Apollo Debt Solutions BDC

Data through 2026-07-23 · latest filing 8-K filed 2026-07-23

Sponsored by Apollo. BDC structure focused on private credit.

BDCPrivate Credit

Sponsor: Apollo
CIK: 0001837532
Liquidity: Quarterly tender offers
Inception: 2021

Net assets: $14.44B

source

Quarterly report (Form 10-Q) · filed 2026-05-11 · period 2026-03-31

Assets net

“{'end': '2026-03-31', 'val': 14444687000, 'accn': '0001193125-26-215667', 'fy': 2026, 'fp': 'Q1', 'form': '10-Q', 'filed': '2026-05-11', 'frame': 'CY2026Q1I', 'unit': 'USD'}”

Method Direct: structured XBRL tag

Open the filing on SEC.gov · Full observation history

Technical locator

us-gaap:AssetsNet | accession 0001193125-26-215667 | 10-Q filed 2026-05-11
NAV / share: $23.83

source

Current report (Form 8-K) · filed 2026-07-23 · period 2026-06-30

Item 8.01

“NAV as of June 30, 2026 Class I Common Shares $23.83 Class S Common Shares $23.83 Class D Common Shares $23.83 ”

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/1837532/000119312526314088/d131986d8k.htm | Item 8.01
Net flows, last qtr: +4.1%
Distribution coverage (NII): 89%
Annualized distribution rate: 9.06%
Trailing 12-month distribution rate: 9.32%
Leverage in use: 64%
Total return, 12m: +6.1%

Special distributions included only in the trailing 12-month rate: $0.0200 per share on 2025-07-31 (SEC 0001193125-25-163453); $0.0200 per share on 2025-08-29 (SEC 0001193125-25-186423); $0.0200 per share on 2025-09-30 (SEC 0001193125-25-215451).

01 / Signals

What changed in the latest filings.

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

Yellow flag

Credit facility new or amended: 33 occurrence(s), 2022-01-07 to 2026-06-30

Most recent (2026-06-30): National Association (the “ Trustee ”) entered into a Seventh Supplemental Indenture (the “ Seventh Supplemental Indenture ” and, together with the Base Indenture (defined herein), the “ Indenture ”) related to the $ 750,000,000 in aggregate principal amount of its 6.350% notes due 2033 ( the “ Notes ” ), which supplements that certain Base Indenture, dated as of March 21, 2024 (as may be further amended, supplemented or otherwise modified from time to time, the “ Base Indenture ”). The Notes will mature on June 30, 2033 and may be redeemed in whole or in part at the Fund’s option at any time

Why it matters and what changed

Financing terms set the fund's cost of leverage and its dry powder. Amendments also reveal what lenders currently think of the collateral: improving spreads and rising commitments signal lender confidence; shrinking availability or margin increases signal the opposite. This fund logged 33 of these in the covered window; the cadence itself is part of the signal.

33 occurrence(s) of this event type stored; earlier instances are on the Fired Flags tab.

Source: https://www.sec.gov/Archives/edgar/data/1837532/000119312526290482/d97262d8k.htm | Item 1.01

Yellow flag

The fund leaned harder on leverage: 59% -> 64% of its allowed leverage in use in one period (period ended 2026-03-31).

The fund leaned harder on leverage: 59% -> 64% of its allowed leverage in use in one period (period ended 2026-03-31). (Rule C22: Leverage creep: headroom down >= 5 percentage points in one period; Notify.)

Why it matters and what changed

The fund leaned meaningfully harder on its leverage in a single period. Even far from the ceiling, the direction and speed of travel matter; creep compounds quietly.

70.13 -> 57.47 (down 18.1% vs prior period); trailing 4-period average 75.35; same period prior year 85.40; breach persisted 3 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-12-31 -> 2026-03-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)

Source: derived: (asset_coverage_ratio 236.20000000000002 - leverage_ceiling 150.0) / leverage_ceiling * 100

Yellow flag

Net investment income covered only 89% of distributions in the period ended 2026-03-31; the gap was funded from capital or gains.

Net investment income covered only 89% of distributions in the period ended 2026-03-31; the gap was funded from capital or gains. (Rule C21: Distribution coverage: distribution_nii_coverage < 100%; Notify.)

Why it matters and what changed

Distributions exceed net investment income. The gap is funded from capital (the investor's own money back) or gains, and a stated yield propped up this way is fragile.

93.88 -> 88.85 (down 5.4% vs prior period); trailing 4-period average 87.21; same period prior year 87.03; breach persisted 6 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-12-31 -> 2026-03-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)

Source: derived: net_investment_income / distributions_declared * 100 (annual grain only, see build_notes.md)

Yellow flag

The fund leaned harder on leverage: 55% -> 59% of its allowed leverage in use in one period (period ended 2025-12-31).

The fund leaned harder on leverage: 55% -> 59% of its allowed leverage in use in one period (period ended 2025-12-31). (Rule C22: Leverage creep: headroom down >= 5 percentage points in one period; Notify.)

Why it matters and what changed

The fund leaned meaningfully harder on its leverage in a single period. Even far from the ceiling, the direction and speed of travel matter; creep compounds quietly.

82.67 -> 70.13 (down 15.2% vs prior period); trailing 4-period average 82.33; same period prior year 94.07; breach persisted 2 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-09-30 -> 2025-12-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)

Source: derived: (asset_coverage_ratio 255.20000000000002 - leverage_ceiling 150.0) / leverage_ceiling * 100

Yellow flag

Net investment income covered only 94% of distributions in the period ended 2025-12-31; the gap was funded from capital or gains.

Net investment income covered only 94% of distributions in the period ended 2025-12-31; the gap was funded from capital or gains. (Rule C21: Distribution coverage: distribution_nii_coverage < 100%; Notify.)

Why it matters and what changed

Distributions exceed net investment income. The gap is funded from capital (the investor's own money back) or gains, and a stated yield propped up this way is fragile.

81.75 -> 93.88 (up 14.8% vs prior period); trailing 4-period average 86.76; same period prior year 87.89; breach persisted 5 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-09-30 -> 2025-12-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)

Source: derived: net_investment_income / distributions_declared * 100 (annual grain only, see build_notes.md)

Yellow flag

Net investment income covered only 82% of distributions in the period ended 2025-09-30; the gap was funded from capital or gains.

Net investment income covered only 82% of distributions in the period ended 2025-09-30; the gap was funded from capital or gains. (Rule C21: Distribution coverage: distribution_nii_coverage < 100%; Notify.)

Why it matters and what changed

Distributions exceed net investment income. The gap is funded from capital (the investor's own money back) or gains, and a stated yield propped up this way is fragile.

84.36 -> 81.75 (down 3.1% vs prior period); trailing 4-period average 85.26; same period prior year 106.05; breach persisted 4 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-06-30 -> 2025-09-30; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)

Source: derived: net_investment_income / distributions_declared * 100 (annual grain only, see build_notes.md)

Historical findings (12)

Departure of Director or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Agreements of Certain Officers. (2025-08-07)
Departure of Director or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Agreements of Certain Officers. On August 7, 2025, the Board of Trustees (the “Board”) of Apollo Debt Solutions BDC (the “Company”) appointed Sheryl Schwartz to the Board, effective as of August 7, 2025, to serve as a Class III Trustee (a “Trustee”) of the Company. Effective upon the appointment of Ms. Schwartz as a Trustee of the Company, the size of the Board was increased from five to six members. The Board also appointed Ms. Schwartz to the Audit Committee and the Nominating and

Net investment income covered only 84% of distributions in the period ended 2025-06-30; the gap was funded from capital or gains.
Net investment income covered only 84% of distributions in the period ended 2025-06-30; the gap was funded from capital or gains. (Rule C21: Distribution coverage: distribution_nii_coverage < 100%; Notify.)

Net investment income covered only 87% of distributions in the period ended 2025-03-31; the gap was funded from capital or gains.
Net investment income covered only 87% of distributions in the period ended 2025-03-31; the gap was funded from capital or gains. (Rule C21: Distribution coverage: distribution_nii_coverage < 100%; Notify.)

Departure of Director or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Agreements of Certain Officers. (2023-06-02)
Departure of Director or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Agreements of Certain Officers. On June 2, 2023, Amit Joshi, Chief Financial Officer of Apollo Debt Solutions BDC (the “Company”), notified the Company of his intention to resign. Mr. Joshi will continue to serve as the Company’s Chief Financial Officer for a period of time to transition his responsibilities to other members of the Company’s finance department. The Company has initiated a search to identify his successor. Mr. Joshi’s decision to resign is not the result of any disagr

On April 14, 2023, the Board of Trustees (the “Board”) of Apollo Debt Solutions BDC (the “Fund”) approved an amendment and restatement of the Fund’s Second Amended and Restated... (2023-04-14)
On April 14, 2023, the Board of Trustees (the “Board”) of Apollo Debt Solutions BDC (the “Fund”) approved an amendment and restatement of the Fund’s Second Amended and Restated Declaration of Trust (the “Third Amended and Restated Declaration of Trust”). The Fund adopted the Third Amended and Restated Declaration of Trust as a result of comments issued by state securities regulators in connection with their annual review of the Fund’s offering. The Third Amended and Restated Declaration of Trust, among other things: (1) clarifies that each truste

Departure of Director or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Agreements of Certain Officers. (2023-03-16)
Departure of Director or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Agreements of Certain Officers. On March 16, 2023, the Board of Trustees of Apollo Debt Solutions BDC (the “Company”) appointed Ryan Del Giudice as the Company’s Chief Compliance Officer. Such appointment is effective as of March 16, 2023. Mr. Del Giudice (i) was not appointed as the Company’s Chief Compliance Officer pursuant to any arrangement or understanding with any other person; (ii) does not have a family relationship with any of the Company’s trustees or other executive offic

Departure of Director or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Agreements of Certain Officers. (2023-01-23)
Departure of Director or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Agreements of Certain Officers. On January 23, 2023, Isabelle Gold, Chief Compliance Officer of Apollo Debt Solutions BDC (the “Company”), notified the Company of her intention to resign. Ms. Gold will continue to serve as the Company’s Chief Compliance Officer for a period of time to transition her responsibilities to other members of the Company’s compliance department. Ms. Gold’s decision to resign is not the result of any disagreement with the Company, its advisor or their affili

On August 1, 2022, the Board of Trustees (the “Board”) of Apollo Debt Solutions BDC (the “Fund”) appointed Kristin Hester to serve as the Fund’s Chief Legal Officer and Corporate... (2022-08-01)
On August 1, 2022, the Board of Trustees (the “Board”) of Apollo Debt Solutions BDC (the “Fund”) appointed Kristin Hester to serve as the Fund’s Chief Legal Officer and Corporate Secretary, effective August 1, 2022. Prior to her appointment as Chief Legal Officer, Ms. Hester, 41, served as the Fund’s General Counsel and Assistant Secretary since 2021. Ms. Hester has served as Senior Counsel for Apollo Global Management, Inc. since 2015 and also serve

NAV per share fell 3.6% from $23.72 to $22.87 (2022-06-30).
NAV per share fell 3.6% from $23.72 to $22.87 (2022-06-30). (Rule B11: NAV per share drop >= 2% decline month over month; Notify.)

NAV per share ($22.87) is 6.5% below its trailing four-observation average ($24.45) as of 2022-06-30.
NAV per share ($22.87) is 6.5% below its trailing four-observation average ($24.45) as of 2022-06-30. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

NAV per share fell 3.7% from $24.63 to $23.72 (2022-05-31).
NAV per share fell 3.7% from $24.63 to $23.72 (2022-05-31). (Rule B11: NAV per share drop >= 2% decline month over month; Notify.)

On December 20, 2021, the board of trustees of Apollo Debt Solutions BDC (the “ Fund ”) amended its Amended and Restated Agreement and Declaration of Trust (the “ Second Amended... (2021-12-20)
On December 20, 2021, the board of trustees of Apollo Debt Solutions BDC (the “ Fund ”) amended its Amended and Restated Agreement and Declaration of Trust (the “ Second Amended and Restated Agreement and Declaration of Trust ”) to update a number of items. As amended, the Second Amended and Restated Agreement and Declaration of Trust allows Fund shareholders to remove a trustee by vote of more than 50% of the outstanding Fund shares entitled to vote, with or without cause. It also requires that all mergers or reorganizations be approved by the vote of the holders of more than 50% of the Fund’

02 / Trends

How the fund has moved.

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

Total return index

NAV per share

Net capital flows, % of NAV

Distribution coverage

Leverage in use

Filed performance

No directly filed return covers the derived window shown below.

Derived

Window	Class	Basis	Return	Method & constituents
2025-07-01 to 2026-06-30 trailing 12m	Class I	at NAV	+6.12%	computed from filed NAVs + distributions Calculation & filed sources existing total_return_series index[2026-06-30] / index[2025-06-30] - 1 = 6.116992616244%; distribution cadence and aggregate completeness checks passed Independent verification: Manager-published figure independently reproduced from filed NAVs and distributions within 0.70 bps. nav_per_share · instant to 2025-06-30 · 0001193125-25-163453 nav_per_share · instant to 2025-07-31 · 0001193125-25-186423 nav_per_share · instant to 2025-08-31 · 0001193125-25-215451 nav_per_share · instant to 2025-09-30 · 0001193125-25-247245 nav_per_share · instant to 2025-10-31 · 0001193125-25-293714 nav_per_share · instant to 2025-11-30 · 0001193125-25-331011 nav_per_share · instant to 2025-12-31 · 0001193125-26-021132 nav_per_share · instant to 2026-01-31 · 0001193125-26-063962 nav_per_share · instant to 2026-02-28 · 0001193125-26-119933 nav_per_share · instant to 2026-03-31 · 0001193125-26-173990 nav_per_share · instant to 2026-04-30 · 0001193125-26-230744 nav_per_share · instant to 2026-05-31 · 0001193125-26-277641 nav_per_share · instant to 2026-06-30 · 0001193125-26-314088 dist_per_share · instant to 2025-07-31 · 0001193125-25-163453 dist_per_share · instant to 2025-08-29 · 0001193125-25-186423 dist_per_share · instant to 2025-09-30 · 0001193125-25-215451 dist_per_share · instant to 2025-10-31 · 0001193125-25-247245 dist_per_share · instant to 2025-11-28 · 0001193125-25-293714 dist_per_share · instant to 2025-12-31 · 0001193125-25-331011 dist_per_share · instant to 2026-01-30 · 0001193125-26-021132 dist_per_share · instant to 2026-02-27 · 0001193125-26-063962 dist_per_share · instant to 2026-03-31 · 0001193125-26-119933 dist_per_share · instant to 2026-04-30 · 0001193125-26-173990 dist_per_share · instant to 2026-05-31 · 0001193125-26-230744 dist_per_share · instant to 2026-06-30 · 0001193125-26-277641
2023-07-01 to 2026-06-30 trailing 3y	Class I	at NAV	+30.68%	computed from filed NAVs + distributions Calculation & filed sources existing total_return_series index[2026-06-30] / index[2023-06-30] - 1 = 30.676391774638%; distribution cadence and aggregate completeness checks passed Independent verification: Manager-published figure independently reproduced from filed NAVs and distributions within 0.18 bps. nav_per_share · instant to 2023-06-30 · 0001193125-23-190487 nav_per_share · instant to 2023-07-31 · 0001193125-23-219101 nav_per_share · instant to 2023-08-31 · 0001193125-23-241341 nav_per_share · instant to 2023-09-30 · 0001193125-23-261659 nav_per_share · instant to 2023-10-31 · 0001193125-23-280659 nav_per_share · instant to 2023-11-30 · 0001193125-23-299990 nav_per_share · instant to 2023-12-31 · 0001193125-24-012981 nav_per_share · instant to 2024-01-31 · 0001193125-24-046191 nav_per_share · instant to 2024-02-29 · 0001193125-24-073840 nav_per_share · instant to 2024-03-31 · 0001193125-24-107154 nav_per_share · instant to 2024-04-30 · 0001193125-24-144940 nav_per_share · instant to 2024-05-31 · 0001193125-24-165655 nav_per_share · instant to 2024-06-30 · 0001193125-24-182245 nav_per_share · instant to 2024-07-31 · 0001193125-24-204636 nav_per_share · instant to 2024-08-31 · 0001193125-24-222919 nav_per_share · instant to 2024-09-30 · 0001193125-24-241878 nav_per_share · instant to 2024-10-31 · 0001193125-24-263397 nav_per_share · instant to 2024-11-30 · 0001193125-24-284285 nav_per_share · instant to 2024-12-31 · 0001193125-25-011452 nav_per_share · instant to 2025-01-31 · 0001193125-25-032073 nav_per_share · instant to 2025-02-28 · 0001193125-25-061461 nav_per_share · instant to 2025-03-31 · 0001193125-25-089326 nav_per_share · instant to 2025-04-30 · 0001193125-25-125140 nav_per_share · instant to 2025-05-31 · 0001193125-25-144648 nav_per_share · instant to 2025-06-30 · 0001193125-25-163453 nav_per_share · instant to 2025-07-31 · 0001193125-25-186423 nav_per_share · instant to 2025-08-31 · 0001193125-25-215451 nav_per_share · instant to 2025-09-30 · 0001193125-25-247245 nav_per_share · instant to 2025-10-31 · 0001193125-25-293714 nav_per_share · instant to 2025-11-30 · 0001193125-25-331011 nav_per_share · instant to 2025-12-31 · 0001193125-26-021132 nav_per_share · instant to 2026-01-31 · 0001193125-26-063962 nav_per_share · instant to 2026-02-28 · 0001193125-26-119933 nav_per_share · instant to 2026-03-31 · 0001193125-26-173990 nav_per_share · instant to 2026-04-30 · 0001193125-26-230744 nav_per_share · instant to 2026-05-31 · 0001193125-26-277641 nav_per_share · instant to 2026-06-30 · 0001193125-26-314088 dist_per_share · instant to 2023-07-31 · 0001193125-23-190487 dist_per_share · instant to 2023-08-31 · 0001193125-23-219101 dist_per_share · instant to 2023-09-29 · 0001193125-23-241341 dist_per_share · instant to 2023-10-31 · 0001193125-23-261659 dist_per_share · instant to 2023-11-30 · 0001193125-23-280659 dist_per_share · instant to 2023-12-29 · 0001193125-23-299990 dist_per_share · instant to 2024-01-31 · 0001193125-24-012981 dist_per_share · instant to 2024-02-29 · 0001193125-24-046191 dist_per_share · instant to 2024-03-29 · 0001193125-24-073840 dist_per_share · instant to 2024-04-30 · 0001193125-24-107154 dist_per_share · instant to 2024-05-31 · 0001193125-24-144940 dist_per_share · instant to 2024-06-28 · 0001193125-24-165655 dist_per_share · instant to 2024-07-31 · 0001193125-24-182245 dist_per_share · instant to 2024-08-30 · 0001193125-24-204636 dist_per_share · instant to 2024-09-30 · 0001193125-24-222919 dist_per_share · instant to 2024-10-31 · 0001193125-24-241878 dist_per_share · instant to 2024-11-29 · 0001193125-24-263397 dist_per_share · instant to 2024-12-31 · 0001193125-24-284285 dist_per_share · instant to 2025-01-31 · 0001193125-25-011452 dist_per_share · instant to 2025-02-28 · 0001193125-25-032073 dist_per_share · instant to 2025-03-31 · 0001193125-25-061461 dist_per_share · instant to 2025-04-30 · 0001193125-25-089326 dist_per_share · instant to 2025-05-31 · 0001193125-25-125140 dist_per_share · instant to 2025-06-30 · 0001193125-25-144648 dist_per_share · instant to 2025-07-31 · 0001193125-25-163453 dist_per_share · instant to 2025-08-29 · 0001193125-25-186423 dist_per_share · instant to 2025-09-30 · 0001193125-25-215451 dist_per_share · instant to 2025-10-31 · 0001193125-25-247245 dist_per_share · instant to 2025-11-28 · 0001193125-25-293714 dist_per_share · instant to 2025-12-31 · 0001193125-25-331011 dist_per_share · instant to 2026-01-30 · 0001193125-26-021132 dist_per_share · instant to 2026-02-27 · 0001193125-26-063962 dist_per_share · instant to 2026-03-31 · 0001193125-26-119933 dist_per_share · instant to 2026-04-30 · 0001193125-26-173990 dist_per_share · instant to 2026-05-31 · 0001193125-26-230744 dist_per_share · instant to 2026-06-30 · 0001193125-26-277641
2025-04-01 to 2026-03-31 trailing 12m	Class I	at NAV	+6.40%	computed from filed NAVs + distributions Calculation & filed sources existing total_return_series index[2026-03-31] / index[2025-03-31] - 1 = 6.398918633818% nav_per_share · instant to 2025-03-31 · 0001193125-25-089326 nav_per_share · instant to 2025-04-30 · 0001193125-25-125140 nav_per_share · instant to 2025-05-31 · 0001193125-25-144648 nav_per_share · instant to 2025-06-30 · 0001193125-25-163453 nav_per_share · instant to 2025-07-31 · 0001193125-25-186423 nav_per_share · instant to 2025-08-31 · 0001193125-25-215451 nav_per_share · instant to 2025-09-30 · 0001193125-25-247245 nav_per_share · instant to 2025-10-31 · 0001193125-25-293714 nav_per_share · instant to 2025-11-30 · 0001193125-25-331011 nav_per_share · instant to 2025-12-31 · 0001193125-26-021132 nav_per_share · instant to 2026-01-31 · 0001193125-26-063962 nav_per_share · instant to 2026-02-28 · 0001193125-26-119933 nav_per_share · instant to 2026-03-31 · 0001193125-26-173990 dist_per_share · instant to 2025-04-30 · 0001193125-25-089326 dist_per_share · instant to 2025-05-31 · 0001193125-25-125140 dist_per_share · instant to 2025-06-30 · 0001193125-25-144648 dist_per_share · instant to 2025-07-31 · 0001193125-25-163453 dist_per_share · instant to 2025-08-29 · 0001193125-25-186423 dist_per_share · instant to 2025-09-30 · 0001193125-25-215451 dist_per_share · instant to 2025-10-31 · 0001193125-25-247245 dist_per_share · instant to 2025-11-28 · 0001193125-25-293714 dist_per_share · instant to 2025-12-31 · 0001193125-25-331011 dist_per_share · instant to 2026-01-30 · 0001193125-26-021132 dist_per_share · instant to 2026-02-27 · 0001193125-26-063962 dist_per_share · instant to 2026-03-31 · 0001193125-26-119933
2025-01-01 to 2025-12-31 calendar year	Class I	at NAV	+7.91%	computed from filed NAVs + distributions Calculation & filed sources existing total_return_series index[2025-12-31] / index[2024-12-31] - 1 = 7.906174373398% nav_per_share · instant to 2024-12-31 · 0001193125-25-011452 nav_per_share · instant to 2025-01-31 · 0001193125-25-032073 nav_per_share · instant to 2025-02-28 · 0001193125-25-061461 nav_per_share · instant to 2025-03-31 · 0001193125-25-089326 nav_per_share · instant to 2025-04-30 · 0001193125-25-125140 nav_per_share · instant to 2025-05-31 · 0001193125-25-144648 nav_per_share · instant to 2025-06-30 · 0001193125-25-163453 nav_per_share · instant to 2025-07-31 · 0001193125-25-186423 nav_per_share · instant to 2025-08-31 · 0001193125-25-215451 nav_per_share · instant to 2025-09-30 · 0001193125-25-247245 nav_per_share · instant to 2025-10-31 · 0001193125-25-293714 nav_per_share · instant to 2025-11-30 · 0001193125-25-331011 nav_per_share · instant to 2025-12-31 · 0001193125-26-021132 dist_per_share · instant to 2025-01-31 · 0001193125-25-011452 dist_per_share · instant to 2025-02-28 · 0001193125-25-032073 dist_per_share · instant to 2025-03-31 · 0001193125-25-061461 dist_per_share · instant to 2025-04-30 · 0001193125-25-089326 dist_per_share · instant to 2025-05-31 · 0001193125-25-125140 dist_per_share · instant to 2025-06-30 · 0001193125-25-144648 dist_per_share · instant to 2025-07-31 · 0001193125-25-163453 dist_per_share · instant to 2025-08-29 · 0001193125-25-186423 dist_per_share · instant to 2025-09-30 · 0001193125-25-215451 dist_per_share · instant to 2025-10-31 · 0001193125-25-247245 dist_per_share · instant to 2025-11-28 · 0001193125-25-293714 dist_per_share · instant to 2025-12-31 · 0001193125-25-331011

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.

Manager-reported performance

Manager-reported; not from SEC filings. These exact-window values appear only where no SEC-filed or SEC-derived observation covers the same fund, canonical class, and window.

Window	Class	Return	Manager source
Jun 1–Jun 30, 2026	Class I	+0.58%	Apollo source Citation and archived evidence Retrieved 2026-08-07T17:30:26+00:00 Archived-content SHA-256: `3ac486b15a949246fdb4e5aa8ecb69b9c17fa8abc144bf29e980c6d324faf3ff` View evidence excerpt
May 1–May 31, 2026	Class I	+0.57%	Apollo source Citation and archived evidence Retrieved 2026-08-07T17:30:26+00:00 Archived-content SHA-256: `3ac486b15a949246fdb4e5aa8ecb69b9c17fa8abc144bf29e980c6d324faf3ff` View evidence excerpt
Apr 1–Apr 30, 2026	Class I	+0.84%	Apollo source Citation and archived evidence Retrieved 2026-08-07T17:30:26+00:00 Archived-content SHA-256: `3ac486b15a949246fdb4e5aa8ecb69b9c17fa8abc144bf29e980c6d324faf3ff` View evidence excerpt
Mar 1–Mar 31, 2026	Class I	-0.26%	Apollo source Citation and archived evidence Retrieved 2026-08-07T17:30:26+00:00 Archived-content SHA-256: `3ac486b15a949246fdb4e5aa8ecb69b9c17fa8abc144bf29e980c6d324faf3ff` View evidence excerpt
Feb 1–Feb 28, 2026	Class I	-0.07%	Apollo source Citation and archived evidence Retrieved 2026-08-07T17:30:26+00:00 Archived-content SHA-256: `3ac486b15a949246fdb4e5aa8ecb69b9c17fa8abc144bf29e980c6d324faf3ff` View evidence excerpt
Jan 1–Jan 31, 2026	Class I	+0.46%	Apollo source Citation and archived evidence Retrieved 2026-08-07T17:30:26+00:00 Archived-content SHA-256: `3ac486b15a949246fdb4e5aa8ecb69b9c17fa8abc144bf29e980c6d324faf3ff` View evidence excerpt
Dec 1–Dec 31, 2025	Class I	+0.60%	Apollo source Citation and archived evidence Retrieved 2026-08-07T17:30:26+00:00 Archived-content SHA-256: `3ac486b15a949246fdb4e5aa8ecb69b9c17fa8abc144bf29e980c6d324faf3ff` View evidence excerpt
Nov 1–Nov 30, 2025	Class I	+0.58%	Apollo source Citation and archived evidence Retrieved 2026-08-07T17:30:26+00:00 Archived-content SHA-256: `3ac486b15a949246fdb4e5aa8ecb69b9c17fa8abc144bf29e980c6d324faf3ff` View evidence excerpt
Oct 1–Oct 31, 2025	Class I	+0.57%	Apollo source Citation and archived evidence Retrieved 2026-08-07T17:30:26+00:00 Archived-content SHA-256: `3ac486b15a949246fdb4e5aa8ecb69b9c17fa8abc144bf29e980c6d324faf3ff` View evidence excerpt
Sep 1–Sep 30, 2025	Class I	+0.68%	Apollo source Citation and archived evidence Retrieved 2026-08-07T17:30:26+00:00 Archived-content SHA-256: `3ac486b15a949246fdb4e5aa8ecb69b9c17fa8abc144bf29e980c6d324faf3ff` View evidence excerpt
Aug 1–Aug 31, 2025	Class I	+0.51%	Apollo source Citation and archived evidence Retrieved 2026-08-07T17:30:26+00:00 Archived-content SHA-256: `3ac486b15a949246fdb4e5aa8ecb69b9c17fa8abc144bf29e980c6d324faf3ff` View evidence excerpt
Jul 1–Jul 31, 2025	Class I	+0.90%	Apollo source Citation and archived evidence Retrieved 2026-08-07T17:30:26+00:00 Archived-content SHA-256: `3ac486b15a949246fdb4e5aa8ecb69b9c17fa8abc144bf29e980c6d324faf3ff` View evidence excerpt
Jun 1–Jun 30, 2025	Class I	+0.66%	Apollo source Citation and archived evidence Retrieved 2026-08-07T17:30:26+00:00 Archived-content SHA-256: `3ac486b15a949246fdb4e5aa8ecb69b9c17fa8abc144bf29e980c6d324faf3ff` View evidence excerpt
May 1–May 31, 2025	Class I	+1.08%	Apollo source Citation and archived evidence Retrieved 2026-08-07T17:30:26+00:00 Archived-content SHA-256: `3ac486b15a949246fdb4e5aa8ecb69b9c17fa8abc144bf29e980c6d324faf3ff` View evidence excerpt
Apr 1–Apr 30, 2025	Class I	+0.52%	Apollo source Citation and archived evidence Retrieved 2026-08-07T17:30:26+00:00 Archived-content SHA-256: `3ac486b15a949246fdb4e5aa8ecb69b9c17fa8abc144bf29e980c6d324faf3ff` View evidence excerpt
Mar 1–Mar 31, 2025	Class I	+0.33%	Apollo source Citation and archived evidence Retrieved 2026-08-07T17:30:26+00:00 Archived-content SHA-256: `3ac486b15a949246fdb4e5aa8ecb69b9c17fa8abc144bf29e980c6d324faf3ff` View evidence excerpt
Feb 1–Feb 28, 2025	Class I	+0.57%	Apollo source Citation and archived evidence Retrieved 2026-08-07T17:30:26+00:00 Archived-content SHA-256: `3ac486b15a949246fdb4e5aa8ecb69b9c17fa8abc144bf29e980c6d324faf3ff` View evidence excerpt
Jan 1–Jan 31, 2025	Class I	+0.68%	Apollo source Citation and archived evidence Retrieved 2026-08-07T17:30:26+00:00 Archived-content SHA-256: `3ac486b15a949246fdb4e5aa8ecb69b9c17fa8abc144bf29e980c6d324faf3ff` View evidence excerpt
Dec 1–Dec 31, 2024	Class I	+0.50%	Apollo source Citation and archived evidence Retrieved 2026-08-07T17:30:26+00:00 Archived-content SHA-256: `3ac486b15a949246fdb4e5aa8ecb69b9c17fa8abc144bf29e980c6d324faf3ff` View evidence excerpt
Nov 1–Nov 30, 2024	Class I	+0.73%	Apollo source Citation and archived evidence Retrieved 2026-08-07T17:30:26+00:00 Archived-content SHA-256: `3ac486b15a949246fdb4e5aa8ecb69b9c17fa8abc144bf29e980c6d324faf3ff` View evidence excerpt
Oct 1–Oct 31, 2024	Class I	+0.85%	Apollo source Citation and archived evidence Retrieved 2026-08-07T17:30:26+00:00 Archived-content SHA-256: `3ac486b15a949246fdb4e5aa8ecb69b9c17fa8abc144bf29e980c6d324faf3ff` View evidence excerpt
Sep 1–Sep 30, 2024	Class I	+0.87%	Apollo source Citation and archived evidence Retrieved 2026-08-07T17:30:26+00:00 Archived-content SHA-256: `3ac486b15a949246fdb4e5aa8ecb69b9c17fa8abc144bf29e980c6d324faf3ff` View evidence excerpt
Aug 1–Aug 31, 2024	Class I	+0.87%	Apollo source Citation and archived evidence Retrieved 2026-08-07T17:30:26+00:00 Archived-content SHA-256: `3ac486b15a949246fdb4e5aa8ecb69b9c17fa8abc144bf29e980c6d324faf3ff` View evidence excerpt
Jul 1–Jul 31, 2024	Class I	+0.83%	Apollo source Citation and archived evidence Retrieved 2026-08-07T17:30:26+00:00 Archived-content SHA-256: `3ac486b15a949246fdb4e5aa8ecb69b9c17fa8abc144bf29e980c6d324faf3ff` View evidence excerpt

Monthly performance eligibility

Canonical class: Class I · basis: manager-stated monthly total return · qualifying history: 54 months through 2026-06-30.

1y: eligible; 3y: eligible; 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.

Non-accruals: 0.4%
PIK income share: 2.9%
Bottom two ratings: 0.4%

Date	Position change
2026-03-31	Banks G&A G&A Partners Holdings Company II, LLC Investment Type First Lien Secured Debt- Term Loan Interest Rate S+500, 0.75% Floor Maturity Date 3/3/2031 (1.2% of portfolio value in the 2025-09-30 report, $272,550,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31	Building Products Leaf Home LHS Borrower LLC Investment Type First Lien Secured Debt - Term Loan Interest Rate S+525, 0.75% Floor Maturity Date 9/4/2031 (1.0% of portfolio value in the 2025-12-31 report, $246,192,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31	Commercial Services & Supplies Heritage Environmental Services Arcwood Environmental, Inc. Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+500, 0.75% Floor Maturity Date 1/31/2031 (8.1% of portfolio value in the 2025-09-30 report, $1,821,507,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31	Commercial Services & Supplies Ironclad Ironhorse Purchaser LLC Investment Type First Lien Secured Debt – Revolver Interest Rate S+650, 1.00% Floor Maturity Date 9/30/2027 (1.1% of portfolio value in the 2025-09-30 report, $243,355,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31	Commercial Services & Supplies Resource Innovations North Haven RI Buyer, LLC Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+500, 1.00% Floor Maturity Date 3/29/2030 (1.4% of portfolio value in the 2025-09-30 report, $316,427,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31	Commercial Services & Supplies Smith System Smith Topco, Inc. Investment Type First Lien Secured Debt - Revolver Interest Rate S+475, 1.00% Floor Maturity Date 11/6/2029 (2.8% of portfolio value in the 2025-09-30 report, $634,570,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31	Communications Equipment CommScope Commscope, LLC Investment Type First Lien Secured Debt - Term Loan Interest Rate S+525, 2.00% Floor Maturity Date 12/17/2029 (1.0% of portfolio value in the 2025-12-31 report, $253,759,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31	Diversified Consumer Services SERVPRO One Silver Serve, LLC Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+535, 1.00% Floor Maturity Date 12/18/2028 (5.2% of portfolio value in the 2025-09-30 report, $1,165,894,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31	Diversified Consumer Services Walter's Wedding WH BorrowerCo, LLC Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+500, 1.00% Floor Maturity Date 8/2/2030 (2.2% of portfolio value in the 2025-09-30 report, $496,479,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31	Electronic Equipment, Instruments & Components Madison Safety Madison Safety & Flow LLC, Investment Type First Lien Secured Debt - Term Loan Interest Rate S+275,0.00% Floor Maturity Date 9/26/2031 (1.6% of portfolio value in the 2025-09-30 report, $355,087,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31	Financial Services PIB Paisley Bidco Limited Investment Type First Lien Secured Debt - Delayed Draw Interest Rate SONIA+525, 0.00% Floor Maturity Date 5/7/2031 (1.4% of portfolio value in the 2025-09-30 report, $308,178,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31	Financial Services Strongpoint Howardsimon LLC Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+475, 0.75% Floor, Maturity Date 12/13/2030 (2.5% of portfolio value in the 2025-09-30 report, $553,445,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.

Filed portfolio-health history

Non-accrual exposure

PIK income share

Bottom rating exposure

04 / Redemptions

Where exit demand met the cap.

Stated cap: 5% of shares/quarter. Rationed in 1 of 16 disclosed periods; last gated Q1 2026.

Requested redemptions versus cap

Period	Requested	Filled	Cap used	Status
2026-03-16	11.1% of shares source Tender offer statement, amended (Schedule TO-I/A) · filed 2026-05-06 · period 2026-03-16 tender_shares_requested_pct_outstanding (unified redemption view) Method Derived: computed from other stored facts Open the filing on SEC.gov · Full observation history Technical locator derived: tender_shares_requested_pct_outstanding (unified redemption view)	45%	100%	rationed
2025-12-15	4.8% of shares source Tender offer statement, amended (Schedule TO-I/A) · filed 2026-02-13 · period 2025-12-15 tender_shares_requested_pct_outstanding (unified redemption view) Method Derived: computed from other stored facts Open the filing on SEC.gov · Full observation history Technical locator derived: tender_shares_requested_pct_outstanding (unified redemption view)	100%	97%	filled
2025-09-15	3.0% of shares source Tender offer statement, amended (Schedule TO-I/A) · filed 2025-11-07 · period 2025-09-15 tender_shares_requested_pct_outstanding (unified redemption view) Method Derived: computed from other stored facts Open the filing on SEC.gov · Full observation history Technical locator derived: tender_shares_requested_pct_outstanding (unified redemption view)	100%	61%	filled
2025-06-16	1.8% of shares source Tender offer statement, amended (Schedule TO-I/A) · filed 2025-08-15 · period 2025-06-16 tender_shares_requested_pct_outstanding (unified redemption view) Method Derived: computed from other stored facts Open the filing on SEC.gov · Full observation history Technical locator derived: tender_shares_requested_pct_outstanding (unified redemption view)	100%	37%	filled
2025-03-17	1.4% of shares source Tender offer statement, amended (Schedule TO-I/A) · filed 2025-05-08 · period 2025-03-17 tender_shares_requested_pct_outstanding (unified redemption view) Method Derived: computed from other stored facts Open the filing on SEC.gov · Full observation history Technical locator derived: tender_shares_requested_pct_outstanding (unified redemption view)	100%	28%	filled
2024-12-16	0.8% of shares source Tender offer statement, amended (Schedule TO-I/A) · filed 2025-02-10 · period 2024-12-16 tender_shares_requested_pct_outstanding (unified redemption view) Method Derived: computed from other stored facts Open the filing on SEC.gov · Full observation history Technical locator derived: tender_shares_requested_pct_outstanding (unified redemption view)	100%	15%	filled
2024-09-13	1.0% of shares source Tender offer statement, amended (Schedule TO-I/A) · filed 2024-11-07 · period 2024-09-13 tender_shares_requested_pct_outstanding (unified redemption view) Method Derived: computed from other stored facts Open the filing on SEC.gov · Full observation history Technical locator derived: tender_shares_requested_pct_outstanding (unified redemption view)	100%	20%	filled
2024-06-13	0.8% of shares source Tender offer statement, amended (Schedule TO-I/A) · filed 2024-08-06 · period 2024-06-13 tender_shares_requested_pct_outstanding (unified redemption view) Method Derived: computed from other stored facts Open the filing on SEC.gov · Full observation history Technical locator derived: tender_shares_requested_pct_outstanding (unified redemption view)	100%	15%	filled
2024-03-15	3.0% of shares source Tender offer statement, amended (Schedule TO-I/A) · filed 2024-05-07 · period 2024-03-15 tender_shares_requested_pct_outstanding (unified redemption view) Method Derived: computed from other stored facts Open the filing on SEC.gov · Full observation history Technical locator derived: tender_shares_requested_pct_outstanding (unified redemption view)	100%	61%	filled
2023-12-04	1.3% of shares source Tender offer statement, amended (Schedule TO-I/A) · filed 2024-02-07 · period 2023-12-04 tender_shares_requested_pct_outstanding (unified redemption view) Method Derived: computed from other stored facts Open the filing on SEC.gov · Full observation history Technical locator derived: tender_shares_requested_pct_outstanding (unified redemption view)	100%	27%	filled
2023-09-14	1.8% of shares source Tender offer statement, amended (Schedule TO-I/A) · filed 2023-11-06 · period 2023-09-14 tender_shares_requested_pct_outstanding (unified redemption view) Method Derived: computed from other stored facts Open the filing on SEC.gov · Full observation history Technical locator derived: tender_shares_requested_pct_outstanding (unified redemption view)	100%	37%	filled
2023-06-14	3.8% of shares source Tender offer statement, amended (Schedule TO-I/A) · filed 2023-08-04 · period 2023-06-14 tender_shares_requested_pct_outstanding (unified redemption view) Method Derived: computed from other stored facts Open the filing on SEC.gov · Full observation history Technical locator derived: tender_shares_requested_pct_outstanding (unified redemption view)	100%	76%	filled
2023-03-15	5.9% of shares source Tender offer statement, amended (Schedule TO-I/A) · filed 2023-05-04 · period 2023-03-15 tender_shares_requested_pct_outstanding (unified redemption view) Method Derived: computed from other stored facts Open the filing on SEC.gov · Full observation history Technical locator derived: tender_shares_requested_pct_outstanding (unified redemption view)	100%	119%	cap expanded
2022-12-14	2.1% of shares source Tender offer statement, amended (Schedule TO-I/A) · filed 2023-02-06 · period 2022-12-14 tender_shares_requested_pct_outstanding (unified redemption view) Method Derived: computed from other stored facts Open the filing on SEC.gov · Full observation history Technical locator derived: tender_shares_requested_pct_outstanding (unified redemption view)	100%	42%	filled
2022-09-13	0.3% of shares source Tender offer statement, amended (Schedule TO-I/A) · filed 2022-11-04 · period 2022-09-13 tender_shares_requested_pct_outstanding (unified redemption view) Method Derived: computed from other stored facts Open the filing on SEC.gov · Full observation history Technical locator derived: tender_shares_requested_pct_outstanding (unified redemption view)	100%	7%	filled
2022-06-17	0.1% of shares source Tender offer statement, amended (Schedule TO-I/A) · filed 2022-08-02 · period 2022-06-17 tender_shares_requested_pct_outstanding (unified redemption view) Method Derived: computed from other stored facts Open the filing on SEC.gov · Full observation history Technical locator derived: tender_shares_requested_pct_outstanding (unified redemption view)	100%	3%	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.

Pending

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 ($14,444,687,000) 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: 1.25% of net assets per year, current as of latest filed disclosure. Research only: not used in a fee distribution. SEC source 0001193125-26-197634.

Filed fee conditions

We have entered into the Investment Advisory Agreement with ACM pursuant to which we pay ACM a management fee at an annual rate of 1.25% of the value of the Company's net assets as of the beginning of the first calendar day of the month (net assets = total assets less liabilities, consolidated basis, U.S. GAAP). We also pay ACM a two-part incentive fee.

Canonical-class fee profile

Class	Management	Incentive	Load	Servicing	Gross expenses	Net expenses
Class I	1.25%	12.5% of income, 5% hurdle; 12.5% of gains * Incentive Fee: 12.50% of Pre-Incentive Fee Net Investment Income; 5.0% annualized hurdle; catch-up applies. SEC source 0001193125-26-215667 Incentive Fee: 12.50% of cumulative realized capital gains net of losses and unrealized depreciation; No separate percentage hurdle disclosed for the capital-gains leg. SEC source 0001193125-26-215667	Pending	Pending	Pending	6.28%filed basis * Filed label: Annualized ratio of net expenses to average net assets (5); period 2025-12-31. After waiver: yes; interest: not separately stated; tax: not separately stated; incentive compensation: not separately stated; acquired-fund expenses: not separately stated. SEC source 0001193125-26-102386

Fee component	Rate	Basis / class	Condition
Performance · Incentive Fee	12.50%	Pre-Incentive Fee Net Investment Income	5.0% annualized hurdle; catch-up applies.^*
Performance · Incentive Fee	12.50%	cumulative realized capital gains net of losses and unrealized depreciation	No separate percentage hurdle disclosed for the capital-gains leg.

SEC source 0001193125-26-197634 · SEC source 0001193125-26-215667

^* Catch-up applies; detailed mechanics remain in the cited filing.

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.

07 / Sources

The evidence beneath the page.

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

Term register (3)

Term	Description	Value	Effective
advisory_fee_schedule	We have entered into the Investment Advisory Agreement with ACM pursuant to which we pay ACM a management fee at an annual rate of 1.25% of the value of the Company's net assets as of the beginning of the first calendar day of the month (net assets = total assets less liabilities, consolidated basis, U.S. GAAP). We also pay ACM a two-part incentive fee.	1.25 pct_annual_of_net_assets	Pending
incentive_fee_schedule	The Company pays the Adviser a fee for its services under the Advisory Agreement consisting of two components, a base management fee and an incentive fee. The cost of both the base management fee and the incentive fee will ultimately be borne by the shareholders. Substantial additional fees and expenses may also be charged by the Administrator to the Company, which is an affiliate of the Adviser. Base Management Fee The base management fee is payable monthly in arrears at an annual rate of 1.25 % of the value of the Company’s net assets as of the beginning of the first calendar day of the applicable month. For purposes of the Advisory Agreement, net assets means our total assets less liabilities determined on a consolidated basis in accordance with U.S. GAAP. For the first calendar month in which the Company had operations, net assets was measured as the beginning net assets as of the date on which the Company broke escrow for the initial offering. Incentive Fee The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of our income and a portion is based on a percentage of our capital gains, each as described below. A. Incentive Fee based on Income The portion based on our income is based on Pre-Incentive Fee Net Investment Income Returns. " Pre-Incentive Fee Net Investment Income Returns " means, as the context requires, either the dollar value of, or percentage rate of return on the value of net assets at the end of the immediate preceding quarter from, interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that are received from portfolio companies) accrued during the calendar quarter, minus operating expenses accrued for the quarter (including the base management fee, expenses payable under the Administration Agreement entered into between the Company and the Administrator, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee and any distribution and/or shareholder servicing fees). Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon securities), accrued income that has not yet been received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns. Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of the Company’s net assets at the end of the immediate preceding quarter, is compared to a "hurdle rate" of return of 1.25 % per quarter ( 5.0 % annualized). 153 Table of Contents The Company pays its Adviser an income based incentive fee with respect to the Company’s Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows: • No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25 % per quarter ( 5.0 % annualized); • 100 % of the dollar amount of Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43 % ( 5.72 % annualized). This "catch-up" portion is meant to provide the Adviser with approximately 12.5 % of Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43 % in any calendar quarter; and • 12.5 % of the dollar amount of Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.43 % ( 5.72 % annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5 % of all Pre-Incentive Fee Net Investment Income Returns thereafter are allocated to the Adviser. These calculations are pro-rated for any period of less than three months and adjusted for any share issuances or repurchases during the relevant quarter. B. Incentive Fee based on Cumulative Net Realized Gains The second component of the Incentive Fee, the Capital Gains Incentive Fee, is payable at the end of each calendar year in arrears. The amount payable equals 12.5 % of cumulative realized capital gains from inception through the end of such calendar, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP.	Text disclosure	Pending
repurchase_program_terms	Discretionary quarterly tender offer program: the Fund's Schedule TO offers have consistently stated up to 5% of Shares outstanding per quarter (most recently confirmed 2026-06-15). Apollo Debt Solutions BDC	5.0 pct_of_shares_outstanding_per_quarter	Pending

Recent filings

Filed	Form	Accession
2026-07-23	8-K	0001193125-26-314088
2026-06-30	8-K	0001193125-26-290482
2026-06-25	8-K	0001193125-26-283042
2026-06-23	8-K	0001193125-26-279554
2026-06-22	8-K	0001193125-26-277655
2026-06-22	8-K	0001193125-26-277641
2026-05-19	8-K	0001193125-26-230744
2026-05-15	SC TO-I	0001193125-26-226683
2026-05-11	10-Q	0001193125-26-215667
2026-05-07	8-K	0001193125-26-212154
2026-05-06	SC TO-I/A	0001193125-26-208953
2026-04-30	DEF 14A	0001193125-26-197634
2026-04-23	8-K	0001193125-26-173990
2026-03-23	8-K	0001193125-26-119949
2026-03-23	8-K	0001193125-26-119933