SCHEDULE: Apollo Affiliates Maintain 10.6% Stake in CION Ares Credit Fund

Apollo Management affiliates, including Athene Annuity and Life Company, disclosed a continued 10.6% beneficial ownership of CION Ares Diversified Credit Fund's Mandatory Redeemable Preferred Shares.

Summary

• A group of nine entities, primarily affiliated with Apollo Management, collectively reported beneficial ownership of 4,560,000 Mandatory Redeemable Preferred Shares (MRPS) of CION Ares Diversified Credit Fund.
• This ownership represents 10.6% of the total 42,800,000 MRPS outstanding as of June 30, 2025.
• The reporting persons, including Athene Annuity and Life Company (AAIA), Apollo Insurance Solutions Group LP, and various Apollo Management entities, share both voting and dispositive power over these shares.
• The securities were acquired and are held in the ordinary course of business, without the purpose or effect of changing or influencing the control of the issuer.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral to slightly positive disclosure, confirming stable institutional ownership by Apollo-affiliated entities in the ordinary course of business, without indicating any intent to influence control. It provides transparency but no new strategic or financial insights.

Positives

• The filing indicates a stable, long-term institutional investment by a significant financial group, Apollo Management, in CION Ares Diversified Credit Fund's preferred shares.
• The disclosure confirms the investment is for ordinary business purposes, not for control-influencing activities, which suggests a passive, supportive stance from a major shareholder.

Risks

• The filing itself does not detail risks related to the issuer's operations or financial health; it is a disclosure of beneficial ownership.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding the issuer's future performance or strategic direction. It is solely a disclosure of current beneficial ownership.

Management Comments

• 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.

Industry Context

StockSavvy.ai notes that this Schedule 13G filing highlights the continued significant institutional ownership by Apollo-affiliated entities in CION Ares Diversified Credit Fund's preferred shares. Such disclosures are common for large asset managers and insurance companies like Athene, which often hold substantial positions in various funds and companies as part of their investment strategies, particularly in credit-focused vehicles. This type of passive, long-term holding is typical for institutional investors seeking income or diversification within their portfolios.

Comparison to Industry Standards

• This filing is a standard Schedule 13G disclosure, which is a common regulatory requirement for institutional investors acquiring more than 5% of a company's voting class of securities with a passive investment intent.
• The beneficial ownership of 10.6% by a group of related entities, including a major insurance company like Athene (part of Apollo Global Management), is consistent with the scale of investments made by large financial conglomerates in the credit fund space.
• Comparable institutional holdings can be seen in other diversified credit funds or BDCs (Business Development Companies) where large asset managers or insurance companies take significant, but non-controlling, stakes to gain exposure to credit markets. For example, BlackRock or Vanguard funds often hold similar passive stakes across various publicly traded investment vehicles.

Related Party Transactions

• The filing details a complex organizational structure where multiple Apollo-affiliated entities (e.g., Apollo Management Holdings GP, LLC, Athene Annuity and Life Company, Apollo Insurance Solutions Group LP) are reporting persons, indicating an internal group holding structure for beneficial ownership.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional holder of Mandatory Redeemable Preferred Shares, confirming a passive investment stance.
• Management: Confirms that a major institutional investor is holding shares for ordinary business purposes, not seeking to influence control.

Key Dates

Recommendation

This Schedule 13G filing is a routine disclosure of beneficial ownership by a group of Apollo-affiliated entities. It confirms a stable, passive institutional stake of 10.6% in CION Ares Diversified Credit Fund's Mandatory Redeemable Preferred Shares. The filing explicitly states the investment is in the ordinary course of business and not for control purposes. As such, it provides transparency but does not introduce new information that would fundamentally alter the investment thesis or warrant a change in an existing position. Investors should continue to hold based on the underlying fundamentals of the CION Ares Diversified Credit Fund, as this filing does not present a catalyst for significant price movement.

Keywords

CION Ares Diversified Credit Fund, Apollo Management, Athene Annuity and Life Company, Schedule 13G, Beneficial Ownership, Mandatory Redeemable Preferred Shares, Institutional Investment, SEC Filing, Preferred Stock, Credit Fund