Apollo Management Holdings GP, LLC - 30 Jun 2025 SCHEDULE 13G/A Report for Ares Dynamic Credit Allocation Fund, Inc. See Exhibit 99.1

Reporting Managers (9)

Name	Ownership	Shares Owned	shared voting power	Signature	Title
Apollo Management Holdings GP, LLC	19%	760,000	760,000	/s/ William B. Kuesel	William B. Kuesel, Vice President
Athene Annuity and Life Company	19%	760,000	760,000	Apollo Insurance Solutions Group LP	Investment Adviser
Apollo Insurance Solutions Group LP	19%	760,000	760,000	AISG GP Ltd.	General Partner
AISG GP Ltd.	19%	760,000	760,000	/s/ Angelo Lombardo	Angelo Lombardo, Authorized Signatory
Apollo Life Asset L.P.	19%	760,000	760,000	/s/ Apollo Life Asset GP, LLC	General Partner
Apollo Life Asset GP, LLC	19%	760,000	760,000	Apollo Capital Management, L.P.	Managing Member
Apollo Capital Management, L.P.	19%	760,000	760,000	Apollo Capital Management GP, LLC	General Partner
Apollo Capital Management GP, LLC	19%	760,000	760,000	/s/ William B. Kuesel	William B. Kuesel, Vice President
Apollo Management Holdings, L.P.	19%	760,000	760,000	Apollo Management Holdings GP, LLC	General Partner