UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2026

OR

 

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ___________ to ______________

Commission File Number: 000-56722

 

Apollo Origination II (Levered) Capital Trust

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware	33-6481219
( State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
9 West 57 Street New York, NY	10019
(Address of principal executive offices)	(Zip Code)

 

Registrant’s telephone number, including area code: (212) 515-3200

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
None		None		None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer		☐		Accelerated filer		☐
Non-accelerated filer		☒		Smaller reporting company		☐
Emerging growth company		☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of August 12, 2026, the registrant had 32,067,124 common shares of beneficial interest, $0.001 par value per share, outstanding.

 

Apollo Origination II (Levered) Capital Trust

 

Table of Contents

 

		Page
PART I. FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements	1
	Consolidated Statements of Assets and Liabilities as of June 30, 2026 (Unaudited) and December 31, 2025	1
	Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025 (Unaudited)	2
	Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2026 and 2025 (Unaudited)	3
	Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025 (Unaudited)	4
	Consolidated Schedule of Investments as of June 30, 2026 (Unaudited)	5
	Consolidated Schedule of Investments as of December 31, 2025	23
	Notes to Consolidated Financial Statements (Unaudited)	39
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	61
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	71
Item 4.	Controls and Procedures	72
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	73
Item 1A.	Risk Factors	73
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	73
Item 3.	Defaults Upon Senior Securities	73
Item 4.	Mine Safety Disclosures	73
Item 5.	Other Information	73
Item 6.	Exhibits	74
	Signatures	75

 

 

 

 

PART I. FINANCIAL INFORMATION

In this report, the terms the “Company,” “we,” “us” or “our” refer to Apollo Origination II (Levered) Capital Trust unless the context specifically states otherwise.

Item 1. Consolidated Financial Statements

 

APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(In thousands, except share and per share data)

 

		June 30, 2026					December 31, 2025
		(Unaudited)
Assets
Investments at fair value:
Non-controlled/non-affiliated investments (cost - $1,632,976 and $1,489,706 at June 30, 2026 and December 31, 2025, respectively)		$		1,620,063			$		1,493,627
Cash and cash equivalents				43,862					36,877
Due from counterparties				6,255					2,183
Interest receivable				8,279					8,873
Other assets				509					202
Total Assets		$		1,678,968			$		1,541,762
Liabilities
Debt (net of deferred financing costs of $3,802 and $4,549 at June 30, 2026 and December 31, 2025, respectively)		$		820,804			$		811,249
Payable for investments purchased				5,567					-
Interest payable				6,780					8,532
Performance-based incentive fees payable				1,943					2,281
Administration fees payable				422					453
Accrued organizational costs				11					11
Management fees payable				1,379					1,232
Other liabilities and accrued expenses				364					398
Total Liabilities		$		837,270			$		824,156
Commitments and contingencies (Note 7)
Total Net Assets		$		841,698			$		717,606
Net Assets
Common stock, $0.001 par value (Unlimited shares authorized; 32,067,124 and 28,033,075 shares issued and outstanding, respectively)		$		32			$		28
Capital in excess of par value				818,303					713,307
Accumulated distributed earnings (losses)				23,363					4,271
Total Net Assets		$		841,698			$		717,606
Net Asset Value Per Share		$		26.25			$		25.60