<SEC-DOCUMENT>0001104659-24-105365.txt : 20241031
<SEC-HEADER>0001104659-24-105365.hdr.sgml : 20241031
<ACCEPTANCE-DATETIME>20241002142657
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-24-105365
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20241002

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Dynamic Credit Allocation Fund, Inc.
		CENTRAL INDEX KEY:			0001515324
		ORGANIZATION NAME:           	
		IRS NUMBER:				454969053
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1800 AVENUE OF THE STARS
		STREET 2:		SUITE 1400
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		(310) 201-4200

	MAIL ADDRESS:	
		STREET 1:		1800 AVENUE OF THE STARS
		STREET 2:		SUITE 1400
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ares Senior Credit Strategies Fund, Inc.
		DATE OF NAME CHANGE:	20110314
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 85%; font-size: 10pt"><IMG SRC="tm2425385d1_corresp-img01.jpg" ALT=""></TD>
    <TD STYLE="white-space: nowrap; width: 15%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">787 Seventh Avenue<BR>
New York, NY 10019-6099<BR>
Tel: 212 728 8000<BR>
Fax: 212 728 8111</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B><U>VIA EDGAR</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">October&nbsp;2, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, NE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, DC 20549-4720</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">Re:</TD><TD STYLE="text-align: justify">Ares Dynamic Credit Allocation Fund,&nbsp;Inc. (the &ldquo;Fund&rdquo;)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(SEC File No.&nbsp;811-22535)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Ms.&nbsp;Miller:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">This
letter responds to comments provided by the staff of the Division of Investment Management (the &ldquo;Staff&rdquo;) of the Securities
and Exchange Commission (the &ldquo;Commission&rdquo;) to the undersigned via telephone on September&nbsp;6, 2024, regarding the examinations
of the public filings of the Fund, in particular the annual report filed on Form&nbsp;N-CSR for the year ended December&nbsp;31, 2023.
As requested, we have restated your comments in italics. We have discussed the Fund&rsquo;s responses with members of management but we
have not undertaken any independent review of the information provided below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><I><U>Comment
No.&nbsp;1</U></I></FONT><I><FONT STYLE="background-color: white">: The Staff notes that the Fund disclosed issuance costs associated
with its debt. Please confirm that the description of the note includes the effective interest rate. (See FASB ASC 835-30-45-2).</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><U>Response
No.&nbsp;1</U></FONT><FONT STYLE="background-color: white">: The Fund discloses the components of interest expense, which includes amortization
of issuance costs for the facility. As of December&nbsp;31, 2023, the effective interest rate associated with the facility was 6.02%.
The Fund will include the effective interest rate in the description of the note in future reports.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><I><U>Comment
No.&nbsp;2</U></I></FONT><I><FONT STYLE="background-color: white">: Please explain if the collateralized loan obligations on the Schedule
of Investments can be categorized by type of investment and related industry, country or geographic location. (See Reg. S-X 12-12).</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><U>Response
No.&nbsp;2</U></FONT><FONT STYLE="background-color: white">: </FONT>The Fund confirms that it is normally able to determine the related
industry for the collateralized loan obligations in which it invests and will include this information in future reports<FONT STYLE="background-color: white">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">Brussels&nbsp;&nbsp;&nbsp;&nbsp;Chicago&nbsp;&nbsp;&nbsp;&nbsp;Dallas&nbsp;&nbsp;&nbsp;&nbsp;Frankfurt&nbsp;&nbsp;&nbsp;&nbsp;Houston&nbsp;&nbsp;&nbsp;&nbsp;London&nbsp;&nbsp;&nbsp;&nbsp;Los
Angeles&nbsp;&nbsp;&nbsp;&nbsp;Milan</FONT></P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">Munich&nbsp;&nbsp;&nbsp;&nbsp;New
York&nbsp;&nbsp;&nbsp;&nbsp;Palo Alto&nbsp;&nbsp;&nbsp;&nbsp;Paris&nbsp;&nbsp;&nbsp;&nbsp;Rome&nbsp;&nbsp;&nbsp;&nbsp;San Francisco&nbsp;&nbsp;&nbsp;&nbsp;Washington</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><I><U>Comment
No.&nbsp;3</U></I></FONT><I><FONT STYLE="background-color: white">: Please explain how the disclosures that require an entity to include
the impact to valuation if there is an increase or decrease in unobservable inputs are disclosed in the notes to the financial statements.
(See ASC 820-10-50-2g).</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><U>Response
No.&nbsp;3</U></FONT><FONT STYLE="background-color: white">: </FONT>The Fund notes that its existing disclosure states that for investments
where there is not a readily available market value, the fair value of these investments must typically be determined using unobservable
inputs, and then describes the process for valuing investments classified as Level 2 or Level 3 securities. These descriptions note that,
in addition to seeking broker quotes or the use of pricing services, the Fund&rsquo;s adviser may use models, historical experience, projected
performance and other valuation techniques and inputs to determine fair value. However, the Fund confirms that it will enhance the disclosure
in future filings to include the impact to valuation if there is an increase or decrease in unobservable inputs<FONT STYLE="background-color: white">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><I><U>Comment
No.&nbsp;4</U></I></FONT><I><FONT STYLE="background-color: white">: The Staff notes that the Fund holds a security that contains a payment-in-kind
(&ldquo;PIK&rdquo;) provision. For each security the Fund holds that pays a combination of cash and PIK interest, please disclose both
the cash and PIK rate. (See Reg. S-X 12-12).</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><U>Response
No.&nbsp;4</U></FONT><FONT STYLE="background-color: white">: The Fund confirms that it will include the disclosures referenced by the
Staff in future reports.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Should you have any follow-up
questions concerning this letter, please do not hesitate to contact me at (212) 728-3953.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD>
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Nicole M. Ventura</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nicole M. Ventura</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">cc:</TD><TD STYLE="text-align: justify">Ian Fitzgerald,&nbsp;Esq., General Counsel and Corporate Secretary
of the Fund</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Jay Spinola,&nbsp;Esq., Willkie Farr&nbsp;&amp;
Gallagher LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection Last; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>tm2425385d1_corresp-img01.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2425385d1_corresp-img01.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  6 4L# 2(  A$! Q$!_\0
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MGJ.13?$7C.[T/Q=HN@IIT$YU=G6"8W!79M )W#:?7L:YS7$.I_&#PTGB2/\
ML^&U6272DC;S5NYN"VY^-A7"D+CGUYQ2?$1I%^+7P^:*,22"2XPA;;GY5[T
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0<Q*2222221DDDDT44 ?_V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
