SCHEDULE 13G/A: Apollo Affiliates Maintain 19% Stake in Ares Dynamic Credit Allocation Fund's Preferred Stock

Multiple Apollo-affiliated entities, including Athene Annuity and Life Company, have filed an amendment to their Schedule 13G, confirming their collective beneficial ownership of 19% of Ares Dynamic Credit Allocation Fund, Inc.'s total outstanding Mandatory Redeemable Preferred Stock.

Summary

• The filing is an Amendment No. 5 to a Schedule 13G, indicating an update to previously reported beneficial ownership.
• Nine reporting persons, all affiliated with Apollo, collectively beneficially own 760,000 shares of Ares Dynamic Credit Allocation Fund, Inc.'s Mandatory Redeemable Preferred Stock.
• This ownership represents 19% of the total outstanding Mandatory Redeemable Preferred Stock.
• The 760,000 shares are comprised of 360,000 shares of Series A Mandatory Preferred Stock (45.0% of Series A class), 160,000 shares of Series B Mandatory Preferred Stock (13.3% of Series B class), and 240,000 shares of Series C Mandatory Preferred Stock (12.0% of Series C class).
• Athene Annuity and Life Company (AAIA) is the direct holder of the Mandatory Redeemable Preferred Stock.
• Other reporting persons, including Apollo Insurance Solutions Group LP and various Apollo management entities, disclaim beneficial ownership of Common Stock held by AAIA.
• The reporting persons certify that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: The document is a factual disclosure of beneficial ownership and does not contain information that would indicate a positive or negative sentiment regarding the issuer's performance or outlook.

Future Outlook

NA

Industry Context

This Schedule 13G filing reflects a significant institutional ownership stake by Apollo-affiliated entities in a credit allocation fund. Such filings are standard disclosures for large investors and provide transparency regarding major holdings in publicly traded companies, particularly in the asset management and insurance sectors where complex ownership structures are common.

Stakeholder Impact

• Shareholders: Provides transparency regarding significant institutional ownership of preferred stock, which can influence perceptions of stability and institutional backing.
• Creditors: The presence of a large, stable institutional investor in preferred stock may be viewed positively, indicating a degree of financial stability for the issuer.

Key Dates

Keywords

SEC filing, Schedule 13G, beneficial ownership, preferred stock, Ares Dynamic Credit Allocation Fund, Apollo Management Holdings, Athene Annuity and Life Company, investment management, asset management, institutional ownership