ARDC - Ares Dynamic Credit Allocation Fund

What this means for you

One or more large investors own more than 5% of this fund but have told the regulator they are not seeking changes. That is common for banks, brokers and index funds that hold shares for their clients.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. Sept 16, 2026

   Thrivent Financial for Lutherans now owns 20%, as a passive investor.

   Original document →

2. Aug 14, 2026

   The fund said it will repay some borrowed money.

   Original document →

3. June 15, 2026

   The fund said it will repay some borrowed money.

   Original document →

4. June 11, 2026

   The fund said it may sell new shares.

   Original document →

5. Jan 5, 2026

   The fund said it may sell new shares.

   Original document →

About this fund

• Run by Ares Capital Management II LLC. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Size: about $322 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 42% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. About 42% of that is money the fund has borrowed by selling preferred shares. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 1.7% a year in management fees; 5.3% a year in total, including interest on borrowed money. Fiscal year ended Dec 31, 2025. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Payouts: last fiscal year (ended Dec 31, 2025) the fund paid $1.36 a share, all of it income. As of Dec 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Dec 31, 2025): $14.34. The shares traded at $13.30, about 7.3% below that. As of Dec 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: up 6.7% over the last three months we have (April-June 2026), before the share price is taken into account. Over the last 12 months: -1.7%. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• How the holdings did over the fiscal year (ended Dec 31, 2025): the value of the holdings returned +6.7%. How the share price did: the shares returned -3.1% over the same year, counting payouts and the change in the market price. As of Dec 31, 2025, from the fund's annual report. Original document →
• First reported to the regulator in 2011.

What the fund holds

Mostly loans (38%), the rest bonds and asset-backed bonds. About 66% issued in the U.S.

1. Freeport LNG Investments LLLP 2026 Term Loan B - 1.9%
2. Crown Subsea Communications Holding,Inc. 2026 Term Loan B - 1.6%
3. Peer Holding III BV 2025 USD Term Loan B4B - 1.5%
4. Williams Companies, Williams Cos Inc/The - 1.5%
5. Open Text - 1.4%
6. Databricks Inc 2025 1st Amendment Term Loan - 1.4%
7. Rr 42 - 1.4%
8. GFL Environmental Inc 2025 Term Loan B - 1.3%
9. Vistra Operations Co LLC - 1.3%
10. Iron Mountain - 1.3%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →