Thrivent takes 20% stake in Ares Dynamic Credit prefs

Ares Dynamic Credit Allocation Fund, Inc. (ARDC) reports that Thrivent Financial for Lutherans has filed Amendment No. 1 to a Schedule 13G disclosing beneficial ownership of its Mandatory Redeemable Preferred Shares.

Rhea-AI Filing Summary

Ares Dynamic Credit Allocation Fund, Inc. (ARDC) reports that Thrivent Financial for Lutherans has filed Amendment No. 1 to a Schedule 13G disclosing beneficial ownership of its Mandatory Redeemable Preferred Shares.

Thrivent reports beneficial ownership of 800,000 preferred shares, representing 20% of this class, with sole voting and sole dispositive power over all such shares.

Key Figures

Beneficially owned shares: 800,000 shares Percent of class owned: 20% Sole voting power: 800,000 shares +2 more

5 metrics

Beneficially owned shares 800,000 shares Mandatory Redeemable Preferred Shares of ARDC reported by Thrivent Financial for Lutherans

Percent of class owned 20% Portion of ARDC Mandatory Redeemable Preferred Shares class beneficially owned by Thrivent

Sole voting power 800,000 shares Shares over which Thrivent has sole power to vote or direct the vote

Sole dispositive power 800,000 shares Shares over which Thrivent has sole power to dispose or direct the disposition

Signature date September 16, 2026 Date the Schedule 13G/A was signed by the Chief Investment Officer

Key Terms

Mandatory Redeemable Preferred Shares, beneficially owned, sole dispositive power, fraternal benefit society

4 terms

Mandatory Redeemable Preferred Shares financial

"Title of class of securities: Mandatory Redeemable Preferred Shares"

A share that pays a fixed return and must be bought back by the issuer at a set time or upon a predetermined event, combining features of stock and a loan. It matters to investors because holders get priority on payments and a promised repayment date—like lending money with a scheduled payback—so these shares limit upside from company growth but reduce risk compared with ordinary shares and can affect a company’s future cash needs.

beneficially owned financial

"Amount beneficially owned: 800,000.00"

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 dispositive power financial

"Sole power to dispose or to direct the disposition of: 800,000.00"

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.

fraternal benefit society financial

"Thrivent Financial for Lutherans is a Wisconsin fraternal benefit society"

FAQ

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

What stake in ARDC’s preferred shares does Thrivent Financial for Lutherans report?

Thrivent Financial for Lutherans reports beneficial ownership of 800,000 Mandatory Redeemable Preferred Shares of ARDC, representing 20% of that class of securities, with sole voting and sole dispositive power over all such shares.

What class of ARDC securities is covered in this Schedule 13G/A?

The filing concerns ARDC’s Mandatory Redeemable Preferred Shares, identified by CUSIP numbers 04014F4*0, 04014F5*9, and 04014F6*8.

Who is the reporting person in this ARDC Schedule 13G/A filing?

The reporting person is Thrivent Financial for Lutherans, described as a Wisconsin fraternal benefit society, with its principal business office in Minneapolis, Minnesota.

What voting and dispositive powers over ARDC shares does Thrivent report?

Thrivent reports sole power to vote or direct the vote for 800,000 shares and sole power to dispose or direct the disposition of 800,000 shares, with no shared voting or dispositive power.

Who signed the Schedule 13G/A for Thrivent regarding ARDC?

The Schedule 13G/A was signed by David S. Royal, identified as Chief Investment Officer, on September 16, 2026.

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

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Available on EDGAR 09/16/2026 - 02:18 PM Accepted by SEC EDGAR 09/16/2026 - 02:18 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. 1)

Ares Dynamic Credit Allocation Fund, Inc.

(Name of Issuer)

Mandatory Redeemable Preferred Shares

(Title of Class of Securities)

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

07/15/2026

(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

THRIVENT FINANCIAL FOR LUTHERANS

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

WISCONSIN

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 800,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 800,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

800,000.00

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)

20.0 %

12

Type of Reporting Person (See Instructions)

IC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Ares Dynamic Credit Allocation Fund, Inc.
(b)	Address of issuer's principal executive offices: 1800 AVENUE OF THE STARS, SUITE 1400, LOS ANGELES, CALIFORNIA, 90067.
Item 2.
(a)	Name of person filing: Thrivent Financial for Lutherans
(b)	Address or principal business office or, if none, residence: 901 Marquette Avenue, Suite 2500 Minneapolis, Minnesota 55402
(c)	Citizenship: Thrivent Financial for Lutherans is a Wisconsin fraternal benefit society.
(d)	Title of class of securities: Mandatory Redeemable Preferred Shares
(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).
Item 4.	Ownership
(a)	Amount beneficially owned: 800,000.00
(b)	Percent of class: 20%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 800,000.00
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 800,000.00
	(iv) Shared power to dispose or to direct the disposition of: 0
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.

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.

THRIVENT FINANCIAL FOR LUTHERANS

Signature:	/s/ David. S. royal
Name/Title:	Chief Investment Officer
Date:	09/16/2026