SCHEDULE 13G/A 0001104659-21-102852 0001449433 XXXXXXXX LIVE 8 See Exhibit 99.1 12/31/2025 0001515324 Ares Dynamic Credit Allocation Fund, Inc. MULTIPLES 1800 Avenue of the Stars Suite 1400 Los Angeles CA 90067 Rule 13d-1(b) Apollo Management Holdings GP, LLC DE 0.00 760000.00 0.00 760000.00 760000.00 N 19 HC 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. Athene Annuity and Life Company IA 0.00 760000.00 0.00 760000.00 760000.00 N 19 IC 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. Apollo Insurance Solutions Group LP DE 0.00 760000.00 0.00 760000.00 760000.00 N 19 IA 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. AISG GP Ltd. E9 0.00 760000.00 0.00 760000.00 760000.00 N 19 HC 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. Apollo Life Asset L.P. DE 0.00 760000.00 0.00 760000.00 760000.00 N 19 PN 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. Apollo Life Asset GP, LLC E9 0.00 760000.00 0.00 760000.00 760000.00 N 19 HC 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. Apollo Capital Management, L.P. DE 0.00 760000.00 0.00 760000.00 760000.00 N 19 IA 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. Apollo Capital Management GP, LLC DE 0.00 760000.00 0.00 760000.00 760000.00 N 19 HC 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. Apollo Management Holdings, L.P. DE 0.00 760000.00 0.00 760000.00 760000.00 N 19 HC 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. Ares Dynamic Credit Allocation Fund, Inc. 1800 Avenue of the Stars, Suite 1400, Los Angeles, CA, 90067 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 sole shareholder 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. 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 Apollo Life, Capital Management, Capital Management GP, Management Holdings, and Management Holdings GP is 9 West 57th Street, 41st Floor, New York, NY 10019. 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 N IC IA HC 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. 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. 0 for all Reporting Persons 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 0 for all Reporting Persons 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 Y Y N See response to Item 2(a), which is incorporated herein by reference. Y Y N 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. Exhibit 99.1 Title of Class of Securities CUSIPs Mandatory Redeemable Preferred Shares 04014F2*2 04014F3*1 04014F4*0 Apollo Management Holdings GP, LLC /s/ William B. Kuesel 02/13/2026 Athene Annuity and Life Company Apollo Insurance Solutions Group LP 02/13/2026 AISG GP Ltd. 02/13/2026 /s/ Angelo Lombardo 02/13/2026 Apollo Insurance Solutions Group LP AISG GP Ltd. 02/13/2026 /s/ Angelo Lombardo 02/13/2026 AISG GP Ltd. /s/ Angelo Lombardo 02/13/2026 Apollo Life Asset L.P. /s/ Apollo Life Asset GP, LLC 02/13/2026 /s/ Apollo Capital Management, L.P. 02/13/2026 /s/ Apollo Capital Management GP, LLC 02/13/2026 /s/ William Kuesel 02/13/2026 Apollo Life Asset GP, LLC /s/ Apollo Capital Management, L.P. 02/13/2026 /s/ Apollo Capital Management GP, LLC 02/13/2026 /s/ William B. Kuesel 02/13/2026 Apollo Capital Management, L.P. Apollo Capital Management GP, LLC 02/13/2026 /s/ William B. Kuesel 02/13/2026 Apollo Capital Management GP, LLC /s/ William B. Kuesel 02/13/2026 Apollo Management Holdings, L.P. Apollo Management Holdings GP, LLC 02/13/2026 /s/ William B. Kuesel 02/13/2026