2019 Filed Oct 17, 2019 23:13 UTC	Ares Dynamic Credit Allocation Fund, Inc. ARDC · Entity 5956	SaleCommon Stock	8,221	$14.78	$121,514.60	Disclosure 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. Read SEC document

Value uses the disclosed total when available, otherwise shares × reported transaction price. It is not an estimate of exercise cash cost or investment performance.