EXHIBIT 1

JOINT FILING AGREEMENT

Ares Dynamic Credit Allocation Fund, Inc.

In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, the undersigned hereby confirm the agreement by and among them to the joint filing on behalf of them of the Statement on Schedule 13G and any and all further amendments thereto, with respect to the securities of the above referenced issuer, and that this Agreement be included as an Exhibit to such filing.  This Agreement may be executed in any number of counterparts each of which shall be deemed to be an original and all of which together shall be deemed to constitute one and the same Agreement.

IN WITNESS WHEREOF, the undersigned hereby execute this Agreement as of August 10, 2021.

ATHENE ANNUITY AND LIFE COMPANY
By:	Apollo Insurance Solutions Group LP,
	its investment adviser
	By:	AISG GP Ltd.,
		its general partner
		By:	/s/ Angelo Lombardo
			Angelo Lombardo
			Authorized Signatory

ATHENE ANNUITY & LIFE ASSURANCE COMPANY
By:	Apollo Insurance Solutions Group LP,
	its investment adviser
	By:	AISG GP Ltd.,
		its general partner
		By:	/s/ Angelo Lombardo
			Angelo Lombardo
			Authorized Signatory

ATHENE USA CORPORATION
By:	Apollo Insurance Solutions Group LP,
	its investment adviser
	By:	AISG GP Ltd.,
		its general partner
		By:	/s/ Angelo Lombardo
			Angelo Lombardo
			Authorized Signatory

Athene Life Re Ltd.
By:	Apollo Insurance Solutions Group LP,
	its investment adviser
	By:	AISG GP Ltd.,
		its general partner
		By:	/s/ Angelo Lombardo
			Angelo Lombardo
			Authorized Signatory

ATHENE HOLDING LTD.
By:	Apollo Insurance Solutions Group LP,
	its investment adviser
	By:	AISG GP Ltd.,
		its general partner
		By:	/s/ Angelo Lombardo
			Angelo Lombardo
			Authorized Signatory

APOLLO INSURANCE SOLUTIONS GROUP LP
By:	AISG GP Ltd.,
	its general partner
		By:	/s/ Angelo Lombardo
			Angelo Lombardo
			Authorized Signatory

AISG GP LTD.
By:	/s/ Angelo Lombardo
	Angelo Lombardo
	Authorized Signatory

APOLLO LIFE ASSET, L.P.
By:	Apollo Life Asset GP, LLC,
	its general partner
		By:	/s/ William B. Kuesel
			William B. Kuesel
			Vice President

APOLLO LIFE ASSET GP, LLC
By:	/s/ William B. Kuesel
	William B. Kuesel
	Vice President

APOLLO CAPITAL MANAGEMENT, L.P.
By:	Apollo Capital Management GP, LLC,
	its general partner
		By:	/s/ William B. Kuesel
			William B. Kuesel
			Vice President

APOLLO CAPITAL MANAGEMENT GP, LLC
By:	/s/ William B. Kuesel
	William B. Kuesel
	Vice President

APOLLO MANAGEMENT HOLDINGS, L.P.
By:	Apollo Management Holdings GP, LLC,
	its general partner
		By:	/s/ William B. Kuesel
			William B. Kuesel
			Vice President

APOLLO MANAGEMENT HOLDINGS GP, LLC
By:	/s/ William B. Kuesel
	William B. Kuesel
	Vice President