v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt

Note 5. Debt

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of June 30, 2026 and December 31, 2025, the Company’s asset coverage was 202% and 188%, respectively.

The Company’s outstanding debt obligations as of June 30, 2026 were as follows:

 

 

Date
Issued/
Amended

 

Total
Aggregate
Principal
Amount
Committed

 

 

Principal
Amount
Outstanding

 

 

Carrying
Value

 

 

Fair
Value (2)

 

 

Unused
Portion(1)

 

 

Final
Maturity
Date

AOP II Maple Credit Facility

 

05/19/2026

 

$

 

500,000

 

 

$

 

341,097

 

 

$

 

341,708

 

 

$

 

341,708

 

 

$

 

158,903

 

 

07/23/2029

AOP II Jasmine Credit Facility

 

04/25/2025

 

 

 

550,000

 

 

 

 

482,898

 

 

 

 

482,898

 

 

 

 

482,898

 

 

 

 

67,102

 

 

11/14/2028

Total Debt Obligations

 

 

 

$

 

1,050,000

 

 

$

 

823,995

 

 

$

 

824,606

 

 

$

 

824,606

 

 

$

 

226,005

 

 

 

Deferred Financing Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,802

)

 

 

 

 

 

 

 

 

 

 

Total Debt Obligations, net of Deferred Financing Cost

 

 

 

 

 

 

 

 

 

$

 

820,804

 

 

 

 

 

 

 

 

 

 

 

 

(1)
The unused portion is the amount upon which commitment fees, if any, are based.
(2)
The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of June 30, 2026.

The Company’s outstanding debt obligations as of December 31, 2025 were as follows:

 

 

Date
Issued/
Amended

 

Total
Aggregate
Principal
Amount
Committed

 

 

Principal
Amount
Outstanding

 

 

Carrying
Value

 

 

Fair
Value (2)

 

 

Unused
Portion(1)

 

 

Final
Maturity
Date

AOP II Maple Credit Facility

 

07/08/2025

 

$

 

500,000

 

 

$

 

325,900

 

 

$

 

325,900

 

 

$

 

325,900

 

 

$

 

174,100

 

 

07/23/2029

AOP II Jasmine Credit Facility

 

04/25/2025

 

 

 

550,000

 

 

 

 

489,898

 

 

 

 

489,898

 

 

 

 

489,898

 

 

 

 

60,102

 

 

11/14/2028

Total Debt Obligations

 

 

 

$

 

1,050,000

 

 

$

 

815,798

 

 

$

 

815,798

 

 

$

 

815,798

 

 

$

 

234,202

 

 

 

Deferred Financing Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,549

)

 

 

 

 

 

 

 

 

 

 

Total Debt Obligations, net of Deferred Financing Cost

 

 

 

 

 

 

 

 

 

$

 

811,249

 

 

 

 

 

 

 

 

 

 

 

 

(1)
The unused portion is the amount upon which commitment fees, if any, are based.
(2)
The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of December 31, 2025.

The following table summarizes the average and maximum debt outstanding, and the interest and debt issuance cost for the three and six months ended June 30, 2026 and 2025:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Average debt outstanding

 

$

 

805,871

 

 

$

 

596,991

 

 

$

 

805,764

 

 

$

 

557,906

 

Maximum amount of debt outstanding

 

 

 

854,606

 

 

 

 

621,998

 

 

 

 

854,606

 

 

 

 

621,998

 

Weighted average annualized interest cost (1)

 

 

 

6.19

%

 

 

 

6.96

%

 

 

 

6.01

%

 

 

 

7.36

%

Annualized amortized debt issuance cost

 

 

 

0.18

%

 

 

 

0.25

%

 

 

 

0.18

%

 

 

 

0.25

%

Total annualized interest cost

 

 

 

6.37

%

 

 

 

7.21

%

 

 

 

6.19

%

 

 

 

7.61

%

 

(1)
Includes the stated interest expense and commitment fees on the unused portion of the Facility. Commitment fees for the three and six months ended June 30, 2026 were $399 and $779, respectively. Commitment fees for the three and six months ended June 30, 2025 were $156 and $289, respectively.

 

The components of interest expense for the three and six months ended June 30, 2026 and 2025 were as follows:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Borrowing interest expense

 

$

 

12,213

 

 

$

 

10,345

 

 

$

 

23,581

 

 

$

 

18,536

 

Facility unused fees

 

 

 

399

 

 

 

 

156

 

 

 

 

779

 

 

 

 

289

 

Amortization of debt issuance costs

 

 

 

373

 

 

 

 

371

 

 

 

 

746

 

 

 

 

645

 

Total interest expense

 

$

 

12,985

 

 

$

 

10,872

 

 

$

 

25,106

 

 

$

 

19,470

 

 

 

AOP II Funding Maple Credit Facility

On July 23, 2024 (the “AOP II Maple Closing Date”), October 7, 2024, November 14, 2024, December 2, 2024, March 7, 2025, April 30, 2025, June 5, 2025, July 8, 2025, and May 19, 2026, AOP II Funding Maple LLC (“AOP II Maple”), a Delaware limited liability company and an indirect subsidiary of the Company entered into, and subsequently amended, a Loan and Servicing Agreement (the “AOP II Maple Loan and Servicing Agreement”), with AOP II Maple, as borrower, AOP II Origination Holdings (L), LLC, a Delaware limited liability company and a subsidiary of the Company, in its capacity as transferor (the “Transferor”), Apollo Origination Management, L.P., as servicer (the “Servicer”), the lenders from time to time parties thereto, Morgan Stanley Senior Funding, Inc., as administrative agent, Citibank, N.A., as the collateral agent and the account bank, and Alter Domus (US) LLC, as collateral custodian.

Proceeds from the AOP II Maple Loan and Servicing Agreement will be used to finance the origination and acquisition of eligible assets by AOP II Maple, including the purchase of such assets from the Transferor. The Transferor retains a residual interest in assets contributed to or acquired by AOP II Maple through our ownership of AOP II Maple. The maximum principal amount of the AOP II Maple Loan and Servicing Agreement as of June 30, 2026 is $500 million, which can be drawn in multiple currencies subject to certain conditions; the availability of this amount is subject to the borrowing base, which is determined on the basis of the value and types of AOP II Maple’s assets from time to time, and satisfaction of certain conditions, including certain concentration limits.

The AOP II Maple Loan and Servicing Agreement provides for the ability to draw and redraw revolving loans under the AOP II Maple Loan and Servicing Agreement for a period of up to three years after the AOP II Maple Closing Date unless the commitments are terminated sooner as provided in the AOP II Maple Loan and Servicing Agreement (the “AOP II Maple Commitment Termination Date”). Unless otherwise terminated, the AOP II Maple Loan and Servicing Agreement will mature on July 23, 2029, which is five years after the AOP II Maple Closing Date.

Under the AOP II Maple Loan and Servicing Agreement, AOP II Maple is permitted to borrow amounts in U.S. dollars or certain other permitted currencies. As of June 30, 2026 amounts drawn under the AOP II Maple Loan and Servicing Agreement will bear interest at Term SOFR, Term CORRA, Daily Simple SONIA, EURIBOR, the BBSY Rate or TONA, means (a) during the Revolving Period, (x) prior to the Fifth Amendment Effective Date, 2.10% per annum, and (y) on and after the Fifth Amendment Effective Date, 1.95% per annum, and (b) during the Amortization Period, 2.45% per annum; provided in the case of both clauses (a) and (b) that, at any time during the existence of an Event of Default or after the automatic occurrence or declaration of the Facility Maturity Date, the Applicable Margin shall be increased by an additional 2.00% per annum.

The AOP II Maple Loan and Servicing Agreement contains customary covenants, including certain limitations on the activities of AOP II Maple, including limitations on incurrence of incremental indebtedness, and customary events of default. The AOP II Maple Loan and Servicing Agreement is secured by a perfected first priority security interest in the assets of AOP II Maple and on any payments received by AOP II Maple in respect of those assets. Assets pledged to the lenders under the AOP II Maple Loan and Servicing Agreement will not be available to pay the debts of the Company.

AOP II Funding Jasmine Credit Facility

On November 14, 2023 (the “AOP II Jasmine Closing Date”), August 14, 2024 and April 25, 2025, AOP II Funding Jasmine LLC (“AOP II Jasmine”) (f/k/a AOP II Investment Holdings (L) LLC), a Delaware limited liability company and an indirect subsidiary of the Company, entered into, and subsequently amended, a Loan and Security Agreement (the “AOP II Jasmine Loan and Security Agreement”), with AOP II Jasmine, as borrower, Apollo Origination Management, L.P., as portfolio manager (the “Portfolio Manager”), the lenders from time to time parties thereto, JPMorgan Chase Bank, National Association, as administrative agent, Virtus Group, LP, as collateral administrator, and Citibank, N.A., as the collateral agent and the securities intermediary.

Proceeds from the AOP II Jasmine Loan and Security Agreement will be used to finance the origination and acquisition of eligible assets by AOP II Jasmine, including the purchase of such assets from AOP II Origination Holdings (L), LLC (the “Parent”). The Parent retains a residual interest in assets contributed to or acquired by AOP II Jasmine through our ownership of AOP II Jasmine. The maximum principal amount of the AOP II Jasmine Loan and Security Agreement as of June 30, 2026 is $550 million, which can be drawn in multiple currencies subject to certain conditions; the availability of this amount is subject to the borrowing base, which is determined on the basis of the value and types of AOP II Jasmine’s assets from time to time, and satisfaction of certain conditions, including certain concentration limits.

The AOP II Jasmine Loan and Security Agreement provides for the ability to draw and redraw revolving loans under the AOP II Jasmine Loan and Security Agreement for a period of up to three years after the AOP II Jasmine Closing Date unless the commitments are terminated sooner as provided in the AOP II Jasmine Loan and Security Agreement. Unless otherwise terminated, the AOP II Jasmine Loan and Security Agreement will mature on November 14, 2028, which is five years after the AOP II Jasmine Closing Date.

Under the AOP II Jasmine Loan and Security Agreement, AOP II Jasmine is permitted to borrow amounts in U.S. dollars or certain other permitted currencies. As of June 30, 2026, amounts drawn under the AOP II Jasmine Loan and Security Agreement, will bear interest at the Term SOFR Rate, Daily Simple SONIA, EURIBOR or the AUD Screen Rate, in each case, plus a margin of 2.00%.

The AOP II Jasmine Loan and Security Agreement contains customary covenants, including certain limitations on the activities of AOP II Jasmine, including limitations on incurrence of incremental indebtedness, and customary events of default. The AOP II Jasmine Loan and Security Agreement is secured by a perfected first priority security interest in the assets of AOP II Jasmine and on any payments received by AOP II Jasmine in respect of those assets. Assets pledged to the lenders under the AOP II Jasmine Loan and Security Agreement will not be available to pay the debts of the Company.

As of June 30, 2026, the Company was in compliance with all debt covenants for all outstanding debt obligations.