Ares Dynamic Credit: 19.5% preferred stake reported

The ownership figures distinguish sole authority reported by Sun Life Assurance Company of Canada from shared authority reported by Sun Life Financial Inc.

Rhea-AI Filing Summary

Ares Dynamic Credit Allocation Fund, Inc. is the issuer of the Mandatory Redeemable Preferred Stock covered by an amended ownership report. Sun Life Assurance Company of Canada and Sun Life Financial Inc. each report beneficial ownership of 780,000 shares, equal to 19.5% of the class. The insurer reports sole voting and dispositive power over 780,000 shares; Sun Life Financial Inc. reports shared voting and dispositive power over 780,000 shares.

Key Figures

Beneficially owned shares — Sun Life Assurance Company of Canada: 780,000 shares Percent of class — Sun Life Assurance Company of Canada: 19.5% Sole voting power — Sun Life Assurance Company of Canada: 780,000 shares +1 more

4 metrics

Beneficially owned shares — Sun Life Assurance Company of Canada 780,000 shares Mandatory Redeemable Preferred Stock

Percent of class — Sun Life Assurance Company of Canada 19.5% Mandatory Redeemable Preferred Stock

Sole voting power — Sun Life Assurance Company of Canada 780,000 shares Mandatory Redeemable Preferred Stock

Shared dispositive power — Sun Life Financial Inc. 780,000 shares Mandatory Redeemable Preferred Stock

Key Terms

beneficially owned, Sole Voting Power, Shared Voting Power, Sole Dispositive Power

4 terms

beneficially owned regulatory

"Amount beneficially owned"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Sole Voting Power regulatory

"Sole Voting Power 780,000.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

Shared Voting Power regulatory

"Shared Voting Power 780,000.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

Sole Dispositive Power regulatory

"Sole Dispositive Power 780,000.00"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many ARDC preferred shares do the Sun Life entities report owning?

Sun Life Assurance Company of Canada and Sun Life Financial Inc. each report beneficial ownership of 780,000 shares, or 19.5% of Ares Dynamic Credit Allocation Fund, Inc.'s Mandatory Redeemable Preferred Stock. The insurer reports sole voting and dispositive power; Sun Life Financial Inc. reports shared voting and dispositive power.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/06/2026 - 02:38 PM Accepted by SEC EDGAR 10/06/2026 - 02:37 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Ares Dynamic Credit Allocation Fund, Inc.

(Name of Issuer)

Mandatory Redeemable Preferred Stock

(Title of Class of Securities)

04014F4*0 (CUSIP Number) 04014F5*9 (CUSIP Number) 04014F6*8 (CUSIP Number)

09/14/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 04014F4*0, 04014F5*9, 04014F6*8

1

Names of Reporting Persons

Sun Life Assurance Company of Canada

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 780,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 780,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

780,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

19.5 %

12

Type of Reporting Person (See Instructions)

FI, IC, CO

SCHEDULE 13G

CUSIP Number(s): 04014F4*0, 04014F5*9, 04014F6*8

1

Names of Reporting Persons

Sun Life Financial Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 780,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 780,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

780,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

19.5 %

12

Type of Reporting Person (See Instructions)

FI, CO, HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Ares Dynamic Credit Allocation Fund, Inc.
(b)	Address of issuer's principal executive offices: 2000 Avenue of the Stars, 12th Floor, Los Angeles, California 90067
Item 2.
(a)	Name of person filing: (i) Sun Life Assurance Company of Canada ("SLA") (ii) Sun Life Financial Inc. ("SLF")
(b)	Address or principal business office or, if none, residence: SLA and SLF: One York Street Toronto, Ontario, Canada M5J 0B6
(c)	Citizenship: SLA and SLF: Canada
(d)	Title of class of securities: Mandatory Redeemable Preferred Stock
(e)	CUSIP No.: 04014F4*0, 04014F5*9, 04014F6*8
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
	Insurance Company
Item 4.	Ownership
(a)	Amount beneficially owned: (i) SLA: 780,000 (ii) SLF: 780,000
(b)	Percent of class: (i) SLA: 19.5% (ii) SLF: 19.5%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: (1) SLA: 780,000 (2) SLF: 0
	(ii) Shared power to vote or to direct the vote: (1) SLA: 0 (2) SLF: 780,000
	(iii) Sole power to dispose or to direct the disposition of: (1) SLA: 780,000 (2) SLF: 0
	(iv) Shared power to dispose or to direct the disposition of: (1) SLA: 0 (2) SLF: 780,000
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

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. By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to insurance companies in Canada is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Sun Life Assurance Company of Canada

Signature:	/s/ Randolph B. Brown
Name/Title:	Authorized Signatory
Date:	10/06/2026

Signature:	/s/ Brett W. Pacific
Name/Title:	Authorized Signatory
Date:	10/06/2026

Sun Life Financial Inc.

Signature:	/s/ Randolph B. Brown
Name/Title:	Authorized Signatory
Date:	10/06/2026

Signature:	/s/ Brett W. Pacific
Name/Title:	Authorized Signatory
Date:	10/06/2026