Apollo Diversified Credit Fund

Data through 2026-06-18 · latest filing N-23C3A filed 2026-06-29

Sponsored by Apollo. Interval Fund structure focused on private credit.

Interval FundPrivate Credit

Sponsor: Apollo
CIK: 0001676197
Liquidity: Quarterly repurchase offers at NAV
Inception: 2017

Net assets: $1.65B

source

Monthly portfolio report (Form N-PORT) · filed 2026-05-28 · period 2026-03-31

Net assets (N-PORT Part B, Item B.2)

Method Direct: read from a structured filing field

Open the filing on SEC.gov · Full observation history

Technical locator

NPORT-P netAssets | https://www.sec.gov/Archives/edgar/data/1676197/000104916926001344/xslFormNPORT-P_X01/primary_doc.xml
NAV / share: $22.25

source

Repurchase offer notice (Form N-23c-3) · filed 2026-06-29 · period 2026-06-18

N-23c-3 informational NAV block

“NAV on June 18, 2026 of the Class A shares (CRDTX) was $22.25 per share, of the Class C shares (CGCCX) was $22.25 per share, of the Class F shares (CRDFX) was $22.25 per share, of the Class I shares (CRDIX) was $22.25 per share, of the Class L shares (CRDLX) was $22.24 per share and of the Class M shares (CRDMX) was $22.21 per share. The NAV at which the Fund will repurchase shares will not be calculated until the Repurchase Pricing Date (defined below). The Fund’s NAV fluctuates. Therefore, the”

Method Matched text template against the filing

Open the filing on SEC.gov · Full observation history

Technical locator

https://www.sec.gov/Archives/edgar/data/1676197/000139834426011361/fp0099540-1_n23c3a.htm | N-23c-3 informational NAV block
Net flows, last qtr: +2.4%
Distribution coverage (NII): 105%
Annualized distribution rate: 8.17%
Trailing 12-month distribution rate: 7.82%
Leverage in use: 45%
Total return, 12m: Pending

01 / Signals

What changed in the latest filings.

Current findings ordered by severity. Each observation remains traceable to its filed source.

No current red or yellow flags in filings reviewed through 2026-07-31.

Historical findings (13)

NAV per share fell 9.4% from $23.61 to $21.38 (2022-06-23).
NAV per share fell 9.4% from $23.61 to $21.38 (2022-06-23). (Rule B12: NAV per share drop, severe: >= 5% decline month over month; Urgent.)

NAV per share fell 18.9% from $24.84 to $20.15 (2020-03-20).
NAV per share fell 18.9% from $24.84 to $20.15 (2020-03-20). (Rule B12: NAV per share drop, severe: >= 5% decline month over month; Urgent.)

NAV per share ($21.08) is 3.3% below its trailing four-observation average ($21.79) as of 2023-03-23.
NAV per share ($21.08) is 3.3% below its trailing four-observation average ($21.79) as of 2023-03-23. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

The fund leaned harder on leverage: 36% -> 43% of its allowed leverage in use in one period (period ended 2022-12-31).
The fund leaned harder on leverage: 36% -> 43% of its allowed leverage in use in one period (period ended 2022-12-31). (Rule C22: Leverage creep: headroom down >= 5 percentage points in one period; Notify.)

NAV per share ($20.98) is 7.4% below its trailing four-observation average ($22.66) as of 2022-12-21.
NAV per share ($20.98) is 7.4% below its trailing four-observation average ($22.66) as of 2022-12-21. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

NAV per share ($21.20) is 9.8% below its trailing four-observation average ($23.50) as of 2022-09-22.
NAV per share ($21.20) is 9.8% below its trailing four-observation average ($23.50) as of 2022-09-22. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

NAV per share ($21.38) is 12.0% below its trailing four-observation average ($24.29) as of 2022-06-23.
NAV per share ($21.38) is 12.0% below its trailing four-observation average ($24.29) as of 2022-06-23. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

Net outflow of 5.3% of NAV in the period ended 2022-05-31.
Net outflow of 5.3% of NAV in the period ended 2022-05-31. (Rule B6: Single-period outflow at gate scale: net outflow >= 5% of NAV in one period; Notify.)

NAV per share fell 3.4% from $24.45 to $23.61 (2022-03-24).
NAV per share fell 3.4% from $24.45 to $23.61 (2022-03-24). (Rule B11: NAV per share drop >= 2% decline month over month; Notify.)

Net outflow of 5.0% of NAV in the period ended 2022-02-28.
Net outflow of 5.0% of NAV in the period ended 2022-02-28. (Rule B6: Single-period outflow at gate scale: net outflow >= 5% of NAV in one period; Notify.)

Proposal 2 put to shareholder vote: Approval Of New Investment Sub-Advisory Agreement Between Griffin Capital Credit Advisor, Llc And Apollo Credit Management, Llc I. (2022-02-16)
Proposal 2 put to shareholder vote: Approval Of New Investment Sub-Advisory Agreement Between Griffin Capital Credit Advisor, Llc And Apollo Credit Management, Llc I.

NAV per share ($22.46) is 5.1% below its trailing four-observation average ($23.66) as of 2020-06-22.
NAV per share ($22.46) is 5.1% below its trailing four-observation average ($23.66) as of 2020-06-22. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

NAV per share fell 3.9% from $25.03 to $24.05 (2018-12-21).
NAV per share fell 3.9% from $25.03 to $24.05 (2018-12-21). (Rule B11: NAV per share drop >= 2% decline month over month; Notify.)

02 / Trends

How the fund has moved.

Net asset value, total return, capital flows, and distribution coverage across the filing record.

NAV per share

Net capital flows, % of NAV

Distribution coverage

Leverage in use

Filed performance

Window	Class	Basis	Return	Source
2025-01-01 to 2025-06-30 semiannual · annualization not stated	Class I	basis not stated in the filed row Includes the filed waiver/reimbursement return note Filed return footnote (c) Total returns are for the period indicated and do not reflect the impact of the applicable sales charge. Total returns would have been lower had certain expenses not been waived or recouped by the Adviser. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.	+4.67%	SEC source 0001398344-25-017520 N-CSRS filed 2025-09-04
2024-01-01 to 2024-12-31 fiscal year · annualization not stated	Class I	basis not stated in the filed row Includes the filed waiver/reimbursement return note Filed return footnote (c) Total returns are for the period indicated and do not reflect the impact of the applicable sales charge. Total returns would have been lower had certain expenses not been waived or recouped by the Adviser. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.	+11.44%	SEC source 0001193125-25-047112 N-CSR filed 2025-03-05
2024-01-01 to 2024-06-30 semiannual · annualization not stated	Class I	basis not stated in the filed row Includes the filed waiver/reimbursement return note Filed return footnote (c) Total returns are for the period indicated and do not reflect the impact of the applicable sales charge. Total returns would have been lower had certain expenses not been waived or recouped by the Adviser during the years ended December 31, 2019 through December 31, 2022. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.	+5.00%	SEC source 0001398344-24-017267 N-CSRS filed 2024-09-04
2023-01-01 to 2023-12-31 fiscal year · annualization not stated	Class I	basis not stated in the filed row Includes the filed waiver/reimbursement return note Filed return footnote (c) Total returns are for the period indicated and do not reflect the impact of the applicable sales charge. Total returns would have been lower had certain expenses not been waived or recouped by the Adviser during the years ended September 30, 2019 and September 30, 2020. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.	+14.74%	SEC source 0001398344-24-005389 N-CSR filed 2024-03-06
2023-01-01 to 2023-06-30 semiannual · annualization not stated	Class I	basis not stated in the filed row Includes the filed waiver/reimbursement return note Filed return footnote (c) Total returns are for the period indicated and do not reflect the impact of the applicable sales charge. Total returns would have been lower had certain expenses not been waived or recouped by the Adviser during the year. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.	+7.97%	SEC source 0001398344-23-017501 N-CSRS filed 2023-09-01

Figures are reproduced from filed disclosures with their exact window, class, and stated basis. They are separate from the calculated NAV-plus-distributions index and from manager-source monthly returns.

Monthly performance eligibility

Canonical class: Class I · basis: no qualifying monthly chain · qualifying history: 0 months.

1y: Pending; 3y: Pending; 5y: Pending Manager-published observations remain distinct from SEC-filed facts and publish only after declared-crawler, robots, class, exact-window, and SEC-precedence gates pass.

03 / Portfolio

What moved inside the book.

Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.

Pending

04 / Redemptions

Where exit demand met the cap.

Stated cap: 5% of shares/quarter. The disclosed history shows no rationed period.

Period	Requested	Filled	Cap used	Status
2025-11-04	Pending	100%	Pending	filled
2025-08-05	Pending	100%	Pending	filled
2025-05-06	Pending	100%	Pending	filled
2025-02-04	Pending	100%	Pending	filled
2024-11-05	Pending	100%	Pending	filled
2024-08-06	Pending	100%	Pending	filled
2024-05-07	Pending	100%	Pending	filled
2024-02-06	Pending	100%	Pending	filled

05 / Financing

How the balance sheet is funded.

Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.

Synthetic exposure: gross notional $609,018 (0.0% of net assets), as of 2026-03-31. Audit

How to read these financing entries

Borrowings are balance-sheet obligations. An undrawn facility is standby liquidity and is not debt until used. Synthetic notional describes market exposure rather than an amount owed, while unconsolidated joint-venture carrying value is shown as context and is not added to fund debt.

06 / Share classes

How the offering is divided.

A filed share-class breakdown and terms-based role descriptions. This is not an estimate of who owns the fund.

Not attributed 100.0%

Share of total net assets ($1,648,920,966) as of 2026-03-31; the hatched band is net assets the filings do not attribute to a captured class.

Class	Terms-based role description	Load	Servicing	Minimum	Assets
Class I	Pending	Pending	Pending	Pending	Pending

Management fee: 1.50% of avg daily net assets per year, current as of latest filed disclosure. Research only: not used in a fee distribution. SEC source 0001398344-26-004660.

Filed fee conditions

Pursuant to the Investment Advisory Agreement, the Adviser is entitled to an investment advisory fee of 1.50%, of the average daily net assets of the Fund, computed daily and payable monthly. The Adviser pays the Sub-Adviser a separate sub-advisory fee out of this amount on a tiered schedule ($0-250M 0.40%, $250-500M 0.30%, etc.) -- not an additional fund-level charge.

Canonical-class fee profile

Class	Management	Incentive	Load	Servicing	Gross expenses	Net expenses
Class I	1.50%	None * None. The standardized prospectus fee table contains no incentive/performance-fee line. SEC source 0001398344-26-011361	Pending	Pending	3.63%interest included * Filed label: Ratios to Average Net Assets (including interest expense) Ratio of expenses to average net assets excluding fee waivers and reimbursements/recoupment of previously waived fees; period 2025-12-31. before/excluding fee relief (explicit filing row); waiver state: before / excluding. SEC source 0001398344-26-004660 2.11%interest excluded * Filed label: Ratios to Average Net Assets (excluding interest expense) Ratio of expenses to average net assets excluding fee waivers and reimbursements/recoupment of previously waived fees; period 2025-12-31. before/excluding fee relief (explicit filing row); waiver state: before / excluding. SEC source 0001398344-26-004660	3.51%interest included * Filed label: Ratios to Average Net Assets (including interest expense) Ratio of expenses to average net assets excluding fee waivers and reimbursements/recoupment of previously waived fees 3.63 % 3.50 % 4.63 % 3.50 % 2.84 % Ratio of expenses to average net assets including fee waivers and reimbursements/recoupment of previously waived fees; period 2025-12-31. After waiver: yes; interest: included; tax: not separately stated; incentive compensation: not separately stated; acquired-fund expenses: not separately stated. SEC source 0001398344-26-004660 2.00%interest excluded * Filed label: Ratios to Average Net Assets (excluding interest expense) Ratio of expenses to average net assets excluding fee waivers and reimbursements/recoupment of previously waived fees 2.11 % 2.17 % 2.27 % 2.39 % 2.50 % Ratio of expenses to average net assets including fee waivers and reimbursements/recoupment of previously waived fees; period 2025-12-31. After waiver: yes; interest: excluded; tax: not separately stated; incentive compensation: not separately stated; acquired-fund expenses: not separately stated. SEC source 0001398344-26-004660

Expense-ratio caution. These are the issuer’s filed figures for the designated analysis class. They are not placed in a fee ranking because denominators and included expenses are not yet normalized across funds. Hover or click * for the filed label, period, components, and SEC source.

Waiver / support: Class I expense cap renewed at 2.00% of average daily net assets through at least April 30, 2027. Waived/reimbursed fees may be repaid only within three years, only without exceeding the lesser cap in effect at waiver or repayment, and only with Board approval; this can create future expense drag.; expires 2027-04-30; recoupment: Three-year repayment window; lesser-of cap guard; Board approval required.

07 / Sources

The evidence beneath the page.

Filed terms and recent documents remain available without crowding the primary research flow.

Term register (2)

Term	Description	Value	Effective
advisory_fee_schedule	Pursuant to the Investment Advisory Agreement, the Adviser is entitled to an investment advisory fee of 1.50%, of the average daily net assets of the Fund, computed daily and payable monthly. The Adviser pays the Sub-Adviser a separate sub-advisory fee out of this amount on a tiered schedule ($0-250M 0.40%, $250-500M 0.30%, etc.) -- not an additional fund-level charge.	1.5 pct_annual_of_avg_daily_net_assets	Pending
expense_limitation	Class I expense cap renewed at 2.00% of average daily net assets through at least April 30, 2027. Waived/reimbursed fees may be repaid only within three years, only without exceeding the lesser cap in effect at waiver or repayment, and only with Board approval; this can create future expense drag.	2.0 pct_annual_of_class_i_avg_daily_net_assets	2026-05-01

Recent filings

Filed	Form	Accession
2026-06-29	N-23C3A	0001398344-26-011361
2026-05-28	NPORT-P	0001049169-26-001344
2026-03-30	N-23C3A	0001398344-26-005861
2026-03-06	N-CSR	0001398344-26-004660
2026-02-27	NPORT-P	0001049169-26-000393
2025-12-29	N-23C3A	0001398344-25-023026
2025-11-26	NPORT-P	0001049169-25-000816
2025-09-30	N-23C3A	0001398344-25-018694
2025-09-04	N-CSRS	0001398344-25-017520
2025-08-26	NPORT-P	0001752724-25-206379
2025-06-27	N-23C3A	0001193125-25-151376
2025-05-28	NPORT-P	0001752724-25-123049
2025-03-28	N-23C3A	0001193125-25-067188
2025-03-05	N-CSR	0001193125-25-047112
2025-02-27	NPORT-P	0001752724-25-044908