v3.26.1
Net Assets
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Net Assets

Note 5. Net Assets

The Company is authorized to issue an unlimited number of Shares. On December 31, 2024, Apollo Capital Management, L.P. purchased 60 Shares at a price of $25.00 per Share as our initial capital. In connection with the Merger, these 60 Shares were cancelled on January 24, 2025. Further, on January 24, 2025, we issued 1 Share of the Company, which was reclassified into 18,310,208 Shares on January 27, 2025 following the Investment Portfolio HoldCo Transfer.

On January 21, 2025, we entered into a subscription agreement with an investor for $800 million in capital commitments, providing for the private placement of our Shares. Investors are required to fund their capital commitments to purchase Shares each time the Company delivers a capital call notice. The price per Share for each drawdown purchase will be equal to the Company's per share NAV as determined within 48 hours of the capital drawdown date, excluding Sundays and holidays.

 

The following table presents the number of Common Shares issued during the three and six months ended June 30, 2026:

 

 

 

Three Months Ended June 30, 2026

 

 

Six Months Ended June 30, 2026

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

Proceeds from shares sold

 

 

 

1,146,789

 

 

$

 

30,000

 

 

 

 

1,726,835

 

 

$

 

45,000

 

Total

 

$

 

1,146,789

 

 

$

 

30,000

 

 

 

 

1,726,835

 

 

$

 

45,000

 

 

The following table presents the number of Common Shares issued during the three months ended June 30, 2025 and the period between January 24, 2025 and June 30, 2025:

 

 

 

Three Months Ended June 30, 2025

 

 

For the period between
January 24 and June 30, 2025

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

Proceeds from shares sold

 

 

 

-

 

 

$

 

-

 

 

 

 

20,004,751

 

 

$

 

500,755

 

Total

 

 

 

-

 

 

$

 

-

 

 

 

 

20,004,751

 

 

$

 

500,755

 

 

 

As of June 30, 2026 and December 31, 2025, the Company had the following capital commitments, pursuant to subscription agreements, and contributions from its shareholders:

 

 

June 30, 2026

 

 

December 31, 2025

 

 

Capital
Commitments(1)

 

 

Funded Capital
Commitments

 

 

% of Capital
Commitments
Funded

 

 

Capital
Commitments(1)

 

 

Funded Capital
Commitments

 

 

% of Capital
Commitments
Funded

 

Common Shares

$

800,000

 

 

$

258,000

 

 

 

32

%

 

$

800,000

 

 

$

213,000

 

 

 

27

%

 

(1)
The investor will be released from any obligation to purchase additional Shares on the earlier of (i) the date that such subscriber’s capital commitment is fully called and (ii) on August 1, 2027, subject to a one-year extension by the investor’s general partner at its sole discretion.

 

The Company did not declare any distributions during the six months ended June 30, 2026 and 2025.