10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


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

For the quarterly period ended June 30, 2026


☐	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 000-56622

Apollo Asset Backed Credit Company LLC

(Exact name of registrant as specified in its charter)


Delaware	93-3760466
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

9 West 57th Street, 42nd Floor New York, NY	10019
(Address of principal executive offices)	(Zip Code)

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

Securities registered pursuant to Section 12(b) of the Act: None


Title of each class	Trading Symbol(s)	Name of each exchange on which registered

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, a 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 Act). Yes ☐ No ☒

As of August 13, 2026, the registrant had, with respect to Series I limited liability company interests, 1,630,670 A-I Shares, - A-II Shares, 6,215 E Shares, 4,609,664 F-I Shares, 110 F-S Shares, 881,101 I Shares, 22,894 P-I Shares, 358,411 P-S Shares, 5,004 S Shares, 1,893,518 T-I Shares, 2,945,332 T-S Shares, and 40 V Shares outstanding, and with respect to Series II limited liability company interests, 3,194,091 A-I Shares, - A-II Shares, 8,336,185 BD Shares, 2,200,461 E Shares, 17,263,767 F-I Shares, 2,820 F-S Shares, 13,385,361 I Shares, 53,177 P-I Shares, 8,585,500 P-S Shares, 22,013 S Shares, 6,060,572 T-I Shares, 6,716,211 T-S Shares, - F-I (Acc) Shares, - I (Acc) Shares and 40 V Shares outstanding.

Table of Contents


		Page
Part I.	Financial Information	1
Item 1.	Financial Statements	1
	Consolidated Statements of Assets and Liabilities as of June 30, 2026 (Unaudited) and as of December 31, 2025	1
	Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025 (Unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2026 and 2025 (Unaudited)	5
	Consolidated Statement of Cash Flows for the six months ended June 30, 2026 and 2025 (Unaudited)	6
	Consolidated Condensed Schedule of Investments as of June 30, 2026 (Unaudited)	7
	Consolidated Condensed Schedule of Investments as of December 31, 2025 (Unaudited)	11
	Notes to Consolidated Financial Statements (Unaudited)	15
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	48
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	61
Item 4.	Controls and Procedures	61
Part II.	Other Information	63
Item 1.	Legal Proceedings	63
Item 1A.	Risk Factors	63
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	63
Item 3.	Defaults Upon Senior Securities	63
Item 4.	Mine Safety Disclosures	63
Item 5.	Other Information	64
Item 6.	Exhibits	65

Special Note Regarding Forward-Looking Statements

Some of the statements in this Quarterly Report on Form 10-Q constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), because they relate to future events or our future performance or financial condition. The forward-looking statements contained in this Quarterly Report on Form 10-Q may include statements as to:

•

our future operating results;

•

our business prospects and the prospects of the Asset-Backed Finance Assets (as defined herein) we acquire, control and manage;

•

our ability to raise sufficient capital to execute our acquisition and lending strategies;

•

the ability of the Operating Manager (as defined herein) to source adequate acquisition and lending opportunities to efficiently deploy capital;

•

the ability of our Asset-Backed Finance Assets to achieve their objectives;

•

our current and expected financing arrangements;

•

changes in the general interest rate environment;

•

the adequacy of our cash resources, financing sources and working capital;

•

the timing and amount of cash flows, distributions and dividends, if any, from our Asset-Backed Finance Assets;

•

our contractual arrangements and relationships with third parties;

•

actual and potential conflicts of interest with the Operating Manager or any of its affiliates;

•

the dependence of our future success on the general economy and its effect on the industries in which we acquire, control and manage Asset-Backed Finance Assets;

•

our use of financial leverage;

•

the ability of the Operating Manager to identify, acquire and manage our Asset-Backed Finance Assets;

•

the ability of the Operating Manager or its affiliates to attract and retain highly talented professionals;

•

our ability to structure acquisitions in a tax-efficient manner and the effect of changes to tax legislation and our tax position; and

•

the tax status of the enterprises through which we acquire, control and manage Asset-Backed Finance Assets.

In addition, words such as “anticipate,” “believe,” “expect” and “intend” and similar words or variations thereof may indicate a forward-looking statement, although not all forward-looking statements include these words. The forward-looking statements contained in this Quarterly Report on Form 10-Q involve risks and uncertainties, including factors outside of our control. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025 and elsewhere in this Quarterly Report on Form 10-Q, and in our other filings with the U.S. Securities and Exchange Commission (the “SEC”), including

our latest registration statement on Form 10 under the Securities Exchange Act of 1934, as amended (the “Registration Statement”). Other factors that could cause actual results to differ materially include, but are not limited to:

•

changes in the economy;

•

risks associated with possible disruption in our operations or the economy generally due to terrorism, natural disasters, epidemics or other events having a broad impact on the economy; and

•

future changes in laws or regulations and conditions in our operating areas.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Quarterly Report on Form 10-Q should not be regarded as a representation by us that our plans and objectives will be achieved. These forward-looking statements apply only as of the date of this Quarterly Report on Form 10-Q. Moreover, we assume no duty and do not undertake to update the forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law.

Part I. Financial Information

Item 1. Financial Statements

Apollo Asset Backed Credit Company LLC

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share data)


	As of June 30, 2026 (Unaudited)						As of December 31, 2025
	Series I		Series II		Total		Series I		Series II		Total
Assets
Investments at fair value		311,354		1,626,578	$	1,937,932	$	305,789	$	1,271,916	$	1,577,705
(cost at June 30, 2026 of $309,536; $1,617,081; $1,926,617, respectively and at December 31, 2025 of $300,563; $1,254,976; $1,555,539, respectively)
Derivative assets, at fair value		8,982		46,924		55,906		8,924		37,118		46,042
(cost at June 30, 2026 of $8,575; $44,797; $53,372, respectively and at December 31, 2025 of $8,771; $35,278; $44,049, respectively)
Cash and cash equivalents		30,107		126,964		157,071		24,031		62,150		86,181
Due from Operating Manager		2,110		11,022		13,132		2,486		10,341		12,827
Interest receivable		4,976		25,884		30,860		2,740		19,670		22,410
Deferred offering expenses		307		1,602		1,909		416		1,730		2,146
Capital subscriptions receivable (1)		-		1,180		1,180		-		11,238		11,238
Dividends receivable		2,299		12,011		14,310		1,833		7,626		9,459
Receivable for investments sold		17,579		91,699		109,278		16,773		69,766		86,539
Prepaid expenses and other assets		3,359		27,234		30,593		18,759		13,888		32,647
Total assets	$	381,073	$	1,971,098	$	2,352,171	$	381,751	$	1,505,443	$	1,887,194

Liabilities
Derivative liabilities, at fair value	$	1,017	$	5,315	$	6,332	$	966	$	4,020	$	4,986
(cost at June 30, 2026 of $4; $22; $26, respectively and at December 31, 2025 of ($5); ($17); ($22), respectively)
Repurchase agreements		23,545		123,004		146,549		33,228		138,210		171,438
Notes payable		971		971		1,942		995		1,071		2,066
Payable for investments purchased		19,489		174,989		194,478		1,621		6,741		8,362
Due to Operating Manager		2,226		11,627		13,853		2,778		11,555		14,333
Distributions payable		1,430		8,261		9,691		1,597		7,295		8,892
Interest payable		2,852		14,898		17,750		1,426		14,216		15,642
Performance fees payable		-		-		-		1,339		4,485		5,824
Management fees payable		234		1,219		1,453		469		1,829		2,298
Capital repurchases payable (1)		1,180		-		1,180		11,238		-		11,238
Other accrued expenses and liabilities		15,780		4,275		20,055		14,169		15,836		30,005
Total liabilities	$	68,724	$	344,559	$	413,283	$	69,826	$	205,258	$	275,084
Commitments and contingencies (Note 8)
Total net assets	$	312,349	$	1,626,539	$	1,938,888	$	311,925	$	1,300,185	$	1,612,110

(1) Capital subscriptions receivable and capital repurchases payable consist solely of exchanges between Series resulting from timing differences in the settlement of such transactions.

Apollo Asset Backed Credit Company LLC

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share data)


	As of June 30, 2026 (Unaudited)						As of December 31, 2025
	Series I		Series II		Total		Series I		Series II		Total
Net asset value per share

A-I Shares:
Net assets	$	40,949	$	80,333	$	121,282	$	42,199	$	73,178	$	115,377
Shares outstanding		1,630,670		3,193,828		4,824,498		1,659,560		2,861,594		4,521,154
Net asset value per share	$	25.11	$	25.15	$	25.14	$	25.43	$	25.57	$	25.52

F-I Shares:
Net assets	$	116,997	$	428,782	$	545,779	$	123,525	$	407,334	$	530,859
Shares outstanding		4,631,264		16,922,538		21,553,802		4,831,239		15,823,002		20,654,241
Net asset value per share	$	25.26	$	25.34	$	25.32	$	25.57	$	25.74	$	25.70

F-S Shares:
Net assets	$	3	$	71	$	74	$	3	$	70	$	73
Shares outstanding		110		2,808		2,918		110		2,730		2,840
Net asset value per share	$	25.42	$	25.28	$	25.29	$	25.63	$	25.69	$	25.68

P-I Shares:
Net assets	$	567	$	1,371	$	1,938	$	3	$	1,380	$	1,383
Shares outstanding		22,803		53,103		75,906		110		52,655		52,765
Net asset value per share	$	24.88	$	25.82	$	25.54	$	25.20	$	26.20	$	26.20

P-S Shares:
Net assets	$	8,823	$	202,300	$	211,123	$	4,625	$	169,044	$	173,669
Shares outstanding		354,790		7,945,447		8,300,237		183,629		6,539,833		6,723,462
Net asset value per share	$	24.87	$	25.46	$	25.44	$	25.19	$	25.85	$	25.83

E Shares:
Net assets	$	157	$	54,616	$	54,773	$	155	$	55,195	$	55,350
Shares outstanding		6,186		2,199,350		2,205,536		6,005		2,182,241		2,188,246
Net asset value per share	$	25.46	$	24.83	$	24.83	$	25.78	$	25.29	$	25.29

T-I Shares:
Net assets	$	47,952	$	152,149	$	200,101	$	67,614	$	115,669	$	183,283
Shares outstanding		1,882,048		5,925,375		7,807,423		2,621,481		4,437,597		7,059,078
Net asset value per share	$	25.48	$	25.68	$	25.63	$	25.79	$	26.07	$	25.96

T-S Shares:
Net assets	$	74,048	$	169,347	$	243,395	$	68,532	$	143,284	$	211,816
Shares outstanding		2,913,556		6,639,073		9,552,629		2,662,824		5,531,591		8,194,415
Net asset value per share	$	25.41	$	25.51	$	25.48	$	25.74	$	25.90	$	25.85

I Shares:
Net assets	$	22,849	$	324,164	$	347,013	$	5,265	$	166,665	$	171,930
Shares outstanding		899,167		12,660,159		13,559,326		204,643		6,413,485		6,618,128
Net asset value per share	$	25.41	$	25.61	$	25.59	$	25.73	$	25.99	$	25.98

Apollo Asset Backed Credit Company LLC

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share data)


	As of June 30, 2026 (Unaudited)						As of December 31, 2025
	Series I		Series II		Total		Series I		Series II		Total
Net asset value per share

S Shares:
Net assets	$	3	$	537	$	540	$	3	$	3	$	6
Shares outstanding		110		20,946		21,056		110		110		220
Net asset value per share	$	25.54	$	25.65	$	25.65	$	25.75	$	25.98	$	25.87

BD Shares:
Net assets	$	-	$	212,868	$	212,868	$	-	$	168,362	$	168,362
Shares outstanding		-		8,300,906		8,300,906		-		6,468,338		6,468,338
Net asset value per share	$	-	$	25.64	$	25.64	$	-	$	26.03	$	26.03

V Shares:
Net assets	$	1	$	1	$	2	$	1	$	1	$	2
Shares outstanding		40		40		80		40		40		80
Net asset value per share	$	25.70	$	25.60	$	25.65	$	25.70	$	25.60	$	25.65

A-II Shares:
Net assets	$	-	$	-	$	-	$	-	$	-	$	-
Shares outstanding		-		-		-		-		-		-
Net asset value per share	$	-	$	-	$	-	$	-	$	-	$	-

I (Acc) Shares:
Net assets	$	-	$	-	$	-	$	-	$	-	$	-
Shares outstanding		-		-		-		-		-		-
Net asset value per share	$	-	$	-	$	-	$	-	$	-	$	-

F-I (Acc) Shares:
Net assets	$	-	$	-	$	-	$	-	$	-	$	-
Shares outstanding		-		-		-		-		-		-
Net asset value per share	$	-	$	-	$	-	$	-	$	-	$	-

See notes to consolidated financial statements.

Apollo Asset Backed Credit Company LLC

Consolidated Statements of Operations (Unaudited)

(in thousands)


	For the Three Months ended June 30, 2026									For the Six Months ended June 30, 2026									For the Three Months ended June 30, 2025									For the Six Months ended June 30, 2025
	Series I			Series II			Total			Series I			Series II			Total			Series I			Series II			Total			Series I			Series II			Total
Investment Income
Interest income	$	4,462		$	22,676		$	27,138		$	9,120		$	44,155		$	53,275		$	2,011		$	5,979		$	7,990		$	3,428		$	10,371		$	13,799
Dividend income		781			4,003			4,784			2,243			10,671			12,914			874			2,607			3,481			1,125			3,364			4,489
Total investment income	$	5,243		$	26,679		$	31,922		$	11,363		$	54,826		$	66,189		$	2,885		$	8,586		$	11,471		$	4,553		$	13,735		$	18,288

Expenses
General and administration expenses	$	509		$	2,608		$	3,117		$	1,109		$	5,356		$	6,465		$	689		$	2,073		$	2,762		$	1,189		$	3,544		$	4,733
Performance fees		-			-			-			-			-			-			265			718			983			472			1,254			1,726
Management fees		629			3,222			3,851			1,332			6,436			7,768			160			411			571			265			675			940
Deferred offering expenses amortization		20			100			120			46			221			267			40			120			160			80			240			320
Shareholder servicing fees		162			472			634			320			903			1,223			85			181			266			140			267			407
Director fees		25			128			153			52			253			305			41			120			161			72			215			287
Organizational expenses		-			-			-			30			144			174			25			77			102			25			77			102
Interest and other debt expenses		62			140			202			136			285			421			213			553			766			281			685			966
Total expenses	$	1,407		$	6,670		$	8,077		$	3,025		$	13,598		$	16,623		$	1,518		$	4,253		$	5,771		$	2,524		$	6,957		$	9,481
More/(Less): Expense support from Operating Manager		55			284			339			(61	)		(244	)		(305	)		(504	)		(1,529	)		(2,033	)		(876	)		(2,665	)		(3,541	)
Net expenses	$	1,462		$	6,954		$	8,416		$	2,964		$	13,354		$	16,318		$	1,014		$	2,724		$	3,738		$	1,648		$	4,292		$	5,940
Net investment income before taxes	$	3,781		$	19,725		$	23,506		$	8,399		$	41,472		$	49,871		$	1,871		$	5,862		$	7,733		$	2,905		$	9,443		$	12,348
Provision for (benefit from) income taxes		859			3,270			4,129			1,403			1,715			3,118			236			102			338			817			61			878
Net investment income	$	2,922		$	16,455		$	19,377		$	6,996		$	39,757		$	46,753		$	1,635		$	5,760		$	7,395		$	2,088		$	9,382		$	11,470

Net realized and net change in unrealized gains (losses) on investments and derivatives:
Net realized gain (loss) on investments	$	(445	)	$	(2,122	)	$	(2,567	)	$	(427	)	$	(2,048	)	$	(2,475	)	$	60		$	173		$	233		$	112		$	347		$	459
Net realized gain (loss) on derivatives		-			-			-			(952	)		(4,407	)		(5,359	)		619			1,794			2,413			412			1,114			1,526
Net realized gain (loss) on foreign currency transactions		289			1,399			1,688			180			858			1,038			(568	)		(1,750	)		(2,318	)		(521	)		(1,607	)		(2,128	)
Net change in unrealized gain (loss) on investments		(62	)		3,085			3,023			(3,408	)		(7,443	)		(10,851	)		2,980			9,072			12,052			5,324			16,014			21,338
Net change in unrealized gain (loss) on derivatives		(334	)		(3,790	)		(4,124	)		194			(1,047	)		(853	)		(2,260	)		(6,780	)		(9,040	)		(3,280	)		(9,838	)		(13,118	)
Net unrealized gain (loss) on foreign currency translations		1,108			(1,811	)		(703	)		1,130			(1,717	)		(587	)		83			2			85			77			(20	)		57
Net realized and net change in unrealized gains (losses) on investments and derivatives	$	556		$	(3,239	)	$	(2,683	)	$	(3,283	)	$	(15,804	)	$	(19,087	)	$	914		$	2,511		$	3,425		$	2,124		$	6,010		$	8,134
Net increase (decrease) in net assets resulting from operations	$	3,478		$	13,216		$	16,694		$	3,713		$	23,953		$	27,666		$	2,549		$	8,271		$	10,820		$	4,212		$	15,392		$	19,604

See notes to consolidated financial statements.

Apollo Asset Backed Credit Company LLC

Consolidated Statements of Changes in Net Assets (Unaudited)

(in thousands)


	For the Three Months ended June 30, 2026									For the Six Months ended June 30, 2026									For the Three Months ended June 30, 2025									For the Six Months ended June 30, 2025
	Series I			Series II			Total			Series I			Series II			Total			Series I			Series II			Total			Series I			Series II			Total
Operations
Net investment income	$	2,922		$	16,455		$	19,377		$	6,996		$	39,757		$	46,753		$	1,635		$	5,760		$	7,395		$	2,088		$	9,382		$	11,470
Net realized gain (loss) on investments		(445	)		(2,122	)		(2,567	)		(427	)		(2,048	)		(2,475	)		60			173			233			112			347			459
Net realized gain (loss) on derivatives		-			-			-			(952	)		(4,407	)		(5,359	)		619			1,794			2,413			412			1,114			1,526
Net realized gain (loss) on foreign currency transactions		289			1,399			1,688			180			858			1,038			(568	)		(1,750	)		(2,318	)		(521	)		(1,607	)		(2,128	)
Net change in unrealized gain (loss) on investments		(62	)		3,085			3,023			(3,408	)		(7,443	)		(10,851	)		2,980			9,072			12,052			5,324			16,014			21,338
Net change in unrealized gain (loss) on derivatives		(334	)		(3,790	)		(4,124	)		194			(1,047	)		(853	)		(2,260	)		(6,780	)		(9,040	)		(3,280	)		(9,838	)		(13,118	)
Net unrealized gain (loss) on foreign currency translations		1,108			(1,811	)		(703	)		1,130			(1,717	)		(587	)		83			2			85			77			(20	)		57
Net increase (decrease) in net assets resulting from operations	$	3,478		$	13,216		$	16,694		$	3,713		$	23,953		$	27,666		$	2,549		$	8,271		$	10,820		$	4,212		$	15,392		$	19,604

Capital Transactions
Proceeds from issuance of shares	$	18,304		$	150,183		$	168,487		$	44,603		$	381,378		$	425,981		$	66,569		$	184,854		$	251,423		$	114,318		$	369,030		$	483,348
Repurchases of shares		(7,750	)		(34,477	)		(42,227	)		(11,189	)		(60,490	)		(71,679	)		(4,120	)		-			(4,120	)		(12,854	)		(574	)		(13,428	)
Exchanges in (out)		(4,616	)		4,616			-			(29,166	)		29,166			-			-			-			-			-			-			-
Distributions declared		(3,597	)		(24,568	)		(28,165	)		(7,537	)		(47,653	)		(55,190	)		(2,814	)		(9,448	)		(12,262	)		(4,012	)		(13,543	)		(17,555	)
Net increase (decrease) in net assets from capital transactions	$	2,341		$	95,754		$	98,095		$	(3,289	)	$	302,401		$	299,112		$	59,635		$	175,406		$	235,041		$	97,452		$	354,913		$	452,365
Net increase (decrease) in net assets during the period	$	5,819		$	108,970		$	114,789		$	424		$	326,354		$	326,778		$	62,184		$	183,677		$	245,861		$	101,664		$	370,305		$	471,969
Net assets at beginning of period		306,530			1,517,569			1,824,099			311,925			1,300,185			1,612,110			120,489			382,840			503,329			81,009			196,212			277,221
Net assets at end of period	$	312,349		$	1,626,539		$	1,938,888		$	312,349		$	1,626,539		$	1,938,888		$	182,673		$	566,517		$	749,190		$	182,673		$	566,517		$	749,190

See notes to consolidated financial statements.

Apollo Asset Backed Credit Company LLC

Consolidated Statement of Cash Flows (Unaudited)

(in thousands)


	For the Six Months ended June 30, 2026									For the Six Months ended June 30, 2025
	Series I			Series II			Total			Series I			Series II			Total
Operating activities
Net increase/(decrease) in net assets resulting from operations	$	3,713		$	23,953		$	27,666		$	4,212		$	15,392		$	19,604
Adjustments to reconcile net increase/(decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net realized (gain) loss on investments		427			2,048			2,475			(112	)		(347	)		(459	)
Net change in unrealized (gain) loss on investments		3,408			7,443			10,851			(5,324	)		(16,014	)		(21,338	)
Payments to purchase investments		(156,747	)		(1,381,754	)		(1,538,501	)		(220,087	)		(1,005,335	)		(1,225,422	)
Proceeds from sale of investments		147,347			1,017,601			1,164,948			108,190			617,026			725,216
Net realized (gain) loss on derivatives		952			4,407			5,359			(412	)		(1,114	)		(1,526	)
Net change in unrealized (gain) loss on derivatives		(194	)		1,047			853			3,280			9,838			13,118
Payments to purchase derivatives		(31,592	)		(343,778	)		(375,370	)		(8,124	)		(26,874	)		(34,998	)
Proceeds from sale of derivatives		30,827			329,813			360,640			411			1,114			1,525
Changes in operating assets and liabilities:
(Increase)/decrease in receivable for investments sold		(806	)		(21,933	)		(22,739	)		(4,725	)		(14,650	)		(19,375	)
(Increase)/decrease in Due from Operating Manager		376			(681	)		(305	)		(580	)		(2,963	)		(3,543	)
(Increase)/decrease in interest receivable		(2,236	)		(6,214	)		(8,450	)		(696	)		(2,509	)		(3,205	)
(Increase)/decrease in dividends receivable		(466	)		(4,385	)		(4,851	)		(1,095	)		(3,393	)		(4,488	)
(Increase)/decrease in deferred offering expenses		109			128			237			208			111			319
(Increase)/decrease in prepaid expenses and other assets, excluding restricted cash (1)		15,400			(13,346	)		2,054			(4,626	)		(14,921	)		(19,547	)
(Increase)/decrease in capital subscriptions receivable		-			10,058			10,058			-			-			-
Increase/(decrease) in Due to Operating Manager		(552	)		72			(480	)		532			3,057			3,589
Increase/(decrease) in payable for investments purchased		17,868			168,248			186,116			191			2,302			2,493
Increase/(decrease) in performance fees payable		(1,339	)		(4,485	)		(5,824	)		460			1,254			1,714
Increase/(decrease) in management fees payable		(235	)		(610	)		(845	)		265			676			941
Increase/(decrease) in interest payable		1,426			682			2,108			167			527			694
Increase/(decrease) in capital repurchases payable		(10,058	)		-			(10,058	)		-			-			-
Increase/(decrease) in other accrued expenses and liabilities		1,611			(11,561	)		(9,950	)		872			(889	)		(17	)

Net cash provided by (used in) operating activities	$	19,239		$	(223,247	)	$	(204,008	)	$	(126,993	)	$	(437,712	)	$	(564,705	)

Financing activities
Notes Borrowings/(Repayments)	$	(24	)	$	(100	)	$	(124	)	$	15,884		$	49,240		$	65,124
Proceeds from issuance of shares		41,940			362,203			404,143			115,108			368,377			483,485
Net borrowings of repurchase agreements		(9,683	)		(15,206	)		(24,889	)		-			-			-
Repurchases of shares		(11,189	)		(60,490	)		(71,679	)		(11,323	)		(574	)		(11,897	)
Exchanges in (out)		(29,166	)		29,166			-			-			-			-
Distributions paid		(5,041	)		(27,512	)		(32,553	)		(1,939	)		(7,385	)		(9,324	)
Net cash provided by (used in) financing activities	$	(13,163	)	$	288,061		$	274,898		$	117,730		$	409,658		$	527,388

Cash and cash equivalents
Net increase/(decrease) in cash and cash equivalents	$	6,076		$	64,814		$	70,890		$	(9,263	)	$	(28,054	)	$	(37,317	)
Cash and cash equivalents at beginning of period		24,031			62,150			86,181			16,817			41,770			58,587
Cash, Cash equivalents and restricted cash at end of period(1)	$	30,107		$	126,964		$	157,071		$	7,554		$	13,716		$	21,270

Supplemental disclosure of cash flow information:
Income taxes paid	$	2,268		$	-		$	2,268		$	434		$	-		$	434
Cash paid for interest	$	96		$	102		$	198		$	185		$	444		$	629
Noncash financing activities not included - distribution payable	$	1,430		$	8,261		$	9,691		$	-		$	-		$	-
Noncash financing activities not included - reinvestment of distribution	$	2,663		$	19,175		$	21,838		$	-		$	-		$	-
(1) Included in Cash, cash equivalents and restricted cash at the end of period are restricted cash posted as collateral,which is included in the accompanying Consolidated Statements of Assets and Liabilities. As of June 30, 2026, such amounts were $2,221, $11,600 and $13,821 for Series I, Series II and total Company, respectively. As of June 30, 2025, such amounts were $5,471, $17,457 and $22,928 for Series I, Series II and total Company, respectively.

See notes to consolidated financial statements.


Apollo Asset Backed Credit Company LLC
Consolidated Condensed Schedule of Investments (Unaudited)
June 30, 2026 (in thousands)

	Series I					Series II					Total
Description	Principal Amount /Shares	Fair Value		Fair Value as a % of Net Assets (1)		Principal Amount /Shares	Fair Value		Fair Value as a % of Net Assets (1)		Principal Amount /Shares	Fair Value		Fair Value as a % of Net Assets (1)
Investments, at fair value
Asset-Backed Securities
Capital Solutions
Cayman Islands
Banking, Finance, Insurance & Real Estate		$	439	0.14			$	2,295	0.14			$	2,734	0.14		%
Total Cayman Islands			439	0.14				2,295	0.14				2,734	0.14

Germany
Banking, Finance, Insurance & Real Estate			803	0.26				4,193	0.26				4,996	0.26
Total Germany			803	0.26				4,193	0.26				4,996	0.26

Japan
Banking, Finance, Insurance & Real Estate			3,442		1.10			17,982	1.11				21,424		1.10
Total Japan			3,442		1.10			17,982	1.11				21,424		1.10

Luxembourg
Banking, Finance, Insurance & Real Estate			9,935	3.18				51,902	3.19				61,837	3.19
Total Luxembourg			9,935	3.18				51,902	3.19				61,837	3.19

United States
Banking, Finance, Insurance & Real Estate (2)			41,914	13.42				218,970	13.46				260,884	13.46
Total United States			41,914	13.42				218,970	13.46				260,884	13.46
Total Capital Solutions			56,533		18.10			295,342	18.16				351,875	18.15

Commercial Mortgage
Cayman Islands
Banking, Finance, Insurance & Real Estate			7,215	2.31				37,694	2.32				44,909	2.32
Total Cayman Islands			7,215	2.31				37,694	2.32				44,909	2.32

United States
Banking, Finance, Insurance & Real Estate			16,731	5.36				87,406	5.37				104,137	5.37
Total United States			16,731	5.36				87,406	5.37				104,137	5.37
Total Commercial Mortgage			23,946	7.67				125,100	7.69				149,046	7.69

Consumer Finance
Guernsey Channel Islands
Banking, Finance, Insurance & Real Estate			774	0.25				4,044	0.25				4,818	0.25
Total Guernsey Channel Islands			774	0.25				4,044	0.25				4,818	0.25


Saudi Arabia
Banking, Finance, Insurance & Real Estate			5,916	1.89				30,906		1.90			36,822		1.90
Total Saudi Arabia			5,916	1.89				30,906		1.90			36,822		1.90

United Arab Emirates
Banking, Finance, Insurance & Real Estate			4		0.00			23		0.00			27		0.00
Total United Arab Emirates			4		0.00			23		0.00			27		0.00

United States
Automotive			18,637	5.97				97,364	5.99				116,001	5.98
Banking, Finance, Insurance & Real Estate			12,638	4.04				66,026	4.06				78,664	4.06
Construction & Building			803	0.26				4,196	0.26				4,999	0.26
Consumer Goods: Durable			3,893	1.25				20,336	1.25				24,229	1.25
Telecommunications			311	0.1				1,623	0.1				1,934	0.1
Total United States			36,282	11.62				189,545	11.66				225,827	11.65
Total Consumer Finance			42,976		13.76			224,518		13.81			267,494		13.80

Financial Assets
Cayman Islands
Structured Finance			902	0.29				4,710	0.29				5,612	0.29
Total Cayman Islands			902	0.29				4,710	0.29				5,612	0.29

Ireland
Structured Finance			628	0.2				3,280	0.2				3,908	0.2
Total Ireland			628	0.2				3,280	0.2				3,908	0.2

United States
Banking, Finance, Insurance & Real Estate
Media: Diversified & Production			5,452	1.75				28,484	1.75				33,936	1.75
Structured Finance			20,339	6.5				106,256	6.53				126,595	6.53
Total United States			25,791	8.25				134,740	8.28				160,531	8.28
Total Financial Assets			27,321	8.74				142,730	8.77				170,051	8.77


	Series I					Series II					Total
Description	Principal Amount /Shares	Fair Value		Fair Value as a % of Net Assets (1)		Principal Amount /Shares	Fair Value		Fair Value as a % of Net Assets (1)		Principal Amount /Shares	Fair Value		Fair Value as a % of Net Assets (1)

Investments, at fair value (continued)
Asset-Backed Securities (continued)
Hard Assets
United Kingdom
Transportation:Consumer		$	5,090	1.63			$	26,589	1.63			$	31,679	1.63		%
Total United Kingdom			5,090	1.63				26,589	1.63				31,679	1.63

United States
Aerospace & Defense			1,052	0.34				5,496	0.34				6,548	0.34
Capital Equipment			784	0.25				4,094	0.25				4,878	0.25
High Tech Industries (2)			19,257	6.17				100,601	6.18				119,858	6.18
Structured Finance			675	0.21				3,529	0.23				4,204	0.22
Total United States			21,768	6.97				113,720		7.00			135,488	6.99
Total Hard Assets			26,858		8.60			140,309	8.63				167,167	8.62

Residential Mortgage
Australia
Banking, Finance, Insurance & Real Estate			6,161	1.97				32,186	1.98				38,347	1.98
Total Australia			6,161	1.97				32,186	1.98				38,347	1.98

United States
Banking, Finance, Insurance & Real Estate			6,163	1.97				32,195	1.98				38,358	1.98
Construction & Building			20,076	6.43				104,882	6.44				124,958	6.44
Total United States			26,239		8.40			137,077	8.42				163,316	8.42
Total Residential Mortgage			32,400	10.37				169,263		10.40			201,663	10.4

Total Asset-Backed Securities			210,034		67.24			1,097,262		67.46			1,307,296		67.43
Equity & Other Investments
Financial Assets
CLO Preferred Equity
Jersey
Structured Finance			253	0.08				1,322	0.08				1,575	0.08
Total Jersey			253	0.08				1,322	0.08				1,575	0.08
Total CLO Preferred Equity			253	0.08				1,322	0.08				1,575	0.08

CLO Warehouse - Equity
Ireland
Structured Finance			6,711	2.15				35,062	2.15				41,773	2.15
Total Ireland			6,711	2.15				35,062	2.15				41,773	2.15

United States
Structured Finance			25,348		8.12			132,422		8.14			157,770		8.14
Total United States			25,348	8.12				132,422	8.14				157,770	8.14
Total CLO Warehouse - Equity			32,059	10.27				167,484	10.29				199,543	10.29

Special Purpose Vehicles
Cayman Islands
Media: Diversified & Production			3,537	1.13				18,479	1.14				22,016	1.14
Total Cayman Islands			3,537	1.13				18,479	1.14				22,016	1.14

United States
Media: Diversified & Production			12,651		4.05			66,089		4.06			78,740		4.06
Structured Finance			7,927	2.54				41,412	2.55				49,339	2.54
Total United States			20,578	6.59				107,501	6.61				128,079	6.6
Total Special Purpose Vehicles			24,115	7.72				125,980	7.75				150,095	7.74
Total Financial Assets			56,427	18.07				294,786	18.12				351,213	18.11

Hard Assets
Special Purpose Vehicles
Luxembourg
Structured Finance			3,933		1.26			20,547		1.26			24,480		1.26
Total Luxembourg			3,933	1.26				20,547	1.26				24,480	1.26


	Series I						Series II						Total
Description	Principal Amount /Shares		Fair Value		Fair Value as a % of Net Assets (1)		Principal Amount /Shares		Fair Value		Fair Value as a % of Net Assets (1)		Principal Amount /Shares		Fair Value		Fair Value as a % of Net Assets (1)

Investments, at fair value (continued)
Equity & Other Investments (continued)
Hard Assets (continued)
Special Purpose Vehicles (continued)
United States
High Tech Industries			$	2,071	0.66				$	10,819	0.67				$	12,890	0.66		%
Total United States				2,071	0.66					10,819	0.67					12,890	0.66
Total Special Purpose Vehicles				6,004	1.92					31,366	1.93					37,370	1.92
Total Hard Assets				6,004	1.92					31,366	1.93					37,370	1.92

Residential Mortgage
Special Purpose Vehicles
Luxembourg
Banking, Finance, Insurance & Real Estate				4,642	1.49					24,253	1.49					28,895	1.49
Total Luxembourg				4,642	1.49					24,253	1.49					28,895	1.49

United States
Banking, Finance, Insurance & Real Estate
A-A Mortgage Investor LLC		33,214		34,156		10.93		173,518		178,436		10.97		206,733		212,592		10.97
Other				91		0.03				475		0.03				566		0.03
Total United States				34,247	10.96					178,911	11					213,158	11
Total Special Purpose Vehicles				38,889	12.45					203,164	12.49					242,053	12.49
Total Residential Mortgage				38,889	12.45					203,164	12.49					242,053	12.49

Total Equity & Other Investments				101,320	32.44					529,316	32.54					630,636	32.52

Total Investments before Cash and Cash Equivalents, at fair value (cost
of $309,536; $1,617,081; $1,926,617, respectively)				311,354		99.68				1,626,578		100.00				1,937,932		99.95	%

State Street Institutional U.S. Government Money Market Fund - Opportunity Class (3)				834	0.27					4,358	0.27					5,192	0.27
Total Investments after Cash and Cash Equivalents, at fair value (cost
of $310,370; $1,621,439; $1,931,809, respectively)				312,188		99.95				1,630,936		100.27				1,943,124		100.22	%

(1) Fair Value as a percentage of Net Assets shown as a percentage of Net Assets of the respective Series.

(2) As of June 30, 2026, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 8 to the consolidated financial statements for further information on revolving and delayed draw loan commitments, including commitments to issue letters of credit, related to certain portfolio companies:



		Series I							Series II							Total
Country	Industry	Total commitments		Less: funded commitments			Total unfunded commitments		Total commitments		Less: funded commitments			Total unfunded commitments		Total commitments		Less: funded commitments			Total unfunded commitments
United States	Banking, Finance, Insurance & Real Estate	$	4,650	$	4,335		$	315	$	24,293	$	22,647		$	1,646	$	28,943	$	26,982		$	1,961
United States	High Tech Industries		-		(158	)		158		-		(828	)		828		-		(986	)		986
	Total	$	4,650	$	4,177		$	473	$	24,293	$	21,819		$	2,474	$	28,943	$	25,996		$	2,947

(3) This security is included in Cash and Cash Equivalents on the Consolidated Statements of Assets and Liabilities.

Apollo Asset Backed Credit Company LLC

Consolidated Condensed Schedule of Investments (Unaudited)

June 30, 2026

(in thousands)


Derivative Assets, at fair value
			Series I							Series II							Total
Contract name	Type	Maturity	Fair Value			Fair Value as a % of Net Assets (1)				Fair Value			Fair Value as a % of Net Assets (1)				Fair Value			Fair Value as a % of Net Assets (1)
CDS (Multiple), Notional amount of $8,274; $43,226; $51,500, respectively	Credit Default Swaps	08/19/2029 - 10/10/2030	$	8,296			2.66		%	$	43,336			2.66		%	$	51,632			2.66		%
USD Currency, Notional amount of $96,398; $503,602; $600,000, respectively	Swaptions	02/26/2027	$	41			0.01			$	217			0.01			$	258			0.01
Forward Currency Contracts	Forwards		$	645			0.21			$	3,371			0.21			$	4,016			0.21
Total Derivative Assets, at fair value (cost of $8,575; $44,797; $53,372, respectively)			$	8,982			2.88		%	$	46,924			2.88		%	$	55,906			2.88		%

Derivative Liabilities, at fair value
			Series I							Series II							Total
Contract name	Type	Maturity	Fair Value			Fair Value as a % of Net Assets (1)				Fair Value			Fair Value as a % of Net Assets (1)				Fair Value			Fair Value as a % of Net Assets (1)
American Airlines Group Inc. (AMR Corp), Notional amount of $88; $462; $550, respectively	Credit Default Swaps	12/20/2029	$	(6	)		(0.00	)	%	$	(31	)		(0.00	)	%	$	(37	)		(0.00	)	%
USD Currency, Notional amount of $118,891; $621,109; $740,000, respectively	Interest Rate Swaps	03/07/2027 - 07/02/2029	$	(1,011	)		(0.32	)		$	(5,284	)		(0.32	)		$	(6,295	)		(0.32	)
Total Derivative Liabilities, at fair value (cost of $4; $22; $26, respectively)			$	(1,017	)		(0.33	)	%	$	(5,315	)		(0.32	)	%	$	(6,332	)		(0.32	)	%

(1) Fair Value as a percentage of Net Assets shown as a percentage of Net Assets of the respective Series.

See notes to consolidated financial statement


Apollo Asset Backed Credit Company LLC
Consolidated Condensed Schedule of Investments (Unaudited)
December 31, 2025 (in thousands)

	Series I						Series II					Total
Description	Principal Amount /Shares	Fair Value		Fair Value as a % of Net Assets (1)			Principal Amount /Shares	Fair Value		Fair Value as a % of Net Assets (1)		Principal Amount /Shares	Fair Value		Fair Value as a % of Net Assets (1)
Investments, at fair value
Asset-Backed Securities
Capital Solutions
Cayman Islands
Banking, Finance, Insurance & Real Estate		$	4,775	1.53		%		$	19,862	1.53	%		$	24,637	1.53		%
Total Cayman Islands			4,775	1.53					19,862	1.53				24,637	1.53

Germany
Structured Finance			1,163	0.37					4,836	0.37				5,999	0.37
Total Germany			1,163	0.37					4,836	0.37				5,999	0.37

Ireland
Banking, Finance, Insurance & Real Estate			423		0.14				1,759	0.14				2,182		0.14
Total Ireland			423		0.14				1,759	0.14				2,182		0.14

Japan
Banking, Finance, Insurance & Real Estate			4,417	1.42					18,373	1.41				22,790	1.41
Total Japan			4,417	1.42					18,373	1.41				22,790	1.41

Luxembourg
Banking, Finance, Insurance & Real Estate			11,566	3.71					48,107	3.7				59,673	3.7
Total Luxembourg			11,566	3.71					48,107	3.7				59,673	3.7

United States
Banking, Finance, Insurance & Real Estate			17,188		5.50				71,495	5.49				88,683		5.50
Structured Finance			9,098	2.92					37,841	2.91				46,939	2.91
Media: Diversified & Production			7,305	2.34					30,388	2.34				37,693	2.34
Total United States			33,591	10.76					139,724	10.74				173,315	10.75
Total Capital Solutions			55,935	17.93					232,661	17.89				288,596	17.9

Commercial Mortgage
Cayman Islands
Structured Finance			8,898	2.85					37,011	2.85				45,909	2.85
Total Cayman Islands			8,898	2.85					37,011	2.85				45,909	2.85

United States
Banking, Finance, Insurance & Real Estate			3,750	1.21					15,598	1.2				19,348	1.2
Structured Finance			971	0.31					4,037	0.31				5,008	0.31
Total United States			4,721	1.52					19,635	1.51				24,356	1.51
Total Commercial Mortgage			13,619	4.37					56,646	4.36				70,265	4.36

Consumer Finance
United States
Automotive			7,682	2.46					31,953	2.46				39,635	2.46
Banking, Finance, Insurance & Real Estate			15,484	4.96					64,404	4.95				79,888	4.96
Consumer Goods: Durable			13,063	4.19					54,336	4.18				67,399	4.18
Total United States			36,229	11.61					150,693	11.59				186,922	11.6
Total Consumer Finance			36,229	11.61					150,693	11.59				186,922	11.6

Financial Assets
Cayman Islands
Structured Finance			2,325	0.75					9,672	0.74				11,997	0.74
Total Cayman Islands			2,325	0.75					9,672	0.74				11,997	0.74

Ireland
Structured Finance			135	0.043					560	0.0431				695	0.0431
Total Ireland			135	0.043					560	0.0431				695	0.0431

United States
Banking, Finance, Insurance & Real Estate			1,133	0.36					4,711	0.36				5,844	0.36
Structured Finance			7,488	2.4					31,148	2.4				38,636	2.4
Total United States			8,621	2.76					35,859	2.76				44,480	2.76
Total Financial Assets			11,081	3.553					46,091	3.5431				57,172	3.5431


	Series I				Series II				Total
Description	Principal Amount /Shares	Fair Value	Fair Value as a % of Net Assets (1)		Principal Amount /Shares	Fair Value	Fair Value as a % of Net Assets (1)		Principal Amount /Shares	Fair Value	Fair Value as a % of Net Assets (1)
Investments, at fair value (continued)
Hard Assets
Canada
Structured Finance		$1,065	0.34	%		$4,431	0.34	%		$5,496	0.34	%
Total Canada		1,065	0.34			4,431	0.34			5,496	0.34

United Kingdom
Transportation:Consumer		4,163	1.33			17,314	1.33			21,477	1.33
Total United Kingdom		4,163	1.33			17,314	1.33			21,477	1.33

United States
Aerospace & Defense		1,269	0.41			5,279	0.41			6,548	0.41
High Tech Industries		13,359	4.28			55,562	4.27			68,921	4.28
Structured Finance		2,750	0.89			11,440	0.88			14,190	0.87
Total United States		17,378	5.58			72,281	5.56			89,659	5.56
Total Hard Assets		22,606	7.25			94,026	7.23			116,632	7.23

Residential Mortgage
Australia
Banking, Finance, Insurance & Real Estate		4,374	1.4			18,192	1.4			22,566	1.4
Total Australia		4,374	1.4			18,192	1.4			22,566	1.4

United States
Banking, Finance, Insurance & Real Estate		19,436	6.23			80,844	6.22			100,280	6.22
Construction & Building		18,390	5.9			76,494	5.88			94,884	5.89
Structured Finance		1,121	0.36			4,662	0.37			5,783	0.36
Total United States		38,947	12.49			162,000	12.47			200,947	12.47
Total Residential Mortgage		43,321	13.89			180,192	13.87			223,513	13.87

Total Asset-Backed Securities		182,791	58.603			760,309	58.4831			943,100	58.5031

Equity & Other Investments
Capital Solutions
Special Purpose Vehicles
United States
Structured Finance		8,423	2.7			35,036	2.69			43,459	2.7
Total United States		8,423	2.70			35,036	2.69			43,459	2.7
Total Special Purpose Vehicles		8,423	2.7			35,036	2.69			43,459	2.7
Total Capital Solutions		8,423	2.7			35,036	2.69			43,459	2.7

Consumer Finance
CLO Warehouse - Equity
United States
Banking, Finance, Insurance & Real Estate		2,232	0.72			9,283	0.71			11,515	0.71
Total United States		2,232	0.72			9,283	0.71			11,515	0.71
Total CLO Warehouse - Equity		2,232	0.72			9,283	0.71			11,515	0.71

Special Purpose Vehicles
Luxembourg
Banking, Finance, Insurance & Real Estate		208	0.07			865	0.07			1,073	0.07
Total Luxembourg		208	0.07			865	0.07			1,073	0.07

United States
Banking, Finance, Insurance & Real Estate		7,715	2.47			32,091	2.47			39,806	2.47
Total United States		7,715	2.47			32,091	2.47			39,806	2.47
Total Special Purpose Vehicles		7,923	2.54			32,956	2.54			40,879	2.54
Total Consumer Finance		10,155	3.26			42,239	3.25			52,394	3.25


	Series I				Series II				Total
Description	Principal Amount /Shares	Fair Value	Fair Value as a % of Net Assets (1)		Principal Amount /Shares	Fair Value	Fair Value as a % of Net Assets (1)		Principal Amount /Shares	Fair Value	Fair Value as a % of Net Assets (1)
Investments, at fair value (continued)
Financial Assets
CLO Preferred Equity
Jersey
Structured Finance		$359	0.12	%		$1,491	0.11	%		$1,850	0.11	%
Total Jersey		359	0.12			1,491	0.11			1,850	0.11
Total CLO Preferred Equity		359	0.12			1,491	0.11			1,850	0.11

Ireland
Structured Finance		11,914	3.82			49,560	3.81			61,474	3.81
Total Ireland		11,914	3.82			49,560	3.81			61,474	3.81
United States
Structured Finance
ABC Holdings 5 Hollywood, LLC	19,285	19,285	6.18		80,215	80,215	6.17		99,500	99,500	6.17
Other		15,346	4.92			63,831	4.91			79,177	4.91
Total United States		34,631	11.1			144,046	11.08			178,677	11.08
Total CLO Warehouse - Equity		46,545	14.92			193,606	14.89			240,151	14.89

Special Purpose Vehicles
Cayman Islands
Media: Diversified & Production		4,351	1.39			18,097	1.39			22,448	1.39
Total Cayman Islands		4,351	1.39			18,097	1.39			22,448	1.39

United States
Media: Diversified & Production		1,679	0.54			6,983	0.54			8,662	0.54
Total United States		1,679	0.54			6,983	0.54			8,662	0.54
Total Special Purpose Vehicles		6,030	1.93			25,080	1.93			31,110	1.93
Total Financial Assets		52,934	16.97			220,177	16.93			273,111	16.93

Residential Mortgage
Special Purpose Vehicles
Luxembourg
Construction & Building		570	0.18			2,369	0.18			2,939	0.18
Structured Finance		3,178	1.02			13,218	1.02			16,396	1.02
Total Luxembourg		3,748	1.2			15,587	1.2			19,335	1.2

United States
Structured Finance
A-A Mortgage Investor LLC	47,234	47,234	15.14		196,469	196,469	15.11		243,703	243,703	15.12
Other		504	0.16			2,099	0.17			2,603	0.17
Total United States		47,738	15.3			198,568	15.28			246,306	15.29
Total Special Purpose Vehicles		51,486	16.5			214,155	16.48			265,641	16.49
Total Residential Mortgage		51,486	16.5			214,155	16.48			265,641	16.49

Total Equity & Other Investments		122,998	39.43			511,607	39.35			634,605	39.37

Total Investments before Cash and Cash Equivalents, at fair value (cost
of $300,563; $1,254,976; $1,555,539, respectively)		305,789	98.03	%		1,271,916	97.83	%		1,577,705	97.87	%

State Street Institutional U.S. Government Money Market Fund - Opportunity Class (2)		640	0.21			2,862	0.22			3,502	0.22
Total Investments after Cash and Cash Equivalents, at fair value (cost
of $301,476; $1,258,773; $1,560,249, respectively)		306,429	98.24	%		1,274,778	98.05	%		1,581,207	98.09	%

(1) Fair Value as a percentage of Net Assets shown as a percentage of Net Assets of the respective Series.

(2) This security is included in Cash and Cash Equivalents on the Consolidated Statements of Assets and Liabilities.

See notes to consolidated financial statements

Schedule of Investments Apollo Asset Backed Credit Company LLC

Consolidated Condensed Schedule of Investments

December 31, 2025

(in thousands)


Derivative Assets, at fair value
			Series I							Series II							Total
Contract name	Type	Maturity	Fair Value			Fair Value as a % of Net Assets (1)				Fair Value			Fair Value as a % of Net Assets (1)				Fair Value			Fair Value as a % of Net Assets (1)
CDS (Multiple), Notional amount of $8,528; $35,472; $44,000, respectively	Credit Default Swaps	08/19/2029 - 10/10/2030	$	8,655			2.78		%	$	35,998			2.77		%	$	44,653			2.77
USD Currency, Notional amount of $90,125; $374,875; $465,000, respectively	Interest Rate Swaps	03/07/2027 - 11/04/2028		269			0.09				1,120			0.09				1,389			0.09
Total Derivative Assets, at fair value (cost of $8,771; $35,278; $44,049, respectively)			$	8,924			2.87		%	$	37,118			2.86		%	$	46,042			2.86


Derivative Liabilities, at fair value
			Series I							Series II							Total
Contract name	Type	Maturity	Fair Value			Fair Value as a % of Net Assets (1)				Fair Value			Fair Value as a % of Net Assets (1)				Fair Value			Fair Value as a % of Net Assets (1)
American Airlines Group Inc. (AMR Corp), Notional amount of $107; $443; $550, respectively	Credit Default Swaps	12/20/2029	$	(6	)		-		%	$	(24	)		-		%	$	(30	)		-
Forward Currency Contracts	Forwards			(181	)		(0.06	)			(754	)		(0.06	)			(935	)		(0.06	)
Futures	SOFR Futures			(779	)		(0.25	)			(3,242	)		(0.25	)			(4,021	)		(0.25	)
Total Derivative Liabilities, at fair value (cost of ($5); ($17); ($22), respectively)			$	(966	)		(0.31	)	%	$	(4,020	)		(0.31	)	%	$	(4,986	)		(0.31	)

(1) Fair Value as a percentage of Net Assets shown as a percentage of Net Assets of the respective Series.

See notes to consolidated financial statements.

Apollo Asset Backed Credit Company LLC

Notes to Consolidated Financial Statements (Unaudited)

(in thousands, except for share and per share data)

ORGANIZATION

Apollo Asset Backed Credit Company LLC (the “Company”) was formed on September 22, 2023 as a Delaware limited liability company. On September 22, 2023, the Company established two registered series of limited liability company interests, Apollo Asset Backed Credit Company LLC - Series I (“Series I”) and Apollo Asset Backed Credit Company LLC - Series II (“Series II”). Series I and Series II are treated as separate entities for U.S. federal income tax purposes with segregated assets and liabilities. Sections 18-215(c) and 18-218(c)(1) of the Delaware Limited Liability Company Act (as amended from time to time, the “LLC Act”) provide that a Series established in accordance with Section 18-215(b) or 18-218 of the LLC Act, respectively, may carry on any lawful business, purpose or activity, other than the business of banking, and has the power and capacity to, in its own name, contract, hold title to assets (including real, personal and intangible property), grant liens and security interests, and sue and be sued. The Company intends for each Series to conduct its business and enter into contracts in its own name to the extent such activities are undertaken with respect to a particular Series and title to the relevant property will be held by or for the benefit of, the relevant Series. Under Delaware law, to the extent the records maintained for a Series account for the assets associated with such Series separately from the other assets of the Company or any other Series, the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to such Series are segregated and enforceable only against the assets of such Series and not against the assets of the Company generally or any other Series. Series I is treated as a corporation for U.S. federal income tax purposes, and Series II is treated as a partnership for U.S. federal income tax purposes. The Company conducts its operations in a manner so that it is not an “investment company” under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company is a holding company that seeks to leverage Apollo Asset Management, Inc.’s (together with its subsidiaries, “Apollo”) extensive credit experience investing across credit, as well as the incumbency afforded by the broad reach of Apollo’s credit platform, to drive proprietary sourcing and bespoke structuring for specialty asset-backed finance opportunities. By originating, structuring and securitizing these opportunities, the Company intends to offer attractive portfolio diversification through exposure primarily focused on large, diversified pools of hard assets and/or contracted cash flows, further enhanced by platform equity investments (“Asset-Backed Finance Assets”).

The Company is conducting a continuous private offering of our shares on a monthly basis to (i) accredited investors (as defined in Regulation D under the Securities Act of 1933, as amended (the “Securities Act”)) and (ii) in the case of shares sold outside the United States, to persons that are not “U.S. persons” (as defined in Regulation S under the Securities Act) in reliance on exemptions from the registration requirements of the Securities Act (the “Private Offering”). We currently offer ten types of Investor Shares in Series I and thirteen types of Investor Shares in Series II. For Series I, these are: A-I Shares and A-II Shares, F-I Shares, F-S Shares, I Shares, P-I Shares, P-S Shares, S Shares, T-I Shares, T-S Shares, (collectively, the “Series I Investor Shares”). For Series II, these are: A-I Shares and A-II Shares, BD Shares, F-I Shares, F-I (Acc) Shares, F-S Shares, I Shares, I (Acc) Shares, P-I Shares, P-S Shares, S Shares, T-I Shares, T-S Shares, (collectively, the “Series II Investor Shares” and, together with the Series I Investor Shares, (the “Investor Shares”)). The F-I (Acc) Shares and I (Acc) Shares were offered beginning May 1, 2026. We may offer additional types of Investor Shares in the future. The share types have different upfront selling commissions and ongoing distribution fees and shareholder servicing fees.

The Company is sponsored by Apollo and benefits from Apollo’s asset-backed finance sourcing and management platform pursuant to an operating agreement the Company entered into with Apollo Manager, LLC (the “Operating Manager”) to support the Company in managing its portfolio of Asset-Backed Finance Assets with the objective of generating risk-adjusted returns consisting of both current income and capital appreciation for holders of Series I and Series II Shares (the “Shareholders”). The Company commenced operations on May 3, 2024.

The purchase of Shares in a Series of the Company is an investment only in that particular Series and not an investment in the Company as a whole. V Shares have special rights and privileges, including entitling the holders thereof to the exclusive right to appoint and remove directors of the Company, increase or decrease the number of directors of the Company and fill any vacancies on the Company’s Board of Directors (the “Board”). V Shares do not have economic participation in the Company. V Shares will be held only by Apollo, its affiliates and/or certain Apollo clients, and are not being offered to other investors.

SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting—The consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and are presented in United States dollars, which is the Company’s functional currency. The Company’s fiscal year end is December 31.

The Company’s consolidated financial statements are prepared using the accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification (ASC) 946, Financial Services – Investment Companies.

Basis of Presentation—Series I and Series II are treated as separate entities for U.S. federal income tax purposes with segregated assets, liabilities, and expenses. Allocation to each Series is based on attributable investment activity, Net Asset Value (“NAV”), or other equitable allocation methodologies as determined by the Operating Manager. Series I and Series II reflect their pro rata share of assets and liabilities of the Company's wholly-owned subsidiaries on the Consolidated Statements of Assets and Liabilities. Series I and Series II record their allocable share of profits and losses each month based on their relative ownership of the wholly-owned subsidiaries on the Consolidated Statements of Operations. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2025.

Basis of Consolidation — As provided under Regulation S-X and ASC 946, Series I, Series II and the Company will generally not consolidate its investment in a company other than a wholly owned investment company or controlled operating company whose business consists of providing services to the Company. Accordingly, Series I, Series II and the Company consolidated the results of its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Investment/Asset Type Reclassification — During the quarter ended June 30, 2026, the Company changed the investment/asset type classification, as well, included additional “key strategy” pillars that aligns with Apollo’s business strategy (as disclosed in our Annual Report). The Condensed Consolidated Schedule of Investments as December 31, 2025, as well as the asset type composition of investments at fair value as of December 31, 2025 disclosed in Note 3 to the consolidated financial statements, have been reclassified to conform to the classifications used to prepare the consolidated financial statements as of June 30, 2026.

Repurchase Agreement — The Company has, and may in the future, enter into repurchase agreements under the terms of a Master Repurchase Agreement with selected commercial banks and broker-dealers. Under these agreements, the Company sells eligible participation interests, which represent 100% of the beneficial ownership interests in pools of underlying mortgage loans, to the counterparty in exchange for cash, subject to the Company's obligation to repurchase, and the counterparty's obligation to sell, such eligible participation interests at an agreed-upon date and price. The mortgage loan documents relating to the underlying mortgage loans are held by a custodian appointed under a separate custodial agreement.

The Company had an outstanding repurchase agreement as of June 30, 2026. Under the Master Repurchase Agreement with Bank of America, N.A., dated as of December 19, 2025, the Company sold collateral consisting of underlying mortgage loans, due September 29, 2026. The value of the related collateral that the Company sold for this agreement was $243.7 million at December 31, 2025. The value of the related collateral that the Company sold for this agreement was $212.6 million at June 30, 2026. As of June 30, 2026 and December 31, 2025 the repurchase liability was $147 and $171 million, respectively, which is reflected as "repurchase agreement" on the Statement of Assets and Liabilities.

Use of Estimates — The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could materially differ from those estimates.

Cash and Cash Equivalents — As of June 30, 2026 and December 31, 2025, cash and cash equivalents were comprised of cash on hand and money market funds sponsored by a U.S. financial institution. As of June 30, 2026, Series I, Series II and the Company held $834, $4,358 and $5,192, respectively, in money market funds, all of which were held in the State Street Institutional U.S. Government Money Market Fund. As of December 31, 2025, Series I, Series II and the Company held $640, $2,862 and $3,502, respectively, in money market funds, all of which were held in the State Street Institutional U.S. Government Money Market Fund.

Organizational and Offering Expenses — Organizational expenses are expensed as incurred. Organizational expenses consist of costs incurred to establish the Company and enable it legally to do business. Series I, Series II and the Company incurred organizational expenses of $-, $- and $-, respectively, for the three months ended June 30, 2026. Series I, Series II and the Company

incurred organizational expenses of $30, $144 and $174, respectively, for the six months ended June 30, 2026. Series I, Series II and the Company incurred organizational expenses of $25, $77 and $102, respectively, for both the three and six months ended June 30, 2025.

Offering expenses include registration fees and legal fees regarding the preparation of the initial registration statement. Offering expenses were accounted for as deferred costs until operations begin and then became amortized. Series I, Series II and the Company incurred deferred offering expenses of $20, $100 and $120, respectively, for the three months ended June 30, 2026. Series I, Series II and the Company incurred deferred offering expenses of $46, $221 and $267, respectively, for the six months ended June 30, 2026. Series I, Series II and the Company incurred deferred offering expenses of $40, $120 and $160, respectively, for the three months ended June 30, 2025. Series I, Series II and the Company incurred deferred offering expenses of $80, $240 and $320, respectively, for the six months ended June 30, 2025.

The Operating Manager may elect to provide expense support for certain organizational and offering expenses which is subject to potential recoupment as described in Note 6.

Investment Income — The Company records dividend income and accrues interest income pursuant to the terms of the respective Asset-Backed Finance Assets, unless, in the case of dividend income, the Company determines that the Asset-Backed Finance Assets do not have positive earnings in which case such dividend income is treated as a return of capital. Payment-in-Kind (“PIK”) interest is accrued monthly on PIK fixed income securities in accordance with the contractual terms of those Asset-Backed Finance Assets. In the case of proceeds received from investments in a partnership investment vehicle and limited partnerships, the Company determines the character of such proceeds and records any interest income, dividend income, realized gains or returns of capital accordingly. For both the three and six months ended June 30, 2026 and June 30, 2025, investment income was comprised of interest income and dividend income from Asset-Backed Finance Assets and cash and cash equivalents.

Net Realized Gain (Loss) and Net Change in Unrealized Gain (Loss) — Without regard to unrealized gain (loss) previously recognized, realized gains or losses will be measured as the difference between the net proceeds from the sale, repayment, or disposal of an asset and the adjusted cost basis of the asset. Net change in unrealized gain (loss) will reflect the change in investment values during the reporting period, including the reversal of any previously recorded unrealized gain (loss) when gains or losses are realized.

Investments, At Fair Value — ASC 820, Fair Value Measurement, defines fair value, establishes a framework for measuring fair value in accordance with U.S. GAAP and expands disclosures about fair value. Series I, Series II and the Company recognizes and accounts for its investments at fair value. The fair value of the investments does not reflect transactions costs that may be incurred upon disposition of investments.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity for disclosure purposes.

Assets and liabilities recorded at fair value on the Statement of Assets and Liabilities are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined under U.S. GAAP, are directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, are as follows:

Level I—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Level II—Inputs other than quoted prices included in Level I that are observable for the asset or liability, either directly or indirectly. Level II inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability.

Level III—Inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability.

A significant decrease in the volume and level of activity for the asset or liability is an indication that transactions or quoted prices may not be representative of fair value because in such market conditions there may be increased instances of transactions that are not orderly. In those circumstances, further analysis of transactions or quoted prices is needed, and an adjustment to the transactions or quoted prices may be necessary to estimate fair value.

There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each acquisition while employing a valuation process that is consistently followed. Determinations of fair value involve subjective judgments and estimates.

When making fair value determinations for Asset-Backed Finance Assets that do not have readily available market prices, we will consider industry-accepted valuation methodologies, primarily consisting of an income approach and market approach. The income approach derives fair value based on the present value of cash flows that a business, or security is expected to generate in the future. The market approach relies upon valuations for comparable public companies, transactions or assets, and includes making judgments about which companies, transactions or assets are comparable. A blend of approaches may be relied upon in arriving at an estimate of fair value, though there may be instances where it is more appropriate to utilize one approach. We also consider a range of additional factors that we deem relevant, including a potential sale of the Asset-Backed Finance Assets, macro and local market conditions, industry information and the relevant Asset-Backed Finance Asset's historical and projected financial data.

At least annually, the Board, including our independent directors, will review the appropriateness of our valuation guidelines. From time to time, the Board, including our independent directors, may adopt changes to the valuation guidelines on occasions in which it has determined or in the future determines that such changes are likely to result in a more accurate reflection of estimated fair value.

Derivative Instruments — The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements. The Company does not utilize hedge accounting with respect to derivative instruments and as such, the Company recognizes its derivative instruments at fair value with changes included in net change in unrealized gain (loss) on derivatives on the Consolidated Statements of Operations.

Derivative instruments are measured in terms of the notional contract amount and derive their value based upon one or more underlying instruments. Derivative instruments are subject to various risks similar to non-derivative instruments including market, credit, liquidity, interest rate, foreign currency and operational risks. The Company manages these risks on an aggregate basis as part of its risk management process. The derivatives may require the Company to pay or receive an upfront fee or premium. These upfront fees or premiums are carried forward as cost or proceeds to the derivatives.

The Company uses futures to hedge some or all of the Company’s fixed rate debt. Depending on the nature of the balance, the fair value of a given futures contract is either included within derivative assets, at fair value or derivative liabilities, at fair value on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the futures is offset by a change in the fair value of the fixed rate debt. Any cash collateral amounts posted to or received from the counterparty to cover collateral obligations under the terms of the futures contracts are included in prepaid expenses and other assets or other accrued expenses and liabilities, respectively, on the Company’s Consolidated Statements of Assets and Liabilities. As of June 30, 2026, Series I, Series II and the Company posted cash collateral to counterparties in amounts of $-, $- and $-, respectively, against futures contracts. As of December 31, 2025, Series I, Series II and the Company posted cash collateral to counterparties in amounts of $1,180, $4,907 and $6,087, respectively, against futures contracts.

The Company uses foreign currency forward contracts to reduce the Company's exposure to fluctuations in the fair value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another at a pre-determined price at a future date. Foreign currency forward contracts are marked-to-market at the applicable forward rate. Depending on the nature of the balance, the fair value of foreign currency forward contracts are recorded within derivative assets, at fair value or derivative liabilities, at fair value on the Consolidated Statements of Assets and Liabilities. Any cash collateral amounts posted to or received from the counterparty to cover collateral obligations under the terms of the foreign currency forward contracts are included in prepaid expenses and other assets, other accrued expenses and liabilities, or cash and cash equivalents, respectively, on the Company’s Consolidated Statements of Assets and Liabilities. As of June 30, 2026, Series I, Series II and the Company received cash collateral from counterparties in amounts of $313, $1,637 and $1,950, respectively, against foreign currency forward contracts. As of December 31, 2025, Series I, Series II and the Company posted cash collateral to counterparties in amounts of $888, $3,692 and $4,580, respectively, against foreign currency forward contracts. Purchases and settlements of foreign currency forward contracts having the same settlement date and counterparty are generally settled net and any realized gains or losses are recognized on the settlement date. The Company does not utilize hedge accounting with respect to foreign currency forward contracts and as such, the Company recognizes its foreign currency forward contracts at fair value with changes included in the net change in unrealized gain (loss) on derivatives on the Consolidated Statements of Operations.

The Company uses credit default swap (“CDS”) contracts whereby the buyer of the CDS contract agrees to pay a specified fixed charge to the seller of the CDS contract in return for the right to put the debt of the debtor named in the CDS contract to the seller of the CDS contract at par value of the referred debt instrument in the event of a "credit event" as defined by the CDS contract which may include, but is not limited to, bankruptcy of the debtor or when the debtor defaults in payment. The buyer's obligation

under the CDS contract is fixed at the date the contract is entered into. The seller's potential liability under the CDS contract is open-ended and can be equal to the entire notional amount of the contract. Depending on the nature of the balance, the fair value of CDS contracts are recorded within derivative assets, at fair value or derivative liabilities, at fair value on the Consolidated Statements of Assets and Liabilities. Any cash collateral amounts posted to or received from the counterparty to cover collateral obligations under the terms of the CDS contracts are included in prepaid expenses and other assets or other accrued expenses and liabilities, respectively, on the Company’s Consolidated Statements of Assets and Liabilities. As of June 30, 2026, Series I, Series II and the Company posted cash collateral to counterparties in amounts of $2,455, $12,826 and $15,281, respectively, against CDS contracts. As of December 31, 2025, Series I, Series II and the Company posted cash collateral to counterparties in amounts of $884, $3,678 and $4,562, respectively, against CDS contracts. The Company does not utilize hedge accounting with respect to CDS contracts and as such, the Company recognizes its CDS contracts at fair value with changes included in the net change in unrealized gain (loss) on derivatives on the Consolidated Statements of Operations.

The Company enters into various swap contracts as part of its investment strategies. Cash flows are exchanged based on the underlying assets or index of the swap. The terms of swap contracts can vary greatly. Swap agreements are carried at fair value in the accompanying Consolidated Statements of Assets and Liabilities and changes in fair value are reflected in the accompanying Consolidated Statements of Operations as net change in unrealized gain (loss) on derivatives. Any cash collateral amounts posted to or received from the counterparty to cover collateral obligations under the terms of the swap contracts are included in prepaid expenses and other assets, other accrued expenses and liabilities, or cash and cash equivalents, respectively, on the Company’s Consolidated Statements of Assets and Liabilities. As of June 30, 2026, Series I, Series II and the Company posted collateral to counterparties in amounts of $79, $411 and $490, respectively, against swap contracts. As of December 31, 2025, Series I, Series II and the Company posted collateral to counterparties in amounts of $95, $394 and $489, respectively, against swap contracts. The Company recognizes its swap contracts at fair value with changes included in the net change in unrealized gain (loss) on derivatives on the Consolidated Statements of Operations.

Income Taxes—Series I has elected to be taxed as a corporation for U.S. federal income tax purposes. Series I is liable for income taxes, if any, on its net taxable income.

Series II operates so that it will qualify to be treated as a partnership for U.S. federal income tax purposes under the Internal Revenue Code and not a publicly traded partnership treated as a corporation. As such, it will not be subject to any U.S. federal, state and/or local income taxes. In any year, it is possible that Series II will not meet the qualifying income exception, which would result in Series II being treated as a publicly traded partnership taxed as a corporation, rather than a partnership. If Series II does not meet the qualifying income exception, the holders of interest in Series II would then be treated as shareholders in a corporation, and the Series II would become taxable as a corporation for U.S. federal income tax purposes. Series II would be required to pay income tax at corporate rates on its net taxable income. In addition, Series II holds interests in Asset-Backed Finance Assets, through subsidiaries that are treated as corporations for U.S. or non-U.S. tax purposes and therefore may be subject to current and deferred U.S. federal, state and/or local income taxes at the subsidiary level.

Deferred taxes are provided for the effects of potential future tax liabilities in future years resulting from differences between the tax basis of an asset and liability and its reported valuation in the accompanying consolidated financial statements. Income taxes for both Series I and Series II are accounted for under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are determined on the temporary differences in the basis of assets and liabilities for income tax and financial reporting purposes using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the Consolidated Statements of Operations in the period that includes the enactment date. For a particular tax-paying component of an entity and within a particular tax jurisdiction, deferred tax assets and liabilities are offset and presented as a single amount within prepaid expenses and other assets or other accrued expenses and liabilities, as applicable, in the accompanying Consolidated Statements of Assets and Liabilities.

Both Series I and Series II recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Both Series I and Series II review and evaluate tax positions in their major jurisdictions and determines whether or not there are uncertain tax positions that require financial statement recognition. The reserve for uncertain tax positions is recorded in other accrued expenses and liabilities, as applicable, in the accompanying Consolidated Statements of Assets and Liabilities. Based on this review, both Series I and Series II have determined the major tax jurisdictions to be where both Series I and Series II are organized, where both Series I and Series II hold interests in Asset-Backed Finance Assets, and where the Operating Manager is located; however, no reserves for uncertain tax positions were recorded for Series I and Series II for both the three and six months ended June 30, 2026 and June 30, 2025. Both Series I and Series II are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change

materially in the next twelve months. Generally, both Series I and Series II’s returns may be subject to examination for a period of three to five years from when they are filed under varying statutes of limitations.

Calculation of NAV—The NAV per Share of each Series is determined by dividing the total assets of the Company (the value of investments, plus cash or other assets) attributable to such Series less the value of any liabilities of such Series, by the total number of Shares outstanding of such Series.

Segment Reporting—The Company operates as one operating segment and reporting unit, investment management. The chief operating decision maker (“CODM”) is the President of the Company, who is responsible for determining the Company’s investment strategy, capital allocation, expense structure, and significant transactions impacting the Company. Key metrics include net increase (decrease) in net assets resulting from operations, which includes net investment income, that is reported on the Consolidated Statement of Operations. The Company determined that there are no separate segment disclosures, as the segment expenses are disclosed on the Consolidated Statement of Operations and segment assets are disclosed on the Consolidated Schedule of Investments.

Recent Accounting Pronouncements—In November 2024, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” ASU 2024-03 requires public business entities to provide more detailed disclosures about the nature of their expenses in the footnotes to the financial statements. The guidance is mandatorily effective for the Company for annual periods beginning in 2027, but early adoption is permitted. The Company is currently assessing the impact this guidance will have on its consolidated financial statements.

There are no other standards, interpretations or amendments to existing standards that are newly effective for the current reporting year that would be expected to have a material impact on the Company.

FAIR VALUE MEASUREMENT AND DISCLOSURES

The following tables summarize the valuation of the Company’s investments and cash and cash equivalents in the fair value hierarchy levels as of June 30, 2026:


	Series I										Series II										Total
Description	Level I		Level II		Level III		Invt. at NAV (1)		Total		Level I		Level II		Level III		Invt. at NAV (1)		Total		Level I		Level II		Level III		Invt. at NAV (1)		Total
Investments, at fair value
Asset-Backed Securities	$	-	$	12,497	$	197,537	$	-	$	210,034	$	-	$	65,288	$	1,031,974	$	-	$	1,097,262	$	-	$	77,785	$	1,229,511	$	-	$	1,307,296
Equity & Other Investments		-		253		32,059		69,008		101,320		-		1,322		167,484		360,510		529,316		-		1,575		199,543		429,518		630,636
Total Investments, at fair value	$	-	$	12,750	$	229,596	$	69,008	$	311,354	$	-	$	66,610	$	1,199,458	$	360,510	$	1,626,578	$	-	$	79,360	$	1,429,054	$	429,518	$	1,937,932

Derivative Assets, at fair value
Credit Default Swaps	$	-	$	-	$	8,296	$	-	$	8,296	$	-	$	-	$	43,336	$	-	$	43,336	$	-	$	-	$	51,632	$	-	$	51,632
Forward Currency Contracts		-		645		-		-		645		-		3,371		-		-		3,371		-		4,016		-		-		4,016
Swaptions		-		41		-		-		41		-		217		-		-		217		-		258		-		-		258
Total Derivative Assets, at fair value	$	-	$	686	$	8,296	$	-	$	8,982	$	-	$	3,588	$	43,336	$	-	$	46,924	$	-	$	4,274	$	51,632	$	-	$	55,906

Derivative Liabilities, at fair value
Credit Default Swaps	$	-	$	6	$	-	$	-	$	6	$	-	$	31	$	-	$	-	$	31	$	-	$	37	$	-	$	-	$	37
Interest Rate Swaps		-		1,011		-		-		1,011		-		5,284		-		-		5,284		-		6,295		-		-		6,295
Total Derivative Liabilities, at fair value	$	-	$	1,017	$	-	$	-	$	1,017	$	-	$	5,315	$	-	$	-	$	5,315	$	-	$	6,332	$	-	$	-	$	6,332
Total	$	-	$	12,419	$	237,892	$	69,008	$	319,319	$	-	$	64,883	$	1,242,794	$	360,510	$	1,668,187	$	-	$	77,302	$	1,480,686	$	429,518	$	1,987,506

(1)

Investments at fair value at Series I, Series II and the Company were measured at NAV per share (or its equivalent) and have not been classified in the fair value hierarchy.

Cash and cash equivalents at Series I, Series II and the Company include money market funds of $834, $4,358 and $5,192, respectively, which are considered Level I assets.

The following tables summarize the valuation of the Company’s investments and cash and cash equivalents in the fair value hierarchy levels as of December 31, 2025:


	Series I											Series II											Total
Description	Level I			Level II		Level III		Invt. at NAV (1)		Total		Level I			Level II		Level III		Invt. at NAV (1)		Total		Level I			Level II		Level III		Invt. at NAV (1)		Total
Investments, at fair value
Asset-Backed Securities	$	-		$	33,223	$	149,568	$	-	$	182,791	$	-		$	138,192	$	622,117	$	-	$	760,309	$	-		$	171,415	$	771,685	$	-	$	943,100
Equity & Other Investments		-			359		48,777		73,862		122,998		-			1,491		202,889		307,227		511,607		-			1,850		251,666		381,089		634,605
Total Investments, at fair value	$	-		$	33,582	$	198,345	$	73,862	$	305,789	$	-		$	139,683	$	825,006	$	307,227	$	1,271,916	$	-		$	173,265	$	1,023,351	$	381,089	$	1,577,705
Derivative Assets, at fair value
Credit Default Swaps	$	-		$	-	$	8,655	$	-	$	8,655	$	-		$	-	$	35,998	$	-	$	35,998	$	-		$	-	$	44,653	$	-	$	44,653
Interest Rate Swaps		-			269		-		-		269		-			1,120		-		-		1,120		-			1,389		-		-		1,389
Total Derivative Assets, at fair value	$	-		$	269	$	8,655	$	-	$	8,924	$	-		$	1,120	$	35,998	$	-	$	37,118	$	-		$	1,389	$	44,653	$	-	$	46,042

Derivative Liabilities, at fair value
Credit Default Swaps	$	-		$	6	$	-	$	-	$	6	$	-		$	24	$	-	$	-	$	24	$	-		$	30	$	-	$	-	$	30
Forward Currency Contracts		-			181		-		-		181		-			754		-		-		754		-			935		-		-		935
Futures Contracts		779			-		-		-		779		3,242			-		-		-		3,242		4,021			-		-		-		4,021
Total Derivative Liabilities, at fair value	$	779		$	187	$	-	$	-	$	966	$	3,242		$	778	$	-	$	-	$	4,020	$	4,021		$	965	$	-	$	-	$	4,986
Total	$	(779	)	$	33,664	$	207,000	$	73,862	$	313,747	$	(3,242	)	$	140,025	$	861,004	$	307,227	$	1,305,014	$	(4,021	)	$	173,689	$	1,068,004	$	381,089	$	1,618,761

(1)

Investments at fair value at Series I, Series II and the Company were measured at NAV per share (or its equivalent) and have not been classified in the fair value hierarchy.

Cash and cash equivalents at Series I, Series II and the Company include money market funds of $640, $2,862 and $3,502, respectively, which are considered Level I assets.

Transfers of investments between levels, if any, are recorded at the end of the period. There were transfers into Series I, Series II and the Company for $-, $- and $-, respectively, and transfer out of Series I, Series II and the Company for $-, $- and $-, respectively, of the Company’s investments that are classified as Level III investments for the three months ended June 30, 2026. There were transfers into Series I, Series II and the Company for $-, $- and $-, respectively, and transfer out of Series I, Series II and the Company for $(327), $(1,352) and $(1,679), respectively, of the Company’s investments that are classified as Level III investments for the six months ended June 30, 2026.

The following tables show changes in the fair value of our Level III investment during the three and six months ended June 30, 2026:


Description	Series I			Series II			Total
Balance as of March 31, 2026	$	235,599		$	1,152,596		$	1,388,195
Purchases		92,738			556,299			649,037
Sales		(86,450	)		(465,887	)		(552,337	)
Net realized gain (loss)		115			8,597			8,712
Net change in unrealized gain (loss)		(4,110	)		(8,811	)		(12,921	)
Transfers into Level III		-			-			-
Transfers out of Level III		-			-			-
Balance as of June 30, 2026	$	237,892		$	1,242,794		$	1,480,686


Description	Series I			Series II			Total
Balance as of December 31, 2025	$	207,000		$	861,004		$	1,068,004
Purchases		156,814			1,077,245			1,234,059
Sales		(123,426	)		(686,512	)		(809,938	)
Net realized gain (loss)		128			765			893
Net change in unrealized gain (loss)		(2,297	)		(8,356	)		(10,653	)
Transfers into Level III		-			-			-
Transfers out of Level III		(327	)		(1,352	)		(1,679	)
Balance as of June 30, 2026	$	237,892		$	1,242,794		$	1,480,686

The net change in unrealized gain (loss) on investments included in the Consolidated Statements of Operations for the three months ended June 30, 2026 attributable to Level III investments still held at June 30, 2026 for Series I, Series II and the Company were $(4,110), $(8,811) and $(12,921), respectively.

The net change in unrealized gain (loss) on investments included in the Consolidated Statements of Operations for the six months ended June 30, 2026 attributable to Level III investments still held at June 30, 2026 for Series I, Series II and the Company were $(2,297), $(8,356) and $(10,653), respectively.

Transfers of investments between levels, if any, are recorded at the end of the period. There were no transfers in or out of the Company’s investments that are classified as Level III investments for the three months ended June 30, 2025. For the six months ended June 30, 2025, there were no transfers into Level III investments. Transfers out of Series I, Series II and the Company were $(27), $(67) and $(94), respectively, of the Company’s investments that are classified as Level III investments for the six months ended June 30, 2025.

The following tables show changes in the fair value of our Level III investment during the three and six months ended June 30, 2025


Description	Series I			Series II			Total
Balance as of March 31, 2025	$	51,476		$	164,242		$	215,718
Purchases		58,718			169,457			228,175
Sales		(21,971	)		(67,723	)		(89,694	)
Net realized gain (loss)		-			(1	)		(1	)
Net change in unrealized gain (loss)		(1,217	)		3,724			2,507
Transfers into Level III		-			-			-
Transfers out of Level III		-			-			-
Balance as of June 30, 2025	$	87,006		$	269,699		$	356,705


Description	Series I			Series II			Total
Balance as of December 31, 2024	$	21,331		$	52,046		$	73,377
Purchases		92,856			295,471			388,327
Sales		(26,031	)		(81,192	)		(107,223	)
Net realized gain (loss)		(1	)		2			1
Net change in unrealized gain (loss)		(1,122	)		3,439			2,317
Transfers into Level III		-			-			-
Transfers out of Level III		(27	)		(67	)		(94	)
Balance as of June 30, 2025	$	87,006		$	269,699		$	356,705

The net change in unrealized gain (loss) on investments included in the Consolidated Statements of Operations for the three months ended June 30, 2025 attributable to Level III investments still held at June 30, 2025 for Series I, Series II and the Company were $(1,217), $3,724 and $2,507, respectively.

The net change in unrealized gain (loss) on investments included in the Consolidated Statements of Operations for the six months ended June 30, 2025 attributable to Level III investments still held at June 30, 2025 for Series I, Series II and the Company were $(1,122), $3,439 and $2,317, respectively.

The following table provides quantitative measures used to determine the fair values of the Level III investments as of June 30, 2026:


	Level III Fair Value						Valuation	Unobservable	Range	Weighted
Asset Type	Series I		Series II		Total		Technique	Inputs		Average
Asset-Backed Securities	$	119,138	$	622,401	$	741,539	DCF	Discounted Rate	4.86% - 23.5%	8.33%
Asset-Backed Securities		15,986		83,517		99,503	Transactional Value	Cost
Asset-Backed Securities		59,989		313,393		373,382	Broker Quote
Asset-Backed Securities		300		1,569		1,869	Recovery Approach
Asset-Backed Securities		2,124		11,094		13,218	Cost Approach
Equity & Other Investments		28,379		148,259		176,638	Transactional Value	Cost
Equity & Other Investments		3,680		19,225		22,905	Broker Quote
Derivative Assets, at fair value		8,296		43,336		51,632	Broker Quote
Total	$	237,892	$	1,242,794	$	1,480,686

The following table provides quantitative measures used to determine the fair values of the Level III investments as of December 31, 2025:


	Level III Fair Value						Valuation	Unobservable	Range	Weighted
Asset Type	Series I		Series II		Total		Technique	Inputs		Average
Asset-Backed Securities	$	58,262	$	242,337	$	300,599	DCF	Discounted Rate	4.75% - 17.00%	7.99%
Asset-Backed Securities		10,131		42,137		52,268	Transactional Value	Cost
Asset-Backed Securities		81,172		337,630		418,802	Broker Quote
Asset-Backed Securities		3		13		16	Guideline Public Company \| Option Model	P/E \| Volatility
Equity & Other Investments		31,199		129,775		160,974	Transactional Value	Cost
Equity & Other Investments		17,578		73,114		90,692	Broker Quote
Derivative Assets, at fair value		8,655		35,998		44,653	Broker Quote
Total	$	207,000	$	861,004	$	1,068,004

DERIVATIVE INSTRUMENTS

The following tables present the fair value of the derivative assets and liabilities of Series I, Series II and the Company as reflected in the Consolidated Statements of Assets and Liabilities as of June 30, 2026:


Derivative Assets, at Fair Value(1),(2)
		Fair Value
Primary Underlying Risk	Derivative	Series I		Series II		Total
Credit Risk	Credit Default Swaps		8,296		43,336		51,632
Interest Rate Risk	Swaptions		41		217		258
Currency Risk	Forwards		645		3,371		4,016
Total		$	8,982	$	46,924	$	55,906


Derivative Liabilities, at Fair Value(1),(2)
		Fair Value
Primary Underlying Risk	Derivative	Series I		Series II		Total
Credit Risk	Credit Default Swaps		6		31		37
Interest Rate Risk	Interest Rate Swaps		1,011		5,284		6,295
Total		$	1,017	$	5,315	$	6,332

(1)

See Note 2 for additional information on the Company’s purposes for entering into different types of derivatives and how they are recorded.

(2)

Approximately $2,534, $13,237 and $15,771 of collateral has been posted as of June 30, 2026 for Series I, Series II and the Company, respectively, with counterparties related to derivative contracts. Approximately $313, $1,637 and $1,950 of collateral has been received as of June 30, 2026 for Series I, Series II and the Company, respectively, related to derivative contracts. The Company may be required to post additional collateral in subsequent periods due to unfavorable changes in the fair value of these contracts. The collateral posted and collateral received balances are included in prepaid expenses and other assets and accrued expenses and other liabilities, respectively, in the Consolidated Statements of Assets and Liabilities.


Derivative Assets, at Fair Value(1),(2)
		Fair Value
Primary Underlying Risk	Derivative	Series I		Series II		Total
Credit Risk	Credit Default Swaps	$	8,655	$	35,998	$	44,653
Interest Rate Risk	Interest Rate Swaps		269		1,120		1,389
Total		$	8,924	$	37,118	$	46,042


Derivative Liabilities, at Fair Value(1),(2)
		Fair Value
Primary Underlying Risk	Derivative	Series I		Series II		Total
Credit Risk	Credit Default Swaps		6		24		30
Currency Risk	Forwards		181		754		935
Interest Rate Risk	Futures		779		3,242		4,021
Total		$	966	$	4,020	$	4,986

(1)

See Note 2 for additional information on the Company’s purposes for entering into different types of derivatives and how they are recorded.

(2) Approximately $3,047, $12,671 and $15,718 of collateral has been posted as of December 31, 2025 for Series I, Series II and the Company, respectively, with counterparties related to derivative contracts. Approximately $0, $0 and $0 of collateral has been received as of December 31, 2025 for Series I, Series II and the Company, respectively, related to derivative contracts. The Company may be required to post additional collateral in subsequent periods due to unfavorable changes in the fair value of these contracts. The collateral posted and collateral received balances are included in prepaid expenses and other assets and accrued expenses and other liabilities, respectively, in the Consolidated Statements of Assets and Liabilities.

The following tables present the gains (losses) recognized on derivatives, by contract type, included in the Consolidated Statements of Operations for the three and six months ended June 30, 2026:


		For the Three Months ended June 30, 2026
		Average Notional / Contracts						Net realized gain (loss) on derivatives						Net change in unrealized gain (loss) on derivatives
Primary Underlying Risk	Derivative	Series I		Series II		Total		Series I		Series II		Total		Series I			Series II			Total
Credit Risk	Credit Default Swaps	$	2,376	$	12,174	$	14,550	$	-	$	-	$	-	$	221		$	(222	)	$	(1	)
Currency Risk	Forward		40,588		208,224		248,812		-		-		-		277			1,063			1,340
Interest Rate Risk	Interest Rate Swap		97,995		502,005		600,000		-		-		-		(680	)		(3,452	)		(4,132	)
Market Risk	Swaptions		97,995		502,005		600,000								(212	)		(1,118	)		(1,330	)
Interest Rate Risk	Futures		-		-		-	-		-		-			60			(61	)		(1	)
Total								-		-		-		$	(334	)	$	(3,790	)	$	(4,124	)


		For the Six Months ended June 30, 2026
		Average Notional / Contracts (1)						Net realized gain (loss) on derivatives									Net change in unrealized gain (loss) on derivatives
Primary Underlying Risk	Derivative	Series I		Series II		Total		Series I			Series II			Total			Series I			Series II			Total
Credit Risk	Credit Default Swaps	$	5,179	$	24,371	$	29,550	-			-			-			$	129		$	(654	)	$	(525	)
Currency Risk	Forward		40,227		195,524		235,751	-			-			-				827			4,125			4,952
Interest Rate Risk	Interest Rate Swaps		201		25,632		25,833	-			-			-				(1,281	)		(6,404	)		(7,685	)
Market Risk	Swaptions		100,373		499,627		600,000	-			-			-				(260	)		(1,356	)		(1,616	)
Interest Rate Risk	Futures		38,914		164,836		203,750		(952	)		(4,407	)		(5,359	)		779			3,242			4,021
Total								$	(952	)	$	(4,407	)	$	(5,359	)	$	194		$	(1,047	)	$	(853	)

(1) For Futures, average notional is calculated as a three-month average to reflect the full period during which the instrument was active prior to its sale in Q1.

The following tables present the gains (losses) recognized on derivatives, by contract type, included in the Consolidated Statements of Operations for the three and six months ended June 30, 2025:


		For the Three Months ended June 30, 2025
		Average Notional / Contracts						Net realized gain (loss) on derivatives						Net change in unrealized gain (loss) on derivatives
Primary Underlying Risk	Derivative	Series I		Series II		Total		Series I		Series II		Total		Series I			Series II			Total
Credit Risk	Credit Default Swaps	$	11,251	$	33,299	$	44,550	$	-	$	-	$	-	$	53		$	161		$	214
Currency Risk	Forward		18,432		55,610		74,042		-		-		-		(968	)		(2,920	)	$	(3,888	)
Interest Rate Risk	Interest Rate Swap		10,102		29,898		40,000		619		1,794		2,413		(542	)		(1,562	)	$	(2,104	)
Interest Rate Risk	Futures		335,835		993,915		1,329,750		-		-		-		(803	)		(2,459	)	$	(3,262	)
Total								$	619	$	1,794	$	2,413	$	(2,260	)	$	(6,780	)	$	(9,040	)


		For the Six Months ended June 30, 2025
		Average Notional / Contracts						Net realized gain (loss) on derivatives									Net change in unrealized gain (loss) on derivatives
Primary Underlying Risk	Derivative	Series I		Series II		Total		Series I			Series II			Total			Series I			Series II			Total
Credit Risk	Credit Default Swaps	$	8,215	$	24,668		32,883	$	-		$	-		$	-		$	60		$	185		$	245
Currency Risk	Forward		11,984	$	36,197		48,181		(162	)		(516	)	$	(678	)		(1,091	)		(3,305	)	$	(4,396	)
Interest Rate Risk	Interest Rate Swap		27,270		81,897		109,167		665			1,925		$	2,590			(21	)		5		$	(16	)
Interest Rate Risk	Futures		351,835		1,046,081		1,397,916		(91	)		(295	)	$	(386	)		(2,228	)		(6,723	)	$	(8,951	)
Total								$	412		$	1,114		$	1,526		$	(3,280	)	$	(9,838	)	$	(13,118	)

The Company has elected not to offset assets and liabilities in the Consolidated Statements of Assets and Liabilities that may be received or paid as part of collateral arrangements, even when an enforceable master netting arrangement or other agreement is in place that provides the Company, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations. The following tables present the offsetting of financial and derivative assets and liabilities as of June 30, 2026:


							Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities
	Gross and Net Amounts Presented in the accompanying Consolidated Statement of Assets and Liabilities						Financial Instruments						Collateral Received						Net Amount
Assets	Series I		Series II		Total		Series I		Series II		Total		Series I		Series II		Total		Series I		Series II		Total
Derivatives, at fair value	$	8,982	$	46,924	$	55,906	$	-	$	-	$	-	$	-	$	-	$	-	$	8,982	$	46,924	$	55,906
Total	$	8,982	$	46,924	$	55,906	$	-	$	-	$	-	$	-	$	-	$	-	$	8,982	$	46,924	$	55,906


										Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities

	Gross and Net Amounts Presented in the accompanying Consolidated Statement of Assets and Liabilities									Financial Instruments						Collateral Pledged						Net Amount
Liabilities	Series I			Series II			Total			Series I		Series II		Total		Series I		Series II		Total		Series I		Series II		Total
Derivatives, at fair value	$	(1,017	)	$	(5,315	)	$	(6,332	)	$	-	$	-	$	-	$	1,017	$	5,315	$	6,332	$	-	$	-	$	-
Total	$	(1,017	)	$	(5,315	)	$	(6,332	)	$	-	$	-	$	-	$	1,017	$	5,315	$	6,332	$	-	$	-	$	-

As of June 30, 2026, the gross amount of derivative assets presented in the Consolidated Statements of Assets and Liabilities in the amount of $0, $0 and $0 for Series I, Series II and the Company, respectively, are not subject to an enforceable master netting agreement. As of June 30, 2026, the gross amount of derivative liabilities presented in the Consolidated Statements of Assets and Liabilities in the amount of $0, $0 and $0 for Series I, Series II and the Company, respectively, are not subject to an enforceable master netting agreement.

The following tables present the offsetting of financial and derivative assets and liabilities as of December 31, 2025:


							Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities
	Gross and Net Amounts Presented in the accompanying Consolidated Statement of Assets and Liabilities						Financial Instruments						Collateral Received						Net Amount
Assets	Series I		Series II		Total		Series I		Series II		Total		Series I		Series II		Total		Series I		Series II		Total
Derivatives, at fair value	$	8,924	$	37,118	$	46,042	$	-	$	-	$	-	$	-	$	-	$	-	$	8,924	$	37,118	$	46,042
Total	$	8,924	$	37,118	$	46,042	$	-	$	-	$	-	$	-	$	-	$	-	$	8,924	$	37,118	$	46,042


										Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities

	Gross and Net Amounts Presented in the accompanying Consolidated Statement of Assets and Liabilities									Financial Instruments						Collateral Pledged						Net Amount
Liabilities	Series I			Series II			Total			Series I		Series II		Total		Series I		Series II		Total		Series I		Series II		Total
Derivatives, at fair value	$	(187	)	$	(778	)	$	(965	)	$	-	$	-	$	-	$	187	$	778	$	965	$	-	$	-	$	-
Total	$	(187	)	$	(778	)	$	(965	)	$	-	$	-	$	-	$	187	$	778	$	965	$	-	$	-	$	-

Amounts in the preceding table have been limited to the liability balance, and accordingly, do not include any excess collateral pledged.

As of December 31, 2025, the gross amount of derivative assets presented in the Consolidated Statements of Assets and Liabilities in the amount of $0, $0 and $0 for Series I, Series II and the Company, respectively, are not subject to an enforceable master netting agreement. As of December 31, 2025, the gross amount of derivative liabilities presented in the Consolidated Statements of Assets and Liabilities in the amount of $779, $3,242 and $4,021 for Series I, Series II and the Company, respectively, are not subject to an enforceable master netting agreement.

5. NOTES PAYABLE & REPURCHASE AGREEMENT

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


	Aggregate Principal Committed						Outstanding Principal						Unused Portion						Carrying Value						Fair Value(1)
	Series I		Series II		Total		Series I		Series II		Total		Series I		Series II		Total		Series I		Series II		Total		Series I		Series II		Total

Promissory Notes	$	971	$	971	$	1,942	$	971	$	971	$	1,942	$	-	$	-	$	-	$	971	$	971	$	1,942	$	971	$	971	$	1,942
ACMP Holdings, LLC Facility		23,862		76,138		100,000		-		-		-		23,862		76,138		100,000		-		-		-		-		-		-
Total	$	24,833	$	77,109	$	101,942	$	971	$	971	$	1,942	$	23,862	$	76,138	$	100,000	$	971	$	971	$	1,942	$	971	$	971	$	1,942

(1)

The carrying amount outstanding under these debt obligations approximate their fair value as of June 30, 2026.

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


	Aggregate Principal Committed						Outstanding Principal						Unused Portion						Carrying Value						Fair Value(1)
	Series I		Series II		Total		Series I		Series II		Total		Series I		Series II		Total		Series I		Series II		Total		Series I		Series II		Total

Promissory Notes	$	971	$	971	$	1,942	$	971	$	971	$	1,942	$	-	$	-	$	-	$	971	$	971	$	1,942	$	971	$	971	$	1,942
ACMP Holdings, LLC Facility		23,862		76,138		100,000		-		-		-		23,862		76,138		100,000		-		-		-		-		-		-
REIT Funding Cumulative Preferred Shares		24		100		124		24		100		124		-		-		-		24		100		124		24		100		124
Total	$	24,857	$	77,209	$	102,066	$	995	$	1,071	$	2,066	$	23,862	$	76,138	$	100,000	$	995	$	1,071	$	2,066	$	995	$	1,071	$	2,066

(1) The carrying amount outstanding under these debt obligations approximate their fair value as of December 31, 2025.

Promissory Notes

The below table reflects the maturity and fair value of our Promissory Notes as of June 30, 2026.


	Fair Value
Legal Maturity	Series I		Series II		Total
6/28/2054	$	536	$	536	$	1,072
11/1/2054		215		215		430
10/30/2055		220		220		440
	$	971	$	971	$	1,942

The below table reflects the maturity and fair value of our Promissory Notes as of December 31, 2025.


	Fair Value
Legal Maturity	Series I		Series II		Total
6/28/2054	$	536	$	536	$	1,072
11/1/2054		215		215		430
10/30/2055		220		220		440
	$	971	$	971	$	1,942

The Promissory Notes are reported at amortized cost and are reflected within notes payable on the Company’s Consolidated Statements of Assets and Liabilities. The Promissory Notes pay interest on the principal balances at a rate of 12.4% per annum, payable semi-annually in arrears. However, the Company intends to repay the Promissory Notes prior to the legal maturity and is currently amortizing upfront costs associated with the Promissory Notes over a period of three years. Amortized amounts are included within general and administration expenses on the Company’s Consolidated Statements of Operations.

Repurchase Agreement

The below table reflects the characteristics of our Repurchase Agreement as of June 30, 2026.


					Aggregate Principal Committed						Outstanding Principal						Unused Portion						Carrying Value
					Series I		Series II		Total		Series I		Series II		Total		Series I		Series II		Total		Series I		Series II		Total
	Counterparty	Interest Rate	Maturity Date	Collateral Type
Repurchase Agreement	Bank of America, N.A.	SOFR+130	9/29/2026	Real Estate (Residential Mortgage Loans)	$	67,837	$	282,163	$	350,000	$	23,545	$	123,004	$	146,549	$	44,292	$	159,159	$	203,451	$	23,545	$	123,004	$	146,549
				Total	$	67,837	$	282,163	$	350,000	$	23,545	$	123,004	$	146,549	$	44,292	$	159,159	$	203,451	$	23,545	$	123,004	$	146,549

The below table reflects the characteristics of our Repurchase Agreement as of December 31, 2025.


					Aggregate Principal Committed						Outstanding Principal						Unused Portion						Carrying Value
					Series I		Series II		Total		Series I		Series II		Total		Series I		Series II		Total		Series I		Series II		Total
	Counterparty	Interest Rate	Maturity Date	Collateral Type
Repurchase Agreement	Bank of America, N.A.	SOFR+130	9/29/2026	Real Estate (Residential Mortgage Loans)	$	67,837	$	282,163	$	350,000	$	33,228	$	138,210	$	171,438	$	34,609	$	143,954	$	178,562	$	33,228	$	138,210	$	171,438
				Total	$	67,837	$	282,163	$	350,000	$	33,228	$	138,210	$	171,438	$	34,609	$	143,954	$	178,562	$	33,228	$	138,210	$	171,438

ACMP Holdings, LLC Facility

The ACMP Holdings, LLC Facility is an uncommitted revolving credit facility which is reported at amortized cost and reflected within notes payable on the Company's Consolidated Statements of Assets and Liabilities. This facility pays interest on the principal balance at SOFR + 300 bps payable on a monthly basis. The legal maturity date of this facility is February 22, 2027.

REIT Funding Cumulative Preferred Shares

On January 27, 2025, a wholly owned subsidiary of the Company issued cumulative preferred shares which are reported at amortized cost and reflected within notes payable on the Company's Consolidated Statement of Assets and Liabilities. Interest is payable at 12.0% per annum, payable semi-annually in arrears. On June 5th, 2026, the Company elected to redeem such cumulative preferred shares at a redemption premium plus accrued and unpaid dividends through the redemption date. Upon payment of the redemption price, each redeemed share was canceled and is no longer outstanding, and dividends on such shares no longer will accrue as of the redemption date.

RELATED PARTY CONSIDERATIONS

Operating Agreement

The Company has entered into an operating agreement (as amended, restated or supplemented, the “Operating Agreement”), with the Operating Manager. Pursuant to the Operating Agreement, the Operating Manager is responsible for sourcing, evaluating and monitoring the Company’s investment opportunities and making recommendations to the Company related to the acquisition, management, financing and disposition of the Company’s assets, in accordance with the Company’s investment objectives, guidelines, policies and limitations. The Operating Manager or an affiliate may rebate, waive or reduce the management fee charged to certain shareholders at the sole discretion of the Operating Manager or such affiliate. Any such rebate, waiver or reduction may be effected either by way of purchase of additional Shares by the Operating Manager or such affiliate for the shareholder or by way of rebate to the relevant shareholder’s account.

Management Fee

Pursuant to the Operating Agreement, the Operating Manager is entitled to receive a management fee (the “Management Fee”). The Management Fee is payable monthly in arrears in an amount equal to (i) 1.00% per annum of the month-end NAV attributable to S Shares, I Shares and I (Acc) Shares, (ii) 0.85% per annum of the month-end NAV attributable to the Founder Shares, and the F-I (Acc) Shares, (iii) 1.00% per annum of the month-end NAV attributable to the T-S Shares and T-I Shares which commenced November 1, 2025, (iv) 1.00% per annum of the month-end NAV attributable to the P-S Shares and P-I Shares which commenced November 1, 2025, (v) 1.00% per annum of the month-end NAV attributable to the BD Shares which commenced November 1, 2025, (vi) 0.80% per annum of the month-end NAV attributable to the A-I Shares from inception through December 31, 2027 and 0.85% per annum of the month-end NAV attributable to the A-I Shares thereafter and (vii) 0.75% per annum of the month-end NAV attributable to the A-II Shares; provided, that this Management Fee will be reduced by any applicable Special Fees (as defined below); provided, however, that this Management Fee will not be reduced for any Other Fees. In calculating the Management Fee, we will use our NAV before giving effect to accruals for the Management Fee, Performance Fee, combined annual distribution fee and shareholder servicing fee or distributions payable on our Shares. We do not pay the Operating Manager a Management Fee on the Series I E Shares and V Shares and Series II E Shares and V Shares (collectively, the “Apollo Shares”), and as a result, it is an expense specific only to Investor Shares at the rates specified herein, which will result in the dilution of Investor Shares in proportion to the fees charged to different types of Investor Shares and will result in differences in NAV among the types of Shares. The Operating Manager or an affiliate may rebate, waive or reduce the Management Fee charged to certain holders of shares in Series I

and Series II (each a “Shareholder”) at the sole discretion of the Operating Manager or such affiliate. Any such rebate, waiver or reduction may be effected either by way of purchase of additional Shares by the Operating Manager or such affiliate for the Shareholder or by way of rebate to the relevant Shareholder’s account. The Management Fee may alternatively, in the discretion of the Operating Manager, instead be paid in whole or in part by the Company’s subsidiaries, in which case it shall result in a change in the cash or retained earnings of such subsidiaries.

100% of any net consulting (including management consulting) or monitoring fees (including any early termination fee or acceleration of any such management consulting fee on a one-time basis that is approved by the Board), advisory fees related to the negotiation of the structuring of an Asset-Backed Finance Asset (other than debt investments or investments with respect to which Apollo does not exercise direct control with respect to the decision to engage the services giving rise to the relevant fees, costs and expenses) and similar fees (including Bridge Financing fees), whether in cash or in kind, including options, warrants and other non-cash consideration paid to the Operating Manager or any of its affiliates or any employees of the foregoing in connection with actual or contemplated acquisitions or investments (and allocable to the Company) (collectively, “Special Fees”) that are allocable to those Shareholders who bear Management Fees, will be applied to reduce the Management Fees paid by such management fee-bearing Shareholders.

For the three months ended June 30, 2026, the Operating Manager earned Management Fees of $629, $3,222 and $3,851 from Series I, Series II and the Company, respectively, net of a $427 Special Fees offset. For the six months ended June 30, 2026, the Operating Manager earned Management Fees of $1,332, $6,436 and $7,768 from Series I, Series II and the Company, respectively, net of a $427 Special Fees offset. For the three months ended June 30, 2025, the Operating Manager earned Management Fees of $160, $411 and $571 from Series I, Series II and the Company, respectively, with no Special Fees offset. For the six months ended June 30, 2025, the Operating Manager earned Management Fees of $265, $675 and $940 from Series I, Series II and the Company, respectively, with no Special Fees offset.

The Operating Manager or an affiliate may rebate, waive, or reduce the management fee charged to certain shareholders at the sole discretion of the Operating Manager or such affiliate. Any such rebate, waiver or reduction may be effected either by way of purchase of additional Shares by the Operating Manager or such affiliate for the shareholder or by way of rebate to the relevant shareholder’s account. As of December 31, 2025, the Company indirectly invested $40,000 into the equity of Redding Ridge Holdings, LP (“RRH”), which is an affiliate of the Operating Manager. RRH pays management, credit research, and administrative fees, plus a special allocation (performance fee) to Apollo or its affiliates. The Operating Manager has reduced Management Fees payable by the Company through a reduction in the net asset value used to calculate the Management Fee equivalent to the fair value of the Company’s investment in RRH. As of June 30, 2026, the Company's invested equity increased to $49,339.

Performance Fee

So long as the Operating Agreement has not been terminated, the Operating Manager will be entitled to receive a performance fee (the “Performance Fee”) equal to (i) 10.0% of the total return with respect to S Shares, I Shares, I (Acc) Shares, P-S Shares, P-I Shares, T-S Shares, T-I Shares, and BD Shares, (ii) 7.5% of the total return with respect to F-S Shares, F-I Shares or F-I (Acc) Shares, (iii) 5.0% of the total return from inception through December 31, 2027 and 7.5% thereafter with respect to A-I Shares and (iv) 5.0% of the total return with respect to A-II Shares, in each case subject to a 5.0% hurdle amount and a high water mark with respect to such type of Shares, with a catch-up. Such fee will be paid annually and accrue monthly. The Performance Fee will not be paid on Apollo Shares, and as a result, it is an expense specific only to Investor Shares at the rates specified herein, which will result in the dilution of Investor Shares in proportion to the fees charged to different types of Investor Shares and will result in differences in NAV among the types of Shares.

For the three months ended June 30, 2026, the Operating Manager accrued Performance Fees of $-, $- and $- from Series I, Series II and the Company, respectively. For the six months ended June 30, 2026, the Operating Manager accrued Performance Fees of $-, $- and $- from Series I, Series II and the Company, respectively.

For the three months ended June 30, 2025, the Operating Manager accrued Performance Fees of $265, $718 and $983 from Series I, Series II and the Company, respectively. For the six months ended June 30, 2025, the Operating Manager accrued Performance Fees of $472, $1,254 and $1,726 from Series I, Series II and the Company, respectively.

As of December 31, 2025, the Company indirectly invested $38,000 into the equity of RRH, which is an affiliate of the Operating Manager. RRH pays management, credit research, and administrative fees, plus a special allocation (performance fee) to Apollo and its affiliates. As a result, the Operating Manager has reduced the Performance Fees payable by the Company

through a reduction in the Total Return used to calculate the Performance Fee equivalent to the Company’s profit from its investment in RRH. As of June 30, 2026, the Company's invested equity increased to $49,339.

Operating Expenses

The Company incurred certain operating expenses related to services provided by personnel of the Operating Manager and/or its affiliates. For the three months ended June 30, 2026, these expenses were $98, $504 and $602 for Series I, Series II and the Company, respectively, and are included in general and administration expenses in the Consolidated Statements of Operations. For the six months ended June 30, 2026, these expenses were $215, $1,038 and $1,253 for Series I, Series II and the Company, respectively, and are included in general and administration expenses in the Consolidated Statements of Operations. For the three months ended June 30, 2025, these expenses were $104, $308 and $412 for Series I, Series II and the Company, respectively, and are included in general and administration expenses in the Consolidated Statements of Operations. For the six months ended June 30, 2025, these expenses were $178, $533 and $711 for Series I, Series II and the Company, respectively, and are included in general and administration expenses in the Consolidated Statements of Operations.

Company Expense Support and Conditional Reimbursement of the Operating Manager

The Operating Manager may elect to pay certain of the Company’s expenses, including certain Organizational and Offering Expenses on the Company’s behalf (each, an “Expense Support”) in accordance with the Expense Support and Conditional Reimbursement Agreement.

Following any calendar month in which the Specified Expenses (as defined below) are below 0.75% of the Company’s net assets on an annualized basis, the Company shall reimburse the Operating Manager, fully or partially, for the Expense Supports, but only if and to the extent that Specified Expenses plus any Reimbursement Payments (as defined below) do not exceed 0.75% of the Company’s net assets at the end of each calendar month on an annualized basis, until such time as all Expense Supports made by the Operating Manager to the Company within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company in the prior sentence shall be referred to herein as a “Reimbursement Payment.”

“Specified Expenses” is defined to include all expenses incurred in the business of the Company with the exception of (i) the Management Fee, (ii) the Performance Fee, (iii) the combined annual distribution fees and shareholder servicing fees, (iv) the dealer manager fees (including selling commissions), (v) Asset-Backed Finance Asset related expenses, (vi) interest expenses, commitment fees, or other expenses related to any leverage incurred by the Company, (vii) taxes, (viii) certain insurance costs, (ix) Organizational and Offering Expenses, (x) certain non-routine items (as determined in the sole discretion of the Operating Manager) and (xi) extraordinary expenses (as determined in the sole discretion of the Operating Manager).

For the three months ended June 30, 2026, the Company reimbursed the Operating Manager for Expense Support in the amount of $55, $284 and $339 for amounts owed by Series I, Series II and the Company, respectively. For the six months ended June 30, 2026, the Operating Manager agreed to provide Expense Support (net of reimbursement) of $61, $244 and $305 for amounts owed by Series I, Series II and the Company, respectively. For the three months ended June 30, 2025, the Operating Manager agreed to provide Expense Support (net of reimbursement) of $504, $1,529 and $2,033 for amounts owed by Series I, Series II and the Company, respectively. For the six months ended June 30, 2025, the Operating Manager agreed to provide Expense Support (net of reimbursement) of $876, $2,665 and $3,541 for amounts owed by Series I, Series II and the Company, respectively.

As of June 30, 2026, total Due from the Operating Manager for total Expense Support (net of reimbursement) outstanding was $2,226, $11,627 and $13,853 for Series I, Series II and the Company, respectively. As of December 31, 2025, total Due from the Operating Manager for total Expense Support outstanding was $2,778, $11,555 and $14,333 for Series I, Series II and the Company, respectively.

The below table breaks out the year in which the balance of expense support provided by the Operating Manager to Series I, Series II and the Company, respectively, expires subject to the three year rolling window.


Expires December 31, 2025						Expires December 31, 2026						Expires December 31, 2027						Expires December 31, 2028
Series I		Series II		Total		Series I		Series II		Total		Series I		Series II		Total		Series I		Series II		Total
$	-	$	-	$	-	$	-	$	-	$	-	$	746	$	5,333	$	6,079	$	435	$	3,107	$	3,542

Dealer Manager Agreement

The Company has entered into a dealer manager agreement (as amended, restated or supplemented, the “Dealer Manager Agreement”) with Apollo Global Securities, LLC (the “Dealer Manager”), an affiliate of the Operating Manager. The Dealer Manager is entitled to receive selling commissions of up to 3.0%, and dealer manager fees of up to 0.5%, of the transaction price of each S Share, F-S Share, T-S Share and P-S Share. Any participating broker-dealers are compensated from such amounts by reallowance from the Dealer Manager; provided that the sum of such reallowed amounts and the selling commissions do not exceed 3.5% of the transaction price. The Dealer Manager will receive a combined annual distribution fee and shareholder servicing fee of 0.85% per annum of the aggregate NAV of the Company’s outstanding S Shares, T-S Shares and F-S Shares and 0.25% per annum of the aggregate NAV of the Company’s outstanding P-S Shares. There will not be a combined annual distribution fee and shareholder servicing fee, upfront selling commission or dealer manager fee with respect to the A-I Shares, A-II Shares, I Shares, I (Acc) Shares, P-I Shares, T-I Shares, F-I Shares, F-I (Acc) Shares or BD Shares.

The Dealer Manager anticipates that all or a portion of selling commissions and dealer manager fees will be reallowed to participating broker-dealers. The E Shares and V Shares will not incur any upfront selling costs or ongoing servicing costs.

For the three months ended June 30, 2026, Series I, Series II and the Company incurred annual distribution fees and shareholder servicing fees of $162, $472 and $634, respectively. For the six months ended June 30, 2026, Series I, Series II and the Company incurred annual distribution fees and shareholder servicing fees of $320, $903 and $1,223, respectively. For the three months ended June 30, 2025, Series I, Series II and the Company incurred annual distribution fees and shareholder servicing fees of $85, $181 and $266, respectively. For the six months ended June 30, 2025, Series I, Series II and the Company incurred annual distribution fees and shareholder servicing fees of $140, $267 and $407, respectively.

Restricted Stock Grants

The Company's board of directors approved the Apollo Asset Backed Credit Company LLC Restricted Share Plan for Independent Directors, pursuant to which, the Company's E Shares may be granted to independent directors. Effective September 3, 2024, the Company granted 5,930 shares with a grant date fair value of $150. Effective December 2, 2024, the Company granted 1,934 shares with a grant date fair value of $50. Effective September 2, 2025, the Company granted 7,950 shares with a grant date fair value of $200. As of June 30, 2026, only the shares granted in 2024 have vested, while the shares granted in 2025 remain unvested and no shares have been forfeited.

Investment Transactions

In connection with its investment activities, the Company may, from time to time, engage in certain transactions including purchases and sales from or with affiliates of the Operating Manager. For the three months ended June 30, 2026, the Company received $27,665 of sales proceeds and deployed $1,258 in purchase payments with affiliates of the Operating Manager. For the six months ended June 30, 2026, the Company received $97,555 of sales proceeds and deployed $1,258 in purchase payments with affiliates of the Operating Manager. For the three months ended June 30, 2025, the Company received $35,966 of sales proceeds and deployed $97,523 in purchase payments with affiliates of the Operating Manager. For the six months ended June 30, 2025, the Company received $35,966 of sales proceeds and deployed $179,649 in purchase payments with affiliates of the Operating Manager.

Capital Solutions Fees

Various affiliates of the Operating Manager are potentially involved in transactions with the Company’s investments in Asset-Backed Finance Assets, and whereby affiliates of the Operating Manager may earn fees in, including but not limited to, structuring, underwriting, arrangement, placement, syndication, advisory or similar services (collectively, “Capital Solution” services).

For the three months ended June 30, 2026, an aggregate of $551 of fees were paid by the Company’s Asset-Backed Finance Assets to affiliates of the Operating Manager for Capital Solution services, of which $427 is a Special Fee for the Company. For the six months ended June 30, 2026, an aggregate of $1,707 of fees were paid by the Company’s Asset-Backed Finance Assets to affiliates of the Operating Manager for Capital Solution services, of which $427 is a Special Fee for the Company. For the three months ended June 30, 2025, an aggregate of $503 of fees were paid by the Company’s Asset-Backed Finance Assets to affiliates of the Operating Manager for Capital Solution services, which has been excluded from Special Fees for Series I, Series II and the Company, respectively. For the six months ended June 30, 2025, an aggregate of $1,041 of fees were paid by the Company’s Asset-Backed Finance Assets to affiliates of the Operating Manager for Capital Solution services, which has been excluded from Special Fees for Series I, Series II and the Company, respectively.

Collateral Management Fees

Certain affiliates of the Operating Manager serve as collateral managers for certain wholly-owned subsidiaries of the Company. Collateral managers perform investment management functions including supervising and directing investments and performing administrative and advisory functions on behalf of the Company.

For the three months ended June 30, 2026, the Company paid $377 and €19 in collateral management fees to affiliates of the Operating Manager. For the six months ended June 30, 2026, the Company paid $776 and €111 in collateral management fees to affiliates of the Operating Manager. For the three months ended June 30, 2025, the Company paid $424 and €264 in collateral management fees to affiliates of the Operating Manager. For the six months ended June 30, 2025, the Company paid $554 and €264 in collateral management fees to affiliates of the Operating Manager.

Redding Ridge Holdings Fees

For the three months ended June 30, 2026, RRH made payments to affiliates of the Operating Manager of $178 relating to management and performance fees and $168 relating to credit research and administrative fees as a result of the Company’s investment. For the six months ended June 30, 2026, RRH made payments to affiliates of the Operating Manager of $277 relating to management and performance fees and $319 relating to credit research and administrative fees as a result of the Company’s investment.

Client Servicing Fees

In February 2025, the Company engaged Alchelyst Holdings LLC ("Alchelyst"), formerly know as Lyra Client Solutions Holdings, LLC ("Lyra"), an end-to-end client service platform affiliated with Apollo. Alchelyst provides administration, data management, trade operations, investor onboarding and servicing, technology and other similar services for institutional, global wealth, global family office and retail investors. During the three and six months ended June 30, 2026, the Company incurred $154 and $365 of expenses, respectively, for services provided by Alchelyst. During the three and six months ended June 30, 2025, the Company did not incur any expenses related to services provided by Alchelyst.

SHAREHOLDERS’ EQUITY

On September 22, 2023, the Company issued 40 V Shares for both Series I and Series II for aggregate consideration of $1 and $1, respectively, to an affiliate of Apollo.

The following table summarizes shareholder transactions in common shares during the three months ended June 30, 2026:


For the Three Months ended June 30, 2026
	Series I						Series II						Total
	Shares			Consideration Amount			Shares			Consideration Amount			Shares			Consideration Amount
A-I Shares:
Proceeds from issuance of shares	$	48,018		$	1,210		$	118,830		$	3,010		$	166,848		$	4,220
Shares issued under DRIP		-			-			488			12			488			12
Shares repurchased		(65,193	)		(1,643	)		(7,849	)		(199	)		(73,042	)		(1,842	)
Exchanges/Conversions		-			-			-			-			-			-
Net increase (decrease)	$	(17,175	)	$	(433	)	$	111,469		$	2,823		$	94,294		$	2,390

F-I Shares:
Proceeds from issuance of shares	$	86,389		$	2,190		$	309,568		$	7,894		$	395,957		$	10,084
Shares issued under DRIP		17,799			451			67,650			1,724			85,449			2,175
Shares repurchased		(42,954	)		(1,089	)		(58,636	)		(1,495	)		(101,590	)		(2,584	)
Exchanges/Conversions		(165,543	)		(4,194	)		164,541			4,194			(1,002	)		-
Net increase (decrease)	$	(104,309	)	$	(2,642	)	$	483,123		$	12,317		$	378,814		$	9,675

F-S Shares:
Proceeds from issuance of shares	$	-		$	-		$	-		$	-		$	-		$	-
Shares issued under DRIP		-			-			37			1			37			1
Shares repurchased		-			-			-			-			-			-
Exchanges/Conversions		-			-			-			-			-			-
Net increase (decrease)	$	-		$	-		$	37		$	1		$	37		$	1

P-I Shares:
Proceeds from issuance of shares	$	-		$	-		$	-		$	-		$	-		$	-
Shares issued under DRIP		272			7			212			6			484			13
Shares repurchased		-			-			-			-			-			-
Exchanges/Conversions		-			-			-			-			-			-
Net increase (decrease)	$	272		$	7		$	212		$	6		$	484		$	13

P-S Shares:
Proceeds from issuance of shares	$	-		$	-		$	1,493,432		$	38,238		$	1,493,432		$	38,238
Shares issued under DRIP		1,211			30			53,090			1,359			54,301			1,389
Shares repurchased		-			-			(313,747	)		(8,038	)		(313,747	)		(8,038	)
Exchanges/Conversions		-			-			-			-			-			-
Net increase (decrease)	$	1,211		$	30		$	1,232,775		$	31,559		$	1,233,986		$	31,589

E Shares:
Proceeds from issuance of shares	$	-		$	-		$	-		$	-		$	-		$	-
Shares issued under DRIP		87			2			3,305			83			3,392			85
Shares repurchased		-			-			(793	)		(20	)		(793	)		(20	)
Exchanges/Conversions		-			-			-			-			-			-
Net increase (decrease)	$	87		$	2		$	2,512		$	63		$	2,599		$	65


T-I Shares:
Proceeds from issuance of shares	$	93,360		$	2,387				$	511,959				$	13,220				$	605,319				$	15,607
Shares issued under DRIP		9,988			255					51,989					1,343					61,977					1,598
Shares repurchased		(12,520	)		(320	)				(411,811	)				(10,640	)				(424,331	)				(10,960	)
Exchanges/Conversions		-			-					-					-					-					-
Net increase (decrease)	$	90,828		$	2,322				$	152,137				$	3,923				$	242,965				$	6,245

T-S Shares:
Proceeds from issuance of shares	$	179,111		$	4,565				$	419,619				$	10,766				$	598,730				$	15,331
Shares issued under DRIP		15,692			400					51,685					1,326					67,377					1,726
Shares repurchased		(184,151	)		(4,698	)				(38,433	)				(986	)				(222,584	)				(5,684	)
Exchanges/Conversions		(5,834	)		(149	)				5,796					149					(38	)				-
Net increase (decrease)	$	4,818		$	118				$	438,667				$	11,255				$	443,485				$	11,373

I Shares:
Proceeds from issuance of shares	$	262,894		$	6,703				$	2,122,364				$	54,660				$	2,385,258				$	61,363
Shares issued under DRIP		4,089			104					94,053					2,422					98,142					2,526
Shares repurchased		-			-					(477,526	)				(12,301	)				(477,526	)				(12,301	)
Exchanges/Conversions		(10,705	)		(273	)				10,594					273					(111	)				-
Net increase (decrease)	$	256,278		$	6,534				$	1,749,485				$	45,054				$	2,005,763				$	51,588

S Shares:
Proceeds from issuance of shares	$	-		$	-				$	20,787				$	536				$	20,787				$	536
Shares issued under DRIP		-			-					49					1					49					1
Shares repurchased		-			-					-					-					-					-
Exchanges/Conversions		-			-					-					-					-					-
Net increase (decrease)	$	-		$	-				$	20,836				$	537				$	20,836				$	537

BD Shares:
Proceeds from issuance of shares	$	-		$	-				$	456,764				$	11,783				$	456,764				$	11,783
Shares issued under DRIP		-			-					69,755					1,799					69,755					1,799
Shares repurchased		-			-					(30,914	)				(798	)				(30,914	)				(798	)
Exchanges/Conversions		-			-					-					-					-					-
Net increase (decrease)	$	-		$	-				$	495,605				$	12,784				$	495,605				$	12,784

Total net increase (decrease)	$	232,010		$	5,938		$	-	$	4,686,858		$	-	$	120,322		$	-	$	4,918,868		$	-	$	126,260

The following table summarizes shareholder transactions in common shares during the six months ended June 30, 2026:


For the Six Months ended June 30, 2026
	Series I								Series II										Total
	Shares			Consideration Amount					Shares					Consideration Amount					Shares					Consideration Amount
A-I Shares:
Proceeds from issuance of shares	$	150,114		$	3,805				$	362,741				$	9,246				$	512,855				$	13,051
Shares issued under DRIP		-			-					880					22					880					22
Shares repurchased		(179,004	)		(4,537	)				(31,387	)				(801	)				(210,391	)				(5,338	)
Exchanges/Conversions		-			-					-					-					-					-
Net increase (decrease)	$	(28,890	)	$	(732	)			$	332,234				$	8,467				$	303,344				$	7,735

F-I Shares:
Proceeds from issuance of shares	$	164,428		$	4,182				$	1,338,950				$	34,330				$	1,503,378				$	38,512
Shares issued under DRIP		41,856			1,065					137,622					3,523					179,478					4,588
Shares repurchased		(58,163	)		(1,478	)				(722,776	)				(18,592	)				(780,939	)				(20,070	)
Exchanges/Conversions		(348,096	)		(8,840	)				345,740					8,840					(2,356	)				-
Net increase (decrease)	$	(199,975	)	$	(5,071	)			$	1,099,536				$	28,101				$	899,561				$	23,030

F-S Shares:
Proceeds from issuance of shares	$	-		$	-				$	-				$	-				$	-				$	-
Shares issued under DRIP		-			-					78					2					78					2
Shares repurchased		-			-					-					-					-					-
Exchanges/Conversions		-			-					-					-					-					-
Net increase (decrease)	$	-		$	-				$	78				$	2				$	78				$	2

P-I Shares:
Proceeds from issuance of shares	$	22,223		$	560				$	-				$	-				$	22,223				$	560
Shares issued under DRIP		470			12					448					12					918					24
Shares repurchased		-			-					-					-					-					-
Exchanges/Conversions		-			-					-					-					-					-
Net increase (decrease)	$	22,693		$	572				$	448				$	12				$	23,141				$	584

P-S Shares:
Proceeds from issuance of shares	$	5,587		$	140				$	1,924,818				$	49,361				$	1,930,405				$	49,501
Shares issued under DRIP		3,146			79					110,867					2,851					114,013					2,930
Shares repurchased		-			-					(472,004	)				(12,129	)				(472,004	)				(12,129	)
Exchanges/Conversions		162,428			4,084					(158,122	)				(4,084	)				4,306					-
Net increase (decrease)	$	171,161		$	4,303				$	1,405,559				$	35,999				$	1,576,720				$	40,302

E Shares:
Proceeds from issuance of shares	$	-		$	-				$	11,705				$	295				$	11,705				$	295
Shares issued under DRIP		181			5					6,595					166					6,776					171
Shares repurchased		-			-					(1,191	)				(30	)				(1,191	)				(30	)
Exchanges/Conversions		-			-					-					-					-					-
Net increase (decrease)	$	181		$	5				$	17,109				$	431				$	17,290				$	436

T-I Shares:
Proceeds from issuance of shares	$	184,734		$	4,739				$	942,207				$	24,422				$	1,126,941				$	29,161
Shares issued under DRIP		19,897			510					104,589					2,712					124,486					3,222
Shares repurchased		(12,520	)		(320	)				(479,941	)				(12,416	)				(492,461	)				(12,736	)
Exchanges/Conversions		(931,544	)		(23,989	)				920,923					23,989					(10,621	)				-
Net increase (decrease)	$	(739,433	)	$	(19,060	)			$	1,487,778				$	38,707				$	748,345				$	19,647

T-S Shares:
Proceeds from issuance of shares	$	454,648		$	11,648				$	1,115,972				$	28,780				$	1,570,620				$	40,428
Shares issued under DRIP		33,049			846					102,630					2,644					135,679					3,490
Shares repurchased		(190,203	)		(4,854	)				(116,916	)				(3,020	)				(307,119	)				(7,874	)
Exchanges/Conversions		(46,762	)		(1,200	)				5,796					148					(40,966	)				(1,052	)
Net increase (decrease)	$	250,732		$	6,440				$	1,107,482				$	28,552				$	1,358,214				$	34,992

I Shares:
Proceeds from issuance of shares	$	658,580		$	16,866				$	6,574,035				$	170,117				$	7,232,615				$	186,983
Shares issued under DRIP		5,711			146					155,131					4,006					160,842					4,152
Shares repurchased		-			-					(493,086	)				(12,704	)				(493,086	)				(12,704	)
Exchanges/Conversions		30,233			779					10,594					273					40,827					1,052
Net increase (decrease)	$	694,524		$	17,791				$	6,246,674				$	161,692				$	6,941,198				$	179,483

S Shares:
Proceeds from issuance of shares	$	-		$	-				$	20,787				$	536				$	20,787				$	536
Shares issued under DRIP		-			-					49					1					49					1
Shares repurchased		-			-					-					-					-					-
Exchanges/Conversions		-			-					-					-					-					-
Net increase (decrease)	$	-		$	-				$	20,836				$	537				$	20,836				$	537

BD Shares:
Proceeds from issuance of shares	$	-		$	-				$	1,738,414				$	45,116				$	1,738,414				$	45,116
Shares issued under DRIP		-			-					125,068					3,236					125,068					3,236
Shares repurchased		-			-					(30,914	)				(798	)				(30,914	)				(798	)
Exchanges/Conversions		-			-					-					-					-					-
Net increase (decrease)	$	-		$	-				$	1,832,568				$	47,554				$	1,832,568				$	47,554

Total net increase (decrease)	$	170,993		$	4,248		$	-	$	13,550,302		$	-	$	350,054		$	-	$	13,721,295		$	-	$	354,302

The following table summarizes shareholder transactions in common shares during the three months ended June 30, 2025:


For the Three Months ended June 30, 2025
	Series I						Series II				Total
	Shares			Consideration Amount			Shares		Consideration Amount		Shares			Consideration Amount
A-I Shares:
Proceeds from issuance of shares		341,509			8,670			466,965		11,930		808,474			20,600
Shares issued under DRIP		-			-			216		5		216			5
Shares repurchased or exchanged		(3,945	)		(100	)		-		-		(3,945	)		(100	)

Net increase (decrease)		337,564			8,570			467,181		11,935		804,745			20,505

F-I Shares:
Proceeds from issuance of shares		843,128			21,527			2,487,400		63,981		3,330,528			85,507
Shares issued under DRIP		5,747			146			8,746		224		14,493			371
Shares repurchased or exchanged		(39,714	)		(1,012	)		-		-		(39,714	)		(1,012	)

Net increase (decrease)		809,161			20,661			2,496,146		64,205		3,305,307			84,866

F-S Shares:
Proceeds from issuance of shares	$	-		$	-		$	-	$	-	$	-		$	-
Shares issued under DRIP		-			-			-		-		-			-
Shares repurchased or exchanged		-			-			-		-		-			-

Net increase (decrease)	$	-		$	-		$	-	$	-	$	-		$	-

P-I Shares:
Proceeds from issuance of shares		-			-			38,238		1,000		38,238			1,000
Shares issued under DRIP		-			-			74		2		74			2
Shares repurchased or exchanged		-			-			-		-		-			-

Net increase (decrease)		-			-			38,312		1,002		38,312			1,002

P-S Shares:
Proceeds from issuance of shares		165,332			4,160			1,064,897		27,510		1,230,229			31,670
Shares issued under DRIP		-			-			22,640		584		22,640			584
Shares repurchased or exchanged		-			-			-		-		-			-

Net increase (decrease)		165,332			4,160			1,087,537		28,094		1,252,869			32,254

E Shares:
Proceeds from issuance of shares		96			2			6,039		152		6,135			154
Shares issued under DRIP		76			2			2,325		59		2,401			61
Shares repurchased or exchanged		-			-			-		-		-			-

Net increase (decrease)		172			4			8,364		211		8,536			215

T-I Shares:
Proceeds from issuance of shares		602,919			15,530			1,364,919		35,538		1,967,838			51,068
Shares issued under DRIP		10,269			264			8,807		228		19,076			492
Shares repurchased or exchanged		(4,460	)		(115	)		-		-		(4,460	)		(115	)

Net increase (decrease)		608,728			15,679			1,373,726		35,766		1,982,454			51,445

T-S Shares:
Proceeds from issuance of shares		624,815			16,092			1,450,410		37,568		2,075,225			53,660
Shares issued under DRIP		6,835			176			10,361		268		17,196			444
Shares repurchased or exchanged		(112,189	)		(2,893	)		-		-		(112,189	)		(2,893	)

Net increase (decrease)		519,461			13,375			1,460,771		37,836		1,980,232			51,211

I Shares:
Proceeds from issuance of shares		-			-			102,311		2,642		102,311			2,642
Shares issued under DRIP		-			-			-		-		-			-
Shares repurchased or exchanged		-			-			-		-		-			-

Net increase (decrease)		-			-			102,311		2,642		102,311			2,642

S Shares:
Proceeds from issuance of shares		-			-			-		-		-			-
Shares issued under DRIP		-			-			-		-		-			-
Shares repurchased or exchanged		-			-			-		-		-			-

Net increase (decrease)		-			-			-		-		-			-

BD Shares:
Proceeds from issuance of shares		-			-			122,331		3,163		122,331			3,163
Shares issued under DRIP		-			-			-		-		-			-
Shares repurchased or exchanged		-			-			-		-		-			-

Net increase (decrease)		-			-			122,331		3,163		122,331			3,163

Total net increase (decrease)		2,440,418			62,449			7,156,679		184,854		9,597,097			247,303

The following table summarizes shareholder transactions in common shares during the six months ended June 30, 2025:


For the Six Months ended June 30, 2025
	Series I						Series II						Total
	Shares			Consideration Amount			Shares			Consideration Amount			Shares			Consideration Amount
A-I Shares:
Proceeds from issuance of shares	$	727,761		$	18,435		$	1,100,971		$	28,087		$	1,828,732		$	46,522
Shares issued under DRIP		-			-			483			12			483			12
Shares repurchased or exchanged		(3,945	)		(100	)		(19,818	)		(499	)		(23,763	)		(599	)

Net increase (decrease)	$	723,816		$	18,335		$	1,081,636		$	27,600		$	1,805,452		$	45,936

F-I Shares:
Proceeds from issuance of shares	$	1,211,140		$	30,943		$	4,390,303		$	112,560		$	5,601,443		$	143,503
Shares issued under DRIP		9,931			252			13,059			333			22,990			585
Shares repurchased or exchanged		(173,364	)		(4,396	)		-			-			(173,364	)		(4,396	)

Net increase (decrease)	$	1,047,707		$	26,799		$	4,403,362		$	112,893		$	5,451,069		$	139,692

F-S Shares:
Proceeds from issuance of shares	$	-		$	-		$	-		$	-		$	-		$	-
Shares issued under DRIP		-			-			-			-			-			-
Shares repurchased or exchanged		-			-			-			-			-			-

Net increase (decrease)	$	-		$	-		$	-		$	-		$	-		$	-

P-I Shares:
Proceeds from issuance of shares	$	-		$	-		$	49,032		$	1,280		$	49,032		$	1,280
Shares issued under DRIP		-			-			88			2			88			2
Shares repurchased or exchanged		-			-			-			-			-			-

Net increase (decrease)	$	-		$	-		$	49,120		$	1,282		$	49,120		$	1,282

P-S Shares:
Proceeds from issuance of shares	$	165,332		$	4,160		$	2,895,995		$	74,482		$	3,061,327		$	78,642
Shares issued under DRIP		-			-			29,740			765			29,740			765
Shares repurchased or exchanged		-			-			-			-			-			-

Net increase (decrease)	$	165,332		$	4,160		$	2,925,735		$	75,247		$	3,091,067		$	79,407

E Shares:
Proceeds from issuance of shares	$	2,136		$	54		$	20,271		$	510		$	22,407		$	564
Shares issued under DRIP		100			3			6,989			175			7,089			178
Shares repurchased or exchanged		(1,359	)		(35	)		-			-			(1,359	)		(35	)

Net increase (decrease)	$	877		$	22		$	27,260		$	685		$	28,137		$	707

T-I Shares:
Proceeds from issuance of shares	$	956,997		$	24,666		$	2,025,608		$	52,603		$	2,982,605		$	77,269
Shares issued under DRIP		14,454			371			11,230			290			25,684			661
Shares repurchased or exchanged		(12,288	)		(316	)		(1,943	)		(50	)		(14,231	)		(366	)

Net increase (decrease)	$	959,163		$	24,721		$	2,034,895		$	52,843		$	2,994,058		$	77,564

T-S Shares:
Proceeds from issuance of shares	$	1,368,788		$	35,191		$	3,559,737		$	91,820		$	4,928,525		$	127,011
Shares issued under DRIP		9,493			243			11,873			306			21,366			549
Shares repurchased or exchanged		(312,230	)		(8,007	)		(985	)		(25	)		(313,215	)		(8,032	)

Net increase (decrease)	$	1,066,051		$	27,427		$	3,570,625		$	92,101		$	4,636,676		$	119,528

I Shares:
Proceeds from issuance of shares	$	-		$	-		$	102,311		$	2,642		$	102,311		$	2,642
Shares issued under DRIP		-			-			-			-			-			-
Shares repurchased or exchanged		-			-			-			-			-			-

Net increase (decrease)	$	-		$	-		$	102,311		$	2,642		$	102,311		$	2,642

S Shares:
Proceeds from issuance of shares	$	-		$	-		$	-		$	-		$	-		$	-
Shares issued under DRIP		-			-			-			-			-			-
Shares repurchased or exchanged		-			-			-			-			-			-

Net increase (decrease)	$	-		$	-		$	-		$	-		$	-		$	-

BD Shares:
Proceeds from issuance of shares	$	-		$	-		$	122,331		$	3,163		$	122,331		$	3,163
Shares issued under DRIP		-			-			-			-			-			-
Shares repurchased or exchanged		-			-			-			-			-			-

Net increase (decrease)	$	-		$	-		$	122,331		$	3,163		$	122,331		$	3,163

Total net increase (decrease)	$	3,962,946		$	101,464		$	14,317,275		$	368,456		$	18,280,221		$	469,920

Distribution Reinvestment Plan

The Company adopted a distribution reinvestment plan (the “DRIP”), in which cash distributions to shareholders will automatically be reinvested in additional whole and fractional shares attributable to the type of Shares that a shareholder owns unless and until an election is made on behalf of such participating shareholder to withdraw from the DRIP and receive distributions in cash. The number of Shares to be received when distributions are reinvested will be determined by dividing the amount of the distribution, net of any applicable withholding taxes, by the Series’ NAV per share as of the end of the prior month. Shares will be distributed in proportion to the Series and types of Shares held by the shareholder under the DRIP. There will be no sales load charges on Shares issued to a shareholder under the DRIP. The shares issued under DRIP are summarized in the shareholders’ equity tables above.

Distributions

The Company will seek to declare, accrue and pay monthly distributions. However, there is no guarantee that Series I or Series II will pay monthly distributions consistently and at a specific rate, or at all. For the three months ended June 30, 2026, distributions of $3,597, $24,568 and $28,165 were declared by Series I, Series II and the Company, respectively. For the six months ended June 30, 2026, distributions of $7,537, $47,653 and $55,190 were declared by Series I, Series II and the Company, respectively. For the three months ended June 30, 2025, distributions of $2,814, $9,448 and $12,262 were declared by Series I, Series II and the Company, respectively. For the six months ended June 30, 2025, distributions of $4,012, $13,543 and $17,555 were declared by Series I, Series II and the Company, respectively. The distributions were paid in cash or reinvested in the shares of the Company for shareholders participating in the DRIP. Please refer to the shareholder transactions table above for Shares issued under DRIP for the three and six months ended June 30, 2026 and June 30, 2025.

The following tables reflect the aggregate distributions declared for each applicable share type of the Company for the three and six months ended June 30, 2026:


For the Three Months ended June 30, 2026
	Series I		Series II		Total
	Distributions declared		Distributions declared		Distributions declared
A-I Shares:	$	507	$	1,341	$	1,848
F-I Shares:		1,410		6,872		8,282
F-S Shares:		-		1		1
P-I Shares:		7		21		28
P-S Shares:		102		2,753		2,855
E Shares:		2		1,067		1,069
T-I Shares:		578		2,324		2,902
T-S Shares:		741		2,232		2,973
I Shares:		250		4,718		4,968
S Shares:		-		4		4
BD Shares:		-		3,235		3,235
Total Distributions Declared:	$	3,597	$	24,568	$	28,165


For the six Months ended June 30, 2026
	Series I		Series II		Total
	Distributions declared		Distributions declared		Distributions declared
A-I Shares:	$	1,084	$	2,670	$	3,754
F-I Shares:		3,032		13,770		16,802
F-S Shares:		-		2		2
P-I Shares:		14		43		57
P-S Shares:		191		5,357		5,548
E Shares:		5		2,157		2,162
T-I Shares:		1,262		4,529		5,791
T-S Shares:		1,531		4,402		5,933
I Shares:		418		8,437		8,855
S Shares:		-		4		4
BD Shares:		-		6,282		6,282
Total Distributions Declared:	$	7,537	$	47,653	$	55,190

The following tables reflect the aggregate distributions declared for each applicable share type of the Company for the three months ended June 30, 2025:


For the Three Months ended June 30, 2025
	Series I		Series II		Total
	Distributions declared		Distributions declared		Distributions declared
A-I Shares:	$	503	$	960	$	1,463
F-I Shares:		760		2,581		3,341
F-S Shares:		-		-		-
P-I Shares:		-		12		12
P-S Shares:	75		2260			2,335
E Shares:		3		1,185		1,188
T-I Shares:		837		901		1,738
T-S Shares:	636			1,518		2,154
I Shares:		-		13		13
S Shares:		-		-		-
BD Shares:		-		18		18
Total Distributions Declared:	$	2,814	$	9,448	$	12,262


For the six months ended June 30, 2025
	Series I		Series II		Total
	Distributions declared		Distributions declared		Distributions declared
A-I Shares:	$	765	$	1,399	$	2,164
F-I Shares:		1,055		3,631		4,686
F-S Shares:		-		-		-
P-I Shares:		-		14		14
P-S Shares:	76		3270			3,346
E Shares:		5		2,029		2,034
T-I Shares:		1,193		1,159		2,352
T-S Shares:	918			2,010		2,928
I Shares:		-		13		13
S Shares:		-		-		-
BD Shares:		-		18		18
Total Distributions Declared:		4,012		13,543		17,555

Share Repurchases

The Company offers a share repurchase plan (“Repurchase Plan”) pursuant to which, on a quarterly basis, shareholders may request that we repurchase all or any portion of their Shares. The Company may repurchase fewer Shares than have been requested in any particular quarter to be repurchased under our Repurchase Plan, or none at all, in our discretion at any time. We expect that each Series will conduct quarterly Share repurchases (each, a “Share Repurchase”) for up to 5.0% of the aggregate NAV of our outstanding Investor Shares and E Shares of each Series (measured across both Series using the average aggregate NAV across both Series as of the end of the immediately preceding three months). Generally, the price at which we make repurchases of our Shares will equal the NAV per Share of each applicable Share type of each applicable Series (“NAV per Share”) as of the last calendar day of the applicable, immediately preceding quarter.

COMMITMENTS AND CONTINGENCIES

In the normal course of business, the Company’s investment activities involve executions, settlement and financing of various transactions resulting in receivables from, and payables to, brokers, dealers and other counterparties. These activities may expose the Company to risk in the event that such parties are unable to fulfill contractual obligations. The Operating Manager does not anticipate any material losses from counterparties with whom it conducts business. Consistent with standard business practice, the Company enters into contracts that contain a variety of indemnifications, and may be engaged from time to time in various legal actions. The maximum exposure of the Company under these arrangements and activities is unknown. However, the Company expects the risk of material loss to be remote.

From time to time, the Operating Manager and its affiliates may commit to an investment on behalf of the entities it manages, including the Company. Certain terms of these investments are not finalized at the time of the commitment and each respective entity’s allocation may change prior to the date of funding. In this regard, the Company may have to fund additional commitments in the future that it is currently not obligated to but may be at a future point in time.

From time to time, the Company may be involved in various claims and legal actions arising in the ordinary course of business. As of June 30, 2026, the Company was not subject to any material litigation nor was the Company aware of any material litigation threatened against it.

As of June 30, 2026, Series I, Series II and the Company had unfunded commitments on Asset-Backed Finance Assets amounting to $24,638, $128,714 and $153,352, respectively, and €688, €3,592 and €4,280, respectively.

As of December 31, 2025, Series I, Series II and the Company had unfunded commitments on Asset-Backed Finance Assets amounting to $33,321, $138,598 and $171,919, respectively, and €-, €- and €-, respectively.

INDEMNIFICATIONS

Under the Company’s Limited Liability Company Agreement, (as amended, restated or supplemented, the “LLC Agreement”), and organizational documents, the members of the Board, the Operating Manager, Apollo, and their respective affiliates, directors, officers, representatives, agents and employees are indemnified against all liabilities unless these persons’ actions constitute actual fraud or willful misconduct. In the normal course of business, the Company enters into contracts that contain a variety of representations and that provide general indemnifications. The Company’s maximum liability exposure under these arrangements is unknown, as future claims that have not yet occurred may be made against the Company.

10.

ADMINISTRATION FEES AND OTHER AGREEMENTS WITH AFFILIATES

Company Administration Fees

The Company has entered into an administration agreement with State Street Bank and Trust Company (the “Administrator”), pursuant to which the Administrator maintains the Company’s official books and records and provides accounting services and audit support. The Administrator receives customary fees from the Company for such services. The Administrator is also reimbursed by the Company for certain out of pocket expenses.

Transfer Agency Fees

SS&C GIDS, Inc. (formerly known as DST Systems, Inc.) serves as transfer, distribution fees and shareholder servicing agent for the Company and receives customary fees from the Company for such services.

Custody Fees and Expenses

State Street Bank and Trust Company serves as the Company’s custodian and receives customary fees from the Company for such services.

11.

FINANCIAL HIGHLIGHTS

The following are the financial highlights for the six months ended June 30, 2026:


For the Six Months ended June 30, 2026
Series I
(in thousands)
	A-I Shares			F-I Shares			F-S Shares			P-I Shares			P-S Shares			E Shares			TI Shares			TS Shares			I Shares			S Shares
Per Share Data:
Net asset value at beginning of period	$	25.43		$	25.57		$	25.63		$	25.20		$	25.19		$	25.78		$	25.79		$	25.74		$	25.73		$	25.75
Distributions declared(1)		(0.65	)		(0.64	)		(0.54	)		(0.62	)		(0.59	)		(0.76	)		(0.64	)		(0.53	)		(0.63	)		(0.53	)
Net investment income(2)		0.61			0.60			0.61			0.58			0.55			0.71			0.59			0.48			0.56			0.59
Net realized and unrealized gain/(loss)(3)		(0.28	)		(0.27	)		(0.28	)		(0.28	)		(0.28	)		(0.27	)		(0.26	)		(0.28	)		(0.25	)		(0.27	)
Net increase (decrease) in net assets resulting from operations		0.33			0.33			0.33			0.30			0.27			0.44			0.33			0.20			0.31			0.32
Net asset value at end of period	$	25.11		$	25.26		$	25.42		$	24.88		$	24.87		$	25.46		$	25.48		$	25.41		$	25.41		$	25.54
Shares outstanding at end of period		1,630,670			4,631,264			110			22,803			354,790			6,186			1,882,048			2,913,556			899,167			110
Weighted average shares outstanding		1,663,841			4,742,059			110			22,571			324,780			6,112			1,969,493			2,882,041			671,399			110

Ratio/Supplemental Data:
Net assets at end of period	$	40,949		$	116,997		$	3		$	567		$	8,823		$	157		$	47,952		$	74,048		$	22,849		$	3
Annualized ratio to average net assets(4)(5)
Total expenses before expense support and after performance fees		1.24	%		1.26	%		1.26	%		1.33	%		1.58	%		0.87	%		1.34	%		2.17	%		1.33	%		1.33	%
Total expenses after expense support and after performance fees		1.21	%		1.23	%		1.23	%		1.30	%		1.56	%		0.84	%		1.30	%		2.15	%		1.32	%		1.30	%
Total expenses after expense support and before performance fees		1.21	%		1.23	%		1.23	%		1.30	%		1.56	%		0.84	%		1.30	%		2.15	%		1.32	%		1.30	%
Net investment income(5)(6)		5.62	%		5.60	%		5.58	%		5.50	%		5.26	%		5.97	%		5.51	%		4.68	%		5.32	%		5.51	%
Total return(7)		1.34	%		1.32	%		1.32	%		1.24	%		1.10	%		1.71	%		1.27	%		0.82	%		1.23	%		1.25	%

The financial highlights exclude Series I and II V Shares, which are non-economic and do not represent returns for investors in the economic share classes.

(1)

The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transaction (refer to Note 7).

(2)

The per share data was derived by using the weighted average shares outstanding during the applicable period.

(3)

The amount shown at this caption is the balancing amount derived from the other figures in the table. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in investments for the period because of the timing of sales of Company’s shares in relation to fluctuating market value for the portfolio.

(4)

Actual results may not be indicative of future results. Additionally, an individual shareholder's ratio may vary from the ratios presented for a share class as a whole. For the applicable period, operating expenses are annualized except for organizational expenses, management fees and performance fees.

(5)

The ratios were derived using the simple average net assets during the applicable period.

(6)

For the applicable period, interest income and operating expenses are annualized except for organizational expenses, management fees and performance fees.

(7)

The total return is calculated for each share class as the change in the net asset value for such share class during the period plus any distributions per share declared in the period, and assumes any distributions are reinvested in accordance with our distribution reinvestment plan. Amounts are not annualized and are not representative of total return as calculated for purposes of the Performance Fees as described in Note 6. The Company, Series I and Series II’s performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results. Investment performance is presented without regard to sales load that may be incurred by Shareholders in the purchase of the Company, Series I and Series II’s shares.


For the Six Months ended June 30, 2026
Series II
(in thousands)
	A-I Shares			F-I Shares			F-S Shares			P-I Shares			P-S Shares			E Shares			TI Shares			TS Shares			I Shares			S Shares			BD Shares
Per Share Data:
Net asset value at beginning of period	$	25.57		$	25.74		$	25.69		$	26.20		$	25.85		$	25.29		$	26.07		$	25.90		$	25.99		$	25.98		$	26.03
Proceeds from issuance of shares		-			-			-			-			-			-			-			-			-			-			-
Distributions declared(1)		(0.85	)		(0.84	)		(0.73	)		(0.81	)		(0.77	)		(0.98	)		(0.81	)		(0.70	)		(0.80	)		(0.71	)		(0.80	)
Net investment income(2)		0.70			0.70			0.60			0.70			0.63			0.79			0.69			0.57			0.66			0.09			0.68
Net realized and unrealized gain/(loss)(3)		(0.27	)		(0.26	)		(0.28	)		(0.27	)		(0.25	)		(0.27	)		(0.27	)		(0.26	)		(0.24	)		0.29			(0.27	)
Net increase (decrease) in net assets resulting from operations		0.43			0.44			0.32			0.43			0.38			0.52			0.42			0.31			0.42			0.38			0.41
Net asset value at end of period	$	25.15		$	25.34		$	25.28		$	25.82		$	25.46		$	24.83		$	25.68		$	25.51		$	25.61		$	25.65		$	25.64
Shares outstanding at end of period		3,193,828			16,922,538			2,808			53,103			7,945,447			2,199,350			5,925,375			6,639,073			12,660,159			20,946			8,300,906
Weighted average shares outstanding		3,126,054			16,468,294			2,776			52,920			6,951,980			2,194,137			5,628,543			6,264,552			10,626,037			5,406			7,835,104

Ratio/Supplemental Data:
Net assets at end of period	$	80,333		$	428,782		$	71		$	1,371		$	202,300		$	54,616		$	152,149		$	169,347		$	324,164		$	537		$	212,868
Annualized ratio to average net assets(4)(5)
Total expenses before expense support and after performance fees		1.19	%		1.21	%		2.02	%		1.28	%		1.53	%		0.82	%		1.28	%		2.12	%		1.27	%		2.18	%		1.28	%
Total expenses after expense support and after performance fees		1.16	%		1.18	%		1.99	%		1.25	%		1.51	%		0.79	%		1.25	%		2.10	%		1.26	%		2.18	%		1.25	%
Total expenses after expense support and before performance fees		1.16	%		1.18	%		1.99	%		1.25	%		1.51	%		0.79	%		1.25	%		2.10	%		1.26	%		2.18	%		1.25	%
Net investment income(5)(6)		5.99	%		5.96	%		5.16	%		5.91	%		5.53	%		6.37	%		5.88	%		5.02	%		5.74	%		2.11	%		5.86	%
Total return(7)		1.72	%		1.70	%		1.29	%		1.63	%		1.51	%		2.10	%		1.62	%		1.20	%		1.62	%		1.43	%		1.62	%

The financial highlights exclude Series I and II V Shares, which are non-economic and do not represent returns for investors in the economic share classes.

(1)

The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transaction (refer to Note 7).

(2)

The per share data was derived by using the weighted average shares outstanding during the applicable period.

(3)

(4)

(5)

The ratios were derived using the simple average net assets during the applicable period.

(6)

For the applicable period, interest income and operating expenses are annualized except for organizational expenses, management fees and performance fees.

(7)

The following are the financial highlights for the six months ended June 30, 2025:


For the Six Months ended June 30, 2025
Series I
(in thousands)
	F-I Shares			F-S Shares			A-I Shares			E Shares			P-I Shares			P-S Shares			TI Shares			TS Shares
Per Share Data:
Net asset value at beginning of period	$	25.30		$	25.41		$	25.14		$	25.52		$	25.03		$	25.03		$	25.56		$	25.52
Proceeds from issuance of shares		-			-			-			-			-			-			-			-
Distributions declared(1)		(0.61	)		(0.71	)		(0.63	)		(0.86	)		(0.77	)		(0.77	)		(0.72	)		(0.61	)
Net investment income(2)		0.37			0.34			0.38			0.55			0.41			0.55			0.45			0.34
Net realized and unrealized gain/(loss)(3)		0.40			0.45			0.42			0.43			0.43			0.29			0.40			0.41
Net increase (decrease) in net assets resulting from operations		0.77			0.79			0.80			0.98			0.84			0.84			0.85			0.75
Net asset value at end of period	$	25.46		$	25.49		$	25.31		$	25.64		$	25.10		$	25.10		$	25.69		$	25.66
Shares outstanding at end of period		2,045,164			110			1,345,764			5,657			110			165,442			1,879,619			1,711,875
Weighted average shares outstanding		1,432,018			110			1,060,522			5,444			110			82,776			1,472,900			1,285,097

Ratio/Supplemental Data:
Net assets at end of period	$	52,076		$	3		$	34,066		$	145		$	3		$	4,153		$	48,295		$	43,931
Annualized ratio to average net assets(4)(5)
Total expenses before expense support and after performance fees		3.12	%		3.08	%		2.99	%		2.35	%		2.79	%		2.70	%		2.80	%		3.67	%
Total expenses after expense support and after performance fees		1.85	%		1.83	%		1.72	%		1.10	%		1.55	%		1.58	%		1.55	%		2.40	%
Total expenses after expense support and before performance fees		1.55	%		1.53	%		1.52	%		1.10	%		1.10	%		1.20	%		1.13	%		1.97	%
Net investment income(5)(6)		4.23	%		4.05	%		4.26	%		4.85	%		4.34	%		5.01	%		4.52	%		3.65	%
Total return(7)		3.08	%		3.09	%		3.21	%		3.83	%		3.38	%		3.38	%		3.38	%		2.95	%

The financial highlights exclude Series I and II V Shares, which are non-economic and do not represent returns for investors in the economic share classes.

(1)

The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transaction (refer to Note 7).

(2)

The per share data was derived by using the weighted average shares outstanding during the applicable period.

(3)

(4)

(5)

The ratios were derived using the simple average net assets during the applicable period.

(6)

For the applicable period, interest income and operating expenses are annualized except for organizational expenses, management fees and performance fees.

(7)

Investment performance is presented without regard to sales load that may be incurred by Shareholders in the purchase of the Company, Series I and Series II’s shares.


For the Six Months ended June 30, 2025
Series II
(in thousands)
	F-I Shares			F-S Shares			A-I Shares			E Shares			P-I Shares			P-S Shares			TI Shares			TS Shares			I Shares			BD Shares
Per Share Data:
Net asset value at beginning of period	$	25.32		$	25.44		$	25.20		$	24.99		$	25.47		$	25.48		$	25.53		$	25.49		$	-		$	-
Proceeds from issuance of shares		-			-			-			-			-			-			-			-			25.82			25.86
Distributions declared(1)		(0.64	)		(0.77	)		(0.71	)		(0.94	)		(0.39	)		(0.78	)		(0.61	)		(0.61	)		(0.13	)		(0.15	)
Net investment income(2)		0.54			0.52			0.57			0.70			0.69			0.61			0.64			0.53			0.28			0.11
Net realized and unrealized gain/(loss)(3)		0.40			0.41			0.39			0.42			0.34			0.42			0.38			0.39			(0.10	)		0.08
Net increase (decrease) in net assets resulting from operations		0.94			0.93			0.96			1.12			1.03			1.03			1.02			0.92			0.18			0.19
Net asset value at end of period	$	25.62		$	25.60		$	25.45		$	25.17		$	26.11		$	25.73		$	25.94		$	25.80		$	25.87		$	25.90
Shares outstanding at end of period		6,653,614			110			2,123,856			2,171,565			51,176			4,605,260			2,433,869			3,819,432			102,311			122,331
Weighted average shares outstanding		4,538,408			110			1,697,546			2,164,233			15,677			3,723,712			1,283,929			2,446,644			34,349			122,331

Ratio/Supplemental Data:
Net assets at end of period	$	170,488		$	3		$	54,054		$	54,650		$	1,336		$	118,488		$	63,145		$	98,536		$	2,647		$	3,169
Annualized ratio to average net assets(4)(5)
Total expenses before expense support and after performance fees		3.05	%		2.97	%		2.89	%		2.24	%		3.10	%		2.71	%		2.82	%		3.61	%		3.53	%		3.12	%
Total expenses after expense support and after performance fees		1.75	%		1.73	%		1.62	%		0.99	%		1.46	%		1.46	%		1.46	%		2.31	%		1.47	%		1.07	%
Total expenses after expense support and before performance fees		1.45	%		1.42	%		1.43	%		0.99	%		1.04	%		1.03	%		1.04	%		1.89	%		1.25	%		0.99	%
Net investment income(5)(6)		4.96	%		4.83	%		5.08	%		5.55	%		5.62	%		5.22	%		5.36	%		4.54	%		5.52	%		5.88	%
Total return(7)		3.73	%		3.73	%		3.86	%		4.48	%		4.03	%		4.03	%		4.04	%		3.59	%		1.44	%		0.75	%

The financial highlights exclude Series I and II V Shares, which are non-economic and do not represent returns for investors in the economic share classes.

(1)

The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transaction (refer to Note 7).

(2)

The per share data was derived by using the weighted average shares outstanding during the applicable period.

(3)

(4)

(5)

The ratios were derived using the simple average net assets during the applicable period.

(6)

For the applicable period, interest income and operating expenses are annualized except for organizational expenses, management fees and performance fees.

(7)

12.

SEGMENT REPORTING

Series I, Series II and the Company operate as one operating segment and one reporting unit, investment management. Series I, Series II and the Company’s CODM is the President, who reviews financial information including segment expenses presented on a consolidated basis. Series I, Series II and the Company generate revenues from interest income, net realized gains or losses and net

change in unrealized appreciation or depreciation of Asset Backed Finance Assets. The CODM uses net increase (decrease) in net assets resulting from operations within the Consolidated Statements of Operations to assess financial performance and make key strategic decisions, such as identifying attractive Asset Backed Finance Assets to invest in. Segment expenses are disclosed in the Consolidated Statements of Operations and segment assets are disclosed in the Consolidated Statement of Assets and Liabilities.

13.

SUBSEQUENT EVENTS

Management has evaluated subsequent events and determined to disclose the following subsequent events and transactions.

July Financial Update

As of July 1, 2026, the Company issued and sold the following unregistered shares of the Company (with the final number of shares being determined on July 24, 2026) to third party investors for cash (unless otherwise noted):


	Series I				Series II
Type	Number of Shares Sold		Aggregate Consideration		Number of Shares Sold			Aggregate Consideration
A-I Shares		-		-		-			-
F-I Shares		49,481		1,250,000		318,822	(1)		8,078,292
F-S Shares		-		-		-			-
P-I Shares		-		-		-			-
P-S Shares		3,217		80,000		617,606			15,725,000
E Shares		-		-		-			-
T-I Shares		8,061		205,376		118,383			3,039,788
T-S Shares		26,323		669,000		59,492			1,517,500
I Shares		18,535		471,000		681,867	(2)		17,459,206
S Shares		4,894		125,000		975			25,000
BD Shares		-		-		28,518			731,325
I (Acc) Shares		-		-		-			-
F-I (Acc) Shares		-		-		-			-

(1) Includes an aggregate of 76,695 shares that were exchanged from 76,924 of Series I F-I Shares.

(2) Includes an aggregate of 37,828 shares that were exchanged from 38,117 of Series I I Shares.

August Financial Update

On August 10, 2026, the Company repurchased Shares in the following amounts:


Total Number of Shares Repurchased		Average Price Paid per Share		Percentage of Aggregate NAV Repurchased	Total Number of Shares Repurchased as Part of Publicly Announced Plans or Programs		Maximum Number (or approximate Dollar Value) of Shares that May yet Be Purchased Under the Plans or Programs
	1,955,066	$	25.52	2.62%	$	1,955,066	$	-

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q and the Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the "Annual Report"). In addition to historical data, this discussion contains forward-looking statements about our business, operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Our actual results may differ materially from those in this discussion as a result of various factors, including but not limited to those discussed in “Item 1A. Risk Factors” in our Annual Report.

Overview

The Company was formed as a Delaware limited liability company on September 22, 2023. The Company commenced operations on May 3, 2024 and was formed to acquire, control and manage Asset-Backed Finance Assets globally. The Company formed separate Series pursuant to the LLC Act, and although the IRS has only issued proposed regulations relating to series entities, each Series is intended to be treated as a separate entity for U.S. federal income tax purposes. Although the Series are separate legal entities, they are expected to invest, directly or indirectly, in the same Asset-Backed Finance Assets on a pro rata basis, with equal voting rights with respect thereto. While it is the Company’s intention that the Series’ will generally hold pro rata economic interests in each Asset-Backed Finance Asset, such economic interests may not be pro rata in all instances. The Company expects that deviations from this pro rata holding intention would be a result of cash flows into the Series and different tax obligations between the Series. The Series will conduct the business of the Company jointly and although they have the ability and intention to contract in their own names, they expect to do so jointly and in coordination with one another. Each Series is overseen by the Company's board of directors (the “Board”) and managed by Apollo Manager, LLC, a Delaware limited liability company (the “Operating Manager”). As a Delaware limited liability company with two different series, to the extent the records maintained for a Series account for the assets associated with a Series separately from the assets of the Company or any other Series, the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to such Series are segregated and enforceable only against the assets of such Series and not the assets of the Company generally or of any other Series, as provided under Delaware law. Each of Series I and Series II is intended to be treated as a separate entity for U.S. federal income tax purposes. Series I has elected to be treated as a corporation for U.S. federal income tax purposes and Series II is intended to be treated as a partnership for U.S. federal income tax purposes. The state tax treatment of a limited liability company, and of different series in a series limited liability company, depends on the laws of each state. Although there is no direct authority on point, we generally expect that the vast majority of states will follow the U.S. federal tax treatment. However, it is possible that a state may classify Series I and/or Series II differently than the IRS does for U.S. federal income tax purposes. The state tax treatment of a series limited liability company depends on the laws of each state, and it is possible that a particular state may treat Series I and Series II as a single entity for state tax purposes or may treat Series I or Series II as separate entities but classified differently than the IRS does for U.S. federal income tax purposes.

Consistent with Apollo’s broader approach to investing, the Company pursues a disciplined, value-oriented approach to building a portfolio of Asset-Backed Finance Assets. The Company deploys capital across a spectrum of Asset-Backed Finance Assets to maximize relative value and generate attractive risk-adjusted rates of return in all market environments. None of Apollo’s results can be attributed to the Company and there is no guarantee of similar results for the Company.

The Company employs an acquisition approach centered around Asset-Backed Finance Assets across six key pillars: (1) consumer finance, (2) residential mortgage loans, (3) commercial real estate, (4) hard assets, (5) financial assets and (6) capital solutions. We believe we can focus on where the best risk-adjusted opportunities lie at any given point in time and consistently execute on compelling opportunities at attractive valuations.

We fund, finance and structure Asset-Backed Finance Assets across our six key pillars. We rely on Apollo's asset-backed finance platform to source and manage these Asset-Backed Finance Assets. Our executive officers, with the assistance of our Operating Manager, are responsible for making capital allocation decisions proposed by the Operating Manager and overseeing the management of the Company.

We are conducting a continuous private offering of our shares on a monthly basis to (i) accredited investors (as defined in Regulation D under the Securities Act of 1933, as amended (the “Securities Act”)) and (ii) in the case of shares sold outside the United States, to persons that are not “U.S. persons” (as defined in Regulation S under the Securities Act) in reliance on exemptions from the registration requirements of the Securities Act (the “Private Offering”). We currently offer ten types of Investor Shares in Series I and thirteen types of Investor Shares in Series II. For Series I, these are: S Shares, I Shares, T-S Shares, T-I Shares, P-S Shares, P-I Shares, F-S Shares, F-I Shares, A-I Shares and A-II Shares (collectively, the “Series I Investor Shares”). For Series II, these are: S Shares, I Shares, I (Acc) Shares, T-S Shares, T-I Shares, P-S Shares, P-I Shares, F-S Shares, F-I Shares, F-I (Acc) Shares, BD Shares, A-I Shares and A-II Shares (collectively, the “Series II Investor Shares” and, together with the Series I Investor Shares, (the “Investor Shares”)). The F-I (Acc) Shares and I (Acc) Shares were offered beginning May 1, 2026. We may offer additional types of Investor

Shares in the future. The share types have different upfront selling commissions and ongoing distribution fees and shareholder servicing fees.

Transactional Net Asset Value

Effective for any NAV struck as of a date on or after July 1, 2026, the Company will update the calculation methodology it uses to calculate the price per share of each of its share types, for the purposes of both subscriptions and repurchases, using a transactional net asset value (“Transactional Net Asset Value”). The current Net Asset Value (“GAAP Net Asset Value”) is determined in accordance with accounting U.S. GAAP. The Transactional Net Asset Value will be calculated by adjusting GAAP Net Asset Value as of each relevant valuation date for some or all of the following, as applicable, (i) the recognition of the shareholder servicing fees and distribution fees on a monthly basis as such fees are accrued, (ii) the exclusion of certain deferred tax liabilities that, although required to be recognized under U.S. GAAP, are not expected to be incurred by the Company based on anticipated income, available deductions and the timing of realization events, and (iii) the amortization of certain organizational and offering expenses over a 60-month period.

Basis of Presentation

Our financial statements are prepared in accordance with U.S. generally accepted accounting principles, which requires the use of estimates, assumptions and the exercise of subjective judgment as to future uncertainties. Our financial statements are prepared using the accounting and reporting guidance in Accounting Standards Codification Topic 946, Financial Services-Investment Companies (“ASC Topic 946”).

Results of Operations

We are dependent upon the proceeds from our continuous Private Offering in order to conduct our business. We intend to continue to acquire Asset-Backed Finance Assets with the capital received from our continuous Private Offering and any indebtedness that we may incur in connection with such activities.

Comparison of the Three and Six Months Ended June 30, 2026 and 2025

Revenues

We generate revenues primarily from the management of our Asset-Backed Finance Assets held through our subsidiaries and to a lesser extent strategic opportunities in Asset-Backed Finance Assets, which may consist of interest income, net realized gains or losses and net change in unrealized appreciation or depreciation of Asset-Backed Finance Assets.

For the three months ended June 30, 2026, Series I, Series II and the Company generated revenues of $5,799, $23,440 and $29,239, respectively, which includes interest income of $4,462, $22,676 and $27,138, respectively, dividend income of $781, $4,003 and $4,784, respectively, $712, $(2,516) and $(1,804) of net change in unrealized appreciation/(depreciation), respectively, and $(156), $(723) and $(879) of net realized gains/(losses), respectively, on Asset-Backed Finance Assets and derivatives over the period. Such revenues were generated from our Asset-Backed Finance Assets, fixed income and debt assets.

For the six months ended June 30, 2026, Series I, Series II and the Company generated revenues of $8,080, $39,022 and $47,102, respectively, which includes interest income of $9,120, $44,155 and $53,275, respectively, dividend income of $2,243, $10,671 and $12,914, respectively, $(2,084), $(10,207) and $(12,291) of net change in unrealized appreciation/(depreciation), respectively, and $(1,199), $(5,597) and $(6,796) of net realized gains/(losses), respectively, on Asset-Backed Finance Assets and derivatives over the period. Such revenues were generated from our Asset-Backed Finance Assets, fixed income and debt assets.

For the three months ended June 30, 2025, Series I, Series II and the Company generated revenues of $3,799, $11,097 and $14,896, respectively, which includes interest income of $2,011, $5,979 and $7,990, respectively, dividend income of $874, $2,607 and $3,481, respectively, $803, $2,294 and $3,097 of net change in unrealized appreciation/(depreciation), respectively, and $111, $217 and $328 of net realized gains/(losses), respectively, on Asset-Backed Finance Assets and derivatives over the period. Such revenues were generated from our Asset-Backed Finance Assets.

For the six months ended June 30, 2025, Series I, Series II and the Company generated revenues of $6,677, $19,745 and $26,422, respectively, which includes interest income of $3,428, $10,371 and $13,799, respectively, dividend income of $1,125, $3,364 and $4,489, respectively, $2,121, $6,156 and $8,277 of net change in unrealized appreciation/(depreciation), respectively, and $3, $(146) and $(143) of net realized gains/(losses), respectively, on Asset-Backed Finance Assets and derivatives over the period. Such revenues were generated from our Asset-Backed Finance Assets.

For the three months ended June 30, 2026, Series I revenues increased/(decreased) by $2,000 compared to the three months ended June 30, 2025, consisting of an increase/(decrease) of $2,451 of interest income, increase/(decrease) of $(93) of dividend income, $(91) of net change in unrealized appreciation/(depreciation) and $(267) of net realized gains/(losses). For the three months ended June 30, 2026, Series II revenues increased/decreased by $12,343 compared to the three months ended June 30, 2025, consisting of an increase/(decrease) of $16,697 of interest income, increase/(decrease) of $1,396 of dividend income, $(4,810) of net change in unrealized appreciation/(depreciation) and $(940) of net realized gains/(losses). For the three months ended June 30, 2026, the Company revenues increased/(decreased) by $14,343 compared to the three months ended June 30, 2025, consisting of an increase/(decrease) of $19,148 of interest income, increase/(decrease) of $1,303 of dividend income, $(4,901) of net change in unrealized appreciation/(depreciation) and $(1,207) of net realized gains/(losses). The net increases were due to the acquisition of Asset-Backed Finance Assets, fixed income and debt assets subsequent to June 30, 2025, that are generating revenue.

For the six months ended June 30, 2026, Series I revenues increased/(decreased) by $1,403 compared to the six months ended June 30, 2025, consisting of an increase/(decrease) of $5,692 of interest income, increase/(decrease) of $1,118 of dividend income, $(4,205) of net change in unrealized appreciation/(depreciation) and $(1,202) of net realized gains/(losses). For the six months ended June 30, 2026, Series II revenues increased/(decreased) by $19,277 compared to the six months ended June 30, 2025, consisting of an increase/(decrease) of $33,784 of interest income, increase/(decrease) of $7,307 of dividend income, $(16,363) of net change in unrealized appreciation/(depreciation) and $(5,451) of net realized gains/(losses). For the six months ended June 30, 2026, the Company revenues increased/(decreased) by $20,680 compared to the six months ended June 30, 2025, consisting of an increase/(decrease) of $39,476 of interest income, increase/(decrease) of $8,425 of dividend income, $(20,568) of net change in unrealized appreciation/(depreciation) and $(6,653) of net realized gains/(losses). The net increases were due to the acquisition of Asset-Backed Finance Assets, fixed income and debt assets subsequent to June 30, 2025, that are generating revenue.

Expenses

The below description of expenses applies with respect to each Series and is the same for each Series unless otherwise indicated.

Management Fee

Pursuant to the Operating Agreement, the Operating Manager is entitled to receive a management fee (“Management Fee”). The Management Fee is payable monthly in arrears in an amount equal to (i) 1.00% per annum of the month-end NAV attributable to S Shares, I Shares and I (Acc) Shares, (ii) 0.85% per annum of the month-end NAV attributable to the Founder Shares, and the F-I (Acc) Shares, (iii) 1.00% per annum of the month-end NAV attributable to the T-S Shares and T-I Shares which commenced November 1, 2025, (iv) 1.00% per annum of the month-end NAV attributable to the P-S Shares and P-I Shares which commenced November 1, 2025, (v) 1.00% per annum of the month-end NAV attributable to the BD Shares which commenced November 1, 2025, (vi) 0.80% per annum of the month-end NAV attributable to the A-I Shares from inception through December 31, 2027 and 0.85% per annum of the month-end NAV attributable to the A-I Shares thereafter and (vii) 0.75% per annum of the month-end NAV attributable to the A-II Shares; provided, that this Management Fee will be reduced by any applicable Special Fees; provided, however, that this Management Fee will not be reduced for any Other Fees. In calculating the Management Fee, we will use our NAV before giving effect to accruals for the Management Fee, Performance Fee, combined annual distribution fee and shareholder servicing fee or distributions payable on our Shares. We do not pay the Operating Manager a Management Fee on the Apollo Shares, and as a result, it is an expense specific only to Investor Shares at the rates specified herein, which will result in the dilution of Investor Shares in proportion to the fees charged to different types of Investor Shares and will result in differences in NAV among the types of Shares.

For the three months ended June 30, 2026, the Operating Manager earned Management Fees of $629, $3,222 and $3,851 for Series I, Series II and the Company, respectively. For the three months ended June 30, 2025, the Operating Manager earned Management Fees of $160, $411 and $571 for Series I, Series II and the Company, respectively. For the six months ended June 30, 2026, the Operating Manager earned Management Fees of $1,332, $6,436 and $7,768 for Series I, Series II and the Company, respectively. For the six months ended June 30, 2025, the Operating Manager earned Management Fees of $265, $675 and $940 for Series I, Series II and the Company, respectively.

Management Fees increased/(decreased) by $469, $2,811 and $3,280 for Series I, Series II and the Company, respectively, for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025.

Management Fees increased/(decreased) by $1,067, $5,761 and $6,828 for Series I, Series II and the Company, respectively, for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025.

The increases were primarily due to capital raises and revenue generated from the Asset Backed Finance Assets, fixed income and debt assets, subsequent to June 30, 2025.

As of December 31, 2025, the Company indirectly invested $40,000 into the equity of RRH, which is an affiliate of the Operating Manager. RRH pays management, credit research, and administrative fees, plus a special allocation (performance fee) to Apollo and its affiliates. The Operating Manager has reduced Management Fees payable by the Company through a reduction in the net asset value used to calculate the Management Fee equivalent to the fair value of the Company’s investment in RRH. As of June 30, 2026, the Company's invested equity increased to $49,339.

Selling Commissions and Ongoing Distribution and Servicing Fees

The Dealer Manager is entitled to receive selling commissions of up to 3.0%, and dealer manager fees of up to 0.50%, of the transaction price of each S Share, F-S Share, T-S Share and P-S Share. Any participating broker-dealers are compensated from such amounts by reallowance from the Dealer Manager; provided that the sum of such reallowed amounts and the selling commissions do not exceed 3.5% of the transaction price. The Dealer Manager will receive a combined annual distribution fee and shareholder servicing fee of 0.85% per annum of the aggregate NAV of the Company’s outstanding S Shares, T-S Shares and F-S Shares and 0.25% per annum of the aggregate NAV of the Company’s outstanding P-S Shares. There will not be a combined annual distribution fee and shareholder servicing fee, upfront selling commission or dealer manager fee with respect to the Anchor Shares, I Shares, I (Acc) Shares, T-I Shares, P-I Shares, F-I Shares, F-I (Acc) Shares or BD Shares, which will result in differences in NAV from the types of Shares that do bear such fees. The Dealer Manager anticipates that all or a portion of selling commissions and dealer manager fees will be reallowed to participating broker-dealers.

Apollo Shares will not incur any upfront selling costs or ongoing servicing costs.

For the six months ended June 30, 2026, Series I, Series II and the Company incurred annual distribution fees and shareholder servicing fees of $320, $903 and $1,223, respectively. For the six months ended June 30, 2025, Series I, Series II and the Company incurred annual distribution fees and shareholder servicing fees of $140, $267 and $407, respectively.

Annual distribution fees and shareholder servicing fees increased by $77, $291 and $368 for Series I, Series II and the Company, respectively, for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025. The increase was due to an increase in capital activity subsequent to June 30, 2025.

Annual distribution fees and shareholder servicing fees increased by $180, $636 and $816 for Series I, Series II and the Company, respectively, for the three months ended June 30, 2026 as compared to the six months ended June 30, 2025. The increase was due to an increase in capital activity subsequent to June 30, 2025.

Special Fees

100% of any net consulting (including management consulting) or monitoring fees (including any early termination fee or acceleration of any such management consulting fee on a one-time basis that is approved by the Board), break-up fees (including, if applicable, the portion thereof described in the Annual Report under “Item 1A. Risk Factors—Additional Risks Related to the Operation of the Company Generally—Our business may be affected by offering Co-Investments or opportunities to provide debt financing to any person”), directors’ fees, closing fees and merger and acquisition transaction advisory services fees related to the negotiation of the structuring of an Asset-Backed Finance Asset (other than debt investments or investments with respect to which Apollo does not exercise direct control with respect to the decision to engage the services giving rise to the relevant fees, costs and expenses) and similar fees (including bridge financing fees), whether in cash or in kind, including options, warrants and other non-cash consideration paid to the Operating Manager or any of its affiliates or any employees of the foregoing in connection with actual or contemplated acquisitions or investments (and allocable to the Company) (collectively, “Special Fees”) that are allocable to those Shareholders who bear Management Fees, will be applied to reduce the Management Fees paid by such Management Fee-bearing Shareholders. As such, the portion of such Special Fees attributable to Apollo’s investment or to the investments of Shareholders that do not pay Management Fees will be retained by Apollo. In practice, the only fees that are expected to be accrued and would be paid and treated as Special Fees are mergers and acquisition transaction fees payable in connection with an acquisition and management consulting fees payable thereafter.

For each of the three and six month periods ended June 30, 2026, there were $427 of Special Fees allocable to the Company that were received by an affiliate of the Operating Manager. For each of the three and six month periods ended June 30, 2025, there were no Special Fees allocable to the Company that were received by an affiliate of the Operating Manager.

Performance Fee

So long as the Operating Agreement has not been terminated, the Operating Manager is entitled to receive a Performance Fee equal to (i) 10.0% of the Total Return (as defined below) with respect to S Shares, I Shares, I (Acc) Shares, T-S Shares, T-I Shares, P-S Shares, P-I Shares or BD Shares, (ii) 7.5% of the Total Return with respect to F-S Shares, F-I Shares, or F-I (Acc) Shares, (iii) 5.0% of the Total Return from inception through December 31, 2027 and 7.5% thereafter with respect to A-I Shares and (iv) 5.0% of the Total Return with respect to A-II Shares, in each case, subject to a 5.0% Hurdle Amount and a High Water Mark with respect to such type of Shares, with a Catch-Up (each term as defined below) (the “Performance Fee”). Such fee will be paid annually and accrue monthly. The Performance Fee is not paid on Apollo Shares, and as a result, it is an expense specific only to Investor Shares at the rates specified herein, which will result in the dilution of Investor Shares in proportion to the fees charged to different types of Investor Shares and will result in differences in NAV among the types of Shares.

Specifically, the Operating Manager is entitled to receive a Performance Fee in an amount equal to:

•

First, if the Total Return with respect to S Shares, I Shares, I (Acc) Shares, T-S Shares, T-I Shares, P-S Shares, P-I Shares, F-S Shares, F-I Shares, F-I (Acc) Shares, BD Shares, A-I Shares and A-II Shares for the applicable period exceeds the sum, with respect to such relevant type of Shares, of (i) the Hurdle Amount for that period and (ii) the Loss Carryforward Amount (as defined below) (any such excess, “Excess Profits”), 100% of such Excess Profits until the total amount allocated to the Operating Manager with respect to such type of Shares equals 10.0% (with respect to S Shares, I Shares, I (Acc) Shares, T-S Shares, T-I Shares, P-S Shares, P-I Shares or BD Shares), 7.5% (with respect to F-S Shares, F-I Shares or F-I (Acc) Shares, 5.0% from inception through December 31, 2027 and 7.5% thereafter (with respect to A-I Shares) and 5.0% (with respect to A-II Shares) of the sum of (x) the Hurdle Amount with respect to such type of Shares for that period and (y) any amount allocated to the Operating Manager with respect to such type of Shares pursuant to this clause (this is commonly referred to as a “Catch-Up”); and

•

Second, to the extent there are remaining Excess Profits (i) with respect to S Shares, I Shares, I (Acc) Shares, T-S Shares, T-I Shares, P-S Shares, P-I Shares or BD Shares, 10.0% of such remaining Excess Profits, (ii) with respect to F-S Shares, F-I Shares or F-I (Acc) Shares, 7.5% of such remaining Excess Profits, (iii) 5.0% from inception through December 31, 2027 and 7.5% thereafter with respect of A-I Shares and (iv) 5.0% with respect to A-II Shares.

“Total Return” with respect to any Shares for any period since the end of the prior calendar year shall equal the sum of:

(i)

all distributions accrued or paid (without duplication) on such Shares plus

(ii)

the change in aggregate NAV of such Shares since the beginning of the year, before giving effect to (w) applicable taxes for the year, (x) changes resulting solely from the proceeds of issuances of additional Shares, (y) any fee/accrual to the Performance Fee and (z) applicable combined annual distribution fee and shareholder servicing fee expenses (including any payments made to us for payment of such expenses) allocable to such Shares.

For the avoidance of doubt, the calculation of Total Return will (i) include any appreciation or depreciation in the NAV of any relevant Shares issued during the then-current calendar year but (ii) exclude the proceeds from the initial issuance of such Shares.

“Hurdle Amount” with respect to any Shares means, for any period during a calendar year, that amount that results in a 5.0% annualized internal rate of return on the NAV of such Shares outstanding at the beginning of the then-current calendar year and such Shares issued since the beginning of the then-current calendar year, taking into account the timing and amount of all distributions accrued or paid (without duplication) on all such Shares and all issuances of any such Shares over the period and calculated in accordance with recognized industry practices. The ending NAV of such Shares used in calculating the internal rate of return will be calculated before giving effect to any fee/accrual to the Performance Fee and applicable combined annual distribution fee and shareholder servicing fee expenses and applicable taxes; provided that the calculation of the Hurdle Amount for any period will exclude any such Shares repurchased during such period, which Shares will be subject to the Performance Fee upon repurchase.

“Loss Carryforward Amount” with respect to any Shares shall initially equal zero and shall cumulatively increase by the absolute value of any negative annual Total Return with respect to such Shares and decrease by any positive annual Total Return with respect to such Shares; provided that each Loss Carryforward Amount shall at no time be less than zero; provided, further, that the calculation of each Loss Carryforward Amount will exclude the Total Return related to any relevant Shares repurchased during such year, which Shares will be subject to the Performance Fee upon repurchase. The effect of the Loss Carryforward Amount is that the recoupment of past annual Total Return losses will offset the positive annual Total Return for purposes of the calculation of the Operating Manager’s Performance Fee. This is referred to as a “High Water Mark.”

For the three months ended June 30, 2026, the Operating Manager accrued Performance Fees of $-, $- and $- for Series I, Series II and the Company, respectively. For the three months ended June 30, 2025, the Operating Manager accrued Performance Fees of $265, $718 and $983 for Series I, Series II and the Company, respectively.

For the six months ended June 30, 2026, the Operating Manager accrued Performance Fees of $-, $- and $- for Series I, Series II and the Company, respectively. For the six months ended June 30, 2025, the Operating Manager accrued Performance Fees of $472, $1,254 and $1,726 for Series I, Series II and the Company, respectively.

Performance Fees earned by the Operating Manager increased/(decreased) by $(265), $(718) and $(983) for Series I, Series II and the Company, respectively, for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025. The decreases were due to the Company not being above the High Water Mark as of June 30, 2026.

Performance Fees earned by the Operating Manager increased/(decreased) by $(472), $(1,254) and $(1,726) for Series I, Series II and the Company, respectively, for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025. The decreases were due to the Company not being above the High Water Mark as of June 30, 2026.

As of December 31, 2025, the Company's total invested equity is $40,000 into the equity of RRH, which is an affiliate of the Operating Manager. RRH pays management, credit research, and administrative fees, plus a special allocation (performance fee) to Apollo and its affiliates. As a result, the Operating Manager has reduced the Performance Fees payable by the Company through a reduction in the Total Return used to calculate the Performance Fee equivalent to the Company’s profit from its investment in RRH. As of June 30, 2026, the Company's invested equity increased to $49,339.

Other Fees

From time to time, the Operating Manager or its affiliates (including Atlas Securitized Products, other service providers affiliated with Apollo and other affiliates and portfolio companies of Apollo, Apterra, ACS, the Athene Group and other Apollo Clients (collectively, “Affiliated Service Providers”)) provides services to certain persons or entities, including the Company and the Series, potential and existing Asset-Backed Finance Assets (including with respect to the Company’s acquisitions thereof). For example, an insurance company owned by an Apollo Client and/or alternative investment vehicles, could provide insurance products and services to the Company. Fees are retained by, and for the benefit of, the Operating Manager and/or such affiliates and Affiliated Service Providers, and are in most instances not applied to reduce the Management Fee.

For the avoidance of doubt, an Asset-Backed Finance Asset may, on such terms as such Asset-Backed Finance Asset determines to be in its best interest, provide services to another Asset-Backed Finance Asset or Apollo Client (or receive services from another Asset-Backed Finance Asset or Apollo Client), and may pay or receive related compensation, without the approval of the Board or any investor of the Company.

“Other Fees” means:

(i)

fees, costs and expenses that comprise or constitute Organizational and Offering Expenses or Operating Expenses (defined below);

(ii)

salary, fees, expenses or other compensation of any nature paid by an Asset-Backed Finance Asset to any individual (or to the Operating Manager or any of its affiliates with respect to such individual) who acts as an officer of, or in an active management role at, such Asset-Backed Finance Asset (including industry executives, advisors, consultants (including operating consultants and sourcing consultants)), operating executives, subject matter experts or other persons acting in a similar capacity engaged or employed by Apollo;

(iii)

without limiting the foregoing items (i) and (ii), fees, costs or expenses paid to or in respect of Apollo or any industry executives, advisors, consultants (including operating consultants and sourcing consultants), operating executives, subject matter experts or other persons acting in a similar capacity who provide services to the Company or its Asset-Backed Finance Assets (including allocable overhead or other amounts or compensation of Apollo, including all costs and expenses on account of compensation and benefits of its employees);

(iv)

payments, fees, costs, expenses and other liabilities, allocable overhead or other amounts or compensation (such as arranger, brokerage, placement, syndication, solicitation, underwriting, agency, origination, sourcing, group purchasing, structuring, collateral management, special purpose vehicle (including any special purpose vehicle of an Asset-Backed Finance Asset), capital markets syndication and advisory fees (including underwriting and debt advisory fees) or subsidiary management or administration, operation, asset service, advisory, commitment, facility, float, insurance or

other fees, discounts, retainers, spreads, commissions and concessions or other fees associated with the effectuation of any securities or financing transactions, but not merger and acquisition transaction advisory services fees related to the negotiation of the acquisition of an Asset-Backed Finance Asset) earned by or paid (whether in cash or in kind) to an Affiliated Service Provider, or another person with respect to services rendered by such Affiliated Service Provider or other person; provided that if such Affiliated Service Provider is engaged in the relevant activity or service on a for-profit basis, as determined by the Operating Manager in good faith, then, unless approved by the Board, the applicable fees paid to it for such services will be on terms as determined by the Operating Manager which the Operating Manager determines are not materially less favorable to the Company or the applicable Asset-Backed Finance Asset than the fees that could be paid to a third party with commensurate skill, expertise or experience (to the extent applicable), in each case, as determined by the Operating Manager in good faith;

(v)

amounts earned by or for the account of any Apollo Client (directly or indirectly through an expense offset mechanism);

(vi)

fees, costs and expenses for any and all services whatsoever (including merger and acquisition transaction advisory services fees related to the negotiation of the structuring of an investment) paid or otherwise borne by any Asset-Backed Finance Asset or issuer of any securities or other financial instruments that constitute debt opportunities or opportunities with respect to which the Operating Manager does not exercise control with respect to the decision to engage the services giving rise to such fees, costs and expenses;

(vii)

fees, costs and expenses or other amounts or compensation earned by any person or otherwise borne with respect to Asset-Backed Finance Assets or transactions that are otherwise consented to or approved by a committee of the Board’s independent directors; it being understood that in connection with obtaining such consent or approval, the Operating Manager will furnish or make available to the Board all material information, then actually known and available to the Operating Manager, that the Operating Manager determines in good faith is reasonably necessary for the Board to provide such consent or approval on a reasonably informed basis;

(viii)

any fees, costs or expenses paid to any Affiliated Service Provider, including where such fees, costs or expenses are structured as a performance fee;

(ix)

fees, costs and expenses or other amounts or compensation (including management fees, operating expenses and performance fees) earned by any person or otherwise borne with respect to Asset-Backed Finance Assets managed by the Operating Manager or any of its affiliates that are acquired by the Company in the secondary market; and

(x)

any fees, costs or expenses determined by the Operating Manager in good faith to be similar in nature to any of the foregoing.

Organizational and Offering Expenses

The Company and the Series incurred and may continue to incur organizational and offering expenses in connection with the formation and organization of the Company and the Series, and the offering of Shares to investors, including legal, accounting, printing, mailing and filing fees and expenses, taxes, due diligence expenses of participating broker-dealers supported by detailed and itemized invoices, costs in connection with preparing sales materials, design, website and electronic database expenses, fees and expenses of our escrow agent and transfer agent, fees to attend retail seminars sponsored by participating broker-dealers and reimbursements for customary travel, lodging and meals and other similar fees, costs and expenses but excluding upfront selling commissions, dealer manager fees and the combined annual distribution fees and shareholder servicing fees (collectively, the “Organizational and Offering Expenses”).

Series I, Series II and the Company incurred organizational expense of $-, $- and $-, respectively, for the three months ended June 30, 2026.

Series I, Series II and the Company incurred organizational expense of $30, $144 and $174, respectively, for the six months ended June 30, 2026.

Series I, Series II and the Company incurred organizational expense of $25, $77 and $102, respectively, for the three months ended June 30, 2025.

Series I, Series II and the Company incurred organizational expense of $25, $77 and $102, respectively, for the six months ended June 30, 2025.

The total increase of $72 for the Company in organizational expenses from the six months ended June 30, 2025 to June 30, 2026 was primarily due to the Company incurring additional formation costs.

Series I, Series II and the Company amortized offering expenses of $20, $100 and $120, respectively, for the three months ended June 30, 2026. The remaining amounts are deferred and reflected on the Consolidated Statements of Assets and Liabilities in the consolidated financial statements of the Company.

Series I, Series II and the Company amortized offering expenses of $46, $221 and $267, respectively, for the six months ended June 30, 2026. The remaining amounts are deferred and reflected on the Consolidated Statements of Assets and Liabilities in the consolidated financial statements of the Company.

Series I, Series II and the Company amortized offering expenses of $40, $120 and $160, respectively, for the three months ended June 30, 2025. Amortized offering expenses increased/(decreased) by $(20), $(20) and $(40) for Series I, Series II and the Company, respectively, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily due to a portion of the original offering costs for each series reaching full amortization since the prior-year period.

Series I, Series II and the Company amortized offering expenses of $80, $240 and $320, respectively, for the six months ended June 30, 2025.

Amortized offering expenses increased/(decreased) by $(34), $(19) and $(53) for Series I, Series II and the Company, respectively, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily due to a portion of the original offering costs for each series reaching full amortization since the prior-year period.

Operating Expenses

Each Series pays or otherwise bears its proportionate portion of the operating expenses. Operating expenses include payments, fees, costs and expenses and other liabilities and obligations resulting from, related to, associated with, arising from or incurred in connection with the Company’s operations (collectively, the “Operating Expenses”). For all purposes of the definition of “Operating Expenses,” references therein to payments, fees, costs, expenses and other liabilities related to, associated with, arising from or incurred in connection with, an Asset-Backed Finance Asset includes all payments, fees, costs, expenses and other liabilities related to, associated with, arising from or incurred in connection with, potential or unconsummated Asset-Backed Finance Assets. Each Series also bears any other fees, costs and expenses and other liabilities that arise in connection with an unconsummated Asset-Backed Finance Asset but that generally would not arise in connection with a consummated Asset-Backed Finance Asset (such as reverse break-up fees).

The Operating Manager and its affiliates are entitled to reimbursement from each Series, in its proportionate share, for any Operating Expenses or Organizational and Offering Expenses paid or incurred by them on behalf of, or in relation to, such Series.

If any Operating Expenses are incurred for the account or for the benefit of each Series and one or more other Apollo Clients, the Operating Manager will allocate such Operating Expenses among such Series and each such other Apollo Client in proportion to the size of the investment made by each in the activity or entity to which such Operating Expenses relate, to the extent applicable, or in such other manner as the Operating Manager in good faith determines is fair and reasonable.

Series I, Series II and the Company incurred Operating Expenses of $534, $2,736 and $3,270, respectively, for the three months ended June 30, 2026. These expenses relate to general and administration expenses and director fees. Series I, Series II and the Company incurred Operating Expenses of $730, $2,193 and $2,923, respectively, for the three months ended June 30, 2025.

Operating expenses increased/(decreased) by $(196), $543 and $347 for Series I, Series II and the Company, respectively, for the three months ended June 30, 2026. The decrease in Series I was due to exchanges between Series and the increase in Series II was due to an increase in the net asset value and transaction activity.

Series I, Series II and the Company incurred Operating Expenses of $1,161, $5,609 and $6,770, respectively, for the six months ended June 30, 2026. These expenses relate to general and administration expenses and director fees. Series I, Series II and the Company incurred Operating Expenses of $1,261, $3,759 and $5,020, respectively, for the six months ended June 30, 2025.

Operating expenses increased/(decreased) by $(100), $1,850 and $1,750 for Series I, Series II and the Company, respectively, for the six months ended June 30, 2026. The decrease in Series I was due to exchanges between Series and the increase in Series II was due to an increase in the net asset value and transaction activity.

Company Expense Support and Conditional Reimbursement of the Operating Manager

The Operating Manager may elect to pay certain of our expenses, including certain Organizational and Offering Expenses on our behalf (each, an “Expense Support”).

Following any calendar month in which the Specified Expenses are below 0.75% of the Company’s net assets on an annualized basis, the Company shall reimburse the Operating Manager, fully or partially, for the Expense Supports, but only if and to the extent that Specified Expenses plus any “Reimbursement Payments” (as defined below) do not exceed 0.75% of the Company’s net assets at the end of each calendar month on an annualized basis, until such time as all Expense Supports made by the Operating Manager to the Company within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company in the prior sentence shall be referred to herein as a “Reimbursement Payment.”

“Specified Expenses” is defined to include all expenses incurred in the business of the Company with the exception of (i) the Management Fee, (ii) the Performance Fee, (iii) the combined annual distribution fees and shareholder servicing fees, (iv) the dealer manager fees (including selling commissions), (v) expenses related to any Asset-Backed Finance Asset, (vi) interest expenses, commitment fees, or other expenses related to any leverage incurred by the Company, (vii) taxes, (viii) certain insurance costs, (ix) Organizational and Offering Expenses, (x) certain non-routine items (as determined in the sole discretion of the Operating Manager) and (xi) extraordinary expenses (as determined in the sole discretion of the Operating Manager).

For the three months ended June 30, 2026, the Company reimbursed the Operating Manager for Expense Support of $55, $284 and $339 for expenses incurred by Series I, Series II and the Company, respectively. For the three months ended June 30, 2025, the Operating Manager elected to provide Expense Support of $504, $1,529 and $2,033 for expenses incurred by Series I, Series II and the Company, respectively.

Expense Support provided by the Operating Manager decreased by $449, $1,245 and $1,694 for Series I, Series II and the Company, respectively, for the three months ended June 30, 2026, compared to the same period in 2025. This shift reflects growth in the Company's asset base, which caused total expenses to fall below the expense cap, eliminating the need for Expense Support and resulting in the Company reimbursing the Operating Manager $55, $284 and $339 for Series I, Series II and the Company, respectively, for amounts previously advanced, compared to Expense Support of $504, $1,529, and $2,033 provided by the Operating Manager in the prior-year period.

For the six months ended June 30, 2026, the Operating Manager elected to provide Expense Support of $61, $244 and $305 for expenses incurred by Series I, Series II and the Company, respectively. For the six months ended June 30, 2025, the Operating Manager elected to provide Expense Support of $876, $2,665 and $3,541 for expenses incurred by Series I, Series II and the Company, respectively.

Expense Support provided by the Operating Manager decreased by $815, $2,421 and $3,236 for Series I, Series II and the Company, respectively, for the six months ended June 30, 2026, compared to the same period in 2025. This shift reflects growth in the Company's asset base, which caused total expenses to fall below the expense cap, eliminating the need for Expense Support and resulting in the Company reimbursing the Operating Manager $61, $244 and $305 for Series I, Series II and the Company, respectively, for amounts previously advanced, compared to Expense Support of $876, $2,665 and $3,541 provided by the Operating Manager in the prior-year period.

Hedging

The Company and/or its operating subsidiaries employ and expect to continue to employ hedging in support of financing techniques or that is designed to reduce the risks of adverse movements in interest rates, securities prices, commodities prices and currency exchange rates, as well as other risks. While such transactions may reduce certain risks, such transactions themselves may entail certain other risks, including counterparty default, convergence and other related risks. Thus, while the Company and/or its operating subsidiaries may benefit from the use of these hedging mechanisms, unanticipated changes in interest rates, securities prices, commodities prices or currency exchange rates or other events related to hedging activities could result in a poorer overall performance for the Company and/or its operating subsidiaries than if it or its operating subsidiaries had not entered into such hedging transactions.

The Company uses future contracts to mitigate interest rate risk associated with the Company’s fixed rate debt. See “Item 1. Consolidated Financial Statements – Notes to Consolidated Financial Statements – Note 2. Significant Accounting Policies”, “Item 1.

Consolidated Financial Statements – Notes to Consolidated Financial Statements – Note 4. Derivative Instruments” and our consolidated condensed schedule of investments for additional disclosure regarding our accounting for derivative instruments.

As of June 30, 2026, Series I, Series II and the Company had derivative assets, at fair value of $8,982, $46,924 and $55,906, respectively, and derivative liabilities, at fair value of $1,017, $5,315 and $6,332, respectively, reflected on the Consolidated Statements of Assets and Liabilities. For the three months ended June 30, 2026, Series I, Series II and the Company generated net realized gain (loss) on derivatives of $-, $- and $-, respectively, and net change in unrealized gain (loss) on derivatives of $(334), $(3,790) and $(4,124), respectively, reflected on the Consolidated Statements of Operations. For the six months ended June 30, 2026, Series I, Series II and the Company generated net realized gain (loss) on derivatives of $(952), $(4,407) and $(5,359), respectively, and net change in unrealized gain (loss) on derivatives of $194, $(1,047) and $(853), respectively, reflected on the Consolidated Statements of Operations.

As of December 31, 2025, Series I, Series II and the Company had derivative assets, at fair value of $8,924, $37,118 and $46,042, respectively, and derivative liabilities, at fair value of $966, $4,020 and $4,986, respectively, reflected on the Consolidated Statements of Assets and Liabilities. For the three months ended June 30, 2025, Series I, Series II and the Company generated net realized gain (loss) on derivatives of $619, $1,794 and $2,413, respectively, and net change in unrealized gain (loss) on derivatives of $(2,260), $(6,780) and $(9,040), respectively, reflected on the Consolidated Statements of Operations.

Liquidity and Capital Resources

The Company may issue additional Series I and Series II V Shares to Apollo in exchange for one or more capital contributions to facilitate the acquisition of the Company’s assets. Apollo currently holds all of the Company’s outstanding Series I and Series II V Shares. The V Shares may be transferred to an Apollo affiliate or Apollo Client. If an Apollo affiliate or Apollo Client become the holder of a majority of the V Shares, that entity would have majority control over the Company, including the right to vote for the appointment of the Company’s directors. While the LLC Agreement permits transfer of the V Shares to a third party, the Company does not currently anticipate that any such transfer would take place. In the event of such a transfer in the future however, if Apollo or its affiliates cease to own a majority of V Shares, any expected benefits derived by the Company and Shareholders from such involvement by Apollo, including access to personnel and other resources, could be lost or otherwise affected.

We generate cash primarily from (i) the net proceeds of our continuous Private Offering, (ii) cash flows from our operations, (iii) any financing arrangements we may enter into in the future and (iv) any future offerings of our equity or debt securities. We believe that cash provided by such means will be sufficient to satisfy our anticipated cash requirements for the next twelve months and foreseeable future.

Our primary use of cash is for (i) acquisition of asset-backed finance assets, (ii) the cost of operations (including the Management Fee and Performance Fee), (iii) debt service of any borrowings, (iv) periodic repurchases, including under the Repurchase Plan (as described herein) and (v) cash distributions (if any) to the holders of our Shares to the extent declared by the Board.

The minimum initial purchase amount is $2,500 for S Shares, I Shares, I (Acc) Shares, P-S Shares, P-I Shares, T-S Shares, T-I Shares, BD Shares, F-S Shares, F-I Shares, F-I (Acc) Shares, A-I Shares and A-II Shares. The minimum subsequent purchase amount is $500 for each type of Shares, except for additional purchases pursuant to the distribution reinvestment plan (“DRIP”), which are not subject to a minimum purchase amount. The minimum purchase amount for each type of Shares can be modified or waived in the sole discretion of the Company or the Dealer Manager, including for certain financial firms that submit orders on behalf of their customers, our officers and directors and certain employees of Apollo, including its affiliates, and vehicles controlled by such employees and their extended family members. The Company and the Dealer Manager each reserve the right to designate and re-designate the T Share Intermediary, P Share Intermediary, Founder Intermediary or Anchor Intermediary status of financial intermediaries in its sole discretion (as described in further detail in our Annual Report).

Share Repurchases

We expect each Series will conduct quarterly Share repurchases (each, a “Share Repurchase”) for up to 5.0% of the aggregate NAV (measured collectively across both Series) of our outstanding Investor Shares and E Shares of each Series (“E Shares”) at a price based on the NAV per Share as of the last business day of the quarter prior to the commencement of a Share Repurchase, pursuant to the terms of our Share repurchase plan (the “Repurchase Plan”). Due to tax considerations and other factors, the NAV between each Series differs, and, because of differential fees and other factors, the NAV between each Share type differs, but all NAV calculations are expected to be based on the joint underlying economic interests of both Series in the assets underlying Asset-Backed Finance Assets.

The Board may make exceptions to modify or suspend our Repurchase Plan if, in its reasonable judgment, it deems such action to be in our best interest and the best interest of our Shareholders. Material modifications, including any amendment to the 5.0% quarterly limitations on repurchases, to and suspensions of the Repurchase Plan will be promptly disclosed to Shareholders in a supplement to our private placement memorandum or special or periodic report filed by us on the SEC’s website at www.sec.gov. Material modifications will also be disclosed on our website.

For the three months ended March 31, 2026 and the three months ended June 30, 2026, the Company repurchased the following Shares:


For the Six Months ended June 30, 2026
Period	Total Number of Shares Repurchased		Average Price Paid per Share		Percentage of Aggregate NAV Repurchased	Total Number of Shares Repurchased as Part of Publicly Announced Plans or Programs		Maximum Number (or approximate Dollar Value) of Shares that May yet Be Purchased Under the Plans or Programs
January 1, 2026 to January 31, 2026		-	$	-	0.00%	$	-	$	-
February 1, 2026 to February 28, 2026		1,143,577	$	25.75	1.52%	$	1,143,577	$	-
March 1, 2026 to March 31, 2026		-	$	-	0.00%	$	-	$	-
Total for three months ended March 31, 2026		1,143,577	$	25.75	1.52%	$	1,143,577	$	-
April 1, 2026 to April 30, 2026		-	$	-	0.00%	$	-	$	-
May 1, 2026 to May 31, 2026		1,644,527	$	25.68	2.18%	$	1,644,527	$	-
June 1, 2026 to June 30, 2026		-	$	-	0.00%	$	-	$	-
Total for three months ended June 30, 2026		1,644,527	$	25.68	2.18%	$	1,644,527	$	-

Pursuant to the Repurchase Plan, on a quarterly basis, shareholders may request that we repurchase all or any portion of their Shares. The Company may repurchase fewer Shares than have been requested in any particular quarter to be repurchased under our Repurchase Plan, or none at all, in our discretion at any time. We expect that each Series will conduct quarterly Share Repurchase for up to 5.0% of the aggregate NAV of our outstanding Investor Shares and E Shares of each Series (measured across both Series using the average aggregate NAV across both Series as of the end of the immediately preceding three months). Generally, the price at which we make repurchases of our Shares will equal the NAV per Share of each applicable Share type of each applicable Series (“NAV per Share”) as of the last calendar day of the applicable, immediately preceding quarter.

A repurchase window was opened to all share types in April 2026 and closed in May 2026. The transaction price per share for that repurchase window was the NAV per share of each respective share type as of March 31, 2026.

Distributions

As of June 30, 2026, the Company declared distributions on the following types of outstanding shares in the amounts per share set forth below.

Distributions are paid in cash or reinvested in shares of the Company for shareholders participating in the Company’s distribution reinvestment plan:


For the Three Months ended June 30, 2026
	Series I		Series II		Total
	Distributions declared		Distributions declared		Distributions declared
A-I Shares:	$	507	$	1,341	$	1,848
F-I Shares:		1,410		6,872		8,282
F-S Shares:		-		1		1
P-I Shares:		7		21		28
P-S Shares:		102		2,753		2,855
E Shares:		2		1,067		1,069
T-I Shares:		578		2,324		2,902
T-S Shares:		741		2,232		2,973
I Shares:		250		4,718		4,968
S Shares:		-		4		4
BD Shares:		-		3,235		3,235
Total Distributions Declared:	$	3,597	$	24,568	$	28,165


For the six Months ended June 30, 2026
	Series I		Series II		Total
	Distributions declared		Distributions declared		Distributions declared
A-I Shares:	$	1,084	$	2,670	$	3,754
F-I Shares:		3,032		13,770		16,802
F-S Shares:		-		2		2
P-I Shares:		14		43		57
P-S Shares:		191		5,357		5,548
E Shares:		5		2,157		2,162
T-I Shares:		1,262		4,529		5,791
T-S Shares:		1,531		4,402		5,933
I Shares:		418		8,437		8,855
S Shares:		-		4		4
BD Shares:		-		6,282		6,282
Total Distributions Declared:	$	7,537	$	47,653	$	55,190

Cash Flows

The following table summarizes the changes to the Company's cash flows for the six months ended June 30, 2026 and 2025 ($ in thousands):


Cash flows from:	For the Six Months ended June 30,
	2026			2025
Operating activities		(204,008	)		(564,705	)
Financing activities		274,898			527,388
Net increase/(decrease) in cash and cash equivalents		70,890			(37,317	)

Cash used in operating activities

Our cash flow used in operating activities was $(204,008) for the six months ended June 30, 2026, which primarily relates to the acquisition of Asset-Backed Finance Assets.

Cash provided by financing activities

Our cash flow provided by financing activities was $274,898 for the six months ended June 30, 2026, which primarily relates to the proceeds from issuance of shares and notes borrowings.

Critical Accounting Estimates

Below is a discussion of the accounting policies that management believes are critical. We consider these policies critical because they involve significant judgments and assumptions and require estimates about matters that are inherently uncertain and because they are important for understanding and evaluating our reported financial results. Our accounting policies have been established to conform with U.S. GAAP. The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to use judgments in the application of such policies. These judgments will affect our reported amounts of assets and liabilities and our disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. With different estimates or assumptions, materially different amounts could be reported in our financial statements. In addition, other companies may utilize different estimates that may impact the comparability of our results of operations to those of companies in similar businesses.

Investments, At Fair Value—ASC 820, Fair Value Measurement, defines fair value, establishes a framework for measuring fair value in accordance with U.S. GAAP and expands disclosures about fair value. The Company recognizes and accounts for its investments at fair value. The fair value of the investments does not reflect transactions costs that may be incurred upon disposition of investments.

Assets and liabilities recorded at fair value in the Consolidated Statements of Assets and Liabilities are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined under GAAP, are directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, are as follows:

Level 1—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 2—Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability.

Level 3—Inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability.

Valuation Guidelines

The Company’s Asset-Backed Finance Assets are valued at fair value in a manner consistent with U.S. GAAP, including Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure (“ASC Topic 820”), issued by the Financial Accounting Standards Board. ASC Topic 820 defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

There is no single standard for determining fair values of assets that do not have a readily available market price and, in many cases, such fair values may be best expressed as a range of fair values from which a single estimate may be derived in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each acquisition while employing a valuation process that is consistently followed. Determinations of fair value involve subjective judgments and estimates.

When making fair value determinations for Asset-Backed Finance Assets that do not have readily available market prices, we consider industry-accepted valuation methodologies, primarily consisting of an income approach and market approach. The income approach derives fair value based on the present value of cash flows that a business, or security is expected to generate in the future. The market approach relies upon valuations for comparable public companies, transactions or assets, and includes making judgments about which companies, transactions or assets are comparable. A blend of approaches may be relied upon in arriving at an estimate of fair value, though there may be instances where it is more appropriate to utilize one approach. We also consider a range of additional factors that we deem relevant, including a potential sale of the Asset-Backed Finance Assets, macro and local market conditions, industry information and the relevant Asset-Backed Finance Asset’s historical and projected financial data.

Asset-Backed Finance Assets are generally valued at the relevant transaction price initially; however, to the extent the Operating Manager does not believe an Asset-Backed Finance Asset’s transaction price reflects the current market value, the Operating Manager will adjust such valuation. When making fair value determinations for Asset-Backed Finance Assets, the Operating Manager updates the prior month-end valuations by incorporating the then current market comparables and discount rate inputs, any material changes to the financial performance of the Asset-Backed Finance Assets since the prior valuation date, as well as any cash flow activity related to the Asset-Backed Finance Assets during the month. The Operating Manager values Asset-Backed Finance Assets using the valuation methodology it deems most appropriate and consistent with widely recognized valuation methodologies and market conditions.

When making fair value determinations for assets that do not have a reliable, readily available market price, which the Company expects to be the case for a significant number of its Asset-Backed Finance Assets, the Operating Manager may engage one or more independent valuation firms to provide positive assurance regarding the reasonableness of such valuations as of the relevant measurement date.

Because assets are valued as of a specified valuation date, events occurring subsequent to that date will not be reflected in the Company’s valuations. However, if information indicating a condition that existed at the valuation date becomes available subsequent to the valuation date and before financial information is publicly released, it will be evaluated to determine whether it would have a material impact requiring adjustment of the final valuation.

At least annually, the Board, including our independent directors, will review the appropriateness of Apollo’s valuation guidelines as adopted by the Board. From time to time, the Board, including our independent directors, may adopt changes to the valuation guidelines applicable to us on occasions in which it has determined or in the future determines that such changes are likely to result in a more accurate reflection of estimated fair value.

See Notes 2 and 3 to the unaudited consolidated financial statements included herein for additional information regarding the fair value of our investments.

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Our primary market risk exposure is interest rate risk, credit risk and market risk with respect to our Asset-Backed Finance Assets. Subject to oversight by the Board, the Operating Manager is responsible for the oversight of risks to our business.

Changes in Market Interest Rates

With respect to our business operations, general decreases in interest rates over time may cause the interest income associated with our Asset-Backed Finance Assets, fixed income and debt assets to decrease. Conversely, general increases in interest rates over time may cause the interest income associated with our Asset-Backed Finance Assets to increase. General increases or decreases in interest rates over time may have an impact on the value of our Asset-Backed Finance Assets.

The Company’s Asset-Backed Finance Assets were comprised of 40% fixed rate investments and 60% floating rate investments, with fair values of $736,186 and $1,091,056, respectively, as of June 30, 2026. An increase or decrease of 1% in market interest rates would result in an increase or decrease of annual interest income of approximately $10,911 with respect to the floating rate investments.

Credit Risk

Credit risk is the failure of the counterparty to perform under the terms of the applicable agreement. If the fair value of an agreement is positive, the counterparty will owe us, which creates credit risk for us. If the fair value of an agreement is negative, we will owe the counterparty and, therefore, do not have credit risk. We will seek to minimize the credit risk in our agreements by entering into transactions with high-quality counterparties.

Market Risk

Market risk is the adverse effect on the value of a financial instrument that results from a change in interest rates. The market risk associated with contracts bearing interest rates is managed by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken. With regard to variable rate assets, we will assess our interest rate cash flow risk by continually identifying and monitoring changes in interest rate exposures that may adversely impact expected future cash flows and by evaluating hedging opportunities. We will maintain risk management control systems to monitor interest rate cash flow risk attributable to both our then-existing and expected Asset-Backed Finance Assets as well as our potential offsetting hedge positions. While this hedging strategy will be designed to minimize the impact on our net income and funds from operations from changes in interest rates, the overall returns on your investment may be reduced.

Hedging

The Company and/or its operating subsidiaries may employ hedging that is designed to reduce the risks of adverse movements in interest rates, securities prices, and other risks, such as counterparty default, convergence and other related risks. See Notes 2 and 4 to the unaudited consolidated financial statements and “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations–Hedging” for additional disclosures regarding the use of hedging and derivative instruments.

Item 4.

Controls and Procedures

Evaluation of Disclosure Controls and Procedures

The Company and the Series maintain disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in the Company’s reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including its President and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. An evaluation of the

effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q was made under the supervision and with the participation of our management, including our President and Chief Financial Officer. Based upon this evaluation, our President and Chief Financial Officer have concluded that our disclosure controls and procedures (a) are effective to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is timely recorded, processed, summarized and reported within the time periods specified by SEC rules and forms and (b) include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our President and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Controls over Financial Reporting

There were no changes in our internal control over financial reporting (as such term is defined in Rules 13a–15(f) and 15d–15(f) under the Exchange Act) that occurred during our most recent quarter, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Certifications

The Certifications of the Principal Executive Officer and Principal Financial Officer of the Company required by Section 302 and Section 906 of the Sarbanes-Oxley Act, which are filed or furnished as Exhibits 31.1, 31.2, 32.1 and 32.2 to this Quarterly Report on Form 10-Q, are applicable to each Series individually and to the Company as a whole.

Part II. Other Information

Item 1. Legal Proceedings

From time to time, we may be a party to certain legal or regulatory proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our Asset-Backed Finance Assets. We are not currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceedings threatened against us.

Item 1A. Risk Factors

For information regarding the risk factors that could affect the Company’s business, operating results, financial condition and liquidity, see the information under “Item 1A. Risk Factors” in the Annual Report. There have been no material changes to the risk factors previously disclosed in the Annual Report.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The Company offers the Repurchase Plan pursuant to which, on a quarterly basis, shareholders may request that we repurchase all or any portion of their Shares. The Company may repurchase fewer Shares than have been requested in any particular quarter to be repurchased under our Repurchase Plan, or none at all, in our discretion at any time. We expect that each Series will conduct quarterly Share Repurchase for up to 5.0% of the aggregate NAV of our outstanding Investor Shares and E Shares of each Series (measured across both Series using the average aggregate NAV across both Series as of the end of the immediately preceding three months). Generally, the price at which we make repurchases of our Shares will equal the NAV per Share of each applicable Share type of each applicable Series (“NAV per Share”) as of the last calendar day of the applicable, immediately preceding quarter.

During the three months ended June 30, 2026, the Company repurchased Shares in the following amounts:


For the Three Months ended June 30, 2026
Period	Total Number of Shares Repurchased		Average Price Paid per Share		Total Number of Shares Repurchased as Part of Publicly Announced Plans or Programs		Maximum Number (or approximate Dollar Value) of Shares that May yet Be Purchased Under the Plans or Programs
April 1, 2026 to April 30, 2026		-	$	-	$	-	$	-
May 1, 2026 to May 31, 2026		1,644,527	$	25.68	$	1,644,527	$	-
June 1, 2026 to June 30, 2026		-	$	-	$	-	$	-
Total		1,644,527	$	25.68	$	1,644,527	$	-

The Shares listed above were repurchased May 11, 2026. The table above excludes exchanges of 182,083 Shares for Shares of another Series or type. See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations–Share Repurchases” in this Quarterly Report on Form 10-Q for a discussion of the Company’s share repurchases for applicable share types during the quarter ended June 30, 2026.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Limited Liability Company Agreement

On August 11, 2026, by a written consent, Apollo Principal Holdings B, L.P., the Company’s sole holder of V Shares, approved the Company’s Sixth Amended and Restated Limited Liability Company Agreement (the “Sixth A&R LLCA”).

On August 12, 2026, the Company executed the Sixth A&R LLCA, which amended and restated the Company’s Fifth Amended and Restated Limited Liability Company Agreement, dated as of April 24, 2026, to account for, among other things, referring to the Company’s use of transactional net asset value in determining the transaction price of the Share types of each series.

Operating Agreement

On August 12, 2026, the Company entered into a Fifth Amended and Restated Operating Agreement (the “Fifth A&R Operating Agreement”) with Apollo Manager, LLC (the “Manager”), which amended and restated the Company’s Fourth Amended and Restated Operating Agreement, dated as of April 24, 2026, to account for, among other things, referring to the Company’s use of transactional net asset value in determining the transaction price of the Share types of each series.

Dealer Manager Agreement

On August 12, 2026, the Company entered into an Fifth Amended and Restated Dealer Manager Agreement (“Fifth A&R Dealer Manager Agreement”) with Apollo Global Securities, LLC (the “Dealer Manager”), an affiliate of Apollo and the Company, which amended and restated the Company’s Fourth Amended and Restated Dealer Manager Agreement, dated as of April 24, 2026, to account for, among other things, referring to the Company’s use of transactional net asset value in determining the transaction price of the Share types of each series.

Share Repurchase Plan

On August 12, 2026, the Company amended and restated the existing Fourth Amended and Restated Share Repurchase Plan, dated April 24, 2026 (as amended and restated, the “Fifth A&R Share Repurchase Plan”), to account for, among other things, referring to the Company’s use of transactional net asset value in determining the transaction price of the Share types of each series.

The foregoing summary descriptions of the Sixth A&R LLCA, Fifth A&R Operating Agreement, Fifth A&R Dealer Manager Agreement and Fifth A&R Share Repurchase Plan do not purport to be complete and are qualified in their entirety by reference to the Sixth A&R LLCA, Fifth A&R Operating Agreement, Fifth A&R Dealer Manager Agreement and Fifth A&R Share Repurchase Plan, copies of which are included as Exhibits 3.4, 10.1, 10.2 and 4.3, respectively, to this Quarterly Report on Form 10-Q and incorporated by reference herein.

Item 6. Exhibits, Financial Statement Schedules


Exhibit Number		Description

3.1		Certificate of Formation as Amended (incorporated by reference to Exhibit 3.1 to the Registrant's Form 10 filed with the SEC on February 9, 2024).

3.2		Amended Series Agreement of Apollo Asset Backed Credit Company LLC - Series I (incorporated by reference to Exhibit 3.4 to the Registrant’s Form 10 filed with the SEC on February 9, 2024).

3.3		Amended Series Agreement of Apollo Asset Backed Credit Company LLC - Series II (incorporated by reference to Exhibit 3.5 to the Registrant’s Form 10 filed with the SEC on February 9, 2024).

3.4		Sixth Amended and Restated Limited Liability Company Agreement.

4.1		Form of Subscription Agreement (incorporated by reference to Exhibit 4.1 to the Registrant's Form 10 filed with the SEC on June 25, 2024).

4.2		Distribution Reinvestment Plan (incorporated by reference to Exhibit 4.2 to the Registrant's Form 10 filed with the SEC on June 25, 2024).

4.3		Fifth Amended and Restated Share Repurchase Plan.

10.1		Fifth Amended and Restated Operating Agreement.

10.2		Fifth Amended and Restated Dealer Manager Agreement.

31.1		Certification of Principal Executive Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2		Certification of Chief Financial Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1		Certification of Principal Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2		Certification of Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS		Inline XBRL Instance Document

101.SCH		Inline XBRL Taxonomy Extension Schema Document With Embedded Linkbase Documents

104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.