Filed pursuant to Rule 424(b)(3)
File No. 333-278477
APOLLO DEBT SOLUTIONS BDC
SUPPLEMENT NO. 7 DATED NOVEMBER 5, 2026
TO THE PROSPECTUS DATED APRIL 16, 2026
This prospectus supplement (“Supplement”) is part of and should be read in conjunction with the prospectus of Apollo Debt Solutions BDC (the “Company”), dated April 16, 2026, (as supplemented to date, the “Prospectus”). Unless otherwise defined herein, capitalized terms used in this Supplement shall have the same meanings as in the Prospectus.
The purposes of this Supplement are:
•To update the Prospectus; and
•To include our Quarterly Report on Form 10-Q for the quarter ended September 30, 2026.
Updates to Prospectus
The following replaces the paragraph under “California” in the “Suitability Standards” section of the Prospectus:
California—Purchasers residing in California must have either: (1) a minimum annual gross income of $100,000 and a minimum net worth of $100,000, or (2) a minimum net worth of $350,000. In addition, purchasers residing in California may not invest more than 10% of their net worth in us. Purchasers who are accredited investors as defined in Regulation D under the Securities Act are not subject to the foregoing concentration limit.
The following replaces the suitability standards for California residents in “Appendix A: Form of Subscription Agreement”:
If I am a California resident, I must have either (1) a minimum annual gross income of $100,000 and a minimum net worth of $100,000, or (2) a minimum net worth of $350,000. In addition, I may not invest more than 10% of my net worth in shares of Apollo Debt Solutions BDC. Purchasers who are accredited investors as defined in Regulation D under the Securities Act are not subject to the foregoing concentration limit.
Quarterly Report on Form 10-Q for the Quarter Ended September 30, 2026
On November 5, 2026, we filed our Quarterly Report on Form 10-Q for the quarter ended September 30, 2026 with the Securities and Exchange Commission. The report (without exhibits) is attached to this Supplement.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2026
OR
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☐ |
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: 814-01424
APOLLO DEBT SOLUTIONS BDC
(Exact name of Registrant as specified in its charter)
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|
Delaware |
86-1950548 |
(State or other jurisdiction of
incorporation or organization) |
(I.R.S. Employer
Identification No.) |
9 West 57th Street New York, New York |
10019 |
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code: (212) 515-3200
Securities registered pursuant to Section 12(b) of the Act:
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|
Title of each class |
Trading symbol(s) |
Name of each exchange on which registered |
None |
None |
None |
Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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.
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Large accelerated filer |
¨ |
Accelerated filer |
¨ |
Non-accelerated filer |
x |
Smaller reporting company |
¨ |
Emerging growth company |
¨ |
(Do not check if a smaller reporting company)
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of November 5, 2026, there was no established public market for the Registrant’s common shares of beneficial interest ("Common Shares").
The number of shares of the Registrant’s Common Shares, $0.01 par value per share, outstanding as of November 5, 2026 was 120,059,424 Class S Common Shares, 1,778,766 Class D Common Shares and 449,912,084 Class I Common Shares. Common Shares outstanding exclude November 1, 2026 subscriptions since the issuance price is not yet finalized at this time.
APOLLO DEBT SOLUTIONS BDC
Table of Contents
PART I. FINANCIAL INFORMATION
In this report, the terms the "Company," "ADS," "we," "us" or "our" refer to Apollo Debt Solutions BDC unless the context specifically states otherwise.
Item 1. Consolidated Financial Statements
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APOLLO DEBT SOLUTIONS BDC |
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES |
(In thousands, except share and per share data) |
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September 30, 2026 |
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December 31, 2025 |
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(Unaudited) |
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Assets |
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Investments at fair value: |
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Non-controlled/non-affiliated investments (cost — $25,791,227 and $24,414,425 at September 30, 2026 and December 31, 2025, respectively) |
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$ |
25,544,551 |
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$ |
24,515,628 |
Cash and cash equivalents |
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1,054,940 |
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498,557 |
Foreign currencies (cost — $31,419 and $47,510 at September 30, 2026 and December 31, 2025, respectively) |
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31,387 |
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47,510 |
Receivable for investments sold |
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1,080,002 |
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679,768 |
Interest receivable |
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210,122 |
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143,715 |
Unrealized appreciation on foreign currency forward contracts |
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120,931 |
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— |
Other assets |
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143,576 |
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12,362 |
Total Assets |
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$ |
28,185,509 |
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$ |
25,897,540 |
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Liabilities |
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Debt (net of deferred financing costs and unamortized original issue discount of $116,358 and $85,886 at September 30, 2026 and December 31, 2025, respectively) |
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$ |
12,944,351 |
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$ |
9,485,967 |
Payable for investments purchased |
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515,045 |
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593,548 |
Payable for share repurchases (Note 7) |
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698,321 |
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688,665 |
Distributions payable |
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105,523 |
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111,985 |
Interest payable |
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131,308 |
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144,938 |
Management fees payable |
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14,637 |
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16,434 |
Performance-based incentive fees payable |
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44,082 |
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44,714 |
Accrued administrative services expense payable |
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1,210 |
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1,015 |
Unrealized depreciation on foreign currency forward contracts |
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— |
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27,819 |
Other liabilities and accrued expenses |
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218,717 |
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12,247 |
Total Liabilities |
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$ |
14,673,194 |
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$ |
11,127,332 |
Commitments and contingencies (Note 8) |
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Total Net Assets |
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$ |
13,512,315 |
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$ |
14,770,208 |
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Net Assets |
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Common shares, $0.01 par value (568,261,073 and 605,221,633 shares issued and outstanding, respectively) |
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$ |
5,683 |
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$ |
6,052 |
Capital in excess of par value |
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14,043,796 |
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14,909,068 |
Accumulated distributed earnings (losses) |
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(537,164) |
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(144,912) |
Total Net Assets |
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$ |
13,512,315 |
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$ |
14,770,208 |
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Net Asset Value Per Share |
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Class S Shares: |
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Net assets |
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$ |
2,835,260 |
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$ |
2,893,219 |
Common shares outstanding ($0.01 par value, unlimited shares authorized) |
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119,236,982 |
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118,552,219 |
Net asset value per share |
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$ |
23.78 |
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$ |
24.40 |
Class D Shares: |
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Net assets |
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$ |
41,030 |
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$ |
40,293 |
Common shares outstanding ($0.01 par value, unlimited shares authorized) |
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1,725,521 |
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1,651,023 |
Net asset value per share |
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$ |
23.78 |
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$ |
24.40 |
Class I Shares: |
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Net assets |
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$ |
10,636,025 |
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$ |
11,836,696 |
Common shares outstanding ($0.01 par value, unlimited shares authorized) |
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447,298,570 |
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485,018,391 |
Net asset value per share |
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$ |
23.78 |
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$ |
24.40 |
See notes to consolidated financial statements
3
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APOLLO DEBT SOLUTIONS BDC |
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) |
(In thousands, except share and per share data) |
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
Investment Income |
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Non-controlled/non-affiliated investments: |
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Interest income |
$ |
573,171 |
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$ |
484,761 |
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$ |
1,665,912 |
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$ |
1,308,941 |
PIK interest income |
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19,894 |
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13,743 |
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56,487 |
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28,254 |
Dividend income |
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3,399 |
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1,631 |
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10,874 |
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5,060 |
Other income |
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11,731 |
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1,429 |
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28,432 |
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8,605 |
Total Investment Income |
$ |
608,195 |
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$ |
501,564 |
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$ |
1,761,705 |
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$ |
1,350,860 |
Operating Expenses |
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Management fees |
$ |
44,623 |
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$ |
44,374 |
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$ |
137,192 |
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$ |
117,605 |
Performance-based incentive fees |
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44,082 |
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40,383 |
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131,479 |
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109,692 |
Interest and other debt expenses |
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196,386 |
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124,084 |
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534,993 |
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324,812 |
Offering costs |
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456 |
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65 |
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975 |
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434 |
Trustees' fees |
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361 |
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190 |
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1,071 |
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519 |
Shareholder servicing fees |
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6,191 |
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5,865 |
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18,559 |
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15,969 |
Administrative service expenses |
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3,604 |
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2,497 |
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9,975 |
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7,137 |
Other general and administrative expenses |
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10,286 |
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7,481 |
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26,210 |
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15,954 |
Total Expenses |
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305,989 |
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224,939 |
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860,454 |
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592,122 |
Net Investment Income |
$ |
302,206 |
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$ |
276,625 |
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$ |
901,251 |
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$ |
758,738 |
Net Realized and Change in Unrealized Gains (Losses) |
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Net realized gains (losses): |
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Non-controlled/non-affiliated investments |
$ |
(48,930) |
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$ |
6,343 |
|
$ |
(91,281) |
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$ |
(22,437) |
Derivative instruments |
|
— |
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|
799 |
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10,764 |
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2,066 |
Foreign currency forward contracts |
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(24,368) |
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(25,213) |
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(36,639) |
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(235,278) |
Foreign currency transactions |
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(12,781) |
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3,706 |
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(1,097) |
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20,825 |
Net realized gains (losses) |
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(86,079) |
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(14,365) |
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(118,253) |
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(234,824) |
Net change in unrealized gains (losses) |
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Non-controlled/non-affiliated investments |
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29,031 |
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(28,423) |
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(347,859) |
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251,332 |
Derivative instruments |
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(990) |
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8,583 |
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(14,225) |
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(6,885) |
Foreign currency forward contracts |
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32,340 |
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74,212 |
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148,750 |
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(27,248) |
Foreign currency translations |
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6,619 |
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(28,840) |
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9,494 |
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(6,137) |
Net unrealized gains (losses) |
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67,000 |
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25,532 |
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(203,840) |
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211,062 |
Net Realized and Change in Unrealized Gains (Losses) |
$ |
(19,079) |
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$ |
11,167 |
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$ |
(322,093) |
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$ |
(23,762) |
Net Increase (Decrease) in Net Assets Resulting from Operations |
$ |
283,127 |
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$ |
287,792 |
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$ |
579,158 |
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$ |
734,976 |
See notes to consolidated financial statements
4
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APOLLO DEBT SOLUTIONS BDC |
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) |
(In thousands, except share and per share data) |
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
Operations |
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Net investment income |
$ |
302,206 |
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$ |
276,625 |
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$ |
901,251 |
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$ |
758,738 |
Net realized gains (losses) |
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(86,079) |
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(14,365) |
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(118,253) |
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(234,824) |
Net change in unrealized gains (losses) |
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67,000 |
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25,532 |
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(203,840) |
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211,062 |
Net Increase (Decrease) in Net Assets Resulting from Operations |
$ |
283,127 |
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$ |
287,792 |
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$ |
579,158 |
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$ |
734,976 |
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Distributions to Shareholders |
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Class S |
$ |
(59,385) |
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$ |
(60,960) |
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$ |
(178,614) |
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$ |
(167,224) |
Class D |
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(910) |
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(817) |
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(2,558) |
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(2,103) |
Class I |
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(254,392) |
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(276,591) |
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(790,239) |
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(732,400) |
Net Decrease in Net Assets Resulting from Distributions to Shareholders |
$ |
(314,687) |
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$ |
(338,368) |
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$ |
(971,411) |
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$ |
(901,727) |
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Capital Share Transactions |
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Class S: |
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Proceeds from shares sold |
$ |
34,929 |
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$ |
186,256 |
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$ |
190,950 |
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$ |
801,362 |
Share conversion |
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(7,151) |
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(2,738) |
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(13,142) |
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(10,068) |
Repurchase of common shares, net of early repurchase deduction |
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(71,435) |
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(52,275) |
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(255,203) |
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(108,844) |
Distributions reinvested |
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31,217 |
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34,136 |
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96,505 |
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|
92,202 |
Class D: |
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Proceeds from shares sold |
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7 |
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6,941 |
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2,731 |
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|
10,936 |
Share conversion |
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79 |
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— |
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(1,748) |
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— |
Repurchase of common shares, net of early repurchase deduction |
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(446) |
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— |
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(983) |
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(12) |
Distributions reinvested |
|
597 |
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|
514 |
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1,783 |
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|
1,418 |
Class I: |
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Proceeds from shares sold |
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84,739 |
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1,248,653 |
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|
708,521 |
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4,448,380 |
Share conversion |
|
7,072 |
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2,738 |
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|
14,890 |
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|
10,068 |
Repurchase of common shares, net of early repurchase deduction |
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(626,614) |
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(346,917) |
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(1,897,420) |
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(627,600) |
Distributions reinvested |
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92,900 |
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|
98,511 |
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|
287,476 |
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|
268,569 |
Net Increase (Decrease) from Capital Share Transactions |
$ |
(454,106) |
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$ |
1,175,819 |
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$ |
(865,640) |
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$ |
4,886,411 |
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Net Assets |
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Total increase (decrease) in net assets during the period |
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(485,666) |
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|
1,125,243 |
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(1,257,893) |
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|
4,719,660 |
Net Assets at beginning of period |
|
13,997,981 |
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|
13,140,913 |
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|
14,770,208 |
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|
9,546,496 |
Net Assets at End of Period |
$ |
13,512,315 |
|
$ |
14,266,156 |
|
$ |
13,512,315 |
|
$ |
14,266,156 |
See notes to consolidated financial statements
5
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APOLLO DEBT SOLUTIONS BDC |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
(In thousands, except share and per share data) |
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Nine Months Ended September 30, |
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|
2026 |
|
2025 |
Operating Activities |
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Net increase (decrease) in net assets resulting from operations |
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$ |
579,158 |
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$ |
734,976 |
Net realized (gain) loss on investments |
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|
91,281 |
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|
22,437 |
Net realized (gain) loss on derivatives |
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(10,764) |
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|
(2,066) |
Net change in unrealized (gains) losses on investments |
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|
347,859 |
|
|
(251,332) |
Net change in unrealized (gains) losses on derivatives |
|
|
14,225 |
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|
6,885 |
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts |
|
|
(148,750) |
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|
27,248 |
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies |
|
|
(9,494) |
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|
6,137 |
PIK interest capitalized |
|
|
(55,424) |
|
|
(26,242) |
Net accretion of discount and amortization of premium |
|
|
(46,645) |
|
|
(30,917) |
Amortization of deferred financing costs |
|
|
18,935 |
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|
11,051 |
Amortization of offering costs |
|
|
975 |
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|
434 |
Purchase of investments |
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|
(8,624,178) |
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|
(12,619,631) |
Purchase of derivatives |
|
|
(7,495) |
|
|
— |
Proceeds from sale of investments and principal repayments |
|
|
7,267,020 |
|
|
4,978,735 |
Changes in operating assets and liabilities: |
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|
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|
|
Interest receivable |
|
|
(66,407) |
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|
(81,790) |
Receivable for investments sold |
|
|
(400,234) |
|
|
(698,559) |
Other assets |
|
|
(131,214) |
|
|
(266,152) |
Payable for investments purchased |
|
|
(78,503) |
|
|
1,030,178 |
Management fees payable |
|
|
(1,797) |
|
|
4,822 |
Performance-based incentive fees payable |
|
|
(632) |
|
|
11,861 |
Accrued administrative services expense payable |
|
|
195 |
|
|
663 |
Interest payable |
|
|
(13,630) |
|
|
(9,192) |
Other liabilities and accrued expenses |
|
|
199,739 |
|
|
(16,981) |
Net Cash (Used in)/Provided by Operating Activities |
|
$ |
(1,075,780) |
|
$ |
(7,167,435) |
|
|
|
|
|
|
|
Financing Activities |
|
|
|
|
|
|
Issuances of debt |
|
$ |
6,166,908 |
|
$ |
8,042,886 |
Payments of debt |
|
|
(2,678,033) |
|
|
(4,762,073) |
Financing costs paid and deferred |
|
|
(36,779) |
|
|
(28,519) |
Proceeds from issuance of common shares |
|
|
902,202 |
|
|
5,260,678 |
Repurchased shares, net of early repurchase deduction paid |
|
|
(2,143,950) |
|
|
(399,788) |
Distributions paid |
|
|
(592,109) |
|
|
(497,734) |
Offering costs paid and deferred |
|
|
(975) |
|
|
(434) |
Net Cash (Used in)/Provided by Financing Activities |
|
$ |
1,617,264 |
|
$ |
7,615,016 |
|
|
|
|
|
|
|
Cash, Cash Equivalents and Foreign Currencies |
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents and foreign currencies during the period |
|
$ |
541,484 |
|
$ |
447,581 |
Effect of foreign exchange rate changes on cash and cash equivalents |
|
|
(1,224) |
|
|
179 |
Cash, cash equivalents and foreign currencies at beginning of period |
|
|
546,067 |
|
|
412,840 |
Cash, Cash Equivalents and Foreign Currencies at the End of Period |
|
$ |
1,086,327 |
|
$ |
860,600 |
|
|
|
|
|
|
|
Supplemental Disclosure and Non-Cash Information |
|
|
|
|
|
|
Cash interest paid |
|
$ |
529,688 |
|
$ |
322,953 |
Distributions payable |
|
$ |
105,523 |
|
$ |
117,646 |
Reinvestment of distributions during the period |
|
$ |
385,764 |
|
$ |
362,189 |
PIK income |
|
$ |
56,487 |
|
$ |
28,254 |
See notes to consolidated financial statements
6
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
Aerospace & Defense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accel International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accel International Holdings, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+425, 0.50% Floor |
|
4/26/2032 |
|
$ |
187,003 |
|
$ |
186,236 |
|
$ |
187,003 |
|
(4)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+425, 0.50% Floor |
|
4/26/2032 |
|
|
— |
|
|
(128) |
|
|
— |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
186,108 |
|
|
187,003 |
|
|
Acme Bidco, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acme Bidco, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+525, 1.00% Floor |
|
8/31/2033 |
|
|
59,701 |
|
|
59,110 |
|
|
59,104 |
|
(4)(8)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+525, 1.00% Floor |
|
8/31/2033 |
|
|
— |
|
|
(88) |
|
|
(89) |
|
(4)(5)(8)(12)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+525, 1.00% Floor |
|
8/31/2033 |
|
|
— |
|
|
(124) |
|
|
(125) |
|
(4)(5)(8)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
58,898 |
|
|
58,890 |
|
|
Avantus |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Altitude US Buyer, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.50% Floor |
|
9/2/2033 |
|
|
103,266 |
|
|
102,242 |
|
|
102,233 |
|
(4)(10)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 0.50% Floor |
|
9/2/2033 |
|
|
— |
|
|
(266) |
|
|
(134) |
|
(4)(5)(10)(12)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.50% Floor |
|
9/2/2033 |
|
|
— |
|
|
(159) |
|
|
(161) |
|
(4)(5)(10)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
101,817 |
|
|
101,938 |
|
|
MRO Holdings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MRO Holdings, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.50% Floor |
|
10/4/2032 |
|
|
317,696 |
|
|
316,852 |
|
|
320,873 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 0.50% Floor |
|
10/4/2032 |
|
|
31,463 |
|
|
31,101 |
|
|
31,778 |
|
(4)(9)(12)(17)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 0.50% Floor |
|
5/5/2032 |
|
|
30,000 |
|
|
29,312 |
|
|
30,000 |
|
(4)(9)(12)(17)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
377,265 |
|
|
382,651 |
|
|
Transdigm |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transdigm Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+250, 0.00% Floor |
|
2/13/2033 |
|
|
14,925 |
|
|
14,917 |
|
|
14,952 |
|
(16) |
Triumph |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TITAN BW BORROWER L.P. |
|
First Lien Secured Debt - Term Loan |
|
S+225 Cash plus 2.44% PIK, 0.50% Floor |
|
7/24/2032 |
|
|
203,134 |
|
|
201,453 |
|
|
203,246 |
|
(4)(10)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 0.50% Floor |
|
7/24/2032 |
|
|
10,005 |
|
|
9,892 |
|
|
10,010 |
|
(4)(12)(17)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.50% Floor |
|
7/24/2032 |
|
|
— |
|
|
(280) |
|
|
— |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
211,065 |
|
|
213,256 |
|
|
Vantor Holdings Inc |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vantor Holdings Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+425, 0.00% Floor |
|
3/3/2033 |
|
|
25,404 |
|
|
25,087 |
|
|
25,504 |
|
(17) |
|
|
|
|
Total Aerospace & Defense |
|
$ |
975,157 |
|
$ |
984,194 |
|
|
See notes to consolidated financial statements
7
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
Air Freight & Logistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Primeflight |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PrimeFlight Acquisition, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+475, 1.00% Floor |
|
5/1/2029 |
|
$ |
34,725 |
|
$ |
34,437 |
|
$ |
34,423 |
|
(4)(17) |
|
|
First Lien Secured Debt - Term Loan |
|
S+525, 0.00% Floor |
|
5/1/2029 |
|
|
9,875 |
|
|
9,804 |
|
|
9,875 |
|
(4)(17) |
|
|
|
|
|
|
|
|
|
|
|
|
44,241 |
|
|
44,298 |
|
|
WFC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Windrose Holdings III |
|
First Lien Secured Debt - Term Loan |
|
S+425, 0.00% Floor |
|
7/27/2031 |
|
|
74,250 |
|
|
73,370 |
|
|
73,508 |
|
(4)(8)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+425, 0.00% Floor |
|
7/27/2031 |
|
|
— |
|
|
(137) |
|
|
(69) |
|
(4)(5)(8)(10)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
73,233 |
|
|
73,439 |
|
|
|
|
|
|
Total Air Freight & Logistics |
|
$ |
117,474 |
|
$ |
117,737 |
|
|
Automobile Components |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Clarience Technologies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truck-Lite Co., LLC |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
2/13/2032 |
|
$ |
193,029 |
|
$ |
192,363 |
|
$ |
192,218 |
|
(4)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 0.75% Floor |
|
2/13/2032 |
|
|
24,380 |
|
|
23,928 |
|
|
24,130 |
|
(4)(12)(17)(34) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+575, 0.75% Floor |
|
2/13/2032 |
|
|
— |
|
|
(157) |
|
|
(116) |
|
(4)(5)(12)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.75% Floor |
|
2/13/2031 |
|
|
— |
|
|
(30) |
|
|
(86) |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
216,104 |
|
|
216,146 |
|
|
Mavis Tire Express Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mavis Tire Express Services TopCo, L.P. |
|
First Lien Secured Debt - Term Loan |
|
S+325, 0.00% Floor |
|
5/6/2033 |
|
|
256,099 |
|
|
252,728 |
|
|
253,993 |
|
(18) |
|
|
|
|
Total Automobile Components |
|
$ |
468,832 |
|
$ |
470,139 |
|
|
Banks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creative Planning |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CPI Holdco B, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+200, 0.00% Floor |
|
5/17/2031 |
|
$ |
8,023 |
|
$ |
8,019 |
|
$ |
8,006 |
|
(16) |
Singular Bank |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pluto Holdco Limited |
|
First Lien Secured Debt - Term Loan |
|
6.15% PIK |
|
12/5/2026 |
|
€ |
14,456 |
|
|
15,724 |
|
|
16,345 |
|
(3)(4)(8)(9)(10)(21) |
|
|
|
|
Total Banks |
|
$ |
23,743 |
|
$ |
24,351 |
|
|
Beverages |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sazerac |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sazerac Co Inc |
|
First Lien Secured Debt - Term Loan |
|
S+200, 0.00% Floor |
|
7/9/2032 |
|
$ |
29,725 |
|
$ |
29,591 |
|
$ |
29,712 |
|
(16) |
|
|
|
|
Total Beverages |
|
$ |
29,591 |
|
$ |
29,712 |
|
|
See notes to consolidated financial statements
8
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
Building Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Bath |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CP Atlas Buyer, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+525, 0.00% Floor |
|
7/8/2030 |
|
$ |
71,342 |
|
$ |
68,485 |
|
$ |
58,875 |
|
(16) |
Chamberlain Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chariot Buyer LLC |
|
First Lien Secured Debt - Term Loan |
|
S+275, 0.00% Floor |
|
9/8/2032 |
|
|
53,387 |
|
|
53,180 |
|
|
53,309 |
|
(16) |
Emerson Climate Technologies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Emerson Climate Technologies, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+225, 0.00% Floor |
|
5/31/2030 |
|
|
3,117 |
|
|
3,112 |
|
|
3,120 |
|
(16) |
EMRLD Borrower LP |
|
First Lien Secured Debt - Term Loan |
|
S+225, 0.00% Floor |
|
8/4/2031 |
|
|
6,184 |
|
|
6,192 |
|
|
6,188 |
|
(17) |
|
|
|
|
|
|
|
|
|
|
|
|
9,304 |
|
|
9,308 |
|
|
Leaf Home |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LHS Borrower LLC |
|
First Lien Secured Debt - Term Loan |
|
S+525, 0.75% Floor |
|
9/4/2031 |
|
|
242,138 |
|
|
239,022 |
|
|
230,539 |
|
(4)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+525, 0.75% Floor |
|
9/4/2031 |
|
|
5,231 |
|
|
4,980 |
|
|
4,028 |
|
(4)(11)(12)(16)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
244,002 |
|
|
234,567 |
|
|
PrimeSource |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Park River Holdings, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.75% Floor |
|
3/15/2031 |
|
|
44,852 |
|
|
44,625 |
|
|
44,758 |
|
(17) |
Quikrete |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quikrete Holdings, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+225, 0.00% Floor |
|
2/10/2032 |
|
|
91,440 |
|
|
91,339 |
|
|
91,465 |
|
(16) |
|
|
First Lien Secured Debt - Term Loan |
|
S+225, 0.00% Floor |
|
4/14/2031 |
|
|
4,937 |
|
|
4,937 |
|
|
4,941 |
|
(16) |
|
|
|
|
|
|
|
|
|
|
|
|
96,276 |
|
|
96,406 |
|
|
RF Fager |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
R.F. Fager Company, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+500, 1.00% Floor |
|
3/4/2030 |
|
|
2,379 |
|
|
2,345 |
|
|
2,330 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 1.00% Floor |
|
3/4/2030 |
|
|
976 |
|
|
962 |
|
|
954 |
|
(4)(9)(12)(16)(18)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 1.00% Floor |
|
3/4/2030 |
|
|
495 |
|
|
487 |
|
|
483 |
|
(4)(9)(12)(16)(18)(24)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
3,794 |
|
|
3,767 |
|
|
US LBM |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LBM Acquisition, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.75% Floor |
|
6/6/2031 |
|
|
13,860 |
|
|
13,397 |
|
|
10,341 |
|
(16) |
|
|
First Lien Secured Debt - Term Loan |
|
S+385, 0.75% Floor |
|
6/6/2031 |
|
|
6,334 |
|
|
5,066 |
|
|
4,488 |
|
(16) |
|
|
First Lien Secured Debt - Corporate Bond |
|
9.50% |
|
6/15/2031 |
|
|
5,723 |
|
|
4,987 |
|
|
4,195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,450 |
|
|
19,024 |
|
|
See notes to consolidated financial statements
9
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
Visual Comfort & Co |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visual Comfort & Co |
|
First Lien Secured Debt - Term Loan |
|
S+325, 0.50% Floor |
|
9/24/2031 |
|
|
64,710 |
|
|
64,386 |
|
|
64,738 |
|
(17) |
|
|
|
|
Total Building Products |
|
$ |
607,502 |
|
$ |
584,752 |
|
|
Capital Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Edelman Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Edelman Financial Center, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+400, 0.00% Floor |
|
12/1/2031 |
|
$ |
10,000 |
|
$ |
9,905 |
|
$ |
10,013 |
|
(16) |
Rialto |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rialto Management Group, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.75% Floor |
|
12/5/2030 |
|
|
57,689 |
|
|
57,284 |
|
|
57,689 |
|
(4)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 0.75% Floor |
|
12/5/2030 |
|
|
— |
|
|
(16) |
|
|
— |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
57,268 |
|
|
57,689 |
|
|
Russell |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Russell Investments US Institutional Holdco Inc |
|
First Lien Secured Debt - Term Loan |
|
S+500 Cash plus 0.75% PIK, 2.00% Floor |
|
12/29/2032 |
|
|
122,175 |
|
|
120,500 |
|
|
127,062 |
|
(4)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 2.00% Floor |
|
12/29/2032 |
|
|
— |
|
|
(133) |
|
|
— |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
120,367 |
|
|
127,062 |
|
|
True Potential |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kane Bidco Limited |
|
First Lien Secured Debt - Corporate Bond |
|
SONIA+500, 0.00% Floor |
|
3/21/2030 |
|
£ |
61,000 |
|
|
77,946 |
|
|
80,877 |
|
(3)(4)(8)(9)(19) |
|
|
|
|
Total Capital Markets |
|
$ |
265,486 |
|
$ |
275,641 |
|
|
Chemicals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Custom Ingredients |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Custom Ingredients, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.00% Floor |
|
7/16/2032 |
|
$ |
33,710 |
|
$ |
33,382 |
|
$ |
33,373 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 0.00% Floor |
|
7/16/2032 |
|
|
— |
|
|
(37) |
|
|
(38) |
|
(4)(5)(12)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.00% Floor |
|
7/16/2032 |
|
|
— |
|
|
(83) |
|
|
(86) |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
33,262 |
|
|
33,249 |
|
|
Heubach |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heubach Holdings USA LLC |
|
First Lien Secured Debt - Term Loan |
|
11.00% |
|
1/3/2029 |
|
|
485 |
|
|
485 |
|
|
243 |
|
(4)(8)(17)(33) |
SK Neptune Husky Group Sarl |
|
First Lien Secured Debt - Term Loan |
|
10.75% |
|
1/3/2029 |
|
|
9,588 |
|
|
9,371 |
|
|
— |
|
(4)(8)(17)(33) |
|
|
|
|
|
|
|
|
|
|
|
|
9,856 |
|
|
243 |
|
|
See notes to consolidated financial statements
10
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
RMC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rochester Midland Corporation |
|
First Lien Secured Debt - Term Loan |
|
S+575, 1.00% Floor |
|
8/1/2029 |
|
|
12,361 |
|
|
12,218 |
|
|
12,197 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+575, 1.00% Floor |
|
8/1/2029 |
|
|
19,210 |
|
|
18,994 |
|
|
18,913 |
|
(4)(9)(12)(16)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+575, 1.00% Floor |
|
8/1/2029 |
|
|
1,393 |
|
|
1,354 |
|
|
1,347 |
|
(4)(9)(12)(16)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
32,566 |
|
|
32,457 |
|
|
Rochester Midland Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RMC Topco LLC |
|
Common Equity - Equity Unit |
|
N/A |
|
N/A |
|
|
100 Units |
|
|
100 |
|
|
152 |
|
(4) |
Solenis |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olympus Water US Holding Corporation |
|
First Lien Secured Debt - Term Loan |
|
S+325, 0.00% Floor |
|
11/3/2032 |
|
|
18,707 |
|
|
18,665 |
|
|
18,762 |
|
(17) |
|
|
First Lien Secured Debt - Corporate Bond |
|
6.75% |
|
8/1/2032 |
|
|
5,000 |
|
|
4,849 |
|
|
4,714 |
|
|
Solenis Holding Limited |
|
First Lien Secured Debt - Term Loan |
|
S+300, 0.50% Floor |
|
6/20/2031 |
|
|
30,615 |
|
|
30,276 |
|
|
30,684 |
|
(17) |
|
|
|
|
|
|
|
|
|
|
|
|
53,790 |
|
|
54,160 |
|
|
Vantage Specialty Chemicals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vantage Specialty Chemicals Holdings, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+400 Cash plus 2.75% PIK, 1.00% Floor |
|
8/29/2029 |
|
|
56,784 |
|
|
55,732 |
|
|
52,350 |
|
(4)(10)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+625, 1.00% Floor |
|
2/28/2029 |
|
|
1,538 |
|
|
1,453 |
|
|
1,161 |
|
(4)(12)(16)(17)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
57,185 |
|
|
53,511 |
|
|
Vita Global |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vita Global FinCo Limited |
|
First Lien Secured Debt - Term Loan |
|
11.73% |
|
6/8/2029 |
|
£ |
20,863 |
|
|
28,169 |
|
|
11,908 |
|
(3)(4)(8)(10)(19)(33) |
|
|
|
|
Total Chemicals |
|
$ |
214,928 |
|
$ |
185,680 |
|
|
Commercial Services & Supplies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allied Universal |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allied Universal Holdco LLC |
|
First Lien Secured Debt - Term Loan |
|
S+325, 0.00% Floor |
|
8/20/2032 |
|
$ |
47,445 |
|
$ |
47,438 |
|
$ |
47,574 |
|
(16) |
Best Trash |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bingo Group Buyer, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+475, 1.00% Floor |
|
7/10/2031 |
|
|
20,224 |
|
|
20,037 |
|
|
20,224 |
|
(4)(9)(16)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 1.00% Floor |
|
7/10/2031 |
|
|
6,936 |
|
|
6,853 |
|
|
6,936 |
|
(4)(9)(12)(16)(17)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 1.00% Floor |
|
7/10/2031 |
|
|
58 |
|
|
41 |
|
|
58 |
|
(4)(9)(12)(17)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
26,931 |
|
|
27,218 |
|
|
See notes to consolidated financial statements
11
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
Champions Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIDO Purchaser, Inc |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.50% Floor |
|
4/4/2033 |
|
|
106,556 |
|
|
106,049 |
|
|
106,023 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 0.50% Floor |
|
4/4/2033 |
|
|
— |
|
|
(71) |
|
|
(152) |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
105,978 |
|
|
105,871 |
|
|
Convergint |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DG Investment Intermediate Holdings 2, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+300, 0.00% Floor |
|
7/9/2032 |
|
|
20,137 |
|
|
20,050 |
|
|
20,187 |
|
(16) |
CoreTrust |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coretrust Purchasing Group LLC |
|
First Lien Secured Debt - Term Loan |
|
S+525, 0.75% Floor |
|
10/1/2029 |
|
|
42,781 |
|
|
42,267 |
|
|
42,563 |
|
(4)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+525, 0.75% Floor |
|
10/1/2029 |
|
|
— |
|
|
(62) |
|
|
(24) |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
42,205 |
|
|
42,539 |
|
|
Encore |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVSC Holding Corp. |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.75% Floor |
|
12/5/2031 |
|
|
199,314 |
|
|
196,146 |
|
|
198,993 |
|
(4)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 0.75% Floor |
|
12/5/2029 |
|
|
8,574 |
|
|
8,294 |
|
|
8,539 |
|
(4)(12)(16)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
204,440 |
|
|
207,532 |
|
|
Galaxy Service Partners |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GSP Midco LLC |
|
First Lien Secured Debt - Term Loan |
|
S+500, 1.00% Floor |
|
10/17/2031 |
|
|
24,750 |
|
|
24,751 |
|
|
24,482 |
|
(4)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 1.00% Floor |
|
10/17/2031 |
|
|
18,875 |
|
|
18,672 |
|
|
18,606 |
|
(4)(12)(17)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 1.00% Floor |
|
10/17/2031 |
|
|
— |
|
|
— |
|
|
(11) |
|
(4)(5)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
43,423 |
|
|
43,077 |
|
|
HKA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mount Olympus Bidco Limited |
|
First Lien Secured Debt - Term Loan |
|
S+525, 0.50% Floor |
|
8/9/2029 |
|
|
13,705 |
|
|
13,513 |
|
|
13,508 |
|
(4)(8)(9)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+525, 0.50% Floor |
|
8/9/2029 |
|
|
4,760 |
|
|
4,715 |
|
|
4,691 |
|
(4)(8)(9)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+600, 0.50% Floor |
|
8/9/2029 |
|
|
918 |
|
|
896 |
|
|
889 |
|
(4)(8)(9)(12)(17)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
19,124 |
|
|
19,088 |
|
|
Ironclad |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mersino, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+600, 1.00% Floor |
|
3/31/2029 |
|
|
2,946 |
|
|
2,918 |
|
|
2,918 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+600, 1.00% Floor |
|
3/31/2029 |
|
|
— |
|
|
(4) |
|
|
(5) |
|
(4)(5)(9)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
2,914 |
|
|
2,913 |
|
|
See notes to consolidated financial statements
12
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
Public Partnerships |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPL Equity LP |
|
Preferred Equity - Preferred Stocks |
|
N/A |
|
N/A |
|
|
50,000 Shares |
|
|
50 |
|
|
50 |
|
(4)(9) |
|
|
Common Equity - Equity Unit |
|
N/A |
|
N/A |
|
|
50,000 Units |
|
|
— |
|
|
27 |
|
(4)(9) |
|
|
|
|
|
|
|
|
|
|
|
|
50 |
|
|
77 |
|
|
PureStar |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMCP Clean Acqusition Company, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+425, 0.50% Floor |
|
6/15/2030 |
|
|
145,465 |
|
|
144,598 |
|
|
144,738 |
|
(9)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+425, 0.50% Floor |
|
6/15/2030 |
|
|
101,159 |
|
|
100,544 |
|
|
100,653 |
|
(9)(17) |
|
|
|
|
|
|
|
|
|
|
|
|
245,142 |
|
|
245,391 |
|
|
Pye-Barker |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pye-Barker Fire & Safety LLC |
|
First Lien Secured Debt - Term Loan |
|
S+250, 0.00% Floor |
|
12/16/2032 |
|
|
13,017 |
|
|
12,994 |
|
|
13,052 |
|
(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+250, 0.00% Floor |
|
12/16/2032 |
|
|
305 |
|
|
312 |
|
|
306 |
|
(12)(17)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
13,306 |
|
|
13,358 |
|
|
R.R. Donnelley |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
R. R. Donnelley & Sons Company |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
8/8/2029 |
|
|
167,402 |
|
|
164,316 |
|
|
165,989 |
|
(4)(9)(16) |
Resource Innovations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North Haven RI Buyer, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+475, 1.00% Floor |
|
3/29/2030 |
|
|
20,262 |
|
|
19,987 |
|
|
20,220 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 1.00% Floor |
|
3/29/2030 |
|
|
3,154 |
|
|
3,073 |
|
|
3,136 |
|
(4)(9)(12)(17)(34) |
|
|
First Lien Secured Debt - Revolver |
|
P+375, 1.00% Floor |
|
3/29/2030 |
|
|
950 |
|
|
920 |
|
|
946 |
|
(4)(9)(12)(24)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
23,980 |
|
|
24,302 |
|
|
Reworld Holding Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reworld Holding Corporation |
|
First Lien Secured Debt - Term Loan |
|
S+225, 0.50% Floor |
|
1/15/2031 |
|
|
9,925 |
|
|
9,907 |
|
|
9,930 |
|
(16) |
Service Logic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Saber Parent Holdings Corp |
|
First Lien Secured Debt - Term Loan |
|
S+250 Cash plus 2.25% PIK, 0.00% Floor |
|
12/16/2032 |
|
|
170,881 |
|
|
170,120 |
|
|
170,010 |
|
(4)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+250 Cash plus 2.25% PIK, 0.00% Floor |
|
12/16/2032 |
|
|
21,137 |
|
|
20,987 |
|
|
20,900 |
|
(4)(12)(17)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 0.00% Floor |
|
12/16/2032 |
|
|
— |
|
|
(103) |
|
|
— |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
191,004 |
|
|
190,910 |
|
|
Smith System |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Smith Topco, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+500, 1.00% Floor |
|
11/6/2029 |
|
|
16,473 |
|
|
16,272 |
|
|
16,246 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 1.00% Floor |
|
11/6/2029 |
|
|
— |
|
|
(20) |
|
|
(23) |
|
(4)(5)(9)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
16,252 |
|
|
16,223 |
|
|
See notes to consolidated financial statements
13
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
Stamps.com |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auctane, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+575, 0.75% Floor |
|
6/1/2033 |
|
|
70,590 |
|
|
69,544 |
|
|
69,531 |
|
(4)(9)(17) |
SumUp |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SumUp Holdings Luxembourg S.a.r.l. |
|
First Lien Secured Debt - Delayed Draw |
|
E+600, 1.50% Floor |
|
5/23/2031 |
|
€ |
40,000 |
|
|
43,004 |
|
|
44,850 |
|
(3)(4)(8)(10)(21) |
United Site Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PECF USS Intermediate Holding III Corporation |
|
First Lien Secured Debt - Term Loan |
|
S+750 Cash plus 2.75% PIK, 2.00% Floor |
|
3/3/2033 |
|
|
6,433 |
|
|
6,124 |
|
|
5,971 |
|
(9)(17) |
|
|
Common Equity - Stock |
|
N/A |
|
N/A |
|
|
1,447,277 Shares |
|
|
10,493 |
|
|
8,409 |
|
(4)(9)(35) |
|
|
|
|
|
|
|
|
|
|
|
|
16,617 |
|
|
14,380 |
|
|
Unitex |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ultra Bidco, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
8/31/2033 |
|
|
73,117 |
|
|
72,393 |
|
|
72,386 |
|
(4)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 0.75% Floor |
|
8/31/2033 |
|
|
— |
|
|
(23) |
|
|
(23) |
|
(4)(5)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.75% Floor |
|
8/31/2033 |
|
|
— |
|
|
(91) |
|
|
(93) |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
72,279 |
|
|
72,270 |
|
|
USA DeBusk |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
USA DeBusk LLC |
|
First Lien Secured Debt - Term Loan |
|
S+525, 0.75% Floor |
|
4/30/2031 |
|
|
15,737 |
|
|
15,573 |
|
|
15,311 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+525, 0.75% Floor |
|
4/30/2031 |
|
|
3,104 |
|
|
3,077 |
|
|
3,020 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+525, 0.75% Floor |
|
4/30/2030 |
|
|
2,251 |
|
|
2,228 |
|
|
2,188 |
|
(4)(9)(12)(17)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
20,878 |
|
|
20,519 |
|
|
USG Buyer, LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
USG Buyer, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
6/1/2032 |
|
|
55,172 |
|
|
54,645 |
|
|
54,762 |
|
(4)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 0.75% Floor |
|
6/1/2032 |
|
|
— |
|
|
(111) |
|
|
(175) |
|
(4)(5)(12)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.75% Floor |
|
6/1/2032 |
|
|
— |
|
|
(189) |
|
|
(148) |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
54,345 |
|
|
54,439 |
|
|
Whiskey Borrower, LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Whiskey Borrower, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
8/12/2033 |
|
|
61,000 |
|
|
60,399 |
|
|
60,390 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 0.75% Floor |
|
8/12/2033 |
|
|
— |
|
|
(172) |
|
|
(175) |
|
(4)(5)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.75% Floor |
|
8/12/2033 |
|
|
355 |
|
|
159 |
|
|
155 |
|
(4)(12)(16)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
60,386 |
|
|
60,370 |
|
|
|
|
|
|
Total Commercial Services & Supplies |
|
$ |
1,513,513 |
|
$ |
1,518,538 |
|
|
See notes to consolidated financial statements
14
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
Communications Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MCA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mobile Communications America, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+475, 1.00% Floor |
|
10/16/2029 |
|
$ |
8,192 |
|
$ |
8,074 |
|
$ |
7,923 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 1.00% Floor |
|
10/16/2029 |
|
|
3,002 |
|
|
2,965 |
|
|
2,807 |
|
(4)(9)(12)(17)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 1.00% Floor |
|
10/16/2029 |
|
|
109 |
|
|
91 |
|
|
64 |
|
(4)(9)(12)(17)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
11,130 |
|
|
10,794 |
|
|
Mitel Networks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mitel Networks |
|
Common Equity - Stock |
|
N/A |
|
N/A |
|
|
733,019 Shares |
|
|
3,465 |
|
|
202 |
|
(8) |
MLN US Holdco LLC |
|
First Lien Secured Debt - Term Loan |
|
S+200 Cash plus 6.00% PIK, 1.00% Floor |
|
6/20/2030 |
|
|
7,009 |
|
|
6,200 |
|
|
3,153 |
|
(8)(16) |
|
|
|
|
|
|
|
|
|
|
|
|
9,665 |
|
|
3,355 |
|
|
|
|
|
|
Total Communications Equipment |
|
$ |
20,795 |
|
$ |
14,149 |
|
|
Construction & Engineering |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Restoration |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Restoration Holdings, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+510, 1.00% Floor |
|
7/24/2030 |
|
$ |
12,322 |
|
$ |
12,158 |
|
$ |
9,618 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+510, 1.00% Floor |
|
7/24/2030 |
|
|
9,258 |
|
|
9,205 |
|
|
5,329 |
|
(4)(9)(12)(17)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+510, 1.00% Floor |
|
7/24/2030 |
|
|
2,268 |
|
|
2,244 |
|
|
1,770 |
|
(4)(9)(17)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
23,607 |
|
|
16,717 |
|
|
ASC Engineered Solutions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fire Flow Intermediate Corporation |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.75% Floor |
|
7/10/2031 |
|
|
192,570 |
|
|
191,201 |
|
|
188,603 |
|
(4)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 0.75% Floor |
|
7/10/2031 |
|
|
19,797 |
|
|
19,553 |
|
|
19,087 |
|
(4)(12)(16)(34) |
Tailwind Fire Flow Investor, LP |
|
Common Equity - Membership Interest |
|
N/A |
|
N/A |
|
|
100 Units |
|
|
101 |
|
|
101 |
|
(4) |
|
|
|
|
|
|
|
|
|
|
|
|
210,855 |
|
|
207,791 |
|
|
Dynagrid |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Megavolt Borrower, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+475, 1.00% Floor |
|
2/13/2032 |
|
|
18,516 |
|
|
18,213 |
|
|
18,390 |
|
(4)(17) |
GSI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Geotechnical Merger Sub, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.75% Floor |
|
10/15/2031 |
|
|
67,411 |
|
|
66,888 |
|
|
66,898 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 0.75% Floor |
|
10/15/2031 |
|
|
14,668 |
|
|
14,520 |
|
|
14,478 |
|
(4)(9)(12)(17)(18)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.75% Floor |
|
10/15/2031 |
|
|
2,185 |
|
|
2,115 |
|
|
2,113 |
|
(4)(9)(12)(17)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
83,523 |
|
|
83,489 |
|
|
See notes to consolidated financial statements
15
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
Resurge Buyer LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Resurge Buyer LLC |
|
First Lien Secured Debt - Term Loan |
|
S+250, 0.00% Floor |
|
9/30/2033 |
|
|
5,085 |
|
|
5,072 |
|
|
5,064 |
|
(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+250, 0.00% Floor |
|
9/30/2033 |
|
|
— |
|
|
(2) |
|
|
(4) |
|
(5)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
5,070 |
|
|
5,060 |
|
|
Traffic Management Solutions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Traffic Management Solutions, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+500, 1.00% Floor |
|
11/26/2030 |
|
|
12,450 |
|
|
12,316 |
|
|
12,381 |
|
(4)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 1.00% Floor |
|
11/26/2030 |
|
|
871 |
|
|
858 |
|
|
858 |
|
(4)(12)(17)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 1.00% Floor |
|
11/26/2030 |
|
|
— |
|
|
(38) |
|
|
(22) |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
13,136 |
|
|
13,217 |
|
|
Trench Plate Rental Co. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trench Plate Rental Co. |
|
First Lien Secured Debt - Term Loan |
|
S+560, 1.00% Floor |
|
12/4/2028 |
|
|
43,523 |
|
|
43,331 |
|
|
43,122 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+560, 1.00% Floor |
|
12/4/2028 |
|
|
4,000 |
|
|
3,974 |
|
|
3,958 |
|
(4)(9)(12)(17)(34) |
Trench Safety Solutions Holdings, LLC |
|
Common Equity - Equity Unit |
|
N/A |
|
N/A |
|
|
331 Units |
|
|
50 |
|
|
32 |
|
(4)(9) |
|
|
|
|
|
|
|
|
|
|
|
|
47,355 |
|
|
47,112 |
|
|
|
|
|
|
Total Construction & Engineering |
|
$ |
401,759 |
|
$ |
391,776 |
|
|
Construction Materials |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MITER Brands Acquisition Holdco Inc |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MITER Brands Acquisition Holdco Inc |
|
First Lien Secured Debt - Term Loan |
|
S+275, 0.00% Floor |
|
3/28/2031 |
|
$ |
13,080 |
|
$ |
12,855 |
|
$ |
12,823 |
|
(16) |
Volunteer Materials |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volunteer AcquisitionCo, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+650, 1.00% Floor |
|
9/1/2029 |
|
|
5,040 |
|
|
4,968 |
|
|
4,905 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+650, 1.00% Floor |
|
9/1/2029 |
|
|
371 |
|
|
366 |
|
|
361 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+650, 1.00% Floor |
|
9/1/2029 |
|
|
455 |
|
|
445 |
|
|
434 |
|
(4)(9)(12)(17)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
5,779 |
|
|
5,700 |
|
|
|
|
|
|
Total Construction Materials |
|
$ |
18,634 |
|
$ |
18,523 |
|
|
Consumer Staples Distribution & Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actus Nutrition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nourish Buyer I Inc |
|
First Lien Secured Debt - Term Loan |
|
S+350, 0.00% Floor |
|
7/9/2032 |
|
$ |
66,665 |
|
$ |
65,301 |
|
$ |
67,166 |
|
(16) |
ASDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bellis Acquisition Company PLC |
|
First Lien Secured Debt - Term Loan |
|
SONIA+603, 0.00% Floor |
|
10/22/2029 |
|
£ |
116,903 |
|
|
141,810 |
|
|
153,028 |
|
(3)(4)(8)(9)(19) |
|
|
First Lien Secured Debt - Term Loan |
|
E+400, 0.00% Floor |
|
5/14/2031 |
|
€ |
5,000 |
|
|
5,307 |
|
|
5,500 |
|
(3)(8)(9)(22) |
|
|
|
|
|
|
|
|
|
|
|
|
147,117 |
|
|
158,528 |
|
|
See notes to consolidated financial statements
16
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
Cenavera |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROJECT CARDINAL ACQUISITION, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.75% Floor |
|
10/1/2032 |
|
|
21,053 |
|
|
20,868 |
|
|
20,843 |
|
(4)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+100, 0.75% Floor |
|
10/1/2032 |
|
|
— |
|
|
(18) |
|
|
(42) |
|
(4)(5)(12)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 0.75% Floor |
|
10/1/2032 |
|
|
— |
|
|
(41) |
|
|
(47) |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
20,809 |
|
|
20,754 |
|
|
Golden Hippo |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Altern Marketing, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+425, 2.00% Floor |
|
2/5/2031 |
|
|
10,805 |
|
|
10,661 |
|
|
10,723 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+425, 2.00% Floor |
|
2/5/2031 |
|
|
— |
|
|
(53) |
|
|
(36) |
|
(4)(5)(9)(12)(34) |
Golden Hippo Pet, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+425, 2.00% Floor |
|
2/5/2031 |
|
|
122,325 |
|
|
120,698 |
|
|
121,211 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Term Loan |
|
S+475, 2.00% Floor |
|
2/5/2031 |
|
|
22,370 |
|
|
22,058 |
|
|
22,111 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+425, 2.00% Floor |
|
2/5/2031 |
|
|
— |
|
|
(80) |
|
|
(54) |
|
(4)(5)(9)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
153,284 |
|
|
153,955 |
|
|
KeHE Distributors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc |
|
First Lien Secured Debt - Corporate Bond |
|
7.00% |
|
8/15/2034 |
|
|
12,000 |
|
|
11,912 |
|
|
11,610 |
|
|
|
|
First Lien Secured Debt - Corporate Bond |
|
7.13% |
|
4/30/2033 |
|
|
5,000 |
|
|
5,008 |
|
|
4,884 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,920 |
|
|
16,494 |
|
|
L.A. Specialty Produce Co., LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
L.A. Specialty Produce Co., LLC |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.75% Floor |
|
4/1/2033 |
|
|
43,028 |
|
|
42,621 |
|
|
42,718 |
|
(4)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 0.75% Floor |
|
4/1/2033 |
|
|
— |
|
|
(54) |
|
|
(84) |
|
(4)(5)(12)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 0.75% Floor |
|
4/1/2033 |
|
|
— |
|
|
(93) |
|
|
(72) |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
42,474 |
|
|
42,562 |
|
|
Protein for Pets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Protein For Pets Opco, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+525, 1.00% Floor |
|
9/20/2030 |
|
|
44,264 |
|
|
43,663 |
|
|
43,746 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+525, 1.00% Floor |
|
9/20/2030 |
|
|
— |
|
|
(59) |
|
|
(53) |
|
(4)(5)(9)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
43,604 |
|
|
43,693 |
|
|
Rise Baking |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Viking Baked Goods Acquisition Corporation |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.00% Floor |
|
11/4/2031 |
|
|
157,200 |
|
|
155,388 |
|
|
157,200 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Corporate Bond |
|
8.63% |
|
11/1/2031 |
|
|
9,500 |
|
|
9,458 |
|
|
9,267 |
|
(9) |
|
|
|
|
|
|
|
|
|
|
|
|
164,846 |
|
|
166,467 |
|
|
|
|
|
|
Total Consumer Staples Distribution & Retail |
|
$ |
654,355 |
|
$ |
669,619 |
|
|
See notes to consolidated financial statements
17
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
Containers & Packaging |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Berry Global |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vybond Buyer, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
2/3/2032 |
|
$ |
20,540 |
|
$ |
20,290 |
|
$ |
20,429 |
|
(4)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 0.75% Floor |
|
2/3/2032 |
|
|
— |
|
|
(40) |
|
|
(38) |
|
(4)(5)(12)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.75% Floor |
|
2/3/2032 |
|
|
— |
|
|
(81) |
|
|
(36) |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
20,169 |
|
|
20,355 |
|
|
PROAMPAC PG BORROWER LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ProAmpac PG Borrower LLC |
|
First Lien Secured Debt - Term Loan |
|
S+400, 0.00% Floor |
|
3/7/2033 |
|
|
19,950 |
|
|
19,719 |
|
|
19,939 |
|
(17) |
Tekni-Plex |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trident TPI Holdings, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+375, 0.50% Floor |
|
9/15/2028 |
|
|
90,900 |
|
|
89,800 |
|
|
88,504 |
|
(17) |
TricorBraun Holdings, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TricorBraun Holdings, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+325, 0.50% Floor |
|
3/3/2031 |
|
|
17,736 |
|
|
17,025 |
|
|
17,008 |
|
(16) |
Truvant |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NPPI Buyer, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+500, 1.00% Floor |
|
8/20/2029 |
|
|
25,274 |
|
|
25,035 |
|
|
25,036 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 1.00% Floor |
|
8/20/2029 |
|
|
3,592 |
|
|
3,565 |
|
|
3,540 |
|
(4)(9)(12)(17)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 1.00% Floor |
|
8/20/2029 |
|
|
— |
|
|
— |
|
|
(35) |
|
(4)(5)(9)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
28,600 |
|
|
28,541 |
|
|
|
|
|
|
Total Containers & Packaging |
|
$ |
175,313 |
|
$ |
174,347 |
|
|
Distributors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SupplyHouse |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SupplyHouse LLC |
|
First Lien Secured Debt - Term Loan |
|
S+400, 0.50% Floor |
|
7/1/2032 |
|
$ |
59,400 |
|
$ |
59,143 |
|
$ |
59,400 |
|
(4)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+400, 0.00% Floor |
|
7/1/2032 |
|
|
— |
|
|
(82) |
|
|
— |
|
(4)(5)(11)(12)(34) |
|
|
|
|
Total Distributors |
|
$ |
59,061 |
|
$ |
59,400 |
|
|
Diversified Consumer Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accelerate Learning |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eagle Purchaser, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+150 Cash plus 5.75% PIK, 1.00% Floor |
|
3/22/2030 |
|
$ |
24,957 |
|
$ |
24,584 |
|
$ |
22,653 |
|
(4)(9)(10)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+150 Cash plus 5.75% PIK, 1.00% Floor |
|
3/22/2029 |
|
|
4,251 |
|
|
4,184 |
|
|
3,955 |
|
(4)(9)(17)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
28,768 |
|
|
26,608 |
|
|
Busy Bees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eagle Bidco Limited |
|
First Lien Secured Debt - Term Loan |
|
SONIA+450, 0.00% Floor |
|
2/29/2032 |
|
£ |
107,900 |
|
|
144,110 |
|
|
142,344 |
|
(3)(8)(10)(19) |
See notes to consolidated financial statements
18
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
Excelligence |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excelligence Learning Corporation |
|
First Lien Secured Debt - Term Loan |
|
S+575, 1.00% Floor |
|
1/18/2030 |
|
|
83,302 |
|
|
82,229 |
|
|
74,089 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+575, 1.00% Floor |
|
1/18/2030 |
|
|
3,255 |
|
|
3,100 |
|
|
1,755 |
|
(4)(9)(12)(17)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
85,329 |
|
|
75,844 |
|
|
Funecap |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Altair Funecap Italia |
|
First Lien Secured Debt - Corporate Bond |
|
E+600, 0.00% Floor |
|
11/13/2032 |
|
€ |
10,272 |
|
|
11,735 |
|
|
11,516 |
|
(3)(4)(8)(10)(21) |
Funecap Holding |
|
First Lien Secured Debt - Term Loan |
|
E+600, 0.00% Floor |
|
11/13/2032 |
|
€ |
68,684 |
|
|
78,448 |
|
|
77,003 |
|
(3)(4)(8)(10)(21) |
|
|
First Lien Secured Debt - Delayed Draw |
|
E+600, 0.00% Floor |
|
11/13/2032 |
|
€ |
13,667 |
|
|
15,332 |
|
|
15,107 |
|
(3)(4)(8)(10)(12)(21)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
105,515 |
|
|
103,626 |
|
|
Gateway Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gateway US Holdings, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
9/22/2028 |
|
|
83,905 |
|
|
83,600 |
|
|
83,207 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 0.75% Floor |
|
9/22/2028 |
|
|
7,863 |
|
|
7,788 |
|
|
7,740 |
|
(4)(12)(16)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+650, 0.75% Floor |
|
9/22/2028 |
|
|
— |
|
|
(8) |
|
|
(22) |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
91,380 |
|
|
90,925 |
|
|
Greencross |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vermont Aus Pty Ltd |
|
First Lien Secured Debt - Term Loan |
|
BBSW+450, 0.00% Floor |
|
3/23/2028 |
|
A$ |
323,510 |
|
|
217,634 |
|
|
224,661 |
|
(3)(4)(8)(9)(25) |
ISP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International Schools Partnership Limited |
|
First Lien Secured Debt - Term Loan |
|
E+450, 0.00% Floor |
|
7/6/2031 |
|
€ |
49,843 |
|
|
53,274 |
|
|
56,304 |
|
(3)(4)(8)(10)(21) |
|
|
First Lien Secured Debt - Delayed Draw |
|
E+450, 0.00% Floor |
|
7/6/2031 |
|
€ |
69,861 |
|
|
76,518 |
|
|
78,801 |
|
(3)(4)(8)(10)(12)(21)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
129,792 |
|
|
135,105 |
|
|
Legacy Service Partners |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legacy Service Partners, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.75% Floor |
|
11/10/2031 |
|
|
98,663 |
|
|
98,617 |
|
|
98,663 |
|
(4)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 0.75% Floor |
|
11/10/2031 |
|
|
423 |
|
|
442 |
|
|
423 |
|
(4)(12)(17)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
99,059 |
|
|
99,086 |
|
|
Legacy.com |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lotus Topco Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+475, 1.00% Floor |
|
6/7/2030 |
|
|
25,113 |
|
|
24,856 |
|
|
24,915 |
|
(4)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 1.00% Floor |
|
6/7/2030 |
|
|
— |
|
|
(22) |
|
|
(19) |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
24,834 |
|
|
24,896 |
|
|
See notes to consolidated financial statements
19
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
Legends |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legends Hospitality Holding Company, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+275 Cash plus 2.75% PIK, 0.75% Floor |
|
8/22/2031 |
|
|
101,670 |
|
|
100,086 |
|
|
101,121 |
|
(4)(9)(10)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 0.75% Floor |
|
8/22/2031 |
|
|
5,699 |
|
|
5,623 |
|
|
5,669 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 0.75% Floor |
|
8/22/2030 |
|
|
2,882 |
|
|
2,727 |
|
|
2,825 |
|
(4)(9)(12)(16)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
108,436 |
|
|
109,615 |
|
|
Mariani |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CI |
|
First Lien Secured Debt - Term Loan |
|
S+550, 1.00% Floor |
|
3/27/2030 |
|
|
23,420 |
|
|
23,157 |
|
|
23,249 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+550, 1.00% Floor |
|
3/27/2030 |
|
|
7,357 |
|
|
7,284 |
|
|
7,284 |
|
(4)(9)(12)(17)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+550, 1.00% Floor |
|
3/27/2030 |
|
|
405 |
|
|
378 |
|
|
387 |
|
(4)(9)(12)(17)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
30,819 |
|
|
30,920 |
|
|
QA Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ichnaea UK Bidco Limited |
|
First Lien Secured Debt - Term Loan |
|
SONIA+600, 0.00% Floor |
|
10/5/2029 |
|
£ |
31,000 |
|
|
37,014 |
|
|
40,777 |
|
(3)(4)(8)(9)(19) |
Reliable Doors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reliable Doors, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+550, 1.00% Floor |
|
10/4/2028 |
|
|
6,123 |
|
|
6,067 |
|
|
6,092 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+550, 1.00% Floor |
|
10/4/2028 |
|
|
2,469 |
|
|
2,445 |
|
|
2,454 |
|
(4)(9)(16)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+625, 1.00% Floor |
|
10/4/2028 |
|
|
— |
|
|
(5) |
|
|
(3) |
|
(4)(5)(9)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
8,507 |
|
|
8,543 |
|
|
Rocket Youth |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rocket Youth Brands Holdco LLC |
|
First Lien Secured Debt - Term Loan |
|
S+525, 1.00% Floor |
|
6/20/2031 |
|
|
42,636 |
|
|
42,268 |
|
|
42,018 |
|
(4)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+525, 1.00% Floor |
|
6/20/2031 |
|
|
3,892 |
|
|
3,866 |
|
|
2,848 |
|
(4)(12)(17)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 1.00% Floor |
|
6/20/2031 |
|
|
— |
|
|
(6) |
|
|
(19) |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
46,128 |
|
|
44,847 |
|
|
SAVATREE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CI |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.75% Floor |
|
6/6/2031 |
|
|
18,411 |
|
|
18,263 |
|
|
18,197 |
|
(4)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 0.75% Floor |
|
6/6/2031 |
|
|
— |
|
|
(38) |
|
|
(100) |
|
(4)(5)(12)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 0.75% Floor |
|
6/6/2031 |
|
|
265 |
|
|
237 |
|
|
239 |
|
(4)(12)(17)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
18,462 |
|
|
18,336 |
|
|
See notes to consolidated financial statements
20
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
SCP WQS BUYER, LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SCP WQS BUYER, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.50% Floor |
|
6/30/2033 |
|
|
24,518 |
|
|
24,518 |
|
|
24,336 |
|
(4)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 0.50% Floor |
|
6/30/2033 |
|
|
554 |
|
|
551 |
|
|
445 |
|
(4)(12)(17)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 0.50% Floor |
|
6/30/2033 |
|
|
— |
|
|
— |
|
|
(22) |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
25,069 |
|
|
24,759 |
|
|
SERVPRO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One Silver Serve, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+510, 1.00% Floor |
|
12/18/2028 |
|
|
20,729 |
|
|
20,576 |
|
|
20,526 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+510, 1.00% Floor |
|
12/18/2028 |
|
|
11,975 |
|
|
11,808 |
|
|
11,796 |
|
(4)(12)(17)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+510, 1.00% Floor |
|
12/18/2028 |
|
|
4,516 |
|
|
4,493 |
|
|
4,469 |
|
(4)(12)(17)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
36,877 |
|
|
36,791 |
|
|
Village Pet Care |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Village Pet Care, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+650, 1.00% Floor |
|
9/22/2029 |
|
|
909 |
|
|
899 |
|
|
881 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+650, 1.00% Floor |
|
9/22/2029 |
|
|
764 |
|
|
741 |
|
|
651 |
|
(4)(9)(12)(17)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+650, 1.00% Floor |
|
9/22/2029 |
|
|
365 |
|
|
360 |
|
|
351 |
|
(4)(9)(12)(17)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
2,000 |
|
|
1,883 |
|
|
|
|
|
|
Total Diversified Consumer Services |
|
$ |
1,239,733 |
|
$ |
1,239,566 |
|
|
Diversified REITs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Apterra Project Ram Microsoft DC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QTS Project Ram |
|
First Lien Secured Debt - Mortgage Loan (DD) |
|
S+225, 0.00% Floor |
|
5/29/2028 |
|
$ |
36,768 |
|
$ |
36,438 |
|
$ |
36,476 |
|
(4)(12)(16)(34) |
|
|
|
|
Total Diversified REITs |
|
$ |
36,438 |
|
$ |
36,476 |
|
|
Diversified Telecommunication Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Altice USA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CSC Holdings, LLC |
|
First Lien Secured Debt - Term Loan |
|
8.50% |
|
4/15/2027 |
|
$ |
62,468 |
|
$ |
61,800 |
|
$ |
32,015 |
|
(8)(24)(33) |
|
|
First Lien Secured Debt - Revolver |
|
6.24% |
|
7/13/2027 |
|
|
76,504 |
|
|
73,776 |
|
|
35,018 |
|
(4)(8)(12)(17)(33)(34) |
|
|
Unsecured Debt - Corporate Bond |
|
11.75% |
|
1/31/2029 |
|
|
4,273 |
|
|
3,296 |
|
|
1,976 |
|
(8)(33) |
|
|
Unsecured Debt - Corporate Bond |
|
11.25% |
|
5/15/2028 |
|
|
1,551 |
|
|
1,309 |
|
|
743 |
|
(8)(33) |
|
|
|
|
|
|
|
|
|
|
|
|
140,181 |
|
|
69,752 |
|
|
LEVEL 3 FINANCING INC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 3 Financing, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+275, 0.00% Floor |
|
3/29/2032 |
|
|
24,159 |
|
|
24,111 |
|
|
24,166 |
|
(8)(16) |
See notes to consolidated financial statements
21
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
Uniti Group Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Windstream Services, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+400, 0.00% Floor |
|
10/6/2032 |
|
|
79,575 |
|
|
78,945 |
|
|
79,824 |
|
(8)(16) |
|
|
|
|
Total Diversified Telecommunication Services |
|
$ |
243,237 |
|
$ |
173,742 |
|
|
Electric Utilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GridTek |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BGIF IV Fearless Utility Services, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.50% Floor |
|
6/9/2031 |
|
$ |
132,688 |
|
$ |
131,719 |
|
$ |
130,857 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 0.50% Floor |
|
6/9/2031 |
|
|
38,853 |
|
|
38,355 |
|
|
38,317 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 1.50% Floor |
|
6/9/2031 |
|
|
— |
|
|
— |
|
|
(677) |
|
(4)(5)(9)(12)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 0.50% Floor |
|
6/7/2030 |
|
|
5,887 |
|
|
5,740 |
|
|
5,562 |
|
(4)(9)(11)(12)(16)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
175,814 |
|
|
174,059 |
|
|
Pathfinder Power LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pathfinder Power LLC |
|
First Lien Secured Debt - Term Loan |
|
S+200, 0.00% Floor |
|
6/22/2033 |
|
|
24,737 |
|
|
24,685 |
|
|
24,737 |
|
(16) |
Talen Energy |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Talen Energy Supply, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+150, 0.00% Floor |
|
11/25/2032 |
|
|
7,537 |
|
|
7,503 |
|
|
7,467 |
|
(8)(17) |
|
|
|
|
Total Electric Utilities |
|
$ |
208,002 |
|
$ |
206,263 |
|
|
Electrical Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ABB Robotics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tulip Holdco DE LLC |
|
First Lien Secured Debt - Term Loan |
|
S+425, 0.00% Floor |
|
8/4/2033 |
|
$ |
8,500 |
|
$ |
8,373 |
|
$ |
8,516 |
|
(8)(16) |
International Wire Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IW Buyer LLC |
|
First Lien Secured Debt - Term Loan |
|
S+510, 1.00% Floor |
|
6/28/2029 |
|
|
22,705 |
|
|
22,462 |
|
|
22,705 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+510, 1.00% Floor |
|
6/28/2029 |
|
|
— |
|
|
(44) |
|
|
— |
|
(4)(5)(9)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
22,418 |
|
|
22,705 |
|
|
|
|
|
|
Total Electrical Equipment |
|
$ |
30,791 |
|
$ |
31,221 |
|
|
Electronic Equipment, Instruments & Components |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
365 Retail Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
365RM Holdco, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
5/6/2033 |
|
$ |
46,093 |
|
$ |
45,652 |
|
$ |
45,766 |
|
(4)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 0.75% Floor |
|
5/6/2033 |
|
|
— |
|
|
(28) |
|
|
(43) |
|
(4)(5)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.75% Floor |
|
5/6/2033 |
|
|
— |
|
|
(95) |
|
|
(71) |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
45,529 |
|
|
45,652 |
|
|
See notes to consolidated financial statements
22
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
CompoSecure Holdings LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CompoSecure Holdings LLC |
|
First Lien Secured Debt - Term Loan |
|
S+225, 0.00% Floor |
|
1/14/2033 |
|
|
6,983 |
|
|
6,975 |
|
|
6,977 |
|
(8)(17) |
Creation Technologies Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creation Technologies Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+525, 0.00% Floor |
|
9/4/2033 |
|
|
64,000 |
|
|
63,365 |
|
|
63,360 |
|
(4)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+525, 0.00% Floor |
|
9/4/2033 |
|
|
— |
|
|
(89) |
|
|
(90) |
|
(4)(5)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+525, 0.00% Floor |
|
9/4/2031 |
|
|
1,080 |
|
|
903 |
|
|
900 |
|
(4)(12)(17)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
64,179 |
|
|
64,170 |
|
|
DwyerOmega |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amber Acquisitionco LLC |
|
First Lien Secured Debt - Term Loan |
|
S+250, 0.00% Floor |
|
7/25/2033 |
|
|
24,043 |
|
|
23,986 |
|
|
24,063 |
|
(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+250, 0.00% Floor |
|
7/25/2033 |
|
|
— |
|
|
(2) |
|
|
— |
|
(5)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
23,984 |
|
|
24,063 |
|
|
Summit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pinnacle Buyer LLC |
|
First Lien Secured Debt - Term Loan |
|
S+250, 0.00% Floor |
|
10/1/2032 |
|
|
14,187 |
|
|
14,156 |
|
|
14,251 |
|
(17) |
|
|
|
|
Total Electronic Equipment, Instruments & Components |
|
$ |
154,823 |
|
$ |
155,113 |
|
|
Energy Equipment & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggreko Holdings Inc (Albion Financing 3 S.a.r.l.) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggreko Holdings Inc |
|
First Lien Secured Debt - Term Loan |
|
S+300, 0.50% Floor |
|
5/21/2031 |
|
$ |
6,947 |
|
$ |
6,947 |
|
$ |
6,977 |
|
(8)(17) |
Camin Cargo |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Camin Cargo Control Holdings, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+550, 1.00% Floor |
|
12/7/2029 |
|
|
30,671 |
|
|
30,256 |
|
|
29,012 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+550, 1.00% Floor |
|
12/7/2029 |
|
|
3,226 |
|
|
3,194 |
|
|
3,052 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+550, 1.00% Floor |
|
12/7/2029 |
|
|
3,714 |
|
|
3,650 |
|
|
3,454 |
|
(4)(9)(12)(17)(24)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
37,100 |
|
|
35,518 |
|
|
|
|
|
|
Total Energy Equipment & Services |
|
$ |
44,047 |
|
$ |
42,495 |
|
|
Entertainment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jagex |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Janus Bidco Limited |
|
First Lien Secured Debt - Term Loan |
|
S+550, 0.00% Floor |
|
4/25/2031 |
|
$ |
58,067 |
|
$ |
57,007 |
|
$ |
57,523 |
|
(4)(8)(9)(10)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
SONIA+550, 0.00% Floor |
|
4/25/2031 |
|
£ |
— |
|
|
— |
|
|
(186) |
|
(3)(4)(5)(8)(9)(10)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
57,007 |
|
|
57,337 |
|
|
See notes to consolidated financial statements
23
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
Mari |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mari Events Midco LLC |
|
First Lien Secured Debt - Term Loan |
|
S+400, 1.00% Floor |
|
10/1/2032 |
|
|
316,837 |
|
|
312,932 |
|
|
313,668 |
|
(4)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+400, 1.00% Floor |
|
10/1/2032 |
|
|
41,513 |
|
|
40,779 |
|
|
40,959 |
|
(4)(17)(34) |
Mari Miami II LLC |
|
First Lien Secured Debt - Term Loan |
|
S+500, 1.00% Floor |
|
10/1/2032 |
|
|
64,661 |
|
|
64,239 |
|
|
64,176 |
|
(4)(17) |
|
|
|
|
|
|
|
|
|
|
|
|
417,950 |
|
|
418,803 |
|
|
Nottingham Forest Football Club |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nottingham Forest Football Club Limited |
|
First Lien Secured Debt - Term Loan |
|
8.75% |
|
12/27/2027 |
|
£ |
15,625 |
|
|
19,577 |
|
|
20,551 |
|
(3)(4)(8)(10) |
TKO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January Capital Holdco, LLC |
|
First Lien Secured Debt - Term Loan |
|
6.86% PIK |
|
9/13/2029 |
|
|
57,790 |
|
|
57,072 |
|
|
57,790 |
|
(4)(8)(17) |
|
|
|
|
Total Entertainment |
|
$ |
551,606 |
|
$ |
554,481 |
|
|
Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AffiniPay |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eclipse Buyer, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+425, 0.50% Floor |
|
9/8/2031 |
|
$ |
11,369 |
|
$ |
11,275 |
|
$ |
11,255 |
|
(4)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 0.50% Floor |
|
9/8/2031 |
|
|
— |
|
|
— |
|
|
(19) |
|
(4)(5)(12)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.50% Floor |
|
9/8/2031 |
|
|
— |
|
|
(8) |
|
|
(10) |
|
(4)(5)(12)(34) |
Eclipse Topco, Inc. |
|
Preferred Equity - Cumulative Preferred |
|
12.50% PIK |
|
N/A |
|
|
5,218,133 Units |
|
|
5,143 |
|
|
5,114 |
|
(4) |
|
|
|
|
|
|
|
|
|
|
|
|
16,410 |
|
|
16,340 |
|
|
Alkeme |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alkeme Intermediary Holdings LLC |
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 1.00% Floor |
|
5/28/2027 |
|
|
34,474 |
|
|
34,345 |
|
|
34,182 |
|
(4)(12)(16)(17)(34) |
Cerity Partners |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cerity Partners Equity Holding LLC |
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 0.75% Floor |
|
7/28/2031 |
|
|
20,550 |
|
|
20,374 |
|
|
20,168 |
|
(4)(12)(17)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 0.75% Floor |
|
7/28/2031 |
|
|
2,403 |
|
|
2,381 |
|
|
2,369 |
|
(4)(12)(16)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
22,755 |
|
|
22,537 |
|
|
CFC Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CFC USA 2025 LLC |
|
First Lien Secured Debt - Term Loan |
|
S+350, 0.00% Floor |
|
7/1/2032 |
|
|
15,793 |
|
|
15,421 |
|
|
15,293 |
|
(8)(10)(17) |
FE Fundinfo |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tulip Bidco Limited |
|
First Lien Secured Debt - Term Loan |
|
E+525, 0.00% Floor |
|
1/15/2030 |
|
€ |
63,106 |
|
|
72,601 |
|
|
70,750 |
|
(3)(4)(8)(10)(21) |
|
|
First Lien Secured Debt - Term Loan |
|
SONIA+525, 0.00% Floor |
|
1/15/2030 |
|
£ |
49,299 |
|
|
66,315 |
|
|
64,710 |
|
(3)(4)(8)(10)(19) |
|
|
First Lien Secured Debt - Term Loan |
|
BBSW+525, 0.00% Floor |
|
1/15/2030 |
|
A$ |
22,895 |
|
|
16,166 |
|
|
15,740 |
|
(3)(4)(8)(10)(25) |
|
|
First Lien Secured Debt - Term Loan |
|
SARON+525, 0.00% Floor |
|
1/15/2030 |
|
₣ |
9,385 |
|
|
11,540 |
|
|
11,117 |
|
(3)(4)(8)(10)(31) |
|
|
First Lien Secured Debt - Delayed Draw |
|
SONIA+525, 0.00% Floor |
|
1/15/2030 |
|
£ |
— |
|
|
— |
|
|
(265) |
|
(3)(4)(5)(8)(10)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
166,622 |
|
|
162,052 |
|
|
See notes to consolidated financial statements
24
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
GC Waves |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GC Waves Holdings, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.75% Floor |
|
10/4/2030 |
|
|
62,416 |
|
|
62,359 |
|
|
61,648 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 0.75% Floor |
|
10/4/2030 |
|
|
46,328 |
|
|
46,078 |
|
|
45,475 |
|
(4)(9)(16)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 0.75% Floor |
|
10/4/2030 |
|
|
— |
|
|
(2) |
|
|
(34) |
|
(4)(5)(9)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
108,435 |
|
|
107,089 |
|
|
Hargreaves Lansdown |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Harp Finco Limited |
|
First Lien Secured Debt - Term Loan |
|
SONIA+500, 0.00% Floor |
|
3/27/2032 |
|
£ |
134,986 |
|
|
171,904 |
|
|
178,971 |
|
(3)(4)(8)(10)(19) |
Interpath |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pathfinder Bidco Limited |
|
First Lien Secured Debt - Term Loan |
|
SONIA+500, 0.00% Floor |
|
4/8/2033 |
|
£ |
62,182 |
|
|
83,002 |
|
|
81,397 |
|
(3)(4)(8)(10)(19) |
|
|
First Lien Secured Debt - Delayed Draw |
|
SONIA+500, 0.00% Floor |
|
4/8/2033 |
|
£ |
— |
|
|
(132) |
|
|
(233) |
|
(3)(4)(5)(8)(10)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
82,870 |
|
|
81,164 |
|
|
ISIO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Madonna Bidco Limited |
|
First Lien Secured Debt - Term Loan |
|
SONIA+500, 0.00% Floor |
|
10/27/2031 |
|
£ |
23,819 |
|
|
30,419 |
|
|
31,335 |
|
(3)(4)(8)(9)(10)(19) |
|
|
First Lien Secured Debt - Delayed Draw |
|
SONIA+500, 0.00% Floor |
|
10/27/2031 |
|
£ |
4,861 |
|
|
6,243 |
|
|
6,395 |
|
(3)(4)(8)(9)(10)(19) |
|
|
|
|
|
|
|
|
|
|
|
|
36,662 |
|
|
37,730 |
|
|
Nexity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Evoriel |
|
First Lien Secured Debt - Term Loan |
|
E+500, 0.00% Floor |
|
4/2/2031 |
|
€ |
43,574 |
|
|
46,273 |
|
|
49,133 |
|
(3)(4)(8)(9)(10)(21) |
|
|
First Lien Secured Debt - Delayed Draw |
|
E+525, 0.00% Floor |
|
4/2/2031 |
|
€ |
22,409 |
|
|
23,938 |
|
|
25,268 |
|
(3)(4)(8)(9)(10)(22) |
|
|
|
|
|
|
|
|
|
|
|
|
70,211 |
|
|
74,401 |
|
|
Ocorian |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Orthrus Ltd |
|
First Lien Secured Debt - Term Loan |
|
S+625 Cash plus 2.75% PIK, 1.00% Floor |
|
12/5/2031 |
|
|
50,809 |
|
|
49,894 |
|
|
50,257 |
|
(4)(8)(9)(10)(17) |
|
|
First Lien Secured Debt - Term Loan |
|
SONIA+625 Cash plus 2.75% PIK, 0.00% Floor |
|
12/5/2031 |
|
£ |
18,800 |
|
|
23,761 |
|
|
24,704 |
|
(3)(4)(8)(9)(10)(19) |
|
|
First Lien Secured Debt - Term Loan |
|
E+625 Cash plus 2.75% PIK, 0.00% Floor |
|
12/5/2031 |
|
€ |
16,800 |
|
|
17,660 |
|
|
18,837 |
|
(3)(4)(8)(9)(10)(21) |
|
|
First Lien Secured Debt - Delayed Draw |
|
SONIA+625, 0.00% Floor |
|
12/5/2031 |
|
£ |
— |
|
|
— |
|
|
(44) |
|
(3)(4)(5)(8)(9)(10)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
91,315 |
|
|
93,754 |
|
|
OG Crimson Parent Inc |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OG Crimson Parent Inc |
|
First Lien Secured Debt - Term Loan |
|
S+275, 0.00% Floor |
|
10/7/2033 |
|
|
5,211 |
|
|
5,198 |
|
|
5,212 |
|
(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+275, 0.00% Floor |
|
10/7/2033 |
|
|
— |
|
|
(2) |
|
|
— |
|
(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
5,196 |
|
|
5,212 |
|
|
See notes to consolidated financial statements
25
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
Paymentsense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hurricane Cleanco Limited |
|
First Lien Secured Debt - Term Loan |
|
SONIA+625 Cash plus 6.25% PIK, 1.00% Floor |
|
11/21/2029 |
|
£ |
55,808 |
|
|
67,579 |
|
|
70,893 |
|
(3)(4)(8)(9)(19) |
PIB |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paisley Bidco Limited |
|
First Lien Secured Debt - Term Loan |
|
SONIA+350 Cash plus 2.00% PIK, 0.00% Floor |
|
5/7/2031 |
|
£ |
85,119 |
|
|
106,066 |
|
|
102,382 |
|
(3)(4)(8)(9)(10)(19) |
|
|
First Lien Secured Debt - Term Loan |
|
E+350 Cash plus 2.00% PIK, 0.00% Floor |
|
5/7/2031 |
|
€ |
29,236 |
|
|
31,332 |
|
|
29,944 |
|
(3)(4)(8)(9)(10)(21) |
|
|
First Lien Secured Debt - Delayed Draw |
|
E+350 Cash plus 2.00% PIK, 0.00% Floor |
|
5/7/2031 |
|
€ |
40,018 |
|
|
45,506 |
|
|
41,113 |
|
(3)(4)(8)(9)(10)(21) |
|
|
First Lien Secured Debt - Delayed Draw |
|
SONIA+350 Cash plus 2.00% PIK, 0.00% Floor |
|
5/7/2031 |
|
£ |
1,996 |
|
|
2,430 |
|
|
1,397 |
|
(3)(4)(8)(9)(10)(12)(19)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
185,334 |
|
|
174,836 |
|
|
PMA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PMA Parent Holdings, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
1/31/2031 |
|
|
13,978 |
|
|
13,869 |
|
|
13,862 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.75% Floor |
|
1/31/2031 |
|
|
— |
|
|
(7) |
|
|
(8) |
|
(4)(5)(9)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
13,862 |
|
|
13,854 |
|
|
Stretto |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stretto, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+525, 1.00% Floor |
|
10/13/2028 |
|
|
118,125 |
|
|
116,986 |
|
|
115,803 |
|
(4)(9)(17) |
Strongpoint |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Howardsimon LLC |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
12/13/2030 |
|
|
20,806 |
|
|
20,717 |
|
|
20,256 |
|
(4)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 0.75% Floor |
|
12/13/2030 |
|
|
75,618 |
|
|
75,397 |
|
|
72,566 |
|
(4)(12)(17)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.75% Floor |
|
12/13/2030 |
|
|
— |
|
|
(22) |
|
|
(265) |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
96,092 |
|
|
92,557 |
|
|
Title Resource Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RE Closing Buyer Corp. |
|
First Lien Secured Debt - Term Loan |
|
S+550, 1.00% Floor |
|
9/27/2031 |
|
|
130,824 |
|
|
128,752 |
|
|
128,469 |
|
(4)(8)(9)(17) |
VEPF VII |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VEPF VII Holdings, L.P. |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.00% Floor |
|
2/28/2028 |
|
|
19,340 |
|
|
19,312 |
|
|
19,340 |
|
(4)(8)(17) |
Wealth Enhancement Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wealth Enhancement Group, LLC |
|
First Lien Secured Debt - Delayed Draw |
|
S+425, 1.00% Floor |
|
10/2/2028 |
|
|
2,584 |
|
|
2,583 |
|
|
2,437 |
|
(4)(12)(16)(17)(34) |
WHP Global |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WH Borrower, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+425, 0.50% Floor |
|
2/20/2032 |
|
|
76,714 |
|
|
76,204 |
|
|
77,148 |
|
(17) |
|
|
|
|
Total Financial Services |
|
$ |
1,528,850 |
|
$ |
1,524,062 |
|
|
See notes to consolidated financial statements
26
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
Food Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BCPE NORTH STAR US HOLDC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BCPE North Star US Holdco 2, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+425, 0.00% Floor |
|
10/6/2033 |
|
$ |
18,333 |
|
$ |
18,083 |
|
$ |
18,198 |
|
(16) |
Lyons Magnus |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TL Lotus Holdings, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.75% Floor |
|
7/19/2032 |
|
|
100,625 |
|
|
99,646 |
|
|
99,619 |
|
(4)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 0.75% Floor |
|
7/19/2032 |
|
|
— |
|
|
(193) |
|
|
(200) |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
99,453 |
|
|
99,419 |
|
|
Nutpods |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Green Grass Foods, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+525, 1.00% Floor |
|
12/26/2029 |
|
|
3,647 |
|
|
3,602 |
|
|
3,582 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+525, 0.00% Floor |
|
12/26/2029 |
|
|
438 |
|
|
424 |
|
|
415 |
|
(4)(9)(12)(17)(34) |
Nutpods Holdings, Inc. |
|
Common Equity - Stock |
|
N/A |
|
N/A |
|
|
125 Shares |
|
|
125 |
|
|
99 |
|
(4)(9) |
|
|
|
|
|
|
|
|
|
|
|
|
4,151 |
|
|
4,096 |
|
|
Patriot Pickle |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Patriot Foods Buyer, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+525, 1.00% Floor |
|
12/24/2029 |
|
|
6,403 |
|
|
6,325 |
|
|
6,338 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+525, 1.00% Floor |
|
12/24/2029 |
|
|
820 |
|
|
806 |
|
|
795 |
|
(4)(9)(12)(18)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+525, 1.00% Floor |
|
12/24/2029 |
|
|
— |
|
|
(10) |
|
|
(9) |
|
(4)(5)(9)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
7,121 |
|
|
7,124 |
|
|
Tate & Lyle |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Primary Products Finance LLC |
|
First Lien Secured Debt - Term Loan |
|
S+325, 0.50% Floor |
|
4/1/2029 |
|
|
6,434 |
|
|
6,331 |
|
|
6,435 |
|
(17) |
|
|
|
|
Total Food Products |
|
$ |
135,139 |
|
$ |
135,272 |
|
|
Ground Transportation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boasso |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Channelside AcquisitionCo, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
6/30/2028 |
|
$ |
39,225 |
|
$ |
38,741 |
|
$ |
37,365 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.75% Floor |
|
3/31/2028 |
|
|
— |
|
|
(1) |
|
|
(186) |
|
(4)(5)(9)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
38,740 |
|
|
37,179 |
|
|
ECS Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quito |
|
First Lien Secured Debt - Term Loan |
|
E+500, 0.00% Floor |
|
1/22/2033 |
|
€ |
68,508 |
|
|
78,997 |
|
|
77,387 |
|
(3)(4)(8)(10)(21) |
|
|
First Lien Secured Debt - Delayed Draw |
|
E+500, 0.00% Floor |
|
1/22/2033 |
|
€ |
4,110 |
|
|
4,578 |
|
|
4,601 |
|
(3)(4)(8)(10)(12)(21)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
83,575 |
|
|
81,988 |
|
|
See notes to consolidated financial statements
27
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
First Student |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Student Bidco Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+225, 0.00% Floor |
|
8/15/2030 |
|
|
7,925 |
|
|
7,923 |
|
|
7,927 |
|
(17) |
Olympus Terminals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olympus Terminals Holdco II LLC |
|
First Lien Secured Debt - Term Loan |
|
S+525, 0.75% Floor |
|
12/17/2030 |
|
|
36,603 |
|
|
36,050 |
|
|
36,309 |
|
(4)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+525, 0.75% Floor |
|
12/17/2030 |
|
|
— |
|
|
(85) |
|
|
(96) |
|
(4)(5)(12)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+525, 0.75% Floor |
|
12/17/2030 |
|
|
— |
|
|
(145) |
|
|
(77) |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
35,820 |
|
|
36,136 |
|
|
|
|
|
|
Total Ground Transportation |
|
$ |
166,058 |
|
$ |
163,230 |
|
|
Health Care Equipment & Supplies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corpuls |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heartbeat BidCo GmbH |
|
First Lien Secured Debt - Term Loan |
|
E+643, 0.50% Floor |
|
6/28/2030 |
|
€ |
20,000 |
|
$ |
21,565 |
|
$ |
22,529 |
|
(3)(4)(8)(9)(21) |
|
|
First Lien Secured Debt - Delayed Draw |
|
E+550, 0.50% Floor |
|
6/28/2030 |
|
€ |
2,162 |
|
|
2,463 |
|
|
2,415 |
|
(3)(4)(8)(9)(10)(12)(21)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
24,028 |
|
|
24,944 |
|
|
Resonetics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Resonetics, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+275, 0.75% Floor |
|
6/18/2031 |
|
|
9,801 |
|
|
9,762 |
|
|
9,718 |
|
(17) |
Vantive |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Spruce Bidco II Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
1/30/2032 |
|
|
115,397 |
|
|
113,986 |
|
|
114,993 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Term Loan |
|
C+475, 0.75% Floor |
|
1/30/2032 |
|
C$ |
20,891 |
|
|
14,225 |
|
|
14,674 |
|
(3)(4)(9)(28) |
|
|
First Lien Secured Debt - Term Loan |
|
T+500, 0.75% Floor |
|
1/30/2032 |
|
¥ |
2,233,650 |
|
|
14,410 |
|
|
14,167 |
|
(3)(4)(9)(29) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.75% Floor |
|
1/30/2032 |
|
|
7,315 |
|
|
7,009 |
|
|
7,231 |
|
(4)(9)(12)(17)(18)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
149,630 |
|
|
151,065 |
|
|
Zeus |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Zeus Company LLC |
|
First Lien Secured Debt - Term Loan |
|
S+540, 0.75% Floor |
|
2/28/2031 |
|
|
53,639 |
|
|
53,098 |
|
|
48,549 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+540, 0.75% Floor |
|
2/28/2031 |
|
|
4,958 |
|
|
4,921 |
|
|
4,488 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+540, 0.75% Floor |
|
2/28/2030 |
|
|
1,257 |
|
|
1,191 |
|
|
541 |
|
(4)(9)(12)(17)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
59,210 |
|
|
53,578 |
|
|
|
|
|
|
Total Health Care Equipment & Supplies |
|
$ |
242,630 |
|
$ |
239,305 |
|
|
See notes to consolidated financial statements
28
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
Health Care Providers & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affordable Care |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Aci Buyer LLC |
|
First Lien Secured Debt - Term Loan |
|
S+575, 0.75% Floor |
|
6/29/2031 |
|
$ |
801 |
|
$ |
801 |
|
$ |
753 |
|
(4)(17) |
New Aci Intermediate I LLC |
|
First Lien Secured Debt - Corporate Bond |
|
10.00% |
|
6/28/2032 |
|
|
732 |
|
|
732 |
|
|
568 |
|
(4)(33) |
|
|
Common Equity - Stock |
|
N/A |
|
N/A |
|
|
3,443 Shares |
|
|
972 |
|
|
527 |
|
(4)(35) |
|
|
|
|
|
|
|
|
|
|
|
|
2,505 |
|
|
1,848 |
|
|
All Star Healthcare |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Star Recruiting Locums, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+500, 1.00% Floor |
|
5/1/2030 |
|
|
9,474 |
|
|
9,346 |
|
|
9,407 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 1.00% Floor |
|
5/1/2030 |
|
|
1,717 |
|
|
1,678 |
|
|
1,688 |
|
(4)(9)(12)(17)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 1.00% Floor |
|
5/1/2030 |
|
|
196 |
|
|
180 |
|
|
186 |
|
(4)(9)(12)(17)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
11,204 |
|
|
11,281 |
|
|
Allied Benefit Systems |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allied Benefit Systems Intermediate LLC |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.75% Floor |
|
10/31/2030 |
|
|
157,848 |
|
|
156,744 |
|
|
156,506 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 0.75% Floor |
|
10/31/2030 |
|
|
— |
|
|
(20) |
|
|
(81) |
|
(4)(5)(9)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
156,724 |
|
|
156,425 |
|
|
CorroHealth |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coding Solutions Acquisition Inc |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.75% Floor |
|
8/7/2031 |
|
|
43,209 |
|
|
42,679 |
|
|
41,692 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 0.75% Floor |
|
8/7/2031 |
|
|
— |
|
|
(76) |
|
|
(233) |
|
(4)(5)(12)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 0.75% Floor |
|
8/7/2031 |
|
|
— |
|
|
(37) |
|
|
(121) |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
42,566 |
|
|
41,338 |
|
|
Dental Corp |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aryeh Bidco Investment Ltd. |
|
First Lien Secured Debt - Term Loan |
|
C+500, 0.75% Floor |
|
1/14/2033 |
|
C$ |
99,924 |
|
|
71,307 |
|
|
69,616 |
|
(3)(4)(8)(28) |
|
|
First Lien Secured Debt - Delayed Draw |
|
C+500, 0.75% Floor |
|
1/14/2033 |
|
C$ |
8,770 |
|
|
6,229 |
|
|
6,081 |
|
(3)(4)(8)(12)(28)(34) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 0.75% Floor |
|
1/14/2033 |
|
|
2,658 |
|
|
2,658 |
|
|
2,637 |
|
(4)(8)(17) |
|
|
First Lien Secured Debt - Revolver |
|
C+500, 0.75% Floor |
|
1/14/2033 |
|
C$ |
1,595 |
|
|
1,071 |
|
|
1,053 |
|
(3)(4)(8)(12)(28)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 0.75% Floor |
|
1/14/2033 |
|
|
— |
|
|
— |
|
|
(8) |
|
(4)(5)(8)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
81,265 |
|
|
79,379 |
|
|
See notes to consolidated financial statements
29
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
Eating Recovery Center |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ERC Topco Holdings, LLC |
|
First Lien Secured Debt - Term Loan |
|
10.57% |
|
3/29/2030 |
|
|
11,901 |
|
|
31,136 |
|
|
1,231 |
|
(4)(17)(33) |
|
|
First Lien Secured Debt - Revolver |
|
9.56% |
|
3/29/2030 |
|
|
1,814 |
|
|
3,618 |
|
|
1,739 |
|
(4)(17)(33)(34) |
|
|
Common Equity - Stock |
|
N/A |
|
N/A |
|
|
5,066 Shares |
|
|
— |
|
|
— |
|
(4)(35) |
|
|
|
|
|
|
|
|
|
|
|
|
34,754 |
|
|
2,970 |
|
|
EmpiRx Health |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EmpiRx Health LLC |
|
First Lien Secured Debt - Term Loan |
|
S+475, 1.00% Floor |
|
8/6/2029 |
|
|
19,850 |
|
|
19,695 |
|
|
19,749 |
|
(4)(16) |
ExactCare |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ExactCare Parent, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+550, 1.00% Floor |
|
11/5/2029 |
|
|
39,559 |
|
|
38,919 |
|
|
39,559 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+550, 1.00% Floor |
|
11/5/2029 |
|
|
— |
|
|
(64) |
|
|
— |
|
(4)(5)(9)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
38,855 |
|
|
39,559 |
|
|
ExamWorks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electron BidCo Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+250, 0.50% Floor |
|
2/6/2033 |
|
|
28,190 |
|
|
28,200 |
|
|
28,291 |
|
(16) |
Exemplar Healthcare |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EHC Holdings Holdco Limited |
|
First Lien Secured Debt - Term Loan |
|
SONIA+525, 0.00% Floor |
|
9/30/2031 |
|
£ |
36,604 |
|
|
48,159 |
|
|
48,531 |
|
(3)(4)(8)(10)(19) |
|
|
First Lien Secured Debt - Delayed Draw |
|
SONIA+525, 0.00% Floor |
|
9/30/2031 |
|
£ |
1,830 |
|
|
2,170 |
|
|
2,427 |
|
(3)(4)(8)(10)(12)(19)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
50,329 |
|
|
50,958 |
|
|
Hanger |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hanger, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+350, 0.00% Floor |
|
10/23/2031 |
|
|
25,307 |
|
|
25,227 |
|
|
25,427 |
|
(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+350, 0.00% Floor |
|
10/23/2031 |
|
|
2,318 |
|
|
2,306 |
|
|
2,329 |
|
(12)(16)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
27,533 |
|
|
27,756 |
|
|
MyDentist |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SPARKLE BIDCO LIMITED |
|
First Lien Secured Debt - Term Loan |
|
SONIA+525, 0.00% Floor |
|
10/14/2032 |
|
£ |
87,479 |
|
|
115,050 |
|
|
114,465 |
|
(3)(4)(8)(10)(19) |
|
|
First Lien Secured Debt - Delayed Draw |
|
SONIA+525, 0.00% Floor |
|
10/14/2032 |
|
£ |
10,129 |
|
|
13,210 |
|
|
13,030 |
|
(3)(4)(8)(10)(12)(19)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
128,260 |
|
|
127,495 |
|
|
Omega Healthcare |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OMH-Healthedge Holdings, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+425, 1.00% Floor |
|
4/1/2030 |
|
|
247,258 |
|
|
246,734 |
|
|
242,401 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 1.00% Floor |
|
4/1/2030 |
|
|
— |
|
|
(91) |
|
|
(750) |
|
(4)(5)(9)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
246,643 |
|
|
241,651 |
|
|
See notes to consolidated financial statements
30
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
One Call Medical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One Call Corporation |
|
First Lien Secured Debt - Term Loan |
|
S+575, 0.50% Floor |
|
9/10/2030 |
|
|
307,621 |
|
|
303,739 |
|
|
306,175 |
|
(4)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.50% Floor |
|
9/10/2030 |
|
|
— |
|
|
(236) |
|
|
(83) |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
303,503 |
|
|
306,092 |
|
|
Opseo |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Opseo Holding B.V. |
|
First Lien Secured Debt - Term Loan |
|
E+490, 0.00% Floor |
|
1/21/2033 |
|
€ |
248,408 |
|
|
286,305 |
|
|
278,215 |
|
(3)(4)(8)(9)(10)(21) |
|
|
First Lien Secured Debt - Delayed Draw |
|
E+490, 0.00% Floor |
|
1/21/2033 |
|
€ |
— |
|
|
(316) |
|
|
(497) |
|
(3)(4)(5)(8)(9)(10)(12)(34) |
|
|
First Lien Secured Debt - Revolver |
|
E+490, 0.00% Floor |
|
10/21/2032 |
|
€ |
— |
|
|
(88) |
|
|
(70) |
|
(3)(4)(5)(8)(9)(10)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
285,901 |
|
|
277,648 |
|
|
Practice Plus Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Practice Plus Group Bidco Limited / Practice Plus Group Holdings Limited |
|
First Lien Secured Debt - Term Loan |
|
SONIA+600, 0.50% Floor |
|
11/19/2029 |
|
£ |
11,111 |
|
|
13,300 |
|
|
14,497 |
|
(3)(4)(8)(9)(10)(19) |
Puma Buyer LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Puma Buyer LLC |
|
First Lien Secured Debt - Term Loan |
|
S+250, 0.00% Floor |
|
9/24/2033 |
|
|
8,000 |
|
|
7,980 |
|
|
8,010 |
|
(16) |
Radiology Partners |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Radiology Partners, Inc. |
|
First Lien Secured Debt - Term Loan |
|
P+350, 0.00% Floor |
|
6/30/2032 |
|
|
26,730 |
|
|
26,557 |
|
|
26,628 |
|
(24) |
Rarebreed |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rarebreed Veterinary Partners, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+525, 1.00% Floor |
|
4/18/2030 |
|
|
14,776 |
|
|
14,583 |
|
|
14,568 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+525, 1.00% Floor |
|
4/18/2030 |
|
|
35,709 |
|
|
35,464 |
|
|
35,206 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+525, 1.00% Floor |
|
4/18/2030 |
|
|
— |
|
|
(70) |
|
|
(82) |
|
(4)(5)(9)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
49,977 |
|
|
49,692 |
|
|
Smile Brands |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Smile Brands Inc. |
|
First Lien Secured Debt - Term Loan |
|
9.83% |
|
7/12/2029 |
|
|
7,939 |
|
|
7,295 |
|
|
6,246 |
|
(4)(18)(33) |
Southern Veterinary Partners |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Southern Veterinary Partners, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+250, 0.00% Floor |
|
12/4/2031 |
|
|
32,076 |
|
|
31,999 |
|
|
32,076 |
|
(16)(17)(18) |
Team Select |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TS Investors, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+475, 1.00% Floor |
|
5/4/2029 |
|
|
16,607 |
|
|
16,417 |
|
|
16,495 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 1.00% Floor |
|
5/4/2029 |
|
|
5,779 |
|
|
5,732 |
|
|
5,740 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 1.00% Floor |
|
5/4/2029 |
|
|
— |
|
|
(18) |
|
|
(12) |
|
(4)(5)(9)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
22,131 |
|
|
22,223 |
|
|
See notes to consolidated financial statements
31
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
Tivity Health, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tivity Health, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.75% Floor |
|
6/28/2029 |
|
|
110,445 |
|
|
109,690 |
|
|
110,445 |
|
(4)(16) |
US Fertility |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US Fertility Enterprises, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+300, 0.00% Floor |
|
12/30/2032 |
|
|
17,419 |
|
|
17,443 |
|
|
17,478 |
|
(9)(17) |
|
|
|
|
Total Health Care Providers & Services |
|
$ |
1,744,309 |
|
$ |
1,699,735 |
|
|
Health Care Technology |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advarra |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advarra Holdings, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.75% Floor |
|
9/15/2031 |
|
$ |
215,512 |
|
$ |
214,507 |
|
$ |
214,117 |
|
(4)(9)(16) |
CNSI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acentra Holdings, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+525, 0.50% Floor |
|
12/17/2029 |
|
|
53,157 |
|
|
52,337 |
|
|
53,018 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Term Loan |
|
S+575, 0.50% Floor |
|
12/17/2029 |
|
|
2,883 |
|
|
2,848 |
|
|
2,883 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+525, 0.50% Floor |
|
12/17/2029 |
|
|
2,213 |
|
|
2,192 |
|
|
2,194 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+550, 0.50% Floor |
|
12/17/2029 |
|
|
— |
|
|
(66) |
|
|
— |
|
(4)(5)(9)(12)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+525, 0.50% Floor |
|
12/17/2029 |
|
|
— |
|
|
(30) |
|
|
(27) |
|
(4)(5)(9)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
57,281 |
|
|
58,068 |
|
|
Datavant |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CT Technologies Intermediate Holdings |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
9/2/2031 |
|
|
173,980 |
|
|
172,504 |
|
|
169,265 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 0.75% Floor |
|
9/2/2031 |
|
|
22,103 |
|
|
21,888 |
|
|
21,167 |
|
(4)(16)(34) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 0.75% Floor |
|
8/30/2031 |
|
|
— |
|
|
— |
|
|
(207) |
|
(4)(5)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 0.75% Floor |
|
9/2/2031 |
|
|
— |
|
|
(120) |
|
|
(268) |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
194,272 |
|
|
189,957 |
|
|
DXC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wisdom Purchaser, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+425, 0.50% Floor |
|
7/24/2032 |
|
|
40,434 |
|
|
40,257 |
|
|
40,030 |
|
(4)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 0.50% Floor |
|
7/24/2032 |
|
|
— |
|
|
(18) |
|
|
(42) |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
40,239 |
|
|
39,988 |
|
|
Gainwell |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gainwell Acquisition Corp. |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.00% Floor |
|
8/19/2031 |
|
|
106,467 |
|
|
104,500 |
|
|
107,199 |
|
(16) |
|
|
First Lien Secured Debt - Corporate Bond |
|
9.00% |
|
9/1/2031 |
|
|
36,402 |
|
|
36,402 |
|
|
37,191 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
140,902 |
|
|
144,390 |
|
|
See notes to consolidated financial statements
32
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
MRO Parent |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MRO Parent Corporation |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.75% Floor |
|
6/9/2032 |
|
|
25,300 |
|
|
24,976 |
|
|
25,300 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 0.75% Floor |
|
6/9/2032 |
|
|
2,222 |
|
|
2,167 |
|
|
2,222 |
|
(4)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.75% Floor |
|
6/9/2032 |
|
|
— |
|
|
(20) |
|
|
— |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
27,123 |
|
|
27,522 |
|
|
Novotech |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Novotech SG Holdings Pte. Ltd./ Novotech Aus Bidco Pty Ltd/Novotech Holdings USA LLC |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.50% Floor |
|
6/27/2031 |
|
|
42,857 |
|
|
42,457 |
|
|
41,999 |
|
(4)(8)(9)(18) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 0.50% Floor |
|
6/27/2031 |
|
|
1,857 |
|
|
1,795 |
|
|
1,714 |
|
(4)(8)(9)(12)(18)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
44,252 |
|
|
43,713 |
|
|
Suvoda |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goldeneye Parent, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
3/31/2032 |
|
|
87,123 |
|
|
86,774 |
|
|
86,052 |
|
(4)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.75% Floor |
|
3/31/2032 |
|
|
— |
|
|
(50) |
|
|
(157) |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
86,724 |
|
|
85,895 |
|
|
|
|
|
|
Total Health Care Technology |
|
$ |
805,300 |
|
$ |
803,650 |
|
|
Hotels, Restaurants & Leisure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aardvark Bidco Pty LTD / Barrel Bidco Pty LTD |
|
First Lien Secured Debt - Term Loan |
|
BBSW+425, 0.00% Floor |
|
11/24/2030 |
|
A$ |
60,000 |
|
$ |
42,063 |
|
$ |
41,470 |
|
(3)(4)(8)(10)(26) |
|
|
First Lien Secured Debt - Delayed Draw |
|
BBSW+425, 0.00% Floor |
|
11/24/2030 |
|
A$ |
1,622 |
|
|
1,043 |
|
|
1,073 |
|
(3)(4)(8)(10)(12)(26)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
43,106 |
|
|
42,543 |
|
|
Crunch Fitness |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crunch Holdings, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.75% Floor |
|
9/26/2031 |
|
|
174,898 |
|
|
174,889 |
|
|
176,647 |
|
(4)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.75% Floor |
|
9/26/2031 |
|
|
— |
|
|
(94) |
|
|
— |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
174,795 |
|
|
176,647 |
|
|
Delivery Hero |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delivery Hero Finco Germany GmbH |
|
First Lien Secured Debt - Term Loan |
|
K+500, 0.50% Floor |
|
12/12/2029 |
|
₩ |
194,831,194 |
|
|
139,569 |
|
|
145,688 |
|
(3)(8)(9)(20) |
Delivery Hero Finco LLC |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.50% Floor |
|
6/30/2032 |
|
|
210,490 |
|
|
205,654 |
|
|
213,779 |
|
(8)(9)(10)(17) |
|
|
First Lien Secured Debt - Term Loan |
|
S+350, 0.50% Floor |
|
12/12/2029 |
|
|
5,305 |
|
|
5,305 |
|
|
5,329 |
|
(8)(9)(17) |
Delivery Hero SE |
|
Unsecured Debt - Convertible Bond |
|
3.25% |
|
2/21/2030 |
|
€ |
6,000 |
|
|
6,897 |
|
|
6,793 |
|
(3)(8)(9) |
|
|
|
|
|
|
|
|
|
|
|
|
357,425 |
|
|
371,589 |
|
|
See notes to consolidated financial statements
33
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
Endeavor |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Endeavor Operating Co LLC |
|
First Lien Secured Debt - Term Loan |
|
S+275, 0.00% Floor |
|
3/24/2032 |
|
|
39,375 |
|
|
39,388 |
|
|
39,558 |
|
(16) |
|
|
First Lien Secured Debt - Term Loan |
|
S+375, 0.00% Floor |
|
3/24/2028 |
|
|
13,542 |
|
|
13,544 |
|
|
13,520 |
|
(4)(16) |
|
|
|
|
|
|
|
|
|
|
|
|
52,932 |
|
|
53,078 |
|
|
FLYNN RESTAURANT GROUP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flynn Restaurant Group LP |
|
First Lien Secured Debt - Term Loan |
|
S+375, 0.00% Floor |
|
1/28/2032 |
|
|
21,840 |
|
|
21,500 |
|
|
20,602 |
|
(16) |
Intralot Capital Luxembourg SA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intralot Capital Luxembourg SA |
|
First Lien Secured Debt - Term Loan |
|
SONIA+550, 0.00% Floor |
|
9/18/2031 |
|
£ |
86,000 |
|
|
113,418 |
|
|
112,064 |
|
(3)(4)(8)(10)(19) |
Invited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Invited, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+525, 0.75% Floor |
|
6/9/2032 |
|
|
47,764 |
|
|
47,307 |
|
|
47,592 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+525, 0.75% Floor |
|
6/9/2032 |
|
|
— |
|
|
(15) |
|
|
(12) |
|
(4)(5)(12)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+525, 0.75% Floor |
|
6/9/2032 |
|
|
— |
|
|
(46) |
|
|
(18) |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
47,246 |
|
|
47,562 |
|
|
JOA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Joker Holdco 3 S.a r.l. |
|
First Lien Secured Debt - Term Loan |
|
E+600, 0.00% Floor |
|
4/19/2031 |
|
€ |
126,725 |
|
|
133,123 |
|
|
142,807 |
|
(3)(4)(8)(9)(10)(22) |
OpenBet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OB Global Openbet Holdings 2 LLC |
|
First Lien Secured Debt - Term Loan |
|
S+600, 1.50% Floor |
|
9/24/2029 |
|
|
62,125 |
|
|
61,578 |
|
|
61,783 |
|
(4)(17) |
PARS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PARS Group LLC |
|
First Lien Secured Debt - Term Loan |
|
S+685, 1.50% Floor |
|
4/3/2028 |
|
|
8,534 |
|
|
8,491 |
|
|
6,484 |
|
(4)(9)(16) |
Scientific Games Lottery |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Scientific Games Holdings LP |
|
First Lien Secured Debt - Term Loan |
|
S+300, 0.50% Floor |
|
4/4/2029 |
|
|
62,680 |
|
|
61,443 |
|
|
55,532 |
|
(17) |
Sky Zone |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CircusTrix Holdings LLC |
|
First Lien Secured Debt - Term Loan |
|
S+675, 1.00% Floor |
|
7/18/2028 |
|
|
15,502 |
|
|
15,339 |
|
|
14,627 |
|
(4)(9)(10)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+675, 1.00% Floor |
|
7/18/2028 |
|
|
810 |
|
|
803 |
|
|
765 |
|
(4)(9)(17)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
16,142 |
|
|
15,392 |
|
|
Soho House & Co Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Soho House & Co Inc. |
|
Common Equity - Stock |
|
N/A |
|
N/A |
|
|
406,312 Shares |
|
|
3,657 |
|
|
4,063 |
|
(4)(8)(35) |
Soho House Bond Limited |
|
First Lien Secured Debt - Corporate Bond |
|
5.38% Cash plus 5.38% PIK |
|
1/29/2032 |
|
|
87,021 |
|
|
86,244 |
|
|
85,446 |
|
(4)(8) |
Soho House Holdings Limited |
|
Unsecured Debt - Corporate Bond |
|
12.50% PIK |
|
1/29/2033 |
|
|
15,561 |
|
|
15,333 |
|
|
15,329 |
|
(4)(8) |
|
|
|
|
|
|
|
|
|
|
|
|
105,234 |
|
|
104,838 |
|
|
See notes to consolidated financial statements
34
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
Sports Invest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sports Invest Holdings Ltd. |
|
First Lien Secured Debt - Term Loan |
|
10.25% |
|
10/3/2029 |
|
£ |
55,000 |
|
|
70,635 |
|
|
70,477 |
|
(3)(4)(8)(10) |
Walter's Wedding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WH BorrowerCo, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+500, 1.00% Floor |
|
8/2/2030 |
|
|
20,238 |
|
|
20,026 |
|
|
19,414 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 1.00% Floor |
|
8/2/2030 |
|
|
8,930 |
|
|
8,841 |
|
|
8,567 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 1.00% Floor |
|
8/2/2030 |
|
|
1,049 |
|
|
1,004 |
|
|
865 |
|
(4)(9)(12)(17)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
29,871 |
|
|
28,846 |
|
|
|
|
|
|
Total Hotels, Restaurants & Leisure |
|
$ |
1,296,939 |
|
$ |
1,310,244 |
|
|
Household Durables |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
K Hovnanian Enterprises Inc |
|
First Lien Secured Debt - Revolver |
|
S+450, 3.00% Floor |
|
6/30/2028 |
|
$ |
— |
|
$ |
(4,816) |
|
$ |
(5,850) |
|
(4)(5)(9)(12)(34) |
Polywood |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Poly-Wood, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+488, 1.00% Floor |
|
3/20/2030 |
|
|
152,487 |
|
|
150,517 |
|
|
151,831 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+488, 1.00% Floor |
|
3/20/2030 |
|
|
— |
|
|
(305) |
|
|
(99) |
|
(4)(5)(9)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
150,212 |
|
|
151,732 |
|
|
Restoration Hardware |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restoration Hardware, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+261, 0.50% Floor |
|
10/20/2028 |
|
|
25,859 |
|
|
25,396 |
|
|
25,209 |
|
(8)(16) |
|
|
First Lien Secured Debt - Term Loan |
|
S+335, 0.50% Floor |
|
10/20/2028 |
|
|
2,406 |
|
|
2,358 |
|
|
2,377 |
|
(8)(16) |
|
|
|
|
|
|
|
|
|
|
|
|
27,754 |
|
|
27,586 |
|
|
Weber-Stephen Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weber-Stephen Products LLC |
|
First Lien Secured Debt - Term Loan |
|
S+375, 0.00% Floor |
|
10/1/2032 |
|
|
41,591 |
|
|
41,289 |
|
|
41,464 |
|
(17) |
|
|
|
|
Total Household Durables |
|
$ |
214,439 |
|
$ |
214,932 |
|
|
Household Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ergotron |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ergotron Acquisition, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+525, 0.75% Floor |
|
7/6/2028 |
|
$ |
8,756 |
|
$ |
8,695 |
|
$ |
8,728 |
|
(4)(16) |
Ergotron Investments, LLC |
|
Common Equity - Equity Unit |
|
N/A |
|
N/A |
|
|
500 Units |
|
|
50 |
|
|
53 |
|
(4) |
|
|
|
|
|
|
|
|
|
|
|
|
8,745 |
|
|
8,781 |
|
|
See notes to consolidated financial statements
35
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
Tranzonic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TZ Buyer LLC |
|
First Lien Secured Debt - Term Loan |
|
S+610, 0.75% Floor |
|
8/14/2028 |
|
|
42,635 |
|
|
42,070 |
|
|
41,437 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+610, 0.75% Floor |
|
8/14/2028 |
|
|
53,102 |
|
|
52,612 |
|
|
51,610 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+585, 0.75% Floor |
|
8/14/2028 |
|
|
1,706 |
|
|
1,682 |
|
|
1,658 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+610, 0.75% Floor |
|
8/14/2028 |
|
|
406 |
|
|
401 |
|
|
389 |
|
(4)(9)(12)(16)(34) |
TZ Parent LLC |
|
Common Equity - Equity Unit |
|
N/A |
|
N/A |
|
|
50 Units |
|
|
50 |
|
|
77 |
|
(4)(9) |
|
|
|
|
|
|
|
|
|
|
|
|
96,815 |
|
|
95,171 |
|
|
|
|
|
|
Total Household Products |
|
$ |
105,560 |
|
$ |
103,952 |
|
|
Independent Power & Renewable Electricity Producers |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cogentrix |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cogentrix Finance Holdco I LLC |
|
First Lien Secured Debt - Term Loan |
|
S+225, 0.00% Floor |
|
2/26/2032 |
|
$ |
11,826 |
|
$ |
11,838 |
|
$ |
11,830 |
|
(16) |
Esdec |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Esdec Solar Group B.V. |
|
First Lien Secured Debt - Term Loan |
|
9.59% |
|
8/31/2030 |
|
€ |
37,616 |
|
|
38,144 |
|
|
34,019 |
|
(3)(4)(8)(9)(21)(33) |
|
|
First Lien Secured Debt - Term Loan |
|
9.33% |
|
8/31/2030 |
|
|
425 |
|
|
373 |
|
|
339 |
|
(4)(8)(9)(17)(33) |
|
|
|
|
|
|
|
|
|
|
|
|
38,517 |
|
|
34,358 |
|
|
Rhaegal Holdco BV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rhaegal Holdco BV |
|
First Lien Secured Debt - Term Loan |
|
12.00% |
|
8/31/2029 |
|
€ |
26,638 |
|
|
3,918 |
|
|
3,620 |
|
(3)(4)(8) |
|
|
First Lien Secured Debt - Term Loan |
|
12.00% |
|
8/31/2029 |
|
|
304 |
|
|
40 |
|
|
37 |
|
(4)(8) |
|
|
|
|
|
|
|
|
|
|
|
|
3,958 |
|
|
3,657 |
|
|
|
|
|
|
Total Independent Power & Renewable Electricity Producers |
|
$ |
54,313 |
|
$ |
49,845 |
|
|
Industrial Conglomerates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fortis Fire |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fortis Fire & Safety Holdings LP |
|
Common Equity - Equity Unit |
|
N/A |
|
N/A |
|
|
9 Units |
|
$ |
90 |
|
$ |
174 |
|
(4)(9) |
|
|
|
|
Total Industrial Conglomerates |
|
$ |
90 |
|
$ |
174 |
|
|
Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acrisure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acrisure LLC |
|
First Lien Secured Debt - Term Loan |
|
S+325, 0.00% Floor |
|
6/21/2032 |
|
$ |
4,938 |
|
$ |
4,927 |
|
$ |
3,843 |
|
(16) |
Alliant |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alliant Holdings Intermediate, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+250, 0.00% Floor |
|
9/19/2031 |
|
|
4,962 |
|
|
4,941 |
|
|
4,936 |
|
(16) |
See notes to consolidated financial statements
36
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
Galway |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Galway Borrower LLC |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.75% Floor |
|
9/29/2028 |
|
|
13,307 |
|
|
13,255 |
|
|
13,163 |
|
(9)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 0.75% Floor |
|
9/29/2028 |
|
|
766 |
|
|
761 |
|
|
757 |
|
(4)(9)(12)(17)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 0.75% Floor |
|
9/29/2028 |
|
|
190 |
|
|
184 |
|
|
184 |
|
(4)(9)(12)(17)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
14,200 |
|
|
14,104 |
|
|
Higginbotham |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HIG Intermediate, Inc. |
|
Preferred Equity - Cumulative Preferred |
|
N/A |
|
N/A |
|
|
50,000 Units |
|
|
49 |
|
|
50 |
|
(4) |
Higginbotham Insurance Agency, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+450, 1.00% Floor |
|
6/11/2031 |
|
|
111,957 |
|
|
111,771 |
|
|
111,397 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 1.00% Floor |
|
6/11/2031 |
|
|
16,266 |
|
|
16,140 |
|
|
16,080 |
|
(4)(12)(16)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
127,960 |
|
|
127,527 |
|
|
Hilb Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thg Acquisition, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
10/31/2031 |
|
|
88,579 |
|
|
87,888 |
|
|
86,985 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 0.75% Floor |
|
10/31/2031 |
|
|
16,931 |
|
|
16,792 |
|
|
16,573 |
|
(4)(9)(12)(16)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.75% Floor |
|
10/31/2031 |
|
|
3,838 |
|
|
3,764 |
|
|
3,657 |
|
(4)(9)(12)(16)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
108,444 |
|
|
107,215 |
|
|
Howden Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HIG Finance 2 Limited |
|
First Lien Secured Debt - Term Loan |
|
S+275, 0.50% Floor |
|
4/18/2030 |
|
|
4,496 |
|
|
4,387 |
|
|
4,343 |
|
(8)(16) |
Hyperion Refinance Sarl |
|
First Lien Secured Debt - Term Loan |
|
S+275, 0.50% Floor |
|
2/15/2031 |
|
|
39,273 |
|
|
38,884 |
|
|
37,895 |
|
(8)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 0.50% Floor |
|
2/15/2031 |
|
|
220,000 |
|
|
217,705 |
|
|
219,516 |
|
(4)(8)(10)(16) |
|
|
|
|
|
|
|
|
|
|
|
|
260,976 |
|
|
261,754 |
|
|
ISC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IRIS Specialty Acquisition LLC |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.50% Floor |
|
11/20/2032 |
|
|
214,754 |
|
|
213,783 |
|
|
212,564 |
|
(4)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 0.50% Floor |
|
11/20/2032 |
|
|
3,258 |
|
|
3,171 |
|
|
2,888 |
|
(4)(12)(17)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 0.50% Floor |
|
11/20/2032 |
|
|
7,239 |
|
|
7,098 |
|
|
6,914 |
|
(4)(11)(12)(16)(17)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
224,052 |
|
|
222,366 |
|
|
Keystone |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Koala Investment Holdings, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+425, 0.75% Floor |
|
8/29/2032 |
|
|
93,926 |
|
|
93,100 |
|
|
93,154 |
|
(4)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+425, 0.75% Floor |
|
8/29/2032 |
|
|
7,465 |
|
|
7,356 |
|
|
7,316 |
|
(4)(12)(16)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+425, 0.75% Floor |
|
8/29/2032 |
|
|
— |
|
|
(69) |
|
|
(66) |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
100,387 |
|
|
100,404 |
|
|
See notes to consolidated financial statements
37
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
Patriot Growth Insurance Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Patriot Growth Insurance Services, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+515, 0.75% Floor |
|
10/16/2028 |
|
|
31,245 |
|
|
31,245 |
|
|
30,255 |
|
(4)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 0.75% Floor |
|
10/16/2028 |
|
|
5,908 |
|
|
5,879 |
|
|
5,721 |
|
(4)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 0.75% Floor |
|
10/16/2028 |
|
|
— |
|
|
— |
|
|
(73) |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
37,124 |
|
|
35,903 |
|
|
Safe-Guard |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG Acquisition, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
4/3/2030 |
|
|
85,299 |
|
|
84,500 |
|
|
84,814 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 0.75% Floor |
|
4/3/2030 |
|
|
— |
|
|
(34) |
|
|
(30) |
|
(4)(5)(9)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
84,466 |
|
|
84,784 |
|
|
Truist |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truist Insurance Holdings, LLC |
|
First Lien Secured Debt - Revolver |
|
S+325, 0.00% Floor |
|
5/6/2029 |
|
|
— |
|
|
(298) |
|
|
(164) |
|
(4)(5)(12)(34) |
|
|
|
|
Total Insurance |
|
$ |
967,179 |
|
$ |
962,672 |
|
|
Interactive Media & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adevinta |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aurelia Netherlands BV |
|
First Lien Secured Debt - Term Loan |
|
E+475, 0.00% Floor |
|
5/29/2031 |
|
€ |
212,000 |
|
$ |
232,476 |
|
$ |
239,135 |
|
(3)(4)(8)(9)(10)(21) |
Electronic Arts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OAK-Eagle Acquireco Inc |
|
First Lien Secured Debt - Term Loan |
|
S+250, 0.00% Floor |
|
8/4/2029 |
|
|
30,078 |
|
|
30,121 |
|
|
30,153 |
|
(16) |
|
|
|
|
Total Interactive Media & Services |
|
$ |
262,597 |
|
$ |
269,288 |
|
|
IT Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Astek |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIERE ASTEK |
|
First Lien Secured Debt - Term Loan |
|
E+650, 0.00% Floor |
|
4/25/2031 |
|
€ |
44,188 |
|
$ |
46,473 |
|
$ |
50,041 |
|
(3)(4)(8)(9)(10)(21) |
|
|
First Lien Secured Debt - Delayed Draw |
|
E+650, 0.00% Floor |
|
4/25/2031 |
|
€ |
18,145 |
|
|
19,082 |
|
|
20,548 |
|
(3)(4)(8)(9)(10)(12)(21)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
65,555 |
|
|
70,589 |
|
|
Avenu Insights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACP Avenu Buyer, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+525, 1.00% Floor |
|
10/2/2029 |
|
|
14,476 |
|
|
14,321 |
|
|
14,005 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+525, 1.00% Floor |
|
10/2/2029 |
|
|
2,638 |
|
|
2,598 |
|
|
2,552 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 1.00% Floor |
|
10/2/2029 |
|
|
— |
|
|
(32) |
|
|
(310) |
|
(4)(5)(9)(12)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+525, 1.00% Floor |
|
10/2/2029 |
|
|
1,364 |
|
|
1,315 |
|
|
1,166 |
|
(4)(9)(12)(17)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
18,202 |
|
|
17,413 |
|
|
See notes to consolidated financial statements
38
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
CoreWeave Financing DDTL V LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CoreWeave Financing DDTL V LLC |
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 0.00% Floor |
|
11/6/2031 |
|
|
4,668 |
|
|
4,670 |
|
|
4,708 |
|
(8)(16) |
CoreWeave Financing DDTL V-V LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CoreWeave Financing DDTL V-V LLC |
|
First Lien Secured Debt - Delayed Draw |
|
S+550, 0.00% Floor |
|
9/1/2031 |
|
|
13,004 |
|
|
12,535 |
|
|
13,115 |
|
(8)(12)(16)(34) |
GrayMatter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Genius Bidco LLC |
|
First Lien Secured Debt - Term Loan |
|
S+500, 1.00% Floor |
|
5/1/2030 |
|
|
4,535 |
|
|
4,475 |
|
|
4,493 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 1.00% Floor |
|
5/1/2030 |
|
|
1,688 |
|
|
1,667 |
|
|
1,673 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+525, 1.00% Floor |
|
5/1/2030 |
|
|
— |
|
|
(14) |
|
|
(11) |
|
(4)(5)(9)(12)(34) |
|
|
Common Equity - Equity Unit |
|
N/A |
|
N/A |
|
|
773 Units |
|
|
77 |
|
|
165 |
|
(4)(9) |
|
|
|
|
|
|
|
|
|
|
|
|
6,205 |
|
|
6,320 |
|
|
Vensure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vensure Employer Services, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.50% Floor |
|
9/29/2031 |
|
|
150,284 |
|
|
149,218 |
|
|
148,030 |
|
(4)(9)(16)(17) |
Version 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Company 24 Bidco Limited |
|
First Lien Secured Debt - Term Loan |
|
SONIA+465, 0.00% Floor |
|
7/11/2029 |
|
£ |
1,184 |
|
|
1,379 |
|
|
1,565 |
|
(3)(4)(8)(9)(19) |
|
|
First Lien Secured Debt - Term Loan |
|
E+465, 0.00% Floor |
|
7/11/2029 |
|
€ |
166 |
|
|
156 |
|
|
187 |
|
(3)(4)(8)(9)(21) |
|
|
First Lien Secured Debt - Delayed Draw |
|
SONIA+465, 0.00% Floor |
|
7/11/2029 |
|
£ |
164 |
|
|
191 |
|
|
216 |
|
(3)(4)(8)(9)(19) |
|
|
First Lien Secured Debt - Delayed Draw |
|
E+465, 0.00% Floor |
|
7/11/2029 |
|
€ |
84 |
|
|
83 |
|
|
94 |
|
(3)(4)(8)(9)(10)(12)(21)(22)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
1,809 |
|
|
2,062 |
|
|
VikingCloud |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bullcave Limited |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.75% Floor |
|
8/6/2030 |
|
|
20,632 |
|
|
20,415 |
|
|
20,417 |
|
(4)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 0.75% Floor |
|
8/6/2030 |
|
|
2,895 |
|
|
2,855 |
|
|
2,854 |
|
(4)(12)(17)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
23,270 |
|
|
23,271 |
|
|
|
|
|
|
Total IT Services |
|
$ |
281,464 |
|
$ |
285,508 |
|
|
Leisure Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bowlero |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kingpin Intermediate Holdings LLC |
|
First Lien Secured Debt - Term Loan |
|
S+325, 0.00% Floor |
|
9/22/2032 |
|
$ |
20,042 |
|
$ |
18,789 |
|
$ |
15,833 |
|
(8)(17) |
|
|
First Lien Secured Debt - Corporate Bond |
|
7.25% |
|
10/15/2032 |
|
|
15,683 |
|
|
14,856 |
|
|
11,351 |
|
(8) |
|
|
|
|
|
|
|
|
|
|
|
|
33,645 |
|
|
27,184 |
|
|
See notes to consolidated financial statements
39
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
Peloton |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Peloton Interactive, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+550, 0.00% Floor |
|
5/30/2029 |
|
|
80,958 |
|
|
80,696 |
|
|
81,262 |
|
(8)(16) |
|
|
|
|
Total Leisure Products |
|
$ |
114,341 |
|
$ |
108,446 |
|
|
Life Sciences Tools & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cambrex |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cambrex Corp. |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
3/5/2032 |
|
$ |
115,642 |
|
$ |
114,737 |
|
$ |
116,186 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 0.75% Floor |
|
3/5/2032 |
|
|
17,304 |
|
|
17,166 |
|
|
17,385 |
|
(4)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.75% Floor |
|
3/5/2032 |
|
|
3,923 |
|
|
3,803 |
|
|
3,923 |
|
(4)(12)(16)(24)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
135,706 |
|
|
137,494 |
|
|
Curia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Curia Global, Inc. |
|
First Lien Secured Debt - Term Loan |
|
10.01% PIK |
|
12/6/2029 |
|
|
217,186 |
|
|
214,673 |
|
|
148,359 |
|
(4)(17) |
|
|
First Lien Secured Debt - Term Loan |
|
12.20% PIK |
|
12/6/2029 |
|
|
20,743 |
|
|
20,282 |
|
|
20,706 |
|
(4)(17) |
|
|
First Lien Secured Debt - Term Loan |
|
11.90% PIK |
|
12/6/2029 |
|
|
3,268 |
|
|
3,191 |
|
|
3,262 |
|
(4)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+625, 1.00% Floor |
|
12/6/2029 |
|
|
4,233 |
|
|
4,233 |
|
|
4,212 |
|
(4)(12)(17)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+425, 0.00% Floor |
|
9/6/2029 |
|
|
— |
|
|
(8,220) |
|
|
(4,845) |
|
(4)(5)(12)(34) |
Curia Receivables II SPV, LLC |
|
First Lien Secured Debt - Revolver |
|
S+625, 1.00% Floor |
|
1/29/2029 |
|
|
4,482 |
|
|
4,482 |
|
|
4,467 |
|
(4)(16)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
238,641 |
|
|
176,161 |
|
|
Parexel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parexel International Corporation |
|
First Lien Secured Debt - Term Loan |
|
S+250, 0.50% Floor |
|
12/12/2031 |
|
|
37,931 |
|
|
37,854 |
|
|
37,996 |
|
(16) |
|
|
|
|
Total Life Sciences Tools & Services |
|
$ |
412,201 |
|
$ |
351,651 |
|
|
Machinery |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alliance Laundry Systems |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alliance Laundry Systems LLC |
|
First Lien Secured Debt - Term Loan |
|
S+200, 0.00% Floor |
|
8/19/2031 |
|
$ |
7,923 |
|
$ |
7,908 |
|
$ |
7,930 |
|
(16)(17) |
Carlisle Fluid Technologies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LSF12 Donnelly Bidco, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+650, 1.00% Floor |
|
10/2/2029 |
|
|
14,550 |
|
|
14,340 |
|
|
14,331 |
|
(4)(9)(16) |
Circor |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cube Industrials Buyer, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+300, 0.00% Floor |
|
10/17/2031 |
|
|
24,134 |
|
|
24,095 |
|
|
24,209 |
|
(9)(17) |
Duravant |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineered Machinery Holdings, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+275, 0.00% Floor |
|
11/26/2032 |
|
|
19,900 |
|
|
19,815 |
|
|
19,955 |
|
(17) |
See notes to consolidated financial statements
40
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
Fosber |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foresight Italy Bidco S.P.A. |
|
First Lien Secured Debt - Corporate Bond |
|
E+500, 0.00% Floor |
|
4/7/2033 |
|
€ |
50,017 |
|
|
57,443 |
|
|
56,216 |
|
(3)(4)(8)(10)(22) |
Foresight US Bidco, Inc |
|
First Lien Secured Debt - Revolver |
|
E+500, 0.00% Floor |
|
3/23/2033 |
|
€ |
— |
|
|
(191) |
|
|
(148) |
|
(3)(4)(5)(8)(10)(12)(34) |
|
|
First Lien Secured Debt - Corporate Bond |
|
S+500, 0.00% Floor |
|
4/7/2033 |
|
|
54,695 |
|
|
54,176 |
|
|
54,285 |
|
(4)(8)(10)(18) |
|
|
|
|
|
|
|
|
|
|
|
|
111,428 |
|
|
110,353 |
|
|
Ideal Tridon |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ideal Components Acquisition, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.75% Floor |
|
6/30/2032 |
|
|
29,624 |
|
|
29,238 |
|
|
29,526 |
|
(4)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 0.75% Floor |
|
6/30/2032 |
|
|
— |
|
|
(34) |
|
|
(18) |
|
(4)(5)(12)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 0.75% Floor |
|
6/30/2032 |
|
|
550 |
|
|
493 |
|
|
536 |
|
(4)(12)(16)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
29,697 |
|
|
30,044 |
|
|
Industrial Service Solutions WC, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial Service Solutions WC, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.75% Floor |
|
2/6/2033 |
|
|
59,481 |
|
|
58,929 |
|
|
59,357 |
|
(4)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+350, 0.75% Floor |
|
2/6/2033 |
|
|
6,333 |
|
|
6,151 |
|
|
6,292 |
|
(4)(18)(24)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
65,080 |
|
|
65,649 |
|
|
Milacron |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IOTA HOLDINGS 3 |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.00% Floor |
|
3/31/2032 |
|
|
24,428 |
|
|
24,123 |
|
|
24,232 |
|
(4)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.00% Floor |
|
3/31/2032 |
|
|
2,269 |
|
|
2,170 |
|
|
2,199 |
|
(4)(12)(17)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
26,293 |
|
|
26,431 |
|
|
NEFCO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NFO Orange Buyer, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+425, 0.75% Floor |
|
1/13/2033 |
|
|
68,740 |
|
|
68,414 |
|
|
68,740 |
|
(4)(18) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+325, 0.75% Floor |
|
1/13/2033 |
|
|
— |
|
|
(33) |
|
|
— |
|
(4)(5)(12)(34) |
|
|
First Lien Secured Debt - Revolver |
|
P+325, 0.75% Floor |
|
1/13/2033 |
|
|
3,535 |
|
|
3,491 |
|
|
3,535 |
|
(4)(12)(24)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
71,872 |
|
|
72,275 |
|
|
Novaria |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Zenith AcquisitionCo, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.50% Floor |
|
1/13/2033 |
|
|
70,534 |
|
|
70,209 |
|
|
70,936 |
|
(4)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 0.50% Floor |
|
1/13/2033 |
|
|
1,618 |
|
|
1,535 |
|
|
1,627 |
|
(4)(12)(17)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 0.50% Floor |
|
1/13/2033 |
|
|
— |
|
|
(62) |
|
|
— |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
71,682 |
|
|
72,563 |
|
|
ProMach |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro Mach Group, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+250, 0.00% Floor |
|
10/15/2032 |
|
|
33,395 |
|
|
33,330 |
|
|
33,468 |
|
(16) |
See notes to consolidated financial statements
41
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
United Flow Technologies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Uft Buyer LLC |
|
First Lien Secured Debt - Term Loan |
|
S+213 Cash plus 2.63% PIK, 0.50% Floor |
|
12/6/2032 |
|
|
66,985 |
|
|
66,386 |
|
|
66,985 |
|
(4)(17) |
|
|
First Lien Secured Debt - Term Loan |
|
S+213 Cash plus 2.63% PIK, 0.50% Floor |
|
12/6/2032 |
|
|
24,095 |
|
|
23,878 |
|
|
24,095 |
|
(4)(16)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 0.50% Floor |
|
12/6/2032 |
|
|
12,786 |
|
|
12,418 |
|
|
12,786 |
|
(4)(12)(17)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 0.50% Floor |
|
12/6/2032 |
|
|
— |
|
|
(80) |
|
|
— |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
102,602 |
|
|
103,866 |
|
|
|
|
|
|
Total Machinery |
|
$ |
578,142 |
|
$ |
581,074 |
|
|
Media |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accelerate360 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
McClatchy Media Company, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+576, 1.00% Floor |
|
2/11/2028 |
|
$ |
72,544 |
|
$ |
72,539 |
|
$ |
71,766 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+576, 1.00% Floor |
|
2/11/2028 |
|
|
21,871 |
|
|
21,871 |
|
|
21,376 |
|
(4)(9)(12)(17)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
94,410 |
|
|
93,142 |
|
|
Astound Broadband |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Radiate Holdco, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+361 Cash plus 1.50% PIK, 0.75% Floor |
|
9/25/2029 |
|
|
27,517 |
|
|
22,506 |
|
|
24,335 |
|
(16) |
|
|
First Lien Secured Debt - Term Loan |
|
S+400, 1.00% Floor |
|
6/26/2029 |
|
|
204 |
|
|
201 |
|
|
205 |
|
(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+400, 1.00% Floor |
|
6/26/2029 |
|
|
204 |
|
|
204 |
|
|
205 |
|
(12)(16)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
22,911 |
|
|
24,745 |
|
|
DISH Network |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EchoStar Corporation |
|
First Lien Secured Debt - Convertible Bond |
|
3.88% |
|
11/30/2030 |
|
|
7,052 |
|
|
19,051 |
|
|
19,631 |
|
(8) |
Gannett |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gannett Holdings, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+450, 1.50% Floor |
|
10/15/2029 |
|
|
14,287 |
|
|
14,283 |
|
|
14,216 |
|
(8)(17) |
USA TODAY Co Inc |
|
First Lien Secured Debt - Term Loan |
|
S+450, 1.50% Floor |
|
10/15/2029 |
|
|
167,026 |
|
|
165,457 |
|
|
166,191 |
|
(8)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 1.50% Floor |
|
10/15/2029 |
|
|
3,398 |
|
|
3,381 |
|
|
3,381 |
|
(8)(17) |
|
|
First Lien Secured Debt - Convertible Bond |
|
6.00% |
|
12/1/2031 |
|
|
500 |
|
|
522 |
|
|
750 |
|
(4)(8) |
|
|
|
|
|
|
|
|
|
|
|
|
183,643 |
|
|
184,538 |
|
|
Material+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Material Holdings, LLC |
|
First Lien Secured Debt - Term Loan |
|
10.17% |
|
8/19/2027 |
|
|
8,278 |
|
|
7,546 |
|
|
1,868 |
|
(4)(17)(33) |
|
|
First Lien Secured Debt - Delayed Draw |
|
10.17% |
|
8/19/2027 |
|
|
375 |
|
|
241 |
|
|
337 |
|
(4)(17)(33)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
7,787 |
|
|
2,205 |
|
|
See notes to consolidated financial statements
42
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
Paramount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Skydance Corp |
|
First Lien Secured Debt - Term Loan |
|
S+275, 0.00% Floor |
|
10/6/2033 |
|
|
141,800 |
|
|
141,446 |
|
|
141,608 |
|
(8)(16) |
|
|
First Lien Secured Debt - Corporate Bond |
|
7.90% |
|
10/15/2036 |
|
|
7,500 |
|
|
7,491 |
|
|
7,511 |
|
(8) |
|
|
|
|
|
|
|
|
|
|
|
|
148,937 |
|
|
149,119 |
|
|
|
|
|
|
Total Media |
|
$ |
476,739 |
|
$ |
473,380 |
|
|
Metals & Mining |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sabre Industries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tiger Acquisition, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+275, 0.50% Floor |
|
8/23/2032 |
|
$ |
124,520 |
|
$ |
122,229 |
|
$ |
124,988 |
|
(16) |
|
|
|
|
Total Metals & Mining |
|
$ |
122,229 |
|
$ |
124,988 |
|
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AL GCX |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AL GCX Holdings, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+225, 0.50% Floor |
|
12/17/2032 |
|
$ |
15,402 |
|
$ |
15,375 |
|
$ |
15,437 |
|
(16) |
AL GCX Fund VIII |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AL GCX Fund VIII Holdings LLC |
|
First Lien Secured Debt - Term Loan |
|
S+225, 0.50% Floor |
|
12/17/2032 |
|
|
8,214 |
|
|
8,200 |
|
|
8,216 |
|
(16) |
AL NGPL Fund VIII |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AL NGPL Fund VIII Funding, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+200, 0.00% Floor |
|
12/6/2030 |
|
|
8,873 |
|
|
8,895 |
|
|
8,891 |
|
(17) |
Blackfin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Blackfin Pipeline LLC |
|
First Lien Secured Debt - Term Loan |
|
S+250, 0.00% Floor |
|
9/29/2032 |
|
|
24,813 |
|
|
24,703 |
|
|
24,917 |
|
(16) |
Calcasieu Pass Funding LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calcasieu Pass Funding LLC |
|
First Lien Secured Debt - Term Loan |
|
S+325, 0.00% Floor |
|
4/1/2033 |
|
|
11,970 |
|
|
11,800 |
|
|
12,053 |
|
(8)(17) |
ONEOK |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AP Falcon Holdings, LLC |
|
First Lien Secured Debt - Corporate Bond |
|
6.25% |
|
9/10/2056 |
|
|
149,000 |
|
|
149,000 |
|
|
144,508 |
|
(4)(8) |
|
|
First Lien Secured Debt - Corporate Bond |
|
5.00% |
|
9/10/2056 |
|
|
1,000 |
|
|
1,000 |
|
|
963 |
|
(4)(8) |
|
|
|
|
|
|
|
|
|
|
|
|
150,000 |
|
|
145,471 |
|
|
Pembina Pipeline Corp |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pegasus UK Bidco Limited |
|
Common Equity - Special Purpose Vehicles |
|
N/A |
|
N/A |
|
C$ |
69,435,000 |
|
|
48,846 |
|
|
48,791 |
|
(3)(4)(8)(32)(35) |
Sempra |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BX Frontier Member I LLC |
|
First Lien Secured Debt - Delayed Draw |
|
5.86% PIK |
|
12/31/2060 |
|
|
36,246 |
|
|
36,246 |
|
|
34,060 |
|
(4)(8) |
|
|
First Lien Secured Debt - Delayed Draw |
|
5.86% |
|
12/31/2060 |
|
|
— |
|
|
— |
|
|
(367) |
|
(4)(5)(8)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
36,246 |
|
|
33,693 |
|
|
Stonepeak Bayou |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stonepeak Bayou Holdings LP |
|
First Lien Secured Debt - Term Loan |
|
S+275, 0.00% Floor |
|
10/1/2032 |
|
|
10,335 |
|
|
10,165 |
|
|
10,359 |
|
(17) |
See notes to consolidated financial statements
43
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
Venture Global |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CP2 LNG Holdings, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+350, 0.00% Floor |
|
7/28/2028 |
|
|
11,750 |
|
|
11,536 |
|
|
11,639 |
|
(4)(8)(16) |
Venture Global CP2 LNG, LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Venture Global CP2 LNG, LLC |
|
First Lien Secured Debt - Delayed Draw |
|
S+225, 0.00% Floor |
|
7/28/2032 |
|
|
41,742 |
|
|
39,825 |
|
|
39,869 |
|
(4)(8)(12)(16)(34) |
VENTURE GLOBAL LNG INC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Venture Global LNG, Inc. |
|
First Lien Secured Debt - Corporate Bond |
|
6.63% |
|
6/15/2036 |
|
|
4,083 |
|
|
4,028 |
|
|
3,923 |
|
(8) |
|
|
|
|
Total Oil, Gas & Consumable Fuels |
|
$ |
369,619 |
|
$ |
363,259 |
|
|
Paper & Forest Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48forty Solutions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alpine Acquisition Corp II |
|
First Lien Secured Debt - Term Loan |
|
9.15% |
|
1/14/2031 |
|
$ |
805 |
|
$ |
794 |
|
$ |
787 |
|
(4)(16)(33) |
|
|
First Lien Secured Debt - Term Loan |
|
8.90% |
|
1/14/2031 |
|
|
603 |
|
|
595 |
|
|
594 |
|
(4)(16)(33) |
|
|
First Lien Secured Debt - Delayed Draw |
|
8.82% |
|
1/14/2031 |
|
|
— |
|
|
(1) |
|
|
— |
|
(4)(5)(12)(33)(34) |
|
|
Preferred Equity - Preferred Stocks |
|
N/A |
|
N/A |
|
|
1,710,682 Shares |
|
|
1,497 |
|
|
907 |
|
(4)(35) |
|
|
Common Equity - Equity Unit |
|
N/A |
|
N/A |
|
|
402 Units |
|
|
— |
|
|
— |
|
(4)(35) |
LSCS Holdings, Inc. |
|
First Lien Secured Debt - Revolver |
|
8.82% |
|
1/14/2031 |
|
|
— |
|
|
(12) |
|
|
(2) |
|
(4)(5)(12)(33)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
2,873 |
|
|
2,286 |
|
|
BiOrigin Specialty |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Complete Paper Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.75% Floor |
|
2/4/2031 |
|
|
14,129 |
|
|
13,965 |
|
|
13,278 |
|
(4)(17) |
|
|
|
|
Total Paper & Forest Products |
|
$ |
16,838 |
|
$ |
15,564 |
|
|
Personal Care Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advantice Health |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jazz AH Holdco, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
4/2/2029 |
|
$ |
6,912 |
|
$ |
6,912 |
|
$ |
6,854 |
|
(4)(18) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 0.75% Floor |
|
4/2/2029 |
|
|
117 |
|
|
117 |
|
|
116 |
|
(4)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 0.75% Floor |
|
4/2/2029 |
|
|
— |
|
|
(6) |
|
|
(7) |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
7,023 |
|
|
6,963 |
|
|
Arcadia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACP Tara Holdings, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+250, 0.00% Floor |
|
12/15/2032 |
|
|
21,890 |
|
|
21,884 |
|
|
21,931 |
|
(17) |
Dr. Scholls |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DRS Holdings III, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+525, 1.00% Floor |
|
11/1/2028 |
|
|
35,246 |
|
|
35,045 |
|
|
35,071 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+525, 1.00% Floor |
|
11/1/2028 |
|
|
— |
|
|
(4) |
|
|
(7) |
|
(4)(5)(9)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
35,041 |
|
|
35,064 |
|
|
See notes to consolidated financial statements
44
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
Heat Makes Sense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amika OpCo LLC |
|
First Lien Secured Debt - Term Loan |
|
S+590, 0.75% Floor |
|
7/1/2029 |
|
|
34,037 |
|
|
33,698 |
|
|
34,037 |
|
(4)(9)(18) |
|
|
First Lien Secured Debt - Term Loan |
|
S+540, 0.75% Floor |
|
7/1/2029 |
|
|
7,891 |
|
|
7,815 |
|
|
7,863 |
|
(4)(9)(18) |
|
|
First Lien Secured Debt - Revolver |
|
S+540, 0.75% Floor |
|
7/1/2028 |
|
|
186 |
|
|
176 |
|
|
180 |
|
(4)(9)(12)(18)(34) |
Ishtar Co-Invest-B LP |
|
Common Equity - Stock |
|
N/A |
|
N/A |
|
|
39 Shares |
|
|
22 |
|
|
— |
|
(4)(9)(32) |
Oshun Co-Invest-B LP |
|
Common Equity - Stock |
|
N/A |
|
N/A |
|
|
11 Shares |
|
|
11 |
|
|
— |
|
(4)(9)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
41,722 |
|
|
42,080 |
|
|
KDC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KDC/ONE Development Corporation, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.00% Floor |
|
8/15/2031 |
|
|
44,592 |
|
|
43,379 |
|
|
44,759 |
|
(16) |
PDC Brands |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parfums Holding Company, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+500, 1.00% Floor |
|
6/27/2030 |
|
|
158,947 |
|
|
157,861 |
|
|
158,279 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 1.00% Floor |
|
6/27/2029 |
|
|
— |
|
|
(57) |
|
|
(43) |
|
(4)(5)(9)(11)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
157,804 |
|
|
158,236 |
|
|
RoC Skincare |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RoC Holdco LLC |
|
First Lien Secured Debt - Term Loan |
|
S+525, 1.00% Floor |
|
2/21/2031 |
|
|
37,469 |
|
|
36,963 |
|
|
37,298 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+525, 1.00% Floor |
|
2/21/2031 |
|
|
8,229 |
|
|
8,178 |
|
|
8,192 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+550, 1.00% Floor |
|
2/21/2030 |
|
|
— |
|
|
(50) |
|
|
(19) |
|
(4)(5)(9)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
45,091 |
|
|
45,471 |
|
|
Suave |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Silk Holdings III Corp. |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.50% Floor |
|
12/3/2032 |
|
|
207,667 |
|
|
205,708 |
|
|
207,293 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 0.50% Floor |
|
12/3/2032 |
|
|
— |
|
|
(135) |
|
|
(27) |
|
(4)(5)(9)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
205,573 |
|
|
207,266 |
|
|
|
|
|
|
Total Personal Care Products |
|
$ |
557,517 |
|
$ |
561,770 |
|
|
Pharmaceuticals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alcresta |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alcresta Holdings, LP |
|
Preferred Equity - Preferred Stocks |
|
N/A |
|
N/A |
|
|
116 Shares |
|
$ |
116 |
|
$ |
86 |
|
(4)(9)(32) |
|
|
Common Equity - Equity Unit |
|
N/A |
|
N/A |
|
|
1,176 Units |
|
|
1 |
|
|
128 |
|
(4)(9) |
Alcresta Therapeutics Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+550, 1.00% Floor |
|
3/12/2031 |
|
|
8,634 |
|
|
8,524 |
|
|
8,571 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+550, 1.00% Floor |
|
3/12/2031 |
|
|
203 |
|
|
194 |
|
|
197 |
|
(4)(9)(12)(17)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
8,835 |
|
|
8,982 |
|
|
See notes to consolidated financial statements
45
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
Aspen |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Apple SG Bidco Pte. Ltd. |
|
First Lien Secured Debt - Term Loan |
|
BBSW+475, 0.50% Floor |
|
3/19/2033 |
|
A$ |
124,137 |
|
|
86,724 |
|
|
85,405 |
|
(3)(4)(8)(10)(26) |
|
|
First Lien Secured Debt - Delayed Draw |
|
BBSW+475, 0.50% Floor |
|
3/19/2033 |
|
A$ |
— |
|
|
(45) |
|
|
(87) |
|
(3)(4)(5)(8)(10)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
86,679 |
|
|
85,318 |
|
|
Avid Bioservices |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Space Finco, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+500, 1.00% Floor |
|
2/5/2032 |
|
|
14,670 |
|
|
14,490 |
|
|
14,598 |
|
(4)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 1.00% Floor |
|
2/5/2032 |
|
|
10,445 |
|
|
10,279 |
|
|
10,362 |
|
(4)(12)(17)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 1.00% Floor |
|
2/5/2031 |
|
|
— |
|
|
(109) |
|
|
(52) |
|
(4)(5)(12)(34) |
Space Parent, LP |
|
Preferred Equity - Preferred Stocks |
|
N/A |
|
N/A |
|
|
99,000 Shares |
|
|
99 |
|
|
99 |
|
(4) |
|
|
Common Equity - Stock |
|
N/A |
|
N/A |
|
|
1,000 Shares |
|
|
1 |
|
|
1 |
|
(4) |
|
|
|
|
|
|
|
|
|
|
|
|
24,760 |
|
|
25,008 |
|
|
Bayer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AP Emerald |
|
First Lien Secured Debt - Corporate Bond |
|
5.25% |
|
11/28/2061 |
|
€ |
47,207 |
|
|
54,807 |
|
|
53,260 |
|
(3)(4)(8)(9)(10) |
|
|
First Lien Secured Debt - Corporate Bond |
|
5.00% |
|
11/28/2061 |
|
€ |
2,500 |
|
|
2,903 |
|
|
2,823 |
|
(3)(4)(8)(9)(10) |
|
|
|
|
|
|
|
|
|
|
|
|
57,710 |
|
|
56,083 |
|
|
Biogaran |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bastille Bidco SAS |
|
First Lien Secured Debt - Term Loan |
|
E+475, 0.00% Floor |
|
10/7/2032 |
|
€ |
142,500 |
|
|
168,138 |
|
|
160,293 |
|
(3)(4)(8)(10)(21) |
Catalent |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creek Parent, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+300, 0.00% Floor |
|
8/12/2033 |
|
|
51,279 |
|
|
51,032 |
|
|
51,215 |
|
(9)(16) |
Karo |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kairos Intermediateco AB |
|
First Lien Secured Debt - Term Loan |
|
E+475, 0.00% Floor |
|
8/26/2032 |
|
€ |
105,890 |
|
|
122,774 |
|
|
118,057 |
|
(3)(4)(8)(9)(10)(21) |
|
|
First Lien Secured Debt - Term Loan |
|
NIBOR+475, 0.00% Floor |
|
8/26/2032 |
|
Nkr |
614,359 |
|
|
60,396 |
|
|
62,865 |
|
(3)(4)(8)(9)(10)(30) |
|
|
First Lien Secured Debt - Term Loan |
|
SONIA+475, 0.00% Floor |
|
8/26/2032 |
|
£ |
43,708 |
|
|
58,657 |
|
|
57,098 |
|
(3)(4)(8)(9)(10)(19) |
|
|
First Lien Secured Debt - Delayed Draw |
|
E+475, 0.00% Floor |
|
8/26/2032 |
|
€ |
— |
|
|
— |
|
|
(468) |
|
(3)(4)(5)(8)(9)(10)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
241,827 |
|
|
237,552 |
|
|
PAI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pai Middle Tier, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
2/13/2032 |
|
|
29,403 |
|
|
29,018 |
|
|
28,404 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.75% Floor |
|
2/13/2032 |
|
|
525 |
|
|
464 |
|
|
347 |
|
(4)(9)(12)(17)(34) |
PAI Co-Investor FT Aggregator LLC |
|
Common Equity - Stock |
|
N/A |
|
N/A |
|
|
100 Shares |
|
|
100 |
|
|
70 |
|
(4)(9)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
29,582 |
|
|
28,821 |
|
|
|
|
|
|
Total Pharmaceuticals |
|
$ |
668,563 |
|
$ |
653,272 |
|
|
See notes to consolidated financial statements
46
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
Professional Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alpha FMC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actium Midco 3 |
|
First Lien Secured Debt - Term Loan |
|
SONIA+525, 0.00% Floor |
|
8/30/2031 |
|
£ |
32,178 |
|
$ |
41,608 |
|
$ |
42,681 |
|
(3)(4)(8)(9)(10)(19) |
|
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.00% Floor |
|
8/30/2031 |
|
|
33,044 |
|
|
33,044 |
|
|
33,044 |
|
(4)(8)(9)(10)(18) |
|
|
First Lien Secured Debt - Term Loan |
|
E+525, 0.00% Floor |
|
8/30/2031 |
|
€ |
15,386 |
|
|
17,008 |
|
|
17,424 |
|
(3)(4)(8)(9)(10)(22) |
|
|
First Lien Secured Debt - Term Loan |
|
S+525, 0.00% Floor |
|
8/30/2031 |
|
|
2,254 |
|
|
2,222 |
|
|
2,267 |
|
(4)(8)(9)(10)(18) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+525, 0.00% Floor |
|
8/30/2031 |
|
|
14,372 |
|
|
14,199 |
|
|
14,372 |
|
(4)(8)(9)(10)(18) |
|
|
First Lien Secured Debt - Delayed Draw |
|
SONIA+525, 0.00% Floor |
|
8/30/2031 |
|
£ |
6,714 |
|
|
8,741 |
|
|
8,918 |
|
(3)(4)(8)(9)(10)(12)(19)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
116,822 |
|
|
118,706 |
|
|
BDO USA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BDO USA, P.A. |
|
First Lien Secured Debt - Term Loan |
|
S+500, 2.00% Floor |
|
8/31/2028 |
|
|
195,808 |
|
|
194,006 |
|
|
190,501 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Term Loan |
|
S+450, 2.00% Floor |
|
8/31/2028 |
|
|
33,873 |
|
|
33,636 |
|
|
32,664 |
|
(4)(9)(17) |
|
|
|
|
|
|
|
|
|
|
|
|
227,642 |
|
|
223,165 |
|
|
Citation Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rocket Bidco Limited |
|
First Lien Secured Debt - Term Loan |
|
SONIA+475, 0.00% Floor |
|
1/15/2032 |
|
£ |
71,746 |
|
|
87,118 |
|
|
94,411 |
|
(3)(4)(8)(10)(19) |
|
|
First Lien Secured Debt - Delayed Draw |
|
SONIA+475, 0.00% Floor |
|
1/15/2032 |
|
£ |
2,707 |
|
|
3,374 |
|
|
3,358 |
|
(3)(4)(8)(10)(12)(19)(34) |
|
|
First Lien Secured Debt - Delayed Draw |
|
BBSW+475, 0.00% Floor |
|
1/15/2032 |
|
A$ |
4,737 |
|
|
3,111 |
|
|
3,265 |
|
(3)(4)(8)(10)(25) |
|
|
|
|
|
|
|
|
|
|
|
|
93,603 |
|
|
101,034 |
|
|
Crete PA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crete PA Holdco, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+500, 1.00% Floor |
|
11/26/2030 |
|
|
46,279 |
|
|
46,109 |
|
|
45,345 |
|
(4)(16)(17) |
|
|
First Lien Secured Debt - Term Loan |
|
S+525, 1.00% Floor |
|
11/26/2030 |
|
|
23,333 |
|
|
23,219 |
|
|
23,151 |
|
(4)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 1.00% Floor |
|
11/26/2030 |
|
|
100,042 |
|
|
99,585 |
|
|
96,969 |
|
(4)(12)(17)(34) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+525, 1.00% Floor |
|
11/26/2030 |
|
|
— |
|
|
(114) |
|
|
(364) |
|
(4)(5)(12)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 1.00% Floor |
|
11/26/2030 |
|
|
— |
|
|
(51) |
|
|
(212) |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
168,748 |
|
|
164,889 |
|
|
Cumming Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chartwell Cumming Holding Corp |
|
First Lien Secured Debt - Term Loan |
|
S+475, 1.00% Floor |
|
6/16/2033 |
|
|
16,333 |
|
|
16,018 |
|
|
16,136 |
|
(4)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 0.75% Floor |
|
6/16/2033 |
|
|
20,246 |
|
|
19,286 |
|
|
19,285 |
|
(4)(12)(17)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 1.00% Floor |
|
6/16/2033 |
|
|
— |
|
|
(116) |
|
|
(73) |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
35,188 |
|
|
35,348 |
|
|
See notes to consolidated financial statements
47
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
EAB |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EAB Global, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+300, 0.50% Floor |
|
8/16/2030 |
|
|
29,183 |
|
|
29,083 |
|
|
26,005 |
|
(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+300, 0.00% Floor |
|
1/31/2030 |
|
|
— |
|
|
(25) |
|
|
(763) |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
29,058 |
|
|
25,242 |
|
|
Escalent |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
M&M OPCO, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+600, 1.00% Floor |
|
4/7/2029 |
|
|
8,952 |
|
|
8,817 |
|
|
8,748 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+600, 1.00% Floor |
|
4/7/2029 |
|
|
105 |
|
|
99 |
|
|
94 |
|
(4)(9)(12)(17)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
8,916 |
|
|
8,842 |
|
|
FGS Global |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kite Bidco Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.00% Floor |
|
11/25/2031 |
|
|
61,788 |
|
|
61,053 |
|
|
61,487 |
|
(4)(10)(18) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 0.00% Floor |
|
9/20/2031 |
|
|
— |
|
|
(85) |
|
|
(74) |
|
(4)(5)(10)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
60,968 |
|
|
61,413 |
|
|
G&A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
G&A Partners Holding Company II, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.75% Floor |
|
3/3/2031 |
|
|
26,096 |
|
|
25,853 |
|
|
26,072 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 0.75% Floor |
|
3/3/2031 |
|
|
2,513 |
|
|
2,483 |
|
|
2,511 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 0.75% Floor |
|
3/1/2030 |
|
|
176 |
|
|
156 |
|
|
174 |
|
(4)(9)(12)(17)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
28,492 |
|
|
28,757 |
|
|
Grant Thornton Advisors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grant Thornton Advisors Holdings LLC |
|
First Lien Secured Debt - Term Loan |
|
S+275, 0.00% Floor |
|
6/2/2031 |
|
|
55,871 |
|
|
55,755 |
|
|
53,814 |
|
(16) |
Grant Thornton UK |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacioli UK Midco Limited |
|
First Lien Secured Debt - Term Loan |
|
SONIA+475, 0.00% Floor |
|
4/14/2032 |
|
£ |
102,404 |
|
|
133,058 |
|
|
134,415 |
|
(3)(4)(8)(9)(10)(19) |
Jensen Hughes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jensen Hughes, Inc |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
9/1/2031 |
|
|
77,274 |
|
|
76,391 |
|
|
77,274 |
|
(4)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 0.75% Floor |
|
9/1/2031 |
|
|
4,821 |
|
|
4,677 |
|
|
4,821 |
|
(4)(12)(17)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.75% Floor |
|
9/1/2031 |
|
|
— |
|
|
(93) |
|
|
— |
|
(4)(5)(11)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
80,975 |
|
|
82,095 |
|
|
Kroll |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deerfield Dakota Holding, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+300 Cash plus 2.75% PIK, 0.75% Floor |
|
9/13/2032 |
|
|
97,752 |
|
|
96,866 |
|
|
96,774 |
|
(4)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+525, 0.75% Floor |
|
9/13/2032 |
|
|
3,140 |
|
|
3,056 |
|
|
3,050 |
|
(4)(12)(16)(24)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
99,922 |
|
|
99,824 |
|
|
See notes to consolidated financial statements
48
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
Mace Consult |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consult Bidco Ltd |
|
First Lien Secured Debt - Term Loan |
|
SONIA+500, 0.00% Floor |
|
3/7/2033 |
|
£ |
71,568 |
|
|
93,832 |
|
|
93,863 |
|
(3)(4)(8)(10)(19) |
|
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.00% Floor |
|
3/7/2033 |
|
|
68,873 |
|
|
67,927 |
|
|
68,170 |
|
(4)(8)(10)(18) |
|
|
First Lien Secured Debt - Delayed Draw |
|
SONIA+500, 0.00% Floor |
|
3/7/2033 |
|
£ |
— |
|
|
(725) |
|
|
(420) |
|
(3)(4)(5)(8)(10)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
161,034 |
|
|
161,613 |
|
|
Qualus |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Qinetic, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
5/2/2033 |
|
|
130,900 |
|
|
129,650 |
|
|
129,683 |
|
(4)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 0.75% Floor |
|
5/2/2033 |
|
|
— |
|
|
(176) |
|
|
(348) |
|
(4)(5)(12)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.75% Floor |
|
5/2/2033 |
|
|
— |
|
|
(176) |
|
|
(174) |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
129,298 |
|
|
129,161 |
|
|
Trilon Group LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trilon Group LLC |
|
First Lien Secured Debt - Term Loan |
|
S+350, 0.00% Floor |
|
6/5/2033 |
|
|
9,481 |
|
|
9,435 |
|
|
9,508 |
|
(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+350, 0.00% Floor |
|
6/13/2033 |
|
|
— |
|
|
(2) |
|
|
— |
|
(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
9,433 |
|
|
9,508 |
|
|
Waystone |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sigma Irish Acquico Limited |
|
First Lien Secured Debt - Term Loan |
|
E+525, 0.00% Floor |
|
3/19/2032 |
|
€ |
49,392 |
|
|
52,939 |
|
|
55,794 |
|
(3)(4)(8)(10)(21) |
|
|
First Lien Secured Debt - Term Loan |
|
S+525, 0.00% Floor |
|
3/19/2032 |
|
|
44,106 |
|
|
43,344 |
|
|
43,996 |
|
(4)(8)(10)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
E+525, 0.00% Floor |
|
3/19/2032 |
|
€ |
6,856 |
|
|
7,969 |
|
|
7,744 |
|
(3)(4)(8)(10)(21) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+525, 0.00% Floor |
|
3/19/2032 |
|
|
5,571 |
|
|
5,496 |
|
|
5,549 |
|
(4)(8)(10)(12)(17)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
109,748 |
|
|
113,083 |
|
|
|
|
|
|
Total Professional Services |
|
$ |
1,548,660 |
|
$ |
1,550,909 |
|
|
Real Estate Management & Development |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aedas Homes S.A.U. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aedas Homes S.A. |
|
First Lien Secured Debt - Corporate Bond |
|
E+525, 2.00% Floor |
|
12/31/2029 |
|
€ |
13,065 |
|
$ |
15,456 |
|
$ |
14,702 |
|
(3)(4)(8)(10)(21) |
Associa |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Associations Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+676, 1.00% Floor |
|
7/2/2028 |
|
|
23,596 |
|
|
23,561 |
|
|
23,583 |
|
(4)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+676, 1.00% Floor |
|
7/2/2028 |
|
|
5,646 |
|
|
5,608 |
|
|
5,641 |
|
(4)(12)(17)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
29,169 |
|
|
29,224 |
|
|
Hispania |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Neinor DMP BidCo, S.A.U. |
|
First Lien Secured Debt - Corporate Bond |
|
E+525, 2.00% Floor |
|
12/31/2029 |
|
€ |
37,764 |
|
|
43,751 |
|
|
42,496 |
|
(3)(4)(8)(10)(21) |
See notes to consolidated financial statements
49
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
Naples US HoldCo Inc |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Naples US HoldCo Inc |
|
First Lien Secured Debt - Term Loan |
|
S+275, 0.00% Floor |
|
9/16/2033 |
|
|
5,220 |
|
|
5,207 |
|
|
5,219 |
|
(8)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+275, 0.00% Floor |
|
9/16/2033 |
|
|
— |
|
|
(2) |
|
|
— |
|
(5)(8)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
5,205 |
|
|
5,219 |
|
|
|
|
|
|
Total Real Estate Management & Development |
|
$ |
93,581 |
|
$ |
91,641 |
|
|
Semiconductors & Semiconductor Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Softbank ARM Loan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kronos I UK Ltd |
|
First Lien Secured Debt - Delayed Draw |
|
S+250, 0.00% Floor |
|
9/21/2028 |
|
$ |
12,500 |
|
$ |
12,458 |
|
$ |
12,498 |
|
(4)(8)(9)(10)(17) |
|
|
|
|
Total Semiconductors & Semiconductor Equipment |
|
$ |
12,458 |
|
$ |
12,498 |
|
|
Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accela |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accela, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
9/3/2030 |
|
$ |
18,011 |
|
$ |
17,781 |
|
$ |
17,730 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+600, 0.75% Floor |
|
9/3/2030 |
|
|
— |
|
|
(19) |
|
|
(27) |
|
(4)(5)(9)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
17,762 |
|
|
17,703 |
|
|
Access Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Armstrong Bidco Limited |
|
First Lien Secured Debt - Term Loan |
|
SONIA+500, 0.00% Floor |
|
6/28/2029 |
|
£ |
21,677 |
|
|
26,278 |
|
|
26,650 |
|
(3)(4)(8)(19) |
|
|
First Lien Secured Debt - Delayed Draw |
|
SONIA+500, 0.00% Floor |
|
6/28/2029 |
|
£ |
10,672 |
|
|
12,963 |
|
|
13,120 |
|
(3)(4)(8)(19) |
|
|
|
|
|
|
|
|
|
|
|
|
39,241 |
|
|
39,770 |
|
|
Alteryx |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Azurite Intermediate Holdings, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+600, 0.75% Floor |
|
3/19/2031 |
|
|
9,368 |
|
|
9,266 |
|
|
8,844 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+600, 0.75% Floor |
|
3/19/2031 |
|
|
21,283 |
|
|
21,054 |
|
|
20,091 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+700, 0.75% Floor |
|
3/19/2031 |
|
|
— |
|
|
(60) |
|
|
(342) |
|
(4)(5)(9)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
30,260 |
|
|
28,593 |
|
|
AMAG |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SRP Eagle Buyer Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+475, 1.50% Floor |
|
12/8/2031 |
|
|
29,775 |
|
|
29,279 |
|
|
29,171 |
|
(4)(18) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 1.50% Floor |
|
12/8/2031 |
|
|
— |
|
|
(153) |
|
|
(358) |
|
(4)(5)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 1.50% Floor |
|
12/8/2031 |
|
|
— |
|
|
(92) |
|
|
(143) |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
29,034 |
|
|
28,670 |
|
|
See notes to consolidated financial statements
50
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
Avetta |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Artifact Bidco, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+415, 0.50% Floor |
|
7/28/2031 |
|
|
63,399 |
|
|
62,927 |
|
|
62,455 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+415, 0.50% Floor |
|
7/28/2031 |
|
|
— |
|
|
(54) |
|
|
(231) |
|
(4)(5)(9)(12)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+415, 0.50% Floor |
|
7/26/2030 |
|
|
— |
|
|
(71) |
|
|
(146) |
|
(4)(5)(9)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
62,802 |
|
|
62,078 |
|
|
Beeline |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IQN Holding Corp. |
|
First Lien Secured Debt - Term Loan |
|
S+525, 0.75% Floor |
|
5/2/2029 |
|
|
71,466 |
|
|
71,042 |
|
|
65,216 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+525, 0.75% Floor |
|
5/2/2028 |
|
|
2,605 |
|
|
2,593 |
|
|
2,236 |
|
(4)(9)(12)(17)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
73,635 |
|
|
67,452 |
|
|
CINC Systems |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1475 Holdings, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+525, 0.75% Floor |
|
1/18/2030 |
|
|
6,254 |
|
|
6,189 |
|
|
6,170 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+525, 0.75% Floor |
|
1/18/2030 |
|
|
214 |
|
|
202 |
|
|
200 |
|
(4)(9)(12)(17)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
6,391 |
|
|
6,370 |
|
|
Clanwilliam |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tribe Bidco Limited |
|
First Lien Secured Debt - Term Loan |
|
E+525, 0.00% Floor |
|
9/13/2032 |
|
€ |
53,893 |
|
|
62,487 |
|
|
58,236 |
|
(3)(4)(8)(10)(21) |
|
|
First Lien Secured Debt - Delayed Draw |
|
E+525, 0.00% Floor |
|
9/13/2032 |
|
€ |
5,410 |
|
|
6,502 |
|
|
4,937 |
|
(3)(4)(8)(10)(12)(21)(34) |
|
|
First Lien Secured Debt - Revolver |
|
E+525, 0.00% Floor |
|
3/12/2032 |
|
€ |
233 |
|
|
389 |
|
|
(212) |
|
(3)(4)(5)(8)(10)(12)(21)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
69,378 |
|
|
62,961 |
|
|
Clearwater Analytics Holdings Inc |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Clearwater Analytics Holdings Inc |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.50% Floor |
|
6/27/2033 |
|
|
17,617 |
|
|
17,531 |
|
|
17,534 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 0.50% Floor |
|
6/27/2033 |
|
|
— |
|
|
(8) |
|
|
(15) |
|
(4)(5)(12)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 0.50% Floor |
|
6/27/2033 |
|
|
— |
|
|
(12) |
|
|
(12) |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
17,511 |
|
|
17,507 |
|
|
CompTIA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Endor Purchaser, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.75% Floor |
|
1/9/2032 |
|
|
39,874 |
|
|
39,560 |
|
|
38,200 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 0.75% Floor |
|
1/9/2032 |
|
|
— |
|
|
(28) |
|
|
(235) |
|
(4)(5)(9)(12)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 0.75% Floor |
|
1/9/2032 |
|
|
— |
|
|
(32) |
|
|
(179) |
|
(4)(5)(9)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
39,500 |
|
|
37,786 |
|
|
Conga Corp |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conga Corp |
|
First Lien Secured Debt - Term Loan |
|
S+400, 0.00% Floor |
|
5/6/2028 |
|
|
7,736 |
|
|
7,485 |
|
|
5,658 |
|
(4)(17) |
Cotiviti |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cotiviti, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+275, 0.00% Floor |
|
3/26/2032 |
|
|
10,368 |
|
|
10,214 |
|
|
9,936 |
|
(16) |
See notes to consolidated financial statements
51
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
Couchbase |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cascade Intermediate II, Inc. |
|
First Lien Secured Debt - Term Loan |
|
13.00% PIK |
|
9/24/2033 |
|
|
25,579 |
|
|
25,156 |
|
|
22,686 |
|
(4) |
Cascade Parent Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+575, 0.50% Floor |
|
9/24/2031 |
|
|
152,685 |
|
|
150,649 |
|
|
148,914 |
|
(4)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+575, 0.50% Floor |
|
9/24/2030 |
|
|
— |
|
|
(163) |
|
|
(308) |
|
(4)(5)(11)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
175,642 |
|
|
171,292 |
|
|
Coupa Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coupa Software Incorporated |
|
First Lien Secured Debt - Term Loan |
|
S+525, 0.75% Floor |
|
2/27/2030 |
|
|
35,895 |
|
|
35,380 |
|
|
34,747 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+525, 0.75% Floor |
|
2/27/2030 |
|
|
3,215 |
|
|
3,177 |
|
|
3,112 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+525, 0.75% Floor |
|
2/27/2029 |
|
|
1,663 |
|
|
1,637 |
|
|
1,583 |
|
(4)(9)(12)(17)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
40,194 |
|
|
39,442 |
|
|
Databricks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Databricks, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.00% Floor |
|
1/5/2032 |
|
|
146,113 |
|
|
145,661 |
|
|
146,235 |
|
(16) |
Enverus |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Edition Holdings, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.75% Floor |
|
12/20/2032 |
|
|
368,221 |
|
|
366,969 |
|
|
368,217 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 0.75% Floor |
|
12/20/2032 |
|
|
— |
|
|
(118) |
|
|
(2) |
|
(4)(5)(12)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 0.75% Floor |
|
12/20/2032 |
|
|
— |
|
|
(90) |
|
|
(1) |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
366,761 |
|
|
368,214 |
|
|
Everbridge |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Everbridge Holdings, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.75% Floor |
|
7/2/2031 |
|
|
48,904 |
|
|
48,742 |
|
|
46,889 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 0.75% Floor |
|
7/2/2031 |
|
|
4,792 |
|
|
4,784 |
|
|
4,595 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 0.75% Floor |
|
7/2/2031 |
|
|
— |
|
|
(17) |
|
|
(203) |
|
(4)(5)(9)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
53,509 |
|
|
51,281 |
|
|
Fortnox |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OMEGA II AB |
|
First Lien Secured Debt - Term Loan |
|
STIBOR+425, 0.00% Floor |
|
6/17/2032 |
|
Skr |
658,611 |
|
|
67,861 |
|
|
65,136 |
|
(3)(4)(8)(10)(23) |
|
|
First Lien Secured Debt - Delayed Draw |
|
STIBOR+475, 0.00% Floor |
|
6/17/2032 |
|
Skr |
— |
|
|
(576) |
|
|
(161) |
|
(3)(4)(5)(8)(10)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
67,285 |
|
|
64,975 |
|
|
G2CI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Evergreen IX Borrower 2023, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
9/30/2030 |
|
|
120,630 |
|
|
118,964 |
|
|
117,398 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.75% Floor |
|
10/1/2029 |
|
|
— |
|
|
(127) |
|
|
(270) |
|
(4)(5)(9)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
118,837 |
|
|
117,128 |
|
|
See notes to consolidated financial statements
52
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
HHAeXchange |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Homecare Software Solutions LLC |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.75% Floor |
|
6/16/2031 |
|
|
78,022 |
|
|
78,022 |
|
|
76,607 |
|
(4)(16) |
Instem |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ichor Management Limited |
|
First Lien Secured Debt - Term Loan |
|
S+600, 1.00% Floor |
|
12/9/2030 |
|
|
7,953 |
|
|
7,835 |
|
|
7,575 |
|
(4)(8)(9)(18) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+575, 1.00% Floor |
|
12/9/2030 |
|
|
2,682 |
|
|
2,662 |
|
|
2,555 |
|
(4)(8)(9)(18) |
|
|
First Lien Secured Debt - Revolver |
|
SONIA+575, 1.00% Floor |
|
12/9/2030 |
|
£ |
— |
|
|
(26) |
|
|
(93) |
|
(3)(4)(5)(8)(9)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
10,471 |
|
|
10,037 |
|
|
Iris Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Elements Finco Limited |
|
First Lien Secured Debt - Term Loan |
|
SONIA+300 Cash plus 2.25% PIK, 0.00% Floor |
|
4/29/2031 |
|
£ |
33,282 |
|
|
41,940 |
|
|
42,420 |
|
(3)(4)(8)(10)(19) |
Jeppesen |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JEPPESEN HOLDINGS, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.50% Floor |
|
11/1/2032 |
|
|
193,563 |
|
|
192,258 |
|
|
191,570 |
|
(4)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.50% Floor |
|
11/1/2032 |
|
|
— |
|
|
(66) |
|
|
(103) |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
192,192 |
|
|
191,467 |
|
|
Kaseya |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kaseya Inc |
|
First Lien Secured Debt - Revolver |
|
S+325, 0.00% Floor |
|
3/20/2030 |
|
|
— |
|
|
(9) |
|
|
(304) |
|
(4)(5)(12)(34) |
Medallia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medallia Holdco LLC |
|
Common Equity - Stock |
|
N/A |
|
N/A |
|
|
1 Shares |
|
|
— |
|
|
— |
|
(4)(9)(35) |
Medallia Topco LLC |
|
Preferred Equity - Cumulative Preferred |
|
13.00% |
|
N/A |
|
|
7,277,070 Units |
|
|
4,645 |
|
|
4,082 |
|
(4)(9)(33)(35) |
|
|
Common Equity - Membership Interest |
|
N/A |
|
N/A |
|
|
14,554 Units |
|
|
— |
|
|
— |
|
(4)(9)(35) |
Medallia, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.75% Floor |
|
10/29/2031 |
|
|
11,643 |
|
|
11,643 |
|
|
11,643 |
|
(4)(9)(17) |
|
|
Common Equity - Stock |
|
N/A |
|
N/A |
|
|
14,554 Shares |
|
|
— |
|
|
— |
|
(4)(9)(35) |
|
|
|
|
|
|
|
|
|
|
|
|
16,288 |
|
|
15,725 |
|
|
M-Files |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MetaTiedot Midco S.� r.l. |
|
First Lien Secured Debt - Term Loan |
|
E+450, 0.75% Floor |
|
11/27/2031 |
|
€ |
21,125 |
|
|
22,063 |
|
|
22,513 |
|
(3)(4)(8)(21) |
|
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.75% Floor |
|
11/27/2031 |
|
|
15,820 |
|
|
15,632 |
|
|
14,850 |
|
(4)(8)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
E+450, 0.75% Floor |
|
11/27/2031 |
|
€ |
1,887 |
|
|
1,979 |
|
|
2,011 |
|
(3)(4)(8)(21) |
|
|
First Lien Secured Debt - Revolver |
|
E+500, 0.75% Floor |
|
11/27/2030 |
|
€ |
— |
|
|
(55) |
|
|
(254) |
|
(3)(4)(5)(8)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
39,619 |
|
|
39,120 |
|
|
See notes to consolidated financial statements
53
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
mPulse |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
mPulse Mobile, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
8/26/2032 |
|
|
32,065 |
|
|
31,784 |
|
|
29,850 |
|
(4)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 0.75% Floor |
|
8/26/2032 |
|
|
— |
|
|
(13) |
|
|
(213) |
|
(4)(5)(12)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.75% Floor |
|
8/26/2032 |
|
|
— |
|
|
(39) |
|
|
(327) |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
31,732 |
|
|
29,310 |
|
|
MYOB |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MYOB US Borrower LLC |
|
First Lien Secured Debt - Term Loan |
|
BBSW+250 Cash plus 2.75% PIK, 0.75% Floor |
|
6/6/2030 |
|
A$ |
159,016 |
|
|
102,397 |
|
|
107,237 |
|
(3)(4)(8)(9)(10)(25) |
New Relic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crewline Buyer, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+675, 1.00% Floor |
|
11/8/2030 |
|
|
66,900 |
|
|
65,726 |
|
|
62,217 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+675, 1.00% Floor |
|
11/8/2030 |
|
|
— |
|
|
(65) |
|
|
(306) |
|
(4)(5)(9)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
65,661 |
|
|
61,911 |
|
|
Paessler |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Blitz 24-34 GmbH |
|
First Lien Secured Debt - Term Loan |
|
S+525, 1.00% Floor |
|
5/3/2031 |
|
|
46,825 |
|
|
46,485 |
|
|
45,978 |
|
(4)(8)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+600, 1.00% Floor |
|
5/3/2030 |
|
|
— |
|
|
(21) |
|
|
(128) |
|
(4)(5)(8)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
46,464 |
|
|
45,850 |
|
|
Qualtrics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quartz Acquireco, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+350, 0.00% Floor |
|
5/18/2033 |
|
|
50,648 |
|
|
49,038 |
|
|
42,099 |
|
(4)(17) |
Quorum |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QBS Parent, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.75% Floor |
|
6/3/2032 |
|
|
157,132 |
|
|
156,499 |
|
|
152,198 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 0.75% Floor |
|
6/3/2032 |
|
|
1,297 |
|
|
1,291 |
|
|
615 |
|
(4)(9)(12)(17)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 0.75% Floor |
|
6/3/2032 |
|
|
— |
|
|
(74) |
|
|
(601) |
|
(4)(5)(9)(11)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
157,716 |
|
|
152,212 |
|
|
Redwood |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Runway Bidco, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.50% Floor |
|
12/17/2031 |
|
|
164,642 |
|
|
163,329 |
|
|
160,872 |
|
(4)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 0.50% Floor |
|
12/17/2031 |
|
|
— |
|
|
(156) |
|
|
(951) |
|
(4)(5)(12)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 0.50% Floor |
|
12/17/2031 |
|
|
— |
|
|
(155) |
|
|
(475) |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
163,018 |
|
|
159,446 |
|
|
Solera |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Polaris Newco, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+426, 0.50% Floor |
|
6/2/2028 |
|
|
8,730 |
|
|
8,619 |
|
|
8,201 |
|
(17) |
See notes to consolidated financial statements
54
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
Trading Technologies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading Technologies International, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.50% Floor |
|
11/4/2032 |
|
|
47,695 |
|
|
47,599 |
|
|
47,136 |
|
(4)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 0.50% Floor |
|
11/4/2032 |
|
|
10,811 |
|
|
10,799 |
|
|
10,684 |
|
(4)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+425, 0.50% Floor |
|
11/4/2032 |
|
|
— |
|
|
(8) |
|
|
(79) |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
58,390 |
|
|
57,741 |
|
|
Uniguest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Uniguest Holdings, Inc |
|
First Lien Secured Debt - Term Loan |
|
S+500, 1.00% Floor |
|
11/27/2030 |
|
|
47,799 |
|
|
47,266 |
|
|
47,135 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 1.00% Floor |
|
11/27/2030 |
|
|
2,248 |
|
|
2,137 |
|
|
1,987 |
|
(4)(12)(17)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 1.00% Floor |
|
11/27/2030 |
|
|
— |
|
|
(48) |
|
|
(63) |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
49,355 |
|
|
49,059 |
|
|
VIP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vamos Bidco, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.50% Floor |
|
1/30/2032 |
|
|
65,993 |
|
|
65,458 |
|
|
65,111 |
|
(4)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 0.50% Floor |
|
1/30/2032 |
|
|
8,333 |
|
|
8,194 |
|
|
7,961 |
|
(4)(12)(17)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 0.50% Floor |
|
1/30/2032 |
|
|
5,012 |
|
|
4,948 |
|
|
4,900 |
|
(4)(12)(17)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
78,600 |
|
|
77,972 |
|
|
Zafin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Zafin Labs Americas Incorporated |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
2/14/2031 |
|
|
12,500 |
|
|
12,354 |
|
|
12,420 |
|
(4)(8)(9)(18) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.75% Floor |
|
2/14/2031 |
|
|
— |
|
|
(27) |
|
|
(16) |
|
(4)(5)(8)(9)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
12,327 |
|
|
12,404 |
|
|
Zendesk |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Zendesk, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.75% Floor |
|
11/22/2028 |
|
|
126,548 |
|
|
125,524 |
|
|
120,233 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 0.75% Floor |
|
11/22/2028 |
|
|
32,269 |
|
|
32,037 |
|
|
30,658 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 0.75% Floor |
|
11/22/2028 |
|
|
— |
|
|
(97) |
|
|
(669) |
|
(4)(5)(9)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
157,464 |
|
|
150,222 |
|
|
|
|
|
|
Total Software |
|
$ |
2,730,406 |
|
$ |
2,671,787 |
|
|
Specialty Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSTELLATION AUTOMOTIVE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BBD Bidco Limited |
|
First Lien Secured Debt - Term Loan |
|
SONIA+500, 0.00% Floor |
|
3/21/2031 |
|
£ |
21,455 |
|
$ |
27,519 |
|
$ |
28,235 |
|
(3)(4)(8)(10)(19) |
|
|
First Lien Secured Debt - Term Loan |
|
E+500, 0.00% Floor |
|
4/3/2031 |
|
€ |
8,869 |
|
|
9,511 |
|
|
9,964 |
|
(3)(4)(8)(10)(21) |
|
|
|
|
|
|
|
|
|
|
|
|
37,030 |
|
|
38,199 |
|
|
See notes to consolidated financial statements
55
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
EG Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EG Global Finance PLC |
|
First Lien Secured Debt - Corporate Bond |
|
S+750, 0.50% Floor |
|
11/30/2028 |
|
|
118,022 |
|
|
115,828 |
|
|
122,401 |
|
(4)(8)(10)(15) |
PetSmart |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PetSmart LLC |
|
First Lien Secured Debt - Term Loan |
|
S+375, 0.00% Floor |
|
8/18/2032 |
|
|
18,652 |
|
|
18,546 |
|
|
18,698 |
|
(16) |
S&S |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S&S Holdings LLC |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.50% Floor |
|
10/1/2031 |
|
|
50,722 |
|
|
49,858 |
|
|
49,613 |
|
(16) |
Skechers |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beach Acquisition Bidco LLC |
|
First Lien Secured Debt - Term Loan |
|
S+275, 0.00% Floor |
|
9/12/2032 |
|
|
7,910 |
|
|
7,892 |
|
|
7,946 |
|
(16) |
Tailored Brands |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Men's Wearhouse, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+575, 0.00% Floor |
|
1/28/2031 |
|
|
11,060 |
|
|
10,938 |
|
|
11,174 |
|
(17) |
|
|
|
|
Total Specialty Retail |
|
$ |
240,092 |
|
$ |
248,031 |
|
|
Technology Hardware, Storage & Peripherals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accelevation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accelevation LLC |
|
First Lien Secured Debt - Term Loan |
|
S+525, 0.75% Floor |
|
1/2/2031 |
|
$ |
15,000 |
|
$ |
14,786 |
|
$ |
14,977 |
|
(4)(16) |
|
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.75% Floor |
|
1/2/2031 |
|
|
14,078 |
|
|
13,930 |
|
|
14,026 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 0.75% Floor |
|
1/2/2031 |
|
|
2,874 |
|
|
2,839 |
|
|
2,861 |
|
(4)(16)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 0.75% Floor |
|
1/2/2031 |
|
|
— |
|
|
(25) |
|
|
(8) |
|
(4)(5)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
31,530 |
|
|
31,856 |
|
|
Biamp |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Biamp |
|
First Lien Secured Debt - Term Loan |
|
S+525, 1.00% Floor |
|
4/30/2030 |
|
|
40,900 |
|
|
40,360 |
|
|
37,215 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+525, 1.00% Floor |
|
4/30/2030 |
|
|
900 |
|
|
827 |
|
|
353 |
|
(4)(9)(12)(16)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
41,187 |
|
|
37,568 |
|
|
Service Express |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPT Purchaser LLC |
|
First Lien Secured Debt - Term Loan |
|
S+425, 0.50% Floor |
|
12/23/2032 |
|
|
183,062 |
|
|
182,210 |
|
|
182,409 |
|
(4)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 0.50% Floor |
|
12/23/2032 |
|
|
— |
|
|
(111) |
|
|
(81) |
|
(4)(5)(12)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+425, 0.50% Floor |
|
12/23/2032 |
|
|
2,381 |
|
|
2,248 |
|
|
2,290 |
|
(4)(12)(16)(24)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
184,347 |
|
|
184,618 |
|
|
Valor 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VCI Asset Holdings 1 LLC |
|
First Lien Secured Debt - Term Loan |
|
10.00% |
|
11/20/2030 |
|
|
212,045 |
|
|
210,409 |
|
|
224,090 |
|
(4) |
VCI Intermediate Topco 1 LLC |
|
Common Equity - Membership Interest |
|
N/A |
|
N/A |
|
|
13,750,397 Units |
|
|
13,750 |
|
|
17,463 |
|
(4)(8)(32)(35) |
|
|
|
|
|
|
|
|
|
|
|
|
224,159 |
|
|
241,553 |
|
|
See notes to consolidated financial statements
56
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
Valor 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VCI Asset Holdings 2 LLC |
|
First Lien Secured Debt - Term Loan |
|
7.38% |
|
2/18/2031 |
|
|
187,532 |
|
|
185,854 |
|
|
190,214 |
|
(4) |
VCI Intermediate TopCo 2 LLC |
|
Common Equity - Membership Interest |
|
N/A |
|
N/A |
|
|
41,837,476 Units |
|
|
41,837 |
|
|
60,246 |
|
(4)(8)(32)(35) |
|
|
|
|
|
|
|
|
|
|
|
|
227,691 |
|
|
250,460 |
|
|
Valor 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VCI Asset Holdings 3 LLC |
|
First Lien Secured Debt - Term Loan |
|
6.88% |
|
4/24/2031 |
|
|
68,400 |
|
|
67,767 |
|
|
68,058 |
|
(4) |
VCI Intermediate TopCo 3 LLC |
|
Common Equity - Membership Interest |
|
N/A |
|
N/A |
|
|
100,000 Units |
|
|
100 |
|
|
146 |
|
(4)(8)(32)(35) |
|
|
|
|
|
|
|
|
|
|
|
|
67,867 |
|
|
68,204 |
|
|
|
|
|
|
Total Technology Hardware, Storage & Peripherals |
|
$ |
776,781 |
|
$ |
814,259 |
|
|
Textiles, Apparel & Luxury Goods |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Authentic Brands |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ABG Intermediate Holdings 2 LLC |
|
First Lien Secured Debt - Delayed Draw |
|
S+225, 0.00% Floor |
|
2/13/2032 |
|
$ |
28,948 |
|
$ |
28,890 |
|
$ |
28,980 |
|
(16) |
Flexdev |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Classico Holdings 2 B.V. |
|
First Lien Secured Debt - Term Loan |
|
E+525, 0.00% Floor |
|
4/11/2033 |
|
€ |
38,919 |
|
|
44,637 |
|
|
43,192 |
|
(3)(4)(8)(10)(21) |
|
|
First Lien Secured Debt - Term Loan |
|
S+525, 0.00% Floor |
|
4/11/2033 |
|
|
12,153 |
|
|
11,921 |
|
|
11,910 |
|
(4)(8)(10)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
E+525, 0.00% Floor |
|
4/11/2033 |
|
€ |
— |
|
|
(220) |
|
|
(456) |
|
(3)(4)(5)(8)(10)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
56,338 |
|
|
54,646 |
|
|
Gruppo Florence |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Made in Italy 2 S.P.A. |
|
First Lien Secured Debt - Corporate Bond |
|
E+700, 0.00% Floor |
|
10/17/2030 |
|
€ |
74,500 |
|
|
77,592 |
|
|
77,306 |
|
(3)(4)(8)(9)(22) |
Iconix Brand Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IBG Borrower LLC |
|
First Lien Secured Debt - Term Loan |
|
S+515, 1.00% Floor |
|
8/22/2031 |
|
|
140,925 |
|
|
138,696 |
|
|
139,122 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Term Loan |
|
S+515, 1.00% Floor |
|
8/22/2029 |
|
|
70,028 |
|
|
69,568 |
|
|
69,132 |
|
(4)(9)(17) |
|
|
|
|
|
|
|
|
|
|
|
|
208,264 |
|
|
208,254 |
|
|
Varsity Brands |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Varsity Brands Inc |
|
First Lien Secured Debt - Term Loan |
|
S+275, 0.00% Floor |
|
8/26/2031 |
|
|
50,450 |
|
|
50,338 |
|
|
50,476 |
|
(9)(17) |
|
|
|
|
Total Textiles, Apparel & Luxury Goods |
|
$ |
421,422 |
|
$ |
419,662 |
|
|
Trading Companies & Distributors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lindstrom, LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lindstrom, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+525, 0.75% Floor |
|
12/30/2032 |
|
$ |
39,800 |
|
$ |
39,236 |
|
$ |
39,577 |
|
(4)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+550, 0.75% Floor |
|
12/30/2032 |
|
|
— |
|
|
(139) |
|
|
(56) |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
39,097 |
|
|
39,521 |
|
|
See notes to consolidated financial statements
57
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
Meritus Gas Partners |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGP Holdings III Corp. |
|
First Lien Secured Debt - Term Loan |
|
S+525, 1.00% Floor |
|
3/1/2030 |
|
|
27,981 |
|
|
27,640 |
|
|
27,666 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+525, 1.00% Floor |
|
3/1/2030 |
|
|
16,121 |
|
|
15,931 |
|
|
15,921 |
|
(4)(9)(12)(17)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+525, 1.00% Floor |
|
3/1/2030 |
|
|
873 |
|
|
849 |
|
|
850 |
|
(4)(9)(12)(17)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
44,420 |
|
|
44,437 |
|
|
ORS Nasco |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WC ORS Buyer, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
8/7/2031 |
|
|
95,481 |
|
|
94,378 |
|
|
95,099 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 0.75% Floor |
|
8/7/2031 |
|
|
14,151 |
|
|
13,993 |
|
|
14,094 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.75% Floor |
|
8/7/2031 |
|
|
9,325 |
|
|
9,171 |
|
|
9,268 |
|
(4)(9)(12)(17)(34) |
WC ORS Holdings, L.P. |
|
Common Equity - Limited Partnership |
|
N/A |
|
N/A |
|
|
90,443 Units |
|
|
90 |
|
|
213 |
|
(4)(9) |
|
|
|
|
|
|
|
|
|
|
|
|
117,632 |
|
|
118,674 |
|
|
|
|
|
|
Total Trading Companies & Distributors |
|
$ |
201,149 |
|
$ |
202,632 |
|
|
Transportation Infrastructure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amey |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Project Ardent Bidco Limited |
|
First Lien Secured Debt - Term Loan |
|
SONIA+550, 0.00% Floor |
|
11/12/2031 |
|
£ |
160,471 |
|
$ |
205,241 |
|
$ |
209,016 |
|
(3)(4)(8)(10)(19) |
Eagle Railcar |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Elk Bidco, Inc |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.50% Floor |
|
6/14/2032 |
|
|
111,532 |
|
|
111,056 |
|
|
101,365 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 0.50% Floor |
|
6/14/2032 |
|
|
— |
|
|
(48) |
|
|
(2,140) |
|
(4)(5)(12)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 0.50% Floor |
|
6/14/2032 |
|
|
— |
|
|
(86) |
|
|
(1,971) |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
110,922 |
|
|
97,254 |
|
|
NARS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North American Rail Solutions LLC |
|
First Lien Secured Debt - Term Loan |
|
C+475, 1.00% Floor |
|
8/29/2031 |
|
C$ |
38,671 |
|
|
27,919 |
|
|
26,168 |
|
(3)(4)(9)(27) |
|
|
First Lien Secured Debt - Term Loan |
|
S+475, 1.00% Floor |
|
8/29/2031 |
|
|
8,663 |
|
|
8,588 |
|
|
8,357 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 1.00% Floor |
|
8/29/2031 |
|
|
931 |
|
|
918 |
|
|
854 |
|
(4)(9)(12)(17)(34) |
|
|
First Lien Secured Debt - Delayed Draw |
|
C+475, 1.00% Floor |
|
8/29/2031 |
|
C$ |
— |
|
|
(7) |
|
|
(65) |
|
(3)(4)(5)(9)(12)(34) |
|
|
First Lien Secured Debt - Revolver |
|
C+475, 1.00% Floor |
|
8/29/2031 |
|
C$ |
3,025 |
|
|
2,162 |
|
|
1,945 |
|
(3)(4)(9)(12)(27)(34) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 1.00% Floor |
|
8/29/2031 |
|
|
387 |
|
|
374 |
|
|
332 |
|
(4)(9)(12)(16)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
39,954 |
|
|
37,591 |
|
|
See notes to consolidated financial statements
58
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (14) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (36) |
|
Fair Value (1)(37) |
|
|
Signature Aviation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brown Group Holding, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+225, 0.50% Floor |
|
7/1/2031 |
|
|
18,544 |
|
|
18,497 |
|
|
18,585 |
|
(16)(17) |
|
|
|
|
Total Transportation Infrastructure |
|
$ |
374,614 |
|
$ |
362,446 |
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Cellular |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CCI Buyer, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.75% Floor |
|
5/13/2032 |
|
$ |
84,397 |
|
$ |
83,710 |
|
$ |
84,912 |
|
(4)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 0.75% Floor |
|
5/13/2032 |
|
|
— |
|
|
(41) |
|
|
— |
|
(4)(5)(12)(34) |
|
|
|
|
|
|
|
|
|
|
|
|
83,669 |
|
|
84,912 |
|
|
PHOENIX TOWER INTERNATIONAL GLOBAL 2, LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PHOENIX TOWER INTERNATIONAL GLOBAL 2, LLC |
|
First Lien Secured Debt - Delayed Draw |
|
E+366, 0.00% Floor |
|
9/30/2032 |
|
€ |
— |
|
|
— |
|
|
(66) |
|
(3)(4)(5)(10)(12)(34) |
PTI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Phoenix Tower International Investments, LLC |
|
First Lien Secured Debt - Term Loan |
|
E+340, 0.00% Floor |
|
9/30/2032 |
|
€ |
10,446 |
|
|
11,664 |
|
|
11,664 |
|
(3)(4)(10)(21) |
|
|
First Lien Secured Debt - Term Loan |
|
S+340, 1.00% Floor |
|
9/30/2032 |
|
|
5,744 |
|
|
5,664 |
|
|
5,664 |
|
(4)(10)(17) |
Phoenix Tower International Spain ETVE, S.L.U. |
|
First Lien Secured Debt - Term Loan |
|
E+340, 0.00% Floor |
|
9/30/2032 |
|
€ |
21,714 |
|
|
24,246 |
|
|
24,246 |
|
(3)(4)(10)(21) |
Phoenix Tower US Holdings |
|
First Lien Secured Debt - Term Loan |
|
S+340, 1.00% Floor |
|
9/30/2032 |
|
|
2,786 |
|
|
2,747 |
|
|
2,747 |
|
(4)(10)(17) |
PTI Iberica V, S.A.U. |
|
First Lien Secured Debt - Term Loan |
|
E+340, 0.00% Floor |
|
9/30/2032 |
|
€ |
30,308 |
|
|
33,842 |
|
|
33,842 |
|
(3)(4)(10)(21) |
|
|
|
|
|
|
|
|
|
|
|
|
78,163 |
|
|
78,163 |
|
|
Softbank OpenAI Loan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SVF II Tsubaki |
|
First Lien Secured Debt - Term Loan |
|
S+225, 0.00% Floor |
|
8/7/2028 |
|
|
55,000 |
|
|
54,356 |
|
|
54,489 |
|
(4)(8)(17) |
|
|
|
|
Total Wireless Telecommunication Services |
|
$ |
216,188 |
|
$ |
217,498 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments before Cash Equivalents |
|
$ |
25,791,227 |
|
$ |
25,544,551 |
|
(2)(6)(14) |
Goldman Sachs Financial Square Government Fund Institutional |
|
3.78% |
|
N/A |
|
$ |
291,685 |
|
$ |
291,685 |
|
$ |
291,685 |
|
(7) |
State Street Institutional U.S. Government Money Market Fund Opportunity |
|
3.77% |
|
N/A |
|
|
199,435 |
|
|
199,435 |
|
|
199,435 |
|
(7) |
|
|
|
|
Total Investments after Cash Equivalents |
|
$ |
26,282,347 |
|
$ |
26,035,671 |
|
|
See notes to consolidated financial statements
59
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative Instrument |
|
Company Receives |
|
Company Pays |
|
Maturity Date |
|
|
Notional Amount |
|
Footnote Reference |
Interest rate swap (a) |
|
6.90% |
|
S+270 |
|
4/13/2029 |
|
|
$ |
325,000 |
|
Note 5 |
Interest rate swap (a) |
|
6.70% |
|
S+280 |
|
7/29/2031 |
|
|
$ |
300,000 |
|
Note 5 |
Interest rate swap (a) |
|
3.67% |
|
3M SOFR |
|
12/21/2027 |
|
|
$ |
82,000 |
|
Note 5 |
Interest rate swap (a) |
|
3.65% |
|
3M SOFR |
|
1/19/2028 |
|
|
$ |
18,000 |
|
Note 5 |
Interest rate swap (a) |
|
6.90% |
|
S+271 |
|
4/13/2029 |
|
|
$ |
325,000 |
|
Note 5 |
Interest rate swap (a) |
|
5.86% |
|
S+267 |
|
4/13/2029 |
|
|
$ |
350,000 |
|
Note 5 |
Interest rate swap (a) |
|
6.70% |
|
S+280 |
|
7/29/2031 |
|
|
$ |
300,000 |
|
Note 5 |
Interest rate swap (a) |
|
8.62% |
|
S+456 |
|
9/28/2028 |
|
|
$ |
325,000 |
|
Note 5 |
Interest rate swap (a) |
|
6.35% |
|
S+239 |
|
7/29/2031 |
|
|
$ |
400,000 |
|
Note 5 |
Interest rate swap (a) |
|
6.55% |
|
S+218 |
|
3/15/2032 |
|
|
$ |
500,000 |
|
Note 5 |
Interest rate swap (a) |
|
5.89% |
|
S+221 |
|
8/30/2030 |
|
|
$ |
400,000 |
|
Note 5 |
Interest rate swap (a) |
|
5.66% |
|
S+220 |
|
8/30/2030 |
|
|
$ |
100,000 |
|
Note 5 |
Interest rate swap (a) |
|
5.20% |
|
S+188 |
|
12/8/2028 |
|
|
$ |
400,000 |
|
Note 5 |
Interest rate swap (a) |
|
5.71% |
|
S+211 |
|
1/23/2031 |
|
|
$ |
750,000 |
|
Note 5 |
Interest rate swap (a) |
|
6.42% |
|
S+253 |
|
3/15/2032 |
|
|
$ |
300,000 |
|
Note 5 |
Interest rate swap (a) |
|
6.35% |
|
S+239 |
|
6/30/2033 |
|
|
$ |
375,000 |
|
Note 5 |
Interest rate swap (a) |
|
6.35% |
|
S+238 |
|
6/30/2033 |
|
|
$ |
375,000 |
|
Note 5 |
(a) Bears interest at a rate determined by three-month SOFR (as defined below). The interest rate locked two business days prior to settlement of the interest rate swaps. The three-month SOFR is 4.08% on September 30, 2026.
|
|
|
|
|
|
|
|
Derivative Instrument |
|
Maturity Date |
|
Notional Amount |
|
Footnote Reference |
Swaption |
|
3/17/2027 |
|
$ |
2,050,000 |
|
Note 5 |
Binary Option |
|
3/19/2027 |
|
$ |
18,000 |
|
Note 5 |
See notes to consolidated financial statements
60
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
Derivative Instrument |
|
Settlement Date |
|
Notional amount to be purchased |
|
Notional amount to be sold |
|
Footnote Reference |
Foreign currency forward contract |
|
12/16/2026 |
|
$ |
512,049 |
|
A$ |
714,548 |
|
Note 5 |
Foreign currency forward contract |
|
12/16/2026 |
|
A$ |
6,920 |
|
$ |
4,991 |
|
Note 5 |
Foreign currency forward contract |
|
12/16/2026 |
|
$ |
178,572 |
|
C$ |
245,442 |
|
Note 5 |
Foreign currency forward contract |
|
12/16/2026 |
|
$ |
12,260 |
|
₣ |
9,860 |
|
Note 5 |
Foreign currency forward contract |
|
12/16/2026 |
|
₣ |
90 |
|
$ |
113 |
|
Note 5 |
Foreign currency forward contract |
|
12/16/2026 |
|
$ |
2,301,774 |
|
€ |
1,974,729 |
|
Note 5 |
Foreign currency forward contract |
|
12/16/2026 |
|
$ |
2,340,817 |
|
£ |
1,731,569 |
|
Note 5 |
Foreign currency forward contract |
|
12/16/2026 |
|
$ |
15,029 |
|
¥ |
2,290,857 |
|
Note 5 |
Foreign currency forward contract |
|
12/16/2026 |
|
¥ |
42,037 |
|
$ |
275 |
|
Note 5 |
Foreign currency forward contract |
|
11/12/2026 |
|
$ |
138,591 |
|
₩ |
197,755,936 |
|
Note 5 |
Foreign currency forward contract |
|
12/16/2026 |
|
$ |
3,052 |
|
₩ |
4,083,935 |
|
Note 5 |
Foreign currency forward contract |
|
12/16/2026 |
|
$ |
69,302 |
|
Nkr |
644,622 |
|
Note 5 |
Foreign currency forward contract |
|
12/16/2026 |
|
Nkr |
33,971 |
|
$ |
3,656 |
|
Note 5 |
Foreign currency forward contract |
|
12/16/2026 |
|
$ |
68,841 |
|
Skr |
657,613 |
|
Note 5 |
Foreign currency forward contract |
|
12/16/2026 |
|
Skr |
11,050 |
|
$ |
1,130 |
|
Note 5 |
(1)Apollo Credit Management, LLC, as "valuation designee" (the "Adviser") is responsible for determining fair value, subject to the oversight of the Board of Trustees of the Company (the "Board") (See Note 2 to the consolidated financial statements).
(2)Aggregate gross unrealized gain and loss for federal income tax purposes are $260,730 and $(507,654), respectively. Net unrealized loss is $(246,924) based on a total tax cost of $25,791,475.
(3)Par amount is denominated in USD unless otherwise noted, British Pound ("£"), Australian Dollar ("A$"), Canadian Dollar ("C$"), European Euro ("€"), Japanese Yen ("¥"), South Korean Won ("₩"), Swedish Krona ("Skr"), Norwegian Krone ("Nkr"), Swiss Franc ("₣"). Par amount represents funded commitments. See Note 34 in the Consolidated Schedule of Investments and Note 8 to the consolidated financial statements for further information on undrawn revolving and delayed draw loan commitments, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies.
(4)These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined by the Adviser, subject to the oversight of the Board (see Note 2 and Note 4 to the consolidated financial statements), pursuant to the Company’s valuation policy.
(5)The negative fair value is the result of the commitment being valued below par. Negative cost is the result of unamortized fees or amounts received at settlement in excess of capital invested.
(6)All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted.
(7)This security is included in Cash and Cash Equivalents on the Consolidated Statements of Assets and Liabilities.
(8)Investments that the Company has determined are not "qualifying assets" under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act"). Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of September 30, 2026, non-qualifying assets represented approximately 28.47% of the total assets of the Company.
(9)These are co-investments made with the Company’s affiliates in accordance with the terms of the exemptive order the Company received from the Securities and Exchange Commission (the "SEC") permitting us to do so (see Note 3 to the consolidated financial statements for discussion of the exemptive order from the SEC).
(10)All or a portion of these debt investments are not pledged as collateral under any of the Company's credit facilities (see Note 6 to the consolidated financial statements). For other debt investments that are pledged to the Company's credit facilities, a single investment may be divided into parts that are individually pledged as collateral to separate credit facilities.
(11)As of September 30, 2026, there were letters of credit issued and outstanding through the Company under this senior secured facility.
(12)The undrawn portion of these committed revolvers and delayed draw term loans includes a commitment and unused fee rate.
See notes to consolidated financial statements
61
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
(13)Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate ("SOFR" or "S") or an alternate base rate (which can include but is not limited to the Federal Funds Effective Rate or the Prime Rate), at the borrower’s option, and which reset periodically based on the terms of the loan agreement. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period, and may be subject to interest floors.
(14)Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company. As of September 30, 2026, all of the Company's investments were non-controlled and non-affiliated.
(15)The interest rate on these loans is subject to SOFR, which as of September 30, 2026 was 3.90%.
(16)The interest rate on these loans is subject to 1 month SOFR, which as of September 30, 2026 was 3.91%.
(17)The interest rate on these loans is subject to 3 months SOFR, which as of September 30, 2026 was 4.08%.
(18)The interest rate on these loans is subject to 6 months SOFR, which as of September 30, 2026 was 4.27%.
(19)The interest rate on these loans is subject to SONIA, which as of September 30, 2026 was 3.73%.
(20)The interest rate on these loans is subject to 3 months KORIBOR ("K"), which as of September 30, 2026 was 3.41%.
(21)The interest rate on these loans is subject to 3 months EURIBOR ("E"), which as of September 30, 2026 was 2.62%.
(22)The interest rate on these loans is subject to 6 months EURIBOR, which as of September 30, 2026 was 3.07%.
(23)The interest rate on these loans is subject to 6 months Stockholm Interbank Offered Rate ("STIBOR"), which as of September 30, 2026 was 2.36%.
(24)The interest rate on these loans is subject to Prime Rate ("P"), which as of September 30, 2026 was 7.00%.
(25)The interest rate on this loan is subject to the 3 month Australia Bank Bill Swap Rate ("BBSW"), which as of September 30, 2026 was 4.77%.
(26)The interest rate on this loan is subject to the 6 month BBSW, which as of September 30, 2026 was 5.12%.
(27)The interest rate on these loans is subject to 1 month Canadian Overnight Repo Rate Average ("CORRA" or "C"), which as of September 30, 2026 was 2.31%.
(28)The interest rate on these loans is subject to 3 month CORRA, which as of September 30, 2026 was 2.43%.
(29)The interest rate on these loans is subject to the Japan Unsecured Overnight Call Rate Expected ("MUTKCALM" or "T"), which as of September 30, 2026 was 1.23%.
(30)The interest rate on these loans is subject to 3 month Norwegian Interbank Offered Rate ("NIBOR" or "NOK"), which as of September 30, 2026 was 4.80%.
(31)The interest rate on this loan is subject to Swiss Average Rate Overnight ("SARON"), which as of September 30, 2026 was -0.07%.
(32)Income producing security for the period ended September 30, 2026.
(33)Loan was on non-accrual status as of September 30, 2026.
See notes to consolidated financial statements
62
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
(34) As of September 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name of Issuer |
|
Total revolving and delayed draw loan commitments |
|
Less: funded commitments |
|
Total unfunded commitments |
|
Less: commitments substantially at discretion of the Company |
|
Less: unavailable commitments due to borrowing base or other covenant restrictions |
|
Total net adjusted unfunded revolving and delayed draw commitments |
1475 Holdings, LLC |
|
$ |
1,071 |
|
$ |
(214) |
|
$ |
857 |
|
$ |
— |
|
$ |
— |
|
$ |
857 |
365RM Holdco, LLC |
|
|
16,000 |
|
|
— |
|
|
16,000 |
|
|
— |
|
|
— |
|
|
16,000 |
Aardvark Bidco Pty LTD / Barrel Bidco Pty LTD* |
|
|
10,135 |
|
|
— |
|
|
10,135 |
|
|
— |
|
|
— |
|
|
10,135 |
Accel International Holdings, LLC |
|
|
32,173 |
|
|
— |
|
|
32,173 |
|
|
— |
|
|
— |
|
|
32,173 |
Accela, Inc. |
|
|
1,714 |
|
|
— |
|
|
1,714 |
|
|
— |
|
|
— |
|
|
1,714 |
Accelevation LLC |
|
|
2,871 |
|
|
— |
|
|
2,871 |
|
|
— |
|
|
— |
|
|
2,871 |
Acentra Holdings, LLC |
|
|
7,162 |
|
|
— |
|
|
7,162 |
|
|
— |
|
|
— |
|
|
7,162 |
Acme Bidco, Inc. |
|
|
30,350 |
|
|
— |
|
|
30,350 |
|
|
— |
|
|
— |
|
|
30,350 |
ACP Avenu Buyer, LLC |
|
|
15,645 |
|
|
(1,364) |
|
|
14,281 |
|
|
— |
|
|
— |
|
|
14,281 |
Actium Midco 3* |
|
|
2,693 |
|
|
— |
|
|
2,693 |
|
|
— |
|
|
— |
|
|
2,693 |
Alcresta Therapeutics Inc. |
|
|
872 |
|
|
(203) |
|
|
669 |
|
|
— |
|
|
— |
|
|
669 |
Alkeme Intermediary Holdings LLC |
|
|
30,459 |
|
|
— |
|
|
30,459 |
|
|
— |
|
|
— |
|
|
30,459 |
All Star Recruiting Locums, LLC |
|
|
3,630 |
|
|
(196) |
|
|
3,434 |
|
|
— |
|
|
2,326 |
|
|
1,108 |
Allied Benefit Systems Intermediate LLC |
|
|
9,552 |
|
|
— |
|
|
9,552 |
|
|
— |
|
|
— |
|
|
9,552 |
Alpine Acquisition Corp II |
|
|
60 |
|
|
— |
|
|
60 |
|
|
— |
|
|
— |
|
|
60 |
Altern Marketing, LLC |
|
|
4,087 |
|
|
— |
|
|
4,087 |
|
|
— |
|
|
— |
|
|
4,087 |
Altitude US Buyer, LLC |
|
|
123,320 |
|
|
— |
|
|
123,320 |
|
|
— |
|
|
— |
|
|
123,320 |
Amber Acquisitionco LLC |
|
|
957 |
|
|
— |
|
|
957 |
|
|
— |
|
|
— |
|
|
957 |
American Restoration Holdings, LLC |
|
|
10,917 |
|
|
(2,268) |
|
|
8,649 |
|
|
— |
|
|
8,649 |
|
|
— |
Amika OpCo LLC |
|
|
1,617 |
|
|
(186) |
|
|
1,431 |
|
|
— |
|
|
— |
|
|
1,431 |
Apple SG Bidco Pte. Ltd.* |
|
|
9,372 |
|
|
— |
|
|
9,372 |
|
|
— |
|
|
— |
|
|
9,372 |
Artifact Bidco, Inc. |
|
|
26,601 |
|
|
— |
|
|
26,601 |
|
|
— |
|
|
— |
|
|
26,601 |
Aryeh Bidco Investment Ltd. |
|
|
983 |
|
|
— |
|
|
983 |
|
|
— |
|
|
— |
|
|
983 |
Aryeh Bidco Investment Ltd.* |
|
|
12,666 |
|
|
(1,120) |
|
|
11,546 |
|
|
— |
|
|
— |
|
|
11,546 |
Associations Inc. |
|
|
5,358 |
|
|
— |
|
|
5,358 |
|
|
— |
|
|
— |
|
|
5,358 |
AVSC Holding Corp. |
|
|
21,651 |
|
|
(8,574) |
|
|
13,077 |
|
|
— |
|
|
— |
|
|
13,077 |
Azurite Intermediate Holdings, Inc. |
|
|
6,115 |
|
|
— |
|
|
6,115 |
|
|
— |
|
|
— |
|
|
6,115 |
BGIF IV Fearless Utility Services, Inc. |
|
|
72,604 |
|
|
(5,887) |
|
|
66,717 |
|
|
— |
|
|
— |
|
|
66,717 |
Biamp |
|
|
6,000 |
|
|
(900) |
|
|
5,100 |
|
|
— |
|
|
— |
|
|
5,100 |
Bingo Group Buyer, Inc. |
|
|
6,730 |
|
|
(58) |
|
|
6,672 |
|
|
— |
|
|
— |
|
|
6,672 |
See notes to consolidated financial statements
63
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name of Issuer |
|
Total revolving and delayed draw loan commitments |
|
Less: funded commitments |
|
Total unfunded commitments |
|
Less: commitments substantially at discretion of the Company |
|
Less: unavailable commitments due to borrowing base or other covenant restrictions |
|
Total net adjusted unfunded revolving and delayed draw commitments |
Blitz 24-34 GmbH |
|
$ |
7,097 |
|
$ |
— |
|
$ |
7,097 |
|
$ |
— |
|
$ |
— |
|
$ |
7,097 |
Bullcave Limited |
|
|
3,947 |
|
|
(2,895) |
|
|
1,052 |
|
|
— |
|
|
— |
|
|
1,052 |
BX Frontier Member I LLC |
|
|
6,137 |
|
|
— |
|
|
6,137 |
|
|
— |
|
|
— |
|
|
6,137 |
Cambrex Corp. |
|
|
15,255 |
|
|
(3,923) |
|
|
11,332 |
|
|
— |
|
|
— |
|
|
11,332 |
Camin Cargo Control Holdings, Inc. |
|
|
4,731 |
|
|
(3,714) |
|
|
1,017 |
|
|
— |
|
|
— |
|
|
1,017 |
Cascade Parent Inc. |
|
|
13,572 |
|
|
— |
|
|
13,572 |
|
|
— |
|
|
— |
|
|
13,572 |
CCI Buyer, Inc. |
|
|
4,978 |
|
|
— |
|
|
4,978 |
|
|
— |
|
|
— |
|
|
4,978 |
Cerity Partners Equity Holding LLC |
|
|
42,450 |
|
|
(2,403) |
|
|
40,047 |
|
|
— |
|
|
— |
|
|
40,047 |
Channelside AcquisitionCo, Inc. |
|
|
3,916 |
|
|
— |
|
|
3,916 |
|
|
— |
|
|
— |
|
|
3,916 |
Chartwell Cumming Holding Corp |
|
|
65,354 |
|
|
— |
|
|
65,354 |
|
|
— |
|
|
— |
|
|
65,354 |
CI |
|
|
16,098 |
|
|
(671) |
|
|
15,427 |
|
|
— |
|
|
— |
|
|
15,427 |
CircusTrix Holdings LLC |
|
|
810 |
|
|
(810) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Classico Holdings 2 B.V.* |
|
|
22,785 |
|
|
— |
|
|
22,785 |
|
|
— |
|
|
— |
|
|
22,785 |
Clearwater Analytics Holdings Inc |
|
|
5,843 |
|
|
— |
|
|
5,843 |
|
|
— |
|
|
— |
|
|
5,843 |
Coding Solutions Acquisition Inc |
|
|
10,058 |
|
|
— |
|
|
10,058 |
|
|
— |
|
|
— |
|
|
10,058 |
Consult Bidco Ltd* |
|
|
38,923 |
|
|
— |
|
|
38,923 |
|
|
— |
|
|
— |
|
|
38,923 |
Coretrust Purchasing Group LLC |
|
|
4,737 |
|
|
— |
|
|
4,737 |
|
|
— |
|
|
— |
|
|
4,737 |
CoreWeave Financing DDTL V-V LLC |
|
|
8,744 |
|
|
— |
|
|
8,744 |
|
|
— |
|
|
— |
|
|
8,744 |
Coupa Software Incorporated |
|
|
2,495 |
|
|
(1,663) |
|
|
832 |
|
|
— |
|
|
— |
|
|
832 |
Creation Technologies Inc. |
|
|
36,000 |
|
|
(1,080) |
|
|
34,920 |
|
|
— |
|
|
— |
|
|
34,920 |
Crete PA Holdco, LLC |
|
|
85,578 |
|
|
— |
|
|
85,578 |
|
|
— |
|
|
— |
|
|
85,578 |
Crewline Buyer, Inc. |
|
|
4,365 |
|
|
— |
|
|
4,365 |
|
|
— |
|
|
— |
|
|
4,365 |
Crunch Holdings, LLC |
|
|
23,555 |
|
|
— |
|
|
23,555 |
|
|
— |
|
|
— |
|
|
23,555 |
CSC Holdings, LLC |
|
|
85,100 |
|
|
(76,504) |
|
|
8,596 |
|
|
— |
|
|
— |
|
|
8,596 |
CT Technologies Intermediate Holdings |
|
|
34,928 |
|
|
— |
|
|
34,928 |
|
|
— |
|
|
— |
|
|
34,928 |
Curia Global, Inc. |
|
|
21,890 |
|
|
— |
|
|
21,890 |
|
|
7,525 |
|
|
— |
|
|
14,365 |
Curia Receivables II SPV, LLC |
|
|
4,482 |
|
|
(4,482) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Custom Ingredients, LLC |
|
|
16,290 |
|
|
— |
|
|
16,290 |
|
|
— |
|
|
— |
|
|
16,290 |
Databricks, Inc. |
|
|
65,060 |
|
|
— |
|
|
65,060 |
|
|
— |
|
|
— |
|
|
65,060 |
Deerfield Dakota Holding, LLC |
|
|
8,970 |
|
|
(3,140) |
|
|
5,830 |
|
|
— |
|
|
— |
|
|
5,830 |
DRS Holdings III, Inc. |
|
|
1,341 |
|
|
— |
|
|
1,341 |
|
|
— |
|
|
— |
|
|
1,341 |
EAB Global, Inc. |
|
|
7,500 |
|
|
— |
|
|
7,500 |
|
|
— |
|
|
— |
|
|
7,500 |
See notes to consolidated financial statements
64
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name of Issuer |
|
Total revolving and delayed draw loan commitments |
|
Less: funded commitments |
|
Total unfunded commitments |
|
Less: commitments substantially at discretion of the Company |
|
Less: unavailable commitments due to borrowing base or other covenant restrictions |
|
Total net adjusted unfunded revolving and delayed draw commitments |
Eagle Purchaser, Inc. |
|
$ |
4,251 |
|
$ |
(4,251) |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
Eclipse Buyer, Inc. |
|
|
2,905 |
|
|
— |
|
|
2,905 |
|
|
— |
|
|
— |
|
|
2,905 |
Edition Holdings, Inc. |
|
|
81,337 |
|
|
— |
|
|
81,337 |
|
|
— |
|
|
— |
|
|
81,337 |
EHC Holdings Holdco Limited* |
|
|
21,839 |
|
|
— |
|
|
21,839 |
|
|
— |
|
|
— |
|
|
21,839 |
Elk Bidco, Inc |
|
|
44,594 |
|
|
— |
|
|
44,594 |
|
|
— |
|
|
23,471 |
|
|
21,123 |
Endor Purchaser, Inc. |
|
|
9,774 |
|
|
— |
|
|
9,774 |
|
|
— |
|
|
— |
|
|
9,774 |
ERC Topco Holdings, LLC |
|
|
2,135 |
|
|
(1,814) |
|
|
321 |
|
|
— |
|
|
— |
|
|
321 |
Everbridge Holdings, LLC |
|
|
4,976 |
|
|
— |
|
|
4,976 |
|
|
— |
|
|
— |
|
|
4,976 |
Evergreen IX Borrower 2023, LLC |
|
|
10,071 |
|
|
— |
|
|
10,071 |
|
|
— |
|
|
— |
|
|
10,071 |
ExactCare Parent, Inc. |
|
|
4,426 |
|
|
— |
|
|
4,426 |
|
|
— |
|
|
— |
|
|
4,426 |
Excelligence Learning Corporation |
|
|
13,562 |
|
|
(3,255) |
|
|
10,307 |
|
|
— |
|
|
— |
|
|
10,307 |
FINANCIERE ASTEK* |
|
|
279 |
|
|
— |
|
|
279 |
|
|
— |
|
|
279 |
|
|
— |
Fire Flow Intermediate Corporation |
|
|
14,669 |
|
|
— |
|
|
14,669 |
|
|
— |
|
|
— |
|
|
14,669 |
Foresight US Bidco, Inc* |
|
|
19,759 |
|
|
— |
|
|
19,759 |
|
|
— |
|
|
— |
|
|
19,759 |
Funecap Holding* |
|
|
21,631 |
|
|
— |
|
|
21,631 |
|
|
— |
|
|
— |
|
|
21,631 |
G&A Partners Holding Company II, LLC |
|
|
1,761 |
|
|
(176) |
|
|
1,585 |
|
|
— |
|
|
— |
|
|
1,585 |
Galway Borrower LLC |
|
|
2,021 |
|
|
(190) |
|
|
1,831 |
|
|
— |
|
|
— |
|
|
1,831 |
Gateway US Holdings, Inc. |
|
|
9,609 |
|
|
— |
|
|
9,609 |
|
|
— |
|
|
— |
|
|
9,609 |
GC Waves Holdings, Inc. |
|
|
26,315 |
|
|
— |
|
|
26,315 |
|
|
— |
|
|
— |
|
|
26,315 |
Genius Bidco LLC |
|
|
1,160 |
|
|
— |
|
|
1,160 |
|
|
— |
|
|
— |
|
|
1,160 |
Geotechnical Merger Sub, Inc. |
|
|
19,661 |
|
|
(2,185) |
|
|
17,476 |
|
|
— |
|
|
10,299 |
|
|
7,177 |
Golden Hippo Pet, LLC |
|
|
6,131 |
|
|
— |
|
|
6,131 |
|
|
— |
|
|
— |
|
|
6,131 |
Goldeneye Parent, LLC |
|
|
12,774 |
|
|
— |
|
|
12,774 |
|
|
— |
|
|
— |
|
|
12,774 |
Green Grass Foods, Inc. |
|
|
1,250 |
|
|
(438) |
|
|
812 |
|
|
— |
|
|
— |
|
|
812 |
GSP Midco LLC |
|
|
7,000 |
|
|
— |
|
|
7,000 |
|
|
— |
|
|
— |
|
|
7,000 |
Hanger, Inc. |
|
|
966 |
|
|
— |
|
|
966 |
|
|
— |
|
|
— |
|
|
966 |
Heartbeat BidCo GmbH* |
|
|
1,224 |
|
|
— |
|
|
1,224 |
|
|
— |
|
|
— |
|
|
1,224 |
Higginbotham Insurance Agency, Inc. |
|
|
20,908 |
|
|
— |
|
|
20,908 |
|
|
— |
|
|
— |
|
|
20,908 |
Howardsimon LLC |
|
|
62,432 |
|
|
— |
|
|
62,432 |
|
|
— |
|
|
— |
|
|
62,432 |
Ichor Management Limited* |
|
|
1,958 |
|
|
— |
|
|
1,958 |
|
|
— |
|
|
— |
|
|
1,958 |
Ideal Components Acquisition, LLC |
|
|
10,076 |
|
|
(550) |
|
|
9,526 |
|
|
— |
|
|
— |
|
|
9,526 |
Industrial Service Solutions WC, Inc. |
|
|
20,000 |
|
|
(6,333) |
|
|
13,667 |
|
|
— |
|
|
— |
|
|
13,667 |
International Schools Partnership Limited* |
|
|
46,200 |
|
|
— |
|
|
46,200 |
|
|
— |
|
|
— |
|
|
46,200 |
See notes to consolidated financial statements
65
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name of Issuer |
|
Total revolving and delayed draw loan commitments |
|
Less: funded commitments |
|
Total unfunded commitments |
|
Less: commitments substantially at discretion of the Company |
|
Less: unavailable commitments due to borrowing base or other covenant restrictions |
|
Total net adjusted unfunded revolving and delayed draw commitments |
Investment Company 24 Bidco Limited* |
|
$ |
319 |
|
$ |
— |
|
$ |
319 |
|
$ |
— |
|
$ |
— |
|
$ |
319 |
Invited, Inc. |
|
|
8,116 |
|
|
— |
|
|
8,116 |
|
|
— |
|
|
— |
|
|
8,116 |
IOTA HOLDINGS 3 |
|
|
8,250 |
|
|
(2,269) |
|
|
5,981 |
|
|
— |
|
|
— |
|
|
5,981 |
IQN Holding Corp. |
|
|
4,224 |
|
|
(2,605) |
|
|
1,619 |
|
|
— |
|
|
— |
|
|
1,619 |
IRIS Specialty Acquisition LLC |
|
|
64,788 |
|
|
(7,239) |
|
|
57,549 |
|
|
— |
|
|
— |
|
|
57,549 |
IW Buyer LLC |
|
|
3,146 |
|
|
— |
|
|
3,146 |
|
|
— |
|
|
— |
|
|
3,146 |
Janus Bidco Limited* |
|
|
21,023 |
|
|
— |
|
|
21,023 |
|
|
— |
|
|
— |
|
|
21,023 |
Jazz AH Holdco, LLC |
|
|
800 |
|
|
— |
|
|
800 |
|
|
— |
|
|
— |
|
|
800 |
Jensen Hughes, Inc |
|
|
31,090 |
|
|
— |
|
|
31,090 |
|
|
— |
|
|
— |
|
|
31,090 |
JEPPESEN HOLDINGS, LLC |
|
|
10,037 |
|
|
— |
|
|
10,037 |
|
|
— |
|
|
— |
|
|
10,037 |
K Hovnanian Enterprises Inc |
|
|
125,000 |
|
|
— |
|
|
125,000 |
|
|
— |
|
|
— |
|
|
125,000 |
Kairos Intermediateco AB* |
|
|
30,202 |
|
|
— |
|
|
30,202 |
|
|
— |
|
|
— |
|
|
30,202 |
Kaseya Inc |
|
|
2,500 |
|
|
— |
|
|
2,500 |
|
|
— |
|
|
— |
|
|
2,500 |
Kite Bidco Inc. |
|
|
15,212 |
|
|
— |
|
|
15,212 |
|
|
— |
|
|
— |
|
|
15,212 |
Koala Investment Holdings, Inc. |
|
|
18,623 |
|
|
— |
|
|
18,623 |
|
|
— |
|
|
— |
|
|
18,623 |
L.A. Specialty Produce Co., LLC |
|
|
21,653 |
|
|
— |
|
|
21,653 |
|
|
— |
|
|
— |
|
|
21,653 |
Legacy Service Partners, LLC |
|
|
22,909 |
|
|
— |
|
|
22,909 |
|
|
— |
|
|
— |
|
|
22,909 |
Legends Hospitality Holding Company, LLC |
|
|
11,527 |
|
|
(2,882) |
|
|
8,645 |
|
|
— |
|
|
— |
|
|
8,645 |
LHS Borrower LLC |
|
|
20,118 |
|
|
(5,231) |
|
|
14,887 |
|
|
— |
|
|
— |
|
|
14,887 |
LIDO Purchaser, Inc |
|
|
30,444 |
|
|
— |
|
|
30,444 |
|
|
— |
|
|
— |
|
|
30,444 |
Lindstrom, LLC |
|
|
10,000 |
|
|
— |
|
|
10,000 |
|
|
— |
|
|
— |
|
|
10,000 |
Lotus Topco Inc. |
|
|
2,353 |
|
|
— |
|
|
2,353 |
|
|
— |
|
|
— |
|
|
2,353 |
LSCS Holdings, Inc. |
|
|
242 |
|
|
— |
|
|
242 |
|
|
— |
|
|
— |
|
|
242 |
M&M OPCO, LLC |
|
|
476 |
|
|
(105) |
|
|
371 |
|
|
— |
|
|
— |
|
|
371 |
Mari Events Midco LLC |
|
|
13,942 |
|
|
— |
|
|
13,942 |
|
|
— |
|
|
— |
|
|
13,942 |
Material Holdings, LLC |
|
|
354 |
|
|
— |
|
|
354 |
|
|
— |
|
|
— |
|
|
354 |
McClatchy Media Company, LLC |
|
|
45,960 |
|
|
(21,871) |
|
|
24,089 |
|
|
24,089 |
|
|
— |
|
|
— |
Mersino, Inc. |
|
|
483 |
|
|
— |
|
|
483 |
|
|
— |
|
|
— |
|
|
483 |
MetaTiedot Midco S.� r.l.* |
|
|
4,855 |
|
|
— |
|
|
4,855 |
|
|
— |
|
|
— |
|
|
4,855 |
MGP Holdings III Corp. |
|
|
3,555 |
|
|
(873) |
|
|
2,682 |
|
|
— |
|
|
— |
|
|
2,682 |
Mobile Communications America, Inc. |
|
|
4,291 |
|
|
(109) |
|
|
4,182 |
|
|
— |
|
|
— |
|
|
4,182 |
See notes to consolidated financial statements
66
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name of Issuer |
|
Total revolving and delayed draw loan commitments |
|
Less: funded commitments |
|
Total unfunded commitments |
|
Less: commitments substantially at discretion of the Company |
|
Less: unavailable commitments due to borrowing base or other covenant restrictions |
|
Total net adjusted unfunded revolving and delayed draw commitments |
Mount Olympus Bidco Limited |
|
$ |
1,097 |
|
$ |
— |
|
$ |
1,097 |
|
$ |
— |
|
$ |
— |
|
$ |
1,097 |
mPulse Mobile, Inc. |
|
|
7,692 |
|
|
— |
|
|
7,692 |
|
|
— |
|
|
3,077 |
|
|
4,615 |
MRO Holdings, Inc. |
|
|
102,698 |
|
|
(30,000) |
|
|
72,698 |
|
|
— |
|
|
— |
|
|
72,698 |
MRO Parent Corporation |
|
|
2,222 |
|
|
— |
|
|
2,222 |
|
|
— |
|
|
— |
|
|
2,222 |
Naples US HoldCo Inc |
|
|
780 |
|
|
— |
|
|
780 |
|
|
— |
|
|
— |
|
|
780 |
NFO Orange Buyer, LLC |
|
|
24,550 |
|
|
(3,535) |
|
|
21,015 |
|
|
— |
|
|
— |
|
|
21,015 |
North American Rail Solutions LLC |
|
|
2,814 |
|
|
(387) |
|
|
2,427 |
|
|
— |
|
|
1,274 |
|
|
1,153 |
North American Rail Solutions LLC* |
|
|
6,558 |
|
|
(2,126) |
|
|
4,432 |
|
|
— |
|
|
1,749 |
|
|
2,683 |
North Haven RI Buyer, LLC |
|
|
8,437 |
|
|
(950) |
|
|
7,487 |
|
|
— |
|
|
— |
|
|
7,487 |
Novotech SG Holdings Pte. Ltd./ Novotech Aus Bidco Pty Ltd/Novotech Holdings USA LLC |
|
|
5,286 |
|
|
— |
|
|
5,286 |
|
|
— |
|
|
— |
|
|
5,286 |
NPPI Buyer, LLC |
|
|
5,618 |
|
|
— |
|
|
5,618 |
|
|
— |
|
|
— |
|
|
5,618 |
OG Crimson Parent Inc |
|
|
789 |
|
|
— |
|
|
789 |
|
|
— |
|
|
— |
|
|
789 |
Olympus Terminals Holdco II LLC |
|
|
22,000 |
|
|
— |
|
|
22,000 |
|
|
— |
|
|
— |
|
|
22,000 |
OMEGA II AB* |
|
|
17,804 |
|
|
— |
|
|
17,804 |
|
|
— |
|
|
— |
|
|
17,804 |
OMH-Healthedge Holdings, Inc. |
|
|
37,896 |
|
|
— |
|
|
37,896 |
|
|
— |
|
|
— |
|
|
37,896 |
One Call Corporation |
|
|
19,868 |
|
|
— |
|
|
19,868 |
|
|
— |
|
|
— |
|
|
19,868 |
One Silver Serve, LLC |
|
|
11,199 |
|
|
(4,516) |
|
|
6,683 |
|
|
— |
|
|
— |
|
|
6,683 |
Opseo Holding B.V.* |
|
|
51,490 |
|
|
— |
|
|
51,490 |
|
|
— |
|
|
45,210 |
|
|
6,280 |
Orthrus Ltd* |
|
|
4,947 |
|
|
— |
|
|
4,947 |
|
|
— |
|
|
4,947 |
|
|
— |
Pai Middle Tier, LLC |
|
|
5,250 |
|
|
(525) |
|
|
4,725 |
|
|
— |
|
|
— |
|
|
4,725 |
Paisley Bidco Limited* |
|
|
10,812 |
|
|
— |
|
|
10,812 |
|
|
— |
|
|
10,812 |
|
|
— |
Parfums Holding Company, Inc. |
|
|
10,268 |
|
|
— |
|
|
10,268 |
|
|
— |
|
|
— |
|
|
10,268 |
Pathfinder Bidco Limited* |
|
|
18,321 |
|
|
— |
|
|
18,321 |
|
|
— |
|
|
— |
|
|
18,321 |
Patriot Foods Buyer, Inc. |
|
|
2,590 |
|
|
— |
|
|
2,590 |
|
|
— |
|
|
— |
|
|
2,590 |
Patriot Growth Insurance Services, LLC |
|
|
2,311 |
|
|
— |
|
|
2,311 |
|
|
— |
|
|
— |
|
|
2,311 |
PHOENIX TOWER INTERNATIONAL GLOBAL 2, LLC* |
|
|
9,366 |
|
|
— |
|
|
9,366 |
|
|
— |
|
|
— |
|
|
9,366 |
Pinnacle Buyer LLC |
|
|
2,742 |
|
|
— |
|
|
2,742 |
|
|
— |
|
|
— |
|
|
2,742 |
PMA Parent Holdings, LLC |
|
|
987 |
|
|
— |
|
|
987 |
|
|
— |
|
|
— |
|
|
987 |
Poly-Wood, LLC |
|
|
23,045 |
|
|
— |
|
|
23,045 |
|
|
— |
|
|
— |
|
|
23,045 |
PPT Purchaser LLC |
|
|
48,313 |
|
|
(2,381) |
|
|
45,932 |
|
|
— |
|
|
— |
|
|
45,932 |
See notes to consolidated financial statements
67
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name of Issuer |
|
Total revolving and delayed draw loan commitments |
|
Less: funded commitments |
|
Total unfunded commitments |
|
Less: commitments substantially at discretion of the Company |
|
Less: unavailable commitments due to borrowing base or other covenant restrictions |
|
Total net adjusted unfunded revolving and delayed draw commitments |
PROJECT CARDINAL ACQUISITION, LLC |
|
$ |
8,947 |
|
$ |
— |
|
$ |
8,947 |
|
$ |
— |
|
$ |
— |
|
$ |
8,947 |
Protein For Pets Opco, LLC |
|
|
4,717 |
|
|
— |
|
|
4,717 |
|
|
— |
|
|
— |
|
|
4,717 |
Pye-Barker Fire & Safety LLC |
|
|
1,645 |
|
|
— |
|
|
1,645 |
|
|
— |
|
|
— |
|
|
1,645 |
QBS Parent, Inc. |
|
|
39,563 |
|
|
— |
|
|
39,563 |
|
|
— |
|
|
— |
|
|
39,563 |
Qinetic, Inc. |
|
|
56,100 |
|
|
— |
|
|
56,100 |
|
|
— |
|
|
— |
|
|
56,100 |
QTS Project Ram |
|
|
11,877 |
|
|
— |
|
|
11,877 |
|
|
— |
|
|
11,877 |
|
|
— |
Quito* |
|
|
17,068 |
|
|
— |
|
|
17,068 |
|
|
— |
|
|
— |
|
|
17,068 |
R.F. Fager Company, LLC |
|
|
632 |
|
|
(495) |
|
|
137 |
|
|
— |
|
|
78 |
|
|
59 |
Radiate Holdco, LLC |
|
|
408 |
|
|
— |
|
|
408 |
|
|
— |
|
|
— |
|
|
408 |
Rarebreed Veterinary Partners, Inc. |
|
|
5,814 |
|
|
— |
|
|
5,814 |
|
|
— |
|
|
— |
|
|
5,814 |
Reliable Doors, LLC |
|
|
1,164 |
|
|
— |
|
|
1,164 |
|
|
— |
|
|
— |
|
|
1,164 |
Resurge Buyer LLC |
|
|
915 |
|
|
— |
|
|
915 |
|
|
— |
|
|
— |
|
|
915 |
Rialto Management Group, LLC |
|
|
2,658 |
|
|
— |
|
|
2,658 |
|
|
— |
|
|
— |
|
|
2,658 |
RoC Holdco LLC |
|
|
4,390 |
|
|
— |
|
|
4,390 |
|
|
— |
|
|
— |
|
|
4,390 |
Rochester Midland Corporation |
|
|
6,659 |
|
|
(1,393) |
|
|
5,266 |
|
|
— |
|
|
— |
|
|
5,266 |
Rocket Bidco Limited* |
|
|
27,259 |
|
|
— |
|
|
27,259 |
|
|
— |
|
|
— |
|
|
27,259 |
Rocket Youth Brands Holdco LLC |
|
|
73,457 |
|
|
— |
|
|
73,457 |
|
|
— |
|
|
— |
|
|
73,457 |
Runway Bidco, LLC |
|
|
62,292 |
|
|
— |
|
|
62,292 |
|
|
— |
|
|
— |
|
|
62,292 |
Russell Investments US Institutional Holdco Inc |
|
|
9,900 |
|
|
— |
|
|
9,900 |
|
|
— |
|
|
— |
|
|
9,900 |
Saber Parent Holdings Corp |
|
|
48,504 |
|
|
— |
|
|
48,504 |
|
|
— |
|
|
— |
|
|
48,504 |
SCP WQS BUYER, LLC |
|
|
16,929 |
|
|
— |
|
|
16,929 |
|
|
— |
|
|
— |
|
|
16,929 |
SG Acquisition, Inc. |
|
|
5,757 |
|
|
— |
|
|
5,757 |
|
|
— |
|
|
— |
|
|
5,757 |
Sigma Irish Acquico Limited |
|
|
3,405 |
|
|
— |
|
|
3,405 |
|
|
— |
|
|
— |
|
|
3,405 |
Silk Holdings III Corp. |
|
|
15,175 |
|
|
— |
|
|
15,175 |
|
|
— |
|
|
— |
|
|
15,175 |
Smith Topco, Inc. |
|
|
1,692 |
|
|
— |
|
|
1,692 |
|
|
— |
|
|
— |
|
|
1,692 |
Space Finco, Inc. |
|
|
16,476 |
|
|
— |
|
|
16,476 |
|
|
— |
|
|
— |
|
|
16,476 |
SPARKLE BIDCO LIMITED* |
|
|
17,092 |
|
|
— |
|
|
17,092 |
|
|
— |
|
|
— |
|
|
17,092 |
See notes to consolidated financial statements
68
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name of Issuer |
|
Total revolving and delayed draw loan commitments |
|
Less: funded commitments |
|
Total unfunded commitments |
|
Less: commitments substantially at discretion of the Company |
|
Less: unavailable commitments due to borrowing base or other covenant restrictions |
|
Total net adjusted unfunded revolving and delayed draw commitments |
Spruce Bidco II Inc. |
|
$ |
26,335 |
|
$ |
(7,315) |
|
$ |
19,020 |
|
$ |
— |
|
$ |
— |
|
$ |
19,020 |
SRP Eagle Buyer Inc. |
|
|
24,706 |
|
|
— |
|
|
24,706 |
|
|
— |
|
|
— |
|
|
24,706 |
SupplyHouse LLC |
|
|
20,000 |
|
|
— |
|
|
20,000 |
|
|
— |
|
|
— |
|
|
20,000 |
Thg Acquisition, LLC |
|
|
13,017 |
|
|
(3,838) |
|
|
9,179 |
|
|
— |
|
|
— |
|
|
9,179 |
TITAN BW BORROWER L.P. |
|
|
40,322 |
|
|
— |
|
|
40,322 |
|
|
— |
|
|
— |
|
|
40,322 |
TL Lotus Holdings, Inc. |
|
|
20,000 |
|
|
— |
|
|
20,000 |
|
|
— |
|
|
— |
|
|
20,000 |
Trading Technologies International, Inc. |
|
|
6,757 |
|
|
— |
|
|
6,757 |
|
|
— |
|
|
— |
|
|
6,757 |
Traffic Management Solutions, LLC |
|
|
5,581 |
|
|
— |
|
|
5,581 |
|
|
— |
|
|
— |
|
|
5,581 |
Trench Plate Rental Co. |
|
|
4,545 |
|
|
(4,000) |
|
|
545 |
|
|
— |
|
|
— |
|
|
545 |
Tribe Bidco Limited* |
|
|
30,232 |
|
|
(264) |
|
|
29,968 |
|
|
— |
|
|
— |
|
|
29,968 |
Trilon Group LLC |
|
|
519 |
|
|
— |
|
|
519 |
|
|
— |
|
|
— |
|
|
519 |
Truck-Lite Co., LLC |
|
|
76,436 |
|
|
— |
|
|
76,436 |
|
|
— |
|
|
— |
|
|
76,436 |
Truist Insurance Holdings, LLC |
|
|
24,868 |
|
|
— |
|
|
24,868 |
|
|
— |
|
|
— |
|
|
24,868 |
TS Investors, LLC |
|
|
1,829 |
|
|
— |
|
|
1,829 |
|
|
— |
|
|
— |
|
|
1,829 |
Tulip Bidco Limited* |
|
|
26,463 |
|
|
— |
|
|
26,463 |
|
|
— |
|
|
— |
|
|
26,463 |
TZ Buyer LLC |
|
|
606 |
|
|
(406) |
|
|
200 |
|
|
— |
|
|
— |
|
|
200 |
Uft Buyer LLC |
|
|
58,639 |
|
|
— |
|
|
58,639 |
|
|
— |
|
|
— |
|
|
58,639 |
Ultra Bidco, LLC |
|
|
13,883 |
|
|
— |
|
|
13,883 |
|
|
— |
|
|
4,628 |
|
|
9,255 |
Uniguest Holdings, Inc |
|
|
21,102 |
|
|
— |
|
|
21,102 |
|
|
— |
|
|
— |
|
|
21,102 |
US Fertility Enterprises, LLC |
|
|
896 |
|
|
— |
|
|
896 |
|
|
— |
|
|
— |
|
|
896 |
USA DeBusk LLC |
|
|
2,748 |
|
|
(2,251) |
|
|
497 |
|
|
— |
|
|
— |
|
|
497 |
USG Buyer, LLC |
|
|
43,500 |
|
|
— |
|
|
43,500 |
|
|
— |
|
|
— |
|
|
43,500 |
Vamos Bidco, Inc. |
|
|
27,845 |
|
|
(5,012) |
|
|
22,833 |
|
|
— |
|
|
— |
|
|
22,833 |
See notes to consolidated financial statements
69
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name of Issuer |
|
Total revolving and delayed draw loan commitments |
|
Less: funded commitments |
|
Total unfunded commitments |
|
Less: commitments substantially at discretion of the Company |
|
Less: unavailable commitments due to borrowing base or other covenant restrictions |
|
Total net adjusted unfunded revolving and delayed draw commitments |
Vantage Specialty Chemicals Holdings, Inc. |
|
$ |
4,824 |
|
$ |
(1,538) |
|
$ |
3,286 |
|
$ |
— |
|
$ |
— |
|
$ |
3,286 |
Venture Global CP2 LNG, LLC |
|
|
33,478 |
|
|
— |
|
|
33,478 |
|
|
— |
|
|
— |
|
|
33,478 |
Victoria Holdings |
|
|
50,000 |
|
|
— |
|
|
50,000 |
|
|
— |
|
|
— |
|
|
50,000 |
Village Pet Care, LLC |
|
|
3,327 |
|
|
(365) |
|
|
2,962 |
|
|
— |
|
|
2,962 |
|
|
— |
Volunteer AcquisitionCo, LLC |
|
|
758 |
|
|
(455) |
|
|
303 |
|
|
— |
|
|
— |
|
|
303 |
Vybond Buyer, LLC |
|
|
14,000 |
|
|
— |
|
|
14,000 |
|
|
— |
|
|
— |
|
|
14,000 |
WC ORS Buyer, Inc. |
|
|
14,346 |
|
|
(9,325) |
|
|
5,021 |
|
|
— |
|
|
— |
|
|
5,021 |
Wealth Enhancement Group, LLC |
|
|
9,916 |
|
|
— |
|
|
9,916 |
|
|
— |
|
|
— |
|
|
9,916 |
WH BorrowerCo, LLC |
|
|
4,511 |
|
|
(1,049) |
|
|
3,462 |
|
|
— |
|
|
3,462 |
|
|
— |
Whiskey Borrower, LLC |
|
|
55,000 |
|
|
(355) |
|
|
54,645 |
|
|
— |
|
|
— |
|
|
54,645 |
Windrose Holdings III |
|
|
13,750 |
|
|
— |
|
|
13,750 |
|
|
— |
|
|
— |
|
|
13,750 |
Wisdom Purchaser, LLC |
|
|
4,214 |
|
|
— |
|
|
4,214 |
|
|
— |
|
|
— |
|
|
4,214 |
Zafin Labs Americas Incorporated |
|
|
2,500 |
|
|
— |
|
|
2,500 |
|
|
— |
|
|
— |
|
|
2,500 |
Zendesk, Inc. |
|
|
13,400 |
|
|
— |
|
|
13,400 |
|
|
— |
|
|
— |
|
|
13,400 |
Zenith AcquisitionCo, LLC |
|
|
47,134 |
|
|
— |
|
|
47,134 |
|
|
— |
|
|
— |
|
|
47,134 |
Zeus Company LLC |
|
|
7,539 |
|
|
(1,257) |
|
|
6,282 |
|
|
— |
|
|
— |
|
|
6,282 |
Total |
|
$ |
3,888,271 |
|
$ |
(268,369) |
|
$ |
3,619,902 |
|
$ |
31,614 |
|
$ |
135,100 |
|
$ |
3,453,188 |
* These investments are in a foreign currency and the total commitment has been converted to USD using the September 30, 2026 exchange rate.
See notes to consolidated financial statements
70
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
(35) Securities that are exempt from registration under the Securities Act of 1933 (the "Securities Act"), and may be deemed to be "restricted securities" under the Securities Act. As of September 30, 2026, the aggregate fair value of these securities is $144,634 or 1.1% of the Company's net assets. The acquisition dates of the restricted securities are as follows:
|
|
|
Issuer |
Security Type |
Acquisition Date |
Alpine Acquisition Corp II |
Preferred Equity - Preferred Stocks |
1/14/2026 |
Alpine Acquisition Corp II |
Common Equity - Equity Unit |
1/14/2026 |
ERC Topco Holdings, LLC |
Common Equity - Stock |
8/3/2026 |
Medallia Holdco LLC |
Common Equity - Stock |
7/30/2026 |
Medallia Topco LLC |
Preferred Equity - Cumulative Preferred |
7/30/2026 |
Medallia Topco LLC |
Common Equity - Membership Interest |
7/30/2026 |
Medallia, Inc. |
Common Equity - Stock |
7/30/2026 |
New Aci Intermediate I LLC |
Common Equity - Stock |
7/1/2026 |
PECF USS Intermediate Holding III Corporation |
Common Equity - Stock |
3/3/2026 |
Pegasus UK Bidco Limited |
Common Equity - Special Purpose Vehicles |
6/26/2026 |
Soho House & Co Inc. |
Common Equity - Stock |
1/29/2026 |
VCI Intermediate Topco 1 LLC |
Common Equity - Membership Interest |
11/19/2025 |
VCI Intermediate TopCo 2 LLC |
Common Equity - Membership Interest |
2/13/2026 |
VCI Intermediate TopCo 3 LLC |
Common Equity - Membership Interest |
4/23/2026 |
See notes to consolidated financial statements
71
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
(36) The following shows the composition of the Company’s portfolio at cost by investment type and industry as of September 30, 2026:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry |
|
|
|
First Lien - Secured Debt |
|
Second Lien - Secured Debt |
|
Unsecured Debt |
|
Preferred Equity |
|
Common Equity |
|
Total |
Aerospace & Defense |
|
|
|
$ |
975,157 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
975,157 |
Air Freight & Logistics |
|
|
|
|
117,474 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
117,474 |
Automobile Components |
|
|
|
|
468,832 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
468,832 |
Banks |
|
|
|
|
23,743 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
23,743 |
Beverages |
|
|
|
|
29,591 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
29,591 |
Building Products |
|
|
|
|
607,502 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
607,502 |
Capital Markets |
|
|
|
|
265,486 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
265,486 |
Chemicals |
|
|
|
|
214,828 |
|
|
— |
|
|
— |
|
|
— |
|
|
100 |
|
|
214,928 |
Commercial Services & Supplies |
|
|
|
|
1,502,970 |
|
|
— |
|
|
— |
|
|
50 |
|
|
10,493 |
|
|
1,513,513 |
Communications Equipment |
|
|
|
|
17,330 |
|
|
— |
|
|
— |
|
|
— |
|
|
3,465 |
|
|
20,795 |
Construction & Engineering |
|
|
|
|
401,608 |
|
|
— |
|
|
— |
|
|
— |
|
|
151 |
|
|
401,759 |
Construction Materials |
|
|
|
|
18,634 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
18,634 |
Consumer Staples Distribution & Retail |
|
|
|
|
654,355 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
654,355 |
Containers & Packaging |
|
|
|
|
175,313 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
175,313 |
Distributors |
|
|
|
|
59,061 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
59,061 |
Diversified Consumer Services |
|
|
|
|
1,239,733 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,239,733 |
Diversified REITs |
|
|
|
|
36,438 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
36,438 |
Diversified Telecommunication Services |
|
|
|
|
238,632 |
|
|
— |
|
|
4,605 |
|
|
— |
|
|
— |
|
|
243,237 |
Electric Utilities |
|
|
|
|
208,002 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
208,002 |
Electrical Equipment |
|
|
|
|
30,791 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
30,791 |
Electronic Equipment, Instruments & Components |
|
|
|
|
154,823 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
154,823 |
Energy Equipment & Services |
|
|
|
|
44,047 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
44,047 |
Entertainment |
|
|
|
|
551,606 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
551,606 |
Financial Services |
|
|
|
|
1,523,707 |
|
|
— |
|
|
— |
|
|
5,143 |
|
|
— |
|
|
1,528,850 |
Food Products |
|
|
|
|
135,014 |
|
|
— |
|
|
— |
|
|
— |
|
|
125 |
|
|
135,139 |
Ground Transportation |
|
|
|
|
166,058 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
166,058 |
See notes to consolidated financial statements
72
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry |
|
|
|
First Lien - Secured Debt |
|
Second Lien - Secured Debt |
|
Unsecured Debt |
|
Preferred Equity |
|
Common Equity |
|
Total |
Health Care Equipment & Supplies |
|
|
|
$ |
242,630 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
242,630 |
Health Care Providers & Services |
|
|
|
|
1,743,337 |
|
|
— |
|
|
— |
|
|
— |
|
|
972 |
|
|
1,744,309 |
Health Care Technology |
|
|
|
|
805,300 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
805,300 |
Hotels, Restaurants & Leisure |
|
|
|
|
1,271,052 |
|
|
— |
|
|
22,230 |
|
|
— |
|
|
3,657 |
|
|
1,296,939 |
Household Durables |
|
|
|
|
214,439 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
214,439 |
Household Products |
|
|
|
|
105,460 |
|
|
— |
|
|
— |
|
|
— |
|
|
100 |
|
|
105,560 |
Independent Power & Renewable Electricity Producers |
|
|
|
|
54,313 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
54,313 |
Industrial Conglomerates |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
90 |
|
|
90 |
Insurance |
|
|
|
|
967,130 |
|
|
— |
|
|
— |
|
|
49 |
|
|
— |
|
|
967,179 |
Interactive Media & Services |
|
|
|
|
262,597 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
262,597 |
IT Services |
|
|
|
|
281,387 |
|
|
— |
|
|
— |
|
|
— |
|
|
77 |
|
|
281,464 |
Leisure Products |
|
|
|
|
114,341 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
114,341 |
Life Sciences Tools & Services |
|
|
|
|
412,201 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
412,201 |
Machinery |
|
|
|
|
578,142 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
578,142 |
Media |
|
|
|
|
476,739 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
476,739 |
Metals & Mining |
|
|
|
|
122,229 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
122,229 |
Oil, Gas & Consumable Fuels |
|
|
|
|
320,773 |
|
|
— |
|
|
— |
|
|
— |
|
|
48,846 |
|
|
369,619 |
Paper & Forest Products |
|
|
|
|
15,341 |
|
|
— |
|
|
— |
|
|
1,497 |
|
|
— |
|
|
16,838 |
Personal Care Products |
|
|
|
|
557,484 |
|
|
— |
|
|
— |
|
|
— |
|
|
33 |
|
|
557,517 |
Pharmaceuticals |
|
|
|
|
668,246 |
|
|
— |
|
|
— |
|
|
215 |
|
|
102 |
|
|
668,563 |
Professional Services |
|
|
|
|
1,548,660 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,548,660 |
Real Estate Management & Development |
|
|
|
|
93,581 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
93,581 |
Semiconductors & Semiconductor Equipment |
|
|
|
|
12,458 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
12,458 |
Software |
|
|
|
|
2,725,761 |
|
|
— |
|
|
— |
|
|
4,645 |
|
|
— |
|
|
2,730,406 |
Specialty Retail |
|
|
|
|
240,092 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
240,092 |
Technology Hardware, Storage & Peripherals |
|
|
|
|
721,094 |
|
|
— |
|
|
— |
|
|
— |
|
|
55,687 |
|
|
776,781 |
Textiles, Apparel & Luxury Goods |
|
|
|
|
421,422 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
421,422 |
Trading Companies & Distributors |
|
|
|
|
201,059 |
|
|
— |
|
|
— |
|
|
— |
|
|
90 |
|
|
201,149 |
Transportation Infrastructure |
|
|
|
|
374,614 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
374,614 |
Wireless Telecommunication Services |
|
|
|
|
216,188 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
216,188 |
Total |
|
|
|
$ |
25,628,805 |
|
$ |
— |
|
$ |
26,835 |
|
$ |
11,599 |
|
$ |
123,988 |
|
$ |
25,791,227 |
See notes to consolidated financial statements
73
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
(37) The following shows the composition of the Company’s portfolio at fair value by investment type, industry and region as of September 30, 2026:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry |
|
|
First Lien - Secured Debt |
|
Second Lien - Secured Debt |
|
Unsecured Debt |
|
Preferred Equity |
|
Common Equity |
|
Total |
|
% of Net Assets |
Aerospace & Defense |
|
|
$ |
984,194 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
984,194 |
|
7.3% |
Air Freight & Logistics |
|
|
|
117,737 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
117,737 |
|
0.9% |
Automobile Components |
|
|
|
470,139 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
470,139 |
|
3.5% |
Banks |
|
|
|
24,351 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
24,351 |
|
0.2% |
Beverages |
|
|
|
29,712 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
29,712 |
|
0.2% |
Building Products |
|
|
|
584,752 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
584,752 |
|
4.3% |
Capital Markets |
|
|
|
275,641 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
275,641 |
|
2.0% |
Chemicals |
|
|
|
185,528 |
|
|
— |
|
|
— |
|
|
— |
|
|
152 |
|
|
185,680 |
|
1.4% |
Commercial Services & Supplies |
|
|
|
1,510,052 |
|
|
— |
|
|
— |
|
|
50 |
|
|
8,436 |
|
|
1,518,538 |
|
11.2% |
Communications Equipment |
|
|
|
13,947 |
|
|
— |
|
|
— |
|
|
— |
|
|
202 |
|
|
14,149 |
|
0.1% |
Construction & Engineering |
|
|
|
391,643 |
|
|
— |
|
|
— |
|
|
— |
|
|
133 |
|
|
391,776 |
|
2.9% |
Construction Materials |
|
|
|
18,523 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
18,523 |
|
0.1% |
Consumer Staples Distribution & Retail |
|
|
|
669,619 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
669,619 |
|
5.0% |
Containers & Packaging |
|
|
|
174,347 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
174,347 |
|
1.3% |
Distributors |
|
|
|
59,400 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
59,400 |
|
0.4% |
Diversified Consumer Services |
|
|
|
1,239,566 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,239,566 |
|
9.2% |
Diversified REITs |
|
|
|
36,476 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
36,476 |
|
0.3% |
Diversified Telecommunication Services |
|
|
|
171,023 |
|
|
— |
|
|
2,719 |
|
|
— |
|
|
— |
|
|
173,742 |
|
1.3% |
Electric Utilities |
|
|
|
206,263 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
206,263 |
|
1.5% |
Electrical Equipment |
|
|
|
31,221 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
31,221 |
|
0.2% |
Electronic Equipment, Instruments & Components |
|
|
|
155,113 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
155,113 |
|
1.1% |
Energy Equipment & Services |
|
|
|
42,495 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
42,495 |
|
0.3% |
Entertainment |
|
|
|
554,481 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
554,481 |
|
4.1% |
Financial Services |
|
|
|
1,518,948 |
|
|
— |
|
|
— |
|
|
5,114 |
|
|
— |
|
|
1,524,062 |
|
11.3% |
Food Products |
|
|
|
135,173 |
|
|
— |
|
|
— |
|
|
— |
|
|
99 |
|
|
135,272 |
|
1.0% |
Ground Transportation |
|
|
|
163,230 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
163,230 |
|
1.2% |
See notes to consolidated financial statements
74
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry |
|
|
First Lien - Secured Debt |
|
Second Lien - Secured Debt |
|
Unsecured Debt |
|
Preferred Equity |
|
Common Equity |
|
Total |
|
% of Net Assets |
Health Care Equipment & Supplies |
|
|
$ |
239,305 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
239,305 |
|
1.8% |
Health Care Providers & Services |
|
|
|
1,699,208 |
|
|
— |
|
|
— |
|
|
— |
|
|
527 |
|
|
1,699,735 |
|
12.6% |
Health Care Technology |
|
|
|
803,650 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
803,650 |
|
5.9% |
Hotels, Restaurants & Leisure |
|
|
|
1,284,059 |
|
|
— |
|
|
22,122 |
|
|
— |
|
|
4,063 |
|
|
1,310,244 |
|
9.7% |
Household Durables |
|
|
|
214,932 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
214,932 |
|
1.6% |
Household Products |
|
|
|
103,822 |
|
|
— |
|
|
— |
|
|
— |
|
|
130 |
|
|
103,952 |
|
0.8% |
Independent Power & Renewable Electricity Producers |
|
|
|
49,845 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
49,845 |
|
0.4% |
Industrial Conglomerates |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
174 |
|
|
174 |
|
0.0% |
Insurance |
|
|
|
962,622 |
|
|
— |
|
|
— |
|
|
50 |
|
|
— |
|
|
962,672 |
|
7.1% |
Interactive Media & Services |
|
|
|
269,288 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
269,288 |
|
2.0% |
IT Services |
|
|
|
285,343 |
|
|
— |
|
|
— |
|
|
— |
|
|
165 |
|
|
285,508 |
|
2.1% |
Leisure Products |
|
|
|
108,446 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
108,446 |
|
0.8% |
Life Sciences Tools & Services |
|
|
|
351,651 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
351,651 |
|
2.6% |
Machinery |
|
|
|
581,074 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
581,074 |
|
4.3% |
Media |
|
|
|
473,380 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
473,380 |
|
3.5% |
Metals & Mining |
|
|
|
124,988 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
124,988 |
|
0.9% |
Oil, Gas & Consumable Fuels |
|
|
|
314,468 |
|
|
— |
|
|
— |
|
|
— |
|
|
48,791 |
|
|
363,259 |
|
2.7% |
Paper & Forest Products |
|
|
|
14,657 |
|
|
— |
|
|
— |
|
|
907 |
|
|
— |
|
|
15,564 |
|
0.1% |
Personal Care Products |
|
|
|
561,770 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
561,770 |
|
4.2% |
Pharmaceuticals |
|
|
|
652,888 |
|
|
— |
|
|
— |
|
|
185 |
|
|
199 |
|
|
653,272 |
|
4.8% |
Professional Services |
|
|
|
1,550,909 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,550,909 |
|
11.5% |
Real Estate Management & Development |
|
|
|
91,641 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
91,641 |
|
0.7% |
Semiconductors & Semiconductor Equipment |
|
|
|
12,498 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
12,498 |
|
0.1% |
Software |
|
|
|
2,667,705 |
|
|
— |
|
|
— |
|
|
4,082 |
|
|
— |
|
|
2,671,787 |
|
19.8% |
Specialty Retail |
|
|
|
248,031 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
248,031 |
|
1.8% |
Technology Hardware, Storage & Peripherals |
|
|
|
736,404 |
|
|
— |
|
|
— |
|
|
— |
|
|
77,855 |
|
|
814,259 |
|
6.0% |
Textiles, Apparel & Luxury Goods |
|
|
|
419,662 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
419,662 |
|
3.1% |
Trading Companies & Distributors |
|
|
|
202,419 |
|
|
— |
|
|
— |
|
|
— |
|
|
213 |
|
|
202,632 |
|
1.5% |
Transportation Infrastructure |
|
|
|
362,446 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
362,446 |
|
2.7% |
Wireless Telecommunication Services |
|
|
|
217,498 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
217,498 |
|
1.6% |
Total |
|
|
$ |
25,368,183 |
|
$ |
— |
|
$ |
24,841 |
|
$ |
10,388 |
|
$ |
141,139 |
|
$ |
25,544,551 |
|
189.0% |
% of Net Assets |
|
|
|
187.7% |
|
|
0.0% |
|
|
0.2% |
|
|
0.1% |
|
|
1.0% |
|
|
189.0% |
|
|
See notes to consolidated financial statements
75
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
Industry Classification |
|
Percentage of Total
Investments (at Fair Value)
as of September 30, 2026 |
Software |
|
10.5% |
Health Care Providers & Services |
|
6.7% |
Professional Services |
|
6.1% |
Financial Services |
|
6.0% |
Commercial Services & Supplies |
|
5.9% |
Hotels, Restaurants & Leisure |
|
5.1% |
Diversified Consumer Services |
|
4.9% |
Aerospace & Defense |
|
3.9% |
Insurance |
|
3.8% |
Technology Hardware, Storage & Peripherals |
|
3.2% |
Health Care Technology |
|
3.1% |
Consumer Staples Distribution & Retail |
|
2.6% |
Pharmaceuticals |
|
2.6% |
Building Products |
|
2.3% |
Machinery |
|
2.3% |
Personal Care Products |
|
2.2% |
Entertainment |
|
2.2% |
Media |
|
1.8% |
Automobile Components |
|
1.8% |
Textiles, Apparel & Luxury Goods |
|
1.6% |
Construction & Engineering |
|
1.5% |
Oil, Gas & Consumable Fuels |
|
1.4% |
Transportation Infrastructure |
|
1.4% |
Life Sciences Tools & Services |
|
1.4% |
IT Services |
|
1.1% |
Capital Markets |
|
1.1% |
Specialty Retail |
|
1.0% |
Interactive Media & Services |
|
1.0% |
See notes to consolidated financial statements
76
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
Industry Classification |
|
Percentage of Total
Investments (at Fair Value)
as of September 30, 2026 |
Health Care Equipment & Supplies |
|
0.9% |
Wireless Telecommunication Services |
|
0.8% |
Household Durables |
|
0.8% |
Electric Utilities |
|
0.8% |
Trading Companies & Distributors |
|
0.8% |
Chemicals |
|
0.7% |
Containers & Packaging |
|
0.7% |
Diversified Telecommunication Services |
|
0.7% |
Ground Transportation |
|
0.6% |
Electronic Equipment, Instruments & Components |
|
0.6% |
Food Products |
|
0.5% |
Metals & Mining |
|
0.5% |
Air Freight & Logistics |
|
0.5% |
Leisure Products |
|
0.4% |
Household Products |
|
0.4% |
Real Estate Management & Development |
|
0.4% |
Distributors |
|
0.2% |
Independent Power & Renewable Electricity Producers |
|
0.2% |
Energy Equipment & Services |
|
0.2% |
Diversified REITs |
|
0.1% |
Electrical Equipment |
|
0.1% |
Beverages |
|
0.1% |
Banks |
|
0.1% |
Construction Materials |
|
0.1% |
Paper & Forest Products |
|
0.1% |
Communications Equipment |
|
0.1% |
Semiconductors & Semiconductor Equipment |
|
0.1% |
Industrial Conglomerates |
|
0.0% |
|
|
100.0% |
See notes to consolidated financial statements
77
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2026
(In thousands, except share data)
|
|
|
Geographic Region |
|
Percentage of Total
Investments (at Fair Value)
as of September 30, 2026 |
United States |
|
75.2% |
Europe |
|
10.9% |
United Kingdom |
|
10.5% |
Australia |
|
1.8% |
Canada |
|
0.8% |
Middle East |
|
0.3% |
Caribbean |
|
0.3% |
Asia |
|
0.2% |
See notes to consolidated financial statements
78
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
Aerospace & Defense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accel International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accel International Holdings, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.50% Floor |
|
4/26/2032 |
|
$ |
187,003 |
|
$ |
186,155 |
|
$ |
187,470 |
|
(4)(15) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 0.50% Floor |
|
4/26/2032 |
|
|
— |
|
|
(145) |
|
|
— |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
186,010 |
|
|
187,470 |
|
|
Kaman |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kaman Corp |
|
First Lien Secured Debt - Term Loan |
|
S+250, 0.50% Floor |
|
2/26/2032 |
|
|
38,187 |
|
|
38,133 |
|
|
38,388 |
|
(16)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+250, 0.50% Floor |
|
2/26/2032 |
|
|
346 |
|
|
341 |
|
|
348 |
|
(12)(16)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
38,474 |
|
|
38,736 |
|
|
MRO Holdings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MRO Holdings, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.50% Floor |
|
10/4/2032 |
|
|
325,134 |
|
|
324,277 |
|
|
322,696 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 0.50% Floor |
|
10/4/2032 |
|
|
31,463 |
|
|
31,064 |
|
|
31,095 |
|
(4)(9)(12)(16)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 0.50% Floor |
|
5/5/2032 |
|
|
— |
|
|
(776) |
|
|
(213) |
|
(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
354,565 |
|
|
353,578 |
|
|
Transdigm |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transdigm Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+250, 0.00% Floor |
|
1/19/2032 |
|
|
2,798 |
|
|
2,792 |
|
|
2,812 |
|
(8)(15) |
Triumph |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TITAN BW BORROWER L.P. |
|
First Lien Secured Debt - Term Loan |
|
S+238 Cash plus 2.88% PIK, 0.50% Floor |
|
7/24/2032 |
|
|
200,215 |
|
|
198,331 |
|
|
198,213 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 0.50% Floor |
|
7/24/2032 |
|
|
— |
|
|
(79) |
|
|
(168) |
|
(4)(5)(12)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.50% Floor |
|
7/24/2032 |
|
|
— |
|
|
(315) |
|
|
(336) |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
197,937 |
|
|
197,709 |
|
|
|
|
|
|
Total Aerospace & Defense |
|
$ |
779,778 |
|
$ |
780,305 |
|
|
Air Freight & Logistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Primeflight |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PrimeFlight Acquisition, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+525, 0.00% Floor |
|
5/1/2029 |
|
$ |
9,950 |
|
$ |
9,851 |
|
$ |
9,950 |
|
(4)(16) |
|
|
First Lien Secured Debt - Term Loan |
|
S+475, 1.00% Floor |
|
5/1/2029 |
|
|
4,988 |
|
|
4,938 |
|
|
4,938 |
|
(4)(16) |
|
|
|
|
Total Air Freight & Logistics |
|
$ |
14,789 |
|
$ |
14,888 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to consolidated financial statements
79
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
Automobile Components |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Clarience Technologies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truck-Lite Co., LLC |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
2/13/2032 |
|
$ |
194,499 |
|
$ |
193,755 |
|
$ |
192,651 |
|
(4)(15) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 0.75% Floor |
|
2/13/2032 |
|
|
24,565 |
|
|
23,873 |
|
|
23,755 |
|
(4)(12)(15)(16)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.75% Floor |
|
2/13/2031 |
|
|
— |
|
|
(35) |
|
|
(181) |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
217,593 |
|
|
216,225 |
|
|
Mavis Tire Express Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mavis Tire Express Services TopCo, L.P. |
|
First Lien Secured Debt - Term Loan |
|
S+300, 0.75% Floor |
|
5/4/2028 |
|
|
48,765 |
|
|
48,660 |
|
|
48,998 |
|
(15) |
|
|
|
|
Total Automobile Components |
|
$ |
266,253 |
|
$ |
265,223 |
|
|
Banks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creative Planning |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CPI Holdco B, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+200, 0.00% Floor |
|
5/17/2031 |
|
$ |
61,089 |
|
$ |
60,908 |
|
$ |
61,288 |
|
(15) |
Quikrete |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quikrete Holdings, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+225, 0.00% Floor |
|
2/10/2032 |
|
|
98,167 |
|
|
97,985 |
|
|
98,580 |
|
(15) |
|
|
First Lien Secured Debt - Term Loan |
|
S+225, 0.00% Floor |
|
4/14/2031 |
|
|
4,975 |
|
|
4,975 |
|
|
4,995 |
|
(15) |
|
|
|
|
|
|
|
|
|
|
|
|
102,960 |
|
|
103,575 |
|
|
Singular Bank |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pluto Holdco Limited |
|
First Lien Secured Debt - Term Loan |
|
5.96% PIK |
|
6/5/2026 |
|
€ |
13,809 |
|
|
14,978 |
|
|
16,188 |
|
(3)(4)(8)(9)(10)(20) |
Sumitomo Mitsui Trust Bank |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sumitomo Mitsui Trust Bank Ltd |
|
Unsecured Debt - Corporate Bond |
|
S+220, 0.00% Floor |
|
4/14/2026 |
|
|
35,200 |
|
|
35,116 |
|
|
35,077 |
|
(4)(8)(10)(15) |
TKO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January Capital Holdco, LLC |
|
First Lien Secured Debt - Term Loan |
|
6.73% PIK |
|
9/13/2029 |
|
|
54,924 |
|
|
54,046 |
|
|
54,924 |
|
(4)(8)(16) |
|
|
|
|
Total Banks |
|
$ |
268,008 |
|
$ |
271,052 |
|
|
Beverages |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sazerac |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sazerac Co Inc |
|
First Lien Secured Debt - Term Loan |
|
S+250, 0.00% Floor |
|
7/9/2032 |
|
$ |
39,900 |
|
$ |
39,702 |
|
$ |
40,027 |
|
(15) |
|
|
|
|
Total Beverages |
|
$ |
39,702 |
|
$ |
40,027 |
|
|
See notes to consolidated financial statements
80
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
Building Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Bath |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CP Atlas Buyer, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+525, 0.00% Floor |
|
7/8/2030 |
|
$ |
60,653 |
|
$ |
58,627 |
|
$ |
58,834 |
|
(15) |
Chamberlain Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chariot Buyer LLC |
|
First Lien Secured Debt - Term Loan |
|
S+275, 0.00% Floor |
|
9/8/2032 |
|
|
53,792 |
|
|
53,561 |
|
|
53,966 |
|
(8)(15) |
Emerson Climate Technologies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Emerson Climate Technologies, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+225, 0.00% Floor |
|
5/31/2030 |
|
|
3,141 |
|
|
3,135 |
|
|
3,152 |
|
(16) |
EMRLD Borrower LP |
|
First Lien Secured Debt - Term Loan |
|
S+225, 0.00% Floor |
|
8/4/2031 |
|
|
16,282 |
|
|
16,232 |
|
|
16,334 |
|
(17) |
|
|
|
|
|
|
|
|
|
|
|
|
19,367 |
|
|
19,486 |
|
|
Kodiak |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kodiak BP, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+375, 0.00% Floor |
|
12/4/2031 |
|
|
35,752 |
|
|
35,127 |
|
|
34,970 |
|
(15) |
Leaf Home |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LHS Borrower LLC |
|
First Lien Secured Debt - Term Loan |
|
S+525, 0.75% Floor |
|
9/4/2031 |
|
|
249,941 |
|
|
246,350 |
|
|
246,192 |
|
(4)(15) |
|
|
First Lien Secured Debt - Revolver |
|
P+425, 0.75% Floor |
|
9/4/2031 |
|
|
2,414 |
|
|
2,129 |
|
|
2,112 |
|
(4)(11)(12)(24)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
248,479 |
|
|
248,304 |
|
|
Omnimax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Omnimax International, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+575, 1.00% Floor |
|
12/6/2030 |
|
|
38,106 |
|
|
37,428 |
|
|
37,386 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+575, 1.00% Floor |
|
12/6/2030 |
|
|
9,368 |
|
|
9,207 |
|
|
9,191 |
|
(4)(16) |
|
|
|
|
|
|
|
|
|
|
|
|
46,635 |
|
|
46,577 |
|
|
Primesource |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Park River Holdings, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.75% Floor |
|
3/15/2031 |
|
|
37,726 |
|
|
37,358 |
|
|
37,995 |
|
(16) |
RF Fager |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
R.F. Fager Company, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+500, 1.00% Floor |
|
3/4/2030 |
|
|
2,379 |
|
|
2,339 |
|
|
2,343 |
|
(4)(9)(16)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 1.00% Floor |
|
3/4/2030 |
|
|
353 |
|
|
342 |
|
|
338 |
|
(4)(9)(12)(17)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 1.00% Floor |
|
3/4/2030 |
|
|
169 |
|
|
160 |
|
|
161 |
|
(4)(9)(12)(17)(24)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
2,841 |
|
|
2,842 |
|
|
US LBM |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LBM Acquisition, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.75% Floor |
|
6/6/2031 |
|
|
13,965 |
|
|
13,439 |
|
|
13,982 |
|
(15) |
|
|
|
|
Total Building Products |
|
$ |
515,434 |
|
$ |
516,956 |
|
|
Capital Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dragon Buyer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dragon Buyer Inc |
|
First Lien Secured Debt - Term Loan |
|
S+275, 0.00% Floor |
|
9/30/2031 |
|
$ |
6,305 |
|
$ |
6,278 |
|
$ |
6,317 |
|
(16) |
See notes to consolidated financial statements
81
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
Edelman Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Edelman Financial Center, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+300, 0.00% Floor |
|
4/7/2028 |
|
|
60,325 |
|
|
60,245 |
|
|
60,713 |
|
(15) |
Focus Financial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Focus Financial Partners, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+250, 0.00% Floor |
|
9/15/2031 |
|
|
70,896 |
|
|
70,534 |
|
|
71,095 |
|
(15) |
Hudson River Trading |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hudson River Trading LLC |
|
First Lien Secured Debt - Term Loan |
|
S+275, 0.00% Floor |
|
3/18/2030 |
|
|
6,965 |
|
|
6,949 |
|
|
7,003 |
|
(15) |
Jane Street Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jane Street Group, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+200, 0.00% Floor |
|
12/15/2031 |
|
|
51,329 |
|
|
50,950 |
|
|
51,152 |
|
(16) |
Rialto |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rialto Management Group, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.75% Floor |
|
12/5/2030 |
|
|
76,759 |
|
|
76,143 |
|
|
76,375 |
|
(4)(15) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 0.75% Floor |
|
12/5/2030 |
|
|
— |
|
|
(26) |
|
|
(18) |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
76,117 |
|
|
76,357 |
|
|
Russell |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Russell Investments US Institutional Holdco Inc |
|
First Lien Secured Debt - Term Loan |
|
S+625, 2.00% Floor |
|
12/29/2032 |
|
|
121,270 |
|
|
119,453 |
|
|
119,451 |
|
(4)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 2.00% Floor |
|
12/29/2032 |
|
|
— |
|
|
(148) |
|
|
(148) |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
119,305 |
|
|
119,303 |
|
|
True Potential |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kane Bidco Limited |
|
First Lien Secured Debt - Corporate Bond |
|
SONIA+500, 0.00% Floor |
|
3/21/2030 |
|
£ |
61,000 |
|
|
77,784 |
|
|
83,047 |
|
(3)(4)(8)(9)(18) |
|
|
|
|
Total Capital Markets |
|
$ |
468,162 |
|
$ |
474,987 |
|
|
Chemicals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heubach |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heubach Holdings USA LLC |
|
First Lien Secured Debt - Term Loan |
|
13.75% |
|
1/3/2029 |
|
$ |
485 |
|
$ |
466 |
|
$ |
243 |
|
(4)(8)(16)(30) |
SK Neptune Husky Group Sarl |
|
First Lien Secured Debt - Term Loan |
|
10.75% |
|
1/3/2029 |
|
|
9,588 |
|
|
9,456 |
|
|
— |
|
(4)(8)(16)(30) |
|
|
|
|
|
|
|
|
|
|
|
|
9,922 |
|
|
243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to consolidated financial statements
82
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
RMC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RMC Topco LLC |
|
Common Equity - Equity Unit |
|
N/A |
|
N/A |
|
|
100 Units |
|
|
100 |
|
|
126 |
|
(4)(33) |
Rochester Midland Corporation |
|
First Lien Secured Debt - Term Loan |
|
S+550, 1.00% Floor |
|
8/1/2029 |
|
|
12,456 |
|
|
12,278 |
|
|
12,331 |
|
(4)(9)(15) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+550, 1.00% Floor |
|
8/1/2029 |
|
|
9,551 |
|
|
9,348 |
|
|
9,327 |
|
(4)(9)(12)(15)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+550, 1.00% Floor |
|
8/1/2029 |
|
|
159 |
|
|
111 |
|
|
124 |
|
(4)(9)(12)(15)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
21,837 |
|
|
21,908 |
|
|
Solenis |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olympus Water US Holding Corporation |
|
First Lien Secured Debt - Term Loan |
|
S+325, 0.00% Floor |
|
11/3/2032 |
|
|
20,348 |
|
|
20,300 |
|
|
20,254 |
|
(16) |
Solenis Holding Limited |
|
First Lien Secured Debt - Term Loan |
|
S+300, 0.50% Floor |
|
6/20/2031 |
|
|
30,963 |
|
|
30,572 |
|
|
30,741 |
|
(16) |
|
|
|
|
|
|
|
|
|
|
|
|
50,872 |
|
|
50,995 |
|
|
Tronox |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tronox Finance LLC |
|
First Lien Secured Debt - Term Loan |
|
S+225, 0.00% Floor |
|
4/4/2029 |
|
|
7,039 |
|
|
6,426 |
|
|
5,789 |
|
(8)(16) |
Vantage Specialty Chemicals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vantage Specialty Chemicals Holdings, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+675 Cash plus 2.75% PIK, 1.00% Floor |
|
8/29/2029 |
|
|
56,029 |
|
|
54,735 |
|
|
53,788 |
|
(4)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+625, 1.00% Floor |
|
2/28/2029 |
|
|
— |
|
|
(109) |
|
|
(193) |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
54,626 |
|
|
53,595 |
|
|
Vita Global |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vita Global FinCo Limited |
|
First Lien Secured Debt - Term Loan |
|
11.96% |
|
6/8/2029 |
|
£ |
18,598 |
|
|
25,145 |
|
|
16,796 |
|
(3)(4)(8)(10)(18)(30) |
|
|
|
|
Total Chemicals |
|
$ |
168,828 |
|
$ |
149,326 |
|
|
Commercial Services & Supplies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allied Universal |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allied Universal Holdco LLC |
|
First Lien Secured Debt - Term Loan |
|
S+325, 0.00% Floor |
|
8/20/2032 |
|
$ |
57,855 |
|
$ |
57,783 |
|
$ |
58,226 |
|
(15) |
Best Trash |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bingo Group Buyer, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+475, 1.00% Floor |
|
7/10/2031 |
|
|
23,424 |
|
|
23,184 |
|
|
23,307 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 1.00% Floor |
|
7/10/2031 |
|
|
5,355 |
|
|
5,262 |
|
|
5,287 |
|
(4)(9)(12)(16)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 1.00% Floor |
|
7/10/2031 |
|
|
63 |
|
|
42 |
|
|
52 |
|
(4)(9)(12)(16)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
28,488 |
|
|
28,646 |
|
|
Convergint |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DG Investment Intermediate Holdings 2, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+375, 0.00% Floor |
|
7/9/2032 |
|
|
26,319 |
|
|
26,209 |
|
|
26,418 |
|
(16) |
See notes to consolidated financial statements
83
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
CoreTrust |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coretrust Purchasing Group LLC |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.75% Floor |
|
10/1/2029 |
|
|
43,109 |
|
|
42,479 |
|
|
42,678 |
|
(4)(15) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 0.75% Floor |
|
10/1/2029 |
|
|
— |
|
|
(15) |
|
|
(20) |
|
(4)(5)(12)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 0.75% Floor |
|
10/1/2029 |
|
|
— |
|
|
(77) |
|
|
(47) |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
42,387 |
|
|
42,611 |
|
|
Encore |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVSC Holding Corp. |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.75% Floor |
|
12/5/2031 |
|
|
200,832 |
|
|
197,281 |
|
|
198,823 |
|
(15) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 0.75% Floor |
|
12/5/2029 |
|
|
— |
|
|
(343) |
|
|
(217) |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
196,938 |
|
|
198,606 |
|
|
Galaxy Service Partners |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GSP Midco LLC |
|
First Lien Secured Debt - Term Loan |
|
S+475, 1.00% Floor |
|
10/17/2031 |
|
|
24,938 |
|
|
24,697 |
|
|
24,688 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 1.00% Floor |
|
10/17/2031 |
|
|
— |
|
|
(250) |
|
|
(125) |
|
(4)(5)(12)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 1.00% Floor |
|
10/17/2031 |
|
|
— |
|
|
(10) |
|
|
(10) |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
24,437 |
|
|
24,553 |
|
|
GardaWorld |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Garda World Security Corporation |
|
First Lien Secured Debt - Term Loan |
|
S+300, 0.00% Floor |
|
2/1/2029 |
|
|
31,351 |
|
|
31,213 |
|
|
31,523 |
|
(8)(15) |
Heritage Environmental Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arcwood Environmental, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+525, 0.75% Floor |
|
1/31/2031 |
|
|
87,099 |
|
|
86,067 |
|
|
87,099 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.75% Floor |
|
1/31/2031 |
|
|
19,128 |
|
|
19,043 |
|
|
19,033 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 0.75% Floor |
|
1/31/2031 |
|
|
12,935 |
|
|
12,851 |
|
|
12,871 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+525, 0.75% Floor |
|
1/31/2030 |
|
|
— |
|
|
(125) |
|
|
— |
|
(4)(5)(9)(12)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+550, 0.75% Floor |
|
1/31/2030 |
|
|
— |
|
|
(4) |
|
|
— |
|
(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
117,832 |
|
|
119,003 |
|
|
See notes to consolidated financial statements
84
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
HKA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mount Olympus Bidco Limited |
|
First Lien Secured Debt - Term Loan |
|
S+525, 0.50% Floor |
|
8/9/2029 |
|
|
13,705 |
|
|
13,470 |
|
|
13,466 |
|
(4)(8)(9)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+525, 0.50% Floor |
|
8/9/2029 |
|
|
4,760 |
|
|
4,705 |
|
|
4,677 |
|
(4)(8)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+600, 0.50% Floor |
|
8/9/2029 |
|
|
918 |
|
|
891 |
|
|
883 |
|
(4)(8)(9)(12)(16)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
19,066 |
|
|
19,026 |
|
|
Ironclad |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ironhorse Purchaser, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+525, 1.00% Floor |
|
9/30/2027 |
|
|
2,962 |
|
|
2,932 |
|
|
2,902 |
|
(4)(9)(15) |
|
|
First Lien Secured Debt - Revolver |
|
S+650, 1.00% Floor |
|
9/30/2027 |
|
|
— |
|
|
(5) |
|
|
(10) |
|
(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
2,927 |
|
|
2,892 |
|
|
Madison Air |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Madison IAQ LLC |
|
First Lien Secured Debt - Term Loan |
|
S+275, 0.50% Floor |
|
11/8/2032 |
|
|
44,400 |
|
|
43,978 |
|
|
44,736 |
|
(16) |
|
|
First Lien Secured Debt - Term Loan |
|
S+250, 0.50% Floor |
|
6/21/2028 |
|
|
2,977 |
|
|
2,962 |
|
|
2,994 |
|
(17) |
|
|
|
|
|
|
|
|
|
|
|
|
46,940 |
|
|
47,730 |
|
|
MillerKnoll |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MillerKnoll Inc |
|
First Lien Secured Debt - Term Loan |
|
S+225, 0.00% Floor |
|
8/9/2032 |
|
|
5,985 |
|
|
5,971 |
|
|
6,030 |
|
(8)(15) |
NielsenIQ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indy US Holdco LLC |
|
First Lien Secured Debt - Term Loan |
|
S+225, 0.50% Floor |
|
10/31/2030 |
|
|
25,890 |
|
|
25,855 |
|
|
25,962 |
|
(8)(15)(16) |
Profile Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profile Products LLC |
|
First Lien Secured Debt - Term Loan |
|
S+560, 0.75% Floor |
|
11/12/2027 |
|
|
4,813 |
|
|
4,813 |
|
|
4,813 |
|
(4)(16) |
Public Partnerships |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPL Equity LP |
|
Preferred Equity - Preferred Stocks |
|
N/A |
|
N/A |
|
|
50,000 Shares |
|
|
50 |
|
|
50 |
|
(4)(9)(33) |
|
|
Common Equity - Equity Unit |
|
N/A |
|
N/A |
|
|
50,000 Units |
|
|
— |
|
|
27 |
|
(4)(9)(33) |
|
|
|
|
|
|
|
|
|
|
|
|
50 |
|
|
77 |
|
|
PureStar |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMCP Clean Acqusition Company, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+425, 0.50% Floor |
|
6/15/2030 |
|
|
146,759 |
|
|
145,778 |
|
|
145,291 |
|
(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+425, 0.50% Floor |
|
6/15/2030 |
|
|
101,732 |
|
|
101,310 |
|
|
100,912 |
|
(9)(16) |
|
|
|
|
|
|
|
|
|
|
|
|
247,088 |
|
|
246,203 |
|
|
Pye-Barker |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pye-Barker Fire & Safety LLC |
|
First Lien Secured Debt - Term Loan |
|
S+250, 0.00% Floor |
|
12/16/2032 |
|
|
13,050 |
|
|
12,985 |
|
|
13,147 |
|
(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+250, 0.00% Floor |
|
12/16/2032 |
|
|
— |
|
|
— |
|
|
— |
|
(32) |
|
|
|
|
|
|
|
|
|
|
|
|
12,985 |
|
|
13,147 |
|
|
R.R. Donnelley |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
R. R. Donnelley & Sons Company |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
8/8/2029 |
|
|
192,961 |
|
|
188,527 |
|
|
191,031 |
|
(4)(9)(15) |
See notes to consolidated financial statements
85
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
Resource Innovations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North Haven RI Buyer, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+475, 1.00% Floor |
|
3/29/2030 |
|
|
20,417 |
|
|
20,090 |
|
|
20,264 |
|
(4)(8)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 1.00% Floor |
|
3/29/2030 |
|
|
3,179 |
|
|
3,082 |
|
|
3,110 |
|
(4)(8)(9)(12)(16)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+375, 1.00% Floor |
|
3/29/2030 |
|
|
1,000 |
|
|
964 |
|
|
983 |
|
(4)(8)(9)(12)(16)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
24,136 |
|
|
24,357 |
|
|
Reworld Holding Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reworld Holding Corporation |
|
First Lien Secured Debt - Term Loan |
|
S+225, 0.50% Floor |
|
1/15/2031 |
|
|
10,000 |
|
|
9,979 |
|
|
10,024 |
|
(15) |
SafetyCo |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HEF Safety Ultimate Holdings, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+525, 1.00% Floor |
|
11/19/2029 |
|
|
10,432 |
|
|
10,247 |
|
|
10,421 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+525, 1.00% Floor |
|
11/19/2029 |
|
|
2,550 |
|
|
2,517 |
|
|
2,547 |
|
(4)(9)(12)(17)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+525, 1.00% Floor |
|
11/17/2029 |
|
|
— |
|
|
(24) |
|
|
(2) |
|
(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
12,740 |
|
|
12,966 |
|
|
Service Logic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Saber Parent Holdings Corp |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.00% Floor |
|
12/16/2032 |
|
|
167,988 |
|
|
167,153 |
|
|
167,148 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 0.00% Floor |
|
12/16/2032 |
|
|
— |
|
|
(115) |
|
|
(116) |
|
(4)(5)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 0.00% Floor |
|
12/16/2032 |
|
|
— |
|
|
(115) |
|
|
(116) |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
166,923 |
|
|
166,916 |
|
|
Smith System |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Smith Topco, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+500, 1.00% Floor |
|
11/6/2029 |
|
|
16,600 |
|
|
16,355 |
|
|
16,351 |
|
(4)(9)(15)(16)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 1.00% Floor |
|
11/6/2029 |
|
|
— |
|
|
(25) |
|
|
(25) |
|
(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
16,330 |
|
|
16,326 |
|
|
Stamps.com |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auctane, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+585, 0.75% Floor |
|
10/5/2028 |
|
|
31,525 |
|
|
31,234 |
|
|
30,579 |
|
(4)(9)(17) |
SumUp |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SumUp Holdings Luxembourg S.a.r.l. |
|
First Lien Secured Debt - Delayed Draw |
|
E+600, 1.50% Floor |
|
5/23/2031 |
|
€ |
40,000 |
|
|
42,963 |
|
|
46,420 |
|
(3)(4)(8)(10)(21) |
Trugreen |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trugreen Limited Partnership |
|
First Lien Secured Debt - Term Loan |
|
S+410, 0.75% Floor |
|
11/2/2027 |
|
|
35,618 |
|
|
34,876 |
|
|
34,986 |
|
(15) |
United Site Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vortex Opco LLC |
|
First Lien Secured Debt - Term Loan |
|
S+625, 0.50% Floor |
|
4/30/2030 |
|
|
8,380 |
|
|
8,155 |
|
|
8,506 |
|
(9)(16) |
|
|
Second Lien Secured Debt - Term Loan |
|
10.36% |
|
12/17/2028 |
|
|
35,864 |
|
|
33,700 |
|
|
5,236 |
|
(9)(16)(30) |
|
|
|
|
|
|
|
|
|
|
|
|
41,855 |
|
|
13,742 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to consolidated financial statements
86
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
USA DeBusk |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
USA DeBusk LLC |
|
First Lien Secured Debt - Term Loan |
|
S+525, 0.75% Floor |
|
4/30/2031 |
|
|
15,858 |
|
|
15,670 |
|
|
15,705 |
|
(4)(9)(15)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+525, 0.75% Floor |
|
4/30/2031 |
|
|
786 |
|
|
753 |
|
|
740 |
|
(4)(9)(12)(15)(16)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+525, 0.75% Floor |
|
4/30/2030 |
|
|
1,802 |
|
|
1,767 |
|
|
1,778 |
|
(4)(9)(12)(15)(16)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
18,190 |
|
|
18,223 |
|
|
|
|
|
|
Total Commercial Services & Supplies |
|
$ |
1,478,735 |
|
$ |
1,461,036 |
|
|
Communications Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CommScope |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commscope, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+475, 2.00% Floor |
|
12/17/2029 |
|
$ |
252,954 |
|
$ |
254,819 |
|
$ |
253,759 |
|
(8)(15) |
MCA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mobile Communications America, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+475, 1.00% Floor |
|
10/16/2029 |
|
|
8,255 |
|
|
8,111 |
|
|
8,173 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 1.00% Floor |
|
10/16/2029 |
|
|
2,452 |
|
|
2,410 |
|
|
2,392 |
|
(4)(9)(12)(16)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 1.00% Floor |
|
10/16/2029 |
|
|
272 |
|
|
250 |
|
|
258 |
|
(4)(9)(12)(16)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
10,771 |
|
|
10,823 |
|
|
Mitel Networks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mitel Networks |
|
Common Equity - Stock |
|
N/A |
|
N/A |
|
|
733,019 Shares |
|
|
3,465 |
|
|
1,193 |
|
(4)(8)(33) |
MLN US Holdco LLC |
|
First Lien Secured Debt - Term Loan |
|
S+200 Cash plus 6.00% PIK, 1.00% Floor |
|
6/20/2030 |
|
|
6,732 |
|
|
5,917 |
|
|
4,030 |
|
(8)(15) |
|
|
|
|
|
|
|
|
|
|
|
|
9,382 |
|
|
5,223 |
|
|
|
|
|
|
Total Communications Equipment |
|
$ |
274,972 |
|
$ |
269,805 |
|
|
Construction & Engineering |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accelevation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accelevation LLC |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.75% Floor |
|
1/2/2031 |
|
$ |
9,185 |
|
$ |
9,065 |
|
$ |
9,208 |
|
(4)(15) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 0.75% Floor |
|
1/2/2031 |
|
|
2,223 |
|
|
2,187 |
|
|
2,228 |
|
(4)(12)(15)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 0.75% Floor |
|
1/2/2031 |
|
|
385 |
|
|
355 |
|
|
385 |
|
(4)(12)(15)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
11,607 |
|
|
11,821 |
|
|
American Restoration |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Restoration Holdings, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+510, 1.00% Floor |
|
7/24/2030 |
|
|
7,551 |
|
|
7,436 |
|
|
7,475 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+510, 1.00% Floor |
|
7/24/2030 |
|
|
12,600 |
|
|
12,468 |
|
|
12,373 |
|
(4)(9)(12)(16)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+510, 1.00% Floor |
|
7/24/2030 |
|
|
1,490 |
|
|
1,462 |
|
|
1,468 |
|
(4)(9)(12)(16)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
21,366 |
|
|
21,316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to consolidated financial statements
87
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
ASC Engineered Solutions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fire Flow Intermediate Corporation |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
7/10/2031 |
|
|
194,039 |
|
|
192,487 |
|
|
194,525 |
|
(4)(16) |
Tailwind Fire Flow Investor, LP |
|
Common Equity - Membership Interest |
|
N/A |
|
N/A |
|
|
100 Units |
|
|
101 |
|
|
101 |
|
(4)(33) |
|
|
|
|
|
|
|
|
|
|
|
|
192,588 |
|
|
194,626 |
|
|
Blackfin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Blackfin Pipeline LLC |
|
First Lien Secured Debt - Term Loan |
|
S+300, 0.00% Floor |
|
9/29/2032 |
|
|
25,000 |
|
|
24,878 |
|
|
25,078 |
|
(15) |
Dynagrid |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Megavolt Borrower, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+475, 1.00% Floor |
|
2/13/2032 |
|
|
18,656 |
|
|
18,320 |
|
|
18,516 |
|
(4)(16) |
Traffic Management Solutions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Traffic Management Solutions, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+500, 1.00% Floor |
|
11/26/2030 |
|
|
9,180 |
|
|
9,068 |
|
|
9,122 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 1.00% Floor |
|
11/26/2030 |
|
|
3,365 |
|
|
3,311 |
|
|
3,330 |
|
(4)(12)(16)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 1.00% Floor |
|
11/26/2030 |
|
|
— |
|
|
(45) |
|
|
(27) |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
12,334 |
|
|
12,425 |
|
|
Trench Plate Rental Co. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trench Plate Rental Co. |
|
First Lien Secured Debt - Term Loan |
|
S+560, 1.00% Floor |
|
12/4/2028 |
|
|
43,864 |
|
|
43,613 |
|
|
43,425 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+560, 1.00% Floor |
|
12/4/2028 |
|
|
2,636 |
|
|
2,604 |
|
|
2,591 |
|
(4)(9)(12)(16)(32) |
Trench Safety Solutions Holdings, LLC |
|
Common Equity - Equity Unit |
|
N/A |
|
N/A |
|
|
331 Units |
|
|
50 |
|
|
37 |
|
(4)(9)(33) |
|
|
|
|
|
|
|
|
|
|
|
|
46,267 |
|
|
46,053 |
|
|
|
|
|
|
Total Construction & Engineering |
|
$ |
327,360 |
|
$ |
329,835 |
|
|
Construction Materials |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hobbs & Associates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hobbs & Associates LLC/VA |
|
First Lien Secured Debt - Term Loan |
|
S+275, 0.00% Floor |
|
7/23/2031 |
|
$ |
19,818 |
|
$ |
19,807 |
|
$ |
19,840 |
|
(15) |
Volunteer Materials |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volunteer AcquisitionCo, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+650, 1.00% Floor |
|
9/1/2029 |
|
|
5,079 |
|
|
4,991 |
|
|
4,901 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+650, 1.00% Floor |
|
9/1/2029 |
|
|
374 |
|
|
369 |
|
|
361 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 1.00% Floor |
|
9/1/2029 |
|
|
— |
|
|
(12) |
|
|
(27) |
|
(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
5,348 |
|
|
5,235 |
|
|
|
|
|
|
Total Construction Materials |
|
$ |
25,155 |
|
$ |
25,075 |
|
|
Consumer Staples Distribution & Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actus Nutrition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nourish Buyer I Inc |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.00% Floor |
|
7/9/2032 |
|
$ |
64,838 |
|
$ |
63,293 |
|
$ |
65,283 |
|
(15) |
See notes to consolidated financial statements
88
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
ASDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bellis Acquisition Company PLC |
|
First Lien Secured Debt - Term Loan |
|
SONIA+575, 0.00% Floor |
|
10/22/2029 |
|
£ |
116,902 |
|
|
141,127 |
|
|
154,460 |
|
(3)(4)(8)(9)(18) |
|
|
First Lien Secured Debt - Term Loan |
|
E+400, 0.00% Floor |
|
5/14/2031 |
|
€ |
5,000 |
|
|
5,298 |
|
|
5,358 |
|
(3)(8)(9)(21) |
|
|
|
|
|
|
|
|
|
|
|
|
146,425 |
|
|
159,818 |
|
|
Cenavera |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROJECT CARDINAL ACQUISITION, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.75% Floor |
|
10/1/2032 |
|
|
21,053 |
|
|
20,848 |
|
|
20,842 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 0.75% Floor |
|
10/1/2032 |
|
|
— |
|
|
(20) |
|
|
(21) |
|
(4)(5)(12)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 0.75% Floor |
|
10/1/2032 |
|
|
— |
|
|
(46) |
|
|
(47) |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
20,782 |
|
|
20,774 |
|
|
KeHE Distributors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc |
|
First Lien Secured Debt - Corporate Bond |
|
9.00% |
|
2/15/2029 |
|
|
12,651 |
|
|
12,770 |
|
|
13,313 |
|
|
Protein for Pets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Protein For Pets Opco, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+525, 1.00% Floor |
|
9/20/2030 |
|
|
44,604 |
|
|
43,905 |
|
|
43,712 |
|
(4)(9)(15) |
|
|
First Lien Secured Debt - Revolver |
|
S+525, 1.00% Floor |
|
9/20/2030 |
|
|
943 |
|
|
874 |
|
|
849 |
|
(4)(9)(12)(15)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
44,779 |
|
|
44,561 |
|
|
Rise Baking |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Viking Baked Goods Acquisition Corporation |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.00% Floor |
|
11/4/2031 |
|
|
158,400 |
|
|
156,357 |
|
|
156,420 |
|
(16) |
|
|
|
|
Total Consumer Staples Distribution & Retail |
|
$ |
444,406 |
|
$ |
460,169 |
|
|
Containers & Packaging |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Berlin Packaging |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Berlin Packaging L.L.C. |
|
First Lien Secured Debt - Term Loan |
|
S+325, 0.00% Floor |
|
6/7/2031 |
|
$ |
11,504 |
|
$ |
11,495 |
|
$ |
11,544 |
|
(15)(16) |
Berry Global |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vybond Buyer, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
2/3/2032 |
|
|
20,696 |
|
|
20,417 |
|
|
20,542 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 0.75% Floor |
|
2/3/2032 |
|
|
— |
|
|
(46) |
|
|
(53) |
|
(4)(5)(12)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 0.75% Floor |
|
2/3/2032 |
|
|
— |
|
|
(92) |
|
|
(53) |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
20,279 |
|
|
20,436 |
|
|
BOX Partners |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bp Purchaser LLC |
|
First Lien Secured Debt - Term Loan |
|
S+576, 0.75% Floor |
|
12/11/2028 |
|
|
7,607 |
|
|
7,607 |
|
|
5,705 |
|
(4)(16) |
BradyPLUS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BradyPLUS Holdings LLC |
|
First Lien Secured Debt - Term Loan |
|
S+350, 0.00% Floor |
|
12/29/2032 |
|
|
22,000 |
|
|
21,670 |
|
|
21,803 |
|
(16) |
See notes to consolidated financial statements
89
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
Ring Container Technologies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ring Container Technologies Group LLC |
|
First Lien Secured Debt - Term Loan |
|
S+250, 0.50% Floor |
|
9/15/2032 |
|
|
12,968 |
|
|
12,948 |
|
|
13,018 |
|
(15) |
Tekni-Plex |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trident TPI Holdings, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+375, 0.50% Floor |
|
9/15/2028 |
|
|
80,969 |
|
|
79,984 |
|
|
77,974 |
|
(16) |
Truvant |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NPPI Buyer, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+500, 1.00% Floor |
|
8/20/2029 |
|
|
25,467 |
|
|
25,173 |
|
|
25,276 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+525, 1.00% Floor |
|
8/20/2029 |
|
|
— |
|
|
2 |
|
|
(41) |
|
(4)(5)(9)(12)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+525, 1.00% Floor |
|
8/20/2029 |
|
|
— |
|
|
1 |
|
|
(28) |
|
(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
25,176 |
|
|
25,207 |
|
|
|
|
|
|
Total Containers & Packaging |
|
$ |
179,159 |
|
$ |
175,687 |
|
|
Distributors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SupplyHouse |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SupplyHouse LLC |
|
First Lien Secured Debt - Term Loan |
|
S+400, 0.00% Floor |
|
7/1/2032 |
|
$ |
59,850 |
|
$ |
59,568 |
|
$ |
59,551 |
|
(4)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+400, 0.50% Floor |
|
7/1/2032 |
|
|
— |
|
|
(93) |
|
|
(100) |
|
(4)(5)(11)(12)(32) |
|
|
|
|
Total Distributors |
|
$ |
59,475 |
|
$ |
59,451 |
|
|
Diversified Consumer Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accelerate Learning |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eagle Purchaser, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+250 Cash plus 4.75% PIK, 1.00% Floor |
|
3/22/2030 |
|
$ |
23,959 |
|
$ |
23,516 |
|
$ |
23,240 |
|
(4)(9)(10)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+250 Cash plus 4.75% PIK, 1.00% Floor |
|
3/22/2029 |
|
|
2,524 |
|
|
2,431 |
|
|
2,432 |
|
(4)(9)(12)(16)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
25,947 |
|
|
25,672 |
|
|
Busy Bees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eagle Bidco Limited |
|
First Lien Secured Debt - Term Loan |
|
SONIA+475, 0.00% Floor |
|
2/29/2032 |
|
£ |
129,900 |
|
|
173,411 |
|
|
176,106 |
|
(3)(8)(10)(18) |
Excelligence |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excelligence Learning Corporation |
|
First Lien Secured Debt - Term Loan |
|
S+575, 1.00% Floor |
|
1/18/2030 |
|
|
83,943 |
|
|
82,705 |
|
|
80,585 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Revolver |
|
P+475, 1.00% Floor |
|
1/18/2030 |
|
|
2,170 |
|
|
1,982 |
|
|
1,627 |
|
(4)(9)(12)(24)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
84,687 |
|
|
82,212 |
|
|
See notes to consolidated financial statements
90
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
Funecap |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Altair Funecap Italia |
|
First Lien Secured Debt - Corporate Bond |
|
E+600, 0.00% Floor |
|
11/13/2032 |
|
€ |
14,472 |
|
|
16,506 |
|
|
16,668 |
|
(3)(4)(8)(10)(20) |
Funecap Holding |
|
First Lien Secured Debt - Term Loan |
|
E+600, 0.00% Floor |
|
11/13/2032 |
|
€ |
87,919 |
|
|
100,261 |
|
|
101,256 |
|
(3)(4)(8)(10)(20) |
|
|
First Lien Secured Debt - Delayed Draw |
|
E+600, 0.00% Floor |
|
11/13/2032 |
|
€ |
— |
|
|
(485) |
|
|
(497) |
|
(3)(4)(5)(8)(10)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
116,282 |
|
|
117,427 |
|
|
Gateway Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gateway US Holdings, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
9/22/2028 |
|
|
84,551 |
|
|
84,139 |
|
|
84,128 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 0.75% Floor |
|
9/22/2028 |
|
|
7,225 |
|
|
7,189 |
|
|
7,169 |
|
(4)(12)(16)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+650, 0.75% Floor |
|
9/22/2028 |
|
|
— |
|
|
(11) |
|
|
(13) |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
91,317 |
|
|
91,284 |
|
|
Greencross |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vermont Aus Pty Ltd |
|
First Lien Secured Debt - Term Loan |
|
BBSW+450, 0.00% Floor |
|
3/23/2028 |
|
A$ |
326,050 |
|
|
218,800 |
|
|
215,958 |
|
(3)(4)(8)(9)(25) |
ISP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International Schools Partnership Limited |
|
First Lien Secured Debt - Delayed Draw |
|
E+525, 0.00% Floor |
|
7/6/2028 |
|
€ |
56,831 |
|
|
60,628 |
|
|
66,164 |
|
(3)(4)(8)(10)(12)(20)(32) |
Legacy.com |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lotus Topco Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+475, 1.00% Floor |
|
6/7/2030 |
|
|
20,913 |
|
|
20,647 |
|
|
20,704 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 1.00% Floor |
|
6/7/2030 |
|
|
1,471 |
|
|
1,437 |
|
|
1,412 |
|
(4)(12)(16)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 1.00% Floor |
|
6/7/2030 |
|
|
— |
|
|
(26) |
|
|
(24) |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
22,058 |
|
|
22,092 |
|
|
Legacy Service Partners |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legacy Merger Sub, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.75% Floor |
|
11/10/2031 |
|
|
81,667 |
|
|
81,615 |
|
|
81,035 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 0.75% Floor |
|
11/10/2031 |
|
|
— |
|
|
24 |
|
|
(82) |
|
(4)(5)(12)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 0.75% Floor |
|
11/10/2031 |
|
|
— |
|
|
28 |
|
|
(98) |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
81,667 |
|
|
80,855 |
|
|
Mariani |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CI |
|
First Lien Secured Debt - Term Loan |
|
S+550, 1.00% Floor |
|
3/27/2030 |
|
|
23,598 |
|
|
23,288 |
|
|
23,281 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+550, 1.00% Floor |
|
3/27/2030 |
|
|
5,842 |
|
|
5,733 |
|
|
5,693 |
|
(4)(9)(12)(16)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+550, 1.00% Floor |
|
3/27/2030 |
|
|
1,470 |
|
|
1,437 |
|
|
1,436 |
|
(4)(9)(12)(16)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
30,458 |
|
|
30,410 |
|
|
See notes to consolidated financial statements
91
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
QA Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ichnaea UK Bidco Limited |
|
First Lien Secured Debt - Term Loan |
|
SONIA+600, 0.00% Floor |
|
10/5/2029 |
|
£ |
31,000 |
|
|
36,865 |
|
|
41,369 |
|
(3)(4)(8)(9)(18) |
Reliable Doors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reliable Doors, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+500, 1.00% Floor |
|
10/4/2028 |
|
|
6,170 |
|
|
6,095 |
|
|
6,171 |
|
(4)(9)(15) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 1.00% Floor |
|
10/4/2028 |
|
|
2,488 |
|
|
2,455 |
|
|
2,488 |
|
(4)(9)(12)(15)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+625, 1.00% Floor |
|
10/4/2028 |
|
|
— |
|
|
(6) |
|
|
— |
|
(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
8,544 |
|
|
8,659 |
|
|
Rocket Youth |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rocket Youth Brands Holdco LLC |
|
First Lien Secured Debt - Term Loan |
|
S+500, 1.00% Floor |
|
6/20/2031 |
|
|
9,302 |
|
|
9,259 |
|
|
9,139 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 1.00% Floor |
|
6/20/2031 |
|
|
— |
|
|
(21) |
|
|
(163) |
|
(4)(5)(12)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 1.00% Floor |
|
6/20/2031 |
|
|
— |
|
|
(6) |
|
|
(24) |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
9,232 |
|
|
8,952 |
|
|
SAVATREE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CI |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.75% Floor |
|
6/6/2031 |
|
|
17,117 |
|
|
16,955 |
|
|
16,905 |
|
(4)(15) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 0.75% Floor |
|
6/6/2031 |
|
|
— |
|
|
(46) |
|
|
(124) |
|
(4)(5)(12)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 0.75% Floor |
|
6/6/2031 |
|
|
— |
|
|
(33) |
|
|
(28) |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
16,876 |
|
|
16,753 |
|
|
SERVPRO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One Silver Serve, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+535, 1.00% Floor |
|
12/18/2028 |
|
|
20,889 |
|
|
20,709 |
|
|
20,472 |
|
(4)(15) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+535, 1.00% Floor |
|
12/18/2028 |
|
|
11,975 |
|
|
11,808 |
|
|
11,608 |
|
(4)(12)(16)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+535, 1.00% Floor |
|
12/18/2028 |
|
|
3,312 |
|
|
3,282 |
|
|
3,215 |
|
(4)(12)(16)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
35,799 |
|
|
35,295 |
|
|
Village Pet Care |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Village Pet Care, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+650, 1.00% Floor |
|
9/22/2029 |
|
|
909 |
|
|
896 |
|
|
886 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+650, 1.00% Floor |
|
9/22/2029 |
|
|
764 |
|
|
736 |
|
|
673 |
|
(4)(9)(12)(16)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+650, 1.00% Floor |
|
9/22/2029 |
|
|
365 |
|
|
358 |
|
|
354 |
|
(4)(9)(12)(16)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
1,990 |
|
|
1,913 |
|
|
|
|
|
|
Total Diversified Consumer Services |
|
$ |
1,014,561 |
|
$ |
1,021,121 |
|
|
Diversified REITs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QTS Project Ram |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QTS Project Ram |
|
First Lien Secured Debt - Mortgage Loan (DD) |
|
S+225, 0.00% Floor |
|
5/29/2028 |
|
$ |
31,192 |
|
$ |
30,559 |
|
$ |
30,672 |
|
(4)(12)(14)(32) |
|
|
|
|
Total Diversified REITs |
|
$ |
30,559 |
|
$ |
30,672 |
|
|
See notes to consolidated financial statements
92
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
Diversified Telecommunication Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Altice USA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CSC Holdings, LLC |
|
First Lien Secured Debt - Term Loan |
|
P+150, 0.00% Floor |
|
4/15/2027 |
|
$ |
62,969 |
|
$ |
61,399 |
|
$ |
55,188 |
|
(8)(24) |
|
|
First Lien Secured Debt - Revolver |
|
S+235, 0.00% Floor |
|
7/13/2027 |
|
|
73,064 |
|
|
68,696 |
|
|
61,362 |
|
(8)(12)(16)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
130,095 |
|
|
116,550 |
|
|
CenturyLink |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lumen Technologies, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+246, 2.00% Floor |
|
4/16/2029 |
|
|
9,974 |
|
|
9,950 |
|
|
9,936 |
|
(8)(16) |
LEVEL 3 FINANCING INC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 3 Financing, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+325, 0.00% Floor |
|
3/29/2032 |
|
|
73,500 |
|
|
72,542 |
|
|
73,803 |
|
(15)(16) |
Uniti Group Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Windstream Services, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+400, 0.00% Floor |
|
10/6/2032 |
|
|
85,000 |
|
|
84,217 |
|
|
85,425 |
|
(8)(15) |
|
|
First Lien Secured Debt - Corporate Bond |
|
7.50% |
|
10/15/2033 |
|
|
9,266 |
|
|
9,289 |
|
|
9,501 |
|
(8) |
|
|
|
|
|
|
|
|
|
|
|
|
93,506 |
|
|
94,926 |
|
|
|
|
|
|
Total Diversified Telecommunication Services |
|
$ |
306,093 |
|
$ |
295,215 |
|
|
Electric Utilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GridTek |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BGIF IV Fearless Utility Services, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.50% Floor |
|
6/9/2031 |
|
$ |
133,704 |
|
$ |
132,597 |
|
$ |
133,370 |
|
(4)(9)(15) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 0.50% Floor |
|
6/9/2031 |
|
|
39,147 |
|
|
38,802 |
|
|
39,024 |
|
(4)(9)(12)(15)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 0.50% Floor |
|
6/7/2030 |
|
|
— |
|
|
(175) |
|
|
(59) |
|
(4)(5)(9)(11)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
171,224 |
|
|
172,335 |
|
|
Lightning Power |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lightning Power, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+225, 0.00% Floor |
|
8/18/2031 |
|
|
11,356 |
|
|
11,312 |
|
|
11,429 |
|
(15) |
Talen Energy |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Talen Energy Supply, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+200, 0.00% Floor |
|
11/25/2032 |
|
|
7,595 |
|
|
7,557 |
|
|
7,606 |
|
(8)(16) |
Westinghouse |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brookfield WEC Holdings Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+200, 0.00% Floor |
|
1/27/2031 |
|
|
9,875 |
|
|
9,889 |
|
|
9,903 |
|
(15) |
|
|
|
|
Total Electric Utilities |
|
$ |
199,982 |
|
$ |
201,273 |
|
|
Electrical Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International Wire Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IW Buyer LLC |
|
First Lien Secured Debt - Term Loan |
|
S+510, 1.00% Floor |
|
6/28/2029 |
|
$ |
25,092 |
|
$ |
24,749 |
|
$ |
24,967 |
|
(4)(9)(15) |
|
|
First Lien Secured Debt - Revolver |
|
S+510, 1.00% Floor |
|
6/28/2029 |
|
|
899 |
|
|
843 |
|
|
883 |
|
(4)(9)(12)(15)(32) |
|
|
|
|
Total Electrical Equipment |
|
$ |
25,592 |
|
$ |
25,850 |
|
|
Electronic Equipment, Instruments & Components |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Esdec |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Esdec Solar Group B.V. |
|
First Lien Secured Debt - Term Loan |
|
8.52% |
|
8/30/2028 |
|
€ |
62,693 |
|
$ |
67,984 |
|
$ |
36,102 |
|
(3)(4)(8)(9)(20)(30) |
|
|
First Lien Secured Debt - Term Loan |
|
8.93% |
|
8/30/2028 |
|
|
708 |
|
|
296 |
|
|
343 |
|
(8)(9)(16)(30) |
|
|
|
|
|
|
|
|
|
|
|
|
68,280 |
|
|
36,445 |
|
|
See notes to consolidated financial statements
93
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
Madison Safety |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Madison Safety & Flow LLC |
|
First Lien Secured Debt - Term Loan |
|
S+250, 0.00% Floor |
|
9/26/2031 |
|
|
16,163 |
|
|
16,087 |
|
|
16,298 |
|
(15) |
Summit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pinnacle Buyer LLC |
|
First Lien Secured Debt - Term Loan |
|
S+250, 0.00% Floor |
|
10/1/2032 |
|
|
14,222 |
|
|
14,188 |
|
|
14,294 |
|
(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+250, 0.00% Floor |
|
10/1/2032 |
|
|
— |
|
|
— |
|
|
— |
|
(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
14,188 |
|
|
14,294 |
|
|
|
|
|
|
Total Electronic Equipment, Instruments & Components |
|
$ |
98,555 |
|
$ |
67,037 |
|
|
Energy Equipment & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Camin Cargo |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Camin Cargo Control Holdings, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+550, 1.00% Floor |
|
12/7/2029 |
|
$ |
30,908 |
|
$ |
30,407 |
|
$ |
30,578 |
|
(4)(9)(15) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+550, 1.00% Floor |
|
12/7/2029 |
|
|
3,251 |
|
|
3,193 |
|
|
3,200 |
|
(4)(9)(12)(15)(16)(32) |
|
|
First Lien Secured Debt - Revolver |
|
P+450, 1.00% Floor |
|
12/7/2029 |
|
|
2,539 |
|
|
2,462 |
|
|
2,496 |
|
(4)(9)(12)(15)(24)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
36,062 |
|
|
36,274 |
|
|
Colonial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colossus AcquireCo LLC |
|
First Lien Secured Debt - Term Loan |
|
S+175, 0.00% Floor |
|
7/30/2032 |
|
|
10,973 |
|
|
10,929 |
|
|
10,977 |
|
(16) |
|
|
|
|
Total Energy Equipment & Services |
|
$ |
46,991 |
|
$ |
47,251 |
|
|
Entertainment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chernin Entertainment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jewel Purchaser, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+560, 0.50% Floor |
|
7/1/2027 |
|
$ |
82,906 |
|
$ |
82,073 |
|
$ |
82,491 |
|
(4)(9)(16) |
Creative Artists Agency |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creative Artists Agency, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+250, 0.00% Floor |
|
10/1/2031 |
|
|
3,980 |
|
|
3,975 |
|
|
4,000 |
|
(15) |
Entertainment Partners |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EP Purchaser, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+361, 0.50% Floor |
|
11/6/2028 |
|
|
3,751 |
|
|
3,692 |
|
|
2,699 |
|
(16) |
Jagex |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Janus Bidco Limited |
|
First Lien Secured Debt - Term Loan |
|
S+550, 0.00% Floor |
|
4/25/2031 |
|
|
62,163 |
|
|
60,883 |
|
|
61,231 |
|
(4)(8)(9)(10)(17) |
|
|
First Lien Secured Debt - Term Loan |
|
SONIA+550, 0.00% Floor |
|
4/25/2031 |
|
£ |
1,057 |
|
|
1,297 |
|
|
1,404 |
|
(3)(4)(8)(9)(10)(18) |
|
|
First Lien Secured Debt - Delayed Draw |
|
SONIA+600, 0.00% Floor |
|
4/25/2031 |
|
£ |
— |
|
|
32 |
|
|
(321) |
|
(3)(4)(5)(8)(9)(10)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
62,212 |
|
|
62,314 |
|
|
See notes to consolidated financial statements
94
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
Warner Media |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WarnerMedia Holdings, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+350, 0.00% Floor |
|
12/28/2026 |
|
|
41,250 |
|
|
41,135 |
|
|
41,085 |
|
(4)(8)(15) |
|
|
|
|
Total Entertainment |
|
$ |
193,087 |
|
$ |
192,589 |
|
|
Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AffiniPay |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eclipse Buyer, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.50% Floor |
|
9/8/2031 |
|
$ |
22,738 |
|
$ |
22,543 |
|
$ |
22,681 |
|
(4)(15) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 0.50% Floor |
|
9/8/2031 |
|
|
— |
|
|
(16) |
|
|
(10) |
|
(4)(5)(12)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.50% Floor |
|
9/8/2031 |
|
|
— |
|
|
(16) |
|
|
(5) |
|
(4)(5)(12)(32) |
Eclipse Topco, Inc. |
|
Preferred Equity - Preferred Stocks |
|
Equity plus 12.50% PIK, 0.00% Floor |
|
N/A |
|
|
7,114,648 Shares |
|
|
5,940 |
|
|
7,115 |
|
(4)(33) |
|
|
|
|
|
|
|
|
|
|
|
|
28,451 |
|
|
29,781 |
|
|
Alpha FMC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actium Midco 3 |
|
First Lien Secured Debt - Term Loan |
|
SONIA+475, 0.00% Floor |
|
8/30/2031 |
|
£ |
35,254 |
|
|
45,506 |
|
|
47,758 |
|
(3)(4)(8)(10)(18) |
|
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.00% Floor |
|
8/30/2031 |
|
|
41,610 |
|
|
41,610 |
|
|
41,818 |
|
(4)(8)(10)(17) |
|
|
First Lien Secured Debt - Term Loan |
|
E+475, 0.00% Floor |
|
8/30/2031 |
|
€ |
18,790 |
|
|
20,770 |
|
|
22,137 |
|
(3)(4)(8)(10)(21) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 0.00% Floor |
|
8/30/2031 |
|
|
14,372 |
|
|
14,178 |
|
|
14,444 |
|
(3)(4)(8)(10)(12)(32) |
|
|
First Lien Secured Debt - Delayed Draw |
|
SONIA+475, 0.00% Floor |
|
8/30/2031 |
|
£ |
— |
|
|
(138) |
|
|
— |
|
(3)(4)(5)(8)(10)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
121,926 |
|
|
126,157 |
|
|
Apex Group Treasury |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Apex Group Treasury LLC |
|
First Lien Secured Debt - Term Loan |
|
S+350, 0.00% Floor |
|
2/27/2032 |
|
|
14,616 |
|
|
14,547 |
|
|
13,812 |
|
(8)(16) |
AssetMark |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GTCR Everest Borrower, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+275, 0.00% Floor |
|
9/5/2031 |
|
|
13,890 |
|
|
13,866 |
|
|
13,958 |
|
(16) |
Cerity Partners |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cerity Partners Equity Holding LLC |
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 0.75% Floor |
|
7/28/2031 |
|
|
— |
|
|
(144) |
|
|
(144) |
|
(4)(5)(12)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 0.75% Floor |
|
7/28/2031 |
|
|
832 |
|
|
806 |
|
|
806 |
|
(4)(12)(16)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
662 |
|
|
662 |
|
|
See notes to consolidated financial statements
95
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
CFC Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CFC USA 2025 LLC |
|
First Lien Secured Debt - Term Loan |
|
S+375, 0.00% Floor |
|
7/1/2032 |
|
|
28,000 |
|
|
27,240 |
|
|
27,335 |
|
(8)(10)(16) |
Crete PA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crete PA Holdco, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+475, 1.00% Floor |
|
11/26/2030 |
|
|
23,256 |
|
|
23,157 |
|
|
23,081 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 1.00% Floor |
|
11/26/2030 |
|
|
23,198 |
|
|
22,915 |
|
|
22,549 |
|
(4)(12)(16)(32) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 1.00% Floor |
|
11/26/2030 |
|
|
— |
|
|
(155) |
|
|
(474) |
|
(4)(5)(12)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 1.00% Floor |
|
11/26/2030 |
|
|
— |
|
|
(62) |
|
|
(97) |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
45,855 |
|
|
45,059 |
|
|
EP Wealth Advisors Inc |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EP Wealth Advisors Inc |
|
First Lien Secured Debt - Term Loan |
|
S+300, 0.00% Floor |
|
10/18/2032 |
|
|
10,000 |
|
|
9,975 |
|
|
10,075 |
|
(16) |
Evelyn |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Violin Finco Guernsey Limited |
|
First Lien Secured Debt - Term Loan |
|
SONIA+525, 0.00% Floor |
|
6/24/2031 |
|
£ |
68,523 |
|
|
86,207 |
|
|
91,673 |
|
(3)(4)(8)(9)(10)(18) |
|
|
First Lien Secured Debt - Delayed Draw |
|
SONIA+525, 0.00% Floor |
|
6/24/2031 |
|
£ |
— |
|
|
(26) |
|
|
(54) |
|
(3)(4)(5)(8)(9)(10)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
86,181 |
|
|
91,619 |
|
|
FE Fundinfo |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tulip Bidco Limited |
|
First Lien Secured Debt - Delayed Draw |
|
SONIA+587, 0.00% Floor |
|
12/13/2027 |
|
£ |
41,297 |
|
|
52,740 |
|
|
51,884 |
|
(3)(4)(8)(10)(12)(18)(32) |
GC Waves |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GC Waves Holdings, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.75% Floor |
|
10/4/2030 |
|
|
62,893 |
|
|
62,827 |
|
|
62,592 |
|
(4)(9)(15) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 0.75% Floor |
|
10/4/2030 |
|
|
35,281 |
|
|
35,017 |
|
|
34,943 |
|
(4)(9)(12)(15)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 0.75% Floor |
|
10/4/2030 |
|
|
— |
|
|
(3) |
|
|
(13) |
|
(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
97,841 |
|
|
97,522 |
|
|
Gen II |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PEX Holdings LLC |
|
First Lien Secured Debt - Term Loan |
|
S+275, 0.00% Floor |
|
11/26/2031 |
|
|
20,204 |
|
|
20,159 |
|
|
20,255 |
|
(16) |
Hargreaves Lansdown |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Harp Finco Limited |
|
First Lien Secured Debt - Term Loan |
|
SONIA+500, 0.00% Floor |
|
3/27/2032 |
|
£ |
134,986 |
|
|
171,592 |
|
|
181,954 |
|
(3)(4)(8)(10)(18) |
ISIO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Madonna Bidco Limited |
|
First Lien Secured Debt - Term Loan |
|
SONIA+525, 0.00% Floor |
|
10/27/2031 |
|
£ |
23,819 |
|
|
30,365 |
|
|
31,626 |
|
(3)(4)(8)(9)(10)(18) |
|
|
First Lien Secured Debt - Delayed Draw |
|
SONIA+525, 0.00% Floor |
|
10/27/2031 |
|
£ |
248 |
|
|
265 |
|
|
236 |
|
(3)(4)(8)(9)(10)(12)(18)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
30,630 |
|
|
31,862 |
|
|
See notes to consolidated financial statements
96
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
Jensen Hughes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jensen Hughes, Inc |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.75% Floor |
|
9/1/2031 |
|
|
77,859 |
|
|
76,861 |
|
|
77,275 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 0.75% Floor |
|
9/1/2031 |
|
|
4,239 |
|
|
4,078 |
|
|
4,035 |
|
(4)(12)(15)(16)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 0.75% Floor |
|
9/1/2031 |
|
|
— |
|
|
(107) |
|
|
(66) |
|
(4)(5)(11)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
80,832 |
|
|
81,244 |
|
|
Jones DesLauriers |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jones DesLauriers Insurance Management Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+300, 0.00% Floor |
|
12/9/2032 |
|
|
16,000 |
|
|
15,960 |
|
|
16,040 |
|
(8)(15) |
Nexity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Evoriel |
|
First Lien Secured Debt - Term Loan |
|
E+500, 0.00% Floor |
|
4/2/2031 |
|
€ |
43,574 |
|
|
46,176 |
|
|
50,952 |
|
(3)(4)(8)(9)(10)(21) |
|
|
First Lien Secured Debt - Delayed Draw |
|
E+500, 0.00% Floor |
|
4/2/2031 |
|
€ |
20,915 |
|
|
22,305 |
|
|
24,448 |
|
(3)(4)(8)(9)(10)(12)(21)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
68,481 |
|
|
75,400 |
|
|
Ocorian |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Orthrus Ltd |
|
First Lien Secured Debt - Term Loan |
|
S+625 Cash plus 2.75% PIK, 1.00% Floor |
|
12/5/2031 |
|
|
49,734 |
|
|
48,714 |
|
|
48,988 |
|
(4)(8)(9)(10)(16) |
|
|
First Lien Secured Debt - Term Loan |
|
SONIA+625 Cash plus 2.75% PIK, 0.00% Floor |
|
12/5/2031 |
|
£ |
18,413 |
|
|
23,209 |
|
|
24,447 |
|
(3)(4)(8)(9)(10)(18) |
|
|
First Lien Secured Debt - Term Loan |
|
E+625 Cash plus 1.95% PIK, 0.00% Floor |
|
12/5/2031 |
|
€ |
16,449 |
|
|
17,227 |
|
|
19,041 |
|
(3)(4)(8)(9)(10)(20) |
|
|
First Lien Secured Debt - Delayed Draw |
|
SONIA+625, 0.00% Floor |
|
12/5/2031 |
|
£ |
— |
|
|
54 |
|
|
(75) |
|
(3)(4)(5)(8)(9)(10)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
89,204 |
|
|
92,401 |
|
|
OSTTRA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Orion US Finco |
|
First Lien Secured Debt - Term Loan |
|
S+350, 0.00% Floor |
|
10/8/2032 |
|
|
15,000 |
|
|
14,927 |
|
|
15,088 |
|
(8)(16) |
Paymentsense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hurricane Cleanco Limited |
|
First Lien Secured Debt - Term Loan |
|
SONIA+625 Cash plus 6.25% PIK, 1.00% Floor |
|
11/21/2029 |
|
£ |
53,278 |
|
|
63,895 |
|
|
71,996 |
|
(3)(4)(8)(9)(18) |
PIB |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paisley Bidco Limited |
|
First Lien Secured Debt - Term Loan |
|
SONIA+525, 0.00% Floor |
|
5/7/2031 |
|
£ |
83,858 |
|
|
104,266 |
|
|
109,363 |
|
(3)(4)(8)(9)(10)(18) |
|
|
First Lien Secured Debt - Term Loan |
|
E+525, 0.00% Floor |
|
5/7/2031 |
|
€ |
28,797 |
|
|
30,792 |
|
|
32,827 |
|
(3)(4)(8)(9)(10)(21) |
|
|
First Lien Secured Debt - Delayed Draw |
|
E+525, 0.00% Floor |
|
5/7/2031 |
|
€ |
38,624 |
|
|
43,975 |
|
|
43,915 |
|
(3)(4)(8)(9)(10)(12)(18)(21)(32) |
|
|
First Lien Secured Debt - Delayed Draw |
|
SONIA+525, 0.00% Floor |
|
5/7/2031 |
|
£ |
2,560 |
|
|
3,104 |
|
|
2,978 |
|
(3)(4)(8)(9)(10)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
182,137 |
|
|
189,083 |
|
|
PMA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PMA Parent Holdings, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
1/31/2031 |
|
|
13,978 |
|
|
13,853 |
|
|
13,838 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.75% Floor |
|
1/31/2031 |
|
|
— |
|
|
(8) |
|
|
(10) |
|
(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
13,845 |
|
|
13,828 |
|
|
See notes to consolidated financial statements
97
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
Stretto |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stretto, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+525, 1.00% Floor |
|
10/13/2028 |
|
|
123,188 |
|
|
121,668 |
|
|
120,724 |
|
(4)(9)(15) |
Strongpoint |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Howardsimon LLC |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
12/13/2030 |
|
|
20,965 |
|
|
20,862 |
|
|
20,703 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 0.75% Floor |
|
12/13/2030 |
|
|
47,891 |
|
|
47,737 |
|
|
46,843 |
|
(4)(12)(15)(16)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.75% Floor |
|
12/13/2030 |
|
|
— |
|
|
(8) |
|
|
(47) |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
68,591 |
|
|
67,499 |
|
|
Title Resource Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RE Closing Buyer Corp. |
|
First Lien Secured Debt - Term Loan |
|
S+550, 1.00% Floor |
|
9/27/2031 |
|
|
131,825 |
|
|
129,499 |
|
|
129,188 |
|
(4)(8)(9)(16) |
VEPF VII |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VEPF VII Holdings, L.P. |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.00% Floor |
|
2/28/2028 |
|
|
19,340 |
|
|
19,298 |
|
|
19,603 |
|
(4)(8)(16) |
Wealth Enhancement Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wealth Enhancement Group, LLC |
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 1.00% Floor |
|
10/2/2028 |
|
|
— |
|
|
— |
|
|
(54) |
|
(4)(5)(12)(32) |
WHP Global |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WH Borrower, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.50% Floor |
|
2/20/2032 |
|
|
56,566 |
|
|
56,027 |
|
|
56,906 |
|
(16) |
|
|
|
|
Total Financial Services |
|
$ |
1,646,029 |
|
$ |
1,690,881 |
|
|
Food Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Froneri |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Froneri US, Inc |
|
First Lien Secured Debt - Term Loan |
|
S+225, 0.00% Floor |
|
9/30/2031 |
|
$ |
13,167 |
|
$ |
13,067 |
|
$ |
13,177 |
|
(8)(17) |
|
|
First Lien Secured Debt - Term Loan |
|
S+225, 0.00% Floor |
|
9/30/2032 |
|
|
9,500 |
|
|
9,479 |
|
|
9,513 |
|
(8)(17) |
|
|
|
|
|
|
|
|
|
|
|
|
22,546 |
|
|
22,690 |
|
|
Nutpods |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Green Grass Foods, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+500, 1.00% Floor |
|
12/26/2029 |
|
|
3,675 |
|
|
3,621 |
|
|
3,620 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 1.00% Floor |
|
12/26/2029 |
|
|
— |
|
|
(17) |
|
|
(19) |
|
(4)(5)(9)(12)(32) |
Nutpods Holdings, Inc. |
|
Common Equity - Stock |
|
N/A |
|
N/A |
|
|
125 Shares |
|
|
125 |
|
|
92 |
|
(4)(9)(33) |
|
|
|
|
|
|
|
|
|
|
|
|
3,729 |
|
|
3,693 |
|
|
Patriot Pickle |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Patriot Foods Buyer, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+525, 1.00% Floor |
|
12/24/2029 |
|
|
6,452 |
|
|
6,359 |
|
|
6,404 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+525, 1.00% Floor |
|
12/22/2029 |
|
|
826 |
|
|
809 |
|
|
807 |
|
(4)(9)(12)(16)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+525, 1.00% Floor |
|
12/22/2029 |
|
|
298 |
|
|
286 |
|
|
291 |
|
(4)(9)(12)(16)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
7,454 |
|
|
7,502 |
|
|
Tate & Lyle |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Primary Products Finance LLC |
|
First Lien Secured Debt - Term Loan |
|
S+325, 0.50% Floor |
|
4/1/2029 |
|
|
6,483 |
|
|
6,351 |
|
|
6,415 |
|
(16) |
|
|
|
|
Total Food Products |
|
$ |
40,080 |
|
$ |
40,300 |
|
|
See notes to consolidated financial statements
98
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
Gas Utilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Venture Global |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CP2 LNG Holdings, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+350, 0.00% Floor |
|
7/28/2028 |
|
$ |
31,250 |
|
$ |
30,466 |
|
$ |
30,313 |
|
(4)(8)(15) |
|
|
|
|
Total Gas Utilities |
|
$ |
30,466 |
|
$ |
30,313 |
|
|
Ground Transportation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boasso |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Channelside AcquisitionCo, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
6/30/2028 |
|
$ |
39,526 |
|
$ |
38,933 |
|
$ |
39,131 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 0.75% Floor |
|
6/30/2028 |
|
|
— |
|
|
(8) |
|
|
(40) |
|
(4)(5)(9)(12)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.75% Floor |
|
3/31/2028 |
|
|
326 |
|
|
325 |
|
|
287 |
|
(4)(9)(12)(16)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
39,250 |
|
|
39,378 |
|
|
First Student |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Student Bidco Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+250, 0.00% Floor |
|
8/15/2030 |
|
|
7,593 |
|
|
7,589 |
|
|
7,628 |
|
(16) |
|
|
First Lien Secured Debt - Term Loan |
|
S+250, 0.50% Floor |
|
8/15/2030 |
|
|
1,806 |
|
|
1,805 |
|
|
1,813 |
|
(16) |
|
|
|
|
|
|
|
|
|
|
|
|
9,394 |
|
|
9,441 |
|
|
Genesee & Wyoming |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Genesee & Wyoming Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+175, 0.00% Floor |
|
4/10/2031 |
|
|
56,047 |
|
|
55,841 |
|
|
56,108 |
|
(16) |
Olympus Terminals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olympus Terminals Holdco II LLC |
|
First Lien Secured Debt - Term Loan |
|
S+525, 0.75% Floor |
|
12/17/2030 |
|
|
36,882 |
|
|
36,246 |
|
|
36,425 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+525, 0.75% Floor |
|
12/17/2030 |
|
|
— |
|
|
(100) |
|
|
(149) |
|
(4)(5)(12)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+525, 0.75% Floor |
|
12/17/2030 |
|
|
— |
|
|
(168) |
|
|
(124) |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
35,978 |
|
|
36,152 |
|
|
Student Transportation of America |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Student Transportation of America Holdings Inc |
|
First Lien Secured Debt - Term Loan |
|
S+325, 0.00% Floor |
|
6/24/2032 |
|
|
7,761 |
|
|
7,723 |
|
|
7,794 |
|
(16) |
Transportation Insight |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TI Intermediate Holdings, LLC |
|
First Lien Secured Debt - Term Loan |
|
8.32% |
|
6/18/2027 |
|
|
7,473 |
|
|
7,466 |
|
|
5,081 |
|
(4)(16)(30) |
|
|
First Lien Secured Debt - Term Loan |
|
1.00% |
|
6/18/2027 |
|
|
8 |
|
|
— |
|
|
8 |
|
(4)(16)(30)(32) |
|
|
First Lien Secured Debt - Revolver |
|
8.32% |
|
6/18/2027 |
|
|
— |
|
|
(8) |
|
|
— |
|
(4)(5)(12)(30)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
7,458 |
|
|
5,089 |
|
|
|
|
|
|
Total Ground Transportation |
|
$ |
155,644 |
|
$ |
153,962 |
|
|
Health Care Equipment & Supplies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bausch Health |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bausch + Lomb Corporation |
|
First Lien Secured Debt - Term Loan |
|
S+425, 0.00% Floor |
|
1/15/2031 |
|
$ |
17,223 |
|
$ |
17,149 |
|
$ |
17,426 |
|
(8)(15) |
Corpuls |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heartbeat BidCo GmbH |
|
First Lien Secured Debt - Term Loan |
|
E+650, 0.50% Floor |
|
6/28/2030 |
|
€ |
20,000 |
|
|
21,517 |
|
|
23,386 |
|
(3)(4)(8)(9)(20) |
|
|
First Lien Secured Debt - Delayed Draw |
|
E+650, 0.50% Floor |
|
6/28/2030 |
|
€ |
— |
|
|
(26) |
|
|
(57) |
|
(3)(4)(5)(8)(9)(10)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
21,491 |
|
|
23,329 |
|
|
See notes to consolidated financial statements
99
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
Medline |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medline Borrower LP |
|
First Lien Secured Debt - Term Loan |
|
S+175, 0.50% Floor |
|
10/23/2028 |
|
|
14,481 |
|
|
14,486 |
|
|
14,541 |
|
(15) |
Resonetics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Resonetics, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+275, 0.75% Floor |
|
6/18/2031 |
|
|
9,875 |
|
|
9,875 |
|
|
9,907 |
|
(16) |
Vantive |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Spruce Bidco II Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
1/30/2032 |
|
|
116,273 |
|
|
114,696 |
|
|
115,401 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Term Loan |
|
C+475, 0.75% Floor |
|
1/30/2032 |
|
C$ |
21,050 |
|
|
14,311 |
|
|
15,336 |
|
(3)(4)(9)(27) |
|
|
First Lien Secured Debt - Term Loan |
|
T+500, 0.75% Floor |
|
1/30/2032 |
|
¥ |
2,250,614 |
|
|
14,499 |
|
|
14,333 |
|
(3)(4)(9)(28) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.75% Floor |
|
1/30/2032 |
|
|
— |
|
|
(346) |
|
|
(198) |
|
(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
143,160 |
|
|
144,872 |
|
|
Zeus |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Zeus Company LLC |
|
First Lien Secured Debt - Term Loan |
|
S+600 Cash plus 3.00% PIK, 0.75% Floor |
|
2/28/2031 |
|
|
54,045 |
|
|
53,488 |
|
|
50,127 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+550, 0.75% Floor |
|
2/28/2031 |
|
|
4,996 |
|
|
4,910 |
|
|
4,270 |
|
(4)(9)(12)(16)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+550, 0.75% Floor |
|
2/28/2030 |
|
|
— |
|
|
(79) |
|
|
(547) |
|
(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
58,319 |
|
|
53,850 |
|
|
|
|
|
|
Total Health Care Equipment & Supplies |
|
$ |
264,480 |
|
$ |
263,925 |
|
|
Health Care Providers & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advarra |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advarra Holdings, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.75% Floor |
|
9/15/2031 |
|
$ |
217,165 |
|
$ |
216,219 |
|
$ |
216,079 |
|
(4)(9)(15) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 0.75% Floor |
|
9/15/2031 |
|
|
— |
|
|
(25) |
|
|
(62) |
|
(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
216,194 |
|
|
216,017 |
|
|
Affordable Care |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACI Group Holdings, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+285 Cash plus 3.25% PIK, 0.75% Floor |
|
8/2/2028 |
|
|
5,088 |
|
|
5,088 |
|
|
4,376 |
|
(4)(16) |
All Star Healthcare |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Star Recruiting Locums, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+550, 1.00% Floor |
|
5/1/2030 |
|
|
6,852 |
|
|
6,746 |
|
|
6,818 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+550, 1.00% Floor |
|
5/1/2030 |
|
|
1,730 |
|
|
1,704 |
|
|
1,722 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+550, 1.00% Floor |
|
5/1/2030 |
|
|
761 |
|
|
742 |
|
|
754 |
|
(4)(9)(12)(15)(16)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
9,192 |
|
|
9,294 |
|
|
See notes to consolidated financial statements
100
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
Allied Benefit Systems |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allied Benefit Systems Intermediate LLC |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.75% Floor |
|
10/31/2030 |
|
|
159,043 |
|
|
157,782 |
|
|
158,248 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 0.75% Floor |
|
10/31/2030 |
|
|
— |
|
|
(24) |
|
|
(48) |
|
(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
157,758 |
|
|
158,200 |
|
|
Athenahealth |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Athenahealth Group Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+275, 0.50% Floor |
|
2/15/2029 |
|
|
26,715 |
|
|
26,516 |
|
|
26,799 |
|
(15) |
CorroHealth |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coding Solutions Acquisition Inc |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.75% Floor |
|
8/7/2031 |
|
|
43,539 |
|
|
43,008 |
|
|
42,885 |
|
(4)(15) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 0.75% Floor |
|
8/7/2031 |
|
|
— |
|
|
(92) |
|
|
(99) |
|
(4)(5)(12)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 0.75% Floor |
|
8/7/2031 |
|
|
— |
|
|
(42) |
|
|
(52) |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
42,874 |
|
|
42,734 |
|
|
Dental Care Alliance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DCA Investment Holding LLC |
|
First Lien Secured Debt - Term Loan |
|
12.40% |
|
4/3/2028 |
|
|
2,397 |
|
|
2,397 |
|
|
1,822 |
|
(4)(17)(30) |
Eating Recovery Center |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ERC Topco Holdings, LLC |
|
First Lien Secured Debt - Term Loan |
|
10.43% |
|
3/29/2030 |
|
|
11,004 |
|
|
31,138 |
|
|
3,741 |
|
(4)(16)(30) |
|
|
First Lien Secured Debt - Term Loan |
|
9.43% |
|
3/31/2030 |
|
|
107 |
|
|
— |
|
|
107 |
|
(4)(16)(30) |
|
|
First Lien Secured Debt - Revolver |
|
9.43% |
|
3/31/2030 |
|
|
1,921 |
|
|
3,979 |
|
|
1,921 |
|
(4)(16)(30)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
35,117 |
|
|
5,769 |
|
|
EmpiRx Health |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EmpiRx Health LLC |
|
First Lien Secured Debt - Term Loan |
|
S+475, 1.00% Floor |
|
8/5/2029 |
|
|
20,000 |
|
|
19,808 |
|
|
19,800 |
|
(4)(16) |
Ensemble Health |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ensemble RCM, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+300, 0.00% Floor |
|
8/1/2029 |
|
|
46,798 |
|
|
46,636 |
|
|
47,082 |
|
(16) |
ExactCare |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ExactCare Parent, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+550, 1.00% Floor |
|
11/5/2029 |
|
|
39,864 |
|
|
39,088 |
|
|
39,864 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+550, 1.00% Floor |
|
11/5/2029 |
|
|
— |
|
|
(79) |
|
|
— |
|
(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
39,009 |
|
|
39,864 |
|
|
ExamWorks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electron BidCo Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+250, 0.50% Floor |
|
11/1/2028 |
|
|
28,261 |
|
|
28,256 |
|
|
28,441 |
|
(15) |
|
|
First Lien Secured Debt - Revolver |
|
S+375, 0.00% Floor |
|
8/2/2028 |
|
|
— |
|
|
(116) |
|
|
(135) |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
28,140 |
|
|
28,306 |
|
|
See notes to consolidated financial statements
101
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
Exemplar Healthcare |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EHC Holdings Holdco Limited |
|
First Lien Secured Debt - Term Loan |
|
SONIA+550, 0.00% Floor |
|
9/30/2031 |
|
£ |
48,000 |
|
|
63,063 |
|
|
63,569 |
|
(3)(4)(8)(10)(18) |
|
|
First Lien Secured Debt - Delayed Draw |
|
SONIA+550, 0.00% Floor |
|
9/30/2031 |
|
£ |
2,400 |
|
|
2,817 |
|
|
2,669 |
|
(3)(4)(8)(10)(12)(18)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
65,880 |
|
|
66,238 |
|
|
Hanger |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hanger, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+350, 0.00% Floor |
|
10/23/2031 |
|
|
25,499 |
|
|
25,409 |
|
|
25,615 |
|
(15) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+350, 0.00% Floor |
|
10/23/2031 |
|
|
1,945 |
|
|
1,923 |
|
|
1,954 |
|
(12)(15)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
27,332 |
|
|
27,569 |
|
|
MyDentist |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SPARKLE BIDCO LIMITED |
|
First Lien Secured Debt - Term Loan |
|
SONIA+525, 0.00% Floor |
|
10/14/2032 |
|
£ |
87,479 |
|
|
114,918 |
|
|
116,149 |
|
(3)(4)(8)(10)(18) |
|
|
First Lien Secured Debt - Delayed Draw |
|
SONIA+525, 0.00% Floor |
|
10/14/2032 |
|
£ |
3,683 |
|
|
4,647 |
|
|
4,499 |
|
(3)(4)(8)(10)(12)(18)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
119,565 |
|
|
120,648 |
|
|
Omega Healthcare |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OMH-Healthedge Holdings, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+450, 1.00% Floor |
|
4/1/2030 |
|
|
249,136 |
|
|
248,522 |
|
|
247,891 |
|
(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 1.00% Floor |
|
4/1/2030 |
|
|
— |
|
|
(110) |
|
|
(189) |
|
(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
248,412 |
|
|
247,702 |
|
|
One Call Medical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One Call Corporation |
|
First Lien Secured Debt - Term Loan |
|
S+575, 0.50% Floor |
|
9/10/2030 |
|
|
251,344 |
|
|
247,761 |
|
|
247,573 |
|
(4)(15)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.50% Floor |
|
9/10/2030 |
|
|
— |
|
|
(280) |
|
|
(298) |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
247,481 |
|
|
247,275 |
|
|
Patterson Companies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paradigm Parent, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.00% Floor |
|
4/16/2032 |
|
|
19,283 |
|
|
16,991 |
|
|
17,032 |
|
(16) |
Practice Plus Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Practice Plus Group Bidco Limited / Practice Plus Group Holdings Limited |
|
First Lien Secured Debt - Term Loan |
|
SONIA+600, 0.50% Floor |
|
11/19/2029 |
|
£ |
11,111 |
|
|
13,256 |
|
|
14,678 |
|
(3)(4)(8)(9)(18) |
Radiology Partners |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Radiology Partners, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.00% Floor |
|
6/30/2032 |
|
|
26,933 |
|
|
26,715 |
|
|
26,918 |
|
(16) |
Rarebreed |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rarebreed Veterinary Partners, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+525, 1.00% Floor |
|
4/18/2030 |
|
|
14,890 |
|
|
14,660 |
|
|
14,666 |
|
(4)(9)(15) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+525, 1.00% Floor |
|
4/18/2030 |
|
|
33,294 |
|
|
33,020 |
|
|
32,754 |
|
(4)(9)(12)(15)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+525, 1.00% Floor |
|
4/18/2030 |
|
|
— |
|
|
(84) |
|
|
(87) |
|
(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
47,596 |
|
|
47,333 |
|
|
See notes to consolidated financial statements
102
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
Schoen Klinik |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schoen Klinik SE |
|
First Lien Secured Debt - Term Loan |
|
E+450, 0.00% Floor |
|
1/12/2031 |
|
€ |
101,000 |
|
|
116,009 |
|
|
117,508 |
|
(3)(4)(8)(10)(20) |
Smile Brands |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Smile Brands Inc. |
|
First Lien Secured Debt - Term Loan |
|
9.92% |
|
10/12/2027 |
|
|
7,748 |
|
|
7,748 |
|
|
6,644 |
|
(4)(17)(30) |
Southern Veterinary Partners |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Southern Veterinary Partners, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+250, 0.00% Floor |
|
12/4/2031 |
|
|
32,336 |
|
|
32,244 |
|
|
32,334 |
|
(16) |
Team Select |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TS Investors, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+475, 1.00% Floor |
|
5/4/2029 |
|
|
16,735 |
|
|
16,495 |
|
|
16,651 |
|
(4)(9)(15) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 1.00% Floor |
|
5/4/2029 |
|
|
5,826 |
|
|
5,764 |
|
|
5,793 |
|
(4)(9)(12)(15)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 1.00% Floor |
|
5/4/2029 |
|
|
— |
|
|
(23) |
|
|
(9) |
|
(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
22,236 |
|
|
22,435 |
|
|
Tivity Health |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tivity Health, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.75% Floor |
|
6/28/2029 |
|
|
111,293 |
|
|
110,350 |
|
|
111,293 |
|
(4)(9)(15) |
US Fertility |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US Fertility Enterprises, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+350, 0.00% Floor |
|
12/10/2032 |
|
|
16,066 |
|
|
15,985 |
|
|
16,146 |
|
(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+350, 0.00% Floor |
|
12/10/2032 |
|
|
— |
|
|
(12) |
|
|
— |
|
(5)(9)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
15,973 |
|
|
16,146 |
|
|
US RADIOLOGY SPECIALISTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lumexa Imaging, Inc |
|
First Lien Secured Debt - Term Loan |
|
S+300, 0.00% Floor |
|
12/13/2032 |
|
|
11,000 |
|
|
10,973 |
|
|
11,089 |
|
(8)(16) |
|
|
|
|
Total Health Care Providers & Services |
|
$ |
1,757,490 |
|
$ |
1,732,905 |
|
|
Health Care Technology |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CNSI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acentra Holdings, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+550, 0.50% Floor |
|
12/17/2029 |
|
$ |
37,321 |
|
$ |
36,519 |
|
$ |
37,321 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Term Loan |
|
S+575, 0.50% Floor |
|
12/17/2029 |
|
|
2,905 |
|
|
2,863 |
|
|
2,905 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+550, 0.50% Floor |
|
12/17/2029 |
|
|
— |
|
|
(39) |
|
|
— |
|
(4)(5)(9)(12)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+550, 0.50% Floor |
|
12/17/2029 |
|
|
— |
|
|
(82) |
|
|
— |
|
(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
39,261 |
|
|
40,226 |
|
|
Datavant |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CT Technologies Intermediate Holdings |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
9/2/2031 |
|
|
178,321 |
|
|
176,626 |
|
|
176,538 |
|
(4)(15) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 0.75% Floor |
|
9/2/2031 |
|
|
22,654 |
|
|
22,407 |
|
|
22,301 |
|
(4)(15)(32) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 0.75% Floor |
|
8/30/2031 |
|
|
— |
|
|
— |
|
|
(78) |
|
(4)(5)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 0.75% Floor |
|
9/2/2031 |
|
|
— |
|
|
(140) |
|
|
— |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
198,893 |
|
|
198,761 |
|
|
See notes to consolidated financial statements
103
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
DXC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wisdom Purchaser, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.50% Floor |
|
7/24/2032 |
|
|
49,844 |
|
|
49,606 |
|
|
49,595 |
|
(4)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 0.50% Floor |
|
7/24/2032 |
|
|
— |
|
|
(24) |
|
|
(26) |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
49,582 |
|
|
49,569 |
|
|
Gainwell |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gainwell Acquisition Corp. |
|
First Lien Secured Debt - Term Loan |
|
S+410, 0.75% Floor |
|
10/1/2027 |
|
|
118,108 |
|
|
116,048 |
|
|
116,248 |
|
(16) |
MRO Parent Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MRO Parent Corporation |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.75% Floor |
|
6/9/2032 |
|
|
25,492 |
|
|
25,132 |
|
|
25,236 |
|
(4)(15) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 0.75% Floor |
|
6/9/2032 |
|
|
— |
|
|
(48) |
|
|
(22) |
|
(4)(5)(12)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 0.75% Floor |
|
6/9/2032 |
|
|
— |
|
|
(25) |
|
|
(22) |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
25,059 |
|
|
25,192 |
|
|
Novotech |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Novotech SG Holdings Pte. Ltd./ Novotech Aus Bidco Pty Ltd/Novotech Holdings USA LLC |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.50% Floor |
|
6/27/2031 |
|
|
42,857 |
|
|
42,410 |
|
|
42,373 |
|
(4)(8)(9)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 0.50% Floor |
|
6/27/2031 |
|
|
1,857 |
|
|
1,786 |
|
|
1,776 |
|
(4)(8)(9)(12)(17)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
44,196 |
|
|
44,149 |
|
|
Press Ganey |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Azalea TopCo, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+300, 0.00% Floor |
|
4/30/2031 |
|
|
4,581 |
|
|
4,585 |
|
|
4,595 |
|
(15) |
Suvoda |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goldeneye Parent, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
3/31/2032 |
|
|
87,785 |
|
|
87,396 |
|
|
88,004 |
|
(4)(15) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.75% Floor |
|
3/31/2032 |
|
|
— |
|
|
(57) |
|
|
— |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
87,339 |
|
|
88,004 |
|
|
Wellsky |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Project Ruby Ultimate Parent Corp. |
|
First Lien Secured Debt - Term Loan |
|
S+286, 0.00% Floor |
|
3/10/2028 |
|
|
20,758 |
|
|
20,707 |
|
|
20,838 |
|
(15) |
|
|
|
|
Total Health Care Technology |
|
$ |
585,670 |
|
$ |
587,582 |
|
|
Hotels, Restaurants & Leisure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allwyn Entertainment Financing US LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allwyn Entertainment Financing US LLC |
|
First Lien Secured Debt - Delayed Draw |
|
S+250, 0.00% Floor |
|
11/24/2032 |
|
$ |
— |
|
$ |
(1,600) |
|
$ |
(1,200) |
|
(5)(8)(32) |
Aston |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accommodations Plus Technologies LLC |
|
First Lien Secured Debt - Revolver |
|
S+425, 0.75% Floor |
|
5/28/2032 |
|
|
— |
|
|
— |
|
|
(114) |
|
(4)(5)(9)(12)(32) |
Caesars Entertainment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Caesars Entertainment, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+225, 0.50% Floor |
|
2/6/2031 |
|
|
21,246 |
|
|
21,278 |
|
|
21,087 |
|
(8)(15) |
See notes to consolidated financial statements
104
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
Crunch Fitness |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crunch Fitness Merger Sub, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.75% Floor |
|
9/26/2031 |
|
|
176,223 |
|
|
176,212 |
|
|
176,664 |
|
(4)(15) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.75% Floor |
|
9/26/2031 |
|
|
— |
|
|
(108) |
|
|
— |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
176,104 |
|
|
176,664 |
|
|
Delivery Hero |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delivery Hero Finco Germany GmbH |
|
First Lien Secured Debt - Term Loan |
|
K+500, 0.50% Floor |
|
12/12/2029 |
|
₩ |
194,831,194 |
|
|
139,176 |
|
|
136,262 |
|
(3)(8)(9)(19) |
Delivery Hero Finco LLC |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.50% Floor |
|
12/12/2029 |
|
|
4,962 |
|
|
4,918 |
|
|
4,989 |
|
(8)(9)(16) |
Delivery Hero SE |
|
Unsecured Debt - Convertible Bond |
|
3.25% |
|
2/21/2030 |
|
€ |
9,100 |
|
|
10,398 |
|
|
10,417 |
|
(3)(8)(9) |
|
|
|
|
|
|
|
|
|
|
|
|
154,492 |
|
|
151,668 |
|
|
Endeavor |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Endeavor Operating Co LLC |
|
First Lien Secured Debt - Term Loan |
|
S+300, 0.00% Floor |
|
3/24/2032 |
|
|
54,725 |
|
|
54,766 |
|
|
55,108 |
|
(15) |
|
|
First Lien Secured Debt - Term Loan |
|
S+375, 0.00% Floor |
|
3/24/2028 |
|
|
40,607 |
|
|
40,423 |
|
|
40,607 |
|
(4)(15) |
|
|
|
|
|
|
|
|
|
|
|
|
95,189 |
|
|
95,715 |
|
|
Fertitta Entertainment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fertitta Entertainment LLC/NV |
|
First Lien Secured Debt - Term Loan |
|
S+325, 0.50% Floor |
|
1/27/2029 |
|
|
37,003 |
|
|
36,988 |
|
|
37,036 |
|
(15) |
Flutter Entertainment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flutter Entertainment PLC |
|
First Lien Secured Debt - Term Loan |
|
S+200, 0.50% Floor |
|
6/4/2032 |
|
|
3,980 |
|
|
3,970 |
|
|
3,986 |
|
(8)(16) |
FLYNN RESTAURANT GROUP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flynn Restaurant Group LP |
|
First Lien Secured Debt - Term Loan |
|
S+375, 0.00% Floor |
|
1/28/2032 |
|
|
6,965 |
|
|
6,932 |
|
|
7,002 |
|
(15) |
Intralot Capital Luxembourg SA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intralot Capital Luxembourg SA |
|
First Lien Secured Debt - Term Loan |
|
SONIA+550, 0.00% Floor |
|
9/18/2031 |
|
£ |
86,000 |
|
|
113,185 |
|
|
113,605 |
|
(3)(4)(8)(10)(18) |
JOA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Joker Holdco 3 S.a r.l. |
|
First Lien Secured Debt - Term Loan |
|
E+600, 0.00% Floor |
|
4/19/2031 |
|
€ |
126,725 |
|
|
132,847 |
|
|
147,810 |
|
(3)(4)(8)(9)(10)(21) |
Nottingham Forest FC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nottingham Forest Football Club Limited |
|
First Lien Secured Debt - Term Loan |
|
8.75% |
|
12/27/2027 |
|
£ |
24,063 |
|
|
30,067 |
|
|
32,273 |
|
(3)(4)(8)(10) |
OpenBet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OB Global Openbet Holdings 2 LLC |
|
First Lien Secured Debt - Term Loan |
|
S+600, 1.50% Floor |
|
9/24/2029 |
|
|
78,094 |
|
|
77,249 |
|
|
77,313 |
|
(4)(16) |
PARS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PARS Group LLC |
|
First Lien Secured Debt - Term Loan |
|
S+685, 1.50% Floor |
|
4/3/2028 |
|
|
8,636 |
|
|
8,574 |
|
|
8,032 |
|
(4)(9)(15) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+675, 1.50% Floor |
|
4/3/2028 |
|
|
— |
|
|
— |
|
|
(67) |
|
(4)(5)(9)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
8,574 |
|
|
7,965 |
|
|
See notes to consolidated financial statements
105
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
Scientific Games Lottery |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Scientific Games Holdings LP |
|
First Lien Secured Debt - Term Loan |
|
S+300, 0.50% Floor |
|
4/4/2029 |
|
|
47,567 |
|
|
47,237 |
|
|
46,794 |
|
(16) |
Sky Zone |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CircusTrix Holdings LLC |
|
First Lien Secured Debt - Term Loan |
|
S+675, 1.00% Floor |
|
7/18/2028 |
|
|
12,298 |
|
|
12,122 |
|
|
12,052 |
|
(4)(9)(15) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+675, 1.00% Floor |
|
7/18/2028 |
|
|
3,245 |
|
|
3,196 |
|
|
3,181 |
|
(4)(9)(15) |
|
|
First Lien Secured Debt - Revolver |
|
S+675, 1.00% Floor |
|
7/18/2028 |
|
|
323 |
|
|
312 |
|
|
306 |
|
(4)(9)(12)(15)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
15,630 |
|
|
15,539 |
|
|
Sports Invest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sports Invest Holdings Ltd. |
|
First Lien Secured Debt - Term Loan |
|
10.25% |
|
10/3/2029 |
|
£ |
40,000 |
|
|
50,583 |
|
|
52,975 |
|
(3)(4)(8)(10) |
Walter's Wedding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WH BorrowerCo, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+500, 1.00% Floor |
|
8/2/2030 |
|
|
25,827 |
|
|
25,513 |
|
|
25,246 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 1.00% Floor |
|
8/2/2030 |
|
|
6,902 |
|
|
6,731 |
|
|
6,572 |
|
(4)(9)(12)(16)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 1.00% Floor |
|
8/2/2030 |
|
|
1,049 |
|
|
996 |
|
|
947 |
|
(4)(9)(12)(16)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
33,240 |
|
|
32,765 |
|
|
|
|
|
|
Total Hotels, Restaurants & Leisure |
|
$ |
1,001,965 |
|
$ |
1,018,883 |
|
|
Household Durables |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
K Hovnanian Enterprises Inc |
|
First Lien Secured Debt - Revolver |
|
S+450, 3.00% Floor |
|
6/30/2028 |
|
$ |
— |
|
$ |
(6,804) |
|
$ |
(6,875) |
|
(4)(5)(9)(12)(32) |
Polywood |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Poly-Wood, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+488, 1.00% Floor |
|
3/20/2030 |
|
|
153,660 |
|
|
151,302 |
|
|
152,891 |
|
(4)(9)(15) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+488, 1.00% Floor |
|
3/20/2030 |
|
|
— |
|
|
(184) |
|
|
(115) |
|
(4)(5)(9)(12)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+488, 1.00% Floor |
|
3/20/2030 |
|
|
— |
|
|
(368) |
|
|
(115) |
|
(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
150,750 |
|
|
152,661 |
|
|
Restoration Hardware |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restoration Hardware, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+261, 0.50% Floor |
|
10/20/2028 |
|
|
24,629 |
|
|
24,104 |
|
|
24,343 |
|
(8)(15) |
Weber-Stephen Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weber-Stephen Products LLC |
|
First Lien Secured Debt - Term Loan |
|
S+375, 0.00% Floor |
|
10/1/2032 |
|
|
31,500 |
|
|
31,266 |
|
|
31,586 |
|
(16) |
|
|
|
|
Total Household Durables |
|
$ |
199,316 |
|
$ |
201,715 |
|
|
See notes to consolidated financial statements
106
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
Household Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Culligan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AI Aqua Merger Sub, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+300, 0.50% Floor |
|
7/31/2028 |
|
$ |
3,990 |
|
$ |
3,989 |
|
$ |
4,003 |
|
(15)(16) |
Ergotron |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ergotron Acquisition, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+525, 0.75% Floor |
|
7/6/2028 |
|
|
8,831 |
|
|
8,744 |
|
|
8,764 |
|
(4)(15) |
Ergotron Investments, LLC |
|
Common Equity - Equity Unit |
|
N/A |
|
N/A |
|
|
500 Units |
|
|
50 |
|
|
43 |
|
(4)(33) |
|
|
|
|
|
|
|
|
|
|
|
|
8,794 |
|
|
8,807 |
|
|
Tranzonic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TZ Buyer LLC |
|
First Lien Secured Debt - Term Loan |
|
S+610, 0.75% Floor |
|
8/14/2028 |
|
|
40,457 |
|
|
39,738 |
|
|
40,053 |
|
(4)(9)(15) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+610, 0.75% Floor |
|
8/14/2028 |
|
|
55,229 |
|
|
54,526 |
|
|
54,677 |
|
(4)(9)(15) |
|
|
First Lien Secured Debt - Revolver |
|
S+610, 0.75% Floor |
|
8/14/2028 |
|
|
394 |
|
|
387 |
|
|
388 |
|
(4)(9)(12)(15)(32) |
TZ Parent LLC |
|
Common Equity - Equity Unit |
|
N/A |
|
N/A |
|
|
50 Units |
|
|
50 |
|
|
76 |
|
(4)(9)(33) |
|
|
|
|
|
|
|
|
|
|
|
|
94,701 |
|
|
95,194 |
|
|
|
|
|
|
Total Household Products |
|
$ |
107,484 |
|
$ |
108,004 |
|
|
Independent Power & Renewable Electricity Producers |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calpine Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calpine Corporation |
|
First Lien Secured Debt - Term Loan |
|
S+175, 0.00% Floor |
|
1/31/2031 |
|
$ |
14,862 |
|
$ |
14,860 |
|
$ |
14,878 |
|
(15) |
Cogentrix |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cogentrix Finance Holdco I LLC |
|
First Lien Secured Debt - Term Loan |
|
S+225, 0.00% Floor |
|
2/26/2032 |
|
|
13,725 |
|
|
13,694 |
|
|
13,828 |
|
(15) |
NextEra Energy |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
XPLR Infrastructure Operating Partners LP |
|
Unsecured Debt - Corporate Bond |
|
8.38% |
|
1/15/2031 |
|
|
10 |
|
|
10 |
|
|
11 |
|
(8) |
|
|
Unsecured Debt - Corporate Bond |
|
8.63% |
|
3/15/2033 |
|
|
10 |
|
|
10 |
|
|
10 |
|
(8) |
|
|
Unsecured Debt - Corporate Bond |
|
4.50% |
|
9/15/2027 |
|
|
10 |
|
|
10 |
|
|
10 |
|
(8) |
|
|
|
|
|
|
|
|
|
|
|
|
30 |
|
|
31 |
|
|
|
|
|
|
Total Independent Power & Renewable Electricity Producers |
|
$ |
28,584 |
|
$ |
28,737 |
|
|
Industrial Conglomerates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fortis Fire |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fortis Fire & Safety Holdings LP |
|
Common Equity - Equity Unit |
|
N/A |
|
N/A |
|
|
9 Units |
|
$ |
90 |
|
$ |
112 |
|
(4)(9)(33) |
|
|
|
|
Total Industrial Conglomerates |
|
$ |
90 |
|
$ |
112 |
|
|
See notes to consolidated financial statements
107
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acrisure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acrisure LLC |
|
First Lien Secured Debt - Term Loan |
|
S+325, 0.00% Floor |
|
6/20/2032 |
|
$ |
4,975 |
|
$ |
4,963 |
|
$ |
4,987 |
|
(15) |
Alera Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alera Group Intermediate Holdings, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+325, 0.50% Floor |
|
5/30/2032 |
|
|
34,414 |
|
|
34,253 |
|
|
34,618 |
|
(9)(15) |
Alliant |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alliant Holdings Intermediate, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+250, 0.00% Floor |
|
9/19/2031 |
|
|
40,495 |
|
|
40,319 |
|
|
40,632 |
|
(15) |
Amwins |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AmWINS Group, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+225, 0.75% Floor |
|
1/30/2032 |
|
|
23,790 |
|
|
23,765 |
|
|
23,885 |
|
(15) |
Ardonagh |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ardonagh Group Finco Pty Ltd |
|
First Lien Secured Debt - Term Loan |
|
S+275, 0.00% Floor |
|
2/15/2031 |
|
|
34,738 |
|
|
34,567 |
|
|
34,731 |
|
(8)(16)(17) |
Asurion |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asurion, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+425, 0.00% Floor |
|
9/19/2030 |
|
|
18,271 |
|
|
18,150 |
|
|
18,287 |
|
(15) |
Broadstreet Partners |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BroadStreet Partners, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+275, 0.00% Floor |
|
6/13/2031 |
|
|
10,559 |
|
|
10,551 |
|
|
10,606 |
|
(15) |
Galway |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Galway Borrower LLC |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.75% Floor |
|
9/29/2028 |
|
|
33,614 |
|
|
33,416 |
|
|
33,698 |
|
(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 0.75% Floor |
|
9/29/2028 |
|
|
1,319 |
|
|
1,308 |
|
|
1,319 |
|
(4)(9)(12)(16)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 0.75% Floor |
|
9/29/2028 |
|
|
524 |
|
|
504 |
|
|
524 |
|
(4)(9)(12)(16)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
35,228 |
|
|
35,541 |
|
|
Higginbotham |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HIG Intermediate, Inc. |
|
Preferred Equity - Cumulative Preferred |
|
N/A |
|
N/A |
|
|
50,000 Shares |
|
|
49 |
|
|
50 |
|
(4)(33) |
Higginbotham Insurance Agency, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+450, 1.00% Floor |
|
6/11/2031 |
|
|
138,425 |
|
|
138,164 |
|
|
137,733 |
|
(15) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 1.00% Floor |
|
6/11/2031 |
|
|
— |
|
|
(141) |
|
|
(190) |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
138,072 |
|
|
137,593 |
|
|
Hilb Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thg Acquisition, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
10/31/2031 |
|
|
89,254 |
|
|
88,476 |
|
|
88,362 |
|
(4)(9)(15) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 0.75% Floor |
|
10/31/2031 |
|
|
5,815 |
|
|
5,704 |
|
|
5,615 |
|
(4)(9)(12)(15)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.75% Floor |
|
10/31/2031 |
|
|
1,317 |
|
|
1,233 |
|
|
1,217 |
|
(4)(9)(12)(15)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
95,413 |
|
|
95,194 |
|
|
Howden Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HIG Finance 2 Limited |
|
First Lien Secured Debt - Term Loan |
|
S+275, 0.50% Floor |
|
4/18/2030 |
|
|
9,949 |
|
|
9,904 |
|
|
9,988 |
|
(8)(16) |
Hyperion Refinance Sarl |
|
First Lien Secured Debt - Term Loan |
|
S+275, 0.50% Floor |
|
2/15/2031 |
|
|
61,114 |
|
|
60,816 |
|
|
61,338 |
|
(8)(15) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 0.50% Floor |
|
2/15/2031 |
|
|
101,200 |
|
|
99,276 |
|
|
101,200 |
|
(4)(8)(10)(12)(16)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
169,996 |
|
|
172,526 |
|
|
See notes to consolidated financial statements
108
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
Hub International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hub International Limited |
|
First Lien Secured Debt - Term Loan |
|
S+225, 0.00% Floor |
|
6/20/2030 |
|
|
21,129 |
|
|
21,153 |
|
|
21,263 |
|
(16) |
ISC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IRIS Specialty Acquisition LLC |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.50% Floor |
|
11/20/2032 |
|
|
214,754 |
|
|
213,698 |
|
|
213,680 |
|
(4)(8)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 0.50% Floor |
|
11/20/2032 |
|
|
— |
|
|
(89) |
|
|
(90) |
|
(4)(5)(8)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 0.50% Floor |
|
11/20/2032 |
|
|
— |
|
|
(157) |
|
|
(159) |
|
(4)(5)(8)(11)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
213,452 |
|
|
213,431 |
|
|
Keystone |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Koala Investment Holdings, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+425, 0.75% Floor |
|
8/29/2032 |
|
|
95,436 |
|
|
94,517 |
|
|
94,482 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 0.75% Floor |
|
8/29/2032 |
|
|
— |
|
|
(88) |
|
|
(184) |
|
(4)(5)(12)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 0.75% Floor |
|
8/29/2032 |
|
|
— |
|
|
(78) |
|
|
(82) |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
94,351 |
|
|
94,216 |
|
|
OneDigital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OneDigital Borrower LLC |
|
First Lien Secured Debt - Term Loan |
|
S+300, 0.50% Floor |
|
7/2/2031 |
|
|
2,985 |
|
|
2,992 |
|
|
2,996 |
|
(16) |
Patriot Growth Insurance Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Patriot Growth Insurance Services, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+515, 0.75% Floor |
|
10/16/2028 |
|
|
31,489 |
|
|
31,489 |
|
|
31,489 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 0.75% Floor |
|
10/16/2028 |
|
|
5,952 |
|
|
5,913 |
|
|
5,952 |
|
(4)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 0.75% Floor |
|
10/16/2028 |
|
|
— |
|
|
— |
|
|
— |
|
(4)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
37,402 |
|
|
37,441 |
|
|
Safe-Guard |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG Acquisition, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
4/3/2030 |
|
|
90,030 |
|
|
89,032 |
|
|
90,030 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.75% Floor |
|
4/3/2030 |
|
|
— |
|
|
(41) |
|
|
(29) |
|
(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
88,991 |
|
|
90,001 |
|
|
Sedgwick |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sedgwick Claims Management Services, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+250, 0.00% Floor |
|
7/31/2031 |
|
|
11,467 |
|
|
11,443 |
|
|
11,516 |
|
(15) |
Truist |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truist Insurance Holdings, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+275, 0.00% Floor |
|
5/6/2031 |
|
|
32,649 |
|
|
32,578 |
|
|
32,744 |
|
(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+325, 0.00% Floor |
|
5/6/2029 |
|
|
— |
|
|
(381) |
|
|
(435) |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
32,197 |
|
|
32,309 |
|
|
|
|
|
|
Total Insurance |
|
$ |
1,107,258 |
|
$ |
1,111,773 |
|
|
Interactive Media & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adevinta |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aurelia Netherlands BV |
|
First Lien Secured Debt - Term Loan |
|
E+475, 0.00% Floor |
|
5/29/2031 |
|
€ |
212,000 |
|
$ |
232,112 |
|
$ |
249,765 |
|
(3)(4)(8)(9)(10)(21) |
Twitter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X Corp |
|
First Lien Secured Debt - Term Loan |
|
9.50% |
|
10/26/2029 |
|
|
56,512 |
|
|
55,010 |
|
|
56,422 |
|
|
|
|
First Lien Secured Debt - Term Loan |
|
S+675, 0.50% Floor |
|
10/26/2029 |
|
|
29,650 |
|
|
29,056 |
|
|
29,195 |
|
(17) |
|
|
|
|
|
|
|
|
|
|
|
|
84,066 |
|
|
85,617 |
|
|
|
|
|
|
Total Interactive Media & Services |
|
$ |
316,178 |
|
$ |
335,382 |
|
|
See notes to consolidated financial statements
109
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
IT Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Astek |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIERE ASTEK |
|
First Lien Secured Debt - Term Loan |
|
E+675, 0.00% Floor |
|
4/25/2031 |
|
€ |
50,293 |
|
$ |
52,758 |
|
$ |
58,366 |
|
(3)(4)(8)(9)(10)(20) |
|
|
First Lien Secured Debt - Delayed Draw |
|
E+675, 0.00% Floor |
|
4/25/2031 |
|
€ |
20,626 |
|
|
21,637 |
|
|
23,933 |
|
(3)(4)(8)(9)(10)(12)(20)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
74,395 |
|
|
82,299 |
|
|
Avenu Insights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACP Avenu Buyer, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+475, 1.00% Floor |
|
10/2/2029 |
|
|
14,586 |
|
|
14,397 |
|
|
14,440 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 1.00% Floor |
|
10/2/2029 |
|
|
2,658 |
|
|
2,569 |
|
|
2,536 |
|
(4)(9)(12)(16)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+525, 1.00% Floor |
|
10/2/2029 |
|
|
— |
|
|
(61) |
|
|
(61) |
|
(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
16,905 |
|
|
16,915 |
|
|
Genesys Cloud |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Greeneden U.S. Holdings II, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+250, 0.00% Floor |
|
1/30/2032 |
|
|
5,250 |
|
|
5,230 |
|
|
5,246 |
|
(15) |
GrayMatter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Genius Bidco LLC |
|
First Lien Secured Debt - Term Loan |
|
S+525, 1.00% Floor |
|
5/1/2030 |
|
|
4,570 |
|
|
4,499 |
|
|
4,478 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+525, 1.00% Floor |
|
5/1/2030 |
|
|
— |
|
|
(12) |
|
|
(34) |
|
(4)(5)(9)(12)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+525, 1.00% Floor |
|
5/1/2030 |
|
|
155 |
|
|
138 |
|
|
132 |
|
(4)(9)(12)(16)(32) |
Genius Bidco LLC |
|
Common Equity - Equity Unit |
|
N/A |
|
N/A |
|
|
773 Units |
|
|
77 |
|
|
48 |
|
(4)(9)(33) |
|
|
|
|
|
|
|
|
|
|
|
|
4,702 |
|
|
4,624 |
|
|
Vensure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vensure Employer Services, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.50% Floor |
|
9/27/2031 |
|
|
158,960 |
|
|
157,693 |
|
|
156,575 |
|
(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 0.50% Floor |
|
9/27/2031 |
|
|
— |
|
|
(36) |
|
|
(38) |
|
(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
157,657 |
|
|
156,537 |
|
|
Version 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Company 24 Bidco Limited |
|
First Lien Secured Debt - Term Loan |
|
SONIA+490, 0.00% Floor |
|
7/11/2029 |
|
£ |
6,559 |
|
|
7,692 |
|
|
8,797 |
|
(3)(4)(8)(9)(18) |
|
|
First Lien Secured Debt - Term Loan |
|
E+490, 0.00% Floor |
|
7/11/2029 |
|
€ |
4,029 |
|
|
3,994 |
|
|
4,711 |
|
(3)(4)(8)(9)(20) |
|
|
First Lien Secured Debt - Delayed Draw |
|
SONIA+490, 0.00% Floor |
|
7/11/2029 |
|
£ |
2,248 |
|
|
2,630 |
|
|
2,728 |
|
(3)(4)(8)(9)(12)(18)(32) |
|
|
First Lien Secured Debt - Delayed Draw |
|
E+575, 0.00% Floor |
|
7/11/2029 |
|
€ |
— |
|
|
— |
|
|
(32) |
|
(3)(4)(5)(8)(9)(10)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
14,316 |
|
|
16,204 |
|
|
VikingCloud |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bullcave Limited |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.75% Floor |
|
8/6/2030 |
|
|
20,789 |
|
|
20,535 |
|
|
20,634 |
|
(4)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 0.75% Floor |
|
8/6/2030 |
|
|
2,632 |
|
|
2,585 |
|
|
2,602 |
|
(4)(12)(16)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
23,120 |
|
|
23,236 |
|
|
|
|
|
|
Total IT Services |
|
$ |
296,325 |
|
$ |
305,061 |
|
|
See notes to consolidated financial statements
110
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
Leisure Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bowlero |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kingpin Intermediate Holdings LLC |
|
First Lien Secured Debt - Term Loan |
|
S+325, 0.00% Floor |
|
9/22/2032 |
|
$ |
13,054 |
|
$ |
12,959 |
|
$ |
12,826 |
|
(8)(15) |
|
|
First Lien Secured Debt - Corporate Bond |
|
7.25% |
|
10/15/2032 |
|
|
15,042 |
|
|
14,523 |
|
|
14,263 |
|
(8) |
|
|
|
|
|
|
|
|
|
|
|
|
27,482 |
|
|
27,089 |
|
|
Lime |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Neutron Holdings, Inc. |
|
First Lien Secured Debt - Term Loan |
|
10.00% |
|
9/30/2026 |
|
|
75,000 |
|
|
74,583 |
|
|
75,000 |
|
(4)(9) |
Peloton |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Peloton Interactive, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+550, 0.00% Floor |
|
5/30/2029 |
|
|
81,579 |
|
|
81,030 |
|
|
82,395 |
|
(8)(15) |
|
|
|
|
Total Leisure Products |
|
$ |
183,095 |
|
$ |
184,484 |
|
|
Life Sciences Tools & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cambrex |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cambrex Corp. |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.75% Floor |
|
3/5/2032 |
|
$ |
116,518 |
|
$ |
115,508 |
|
$ |
116,518 |
|
(4)(15) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 0.75% Floor |
|
3/5/2032 |
|
|
— |
|
|
— |
|
|
— |
|
(4)(12)(32) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 0.75% Floor |
|
3/6/2032 |
|
|
— |
|
|
(77) |
|
|
— |
|
(4)(5)(12)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 0.75% Floor |
|
3/5/2032 |
|
|
872 |
|
|
737 |
|
|
872 |
|
(4)(12)(15)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
116,168 |
|
|
117,390 |
|
|
Curia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Curia Global, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+300 Cash plus 3.25% PIK, 0.00% Floor |
|
12/6/2029 |
|
|
204,841 |
|
|
201,838 |
|
|
199,208 |
|
(4)(16) |
Parexel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parexel International Corporation |
|
First Lien Secured Debt - Term Loan |
|
S+275, 0.50% Floor |
|
12/12/2031 |
|
|
58,319 |
|
|
58,170 |
|
|
58,586 |
|
(15) |
|
|
|
|
Total Life Sciences Tools & Services |
|
$ |
376,176 |
|
$ |
375,184 |
|
|
Machinery |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alliance Laundry Systems |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alliance Laundry Systems LLC |
|
First Lien Secured Debt - Term Loan |
|
S+225, 0.00% Floor |
|
8/19/2031 |
|
$ |
16,775 |
|
$ |
16,733 |
|
$ |
16,867 |
|
(15)(16) |
Arrowhead Engineered Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arrowhead Holdco Company |
|
First Lien Secured Debt - Term Loan |
|
S+265 Cash plus 2.75% PIK, 0.75% Floor |
|
8/31/2028 |
|
|
10,444 |
|
|
10,444 |
|
|
7,755 |
|
(4)(16) |
Carlisle Fluid Technologies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LSF12 Donnelly Bidco, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+650, 1.00% Floor |
|
10/2/2029 |
|
|
14,663 |
|
|
14,407 |
|
|
14,418 |
|
(4)(9)(15) |
See notes to consolidated financial statements
111
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
Circor |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cube Industrials Buyer, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+300, 0.00% Floor |
|
10/17/2031 |
|
|
24,317 |
|
|
24,225 |
|
|
24,504 |
|
(9)(16) |
Duravant |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineered Machinery Holdings, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+325, 0.00% Floor |
|
11/26/2032 |
|
|
20,000 |
|
|
19,907 |
|
|
20,153 |
|
(16) |
Husky Holdings LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Husky Holdings LLC |
|
First Lien Secured Debt - Delayed Draw |
|
S+375, 0.00% Floor |
|
2/15/2029 |
|
|
— |
|
|
— |
|
|
— |
|
(8)(12)(32) |
Husky Technologies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Titan Acquisition Ltd of Canada |
|
First Lien Secured Debt - Term Loan |
|
S+375, 0.00% Floor |
|
2/15/2029 |
|
|
75,117 |
|
|
74,529 |
|
|
75,780 |
|
(8)(15)(16) |
Ideal Tridon |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ideal Components Acquisition, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.75% Floor |
|
6/30/2032 |
|
|
29,849 |
|
|
29,425 |
|
|
29,625 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 0.75% Floor |
|
6/30/2032 |
|
|
— |
|
|
(38) |
|
|
(41) |
|
(4)(5)(12)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 0.75% Floor |
|
6/30/2032 |
|
|
611 |
|
|
547 |
|
|
576 |
|
(4)(12)(15)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
29,934 |
|
|
30,160 |
|
|
JPW |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JPW Industries Holding Corporation |
|
First Lien Secured Debt - Term Loan |
|
S+588, 2.00% Floor |
|
11/22/2028 |
|
|
112,867 |
|
|
111,066 |
|
|
111,174 |
|
(4)(9)(16) |
Milacron |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IOTA HOLDINGS 3 |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.00% Floor |
|
3/31/2032 |
|
|
24,613 |
|
|
24,274 |
|
|
24,244 |
|
(4)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.00% Floor |
|
3/31/2032 |
|
|
2,178 |
|
|
2,067 |
|
|
2,054 |
|
(4)(12)(16)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
26,341 |
|
|
26,298 |
|
|
ProMach |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro Mach Group, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+275, 0.00% Floor |
|
10/15/2032 |
|
|
33,647 |
|
|
33,563 |
|
|
33,899 |
|
(15) |
SPX Flow |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SPX Flow, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+275, 0.50% Floor |
|
4/5/2029 |
|
|
1,850 |
|
|
1,850 |
|
|
1,857 |
|
(15) |
United Flow Technologies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Uft Buyer LLC |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.50% Floor |
|
12/6/2032 |
|
|
67,723 |
|
|
67,053 |
|
|
67,045 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 0.50% Floor |
|
12/6/2032 |
|
|
— |
|
|
(123) |
|
|
(124) |
|
(4)(5)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 0.50% Floor |
|
12/6/2032 |
|
|
— |
|
|
(92) |
|
|
(93) |
|
(4)(5)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
66,838 |
|
|
66,828 |
|
|
|
|
|
|
Total Machinery |
|
$ |
429,837 |
|
$ |
429,693 |
|
|
Media |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accelerate360 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accelerate360 Holdings, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+626, 1.00% Floor |
|
2/11/2027 |
|
$ |
79,487 |
|
$ |
79,475 |
|
$ |
79,288 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+626, 1.00% Floor |
|
2/11/2027 |
|
|
24,956 |
|
|
24,956 |
|
|
24,842 |
|
(4)(9)(12)(16)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
104,431 |
|
|
104,130 |
|
|
See notes to consolidated financial statements
112
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
Astound Broadband |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Radiate Holdco, LLC |
|
First Lien Secured Debt - Term Loan |
|
1.50% PIK |
|
9/25/2029 |
|
|
27,408 |
|
|
21,638 |
|
|
21,226 |
|
(15) |
|
|
First Lien Secured Debt - Term Loan |
|
S+400, 1.00% Floor |
|
6/26/2029 |
|
|
204 |
|
|
200 |
|
|
204 |
|
(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+400, 1.00% Floor |
|
6/26/2029 |
|
|
204 |
|
|
204 |
|
|
204 |
|
(12)(15)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
22,042 |
|
|
21,634 |
|
|
DISH Network |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EchoStar Corporation |
|
First Lien Secured Debt - Corporate Bond |
|
10.75% |
|
11/30/2029 |
|
|
64,979 |
|
|
66,394 |
|
|
71,924 |
|
(8) |
|
|
First Lien Secured Debt - Convertible Bond |
|
3.88% |
|
11/30/2030 |
|
|
19,028 |
|
|
45,550 |
|
|
63,706 |
|
(8) |
|
|
|
|
|
|
|
|
|
|
|
|
111,944 |
|
|
135,630 |
|
|
Gannett |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gannett Holdings, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+500, 1.50% Floor |
|
10/15/2029 |
|
|
176,402 |
|
|
174,386 |
|
|
175,299 |
|
(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 1.50% Floor |
|
10/15/2029 |
|
|
3,565 |
|
|
3,489 |
|
|
3,488 |
|
(8)(16)(32) |
USA TODAY Co Inc |
|
First Lien Secured Debt - Convertible Bond |
|
6.00% |
|
12/1/2031 |
|
|
500 |
|
|
525 |
|
|
706 |
|
(4)(8) |
|
|
|
|
|
|
|
|
|
|
|
|
178,400 |
|
|
179,493 |
|
|
Mari |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mari Events Midco LLC |
|
First Lien Secured Debt - Term Loan |
|
S+400, 1.00% Floor |
|
10/1/2032 |
|
|
319,231 |
|
|
314,932 |
|
|
316,038 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+400, 1.00% Floor |
|
10/1/2032 |
|
|
41,827 |
|
|
41,019 |
|
|
41,269 |
|
(4)(16)(32) |
Mari Miami II LLC |
|
First Lien Secured Debt - Term Loan |
|
8.99% PIK |
|
10/1/2032 |
|
|
65,139 |
|
|
64,674 |
|
|
64,651 |
|
(4)(16) |
|
|
|
|
|
|
|
|
|
|
|
|
420,625 |
|
|
421,958 |
|
|
Material+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Material Holdings, LLC |
|
First Lien Secured Debt - Term Loan |
|
9.77% |
|
8/19/2027 |
|
|
6,531 |
|
|
5,955 |
|
|
2,923 |
|
(4)(16)(30)(32) |
|
|
First Lien Secured Debt - Term Loan |
|
10.10% |
|
8/19/2027 |
|
|
1,747 |
|
|
1,532 |
|
|
— |
|
(4)(16)(30) |
|
|
First Lien Secured Debt - Delayed Draw |
|
9.77% |
|
8/19/2027 |
|
|
226 |
|
|
226 |
|
|
226 |
|
(4)(16)(30)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
7,713 |
|
|
3,149 |
|
|
Wasserman Media Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wasserman Media Group LLC |
|
First Lien Secured Debt - Term Loan |
|
S+300, 0.00% Floor |
|
6/23/2032 |
|
|
6,983 |
|
|
6,949 |
|
|
7,026 |
|
(16) |
Ziggo |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ziggo Financing Partnership |
|
First Lien Secured Debt - Term Loan |
|
S+325, 0.00% Floor |
|
1/15/2033 |
|
|
15,000 |
|
|
14,707 |
|
|
14,920 |
|
(8)(17) |
|
|
|
|
Total Media |
|
$ |
866,811 |
|
$ |
887,940 |
|
|
See notes to consolidated financial statements
113
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
Multi-Utilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Congruex |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Congruex Group LLC |
|
First Lien Secured Debt - Term Loan |
|
S+165 Cash plus 5.00% PIK, 0.75% Floor |
|
5/3/2029 |
|
$ |
31,367 |
|
$ |
30,976 |
|
$ |
25,530 |
|
(9)(16) |
|
|
|
|
Total Multi-Utilities |
|
$ |
30,976 |
|
$ |
25,530 |
|
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AL GCX |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AL GCX Holdings, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+225, 0.50% Floor |
|
12/17/2032 |
|
$ |
15,659 |
|
$ |
15,620 |
|
$ |
15,693 |
|
(8)(15) |
AL GCX Fund VIII |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AL GCX Fund VIII Holdings LLC |
|
First Lien Secured Debt - Term Loan |
|
S+200, 0.50% Floor |
|
1/30/2032 |
|
|
8,529 |
|
|
8,514 |
|
|
8,534 |
|
(15) |
Brookfield Infrastructure Partners |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BIP Pipeco Holdings LLC |
|
First Lien Secured Debt - Term Loan |
|
S+225, 0.00% Floor |
|
12/6/2030 |
|
|
9,063 |
|
|
9,088 |
|
|
9,094 |
|
(16) |
CQP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CQP Holdco LP |
|
First Lien Secured Debt - Term Loan |
|
S+200, 0.50% Floor |
|
12/31/2030 |
|
|
32,256 |
|
|
32,290 |
|
|
32,406 |
|
(16) |
GIP Pilot |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GIP Pilot Acquisition Partners, L.P. |
|
First Lien Secured Debt - Term Loan |
|
S+200, 0.00% Floor |
|
10/4/2030 |
|
|
1,959 |
|
|
1,970 |
|
|
1,966 |
|
(16) |
Sempra |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BX Frontier Member I LLC |
|
First Lien Secured Debt - Delayed Draw |
|
5.86% |
|
12/31/2060 |
|
|
34,357 |
|
|
34,357 |
|
|
34,222 |
|
(4)(8)(32) |
Stonepeak Bayou |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stonepeak Bayou Holdings LP |
|
First Lien Secured Debt - Term Loan |
|
S+275, 0.00% Floor |
|
10/1/2032 |
|
|
16,500 |
|
|
16,207 |
|
|
14,974 |
|
(16) |
WhiteWater DBR |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WhiteWater DBR HoldCo LLC |
|
First Lien Secured Debt - Term Loan |
|
S+225, 0.00% Floor |
|
3/3/2031 |
|
|
9,195 |
|
|
9,219 |
|
|
9,262 |
|
(16) |
|
|
|
|
Total Oil, Gas & Consumable Fuels |
|
$ |
127,265 |
|
$ |
126,151 |
|
|
Paper & Forest Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48forty Solutions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alpine Acquisition Corp II |
|
First Lien Secured Debt - Term Loan |
|
9.94% |
|
11/30/2029 |
|
$ |
7,553 |
|
$ |
7,256 |
|
$ |
3,021 |
|
(4)(16)(30) |
BiOrigin Specialty |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Complete Paper Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.75% Floor |
|
2/4/2031 |
|
|
19,850 |
|
|
19,588 |
|
|
19,451 |
|
(4)(16) |
|
|
|
|
Total Paper & Forest Products |
|
$ |
26,844 |
|
$ |
22,472 |
|
|
See notes to consolidated financial statements
114
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
Personal Care Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advantice Health |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jazz AH Holdco, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.75% Floor |
|
4/2/2029 |
|
$ |
6,966 |
|
$ |
6,966 |
|
$ |
6,866 |
|
(4)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 0.75% Floor |
|
4/2/2029 |
|
|
118 |
|
|
118 |
|
|
116 |
|
(4)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 0.75% Floor |
|
4/2/2029 |
|
|
240 |
|
|
232 |
|
|
228 |
|
(4)(12)(17)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
7,316 |
|
|
7,210 |
|
|
Arcadia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACP Tara Holdings, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+325, 0.00% Floor |
|
12/15/2032 |
|
|
22,000 |
|
|
21,945 |
|
|
22,151 |
|
(16) |
Dr. Scholls |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DRS Holdings III, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+525, 1.00% Floor |
|
11/1/2028 |
|
|
21,062 |
|
|
20,976 |
|
|
20,957 |
|
(4)(9)(15) |
|
|
First Lien Secured Debt - Revolver |
|
S+525, 1.00% Floor |
|
11/1/2028 |
|
|
— |
|
|
(5) |
|
|
(7) |
|
(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
20,971 |
|
|
20,950 |
|
|
Heat Makes Sense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amika OpCo LLC |
|
First Lien Secured Debt - Term Loan |
|
S+590, 0.75% Floor |
|
7/1/2029 |
|
|
34,300 |
|
|
33,850 |
|
|
34,300 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Term Loan |
|
S+540, 0.75% Floor |
|
7/1/2029 |
|
|
7,891 |
|
|
7,797 |
|
|
7,891 |
|
(4)(9)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+550, 0.75% Floor |
|
7/1/2028 |
|
|
— |
|
|
(14) |
|
|
— |
|
(4)(5)(9)(12)(32) |
Ishtar Co-Invest-B LP |
|
Common Equity - Stock |
|
N/A |
|
N/A |
|
|
39 Shares |
|
|
22 |
|
|
— |
|
(4)(9)(33) |
Oshun Co-Invest-B LP |
|
Common Equity - Stock |
|
N/A |
|
N/A |
|
|
11 Shares |
|
|
11 |
|
|
— |
|
(4)(9)(33) |
|
|
|
|
|
|
|
|
|
|
|
|
41,666 |
|
|
42,191 |
|
|
KDC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KDC/ONE Development Corporation, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+350, 0.00% Floor |
|
8/15/2028 |
|
|
49,678 |
|
|
49,284 |
|
|
49,120 |
|
(15) |
PDC Brands |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parfums Holding Company, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+525, 1.00% Floor |
|
6/27/2030 |
|
|
163,086 |
|
|
161,786 |
|
|
161,863 |
|
(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+525, 1.00% Floor |
|
6/27/2029 |
|
|
— |
|
|
(72) |
|
|
(77) |
|
(4)(5)(9)(11)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
161,714 |
|
|
161,786 |
|
|
RoC Skincare |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RoC Holdco LLC |
|
First Lien Secured Debt - Term Loan |
|
S+525, 1.00% Floor |
|
2/21/2031 |
|
|
25,162 |
|
|
24,758 |
|
|
24,910 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+525, 1.00% Floor |
|
2/21/2031 |
|
|
8,293 |
|
|
8,235 |
|
|
8,210 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+550, 1.00% Floor |
|
2/21/2030 |
|
|
— |
|
|
(61) |
|
|
(44) |
|
(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
32,932 |
|
|
33,076 |
|
|
Suave |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Silk Holdings III Corp. |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.50% Floor |
|
12/3/2032 |
|
|
213,944 |
|
|
211,740 |
|
|
211,804 |
|
(4)(9)(15)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 0.50% Floor |
|
12/3/2032 |
|
|
3,035 |
|
|
2,885 |
|
|
2,883 |
|
(4)(9)(12)(15)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
214,625 |
|
|
214,687 |
|
|
|
|
|
|
Total Personal Care Products |
|
$ |
550,453 |
|
$ |
551,171 |
|
|
See notes to consolidated financial statements
115
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
Pharmaceuticals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alcresta |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alcresta Holdings, LP |
|
Preferred Equity - Preferred Stocks |
|
N/A |
|
N/A |
|
|
116 Shares |
|
$ |
116 |
|
$ |
81 |
|
(4)(9)(33) |
|
|
Common Equity - Equity Unit |
|
N/A |
|
N/A |
|
|
1,176 Units |
|
|
1 |
|
|
120 |
|
(4)(9)(33) |
Alcresta Therapeutics Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+550, 1.00% Floor |
|
3/12/2030 |
|
|
8,688 |
|
|
8,558 |
|
|
8,601 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+550, 1.00% Floor |
|
3/12/2031 |
|
|
58 |
|
|
47 |
|
|
49 |
|
(4)(9)(12)(16)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
8,722 |
|
|
8,851 |
|
|
Avid Bioservices |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Space Finco, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+575, 1.00% Floor |
|
2/5/2032 |
|
|
14,819 |
|
|
14,618 |
|
|
14,597 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+575, 1.00% Floor |
|
2/5/2032 |
|
|
— |
|
|
(112) |
|
|
(255) |
|
(4)(5)(12)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+575, 1.00% Floor |
|
2/5/2031 |
|
|
— |
|
|
(128) |
|
|
(150) |
|
(4)(5)(12)(32) |
Space Parent, LP |
|
Preferred Equity - Preferred Stocks |
|
N/A |
|
N/A |
|
|
99,000 Shares |
|
|
99 |
|
|
99 |
|
(4)(33) |
|
|
Common Equity - Stock |
|
N/A |
|
N/A |
|
|
1,000 Shares |
|
|
1 |
|
|
1 |
|
(4)(33) |
|
|
|
|
|
|
|
|
|
|
|
|
14,478 |
|
|
14,292 |
|
|
Catalent |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creek Parent, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.75% Floor |
|
12/18/2031 |
|
|
200,879 |
|
|
197,759 |
|
|
198,870 |
|
(15) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 0.75% Floor |
|
12/18/2031 |
|
|
— |
|
|
(435) |
|
|
(291) |
|
(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
197,324 |
|
|
198,579 |
|
|
Eversana |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LSCS Holdings, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.00% Floor |
|
3/4/2032 |
|
|
37,442 |
|
|
37,055 |
|
|
36,755 |
|
(16) |
Genmab |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GENMAB A/S/GENMAB FINANCE LLC |
|
First Lien Secured Debt - Term Loan |
|
S+300, 0.00% Floor |
|
12/12/2032 |
|
|
45,000 |
|
|
44,776 |
|
|
45,267 |
|
(8)(10)(16) |
|
|
First Lien Secured Debt - Corporate Bond |
|
6.25% |
|
12/15/2032 |
|
|
10,254 |
|
|
10,254 |
|
|
10,526 |
|
(8) |
|
|
|
|
|
|
|
|
|
|
|
|
55,030 |
|
|
55,793 |
|
|
Karo |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kairos Intermediateco AB |
|
First Lien Secured Debt - Term Loan |
|
E+475, 0.00% Floor |
|
8/26/2032 |
|
€ |
66,673 |
|
|
77,162 |
|
|
77,963 |
|
(3)(4)(8)(9)(10)(21) |
|
|
First Lien Secured Debt - Term Loan |
|
N+475, 0.00% Floor |
|
8/26/2032 |
|
Nkr |
614,359 |
|
|
60,371 |
|
|
60,644 |
|
(3)(4)(8)(9)(10)(29) |
|
|
First Lien Secured Debt - Term Loan |
|
SONIA+475, 0.00% Floor |
|
8/26/2032 |
|
£ |
43,708 |
|
|
58,633 |
|
|
58,622 |
|
(3)(4)(8)(9)(10)(18) |
|
|
First Lien Secured Debt - Delayed Draw |
|
E+475, 0.00% Floor |
|
8/26/2032 |
|
€ |
— |
|
|
706 |
|
|
(157) |
|
(3)(4)(5)(8)(9)(10)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
196,872 |
|
|
197,072 |
|
|
PAI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pai Middle Tier, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.75% Floor |
|
2/13/2032 |
|
|
24,626 |
|
|
24,292 |
|
|
24,341 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 0.75% Floor |
|
2/13/2032 |
|
|
750 |
|
|
681 |
|
|
691 |
|
(4)(9)(12)(16)(32) |
PAI Co-Investor FT Aggregator LLC |
|
Common Equity - Stock |
|
N/A |
|
N/A |
|
|
100 Shares |
|
|
100 |
|
|
106 |
|
(4)(9)(33) |
|
|
|
|
|
|
|
|
|
|
|
|
25,073 |
|
|
25,138 |
|
|
See notes to consolidated financial statements
116
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
Sharp Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sharp Services LLC |
|
First Lien Secured Debt - Term Loan |
|
S+300, 0.00% Floor |
|
9/29/2032 |
|
|
7,500 |
|
|
7,464 |
|
|
7,538 |
|
(16) |
TerSera Therapeutics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TerSera Therapeutics LLC |
|
First Lien Secured Debt - Term Loan |
|
S+575, 1.00% Floor |
|
4/4/2029 |
|
|
16,581 |
|
|
16,330 |
|
|
16,581 |
|
(4)(9)(15) |
|
|
First Lien Secured Debt - Revolver |
|
S+575, 1.00% Floor |
|
4/4/2029 |
|
|
— |
|
|
(18) |
|
|
— |
|
(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
16,312 |
|
|
16,581 |
|
|
|
|
|
|
Total Pharmaceuticals |
|
$ |
558,330 |
|
$ |
560,599 |
|
|
Professional Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alix Partners |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AlixPartners, LLP |
|
First Lien Secured Debt - Term Loan |
|
S+200, 0.00% Floor |
|
8/12/2032 |
|
$ |
10,000 |
|
$ |
9,964 |
|
$ |
10,029 |
|
(15) |
BDO USA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BDO USA, P.A. |
|
First Lien Secured Debt - Term Loan |
|
S+500, 2.00% Floor |
|
8/31/2028 |
|
|
192,309 |
|
|
190,039 |
|
|
191,847 |
|
(16) |
|
|
First Lien Secured Debt - Term Loan |
|
S+450, 2.00% Floor |
|
8/31/2028 |
|
|
34,129 |
|
|
33,807 |
|
|
33,645 |
|
(4)(9)(16) |
|
|
|
|
|
|
|
|
|
|
|
|
223,846 |
|
|
225,492 |
|
|
Citation Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rocket Bidco Limited |
|
First Lien Secured Debt - Term Loan |
|
SONIA+475, 0.00% Floor |
|
1/15/2032 |
|
£ |
85,925 |
|
|
104,261 |
|
|
115,534 |
|
(3)(4)(8)(10)(18) |
|
|
First Lien Secured Debt - Delayed Draw |
|
SONIA+475, 0.00% Floor |
|
1/15/2032 |
|
£ |
3,689 |
|
|
4,582 |
|
|
4,877 |
|
(3)(4)(8)(10)(18)(25)(32) |
|
|
First Lien Secured Debt - Delayed Draw |
|
BBSW+475, 0.00% Floor |
|
1/15/2032 |
|
A$ |
4,737 |
|
|
3,110 |
|
|
3,153 |
|
(3)(4)(8)(10)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
111,953 |
|
|
123,564 |
|
|
CohnReznick |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CohnReznick Advisory LLC |
|
First Lien Secured Debt - Term Loan |
|
S+350, 0.00% Floor |
|
3/31/2032 |
|
|
8,590 |
|
|
8,553 |
|
|
8,649 |
|
(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+350, 0.00% Floor |
|
3/31/2032 |
|
|
— |
|
|
(6) |
|
|
— |
|
(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
8,547 |
|
|
8,649 |
|
|
EAB |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EAB Global, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+300, 0.50% Floor |
|
8/16/2030 |
|
|
58,755 |
|
|
58,548 |
|
|
52,387 |
|
(15) |
|
|
First Lien Secured Debt - Revolver |
|
S+275, 0.00% Floor |
|
5/16/2028 |
|
|
4,200 |
|
|
4,169 |
|
|
3,488 |
|
(4)(12)(15)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
62,717 |
|
|
55,875 |
|
|
Escalent |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
M&M OPCO, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+600, 1.00% Floor |
|
4/7/2029 |
|
|
9,167 |
|
|
8,993 |
|
|
9,052 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+600, 1.00% Floor |
|
4/7/2029 |
|
|
— |
|
|
(8) |
|
|
(6) |
|
(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
8,985 |
|
|
9,046 |
|
|
FGS Global |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kite Bidco Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.00% Floor |
|
11/25/2031 |
|
|
61,788 |
|
|
60,970 |
|
|
60,861 |
|
(4)(10)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 0.00% Floor |
|
9/20/2031 |
|
|
— |
|
|
(96) |
|
|
(228) |
|
(4)(5)(10)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
60,874 |
|
|
60,633 |
|
|
See notes to consolidated financial statements
117
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
G&A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
G&A Partners Holding Company II, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.75% Floor |
|
3/3/2031 |
|
|
26,295 |
|
|
25,983 |
|
|
26,229 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 0.75% Floor |
|
3/1/2031 |
|
|
2,532 |
|
|
2,464 |
|
|
2,519 |
|
(4)(9)(12)(16)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.75% Floor |
|
3/1/2030 |
|
|
— |
|
|
(25) |
|
|
(4) |
|
(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
28,422 |
|
|
28,744 |
|
|
Grant Thornton Advisors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grant Thornton Advisors Holdings LLC |
|
First Lien Secured Debt - Term Loan |
|
S+275, 0.00% Floor |
|
6/2/2031 |
|
|
69,323 |
|
|
69,214 |
|
|
69,574 |
|
(15) |
Grant Thornton UK |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacioli UK Midco Limited |
|
First Lien Secured Debt - Term Loan |
|
SONIA+500, 0.00% Floor |
|
4/14/2032 |
|
£ |
109,980 |
|
|
142,692 |
|
|
146,024 |
|
(3)(4)(8)(9)(10)(18) |
Kroll |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deerfield Dakota Holding, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+575 Cash plus 2.75% PIK, 0.75% Floor |
|
9/13/2032 |
|
|
105,565 |
|
|
104,519 |
|
|
104,510 |
|
(4)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+525, 0.75% Floor |
|
9/13/2032 |
|
|
— |
|
|
(98) |
|
|
(98) |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
104,421 |
|
|
104,412 |
|
|
Legends |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legends Hospitality Holding Company, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+275 Cash plus 2.75% PIK, 0.75% Floor |
|
8/22/2031 |
|
|
100,699 |
|
|
99,047 |
|
|
99,692 |
|
(4)(9)(10)(15) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 0.75% Floor |
|
8/22/2031 |
|
|
4,763 |
|
|
4,687 |
|
|
4,705 |
|
(4)(9)(12)(15)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 0.75% Floor |
|
8/22/2030 |
|
|
3,746 |
|
|
3,565 |
|
|
3,631 |
|
(4)(9)(12)(15)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
107,299 |
|
|
108,028 |
|
|
VFS Global |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Speed Midco 3 S.A R.L. |
|
First Lien Secured Debt - Term Loan |
|
S+250, 0.00% Floor |
|
10/7/2032 |
|
|
12,500 |
|
|
12,470 |
|
|
12,566 |
|
(8)(9)(17) |
Waystone |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sigma Irish Acquico Limited |
|
First Lien Secured Debt - Term Loan |
|
E+525, 0.00% Floor |
|
3/19/2032 |
|
€ |
67,460 |
|
|
72,197 |
|
|
78,685 |
|
(3)(4)(8)(10)(20) |
|
|
First Lien Secured Debt - Term Loan |
|
S+525, 0.00% Floor |
|
3/19/2032 |
|
|
70,821 |
|
|
69,524 |
|
|
70,290 |
|
(4)(8)(10)(15) |
|
|
First Lien Secured Debt - Delayed Draw |
|
E+525, 0.00% Floor |
|
3/19/2032 |
|
€ |
6,856 |
|
|
7,962 |
|
|
7,996 |
|
(3)(4)(8)(10)(12)(32) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+525, 0.00% Floor |
|
3/19/2032 |
|
|
— |
|
|
(147) |
|
|
(124) |
|
(3)(4)(5)(8)(10)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
149,536 |
|
|
156,847 |
|
|
|
|
|
|
Total Professional Services |
|
$ |
1,100,940 |
|
$ |
1,119,483 |
|
|
Real Estate Management & Development |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Associa |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Associations Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+676, 1.00% Floor |
|
7/2/2028 |
|
$ |
21,316 |
|
$ |
21,279 |
|
$ |
21,262 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+676, 1.00% Floor |
|
7/2/2028 |
|
|
3,100 |
|
|
3,089 |
|
|
3,085 |
|
(4)(12)(16)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+676, 1.00% Floor |
|
7/2/2028 |
|
|
— |
|
|
(1) |
|
|
— |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
24,367 |
|
|
24,347 |
|
|
See notes to consolidated financial statements
118
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
Hispania |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Neinor DMP BidCo, S.A.U. |
|
First Lien Secured Debt - Delayed Draw |
|
E+525, 2.00% Floor |
|
12/31/2029 |
|
€ |
— |
|
|
225 |
|
|
(254) |
|
(3)(4)(5)(8)(10)(32) |
|
|
First Lien Secured Debt - Corporate Bond |
|
E+530, 2.00% Floor |
|
12/31/2029 |
|
€ |
31,153 |
|
|
35,932 |
|
|
36,062 |
|
(3)(4)(8)(10)(20) |
|
|
|
|
|
|
|
|
|
|
|
|
36,157 |
|
|
35,808 |
|
|
Pritchard Industries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pritchard Industries, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+590, 0.75% Floor |
|
10/13/2027 |
|
|
6,256 |
|
|
6,256 |
|
|
6,005 |
|
(4)(16) |
|
|
|
|
Total Real Estate Management & Development |
|
$ |
66,780 |
|
$ |
66,160 |
|
|
Semiconductors & Semiconductor Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Softbank ARM Loan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kronos I UK Ltd |
|
First Lien Secured Debt - Term Loan |
|
S+250, 0.00% Floor |
|
9/21/2027 |
|
$ |
12,500 |
|
$ |
12,500 |
|
$ |
12,500 |
|
(4)(8)(9)(10)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+225, 0.00% Floor |
|
8/21/2027 |
|
|
12,500 |
|
|
12,469 |
|
|
12,500 |
|
(4)(8)(9)(10)(16) |
|
|
|
|
Total Semiconductors & Semiconductor Equipment |
|
$ |
24,969 |
|
$ |
25,000 |
|
|
Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accela |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accela, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
9/3/2030 |
|
$ |
18,149 |
|
$ |
17,880 |
|
$ |
18,149 |
|
(4)(9)(15) |
|
|
First Lien Secured Debt - Revolver |
|
S+600, 0.75% Floor |
|
9/3/2030 |
|
|
— |
|
|
(23) |
|
|
— |
|
(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
17,857 |
|
|
18,149 |
|
|
Access Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Armstrong Bidco Limited |
|
First Lien Secured Debt - Term Loan |
|
SONIA+525, 0.00% Floor |
|
6/28/2029 |
|
£ |
27,600 |
|
|
33,164 |
|
|
35,064 |
|
(3)(4)(8)(18) |
|
|
First Lien Secured Debt - Delayed Draw |
|
SONIA+525, 0.00% Floor |
|
6/28/2029 |
|
£ |
14,400 |
|
|
17,317 |
|
|
18,294 |
|
(3)(4)(8)(18) |
|
|
|
|
|
|
|
|
|
|
|
|
50,481 |
|
|
53,358 |
|
|
Alteryx |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Azurite Intermediate Holdings, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+600, 0.75% Floor |
|
3/19/2031 |
|
|
20,144 |
|
|
19,899 |
|
|
20,093 |
|
(4)(9)(15) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+600, 0.75% Floor |
|
3/19/2031 |
|
|
45,781 |
|
|
45,235 |
|
|
45,667 |
|
(4)(9)(15) |
|
|
First Lien Secured Debt - Revolver |
|
S+650, 0.75% Floor |
|
3/19/2031 |
|
|
— |
|
|
(82) |
|
|
(18) |
|
(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
65,052 |
|
|
65,742 |
|
|
AMAG |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SRP Eagle Buyer Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+500, 1.50% Floor |
|
12/8/2031 |
|
|
30,000 |
|
|
29,703 |
|
|
29,700 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 1.50% Floor |
|
12/8/2031 |
|
|
— |
|
|
(176) |
|
|
(88) |
|
(4)(5)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 1.50% Floor |
|
12/8/2031 |
|
|
— |
|
|
(106) |
|
|
(106) |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
29,421 |
|
|
29,506 |
|
|
Anaplan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anaplan, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.75% Floor |
|
6/21/2029 |
|
|
237,914 |
|
|
237,914 |
|
|
237,914 |
|
(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 0.75% Floor |
|
6/21/2028 |
|
|
— |
|
|
— |
|
|
— |
|
(4)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
237,914 |
|
|
237,914 |
|
|
See notes to consolidated financial statements
119
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
Avalara |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Avalara, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+275, 0.00% Floor |
|
3/26/2032 |
|
|
33,470 |
|
|
33,294 |
|
|
33,653 |
|
(16) |
Avetta |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Artifact Bidco, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+415, 0.50% Floor |
|
7/28/2031 |
|
|
63,399 |
|
|
62,867 |
|
|
63,399 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+415, 0.50% Floor |
|
7/28/2031 |
|
|
— |
|
|
(62) |
|
|
— |
|
(4)(5)(9)(12)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+415, 0.50% Floor |
|
7/26/2030 |
|
|
— |
|
|
(85) |
|
|
— |
|
(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
62,720 |
|
|
63,399 |
|
|
Beeline |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IQN Holding Corp. |
|
First Lien Secured Debt - Term Loan |
|
S+263 Cash plus 3.13% PIK, 0.75% Floor |
|
5/2/2029 |
|
|
70,945 |
|
|
70,470 |
|
|
69,881 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+525, 0.75% Floor |
|
5/2/2028 |
|
|
2,746 |
|
|
2,729 |
|
|
2,682 |
|
(4)(9)(12)(16)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
73,199 |
|
|
72,563 |
|
|
BMC Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boxer Parent Company Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+300, 0.00% Floor |
|
7/30/2031 |
|
|
18,115 |
|
|
18,083 |
|
|
18,089 |
|
(16) |
CINC Systems |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1475 Holdings, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+525, 0.75% Floor |
|
1/18/2030 |
|
|
6,254 |
|
|
6,177 |
|
|
6,233 |
|
(4)(9)(15) |
|
|
First Lien Secured Debt - Revolver |
|
S+575, 0.75% Floor |
|
1/18/2030 |
|
|
— |
|
|
(15) |
|
|
(4) |
|
(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
6,162 |
|
|
6,229 |
|
|
Clanwilliam |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tribe Bidco Limited |
|
First Lien Secured Debt - Term Loan |
|
E+525, 0.00% Floor |
|
9/13/2032 |
|
€ |
53,893 |
|
|
62,413 |
|
|
62,385 |
|
(3)(4)(8)(10)(21) |
|
|
First Lien Secured Debt - Delayed Draw |
|
E+525, 0.00% Floor |
|
9/13/2032 |
|
€ |
1,397 |
|
|
1,904 |
|
|
1,237 |
|
(3)(4)(8)(10)(12)(21)(32) |
|
|
First Lien Secured Debt - Revolver |
|
E+525, 0.00% Floor |
|
3/12/2032 |
|
€ |
233 |
|
|
388 |
|
|
112 |
|
(3)(4)(8)(10)(12)(20)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
64,705 |
|
|
63,734 |
|
|
Cohesity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Clover Holdings 2, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+400, 0.00% Floor |
|
12/9/2031 |
|
|
40,310 |
|
|
39,867 |
|
|
40,392 |
|
(15) |
CompTIA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Endor Purchaser, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.75% Floor |
|
1/9/2032 |
|
|
37,406 |
|
|
37,071 |
|
|
37,032 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 0.75% Floor |
|
1/9/2032 |
|
|
— |
|
|
(36) |
|
|
(84) |
|
(4)(5)(9)(12)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 0.75% Floor |
|
1/9/2032 |
|
|
— |
|
|
(36) |
|
|
(42) |
|
(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
36,999 |
|
|
36,906 |
|
|
Couchbase |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cascade Intermediate II, Inc. |
|
First Lien Secured Debt - Term Loan |
|
13.00% PIK |
|
9/24/2033 |
|
|
23,245 |
|
|
22,795 |
|
|
22,780 |
|
(4) |
Cascade Parent Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+575, 0.50% Floor |
|
9/24/2031 |
|
|
152,685 |
|
|
150,460 |
|
|
150,395 |
|
(4)(15) |
|
|
First Lien Secured Debt - Revolver |
|
S+575, 0.50% Floor |
|
9/24/2030 |
|
|
— |
|
|
(193) |
|
|
(204) |
|
(4)(5)(11)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
173,062 |
|
|
172,971 |
|
|
See notes to consolidated financial statements
120
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
Coupa Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coupa Software Incorporated |
|
First Lien Secured Debt - Term Loan |
|
S+525, 0.75% Floor |
|
2/27/2030 |
|
|
54,455 |
|
|
53,529 |
|
|
54,727 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+550, 0.75% Floor |
|
2/27/2030 |
|
|
— |
|
|
(37) |
|
|
— |
|
(4)(5)(9)(12)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+550, 0.75% Floor |
|
2/27/2029 |
|
|
— |
|
|
(50) |
|
|
— |
|
(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
53,442 |
|
|
54,727 |
|
|
Databricks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Databricks, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.00% Floor |
|
1/3/2031 |
|
|
124,873 |
|
|
124,346 |
|
|
127,058 |
|
(15) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 0.00% Floor |
|
1/3/2031 |
|
|
— |
|
|
(11) |
|
|
— |
|
(5)(12)(32) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 0.00% Floor |
|
1/5/2032 |
|
|
— |
|
|
— |
|
|
— |
|
(4)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
124,335 |
|
|
127,058 |
|
|
Enverus |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Edition Holdings, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.75% Floor |
|
12/18/2032 |
|
|
265,239 |
|
|
264,117 |
|
|
264,246 |
|
(4)(15) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 0.75% Floor |
|
12/18/2032 |
|
|
— |
|
|
(72) |
|
|
(72) |
|
(4)(5)(32) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 0.75% Floor |
|
12/20/2032 |
|
|
— |
|
|
(135) |
|
|
(135) |
|
(4)(5)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 0.75% Floor |
|
12/18/2032 |
|
|
— |
|
|
(101) |
|
|
(101) |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
263,809 |
|
|
263,938 |
|
|
Everbridge |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Everbridge Holdings, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.75% Floor |
|
7/2/2031 |
|
|
60,867 |
|
|
60,639 |
|
|
61,475 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 0.75% Floor |
|
7/2/2031 |
|
|
5,965 |
|
|
5,934 |
|
|
6,025 |
|
(4)(9)(12)(16)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 0.75% Floor |
|
7/2/2031 |
|
|
— |
|
|
(24) |
|
|
— |
|
(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
66,549 |
|
|
67,500 |
|
|
Forterro |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forterro Group AB |
|
First Lien Secured Debt - Term Loan |
|
E+475, 0.00% Floor |
|
7/9/2029 |
|
€ |
10,049 |
|
|
10,099 |
|
|
11,780 |
|
(3)(4)(8)(9)(21) |
|
|
First Lien Secured Debt - Term Loan |
|
SARON+475, 0.00% Floor |
|
7/9/2029 |
|
₣ |
4,430 |
|
|
4,715 |
|
|
5,579 |
|
(3)(4)(8)(9)(22) |
|
|
First Lien Secured Debt - Term Loan |
|
SONIA+475, 0.00% Floor |
|
7/9/2029 |
|
£ |
3,847 |
|
|
4,925 |
|
|
5,172 |
|
(3)(4)(8)(9)(18) |
|
|
First Lien Secured Debt - Term Loan |
|
STIBOR+475, 0.00% Floor |
|
7/9/2029 |
|
Skr |
35,658 |
|
|
3,340 |
|
|
3,863 |
|
(3)(4)(8)(9)(23) |
|
|
First Lien Secured Debt - Delayed Draw |
|
E+475, 0.00% Floor |
|
7/9/2029 |
|
€ |
29,608 |
|
|
31,251 |
|
|
34,503 |
|
(3)(4)(8)(9)(10)(12)(21)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
54,330 |
|
|
60,897 |
|
|
Fortnox |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OMEGA II AB |
|
First Lien Secured Debt - Term Loan |
|
STIBOR+475, 0.00% Floor |
|
6/18/2032 |
|
Skr |
658,610 |
|
|
67,829 |
|
|
71,180 |
|
(3)(4)(8)(10)(23) |
|
|
First Lien Secured Debt - Delayed Draw |
|
STIBOR+475, 0.00% Floor |
|
6/18/2032 |
|
Skr |
— |
|
|
(581) |
|
|
(97) |
|
(3)(4)(5)(8)(10)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
67,248 |
|
|
71,083 |
|
|
See notes to consolidated financial statements
121
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
G2CI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Evergreen IX Borrower 2023, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
9/30/2030 |
|
|
121,559 |
|
|
119,623 |
|
|
121,559 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.75% Floor |
|
10/1/2029 |
|
|
— |
|
|
(159) |
|
|
— |
|
(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
119,464 |
|
|
121,559 |
|
|
HHAeXchange |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Homecare Software Solutions LLC |
|
First Lien Secured Debt - Term Loan |
|
S+263 Cash plus 2.93% PIK, 0.00% Floor |
|
6/14/2031 |
|
|
77,720 |
|
|
77,720 |
|
|
77,720 |
|
(4)(15) |
Infoblox |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delta Topco, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+275, 0.00% Floor |
|
11/30/2029 |
|
|
7,035 |
|
|
7,032 |
|
|
7,011 |
|
(15) |
Instem |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ichor Management Limited |
|
First Lien Secured Debt - Term Loan |
|
S+550, 1.00% Floor |
|
12/7/2029 |
|
|
9,093 |
|
|
8,929 |
|
|
8,865 |
|
(4)(8)(9)(17) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+550, 1.00% Floor |
|
12/7/2029 |
|
|
4,099 |
|
|
4,062 |
|
|
3,997 |
|
(4)(8)(9)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+550, 1.00% Floor |
|
12/7/2029 |
|
|
1,712 |
|
|
1,561 |
|
|
1,662 |
|
(4)(8)(9)(12)(17)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
14,552 |
|
|
14,524 |
|
|
Iris Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Elements Finco Limited |
|
First Lien Secured Debt - Term Loan |
|
SONIA+300 Cash plus 2.25% PIK, 0.00% Floor |
|
12/19/2031 |
|
£ |
32,727 |
|
|
41,193 |
|
|
43,674 |
|
(3)(4)(8)(10)(18) |
Jeppesen |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JEPPESEN HOLDINGS, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.50% Floor |
|
11/1/2032 |
|
|
193,563 |
|
|
192,138 |
|
|
192,112 |
|
(4)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.50% Floor |
|
11/1/2032 |
|
|
— |
|
|
(73) |
|
|
(75) |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
192,065 |
|
|
192,037 |
|
|
Kaseya |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kaseya Inc |
|
First Lien Secured Debt - Term Loan |
|
S+300, 0.00% Floor |
|
3/20/2032 |
|
|
24,813 |
|
|
24,702 |
|
|
24,864 |
|
(15) |
|
|
First Lien Secured Debt - Revolver |
|
S+325, 0.00% Floor |
|
3/20/2030 |
|
|
— |
|
|
(11) |
|
|
(15) |
|
(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
24,691 |
|
|
24,849 |
|
|
Medallia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medallia, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+244 Cash plus 3.66% PIK, 0.75% Floor |
|
10/29/2028 |
|
|
41,131 |
|
|
40,712 |
|
|
30,026 |
|
(4)(9)(17) |
M-Files |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MetaTiedot Midco S.a.r.l. |
|
First Lien Secured Debt - Term Loan |
|
E+500, 0.75% Floor |
|
11/27/2031 |
|
€ |
21,178 |
|
|
22,084 |
|
|
24,888 |
|
(3)(4)(8)(20) |
|
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.75% Floor |
|
11/27/2031 |
|
|
15,859 |
|
|
15,649 |
|
|
15,740 |
|
(4)(8)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
E+500, 0.75% Floor |
|
11/27/2031 |
|
€ |
1,891 |
|
|
1,939 |
|
|
2,223 |
|
(3)(4)(8)(12)(20)(32) |
|
|
First Lien Secured Debt - Revolver |
|
E+500, 0.75% Floor |
|
11/27/2030 |
|
€ |
4,287 |
|
|
4,469 |
|
|
4,988 |
|
(3)(4)(8)(12)(20)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
44,141 |
|
|
47,839 |
|
|
See notes to consolidated financial statements
122
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
Mitchell |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mitchell International, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+325, 0.50% Floor |
|
6/17/2031 |
|
|
49,928 |
|
|
49,729 |
|
|
50,153 |
|
(15) |
mPulse |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
mPulse Mobile, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
8/26/2032 |
|
|
32,308 |
|
|
31,997 |
|
|
31,985 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 0.75% Floor |
|
8/26/2032 |
|
|
— |
|
|
(15) |
|
|
(31) |
|
(4)(5)(12)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.75% Floor |
|
8/26/2032 |
|
|
— |
|
|
(44) |
|
|
(46) |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
31,938 |
|
|
31,908 |
|
|
MYOB |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MYOB US Borrower LLC |
|
First Lien Secured Debt - Term Loan |
|
BBSW+575 Cash plus 3.00% PIK, 0.75% Floor |
|
6/6/2030 |
|
A$ |
156,118 |
|
|
100,095 |
|
|
102,362 |
|
(3)(4)(8)(9)(10)(25) |
New Relic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crewline Buyer, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+675, 1.00% Floor |
|
11/8/2030 |
|
|
66,900 |
|
|
65,561 |
|
|
66,900 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+675, 1.00% Floor |
|
11/8/2030 |
|
|
— |
|
|
(76) |
|
|
— |
|
(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
65,485 |
|
|
66,900 |
|
|
Paessler |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Blitz 24-34 GmbH |
|
First Lien Secured Debt - Term Loan |
|
S+525, 1.00% Floor |
|
5/3/2031 |
|
|
47,185 |
|
|
46,797 |
|
|
47,067 |
|
(4)(8)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+525, 1.00% Floor |
|
5/3/2030 |
|
|
— |
|
|
(27) |
|
|
(18) |
|
(4)(5)(8)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
46,770 |
|
|
47,049 |
|
|
Qlik |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Project Alpha Intermediate Holding, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+325, 0.50% Floor |
|
10/26/2030 |
|
|
— |
|
|
— |
|
|
— |
|
(16) |
Qualtrics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quartz Acquireco, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+225, 0.00% Floor |
|
6/28/2030 |
|
|
787 |
|
|
784 |
|
|
787 |
|
(16) |
Quorum |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QBS Parent, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.75% Floor |
|
6/3/2032 |
|
|
158,322 |
|
|
157,620 |
|
|
157,532 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 0.75% Floor |
|
6/3/2032 |
|
|
— |
|
|
— |
|
|
(109) |
|
(4)(5)(9)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 0.75% Floor |
|
6/3/2032 |
|
|
1,741 |
|
|
1,657 |
|
|
1,645 |
|
(4)(9)(11)(12)(15)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
159,277 |
|
|
159,068 |
|
|
See notes to consolidated financial statements
123
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
Redwood |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Runway Bidco, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.50% Floor |
|
12/17/2031 |
|
|
165,895 |
|
|
164,424 |
|
|
164,237 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 0.50% Floor |
|
12/17/2031 |
|
|
— |
|
|
(177) |
|
|
(415) |
|
(4)(5)(12)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 0.50% Floor |
|
12/17/2031 |
|
|
— |
|
|
(177) |
|
|
(208) |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
164,070 |
|
|
163,614 |
|
|
Relativity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Relativity ODA LLC |
|
First Lien Secured Debt - Term Loan |
|
S+450, 1.00% Floor |
|
5/12/2029 |
|
|
29,262 |
|
|
28,875 |
|
|
29,117 |
|
(4)(15) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 1.00% Floor |
|
5/12/2029 |
|
|
— |
|
|
(33) |
|
|
(13) |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
28,842 |
|
|
29,104 |
|
|
Solera |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Polaris Newco, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+401, 0.50% Floor |
|
6/2/2028 |
|
|
53,262 |
|
|
52,901 |
|
|
51,485 |
|
(16) |
Storable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Storable Inc |
|
First Lien Secured Debt - Term Loan |
|
S+325, 0.00% Floor |
|
4/16/2031 |
|
|
23,572 |
|
|
23,485 |
|
|
23,714 |
|
(15) |
Sunfire |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Spark Purchaser, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+550, 0.75% Floor |
|
4/1/2031 |
|
|
8,541 |
|
|
8,401 |
|
|
8,583 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+550, 0.75% Floor |
|
4/1/2030 |
|
|
— |
|
|
(20) |
|
|
— |
|
(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
8,381 |
|
|
8,583 |
|
|
Trading Technologies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading Technologies International, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+425, 0.50% Floor |
|
11/4/2032 |
|
|
43,243 |
|
|
43,189 |
|
|
43,189 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+425, 0.50% Floor |
|
11/4/2032 |
|
|
10,811 |
|
|
10,797 |
|
|
10,797 |
|
(4)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+425, 0.50% Floor |
|
11/4/2032 |
|
|
— |
|
|
(8) |
|
|
(8) |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
53,978 |
|
|
53,978 |
|
|
Uniguest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Uniguest Holdings, Inc |
|
First Lien Secured Debt - Term Loan |
|
S+500, 1.00% Floor |
|
11/27/2030 |
|
|
48,164 |
|
|
47,547 |
|
|
47,490 |
|
(4)(15) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 1.00% Floor |
|
11/27/2030 |
|
|
— |
|
|
(115) |
|
|
(262) |
|
(4)(5)(12)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 1.00% Floor |
|
11/27/2030 |
|
|
— |
|
|
(57) |
|
|
(65) |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
47,375 |
|
|
47,163 |
|
|
See notes to consolidated financial statements
124
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
Veeam Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VS Buyer, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+225, 0.00% Floor |
|
4/12/2031 |
|
|
18,604 |
|
|
18,463 |
|
|
18,709 |
|
(16) |
Verscend |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cotiviti, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+275, 0.00% Floor |
|
5/1/2031 |
|
|
51,133 |
|
|
50,396 |
|
|
49,258 |
|
(8)(15) |
|
|
First Lien Secured Debt - Term Loan |
|
S+275, 0.00% Floor |
|
3/26/2032 |
|
|
46,056 |
|
|
45,501 |
|
|
44,329 |
|
(8)(15) |
|
|
|
|
|
|
|
|
|
|
|
|
95,897 |
|
|
93,587 |
|
|
VIP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vamos Bidco, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.50% Floor |
|
1/30/2032 |
|
|
66,494 |
|
|
65,896 |
|
|
65,829 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 0.50% Floor |
|
1/30/2032 |
|
|
— |
|
|
(121) |
|
|
(278) |
|
(4)(5)(12)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.50% Floor |
|
1/30/2032 |
|
|
— |
|
|
(73) |
|
|
(84) |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
65,702 |
|
|
65,467 |
|
|
X.AI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X.AI LLC |
|
First Lien Secured Debt - Term Loan |
|
12.50% |
|
6/28/2030 |
|
|
24,634 |
|
|
24,649 |
|
|
25,946 |
|
(8) |
|
|
First Lien Secured Debt - Corporate Bond |
|
12.50% |
|
6/30/2030 |
|
|
4,360 |
|
|
4,360 |
|
|
4,656 |
|
(8) |
|
|
|
|
|
|
|
|
|
|
|
|
29,009 |
|
|
30,602 |
|
|
Zafin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Zafin Labs Americas Incorporated |
|
First Lien Secured Debt - Term Loan |
|
S+475, 0.75% Floor |
|
2/14/2031 |
|
|
12,500 |
|
|
12,334 |
|
|
12,358 |
|
(4)(8)(9)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 0.75% Floor |
|
2/14/2031 |
|
|
— |
|
|
(32) |
|
|
(29) |
|
(4)(5)(8)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
12,302 |
|
|
12,329 |
|
|
Zendesk |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Zendesk, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.75% Floor |
|
11/22/2028 |
|
|
127,491 |
|
|
126,165 |
|
|
127,172 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 0.75% Floor |
|
11/22/2028 |
|
|
21,322 |
|
|
21,016 |
|
|
21,269 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 0.75% Floor |
|
11/22/2028 |
|
|
— |
|
|
(130) |
|
|
(34) |
|
(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
147,051 |
|
|
148,407 |
|
|
|
|
|
|
Total Software |
|
$ |
3,301,633 |
|
$ |
3,322,016 |
|
|
See notes to consolidated financial statements
125
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
Specialty Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSTELLATION AUTOMOTIVE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BBD Bidco Limited |
|
First Lien Secured Debt - Term Loan |
|
SONIA+625, 0.00% Floor |
|
3/21/2031 |
|
£ |
21,455 |
|
$ |
27,474 |
|
$ |
28,921 |
|
(3)(4)(8)(10)(18) |
|
|
First Lien Secured Debt - Term Loan |
|
E+625, 0.00% Floor |
|
4/3/2031 |
|
€ |
8,869 |
|
|
9,494 |
|
|
10,527 |
|
(3)(4)(8)(10)(21) |
|
|
|
|
|
|
|
|
|
|
|
|
36,968 |
|
|
39,448 |
|
|
EG Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EG America, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+350, 0.00% Floor |
|
2/7/2028 |
|
|
5,015 |
|
|
5,008 |
|
|
5,041 |
|
(8)(16) |
EG Global Finance PLC |
|
First Lien Secured Debt - Corporate Bond |
|
S+750, 0.50% Floor |
|
11/30/2028 |
|
|
118,022 |
|
|
115,162 |
|
|
125,398 |
|
(4)(8)(14) |
|
|
|
|
|
|
|
|
|
|
|
|
120,170 |
|
|
130,439 |
|
|
Golden Hippo |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Altern Marketing, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+500, 2.00% Floor |
|
6/13/2028 |
|
|
54,205 |
|
|
53,864 |
|
|
54,341 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 2.00% Floor |
|
6/13/2028 |
|
|
— |
|
|
(95) |
|
|
— |
|
(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
53,769 |
|
|
54,341 |
|
|
PetSmart |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PetSmart LLC |
|
First Lien Secured Debt - Term Loan |
|
S+400, 0.00% Floor |
|
8/18/2032 |
|
|
18,746 |
|
|
18,570 |
|
|
18,693 |
|
(15) |
S&S |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S&S Holdings LLC |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.50% Floor |
|
10/1/2031 |
|
|
58,166 |
|
|
57,099 |
|
|
57,331 |
|
(15) |
Skechers |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beach Acquisition Bidco LLC |
|
First Lien Secured Debt - Term Loan |
|
S+325, 0.00% Floor |
|
9/12/2032 |
|
|
14,000 |
|
|
13,966 |
|
|
14,131 |
|
(16) |
Tailored Brands |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Men's Wearhouse, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+575, 0.00% Floor |
|
2/26/2029 |
|
|
52,142 |
|
|
51,181 |
|
|
52,402 |
|
(16) |
Varsity Brands |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Varsity Brands, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+300, 0.00% Floor |
|
8/26/2031 |
|
|
67,163 |
|
|
66,764 |
|
|
67,488 |
|
(9)(16) |
|
|
|
|
Total Specialty Retail |
|
$ |
418,487 |
|
$ |
434,273 |
|
|
Technology Hardware, Storage & Peripherals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Biamp |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Biamp |
|
First Lien Secured Debt - Term Loan |
|
S+500, 1.00% Floor |
|
4/30/2030 |
|
$ |
41,230 |
|
$ |
40,591 |
|
$ |
39,590 |
|
(4)(9)(15) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 1.00% Floor |
|
4/30/2030 |
|
|
— |
|
|
(87) |
|
|
(239) |
|
(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
40,504 |
|
|
39,351 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to consolidated financial statements
126
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
Service Express |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Victors Purchaser, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.50% Floor |
|
12/23/2032 |
|
|
183,061 |
|
|
182,133 |
|
|
182,604 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 0.50% Floor |
|
12/23/2032 |
|
|
— |
|
|
(127) |
|
|
(57) |
|
(4)(5)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 0.50% Floor |
|
12/23/2032 |
|
|
2,193 |
|
|
2,047 |
|
|
2,129 |
|
(4)(12)(15)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
184,053 |
|
|
184,676 |
|
|
Valor |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VCI Asset Holdings 1 LLC |
|
First Lien Secured Debt - Term Loan |
|
10.00% |
|
11/20/2030 |
|
|
249,464 |
|
|
246,972 |
|
|
246,971 |
|
(4) |
|
|
Common Equity - Membership Interest |
|
N/A |
|
N/A |
|
|
13,750,397 Units |
|
|
13,750 |
|
|
13,750 |
|
(4)(8)(33) |
|
|
|
|
|
|
|
|
|
|
|
|
260,722 |
|
|
260,721 |
|
|
|
|
|
|
Total Technology Hardware, Storage & Peripherals |
|
$ |
485,279 |
|
$ |
484,748 |
|
|
Textiles, Apparel & Luxury Goods |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Authentic Brands |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ABG Intermediate Holdings 2 LLC |
|
First Lien Secured Debt - Term Loan |
|
S+225, 0.00% Floor |
|
12/21/2028 |
|
$ |
57,538 |
|
$ |
57,329 |
|
$ |
57,696 |
|
(15) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+225, 0.00% Floor |
|
2/14/2032 |
|
|
29,169 |
|
|
29,103 |
|
|
29,231 |
|
(15) |
|
|
|
|
|
|
|
|
|
|
|
|
86,432 |
|
|
86,927 |
|
|
Gruppo Florence |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Made in Italy 2 S.P.A. |
|
First Lien Secured Debt - Corporate Bond |
|
E+700, 0.00% Floor |
|
10/17/2030 |
|
€ |
74,500 |
|
|
77,339 |
|
|
77,921 |
|
(3)(4)(8)(9)(21) |
Iconix Brand Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IBG Borrower LLC |
|
First Lien Secured Debt - Term Loan |
|
S+515, 1.00% Floor |
|
8/22/2029 |
|
|
135,466 |
|
|
134,118 |
|
|
132,756 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Term Loan |
|
S+515, 1.00% Floor |
|
8/22/2031 |
|
|
79,669 |
|
|
78,074 |
|
|
78,075 |
|
(4)(9)(16) |
|
|
|
|
|
|
|
|
|
|
|
|
212,192 |
|
|
210,831 |
|
|
|
|
|
|
Total Textiles, Apparel & Luxury Goods |
|
$ |
375,963 |
|
$ |
375,679 |
|
|
Trading Companies & Distributors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lindstrom, LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lindstrom, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+550, 0.75% Floor |
|
12/30/2032 |
|
$ |
40,000 |
|
$ |
39,400 |
|
$ |
39,400 |
|
(4)(17) |
|
|
First Lien Secured Debt - Revolver |
|
S+550, 0.75% Floor |
|
12/30/2032 |
|
|
3,665 |
|
|
3,515 |
|
|
3,515 |
|
(4)(12)(16)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
42,915 |
|
|
42,915 |
|
|
See notes to consolidated financial statements
127
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
Meritus Gas Partners |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGP Holdings III Corp. |
|
First Lien Secured Debt - Term Loan |
|
S+525, 1.00% Floor |
|
3/1/2030 |
|
|
28,196 |
|
|
27,791 |
|
|
27,773 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+525, 1.00% Floor |
|
3/1/2030 |
|
|
9,680 |
|
|
9,543 |
|
|
9,503 |
|
(4)(9)(12)(16)(32) |
|
|
First Lien Secured Debt - Revolver |
|
P+425, 1.00% Floor |
|
3/1/2030 |
|
|
218 |
|
|
190 |
|
|
189 |
|
(4)(9)(12)(24)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
37,524 |
|
|
37,465 |
|
|
ORS Nasco |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WC ORS Buyer, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.75% Floor |
|
8/7/2031 |
|
|
96,211 |
|
|
94,964 |
|
|
95,249 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+500, 0.75% Floor |
|
8/7/2031 |
|
|
14,258 |
|
|
14,080 |
|
|
14,116 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Revolver |
|
P+500, 0.75% Floor |
|
8/7/2031 |
|
|
2,582 |
|
|
2,407 |
|
|
2,439 |
|
(4)(9)(12)(16)(24)(32) |
WC ORS Holdings, L.P. |
|
Common Equity - Limited Partnership |
|
N/A |
|
N/A |
|
|
90,443 Units |
|
|
90 |
|
|
160 |
|
(4)(9)(33) |
|
|
|
|
|
|
|
|
|
|
|
|
111,541 |
|
|
111,964 |
|
|
|
|
|
|
Total Trading Companies & Distributors |
|
$ |
191,980 |
|
$ |
192,344 |
|
|
Transportation Infrastructure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alliance Ground International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AGI-CFI Holdings, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+490, 0.75% Floor |
|
6/11/2027 |
|
$ |
17,992 |
|
$ |
17,922 |
|
$ |
17,902 |
|
(4)(16) |
Amey |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Project Ardent Bidco Limited |
|
First Lien Secured Debt - Term Loan |
|
SONIA+550, 0.00% Floor |
|
11/12/2031 |
|
£ |
125,384 |
|
|
157,251 |
|
|
166,054 |
|
(3)(4)(8)(10)(18) |
Eagle Railcar |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Elk Bidco, Inc |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.50% Floor |
|
6/14/2032 |
|
|
112,376 |
|
|
111,849 |
|
|
113,220 |
|
(4)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 0.50% Floor |
|
6/14/2032 |
|
|
— |
|
|
(54) |
|
|
— |
|
(4)(5)(12)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 0.50% Floor |
|
6/14/2032 |
|
|
— |
|
|
(97) |
|
|
— |
|
(4)(5)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
111,698 |
|
|
113,220 |
|
|
GAT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAT-Airline Ground Support Inc |
|
First Lien Secured Debt - Term Loan |
|
S+525, 1.00% Floor |
|
5/9/2029 |
|
|
15,010 |
|
|
14,847 |
|
|
15,010 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+525, 1.00% Floor |
|
5/9/2029 |
|
|
3,484 |
|
|
3,438 |
|
|
3,483 |
|
(4)(9)(12)(16)(32) |
|
|
First Lien Secured Debt - Revolver |
|
P+525, 1.00% Floor |
|
5/9/2029 |
|
|
635 |
|
|
611 |
|
|
635 |
|
(4)(9)(12)(16)(24)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
18,896 |
|
|
19,128 |
|
|
See notes to consolidated financial statements
128
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Company (31) |
|
Investment Type |
|
Interest Rate (13) |
|
Maturity Date |
|
Par/Shares/Units (3) |
|
Cost (34) |
|
Fair Value (1)(35) |
|
|
GSI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Geotechnical Merger Sub, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+450, 0.75% Floor |
|
10/15/2031 |
|
|
67,411 |
|
|
66,826 |
|
|
67,242 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+450, 0.75% Floor |
|
10/15/2031 |
|
|
12,234 |
|
|
12,077 |
|
|
12,172 |
|
(4)(9)(12)(16)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+450, 0.75% Floor |
|
10/15/2031 |
|
|
2,185 |
|
|
2,106 |
|
|
2,161 |
|
(4)(9)(12)(16)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
81,009 |
|
|
81,575 |
|
|
NARS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North American Rail Solutions LLC |
|
First Lien Secured Debt - Term Loan |
|
C+475, 1.00% Floor |
|
8/29/2031 |
|
C$ |
38,964 |
|
|
28,100 |
|
|
28,132 |
|
(3)(4)(9)(26) |
|
|
First Lien Secured Debt - Term Loan |
|
S+475, 1.00% Floor |
|
8/29/2031 |
|
|
8,728 |
|
|
8,644 |
|
|
8,649 |
|
(4)(9)(16) |
|
|
First Lien Secured Debt - Delayed Draw |
|
C+475, 1.00% Floor |
|
8/29/2031 |
|
C$ |
— |
|
|
(9) |
|
|
(16) |
|
(3)(4)(5)(9)(12)(32) |
|
|
First Lien Secured Debt - Delayed Draw |
|
S+475, 1.00% Floor |
|
8/29/2031 |
|
|
— |
|
|
(10) |
|
|
(20) |
|
(4)(5)(9)(12)(32) |
|
|
First Lien Secured Debt - Revolver |
|
S+475, 1.00% Floor |
|
8/29/2031 |
|
|
264 |
|
|
249 |
|
|
250 |
|
(4)(9)(12)(15)(32) |
|
|
First Lien Secured Debt - Revolver |
|
C+475, 1.00% Floor |
|
8/29/2031 |
|
C$ |
— |
|
|
(47) |
|
|
(45) |
|
(3)(4)(5)(9)(12)(32) |
|
|
|
|
|
|
|
|
|
|
|
|
36,927 |
|
|
36,950 |
|
|
Signature Aviation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brown Group Holding, LLC |
|
First Lien Secured Debt - Term Loan |
|
S+275, 0.50% Floor |
|
7/1/2031 |
|
|
18,627 |
|
|
18,576 |
|
|
18,742 |
|
(15)(16) |
|
|
|
|
Total Transportation Infrastructure |
|
$ |
442,279 |
|
$ |
453,571 |
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Cellular |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CCI Buyer, Inc. |
|
First Lien Secured Debt - Term Loan |
|
S+500, 0.75% Floor |
|
5/13/2032 |
|
$ |
94,529 |
|
$ |
93,683 |
|
$ |
94,765 |
|
(4)(16) |
|
|
First Lien Secured Debt - Revolver |
|
S+500, 0.75% Floor |
|
5/13/2032 |
|
|
— |
|
|
(50) |
|
|
— |
|
(4)(5)(12)(32) |
|
|
|
|
Total Wireless Telecommunication Services |
|
$ |
93,633 |
|
$ |
94,765 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments before Cash Equivalents |
|
$ |
24,414,425 |
|
$ |
24,515,628 |
|
(2)(6)(31) |
Goldman Sachs Financial Square Government Fund Institutional |
|
N/A |
|
N/A |
|
$ |
227,502 |
|
$ |
227,502 |
|
$ |
227,502 |
|
(7) |
|
|
|
|
Total Investments after Cash Equivalents |
|
$ |
24,641,927 |
|
$ |
24,743,130 |
|
|
See notes to consolidated financial statements
129
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
Derivative Instrument |
|
Company Receives |
|
Company Pays |
|
Maturity Date |
|
Notional Amount |
|
Footnote Reference |
Interest rate swap (a) |
|
6.90% |
|
S+270 |
|
4/13/2029 |
|
$ |
325,000 |
|
Note 5 |
Interest rate swap (a) |
|
6.70% |
|
S+280 |
|
7/29/2031 |
|
$ |
300,000 |
|
Note 5 |
Interest rate swap (a) |
|
3.67% |
|
3M SOFR |
|
12/21/2027 |
|
$ |
82,000 |
|
Note 5 |
Interest rate swap (a) |
|
3.65% |
|
3M SOFR |
|
1/19/2028 |
|
$ |
18,000 |
|
Note 5 |
Interest rate swap (b) |
|
7.02% |
|
ESTR+372 |
|
9/28/2026 |
|
€ |
90,000 |
|
Note 5 |
Interest rate swap (a) |
|
6.90% |
|
S+271 |
|
4/13/2029 |
|
$ |
325,000 |
|
Note 5 |
Interest rate swap (a) |
|
5.86% |
|
S+267 |
|
4/13/2029 |
|
$ |
350,000 |
|
Note 5 |
Interest rate swap (a) |
|
6.70% |
|
S+280 |
|
7/29/2031 |
|
$ |
300,000 |
|
Note 5 |
Interest rate swap (a) |
|
8.54% |
|
S+418 |
|
9/28/2026 |
|
$ |
226,000 |
|
Note 5 |
Interest rate swap (a) |
|
8.62% |
|
S+456 |
|
9/28/2028 |
|
$ |
325,000 |
|
Note 5 |
Interest rate swap (a) |
|
6.35% |
|
S+239 |
|
7/29/2031 |
|
$ |
400,000 |
|
Note 5 |
Interest rate swap (a) |
|
6.55% |
|
S+218 |
|
3/15/2032 |
|
$ |
500,000 |
|
Note 5 |
Interest rate swap (a) |
|
5.88% |
|
3M SOFR + 220.7 |
|
8/30/2030 |
|
$ |
400,000 |
|
Note 5 |
Interest rate swap (a) |
|
5.66% |
|
3M SOFR + 220.45 |
|
8/30/2030 |
|
$ |
100,000 |
|
Note 5 |
Interest rate swap (a) |
|
5.20% |
|
3M SOFR |
|
12/8/2028 |
|
$ |
400,000 |
|
Note 5 |
|
|
|
|
|
|
|
|
|
|
|
|
Derivative Instrument |
|
Company Receives |
|
Company Pays |
|
Maturity Date |
|
Notional Amount |
|
Footnote Reference |
Currency swap (c) |
|
S+45.5 |
|
KRW-CD 91D |
|
5/12/2026 |
|
$ |
81,450 |
|
Note 5 |
Currency swap (c) |
|
S+46.4 |
|
KRW-CD 91D |
|
5/12/2026 |
|
$ |
60,988 |
|
Note 5 |
(a) Bears interest at a rate determined by three-month SOFR (as defined below). The interest rate locked two business days prior to settlement of the interest rate swaps. The three-month SOFR is 3.65% on December 31, 2025.
(b) Bears interest at a rate determined by 1 day Euro Short Term Rate. The interest rate locked two business days prior to settlement of the interest rate swaps. The 1 day Euro Short Term Rate ("ESTRON") is 1.92% on December 31, 2025.
(c) Bears interest at a rate determined by SOFR and three-month Korean InterBank Offered Rate ("KORIBOR"). The interest rates locked two business days and one business day for SOFR and three-month KORIBOR, respectively, prior to settlement of the currency swaps. The SOFR and the three-month KORIBOR are 3.87% and 2.82%, respectively, on December 31, 2025.
|
|
|
|
|
|
|
|
|
|
|
Derivative Instrument |
|
Settlement Date |
|
Notional amount to be purchased |
|
Notional amount to be sold |
|
Footnote Reference |
Foreign currency forward contract |
|
3/18/2026 |
|
$ |
327,762 |
|
A$ |
492,086 |
|
Note 5 |
Foreign currency forward contract |
|
3/18/2026 |
|
A$ |
2,641 |
|
$ |
1,755 |
|
Note 5 |
Foreign currency forward contract |
|
3/18/2026 |
|
$ |
43,933 |
|
C$ |
60,342 |
|
Note 5 |
Foreign currency forward contract |
|
3/18/2026 |
|
$ |
5,880 |
|
₣ |
4,630 |
|
Note 5 |
Foreign currency forward contract |
|
3/18/2026 |
|
₣ |
90 |
|
$ |
113 |
|
Note 5 |
Foreign currency forward contract |
|
3/18/2026 |
|
$ |
1,438,616 |
|
€ |
1,224,663 |
|
Note 5 |
Foreign currency forward contract |
|
3/18/2026 |
|
$ |
2,073,688 |
|
£ |
1,555,675 |
|
Note 5 |
Foreign currency forward contract |
|
3/18/2026 |
|
$ |
14,739 |
|
¥ |
2,275,479 |
|
Note 5 |
Foreign currency forward contract |
|
3/18/2026 |
|
$ |
61,976 |
|
Nkr |
625,881 |
|
Note 5 |
Foreign currency forward contract |
|
3/18/2026 |
|
$ |
75,280 |
|
Skr |
692,598 |
|
Note 5 |
See notes to consolidated financial statements
130
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
(1)Fair value is determined in good faith by or under the direction of the Board of Trustees of the Company (the "Board") (see Note 2 to the consolidated financial statements).
(2)Aggregate gross unrealized gain and loss for federal income tax purposes are $337,333 and $(237,835), respectively. Net unrealized loss is $99,498 based on a total tax cost of $24,416,132.
(3)Par amount is denominated in USD unless otherwise noted, British Pound ("£"), Australian Dollar ("A$"), Canadian Dollar ("C$"), European Euro ("€"), Japanese Yen ("¥"), South Korean Won ("₩"), Swedish Krona ("Skr"), Norweigian Krone ("Nkr") and Swiss Franc ("₣"). Par amount represents funded commitments. See Note 32 in the Consolidated Schedule of Investments and Note 8 to the consolidated financial statements for further information on undrawn revolving and delayed draw loan commitments, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies.
(4)These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Board (see Note 2 and Note 4 to the consolidated financial statements), pursuant to the Company’s valuation policy.
(5)The negative fair value is the result of the commitment being valued below par. Negative cost is the result of unamortized fees or amounts received at settlement in excess of capital invested.
(6)All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted.
(7)This security is included in Cash and Cash Equivalents on the Consolidated Statements of Assets and Liabilities.
(8)Investments that the Company has determined are not "qualifying assets" under Section 55(a) of the Investment Company Act of 1940 as amended (the "1940 Act"). Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of December 31, 2025, non-qualifying assets represented approximately 27.84% of the total assets of the Company.
(9)These are co-investments made with the Company’s affiliates in accordance with the terms of the exemptive order the Company received from the Securities and Exchange Commission (the "SEC") permitting us to do so (see Note 3 to the consolidated financial statements for discussion of the exemptive order from the SEC).
(10)All or a portion of these debt investments are not pledged as collateral under any of the Company's credit facilities (see Note 6 to the consolidated financial statements). For other debt investments that are pledged to the Company's credit facilities, a single investment may be divided into parts that are individually pledged as collateral to separate credit facilities.
(11)As of December 31, 2025, there were letters of credit issued and outstanding through the Company under this senior secured facility.
(12)The undrawn portion of these committed revolvers and delayed draw term loans includes a commitment and unused fee rate.
(13)Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate ("SOFR" or "S") or an alternate base rate (which can include but is not limited to the Federal Funds Effective Rate or the Prime Rate), at the borrower’s option, and which reset periodically based on the terms of the loan agreement. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period, and may be subject to interest floors.
(14)The interest rate on these loans is subject to SOFR, which as of December 31, 2025 was 3.87%.
(15)The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2025 was 3.69%.
(16)The interest rate on these loans is subject to 3 months SOFR, which as of December 31, 2025 was 3.65%.
(17)The interest rate on these loans is subject to 6 months SOFR, which as of December 31, 2025 was 3.57%.
(18)The interest rate on these loans is subject to SONIA, which as of December 31, 2025 was 3.73%.
(19)The interest rate on these loans is subject to 3 months KORIBOR ("K"), which as of December 31, 2025 was 2.82%.
(20)The interest rate on these loans is subject to 3 months EURIBOR ("E"), which as of December 31, 2025 was 2.03%.
(21)The interest rate on these loans is subject to 6 months EURIBOR, which as of December 31, 2025 was 2.11%.
See notes to consolidated financial statements
131
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
(22)The interest rate on these loans is subject to Swiss Average Rate Overnight ("SARON"), which as of December 31, 2025 was -0.08%.
(23)The interest rate on these loans is subject to 6 months Stockholm Interbank Offered Rate ("STIBOR"), which as of December 31, 2025 was 2.07%.
(24)The interest rate on these loans is subject to Prime Rate ("P"), which as of December 31, 2025 was 6.75%.
(25)The interest rate on this loan is subject to the 3 month Australia Bank Bill Swap Rate ("BBSW"), which as of December 31, 2025 was 3.74%.
(26)The interest rate on these loans is subject to 1 month Canadian Overnight Repo Rate Average ("CORRA" or "C"), which as of December 31, 2025 was 2.26%.
(27)The interest rate on these loans is subject to 3 month CORRA, which as of December 31, 2025 was 2.26%.
(28)The interest rate on these loans is subject to 3 month Japan Tokyo Overnight Average Rate ("TONAR" or "T"), which as of December 31, 2025 was 0.71%.
(29)The interest rate on these loans is subject to 3 month Norwegian Overnight Weighted Average Rate ("NIBOR" or "NOK"), which as of December 31, 2025 was 4.07%.
(30)Loan was on non-accrual status as of December 31, 2025. Heubach Holdings USA LLC has a maturity date prior to the end of the current period. The portfolio company has filed for insolvency in certain jurisdictions and has begun a sales process for all or part of the portfolio company.
(31)Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company. As of December 31, 2025, all of the Company's investments were non-controlled and non-affiliated.
See notes to consolidated financial statements
132
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
(32) As of December 31, 2025, 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name of Issuer |
|
Total revolving and delayed draw loan commitments |
|
Less: funded commitments |
|
Total unfunded commitments |
|
Less: commitments substantially at discretion of the Company |
|
Less: unavailable commitments due to borrowing base or other covenant restrictions |
|
Total net adjusted unfunded revolving and delayed draw commitments |
1475 Holdings, LLC |
|
$ |
1,071 |
|
$ |
— |
|
$ |
1,071 |
|
$ |
— |
|
$ |
— |
|
$ |
1,071 |
Accel International Holdings, LLC |
|
|
32,173 |
|
|
— |
|
|
32,173 |
|
|
— |
|
|
— |
|
|
32,173 |
Accela, Inc. |
|
|
1,714 |
|
|
— |
|
|
1,714 |
|
|
— |
|
|
— |
|
|
1,714 |
Accelerate360 Holdings, LLC |
|
|
45,960 |
|
|
(24,956) |
|
|
21,004 |
|
|
21,004 |
|
|
— |
|
|
— |
Accelevation LLC |
|
|
3,540 |
|
|
(385) |
|
|
3,155 |
|
|
— |
|
|
— |
|
|
3,155 |
Accommodations Plus Technologies LLC |
|
|
11,367 |
|
|
— |
|
|
11,367 |
|
|
— |
|
|
— |
|
|
11,367 |
Acentra Holdings, LLC (fka CNSI Holdings, LLC) |
|
|
11,450 |
|
|
— |
|
|
11,450 |
|
|
— |
|
|
— |
|
|
11,450 |
ACP Avenu Buyer, LLC |
|
|
15,645 |
|
|
— |
|
|
15,645 |
|
|
— |
|
|
— |
|
|
15,645 |
Actium Midco 3 (UK) Limited* |
|
|
9,919 |
|
|
— |
|
|
9,919 |
|
|
— |
|
|
— |
|
|
9,919 |
Advarra Holdings, Inc. |
|
|
12,380 |
|
|
— |
|
|
12,380 |
|
|
— |
|
|
— |
|
|
12,380 |
Alcresta Therapeutics Inc. |
|
|
872 |
|
|
(58) |
|
|
814 |
|
|
— |
|
|
— |
|
|
814 |
All Star Recruiting Locums, LLC |
|
|
1,304 |
|
|
(761) |
|
|
543 |
|
|
— |
|
|
— |
|
|
543 |
Allied Benefit Systems Intermediate LLC |
|
|
9,552 |
|
|
— |
|
|
9,552 |
|
|
— |
|
|
— |
|
|
9,552 |
Allwyn Entertainment Financing US LLC |
|
|
80,000 |
|
|
— |
|
|
80,000 |
|
|
— |
|
|
— |
|
|
80,000 |
Altern Marketing, LLC |
|
|
9,800 |
|
|
— |
|
|
9,800 |
|
|
— |
|
|
— |
|
|
9,800 |
American Restoration Holdings, LLC |
|
|
12,400 |
|
|
(1,490) |
|
|
10,910 |
|
|
— |
|
|
— |
|
|
10,910 |
Amika OpCo LLC (f/k/a Heat Makes Sense Shared Services, LLC) |
|
|
1,617 |
|
|
— |
|
|
1,617 |
|
|
— |
|
|
— |
|
|
1,617 |
Anaplan, Inc. |
|
|
11,917 |
|
|
— |
|
|
11,917 |
|
|
— |
|
|
— |
|
|
11,917 |
Arcwood Environmental, Inc. (f/k/a Heritage Environmental Services, Inc.) |
|
|
13,199 |
|
|
— |
|
|
13,199 |
|
|
— |
|
|
— |
|
|
13,199 |
Artifact Bidco, Inc. |
|
|
26,601 |
|
|
— |
|
|
26,601 |
|
|
— |
|
|
— |
|
|
26,601 |
Associations Inc. |
|
|
4,251 |
|
|
— |
|
|
4,251 |
|
|
— |
|
|
— |
|
|
4,251 |
AVSC Holding Corp. |
|
|
21,651 |
|
|
— |
|
|
21,651 |
|
|
— |
|
|
— |
|
|
21,651 |
Azurite Intermediate Holdings, Inc. |
|
|
7,325 |
|
|
— |
|
|
7,325 |
|
|
— |
|
|
— |
|
|
7,325 |
BGIF IV Fearless Utility Services, Inc. |
|
|
33,358 |
|
|
— |
|
|
33,358 |
|
|
— |
|
|
— |
|
|
33,358 |
Biamp |
|
|
6,000 |
|
|
— |
|
|
6,000 |
|
|
— |
|
|
— |
|
|
6,000 |
Bingo Group Buyer, Inc. |
|
|
10,324 |
|
|
(63) |
|
|
10,261 |
|
|
— |
|
|
— |
|
|
10,261 |
Blitz 24-34 GmbH |
|
|
7,097 |
|
|
— |
|
|
7,097 |
|
|
— |
|
|
— |
|
|
7,097 |
Bullcave Limited |
|
|
3,947 |
|
|
(2,632) |
|
|
1,315 |
|
|
— |
|
|
— |
|
|
1,315 |
BX Frontier Member I LLC |
|
|
6,137 |
|
|
— |
|
|
6,137 |
|
|
— |
|
|
6,137 |
|
|
— |
Cambrex Corp. |
|
|
65,371 |
|
|
(872) |
|
|
64,499 |
|
|
— |
|
|
— |
|
|
64,499 |
See notes to consolidated financial statements
133
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name of Issuer |
|
Total revolving and delayed draw loan commitments |
|
Less: funded commitments |
|
Total unfunded commitments |
|
Less: commitments substantially at discretion of the Company |
|
Less: unavailable commitments due to borrowing base or other covenant restrictions |
|
Total net adjusted unfunded revolving and delayed draw commitments |
Camin Cargo Control Holdings, Inc. |
|
$ |
6,197 |
|
$ |
(2,539) |
|
$ |
3,658 |
|
$ |
— |
|
$ |
— |
|
$ |
3,658 |
Cascade Parent Inc. |
|
|
13,572 |
|
|
— |
|
|
13,572 |
|
|
— |
|
|
— |
|
|
13,572 |
CCI Buyer, Inc. |
|
|
5,534 |
|
|
— |
|
|
5,534 |
|
|
— |
|
|
— |
|
|
5,534 |
Cerity Partners Equity Holding LLC |
|
|
63,000 |
|
|
(832) |
|
|
62,168 |
|
|
— |
|
|
— |
|
|
62,168 |
Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.) |
|
|
7,915 |
|
|
(326) |
|
|
7,589 |
|
|
— |
|
|
— |
|
|
7,589 |
CI (MG) GROUP, LLC |
|
|
7,825 |
|
|
(1,470) |
|
|
6,355 |
|
|
— |
|
|
— |
|
|
6,355 |
CI (Quercus) Intermediate Holdings, LLC |
|
|
12,273 |
|
|
— |
|
|
12,273 |
|
|
— |
|
|
— |
|
|
12,273 |
CircusTrix Holdings LLC |
|
|
807 |
|
|
(323) |
|
|
484 |
|
|
— |
|
|
— |
|
|
484 |
Coding Solutions Acquisition Inc |
|
|
10,058 |
|
|
— |
|
|
10,058 |
|
|
— |
|
|
— |
|
|
10,058 |
CohnReznick Advisory LLC |
|
|
1,368 |
|
|
— |
|
|
1,368 |
|
|
— |
|
|
— |
|
|
1,368 |
Coretrust Purchasing Group LLC (HPG Enterprises LLC) |
|
|
6,739 |
|
|
— |
|
|
6,739 |
|
|
— |
|
|
— |
|
|
6,739 |
Coupa Software Incorporated |
|
|
8,716 |
|
|
— |
|
|
8,716 |
|
|
— |
|
|
— |
|
|
8,716 |
Creek Parent, Inc. |
|
|
29,103 |
|
|
— |
|
|
29,103 |
|
|
— |
|
|
— |
|
|
29,103 |
Crete PA Holdco, LLC |
|
|
139,488 |
|
|
— |
|
|
139,488 |
|
|
— |
|
|
— |
|
|
139,488 |
Crewline Buyer, Inc. |
|
|
4,365 |
|
|
— |
|
|
4,365 |
|
|
— |
|
|
— |
|
|
4,365 |
Crunch Fitness Merger Sub, LLC |
|
|
23,555 |
|
|
— |
|
|
23,555 |
|
|
— |
|
|
— |
|
|
23,555 |
CSC Holdings, LLC |
|
|
85,100 |
|
|
(73,064) |
|
|
12,036 |
|
|
— |
|
|
— |
|
|
12,036 |
CT Technologies Intermediate Holdings (Topco), Inc. |
|
|
35,536 |
|
|
— |
|
|
35,536 |
|
|
— |
|
|
— |
|
|
35,536 |
Databricks, Inc. |
|
|
88,844 |
|
|
— |
|
|
88,844 |
|
|
— |
|
|
— |
|
|
88,844 |
Deerfield Dakota Holding, LLC |
|
|
9,814 |
|
|
— |
|
|
9,814 |
|
|
— |
|
|
— |
|
|
9,814 |
DRS Holdings III, Inc. |
|
|
1,341 |
|
|
— |
|
|
1,341 |
|
|
— |
|
|
— |
|
|
1,341 |
EAB Global, Inc. |
|
|
7,500 |
|
|
(4,200) |
|
|
3,300 |
|
|
— |
|
|
— |
|
|
3,300 |
Eagle Purchaser, Inc. |
|
|
4,103 |
|
|
(2,524) |
|
|
1,579 |
|
|
— |
|
|
— |
|
|
1,579 |
Eclipse Buyer, Inc. |
|
|
5,809 |
|
|
— |
|
|
5,809 |
|
|
— |
|
|
— |
|
|
5,809 |
Edition Holdings, Inc. |
|
|
137,251 |
|
|
— |
|
|
137,251 |
|
|
— |
|
|
— |
|
|
137,251 |
EHC Holdings Holdco Limited* |
|
|
29,116 |
|
|
— |
|
|
29,116 |
|
|
— |
|
|
— |
|
|
29,116 |
Electron BidCo Inc. (dba ExamWorks) |
|
|
27,000 |
|
|
— |
|
|
27,000 |
|
|
— |
|
|
— |
|
|
27,000 |
Elk Bidco, Inc |
|
|
44,594 |
|
|
— |
|
|
44,594 |
|
|
— |
|
|
— |
|
|
44,594 |
Endor Purchaser, Inc. |
|
|
12,531 |
|
|
— |
|
|
12,531 |
|
|
— |
|
|
— |
|
|
12,531 |
ERC Topco Holdings, LLC |
|
|
2,134 |
|
|
(1,921) |
|
|
213 |
|
|
— |
|
|
— |
|
|
213 |
Everbridge Holdings, LLC |
|
|
15,493 |
|
|
— |
|
|
15,493 |
|
|
— |
|
|
— |
|
|
15,493 |
Evergreen IX Borrower 2023, LLC |
|
|
10,071 |
|
|
— |
|
|
10,071 |
|
|
— |
|
|
— |
|
|
10,071 |
See notes to consolidated financial statements
134
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name of Issuer |
|
Total revolving and delayed draw loan commitments |
|
Less: funded commitments |
|
Total unfunded commitments |
|
Less: commitments substantially at discretion of the Company |
|
Less: unavailable commitments due to borrowing base or other covenant restrictions |
|
Total net adjusted unfunded revolving and delayed draw commitments |
Evoriel* |
|
$ |
1,756 |
|
$ |
— |
|
$ |
1,756 |
|
$ |
— |
|
$ |
— |
|
$ |
1,756 |
ExactCare Parent, Inc. |
|
|
4,426 |
|
|
— |
|
|
4,426 |
|
|
— |
|
|
— |
|
|
4,426 |
Excelligence Learning Corporation |
|
|
13,562 |
|
|
(2,170) |
|
|
11,392 |
|
|
— |
|
|
— |
|
|
11,392 |
FINANCIERE ASTEK* |
|
|
330 |
|
|
— |
|
|
330 |
|
|
— |
|
|
— |
|
|
330 |
Forterro Group AB (fka Yellow Castle AB)* |
|
|
31,449 |
|
|
— |
|
|
31,449 |
|
|
— |
|
|
— |
|
|
31,449 |
Funecap Holding* |
|
|
49,750 |
|
|
— |
|
|
49,750 |
|
|
— |
|
|
— |
|
|
49,750 |
G&A Partners Holding Company II, LLC |
|
|
4,296 |
|
|
— |
|
|
4,296 |
|
|
— |
|
|
— |
|
|
4,296 |
Galway Borrower LLC |
|
|
5,673 |
|
|
(524) |
|
|
5,149 |
|
|
— |
|
|
— |
|
|
5,149 |
Gannett Holdings, LLC |
|
|
8,795 |
|
|
— |
|
|
8,795 |
|
|
— |
|
|
— |
|
|
8,795 |
GAT-Airline Ground Support Inc |
|
|
3,662 |
|
|
(635) |
|
|
3,027 |
|
|
— |
|
|
— |
|
|
3,027 |
Gateway US Holdings, Inc. |
|
|
6,629 |
|
|
— |
|
|
6,629 |
|
|
— |
|
|
— |
|
|
6,629 |
GC Waves Holdings, Inc. |
|
|
37,696 |
|
|
— |
|
|
37,696 |
|
|
— |
|
|
— |
|
|
37,696 |
Genius Bidco LLC |
|
|
2,861 |
|
|
(155) |
|
|
2,706 |
|
|
— |
|
|
— |
|
|
2,706 |
Geotechnical Merger Sub, Inc. |
|
|
22,096 |
|
|
(2,185) |
|
|
19,911 |
|
|
— |
|
|
— |
|
|
19,911 |
Goldeneye Parent, LLC |
|
|
12,774 |
|
|
— |
|
|
12,774 |
|
|
— |
|
|
— |
|
|
12,774 |
Green Grass Foods, Inc. |
|
|
1,250 |
|
|
— |
|
|
1,250 |
|
|
— |
|
|
— |
|
|
1,250 |
GSP Midco LLC |
|
|
26,000 |
|
|
— |
|
|
26,000 |
|
|
— |
|
|
— |
|
|
26,000 |
Hanger, Inc. |
|
|
1,356 |
|
|
— |
|
|
1,356 |
|
|
— |
|
|
— |
|
|
1,356 |
Heartbeat BidCo GmbH* |
|
|
3,811 |
|
|
— |
|
|
3,811 |
|
|
— |
|
|
— |
|
|
3,811 |
HEF Safety Ultimate Holdings, LLC |
|
|
1,790 |
|
|
— |
|
|
1,790 |
|
|
— |
|
|
— |
|
|
1,790 |
Higginbotham Insurance Agency, Inc. |
|
|
38,070 |
|
|
— |
|
|
38,070 |
|
|
— |
|
|
— |
|
|
38,070 |
Howardsimon LLC |
|
|
39,628 |
|
|
— |
|
|
39,628 |
|
|
— |
|
|
— |
|
|
39,628 |
Husky Holdings LLC |
|
|
5,000 |
|
|
— |
|
|
5,000 |
|
|
— |
|
|
— |
|
|
5,000 |
Hyperion Refinance Sarl |
|
|
118,800 |
|
|
— |
|
|
118,800 |
|
|
— |
|
|
— |
|
|
118,800 |
Ichor Management Limited* |
|
|
1,991 |
|
|
(1,712) |
|
|
279 |
|
|
— |
|
|
— |
|
|
279 |
Ideal Components Acquisition, LLC |
|
|
10,077 |
|
|
(611) |
|
|
9,466 |
|
|
— |
|
|
— |
|
|
9,466 |
International Schools Partnership Limited* |
|
|
57,784 |
|
|
— |
|
|
57,784 |
|
|
— |
|
|
— |
|
|
57,784 |
Investment Company 24 Bidco Limited* |
|
|
12,490 |
|
|
— |
|
|
12,490 |
|
|
— |
|
|
— |
|
|
12,490 |
IOTA HOLDINGS 3 |
|
|
8,250 |
|
|
(2,178) |
|
|
6,072 |
|
|
— |
|
|
— |
|
|
6,072 |
IQN Holding Corp. |
|
|
4,224 |
|
|
(2,746) |
|
|
1,478 |
|
|
— |
|
|
— |
|
|
1,478 |
IRIS Specialty Acquisition LLC |
|
|
68,046 |
|
|
— |
|
|
68,046 |
|
|
— |
|
|
— |
|
|
68,046 |
Ironhorse Purchaser, LLC |
|
|
483 |
|
|
— |
|
|
483 |
|
|
— |
|
|
— |
|
|
483 |
IW Buyer LLC |
|
|
3,146 |
|
|
(899) |
|
|
2,247 |
|
|
— |
|
|
— |
|
|
2,247 |
See notes to consolidated financial statements
135
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name of Issuer |
|
Total revolving and delayed draw loan commitments |
|
Less: funded commitments |
|
Total unfunded commitments |
|
Less: commitments substantially at discretion of the Company |
|
Less: unavailable commitments due to borrowing base or other covenant restrictions |
|
Total net adjusted unfunded revolving and delayed draw commitments |
Janus Bidco Limited* |
|
$ |
21,373 |
|
$ |
— |
|
$ |
21,373 |
|
$ |
— |
|
$ |
— |
|
$ |
21,373 |
Jazz AH Holdco, LLC |
|
|
800 |
|
|
(240) |
|
|
560 |
|
|
— |
|
|
— |
|
|
560 |
Jensen Hughes, Inc |
|
|
31,706 |
|
|
— |
|
|
31,706 |
|
|
— |
|
|
— |
|
|
31,706 |
JEPPESEN HOLDINGS, LLC |
|
|
10,037 |
|
|
— |
|
|
10,037 |
|
|
— |
|
|
— |
|
|
10,037 |
K Hovnanian Enterprises Inc |
|
|
125,000 |
|
|
— |
|
|
125,000 |
|
|
— |
|
|
— |
|
|
125,000 |
Kairos Intermediateco AB* |
|
|
31,342 |
|
|
— |
|
|
31,342 |
|
|
— |
|
|
— |
|
|
31,342 |
Kaman Corp |
|
|
3,273 |
|
|
— |
|
|
3,273 |
|
|
— |
|
|
— |
|
|
3,273 |
Kaseya Inc |
|
|
2,500 |
|
|
— |
|
|
2,500 |
|
|
— |
|
|
— |
|
|
2,500 |
Kite Bidco Inc. |
|
|
15,212 |
|
|
— |
|
|
15,212 |
|
|
— |
|
|
— |
|
|
15,212 |
Koala Investment Holdings, Inc. |
|
|
26,578 |
|
|
— |
|
|
26,578 |
|
|
— |
|
|
— |
|
|
26,578 |
Legacy Merger Sub, LLC |
|
|
23,333 |
|
|
— |
|
|
23,333 |
|
|
— |
|
|
— |
|
|
23,333 |
Legends Hospitality Holding Company, LLC |
|
|
12,507 |
|
|
(3,746) |
|
|
8,761 |
|
|
— |
|
|
— |
|
|
8,761 |
LHS Borrower LLC |
|
|
20,118 |
|
|
(2,414) |
|
|
17,704 |
|
|
— |
|
|
— |
|
|
17,704 |
Lindstrom, LLC |
|
|
10,000 |
|
|
(3,665) |
|
|
6,335 |
|
|
— |
|
|
— |
|
|
6,335 |
Lotus Topco Inc. |
|
|
6,765 |
|
|
— |
|
|
6,765 |
|
|
— |
|
|
— |
|
|
6,765 |
M&M OPCO, LLC |
|
|
476 |
|
|
— |
|
|
476 |
|
|
— |
|
|
— |
|
|
476 |
Madonna Bidco Limited* |
|
|
6,218 |
|
|
— |
|
|
6,218 |
|
|
— |
|
|
— |
|
|
6,218 |
Mari Events Midco LLC |
|
|
13,942 |
|
|
— |
|
|
13,942 |
|
|
— |
|
|
— |
|
|
13,942 |
Material Holdings, LLC |
|
|
644 |
|
|
— |
|
|
644 |
|
|
— |
|
|
— |
|
|
644 |
MetaTiedot Midco S.a.r.l. |
|
|
10,675 |
|
|
(5,038) |
|
|
5,637 |
|
|
— |
|
|
— |
|
|
5,637 |
MGP Holdings III Corp. |
|
|
4,074 |
|
|
(218) |
|
|
3,856 |
|
|
— |
|
|
— |
|
|
3,856 |
Mobile Communications America, Inc. |
|
|
4,863 |
|
|
(272) |
|
|
4,591 |
|
|
— |
|
|
— |
|
|
4,591 |
Mount Olympus Bidco Limited |
|
|
1,097 |
|
|
— |
|
|
1,097 |
|
|
— |
|
|
— |
|
|
1,097 |
mPulse Mobile, Inc. |
|
|
7,692 |
|
|
— |
|
|
7,692 |
|
|
— |
|
|
— |
|
|
7,692 |
MRO Holdings, Inc. |
|
|
102,698 |
|
|
— |
|
|
102,698 |
|
|
— |
|
|
— |
|
|
102,698 |
MRO Parent Corporation |
|
|
4,444 |
|
|
— |
|
|
4,444 |
|
|
— |
|
|
— |
|
|
4,444 |
Neinor DMP BidCo, S.A.U.* |
|
|
33,901 |
|
|
— |
|
|
33,901 |
|
|
— |
|
|
— |
|
|
33,901 |
North American Rail Solutions LLC |
|
|
3,750 |
|
|
(264) |
|
|
3,486 |
|
|
— |
|
|
— |
|
|
3,486 |
North American Rail Solutions LLC* |
|
|
6,800 |
|
|
— |
|
|
6,800 |
|
|
— |
|
|
— |
|
|
6,800 |
North Haven RI Buyer, LLC |
|
|
8,437 |
|
|
(1,000) |
|
|
7,437 |
|
|
— |
|
|
— |
|
|
7,437 |
Novotech SG Holdings Pte. Ltd./ Novotech Aus Bidco Pty Ltd/Novotech Holdings USA LLC |
|
|
5,286 |
|
|
— |
|
|
5,286 |
|
|
— |
|
|
— |
|
|
5,286 |
See notes to consolidated financial statements
136
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name of Issuer |
|
Total revolving and delayed draw loan commitments |
|
Less: funded commitments |
|
Total unfunded commitments |
|
Less: commitments substantially at discretion of the Company |
|
Less: unavailable commitments due to borrowing base or other covenant restrictions |
|
Total net adjusted unfunded revolving and delayed draw commitments |
NPPI Buyer, LLC |
|
$ |
9,211 |
|
$ |
— |
|
$ |
9,211 |
|
$ |
— |
|
$ |
— |
|
$ |
9,211 |
Olympus Terminals Holdco II LLC |
|
|
22,000 |
|
|
— |
|
|
22,000 |
|
|
— |
|
|
— |
|
|
22,000 |
OMEGA II AB* |
|
|
19,376 |
|
|
— |
|
|
19,376 |
|
|
— |
|
|
— |
|
|
19,376 |
OMH-Healthedge Holdings, Inc. |
|
|
37,896 |
|
|
— |
|
|
37,896 |
|
|
— |
|
|
— |
|
|
37,896 |
One Call Corporation (fka Opal Acquisition, Inc.) |
|
|
19,868 |
|
|
— |
|
|
19,868 |
|
|
— |
|
|
— |
|
|
19,868 |
One Silver Serve, LLC |
|
|
11,200 |
|
|
(3,312) |
|
|
7,888 |
|
|
— |
|
|
— |
|
|
7,888 |
Orthrus Ltd* |
|
|
5,029 |
|
|
— |
|
|
5,029 |
|
|
— |
|
|
— |
|
|
5,029 |
Pai Middle Tier, LLC |
|
|
5,250 |
|
|
(750) |
|
|
4,500 |
|
|
— |
|
|
— |
|
|
4,500 |
Paisley Bidco Limited* |
|
|
11,089 |
|
|
— |
|
|
11,089 |
|
|
— |
|
|
— |
|
|
11,089 |
Parfums Holding Company, Inc. |
|
|
10,268 |
|
|
— |
|
|
10,268 |
|
|
— |
|
|
— |
|
|
10,268 |
PARS Group LLC |
|
|
952 |
|
|
— |
|
|
952 |
|
|
952 |
|
|
— |
|
|
— |
Patriot Foods Buyer, Inc. |
|
|
2,590 |
|
|
(298) |
|
|
2,292 |
|
|
— |
|
|
— |
|
|
2,292 |
Patriot Growth Insurance Services, LLC |
|
|
2,311 |
|
|
— |
|
|
2,311 |
|
|
— |
|
|
— |
|
|
2,311 |
Pinnacle Buyer LLC |
|
|
2,742 |
|
|
— |
|
|
2,742 |
|
|
— |
|
|
— |
|
|
2,742 |
PMA Parent Holdings, LLC |
|
|
987 |
|
|
— |
|
|
987 |
|
|
— |
|
|
— |
|
|
987 |
Poly-Wood, LLC |
|
|
46,091 |
|
|
— |
|
|
46,091 |
|
|
— |
|
|
— |
|
|
46,091 |
PROJECT CARDINAL ACQUISITION, LLC |
|
|
8,947 |
|
|
— |
|
|
8,947 |
|
|
— |
|
|
— |
|
|
8,947 |
Protein For Pets Opco, LLC |
|
|
4,717 |
|
|
(943) |
|
|
3,774 |
|
|
— |
|
|
— |
|
|
3,774 |
Pye-Barker Fire & Safety LLC |
|
|
1,950 |
|
|
— |
|
|
1,950 |
|
|
— |
|
|
— |
|
|
1,950 |
QBS Parent, Inc. |
|
|
40,867 |
|
|
(1,741) |
|
|
39,126 |
|
|
— |
|
|
— |
|
|
39,126 |
QTS Project Ram |
|
|
33,808 |
|
|
— |
|
|
33,808 |
|
|
— |
|
|
33,808 |
|
|
— |
R.F. Fager Company, LLC |
|
|
1,260 |
|
|
(169) |
|
|
1,091 |
|
|
— |
|
|
— |
|
|
1,091 |
Radiate Holdco, LLC |
|
|
408 |
|
|
— |
|
|
408 |
|
|
— |
|
|
— |
|
|
408 |
Rarebreed Veterinary Partners, Inc. |
|
|
8,501 |
|
|
— |
|
|
8,501 |
|
|
— |
|
|
— |
|
|
8,501 |
Relativity ODA LLC |
|
|
2,500 |
|
|
— |
|
|
2,500 |
|
|
— |
|
|
— |
|
|
2,500 |
Reliable Doors, LLC |
|
|
1,164 |
|
|
— |
|
|
1,164 |
|
|
— |
|
|
— |
|
|
1,164 |
Rialto Management Group, LLC |
|
|
3,588 |
|
|
— |
|
|
3,588 |
|
|
— |
|
|
— |
|
|
3,588 |
RoC Holdco LLC |
|
|
4,390 |
|
|
— |
|
|
4,390 |
|
|
— |
|
|
— |
|
|
4,390 |
Rochester Midland Corporation |
|
|
16,417 |
|
|
(159) |
|
|
16,258 |
|
|
— |
|
|
— |
|
|
16,258 |
Rocket Bidco Limited* |
|
|
33,200 |
|
|
— |
|
|
33,200 |
|
|
— |
|
|
— |
|
|
33,200 |
See notes to consolidated financial statements
137
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name of Issuer |
|
Total revolving and delayed draw loan commitments |
|
Less: funded commitments |
|
Total unfunded commitments |
|
Less: commitments substantially at discretion of the Company |
|
Less: unavailable commitments due to borrowing base or other covenant restrictions |
|
Total net adjusted unfunded revolving and delayed draw commitments |
Rocket Youth Brands Holdco LLC |
|
$ |
10,698 |
|
$ |
— |
|
$ |
10,698 |
|
$ |
— |
|
$ |
— |
|
$ |
10,698 |
Runway Bidco, LLC |
|
|
62,292 |
|
|
— |
|
|
62,292 |
|
|
— |
|
|
— |
|
|
62,292 |
Russell Investments US Institutional Holdco Inc |
|
|
9,900 |
|
|
— |
|
|
9,900 |
|
|
— |
|
|
— |
|
|
9,900 |
Saber Parent Holdings Corp |
|
|
69,512 |
|
|
— |
|
|
69,512 |
|
|
— |
|
|
— |
|
|
69,512 |
SG Acquisition, Inc. |
|
|
5,757 |
|
|
— |
|
|
5,757 |
|
|
— |
|
|
— |
|
|
5,757 |
Sigma Irish Acquico Limited |
|
|
16,576 |
|
|
— |
|
|
16,576 |
|
|
— |
|
|
— |
|
|
16,576 |
Silk Holdings III Corp. |
|
|
15,175 |
|
|
(3,035) |
|
|
12,140 |
|
|
— |
|
|
— |
|
|
12,140 |
Smith Topco, Inc. |
|
|
1,692 |
|
|
— |
|
|
1,692 |
|
|
— |
|
|
— |
|
|
1,692 |
Space Finco, Inc. |
|
|
27,000 |
|
|
— |
|
|
27,000 |
|
|
— |
|
|
— |
|
|
27,000 |
Spark Purchaser, Inc. |
|
|
1,351 |
|
|
— |
|
|
1,351 |
|
|
— |
|
|
— |
|
|
1,351 |
SPARKLE BIDCO LIMITED* |
|
|
26,066 |
|
|
— |
|
|
26,066 |
|
|
— |
|
|
— |
|
|
26,066 |
Spruce Bidco II Inc. |
|
|
26,335 |
|
|
— |
|
|
26,335 |
|
|
— |
|
|
— |
|
|
26,335 |
SRP Eagle Buyer Inc. |
|
|
24,706 |
|
|
— |
|
|
24,706 |
|
|
— |
|
|
— |
|
|
24,706 |
SupplyHouse LLC |
|
|
20,000 |
|
|
— |
|
|
20,000 |
|
|
— |
|
|
— |
|
|
20,000 |
TerSera Therapeutics LLC |
|
|
1,395 |
|
|
— |
|
|
1,395 |
|
|
— |
|
|
— |
|
|
1,395 |
Thg Acquisition, LLC |
|
|
24,232 |
|
|
(1,317) |
|
|
22,915 |
|
|
— |
|
|
— |
|
|
22,915 |
TI Intermediate Holdings, LLC |
|
|
397 |
|
|
— |
|
|
397 |
|
|
— |
|
|
— |
|
|
397 |
TITAN BW BORROWER L.P. |
|
|
50,402 |
|
|
— |
|
|
50,402 |
|
|
— |
|
|
— |
|
|
50,402 |
Trading Technologies International, Inc. (fka Gem Merger Sub, Inc.) |
|
|
6,757 |
|
|
— |
|
|
6,757 |
|
|
— |
|
|
— |
|
|
6,757 |
Traffic Management Solutions, LLC |
|
|
6,456 |
|
|
— |
|
|
6,456 |
|
|
— |
|
|
— |
|
|
6,456 |
Trench Plate Rental Co. |
|
|
4,545 |
|
|
(2,636) |
|
|
1,909 |
|
|
— |
|
|
— |
|
|
1,909 |
Tribe Bidco Limited* |
|
|
36,090 |
|
|
(274) |
|
|
35,816 |
|
|
— |
|
|
— |
|
|
35,816 |
Truck-Lite Co., LLC |
|
|
79,354 |
|
|
— |
|
|
79,354 |
|
|
— |
|
|
— |
|
|
79,354 |
Truist Insurance Holdings, LLC |
|
|
24,868 |
|
|
— |
|
|
24,868 |
|
|
— |
|
|
— |
|
|
24,868 |
TS Investors, LLC |
|
|
2,693 |
|
|
— |
|
|
2,693 |
|
|
— |
|
|
— |
|
|
2,693 |
Tulip Bidco Limited* |
|
|
196,535 |
|
|
— |
|
|
196,535 |
|
|
— |
|
|
— |
|
|
196,535 |
TZ Buyer LLC |
|
|
606 |
|
|
(394) |
|
|
212 |
|
|
— |
|
|
— |
|
|
212 |
See notes to consolidated financial statements
138
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name of Issuer |
|
Total revolving and delayed draw loan commitments |
|
Less: funded commitments |
|
Total unfunded commitments |
|
Less: commitments substantially at discretion of the Company |
|
Less: unavailable commitments due to borrowing base or other covenant restrictions |
|
Total net adjusted unfunded revolving and delayed draw commitments |
Uft Buyer LLC |
|
|
34,172 |
|
|
— |
|
|
34,172 |
|
|
— |
|
|
— |
|
|
34,172 |
Uniguest Holdings, Inc |
|
|
23,349 |
|
|
— |
|
|
23,349 |
|
|
— |
|
|
— |
|
|
23,349 |
US Fertility Enterprises, LLC |
|
|
2,434 |
|
|
— |
|
|
2,434 |
|
|
— |
|
|
— |
|
|
2,434 |
USA DeBusk LLC |
|
|
6,840 |
|
|
(1,802) |
|
|
5,038 |
|
|
— |
|
|
— |
|
|
5,038 |
Vamos Bidco, Inc. |
|
|
36,199 |
|
|
— |
|
|
36,199 |
|
|
— |
|
|
— |
|
|
36,199 |
Vantage Specialty Chemicals Holdings, Inc. |
|
|
4,824 |
|
|
— |
|
|
4,824 |
|
|
— |
|
|
— |
|
|
4,824 |
Vensure Employer Services, Inc. |
|
|
2,547 |
|
|
— |
|
|
2,547 |
|
|
— |
|
|
— |
|
|
2,547 |
Victors Purchaser, LLC |
|
|
48,313 |
|
|
(2,193) |
|
|
46,120 |
|
|
— |
|
|
— |
|
|
46,120 |
Village Pet Care, LLC |
|
|
3,327 |
|
|
(365) |
|
|
2,962 |
|
|
— |
|
|
— |
|
|
2,962 |
Violin Finco Guernsey Limited* |
|
|
7,173 |
|
|
— |
|
|
7,173 |
|
|
— |
|
|
— |
|
|
7,173 |
Volunteer AcquisitionCo, LLC |
|
|
758 |
|
|
— |
|
|
758 |
|
|
— |
|
|
— |
|
|
758 |
Vybond Buyer, LLC |
|
|
14,000 |
|
|
— |
|
|
14,000 |
|
|
— |
|
|
— |
|
|
14,000 |
WC ORS Buyer, Inc. |
|
|
14,346 |
|
|
(2,582) |
|
|
11,764 |
|
|
— |
|
|
— |
|
|
11,764 |
Wealth Enhancement Group, LLC |
|
|
12,500 |
|
|
— |
|
|
12,500 |
|
|
— |
|
|
— |
|
|
12,500 |
WH BorrowerCo, LLC |
|
|
12,271 |
|
|
(1,048) |
|
|
11,223 |
|
|
— |
|
|
— |
|
|
11,223 |
Wisdom Purchaser, LLC |
|
|
5,156 |
|
|
— |
|
|
5,156 |
|
|
— |
|
|
— |
|
|
5,156 |
Zafin Labs Americas Incorporated |
|
|
2,500 |
|
|
— |
|
|
2,500 |
|
|
— |
|
|
— |
|
|
2,500 |
Zendesk, Inc. |
|
|
13,400 |
|
|
— |
|
|
13,400 |
|
|
— |
|
|
— |
|
|
13,400 |
Zeus Company LLC |
|
|
12,566 |
|
|
— |
|
|
12,566 |
|
|
— |
|
|
5,027 |
|
|
7,539 |
Total |
|
$ |
3,874,828 |
|
$ |
(172,106) |
|
$ |
3,702,722 |
|
$ |
21,956 |
|
$ |
44,972 |
|
$ |
3,635,794 |
* These investments are in a foreign currency and the total commitment has been converted to USD using the December 31, 2025 exchange rate.
See notes to consolidated financial statements
139
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
(33) Securities that are exempt from registration under the Securities Act of 1933 (the "Securities Act"), and may be deemed to be "restricted securities" under the Securities Act. As of December 31, 2025, the aggregate fair value of these securities is $23,387 or 0.2% of the Company's net assets. The acquisition dates of the restricted securities are as follows:
|
|
|
Issuer |
Security Type |
Acquisition Date |
Alcresta Holdings, LP |
Preferred Equity - Preferred Stocks |
3/12/2024 |
Alcresta Holdings, LP |
Common Equity - Equity Unit |
3/12/2024 |
Eclipse Topco, Inc. |
Preferred Equity - Preferred Stocks |
9/6/2024 |
Ergotron Investments, LLC |
Common Equity - Equity Unit |
7/6/2022 |
Fortis Fire & Safety Holdings LP |
Common Equity - Equity Unit |
7/21/2023 |
Genius Bidco LLC |
Common Equity - Equity Unit |
5/1/2024 |
HIG Intermediate, Inc. |
Preferred Equity - Cumulative Preferred |
12/10/2024 |
Ishtar Co-Invest-B LP |
Common Equity - Stock |
7/1/2022 |
Mitel Networks |
Common Equity - Stock |
6/20/2025 |
Nutpods Holdings, Inc. |
Common Equity - Stock |
12/26/2023 |
Oshun Co-Invest-B LP |
Common Equity - Stock |
7/1/2022 |
PAI Co-Investor FT Aggregator LLC |
Common Equity - Stock |
2/13/2025 |
PPL Equity LP |
Preferred Equity - Preferred Stocks |
7/1/2022 |
PPL Equity LP |
Common Equity - Equity Unit |
7/1/2022 |
RMC Topco LLC |
Common Equity - Equity Unit |
8/1/2023 |
Space Parent, LP |
Common Equity - Stock |
2/5/2025 |
Space Parent, LP |
Preferred Equity - Preferred Stocks |
2/5/2025 |
Tailwind Fire Flow Investor, LP |
Common Equity - Membership Interest |
6/28/2024 |
Trench Safety Solutions Holdings, LLC |
Common Equity - Equity Unit |
4/29/2022 |
TZ Parent LLC |
Common Equity - Equity Unit |
8/12/2022 |
VCI Asset Holdings 1 LLC |
Common Equity - Membership Interest |
11/19/2025 |
WC ORS Holdings, L.P. |
Common Equity - Limited Partnership |
8/7/2024 |
See notes to consolidated financial statements
140
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
(34) The following shows the composition of the Company’s portfolio at cost by investment type and industry as of December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry |
|
|
First Lien - Secured Debt |
|
Second Lien - Secured Debt |
|
Unsecured Debt |
|
Preferred Equity |
|
Common Equity |
|
Total |
Aerospace & Defense |
|
|
$ |
779,778 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
779,778 |
Air Freight & Logistics |
|
|
|
14,789 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
14,789 |
Automobile Components |
|
|
|
266,253 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
266,253 |
Banks |
|
|
|
232,892 |
|
|
— |
|
|
35,116 |
|
|
— |
|
|
— |
|
|
268,008 |
Beverages |
|
|
|
39,702 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
39,702 |
Building Products |
|
|
|
515,434 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
515,434 |
Capital Markets |
|
|
|
468,162 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
468,162 |
Chemicals |
|
|
|
168,728 |
|
|
— |
|
|
— |
|
|
— |
|
|
100 |
|
|
168,828 |
Commercial Services & Supplies |
|
|
|
1,444,984 |
|
|
33,700 |
|
|
— |
|
|
51 |
|
|
— |
|
|
1,478,735 |
Communications Equipment |
|
|
|
271,507 |
|
|
— |
|
|
— |
|
|
— |
|
|
3,465 |
|
|
274,972 |
Construction & Engineering |
|
|
|
327,209 |
|
|
— |
|
|
— |
|
|
— |
|
|
151 |
|
|
327,360 |
Construction Materials |
|
|
|
25,155 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
25,155 |
Consumer Staples Distribution & Retail |
|
|
|
444,406 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
444,406 |
Containers & Packaging |
|
|
|
179,159 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
179,159 |
Distributors |
|
|
|
59,475 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
59,475 |
Diversified Consumer Services |
|
|
|
1,014,561 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,014,561 |
Diversified REITs |
|
|
|
30,559 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
30,559 |
Diversified Telecommunication Services |
|
|
|
306,093 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
306,093 |
Electric Utilities |
|
|
|
199,982 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
199,982 |
Electrical Equipment |
|
|
|
25,592 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
25,592 |
Electronic Equipment, Instruments & Components |
|
|
|
98,555 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
98,555 |
Energy Equipment & Services |
|
|
|
46,991 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
46,991 |
Entertainment |
|
|
|
193,087 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
193,087 |
Financial Services |
|
|
|
1,640,089 |
|
|
— |
|
|
— |
|
|
5,940 |
|
|
— |
|
|
1,646,029 |
Food Products |
|
|
|
39,955 |
|
|
— |
|
|
— |
|
|
— |
|
|
125 |
|
|
40,080 |
Gas Utilities |
|
|
|
30,466 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
30,466 |
Ground Transportation |
|
|
|
155,644 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
155,644 |
See notes to consolidated financial statements
141
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry |
|
|
First Lien - Secured Debt |
|
Second Lien - Secured Debt |
|
Unsecured Debt |
|
Preferred Equity |
|
Common Equity |
|
Total |
Health Care Equipment & Supplies |
|
|
$ |
264,480 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
264,480 |
Health Care Providers & Services |
|
|
|
1,757,490 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,757,490 |
Health Care Technology |
|
|
|
585,670 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
585,670 |
Hotels, Restaurants & Leisure |
|
|
|
991,567 |
|
|
— |
|
|
10,398 |
|
|
— |
|
|
— |
|
|
1,001,965 |
Household Durables |
|
|
|
199,316 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
199,316 |
Household Products |
|
|
|
107,384 |
|
|
— |
|
|
— |
|
|
— |
|
|
100 |
|
|
107,484 |
Independent Power & Renewable Electricity Producers |
|
|
|
28,554 |
|
|
— |
|
|
30 |
|
|
— |
|
|
— |
|
|
28,584 |
Industrial Conglomerates |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
90 |
|
|
90 |
Insurance |
|
|
|
1,107,209 |
|
|
— |
|
|
— |
|
|
49 |
|
|
— |
|
|
1,107,258 |
Interactive Media & Services |
|
|
|
316,178 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
316,178 |
IT Services |
|
|
|
296,248 |
|
|
— |
|
|
— |
|
|
— |
|
|
77 |
|
|
296,325 |
Leisure Products |
|
|
|
183,095 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
183,095 |
Life Sciences Tools & Services |
|
|
|
376,176 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
376,176 |
Machinery |
|
|
|
429,837 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
429,837 |
Media |
|
|
|
866,811 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
866,811 |
Multi-Utilities |
|
|
|
30,976 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
30,976 |
Oil, Gas & Consumable Fuels |
|
|
|
127,265 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
127,265 |
Paper & Forest Products |
|
|
|
26,844 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
26,844 |
Personal Care Products |
|
|
|
550,420 |
|
|
— |
|
|
— |
|
|
— |
|
|
33 |
|
|
550,453 |
Pharmaceuticals |
|
|
|
558,012 |
|
|
— |
|
|
— |
|
|
215 |
|
|
103 |
|
|
558,330 |
Professional Services |
|
|
|
1,100,940 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,100,940 |
Real Estate Management & Development |
|
|
|
66,780 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
66,780 |
Semiconductors & Semiconductor Equipment |
|
|
|
24,969 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
24,969 |
Software |
|
|
|
3,301,633 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3,301,633 |
Specialty Retail |
|
|
|
418,487 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
418,487 |
Technology Hardware, Storage & Peripherals |
|
|
|
471,529 |
|
|
— |
|
|
— |
|
|
— |
|
|
13,750 |
|
|
485,279 |
Textiles, Apparel & Luxury Goods |
|
|
|
375,963 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
375,963 |
Trading Companies & Distributors |
|
|
|
191,890 |
|
|
— |
|
|
— |
|
|
— |
|
|
90 |
|
|
191,980 |
Transportation Infrastructure |
|
|
|
442,279 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
442,279 |
Wireless Telecommunication Services |
|
|
|
93,633 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
93,633 |
Total |
|
|
$ |
24,310,842 |
|
$ |
33,700 |
|
$ |
45,544 |
|
$ |
6,255 |
|
$ |
18,084 |
|
$ |
24,414,425 |
See notes to consolidated financial statements
142
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
(35) The following shows the composition of the Company’s portfolio at fair value by investment type, industry and region as of December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry |
|
First Lien - Secured Debt |
|
Second Lien - Secured Debt |
|
Unsecured Debt |
|
Preferred Equity |
|
Common Equity |
|
Total |
|
% of Net Assets |
Aerospace & Defense |
|
$ |
780,305 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
780,305 |
|
5.3% |
Air Freight & Logistics |
|
|
14,888 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
14,888 |
|
0.1% |
Automobile Components |
|
|
265,223 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
265,223 |
|
1.8% |
Banks |
|
|
235,975 |
|
|
— |
|
|
35,077 |
|
|
— |
|
|
— |
|
|
271,052 |
|
1.8% |
Beverages |
|
|
40,027 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
40,027 |
|
0.3% |
Building Products |
|
|
516,956 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
516,956 |
|
3.5% |
Capital Markets |
|
|
474,987 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
474,987 |
|
3.2% |
Chemicals |
|
|
149,200 |
|
|
— |
|
|
— |
|
|
— |
|
|
126 |
|
|
149,326 |
|
1.0% |
Commercial Services & Supplies |
|
|
1,455,724 |
|
|
5,235 |
|
|
— |
|
|
49 |
|
|
28 |
|
|
1,461,036 |
|
9.9% |
Communications Equipment |
|
|
268,612 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,193 |
|
|
269,805 |
|
1.8% |
Construction & Engineering |
|
|
329,697 |
|
|
— |
|
|
— |
|
|
— |
|
|
138 |
|
|
329,835 |
|
2.2% |
Construction Materials |
|
|
25,075 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
25,075 |
|
0.2% |
Consumer Staples Distribution & Retail |
|
|
460,169 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
460,169 |
|
3.1% |
Containers & Packaging |
|
|
175,687 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
175,687 |
|
1.2% |
Distributors |
|
|
59,451 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
59,451 |
|
0.4% |
Diversified Consumer Services |
|
|
1,021,121 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,021,121 |
|
6.9% |
Diversified REITs |
|
|
30,672 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
30,672 |
|
0.2% |
Diversified Telecommunication Services |
|
|
295,215 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
295,215 |
|
2.0% |
Electric Utilities |
|
|
201,273 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
201,273 |
|
1.4% |
Electrical Equipment |
|
|
25,850 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
25,850 |
|
0.2% |
Electronic Equipment, Instruments & Components |
|
|
67,037 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
67,037 |
|
0.5% |
Energy Equipment & Services |
|
|
47,251 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
47,251 |
|
0.3% |
Entertainment |
|
|
192,589 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
192,589 |
|
1.3% |
Financial Services |
|
|
1,683,766 |
|
|
— |
|
|
— |
|
|
7,115 |
|
|
— |
|
|
1,690,881 |
|
11.4% |
Food Products |
|
|
40,208 |
|
|
— |
|
|
— |
|
|
— |
|
|
92 |
|
|
40,300 |
|
0.3% |
Gas Utilities |
|
|
30,313 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
30,313 |
|
0.2% |
Ground Transportation |
|
|
153,962 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
153,962 |
|
1.0% |
See notes to consolidated financial statements
143
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry |
|
First Lien - Secured Debt |
|
Second Lien - Secured Debt |
|
Unsecured Debt |
|
Preferred Equity |
|
Common Equity |
|
Total |
|
% of Net Assets |
Health Care Equipment & Supplies |
|
$ |
263,925 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
263,925 |
|
1.8% |
Health Care Providers & Services |
|
|
1,732,905 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,732,905 |
|
11.7% |
Health Care Technology |
|
|
587,582 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
587,582 |
|
4.0% |
Hotels, Restaurants & Leisure |
|
|
1,008,465 |
|
|
— |
|
|
10,418 |
|
|
— |
|
|
— |
|
|
1,018,883 |
|
6.9% |
Household Durables |
|
|
201,715 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
201,715 |
|
1.4% |
Household Products |
|
|
107,885 |
|
|
— |
|
|
— |
|
|
— |
|
|
119 |
|
|
108,004 |
|
0.7% |
Independent Power & Renewable Electricity Producers |
|
|
28,707 |
|
|
— |
|
|
30 |
|
|
— |
|
|
— |
|
|
28,737 |
|
0.2% |
Industrial Conglomerates |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
112 |
|
|
112 |
|
0.0% |
Insurance |
|
|
1,111,724 |
|
|
— |
|
|
— |
|
|
49 |
|
|
— |
|
|
1,111,773 |
|
7.5% |
Interactive Media & Services |
|
|
335,382 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
335,382 |
|
2.3% |
IT Services |
|
|
305,013 |
|
|
— |
|
|
— |
|
|
— |
|
|
48 |
|
|
305,061 |
|
2.1% |
Leisure Products |
|
|
184,484 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
184,484 |
|
1.2% |
Life Sciences Tools & Services |
|
|
375,184 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
375,184 |
|
2.5% |
Machinery |
|
|
429,693 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
429,693 |
|
2.9% |
Media |
|
|
887,940 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
887,940 |
|
6.0% |
Multi-Utilities |
|
|
25,530 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
25,530 |
|
0.2% |
Oil, Gas & Consumable Fuels |
|
|
126,151 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
126,151 |
|
0.9% |
Paper & Forest Products |
|
|
22,472 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
22,472 |
|
0.2% |
Personal Care Products |
|
|
551,171 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
551,171 |
|
3.7% |
Pharmaceuticals |
|
|
560,191 |
|
|
— |
|
|
— |
|
|
180 |
|
|
228 |
|
|
560,599 |
|
3.8% |
Professional Services |
|
|
1,119,483 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,119,483 |
|
7.6% |
Real Estate Management & Development |
|
|
66,160 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
66,160 |
|
0.4% |
Semiconductors & Semiconductor Equipment |
|
|
25,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
25,000 |
|
0.2% |
Software |
|
|
3,322,016 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3,322,016 |
|
22.5% |
Specialty Retail |
|
|
434,273 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
434,273 |
|
2.9% |
Technology Hardware, Storage & Peripherals |
|
|
470,999 |
|
|
— |
|
|
— |
|
|
— |
|
|
13,749 |
|
|
484,748 |
|
3.3% |
Textiles, Apparel & Luxury Goods |
|
|
375,679 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
375,679 |
|
2.5% |
Trading Companies & Distributors |
|
|
192,184 |
|
|
— |
|
|
— |
|
|
— |
|
|
160 |
|
|
192,344 |
|
1.3% |
Transportation Infrastructure |
|
|
453,571 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
453,571 |
|
3.1% |
Wireless Telecommunication Services |
|
|
94,765 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
94,765 |
|
0.7% |
Total |
|
$ |
24,441,482 |
|
$ |
5,235 |
|
$ |
45,525 |
|
$ |
7,393 |
|
$ |
15,993 |
|
$ |
24,515,628 |
|
166.0% |
% of Net Assets |
|
|
165.5% |
|
|
0.0% |
|
|
0.3% |
|
|
0.1% |
|
|
0.1% |
|
|
166.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to consolidated financial statements
144
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
Industry Classification |
|
Percentage of Total Investments (at Fair Value) as of December 31, 2025 |
Software |
|
13.6% |
Health Care Providers & Services |
|
7.1% |
Financial Services |
|
6.9% |
Commercial Services & Supplies |
|
6.0% |
Insurance |
|
4.5% |
Hotels, Restaurants & Leisure |
|
4.2% |
Professional Services |
|
4.6% |
Diversified Consumer Services |
|
4.2% |
Aerospace & Defense |
|
3.2% |
Entertainment |
|
0.8% |
Health Care Technology |
|
2.4% |
Pharmaceuticals |
|
2.3% |
Personal Care Products |
|
2.2% |
Technology Hardware, Storage & Peripherals |
|
2.0% |
Building Products |
|
2.1% |
Capital Markets |
|
1.9% |
Media |
|
3.6% |
Consumer Staples Distribution & Retail |
|
1.9% |
Specialty Retail |
|
1.8% |
Transportation Infrastructure |
|
1.9% |
Machinery |
|
1.8% |
Textiles, Apparel & Luxury Goods |
|
1.5% |
Life Sciences Tools & Services |
|
1.5% |
Banks |
|
1.1% |
Interactive Media & Services |
|
1.4% |
Construction & Engineering |
|
1.3% |
IT Services |
|
1.2% |
Diversified Telecommunication Services |
|
1.2% |
Communications Equipment |
|
1.1% |
See notes to consolidated financial statements
145
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
Industry Classification |
|
Percentage of Total Investments (at Fair Value) as of December 31, 2025 |
Automobile Components |
|
1.1% |
Health Care Equipment & Supplies |
|
1.1% |
Household Durables |
|
0.8% |
Trading Companies & Distributors |
|
0.8% |
Electric Utilities |
|
0.8% |
Leisure Products |
|
0.8% |
Containers & Packaging |
|
0.7% |
Ground Transportation |
|
0.6% |
Chemicals |
|
0.6% |
Household Products |
|
0.4% |
Oil, Gas & Consumable Fuels |
|
0.5% |
Wireless Telecommunication Services |
|
0.4% |
Electronic Equipment, Instruments & Components |
|
0.3% |
Real Estate Management & Development |
|
0.3% |
Distributors |
|
0.2% |
Energy Equipment & Services |
|
0.2% |
Diversified REITs |
|
0.1% |
Food Products |
|
0.2% |
Beverages |
|
0.0% |
Gas Utilities |
|
0.1% |
Independent Power & Renewable Electricity Producers |
|
0.1% |
Electrical Equipment |
|
0.1% |
Multi-Utilities |
|
0.1% |
Construction Materials |
|
0.1% |
Semiconductors & Semiconductor Equipment |
|
0.1% |
Paper & Forest Products |
|
0.1% |
Air Freight & Logistics |
|
0.1% |
Industrial Conglomerates |
|
0.0% |
Total |
|
100.00% |
|
|
|
See notes to consolidated financial statements
146
Table of Contents
APOLLO DEBT SOLUTIONS BDC
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(In thousands, except share data)
|
|
|
Geographic Region |
|
Percentage of Total Investments (at Fair Value) as of December 31, 2025 |
United States |
|
78.2% |
United Kingdom |
|
9.7% |
Europe |
|
9.4% |
Australia |
|
1.3% |
Canada |
|
0.8% |
Asia |
|
0.4% |
Caribbean |
|
0.2% |
See notes to consolidated financial statements
147
APOLLO DEBT SOLUTIONS BDC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share data)
(Unaudited)
Note 1. Organization
Apollo Debt Solutions BDC (the "Company," "ADS," "we," "us" or "our"), a Delaware statutory trust formed on December 4, 2020, is a closed-end, externally managed, diversified management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). The Company has elected to be treated for federal income tax purposes, and intends to qualify annually thereafter, as a regulated investment company ("RIC"), as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").
Apollo Credit Management, LLC (the "Adviser" or "Valuation Designee") is our investment adviser and is an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries ("AGM" or "Apollo"). The Adviser, subject to the overall supervision of our Board of Trustees (the "Board"), manages the day-to-day operations of the Company and provides investment advisory services to the Company.
Apollo Credit Management, LLC, as our administrator (the "Administrator"), provides, among other things, administrative services and facilities to the Company. Furthermore, the Administrator will offer to provide, on our behalf, managerial assistance to those portfolio companies to which we are required to provide such assistance.
Our investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. The Company seeks to invest primarily in private credit opportunities in directly originated assets, including loans and other debt securities, made to or issued by large private U.S. borrowers, which ADS generally defines as companies with more than $75 million in earnings before interest, taxes, depreciation and amortization ("EBITDA"), as may be adjusted for market disruptions, mergers and acquisitions-related charges and synergies, and other items. While most of the Company’s investments will be in private U.S. companies (subject to compliance with BDC regulatory requirement to invest at least 70% of its assets in private U.S. companies), we also expect to invest from time to time in European and other non-U.S. companies. The investment portfolio may also include other interests such as corporate bonds, common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. Under normal circumstances, we will invest directly or indirectly at least 80% of our total assets (net assets plus borrowings for investment purposes) in debt instruments of varying maturities.
Note 2. Significant Accounting Policies
The following is a summary of the significant accounting and reporting policies used in preparing the consolidated financial statements.
Basis of Presentation
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") pursuant to the requirements on Form 10-Q, ASC 946, Financial Services — Investment Companies ("ASC 946"), and Articles 6, 10 and 12 of Regulation S-X. In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair statement of the consolidated financial statements for the periods presented, have been included.
Under the 1940 Act, ASC 946, and the regulations pursuant to Article 6 of Regulation S-X, we are precluded from consolidating any entity other than another investment company or an operating company which provides substantially all of its services to benefit us. All intercompany balances and transactions have been eliminated.
These financial statements should be read in conjunction with the audited financial statements and accompanying notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
Use of Estimates
The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income, expenses, gains and losses during the reported periods. Changes in the economic environment, financial markets, credit worthiness of our portfolio companies and any other parameters used in determining these estimates could cause actual results to differ materially.
Consolidation
As provided under Regulation S-X and ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
As of September 30, 2026, the Company's consolidated subsidiaries were Cardinal Funding LLC, Mallard Funding LLC, Grouse Funding LLC, Warbler Funding LLC, Toucan Funding LLC, Bald Eagle Funding LLC, ADS CLO 1 LLC, ADL CLO 1 LLC, ADS CLO 2 LLC, ADL CLO 2 LLC, ADL CLO 3 LLC, ADS Lender LLC, ADS Holdings (Lux) S.à.r.l., ADS Hera SPV LLC, ADS Presidio SPV LLC, ADS Aoide SPV LLC, ADS BDC Holdings (UK) Ltd and ADS Apollonia SPV LLC.
Cash and Cash Equivalents, including Foreign Currency
The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and near maturity, that they present insignificant risk of changes in value because of changes in interest rates. Generally, only securities with a maturity of three months or less from the date of purchase would qualify, with limited exceptions. The Company deems that certain money market funds, U.S. Treasury bills, repurchase agreements, and other high-quality, short-term debt securities would qualify as cash equivalents.
Cash and cash equivalents are carried at cost, which approximates fair value. Cash and cash equivalents held as of September 30, 2026 and December 31, 2025 were $1,054,940 and $498,557, respectively, of which $491,120 and $227,502, respectively, were held in money market funds.
Investments Transactions
Investments are recognized when we assume an obligation to acquire a financial instrument and assume the risks for gains and losses related to that instrument. Investments are derecognized when we assume an obligation to sell a financial instrument and forego the risks for gains or losses related to that instrument. Specifically, we record all security transactions on a trade date basis. Amounts for investments recognized or derecognized but not yet settled are reported as a receivable for investments sold and a payable for investments purchased, respectively, in the Consolidated Statements of Assets and Liabilities.
Fair Value Measurements
The Company follows guidance in ASC 820, Fair Value Measurement ("ASC 820"), where fair value is defined as 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. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities.
ASC 820 classifies the inputs used to measure these fair values into the following hierarchy:
Level 1: Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date.
Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices.
Level 3: Unobservable inputs for the asset or liability.
ASC 820 prioritizes the use of observable market prices from active markets over entity-specific inputs. Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a readily available market quotation for these investments existed, and these differences could be material.
In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. The level assigned to the investment valuations may not be indicative of the risk or liquidity associated with investing in such investments. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may differ materially from the values that would be received upon an actual disposition of such investments.
Investment Valuation Process
The Board has designated the Adviser as its "valuation designee" pursuant to Rule 2a-5 under the 1940 Act, and in that role the Adviser is responsible for performing fair value determinations relating to all of the Company's investments, including periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies, in accordance with valuation policies and procedures that have been approved by the Board. The Valuation Designee is responsible for determining the fair value of our portfolio investments, subject to the oversight of the Board.
Our exchange traded portfolio investments for which market quotations are readily available are valued at market value. Market value is generally determined on the basis of official exchange (e.g., NYSE or NASDAQ) closing prices or the last quoted trade price on the primary exchange or market (foreign or domestic) on which they are most actively traded (or at approximately 4:00 p.m. Eastern Time if a security’s primary exchange is normally open at that time). Our portfolio investments traded in the over-the-counter market including, but not limited to, loans and bonds are valued on the basis of quotations obtained from independent pricing services, or where applicable, broker quotes. The Valuation Designee reviews market quotations against multiple sources and, where a quotation is determined not to reflect fair value, such differences are reviewed, and adjusted where applicable, in accordance with the Valuation Policy and Procedures.
Portfolio investments, such as directly originated assets, for which quotations are not provided by independent pricing services or for which such quotations are deemed not to represent fair value are evaluated by the Valuation Designee utilizing independent third-party valuation firms and/or proprietary information to assist in determining fair value. Such portfolio investments are generally categorized as Level 3, consistent with ASC 820. The Valuation Designee has engaged multiple independent third-party valuation firms based on a review of each firm’s expertise and relevant experience in valuing certain investments. In each case, the independent valuation firms consider observable market inputs together with significant unobservable inputs in arriving at their valuation recommendations. In connection with our monthly NAV determination, such investments are generally valued utilizing a market approach, an income approach or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The valuation is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that the Valuation Designee may take into account in fair valuing our investments include, and in combination, as relevant: (i) available current market data, including relevant and applicable market trading and transaction comparables, (ii) applicable market yields and multiples, (iii) security covenants, (iv) seniority of investments in the investee company’s capital structure, (v) call protection provisions, (vi) information rights, (vii) the nature and realizable value of any collateral, (viii) the portfolio company’s ability to make payments, (ix) its earnings and discounted cash flows, (x) the markets in which the portfolio company does business, (xi) comparisons of financial ratios of public peer companies, (xii) merger and acquisition (“M&A”) comparables, (xiii) our principal market (as the reporting entity) and (xiv) enterprise values, among other factors.After acquiring such investments, they may be held at cost for a period, generally up to a quarter, provided that no material change has since occurred in the issuer’s business, significant inputs or the relevant environment.
When an event such as a purchase transaction, public offering or subsequent equity or debt sale occurs, the Valuation Designee, with assistance from third-party valuation firms as appropriate, evaluates whether such event impacts the valuation.
In addition to the process described above, the Adviser has developed a proprietary process to generate daily estimated fair values for certain Level 3 investments, in between receipt of valuation recommendations from third-party valuation firms, where applicable, including but not limited to directly originated loans and other privately negotiated credit instruments, corporate obligations, and other illiquid or thinly traded credit instruments. Such estimates represent a good faith estimate of fair value as of a specified date and time, derived primarily from internal models and inputs and including external inputs where available in a manner consistent with our Valuation Policy and Procedures and ASC 820. The methodology seeks to capture inputs considered by the Valuation Designee in the standard valuation process, including, as applicable, cash flows and deal economic assumptions, market data and benchmarks, and risk adjustments. Where the Valuation Designee determines it appropriate, inputs may be calibrated to observable market benchmarks, indices, or comparable publicly traded instruments, including current credit spreads and market yields. The daily valuation process captures price-discovery events and considers fair valuation recommendations provided by third-party valuation firms. The Adviser may use daily estimated fair values to adjust the carrying value of Level 3 investments in connection with NAV determination. The Valuation Designee oversees this process.
A material portion of our portfolio consists of Level 3 assets, whose valuations rely on significant unobservable inputs and are subject to a higher degree of uncertainty, management judgment, and model risk than assets priced using observable market data. Determination of fair values involves subjective judgments and estimates not susceptible to substantiation by auditing procedures. Accordingly, under current auditing standards, the notes to our consolidated financial statements included elsewhere in this report, refer to the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on our consolidated financial statements.
During the three months ended September 30, 2026, there were no significant changes to the Company’s valuation techniques and related inputs considered in the valuation process.
Derivative Instruments
The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements.
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.
Currency Swaps
The Company uses currency swaps to mitigate the value of portfolio securities denominated in particular currencies against fluctuations in relative value or to gain or reduce exposure to certain currencies. In a currency swap, the Company agrees with counterparties to exchange one currency for another at specified dates in the future at a specified exchange rate. The Company does not utilize hedge accounting with respect to currency swaps and as such, the Company recognizes its currency swaps at fair value with changes included in the net unrealized appreciation (depreciation) on the Consolidated Statements of Operations.
Foreign Currency Forward Contracts
The Company uses foreign currency forward contracts to reduce the Company's exposure to fluctuations in the 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. Unrealized appreciation (depreciation) on foreign currency forward contracts are recorded within derivative assets or derivative liabilities on the Consolidated Statements of Assets and Liabilities by counterparty on a net basis, not taking into account collateral posted which is recorded separately, if applicable. 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 unrealized appreciation (depreciation) on the Consolidated Statements of Operations.
Interest Rate Swaps
The Company uses interest rate swaps to hedge some or all of the Company's fixed rate debt. The Company has designated each interest rate swap held as the hedging instrument in an effective hedge accounting relationship, and therefore the periodic payments and receipts are recognized as components of interest expense in the Consolidated Statements of Operations. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as an other asset or other liability on the Company's Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by a change in the carrying value of the fixed rate debt. Any amounts paid to the counterparty to cover collateral obligations under the terms of the interest rate swap agreement are included in other assets or other liabilities and accrued expenses on the Company's Consolidated Statements of Assets and Liabilities. Please see Note 5 to the Company's Consolidated Financial Statements for additional details.
Options
The Company may enter into options as part of its risk management activities. These instruments are recorded at fair value on the Consolidated Statements of Assets and Liabilities, with changes in fair value recognized in net unrealized appreciation (depreciation) on the Consolidated Statements of Operations. The Company does not apply hedge accounting to these instruments.
Offsetting Assets and Liabilities
The Company has elected to offset cash collateral against the fair value of derivative contracts. The fair values of these derivatives are presented on a net basis in the Consolidated Statements of Assets and Liabilities when, and only when, they are with the same counterparty, the Company has the legal right to offset the recognized amounts, and it intends to either settle on a net basis or realize the asset and settle the liability simultaneously.
Valuation of Other Financial Assets and Financial Liabilities
ASC 825, Financial Instruments, permits an entity to choose, at specified election dates, to measure certain assets and liabilities at fair value (the "Fair Value Option"). We have not elected the Fair Value Option to report selected financial assets and financial liabilities. Debt issued by the Company is reported at amortized cost adjusted for fair value fluctuations of interest rate swaps in qualifying hedge accounting relationships (see Notes 5 and 6 to the consolidated financial statements). The carrying value of all other financial assets and liabilities approximates fair value due to their short maturities or their close proximity of the originations to the measurement date.
Realized Gains or Losses
Security transactions are accounted for on a trade date basis. Realized gains or losses on investments are calculated by using the specific identification method. Securities that have been called by the issuer are recorded at the call price on the call effective date.
Investment Income Recognition
Interest Income
Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.
PIK Income
The Company may have loans in its portfolio that contain payment-in-kind ("PIK") provisions. PIK investments offer issuers the option at each payment date of making payments in cash or in additional securities. PIK income computed at the contractual rate is accrued into income, which is included in interest income in the Company’s Consolidated Statements of Operations, and reflected as interest receivable up to the capitalization date. When additional securities are received, they typically have the same terms, including maturity dates and interest rates as the original securities issued. On these payment dates, the Company capitalizes the accrued interest or dividends receivable (reflecting such amounts as the basis in the additional securities received). PIK generally becomes due at maturity of the investment or upon the investment being called by the issuer. To maintain the Company’s status as a RIC, this non-cash source of income must be paid out to shareholders in the form of dividends, even though the Company has not yet collected cash.
If at any point the Company believes PIK is not fully expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are reversed from the related receivable through interest or dividend income, respectively. The Company does not reverse previously capitalized PIK interest or dividends. Upon capitalization, PIK is subject to the fair value estimates associated with their related investments. PIK investments on non-accrual status are restored to accrual status if the Company believes that PIK is expected to be realized.
Dividend Income
Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.
Fee Income
The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment, syndication fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered.
Non-Accrual Income
Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.
As of September 30, 2026, 1.1% of total investments at amortized cost, or 0.5% of total investments at fair value, were on non-accrual status. As of December 31, 2025, 0.8% of total investments at amortized cost, or 0.3% of total investments at fair value, were on non-accrual status.
Expenses
Expenses include management fees, performance-based incentive fees, interest expense, insurance expenses, administrative service fees, legal fees, trustees’ fees, audit and tax service expenses, third-party valuation fees and other general and administrative expenses. Expenses are recognized on an accrual basis.
Offering Expenses
Costs associated with the offering of the Company’s shares are capitalized as "deferred offering costs" on the Consolidated Statements of Assets and Liabilities and amortized over a twelve-month period from incurrence. These expenses consist primarily of legal fees and other costs incurred in connection with the Company’s continuous offering.
Deferred Financing Costs and Debt Issuance Costs
Deferred financing and debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. These expenses are deferred and amortized into interest expense over the life of the related debt instrument using the straight-line method. Debt issuance costs related to any issuance of installment debt or notes are presented net against the outstanding debt balance of the related security.
Foreign Currency Translations
The accounting records of the Company are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the foreign exchange rate on the date of valuation. The Company does not separate foreign exchange impacts from market price fluctuations in its operating results. The Company’s investments in foreign securities may involve certain risks, including without limitation: foreign exchange restrictions, expropriation, taxation or other political, social or economic risks, all of which could affect the market and/or credit risk of the investment. In addition, changes in the relationship of foreign currencies to the U.S. dollar can significantly affect the value of these investments and therefore the earnings of the Company.
Allocation of Income, Expenses, Gains and Losses
Income, expenses (other than those attributable to a specific class), gains and losses are allocated to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.
Distributions
Distributions to common shareholders are recorded on the record date. The amount to be paid out as a distribution is determined by the Board and will depend on the Company's earnings, financial condition, maintenance of our tax treatment as a RIC, compliance with applicable BDC regulations and such factors as the Board may deem relevant from time to time. Although the gross distribution per share is generally equivalent for each share class, the net distribution for each share class is reduced for any class specific expenses, including distribution and servicing fees, if any.
Share Repurchases
In connection with the Company’s share repurchase program, the cost of shares repurchased is charged to net assets on the trade date.
Federal and State Income Taxes
We have elected to be treated as a RIC under the Code and operate in a manner so as to qualify for the tax treatment applicable to RICs. To qualify as a RIC, the Company must (among other requirements) meet certain source-of-income and asset diversification requirements and timely distribute to its shareholders at least 90% of its investment company taxable income as defined by the Code, for each year. The Company (among other requirements) has made and intends to continue to make the requisite distributions to its shareholders, which will generally relieve the Company from corporate-level income taxes. For income tax purposes, distributions made to shareholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof. The tax character of distributions paid to shareholders through September 30, 2026 may include return of capital, however, the exact amount cannot be determined at this point. The final determination of the tax character of distributions will not be made until we file Form 1099 for the tax year ending December 31, 2026. The character of income and gains that we will distribute is determined in accordance with income tax regulations that may differ from GAAP. Book and tax basis differences relating to shareholder dividend and distributions and other permanent book and tax difference are reclassified to paid-in capital.
If we do not distribute (or are not deemed to have distributed) at least 98% of our annual ordinary income and 98.2% of our capital gain net income for the 1-year period ending on October 31 of such calendar year, we will generally be required to pay excise tax equal to 4% of the amount by which 98% of our annual ordinary income and 98.2% of our capital gains exceed the distributions from such taxable income for the year. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such taxable income, we accrue excise taxes, if any, on estimated undistributed taxable income.
If we fail to satisfy the annual distribution requirement or otherwise fail to qualify as a RIC in any taxable year, we would be subject to tax on all of our taxable income at regular corporate rates. Distributions would generally be taxable to our individual and other non-corporate taxable shareholders as ordinary dividend income eligible for the reduced maximum rate applicable to qualified dividend income to the extent of our current and accumulated earnings and profits provided certain holding period and other requirements are met. Subject to certain limitation under the Code, corporate distributions would be eligible for the dividend-received deduction. To qualify again to be taxed as a RIC in a subsequent year, we would be required to distribute to our shareholders our accumulated earnings and profits attributable to non RIC years. In addition, if we failed to qualify as a RIC for a period greater than two taxable years, then, in order to qualify as a RIC in a subsequent year, we would be required to elect to recognize and pay tax on any net built-in gain (the excess of aggregate gain, including items of income, over aggregate loss that would have been realized if we had been liquidated) or, alternatively, be subject to taxation on such built-in gain recognized for a period of five years.
We follow ASC 740, Income Taxes ("ASC 740"). ASC 740 provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the consolidated financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Penalties or interest, if applicable, that may be assessed relating to income taxes would be classified as other operating expenses in the consolidated financial statements. As of September 30, 2026, there were no uncertain tax positions and no amounts accrued for interest or penalties. Management’s determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an on-going analysis of tax laws, regulations and interpretations thereof. Although we file both federal and state income tax returns, our major tax jurisdiction is federal.
Segment Reporting
The Company adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Company operates under one operating segment and reporting unit, investment management. The CODM is the chief executive officer 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, but are not limited to, net investment income and net increase in net assets resulting from operations that is reported on the Consolidated Statements of Operations, fair value of investments as disclosed on the Consolidated Schedule of Investments, as well as distributions made to the Company’s shareholders.
Income Taxes
The Company has adopted FASB Accounting Standards Update 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"). ASU 2023-09 requires additional disaggregated disclosures on the entity’s effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. The adoption of ASU 2023-09 did not have a material impact on the Company's consolidated financial statements.
Recent Accounting Pronouncements
Income Statement - Reporting Comprehensive Income
In November 2024, the FASB issued Accounting Standard Update 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) ("ASU 2024-03"). The amendments in ASU 2024-03 improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This information generally is not presented in the consolidated financial statements today. The amendments in ASU 2024-03 are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company does not expect the adoption of ASU 2024-03 to have a material impact on its year-end financial statements.
Fair Value Measurement - Investment Companies with Equity Securities Subject to Contractual Sale Restrictions
In September 2026, the FASB issued ASU 2026-03, Fair Value Measurement (Topic 820): Investment Companies with Equity Securities Subject to Contractual Sale Restrictions (“ASU 2026-03”), which requires investment companies to consider the effect of contractual sale restrictions when measuring the fair value of equity securities subject to such restrictions. ASU 2026-03 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.
Note 3. Agreements and Related Party Transactions
Advisory Agreement
On July 22, 2021, the Company entered into an advisory agreement (the "Initial Advisory Agreement") with the Adviser, pursuant to which the Adviser will manage the Company on a day-to-day basis. The Adviser is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring the Company’s investments and monitoring its investments and portfolio companies on an ongoing basis.
On March 14, 2024, the Company and the Adviser entered into an amended and restated investment advisory agreement (the "Second Amended and Restated Advisory Agreement"), which amended and restated the Initial Advisory Agreement. The Second Amended and Restated Advisory Agreement altered the Initial Advisory Agreement by removing certain "sunset" provisions that previously stated that certain requirements of the North American Securities Administrators Association ("NASAA") Omnibus Guidelines would no longer apply if the Company's shares become covered securities within the meaning of Section 18 of the Securities Act of 1933, as amended, clarified that the Adviser would be responsible for any fees incurred if the Adviser terminated the Second Amended and Restated Advisory Agreement and amended certain provisions to clarify compliance with NASAA Omnibus Guidelines. No other changes were made to the Initial Advisory Agreement.
On March 13, 2025, the Company and the Adviser entered into an amended and restated advisory agreement (the "Third Amended and Restated Advisory Agreement" and, together with the Initial Advisory Agreement and Second Amended and Restated Advisory Agreement, the "Advisory Agreement"), which amended and restated the Second Amended and Restated Advisory Agreement. The Third Amended and Restated Advisory Agreement alters the Second Amended and Restated Advisory Agreement by revising the indemnification provisions. No other changes were made to the Second Amended and Restated Advisory Agreement.
The Advisory Agreement was effective for an initial two-year term and thereafter will continue for successive annual periods provided that such continuance is specifically approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, a majority of the independent trustees. The Company may terminate the Advisory Agreement, without payment of any penalty, upon 60 days’ written notice. The Advisory Agreement will automatically terminate in the event of its assignment within the meaning of the 1940 Act and related SEC guidance and interpretations. On August 6, 2026, the Advisory Agreement was renewed and continued for an additional one-year period.
The Company pays the Adviser a fee for its services under the Advisory Agreement consisting of two components, a base management fee and an incentive fee. The cost of both the base management fee and the incentive fee will ultimately be borne by the shareholders. Substantial additional fees and expenses may also be charged by the Administrator to the Company, which is an affiliate of the Adviser.
Base Management Fee
The base management fee is payable monthly in arrears at an annual rate of 1.25% of the value of the Company’s net assets as of the beginning of the first calendar day of the applicable month. For purposes of the Advisory Agreement, net assets means our total assets less liabilities determined on a consolidated basis in accordance with U.S. GAAP. For the first calendar month in which the Company had operations, net assets was measured as the beginning net assets as of the date on which the Company broke escrow for the initial offering.
Incentive Fee
The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of our income and a portion is based on a percentage of our capital gains, each as described below.
A. Incentive Fee based on Income
The portion based on our income is based on Pre-Incentive Fee Net Investment Income Returns. "Pre-Incentive Fee Net Investment Income Returns" means, as the context requires, either the dollar value of, or percentage rate of return on the value of net assets at the end of the immediate preceding quarter from, interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that are received from portfolio companies) accrued during the calendar quarter, minus operating expenses accrued for the quarter (including the base management fee, expenses payable under the Administration Agreement entered into between the Company and the Administrator, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee and any distribution and/or shareholder servicing fees).
Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon securities), accrued income that has not yet been received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns.
Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of the Company’s net assets at the end of the immediate preceding quarter, is compared to a "hurdle rate" of return of 1.25% per quarter (5.0% annualized).
The Company pays its Adviser an income based incentive fee with respect to the Company’s Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows:
•No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);
•100% of the dollar amount of Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized). This "catch-up" portion is meant to provide the Adviser with approximately 12.5% of Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter; and
•12.5% of the dollar amount of Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.43% (5.72% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5% of all Pre-Incentive Fee Net Investment Income Returns thereafter are allocated to the Adviser.
These calculations are pro-rated for any period of less than three months and adjusted for any share issuances or repurchases during the relevant quarter.
B. Incentive Fee based on Cumulative Net Realized Gains
The second component of the Incentive Fee, the Capital Gains Incentive Fee, is payable at the end of each calendar year in arrears. The amount payable equals 12.5% of cumulative realized capital gains from inception through the end of such calendar, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP. Each year, the fee paid for the capital gains incentive fee is net of the aggregate amount of any previously paid capital gains incentive fee for all prior periods. We will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation because a capital gains incentive fee would be owed to the Adviser if we were to sell the relevant investment and realize a capital gain.
For the three and nine months ended September 30, 2026, the Company recognized $44,623 and $137,192 respectively, of management fees.
For the three and nine months ended September 30, 2025, the Company recognized $44,374 and $117,605 respectively, of management fees.
For the three and nine months ended September 30, 2026, the Company recognized $44,082 and $131,479 respectively, of incentive fees based on income and $0 and $0, respectively, of incentive fees based on cumulative net realized gains/(losses).
For the three and nine months ended September 30, 2025, the Company recognized $40,383 and $110,607, respectively, of incentive fees based on income and $0 and $(915), respectively, of incentive fees based on cumulative net realized gains/(losses).
As of September 30, 2026 and December 31, 2025, management fee payables were $14,637 and $16,434, respectively, and performance-based incentive fees payable were $44,082 and $44,714, respectively.
Fees From Affiliates
From time-to-time various affiliates of Adviser are involved in transactions whereby certain fees, including but not limited to, structuring, underwriting, arrangement, placement, syndication, advisory or similar services (collectively, "Capital Solution services") are earned and rebated back to the Company. These fees are accounted for as "Other income" in the Consolidated Statements of Operations. For the three and nine months ended September 30, 2026, the Company received $369 and $3,656, respectively, in fee rebates from affiliates related to Capital Solution services. For the three and nine months ended September 30, 2025, the Company received $760 and $7,240, respectively, in fee rebates from affiliates related to Capital Solution services.
Administration Agreement
On July 22, 2021, the Company entered into an Administration Agreement (the "Initial Administration Agreement") with the Administrator. On March 13, 2025, the Company and the Administrator entered into an amended and restated administration agreement (the "Amended and Restated Administration Agreement" and, together with the Initial Administration Agreement, the "Administration Agreement"), which amended and restated the Initial Administration Agreement. The Amended and Restated Administration Agreement alters the Initial Administration Agreement by revising the reimbursement and indemnification provisions. No other changes were made to the Initial Administration Agreement. Under the terms of the Administration Agreement, the Administrator will provide, or oversee the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of net asset value ("NAV"), compliance monitoring (including diligence and oversight of other service providers), preparing reports to shareholders and reports filed with the SEC, preparing materials and coordinating meetings of the Board, managing the payment of expenses and the performance of administrative and professional services rendered by others and providing office space, equipment and office services. The Company will reimburse the Administrator for the costs and expenses incurred by the Administrator in performing its obligations under the Administration Agreement. Such reimbursement will include the Company’s allocable portion of compensation and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) the Company’s chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that perform duties for the Company; and (iii) any internal audit group personnel of AGM or any of its affiliates, subject to the limitations described in Advisory and Administration Agreements. In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party and the Company will reimburse the Administrator for any services performed by such affiliate or third party.
The Administrator hired a sub-administrator to assist in the provision of administrative services. The sub-administrator will receive compensation for its sub-administrative services under a sub-administration agreement.
Unless earlier terminated as described below, the Administration Agreement was effective for an initial two-year term and will remain in effect from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, a majority of the independent trustees. The Company may terminate the Administration Agreement, without payment of any penalty, upon 60 days’ written notice. On August 6, 2026, the Administration Agreement was renewed and continued for an additional one-year period.
Sub-Administration Agreement
On January 6, 2022, the Administrator entered into a sub-administration agreement (the "Sub-Administration Agreement") with State Street Bank and Trust Company. The sub-administrator will receive compensation for its sub-administrative services under the Sub-Administration Agreement.
Affiliated Service Platform
In February 2025, the Company engaged Alchelyst Holdings LLC ("Alchelyst"), formerly known as Lyra Client Solutions Holdings, LLC, 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 to institutional, global wealth, global family office and retail investors.
Intermediary Manager Agreement
On November 10, 2021, the Company entered into an Intermediary Manager Agreement (the "Intermediary Manager Agreement") with Apollo Global Securities, LLC. (the "Intermediary Manager"), an affiliate of the Adviser, which is a broker-dealer registered with the SEC and a member of Financial Industry Regulatory Authority, Inc. ("FINRA"). Under the terms of the Intermediary Manager Agreement, the Intermediary Manager will serve as the intermediary manager for the Company’s public offering of its Common Shares. The Intermediary Manager will be entitled to receive distribution and/or shareholder servicing fees monthly in arrears at an annual rate of 0.85% of the value of the Company’s net assets attributable to Class S shares as of the beginning of the first calendar day of the month. The Intermediary Manager will be entitled to receive distribution and/or shareholder servicing fees monthly in arrears at an annual rate of 0.25% of the value of the Company’s net assets attributable to Class D shares as of the beginning of the first calendar day of the month. No distribution and/or shareholding servicing fees will be paid with respect to Class I shares. The distribution and/or shareholder servicing fees will be payable to the Intermediary Manager, but the Intermediary Manager anticipates that all or a portion of the shareholder servicing fees will be retained by, or reallowed (paid) to, participating broker-dealers.
The Company will cease paying the distribution and/or shareholder servicing fees on the Class S shares and Class D shares on the earlier to occur of the following: (i) a listing of Class I shares, (ii) a merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of the Company’s assets or (iii) the date following the completion of the primary portion of our offering on which, in the aggregate, underwriting compensation from all sources in connection with the offering, including the distribution and/or shareholder servicing fees and other underwriting compensation, is equal to 10% of the gross proceeds from the primary offering. In addition, the Company will cease paying the distribution and/or shareholder servicing fees on any Class S shares and Class D shares in a shareholder’s account at the end of the month in which the Intermediary Manager in conjunction with the transfer agent determines that total brokerage commissions and distribution and/or shareholder servicing fees paid with respect to any such shares held by such shareholder within such account would exceed, in the aggregate, 10% of the gross proceeds from the sale of such shares. At the end of such month, such Class S shares or Class D shares will convert into a number of Class I shares (including any fractional shares), with an equivalent aggregate NAV as such share.
The Intermediary Manager Agreement may be terminated at any time, without the payment of any penalty, by vote of a majority of the Company’s trustees who are not "interested persons", as defined in the 1940 Act, of the Company and who have no direct or indirect financial interest in the operation of the Company’s distribution plan or the Intermediary Manager Agreement or by vote a majority of the outstanding voting securities of the Company, on not more than 60 days’ written notice to the Intermediary Manager or the Adviser. The Intermediary Manager Agreement will automatically terminate in the event of its assignment, as defined in the 1940 Act.
Distribution and Servicing Plan
On July 22, 2021, the Board approved a distribution and servicing plan (the "Distribution and Servicing Plan"). On November 5, 2026, the Board approved continuing the Distribution and Servicing Plan. The following table shows the shareholder servicing and/or distribution fees the Company will pay the Intermediary Manager with respect to the Class S shares, Class D shares and Class I shares on an annualized basis as a percentage of the Company’s NAV for such class. No shareholder servicing and/or distribution fees will be paid with respect to Class I shares. The shareholder servicing and/or distribution is paid monthly in arrears, calculated using the NAV of the applicable class as of the beginning of the first calendar day of the month.
Subject to FINRA and other limitations on underwriting compensation, the Company will pay a shareholder servicing and/or distribution fee equal to 0.85% per annum of the Company’s net assets attributable to Class S shares as of the beginning of the first calendar day of the month and a shareholder servicing and/or distribution fee equal to 0.25% per annum of the Company’s net assets attributable to Class D shares as of the beginning of the first calendar day of the month.
|
|
|
|
|
Shareholder Servicing and/or Distribution
Fee as a % of NAV |
Class S shares |
|
0.85% |
Class D shares |
|
0.25% |
Class I shares |
|
0.00% |
The shareholder servicing and/or distribution fees is paid monthly in arrears, calculated using the NAV of the applicable class as of the beginning of the first calendar day of the month and subject to FINRA and other limitations on underwriting compensation.
For the three and nine months ended September 30, 2026, the Company accrued distribution and shareholder servicing fees of $6,178 and $18,521, respectively, which were attributable to Class S shares. For the three and nine months ended September 30, 2026 the Company accrued distribution and shareholder servicing fees of $13 and $38, respectively, which were attributable to Class D shares.
For the three and nine months ended September 30, 2025, the Company accrued distribution and shareholder servicing fees of $5,856 and $15,948, respectively, which were attributable to Class S shares. For the three and nine months ended September 30, 2025 the Company accrued distribution and shareholder servicing fees of $9 and $21, respectively, which were attributable to Class D shares.
The shareholder servicing and/or distribution fees are similar to sales commissions. The distribution and servicing expenses borne by the participating brokers may be different from and substantially less than the amount of shareholder servicing and/or distribution fees charged. The Intermediary Manager will reallow (pay) all or a portion of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers, and will waive shareholder servicing and/or distribution fees to the extent a broker is not eligible to receive it for failure to provide such services. All or a portion of the shareholder servicing and/or distribution fee may be used to pay for sub-transfer agency, sub-accounting and certain other administrative services that are not required to be paid pursuant to the shareholder servicing and/or distribution fees under FINRA rules. The Company also may pay for these sub-transfer agency, sub- accounting and certain other administrative services outside of the shareholder servicing and/or distribution fees and its Distribution and Servicing Plan. Because the shareholder servicing and/or distribution fees with respect to Class S shares and Class D shares are calculated based on the aggregate NAV for all of the outstanding shares of each such class, it reduces the NAV with respect to all shares of each such class, including shares issued under the Company’s distribution reinvestment plan.
Eligibility to receive the shareholder servicing and/or distribution fee is conditioned on a broker providing the following ongoing services with respect to the Class S shares or Class D shares: assistance with recordkeeping, answering investor inquiries regarding us, including regarding distribution payments and reinvestments, helping investors understand their investments upon their request, and assistance with share repurchase requests. If the applicable broker is not eligible to receive the shareholder servicing and/or distribution fee due to failure to provide these services, the Intermediary Manager will waive the shareholder servicing fee and/or distribution that broker would have otherwise been eligible to receive. The shareholder servicing and/or distribution fees are ongoing fees that are not paid at the time of purchase.
Expense Support and Conditional Reimbursement Agreement
The Company entered into an expense support and conditional reimbursement agreement (the "Expense Support Agreement") with the Adviser. The Adviser may elect to pay certain expenses (each, an "Expense Payment"), provided that no portion of the payment will be used to pay any interest or distributions and/or shareholder servicing fees of the Company. Any Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Company in any combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, and/or offset against amounts due from the Company to the Adviser or its affiliates.
Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company’s shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as "Excess Operating Funds"), the Company shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser 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 shall be referred to herein as a "Reimbursement Payment." "Available Operating Funds" means the sum of (i) net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).
No Reimbursement Payment for any month will be made if: (1) the "Effective Rate of Distributions Per Share" (as defined below) declared by the Company at the time of such Reimbursement Payment is less than the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, or (2) our "Operating Expense Ratio" (as defined below) at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relates. Pursuant to the Expense Support Agreement, "Effective Rate of Distributions Per Share" means the annualized rate (based on a 365 day year) of regular cash distributions per share exclusive of returns of capital, distribution rate reductions due to distribution and shareholder fees, and declared special dividends or special distributions, if any. The "Operating Expense Ratio" is calculated by dividing operating expenses, less organizational and offering expenses, base management and incentive fees owed to Adviser, and interest expense, by our net assets.
The Company’s obligation to make a Reimbursement Payment shall automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month.
Co-Investment Activity
The Company, the Adviser and certain affiliates received an exemptive order from the SEC on May 14, 2025 (the "Order"), that permits us, among other things, to co-invest with other funds and accounts managed by the Adviser or its affiliates, subject to certain conditions. Certain types of negotiated co-investments may be made only in accordance with the Order from the SEC permitting the Company to do so. Pursuant to the requirements of the Order, the Board, including a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Independent Trustees, has approved co-investment policies and procedures describing how the Fund will comply with the Order. Further, the Adviser has adopted policies and procedures (the "Adviser Allocation Policy") which is designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations. Pursuant to the Adviser Allocation Policy, the Company will be given the opportunity to participate in any investments that fall within certain criteria established by the Adviser. The Company may determine to participate or not to participate, depending on whether the Adviser determines that the investment is appropriate for the Company (e.g., based on investment strategy). If the Adviser determines that the investment is not appropriate for us, the investment will not be allocated to us.
As of September 30, 2026, the Company’s co-investment holdings were 37.0% of the portfolio or $9,457,438, measured at fair value. On a cost basis, 36.8% of the portfolio or $9,478,464 were co-investments.
As of December 31, 2025, the Company’s co-investment holdings were 39.6% of the portfolio or $9,699,301, measured at fair value. On a cost basis, 39.5% of the portfolio or $9,651,981 were co-investments.
Note 4. Investments
Fair Value Measurement and Disclosures
The following table shows the composition of our investments as of September 30, 2026 with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Hierarchy |
|
|
Cost |
|
Fair Value |
|
Level 1 |
|
Level 2 |
|
Level 3 |
First Lien Secured Debt |
|
$ |
25,628,805 |
|
$ |
25,368,183 |
|
$ |
— |
|
$ |
4,179,870 |
|
$ |
21,188,313 |
Second Lien Secured Debt |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Unsecured Debt |
|
|
26,835 |
|
|
24,841 |
|
|
— |
|
|
9,512 |
|
|
15,329 |
Common Equity/Interests |
|
|
123,988 |
|
|
141,139 |
|
|
— |
|
|
202 |
|
|
140,937 |
Preferred Equity |
|
|
11,599 |
|
|
10,388 |
|
|
— |
|
|
— |
|
|
10,388 |
Total Investments before Cash Equivalents |
|
$ |
25,791,227 |
|
$ |
25,544,551 |
|
$ |
— |
|
$ |
4,189,584 |
|
$ |
21,354,967 |
Money Market Fund |
|
$ |
491,120 |
|
$ |
491,120 |
|
$ |
491,120 |
|
$ |
— |
|
$ |
— |
Total Cash Equivalents |
|
$ |
491,120 |
|
$ |
491,120 |
|
$ |
491,120 |
|
$ |
— |
|
$ |
— |
Total Investments after Cash Equivalents |
|
$ |
26,282,347 |
|
$ |
26,035,671 |
|
$ |
491,120 |
|
$ |
4,189,584 |
|
$ |
21,354,967 |
Interest rate swaps |
|
$ |
— |
|
$ |
(208,313) |
|
$ |
— |
|
$ |
(208,313) |
|
$ |
— |
Options (Swaptions and Binary Options) |
|
|
— |
|
|
1,217 |
|
|
— |
|
|
1,217 |
|
|
— |
Foreign currency forward transactions |
|
|
— |
|
|
120,931 |
|
|
— |
|
|
120,931 |
|
|
— |
Total Assets and Liabilities at Fair Value |
|
$ |
26,282,347 |
|
$ |
25,949,506 |
|
$ |
491,120 |
|
$ |
4,103,419 |
|
$ |
21,354,967 |
The following table shows the composition of our investments as of December 31, 2025, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Hierarchy |
|
|
Cost |
|
Fair Value |
|
Level 1 |
|
Level 2 |
|
Level 3 |
First Lien Secured Debt |
|
$ |
24,310,842 |
|
$ |
24,441,482 |
|
$ |
— |
|
$ |
5,843,088 |
|
$ |
18,598,394 |
Second Lien Secured Debt |
|
|
33,700 |
|
|
5,235 |
|
|
— |
|
|
5,235 |
|
|
— |
Unsecured Debt |
|
|
45,544 |
|
|
45,525 |
|
|
— |
|
|
10,448 |
|
|
35,077 |
Common Equity/Interests |
|
|
18,084 |
|
|
15,993 |
|
|
— |
|
|
— |
|
|
15,993 |
Preferred Equity |
|
|
6,255 |
|
|
7,393 |
|
|
— |
|
|
— |
|
|
7,393 |
Total Investments before Cash Equivalents |
|
$ |
24,414,425 |
|
$ |
24,515,628 |
|
$ |
— |
|
$ |
5,858,771 |
|
$ |
18,656,857 |
Money Market Fund |
|
$ |
227,502 |
|
$ |
227,502 |
|
$ |
227,502 |
|
$ |
— |
|
$ |
— |
Total Cash Equivalents |
|
$ |
227,502 |
|
$ |
227,502 |
|
$ |
227,502 |
|
$ |
— |
|
$ |
— |
Total Investments after Cash Equivalents |
|
$ |
24,641,927 |
|
$ |
24,743,130 |
|
$ |
227,502 |
|
$ |
5,858,771 |
|
$ |
18,656,857 |
Currency swaps |
|
$ |
— |
|
$ |
7,947 |
|
$ |
— |
|
$ |
7,947 |
|
$ |
— |
Interest rate swaps |
|
|
— |
|
|
56,888 |
|
|
— |
|
|
56,888 |
|
|
— |
Foreign currency forward transactions |
|
|
— |
|
|
(27,819) |
|
|
— |
|
|
(27,819) |
|
|
— |
Total Assets and Liabilities at Fair Value |
|
$ |
24,641,927 |
|
$ |
24,780,146 |
|
$ |
227,502 |
|
$ |
5,895,787 |
|
$ |
18,656,857 |
The following table shows changes in the fair value of our Level 3 investments during the three months ended September 30, 2026:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2026 |
|
|
First Lien
Secured Debt (2) |
|
Second Lien
Secured Debt (2) |
|
Unsecured
Debt |
|
Common Equity/
Interests |
|
Preferred Equity |
|
Total |
Fair value as of June 30, 2026 |
|
$ |
20,088,954 |
|
$ |
— |
|
$ |
14,940 |
|
$ |
68,954 |
|
$ |
8,982 |
|
$ |
20,181,830 |
Net realized gains (losses) |
|
|
(28,975) |
|
|
— |
|
|
— |
|
|
16 |
|
|
— |
|
|
(28,959) |
Net change in unrealized gains (losses) |
|
|
(47) |
|
|
— |
|
|
(93) |
|
|
23,237 |
|
|
(849) |
|
|
22,248 |
Net amortization on investments |
|
|
14,218 |
|
|
— |
|
|
6 |
|
|
— |
|
|
53 |
|
|
14,277 |
Purchases, including capitalized PIK (3) |
|
|
1,804,388 |
|
|
— |
|
|
476 |
|
|
48,847 |
|
|
4,592 |
|
|
1,858,303 |
Sales (3) |
|
|
(1,251,194) |
|
|
— |
|
|
— |
|
|
(117) |
|
|
(2,390) |
|
|
(1,253,701) |
Transfers out of Level 3 (1) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Transfers into Level 3 (1) |
|
|
560,969 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
560,969 |
Fair value as of September 30, 2026 |
|
$ |
21,188,313 |
|
$ |
— |
|
$ |
15,329 |
|
$ |
140,937 |
|
$ |
10,388 |
|
$ |
21,354,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2026 |
|
$ |
(53,071) |
|
$ |
— |
|
$ |
(93) |
|
$ |
23,253 |
|
$ |
(849) |
|
$ |
(30,760) |
The following table shows changes in the fair value of our Level 3 investments during the nine months ended September 30, 2026:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2026 |
|
|
First Lien
Secured Debt (2) |
|
Second Lien
Secured Debt (2) |
|
Unsecured
Debt |
|
Common Equity/
Interests |
|
Preferred Equity |
|
Total |
Fair value as of December 31, 2025 |
|
$ |
18,598,394 |
|
$ |
— |
|
$ |
35,077 |
|
$ |
15,993 |
|
$ |
7,393 |
|
$ |
18,656,857 |
Net realized gains (losses) |
|
|
(41,907) |
|
|
— |
|
|
— |
|
|
— |
|
|
46 |
|
|
(41,861) |
Net change in unrealized gains (losses) |
|
|
(327,408) |
|
|
— |
|
|
36 |
|
|
20,232 |
|
|
(2,351) |
|
|
(309,491) |
Net amortization on investments |
|
|
37,184 |
|
|
— |
|
|
99 |
|
|
— |
|
|
53 |
|
|
37,336 |
Purchases, including capitalized PIK (3) |
|
|
5,797,234 |
|
|
— |
|
|
15,317 |
|
|
105,905 |
|
|
7,542 |
|
|
5,925,998 |
Sales (3) |
|
|
(2,936,531) |
|
|
— |
|
|
(35,200) |
|
|
— |
|
|
(2,295) |
|
|
(2,974,026) |
Transfers out of Level 3 (1) |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,193) |
|
|
— |
|
|
(1,193) |
Transfers into Level 3 (1) |
|
|
61,347 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
61,347 |
Fair value as of September 30, 2026 |
|
$ |
21,188,313 |
|
$ |
— |
|
$ |
15,329 |
|
$ |
140,937 |
|
$ |
10,388 |
|
$ |
21,354,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2026 |
|
$ |
(370,320) |
|
$ |
— |
|
$ |
(3) |
|
$ |
20,232 |
|
$ |
(2,351) |
|
$ |
(352,442) |
(1)Transfers out (if any) of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained and transfers into (if any) Level 3 are due to a decrease in the quantity and reliability of broker quotes obtained as assessed by the Adviser. Transfers are assumed to have occurred at the end of the period. There were no transfers between Level 1 and Level 2 fair value measurements during the periods shown.
(2)Includes unfunded commitments measured at fair value of $(58,746).
(3)Includes reorganizations and restructuring of investments.
The following table shows changes in the fair value of our Level 3 investments during the three months ended September 30, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2025 |
|
|
First Lien
Secured Debt (2) |
|
Second Lien
Secured Debt (2) |
|
Unsecured
Debt |
|
Common Equity/
Interests |
|
Preferred Equity |
|
Total |
Fair value as of June 30, 2025 |
|
$ |
14,534,667 |
|
$ |
— |
|
$ |
— |
|
$ |
6,799 |
|
$ |
6,944 |
|
$ |
14,548,410 |
Net realized gains (losses) |
|
|
17,417 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
17,417 |
Net change in unrealized gains (losses) |
|
|
(24,991) |
|
|
— |
|
|
— |
|
|
28 |
|
|
79 |
|
|
(24,884) |
Net amortization on investments |
|
|
7,272 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
7,272 |
Purchases, including capitalized PIK (3) |
|
|
2,061,679 |
|
|
— |
|
|
— |
|
|
50 |
|
|
— |
|
|
2,061,729 |
Sales (3) |
|
|
(572,921) |
|
|
— |
|
|
— |
|
|
(50) |
|
|
— |
|
|
(572,971) |
Transfers out of Level 3 (1) |
|
|
(21,082) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(21,082) |
Transfers into Level 3 (1) |
|
|
252,995 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
252,995 |
Fair value as of September 30, 2025 |
|
$ |
16,255,036 |
|
$ |
— |
|
$ |
— |
|
$ |
6,827 |
|
$ |
7,023 |
|
$ |
16,268,886 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2025 |
|
$ |
(16,594) |
|
$ |
— |
|
$ |
— |
|
$ |
28 |
|
$ |
80 |
|
$ |
(16,486) |
The following table shows changes in the fair value of our Level 3 investments during the nine months ended September 30, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2025 |
|
|
First Lien
Secured Debt (2) |
|
Second Lien
Secured Debt (2) |
|
Unsecured
Debt |
|
Common Equity/
Interests |
|
Preferred Equity |
|
Total |
Fair value as of December 31, 2024 |
|
$ |
11,191,530 |
|
$ |
5,723 |
|
$ |
— |
|
$ |
833 |
|
$ |
6,428 |
|
$ |
11,204,514 |
Net realized gains (losses) |
|
|
35,946 |
|
|
(33,842) |
|
|
— |
|
|
— |
|
|
— |
|
|
2,104 |
Net change in unrealized gains (losses) |
|
|
223,152 |
|
|
31,087 |
|
|
— |
|
|
2,450 |
|
|
524 |
|
|
257,213 |
Net amortization on investments |
|
|
23,504 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
23,504 |
Purchases, including capitalized PIK (3) |
|
|
7,621,275 |
|
|
— |
|
|
10,000 |
|
|
3,594 |
|
|
71 |
|
|
7,634,940 |
Sales (3) |
|
|
(2,622,087) |
|
|
(2,968) |
|
|
(10,000) |
|
|
(50) |
|
|
— |
|
|
(2,635,105) |
Transfers out of Level 3 (1) |
|
|
(341,818) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(341,818) |
Transfers into Level 3 (1) |
|
|
123,534 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
123,534 |
Fair value as of September 30, 2025 |
|
$ |
16,255,036 |
|
$ |
— |
|
$ |
— |
|
$ |
6,827 |
|
$ |
7,023 |
|
$ |
16,268,886 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2025 |
|
$ |
202,868 |
|
$ |
— |
|
$ |
— |
|
$ |
2,450 |
|
$ |
524 |
|
$ |
205,842 |
(1)Transfers out (if any) of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained and transfers into (if any) Level 3 are due to a decrease in the quantity and reliability of broker quotes obtained as assessed by the Adviser. Transfers are assumed to have occurred at the end of the period. There were no transfers between Level 1 and Level 2 fair value measurements during the periods shown.
(2)Includes unfunded commitments measured at fair value of $(26,823).
(3)Includes reorganizations and restructuring of investments.
The following tables summarize the significant unobservable inputs the Company used to value its investments categorized within Level 3 as of September 30, 2026 and December 31, 2025. In addition to the techniques and inputs noted in the tables below, according to our valuation policy we may also use other valuation techniques and methodologies when determining our fair value measurements. The below table is not intended to be all-inclusive, but rather provide information on the significant unobservable inputs as they relate to the Company’s determination of fair values.
The unobservable inputs used in the fair value measurement of our Level 3 investments as of September 30, 2026 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quantitative Information about Level 3 Fair Value Measurements |
Asset Category |
|
|
Fair Value |
|
Valuation Techniques/Methodologies |
|
Unobservable Input |
|
Range |
|
Weighted Average (1) |
First Lien Secured Debt |
|
$ |
18,893,175 |
|
Discounted Cash Flow |
|
Discount Rate |
|
0.0% |
- |
19.0% |
|
10.6% |
|
|
|
2,063,408 |
|
Transactional Value |
|
Cost |
|
N/A |
|
N/A |
|
N/A |
|
|
|
196,712 |
|
Asset Recoverability |
|
Recoverability % |
|
0.0% |
- |
76.0% |
|
27.6% |
|
|
|
35,018 |
|
Pricing Service |
|
Broker Quote |
|
50.0% |
- |
55.0% |
|
52.5% |
Unsecured Debt |
|
|
15,329 |
|
Discounted Cash Flow |
|
Discount Rate |
|
14.2% |
- |
14.2% |
|
14.2% |
Common Equity/Interests |
|
|
10,100 |
|
Market Comparable Technique |
|
Comparable Multiple |
|
0.4x |
- |
21.0x |
|
11.0x |
|
|
|
81,918 |
|
Discounted Cash Flow |
|
Discount Rate |
|
10.0% |
- |
13.3% |
|
11.2% |
|
|
|
48,892 |
|
Transactional Value |
|
Cost |
|
N/A |
|
N/A |
|
N/A |
|
|
|
27 |
|
Asset Recoverability |
|
Estimated Proceeds |
|
N/A |
|
N/A |
|
N/A |
Preferred Equity |
|
|
50 |
|
Asset Recoverability |
|
Estimated Proceeds |
|
N/A |
|
N/A |
|
N/A |
|
|
|
4,267 |
|
Market Comparable Technique |
|
Comparable Multiple |
|
6.9x |
- |
15.5x |
|
11.2x |
|
|
|
5,164 |
|
Discounted Cash Flow |
|
Discount Rate |
|
11.8% |
- |
12.8% |
|
12.3% |
|
|
|
907 |
|
Asset Recoverability |
|
Recoverability % |
|
53.0% |
- |
53.0% |
|
53.0% |
Total Level 3 Investments |
|
$ |
21,354,967 |
|
|
|
|
|
|
|
|
|
|
(1)The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment. For the commodity price unobservable input, the weighted average price is an undiscounted price based upon the estimated production level from the underlying reserves.
The unobservable inputs used in the fair value measurement of our Level 3 investments as of December 31, 2025 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quantitative Information about Level 3 Fair Value Measurements |
Asset Category |
|
|
Fair Value |
|
Valuation Techniques/Methodologies |
|
Unobservable Input |
|
Range |
|
Weighted Average (1) |
First Lien Secured Debt |
|
$ |
16,295,125 |
|
Discounted Cash Flow |
|
Discount Rate |
|
6.1% |
- |
48.2% |
|
9.0% |
|
|
|
2,250,700 |
|
Transactional Value |
|
Cost |
|
N/A |
|
N/A |
|
N/A |
|
|
|
45,807 |
|
Asset Recoverability |
|
Recoverability % |
|
0.0% |
- |
100.0% |
|
55.5% |
|
|
|
6,762 |
|
Market Comparable Technique |
|
Comparable Multiple |
|
0.5x |
- |
9.0x |
|
4.8x |
Unsecured Debt |
|
|
35,077 |
|
Transactional Value |
|
Cost |
|
N/A |
|
N/A |
|
N/A |
Common Equity/Interests |
|
|
2,140 |
|
Market Comparable Technique |
|
Comparable Multiple |
|
1.3x |
- |
20.0x |
|
11.7x |
|
|
|
13,853 |
|
Transactional Value |
|
Cost |
|
N/A |
|
N/A |
|
N/A |
Preferred Equity |
|
|
99 |
|
Transactional Value |
|
Cost |
|
N/A |
|
N/A |
|
N/A |
|
|
|
131 |
|
Market Comparable Technique |
|
Comparable Multiple |
|
1.3x |
- |
16.5x |
|
8.9x |
|
|
|
7,163 |
|
Discounted Cash Flow |
|
Discount Rate |
|
11.6% |
- |
12.6% |
|
12.1% |
Total Level 3 Investments |
|
$ |
18,656,857 |
|
|
|
|
|
|
|
|
|
|
(1)The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment. For the commodity price unobservable input, the weighted average price is an undiscounted price based upon the estimated production level from the underlying reserves.
The significant unobservable inputs used in the fair value measurement of the Company’s debt and equity securities are primarily EBITDA comparable multiples and market discount rates. The Company typically uses EBITDA comparable multiples on its equity securities to determine the fair value of investments. The Company uses market discount rates for debt securities to determine if the effective yield on a debt security is commensurate with the market yields for that type of debt security. If a debt security’s effective yield is significantly less than the market yield for a similar debt security with a similar credit profile, the resulting fair value of the debt security may be lower. For certain investments where fair value is derived based on a recovery analysis, the Company uses underlying commodity prices from third party market pricing services to determine the fair value and/or recoverable amount, which represents the proceeds expected to be collected through asset sales or liquidation. Further, for certain investments, the Company also considered the probability of future events which are not in management’s control. Significant increases or decreases in any of these inputs in isolation would result in a significantly lower or higher fair value measurement. The significant unobservable inputs used in the fair value measurement of the structured products include the discount rate applied in the valuation models in addition to default and recovery rates applied to projected cash flows in the valuation models. Specifically, when a discounted cash flow model is used to determine fair value, the significant input used in the valuation model is the discount rate applied to present value the projected cash flows. Increases in the discount rate can significantly lower the fair value of an investment; conversely decreases in the discount rate can significantly increase the fair value of an investment. The discount rate is determined based on the market rates an investor would expect for a similar investment with similar risks.
Investment Transactions
For the three and nine months ended September 30, 2026, purchases of investments on a trade date basis were $2,833,279 and $8,624,178, respectively.
For the three and nine months ended September 30, 2025, purchase of investments on a trade date basis were $3,643,804 and $12,619,631, respectively.
For the three and nine months ended September 30, 2026, sales and repayments (including prepayments and unamortized fees) of investments on a trade date basis were $2,671,503 and $7,267,020, respectively.
For the three and nine months ended September 30, 2025, sales and repayments (including prepayments and unamortized fees) of investments on a trade date basis were $1,019,398 and $4,978,735, respectively.
PIK Income
The Company holds loans and other investments, including certain preferred equity investments, that have contractual PIK income. PIK income computed at the contractual rate is accrued into income and reflected as receivable up to the capitalization date. During the three and nine months ended September 30, 2026, PIK income earned was $19,894 and $56,487, respectively. During the three and nine months ended September 30, 2025, PIK income earned was $13,743 and $28,254, respectively.
The following table shows the change in capitalized PIK balance for the three and nine months ended September 30, 2026 and 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
PIK balance at beginning of period |
$ |
101,861 |
|
$ |
46,505 |
|
$ |
70,653 |
|
$ |
32,548 |
PIK income capitalized |
|
20,547 |
|
|
12,285 |
|
|
55,424 |
|
|
26,242 |
PIK capitalized exited from investment sales, repayments, and restructurings |
|
(3,918) |
|
|
(2,512) |
|
|
(7,587) |
|
|
(2,512) |
PIK income received in cash |
|
— |
|
|
— |
|
|
— |
|
|
— |
PIK balance at end of period |
$ |
118,490 |
|
$ |
56,278 |
|
$ |
118,490 |
|
$ |
56,278 |
Note 5. Derivative Instruments
In the normal course of business, the Company enters into derivative financial instruments to achieve certain risk management objectives, including managing its interest rate and foreign currency risk exposures.
Certain information related to the Company’s foreign currency forward contracts is presented below as of September 30, 2026:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty |
|
Notional amount to be purchased |
|
Notional amount to be sold |
|
Settlement Date |
|
Fair Value* |
|
Balance Sheet Location of Net Amounts |
BNP Paribas S.A. |
|
A$ |
4,191 |
|
$ |
3,024 |
|
12/16/2026 |
|
$ |
(115) |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
BNP Paribas S.A. |
|
$ |
56,677 |
|
C$ |
77,813 |
|
12/16/2026 |
|
|
1,803 |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
BNP Paribas S.A. |
|
₣ |
90 |
|
$ |
113 |
|
12/16/2026 |
|
|
(4) |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
BNP Paribas S.A. |
|
$ |
315,593 |
|
€ |
270,395 |
|
12/16/2026 |
|
|
8,329 |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
BNP Paribas S.A. |
|
$ |
1,247,314 |
|
£ |
922,394 |
|
12/16/2026 |
|
|
23,363 |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
BNP Paribas S.A. |
|
$ |
138,591 |
|
₩ |
197,755,936 |
|
11/12/2026 |
|
|
(7,254) |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
BNP Paribas S.A. |
|
$ |
3,052 |
|
₩ |
4,083,935 |
|
12/16/2026 |
|
|
38 |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
BNP Paribas S.A. |
|
$ |
169 |
|
Skr |
1,915 |
|
12/16/2026 |
|
|
(23) |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
Goldman Sachs International |
|
A$ |
2,729 |
|
$ |
1,967 |
|
12/16/2026 |
|
|
(73) |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
Goldman Sachs International |
|
$ |
10,212 |
|
€ |
8,765 |
|
12/16/2026 |
|
|
251 |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
Goldman Sachs International |
|
$ |
4,685 |
|
£ |
3,465 |
|
12/16/2026 |
|
|
88 |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
Goldman Sachs International |
|
$ |
3,271 |
|
¥ |
498,428 |
|
12/16/2026 |
|
|
87 |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
Morgan Stanley Bank N.A. |
|
$ |
99,320 |
|
A$ |
137,772 |
|
12/16/2026 |
|
|
3,701 |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
Morgan Stanley Bank N.A. |
|
$ |
84,119 |
|
C$ |
115,585 |
|
12/16/2026 |
|
|
2,608 |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
Morgan Stanley Bank N.A. |
|
$ |
150 |
|
₣ |
120 |
|
12/16/2026 |
|
|
5 |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
Morgan Stanley Bank N.A. |
|
$ |
10,728 |
|
¥ |
1,634,511 |
|
12/16/2026 |
|
|
285 |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty |
|
Notional amount to be purchased |
|
Notional amount to be sold |
|
Settlement Date |
|
Fair Value* |
|
Balance Sheet Location of Net Amounts |
Morgan Stanley Bank N.A. |
|
Nkr |
19,201 |
|
$ |
2,087 |
|
12/16/2026 |
|
$ |
(92) |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
Morgan Stanley Bank N.A. |
|
$ |
64,470 |
|
Skr |
615,331 |
|
12/16/2026 |
|
|
2,739 |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
State Street Bank and Trust Company |
|
$ |
124,825 |
|
A$ |
174,537 |
|
12/16/2026 |
|
|
3,690 |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
State Street Bank and Trust Company |
|
$ |
18,554 |
|
C$ |
25,540 |
|
12/16/2026 |
|
|
543 |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
State Street Bank and Trust Company |
|
$ |
82 |
|
₣ |
66 |
|
12/16/2026 |
|
|
3 |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
State Street Bank and Trust Company |
|
¥ |
42,037 |
|
$ |
275 |
|
12/16/2026 |
|
|
(7) |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
State Street Bank and Trust Company |
|
$ |
69,302 |
|
Nkr |
644,622 |
|
12/16/2026 |
|
|
2,324 |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
State Street Bank and Trust Company |
|
$ |
4,201 |
|
Skr |
40,367 |
|
12/16/2026 |
|
|
152 |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
Wells Fargo Bank National Association |
|
$ |
287,905 |
|
A$ |
402,239 |
|
12/16/2026 |
|
|
8,738 |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
Wells Fargo Bank National Association |
|
$ |
19,222 |
|
C$ |
26,504 |
|
12/16/2026 |
|
|
531 |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
Wells Fargo Bank National Association |
|
$ |
12,028 |
|
₣ |
9,674 |
|
12/16/2026 |
|
|
356 |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
Wells Fargo Bank National Association |
|
$ |
1,975,969 |
|
€ |
1,695,569 |
|
12/16/2026 |
|
|
49,204 |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
Wells Fargo Bank National Association |
|
$ |
1,088,818 |
|
£ |
805,710 |
|
12/16/2026 |
|
|
19,698 |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
Wells Fargo Bank National Association |
|
$ |
1,029 |
|
¥ |
157,918 |
|
12/16/2026 |
|
|
20 |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
Wells Fargo Bank National Association |
|
Nkr |
14,770 |
|
$ |
1,569 |
|
12/16/2026 |
|
|
(34) |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
Wells Fargo Bank National Association |
|
Skr |
11,050 |
|
$ |
1,130 |
|
12/16/2026 |
|
|
(21) |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
|
|
|
|
|
|
|
|
|
|
$ |
120,931 |
|
|
* Totals may not foot due to rounding.
Certain information related to the Company’s foreign currency forward contracts is presented below as of December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty |
|
Notional amount to be purchased |
|
Notional amount to be sold |
|
Settlement Date |
|
Fair Value* |
|
Balance Sheet Location of Net Amounts |
BNP Paribas S.A. |
|
$ |
1,165 |
|
A$ |
1,753 |
|
3/18/2026 |
|
$ |
(5) |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
BNP Paribas S.A. |
|
$ |
3,673 |
|
C$ |
5,057 |
|
3/18/2026 |
|
(25) |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
BNP Paribas S.A. |
|
₣ |
90 |
|
$ |
113 |
|
3/18/2026 |
|
1 |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
BNP Paribas S.A. |
|
$ |
31,034 |
|
€ |
26,490 |
|
3/18/2026 |
|
(186) |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
BNP Paribas S.A. |
|
$ |
11,698 |
|
£ |
8,775 |
|
3/18/2026 |
|
(124) |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
Goldman Sachs International |
|
A$ |
2,641 |
|
$ |
1,755 |
|
3/18/2026 |
|
8 |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
Goldman Sachs International |
|
$ |
10,089 |
|
€ |
8,615 |
|
3/18/2026 |
|
(64) |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
Goldman Sachs International |
|
$ |
4,491 |
|
£ |
3,370 |
|
3/18/2026 |
|
(49) |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
Goldman Sachs International |
|
$ |
3,197 |
|
¥ |
495,381 |
|
3/18/2026 |
|
18 |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
Morgan Stanley Capital Services LLC |
|
$ |
92,029 |
|
A$ |
138,276 |
|
3/18/2026 |
|
(265) |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
Morgan Stanley Capital Services LLC |
|
$ |
12,089 |
|
C$ |
16,607 |
|
3/18/2026 |
|
(52) |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
Morgan Stanley Capital Services LLC |
|
$ |
152 |
|
₣ |
120 |
|
3/18/2026 |
|
— |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
Morgan Stanley Capital Services LLC |
|
$ |
583,494 |
|
€ |
494,488 |
|
3/18/2026 |
|
703 |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
Morgan Stanley Capital Services LLC |
|
$ |
188,436 |
|
£ |
141,023 |
|
3/18/2026 |
|
(1,544) |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
Morgan Stanley Capital Services LLC |
|
$ |
10,780 |
|
¥ |
1,662,813 |
|
3/18/2026 |
|
107 |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
Morgan Stanley Capital Services LLC |
|
$ |
70,995 |
|
Skr |
653,108 |
|
3/18/2026 |
|
(181) |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
State Street Bank and Trust Company |
|
$ |
115,593 |
|
A$ |
173,498 |
|
3/18/2026 |
|
(210) |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
State Street Bank and Trust Company |
|
$ |
19,450 |
|
C$ |
26,701 |
|
3/18/2026 |
|
(70) |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
State Street Bank and Trust Company |
|
$ |
5,727 |
|
₣ |
4,510 |
|
3/18/2026 |
|
(6) |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty |
|
Notional amount to be purchased |
|
Notional amount to be sold |
|
Settlement Date |
|
Fair Value* |
|
Balance Sheet Location of Net Amounts |
State Street Bank and Trust Company |
|
$ |
222,587 |
|
€ |
189,981 |
|
3/18/2026 |
|
$ |
(1,319) |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
State Street Bank and Trust Company |
|
$ |
1,075,135 |
|
£ |
806,832 |
|
3/18/2026 |
|
(11,796) |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
State Street Bank and Trust Company |
|
$ |
228 |
|
¥ |
35,061 |
|
3/18/2026 |
|
3 |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
State Street Bank and Trust Company |
|
$ |
4,286 |
|
Skr |
39,490 |
|
3/18/2026 |
|
(18) |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
State Street Bank and Trust Company |
|
$ |
61,976 |
|
Nkr |
625,881 |
|
3/18/2026 |
|
(97) |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
Wells Fargo Bank National Association |
|
$ |
118,976 |
|
A$ |
178,559 |
|
3/18/2026 |
|
(205) |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
Wells Fargo Bank National Association |
|
$ |
8,721 |
|
C$ |
11,977 |
|
3/18/2026 |
|
(35) |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
Wells Fargo Bank National Association |
|
$ |
591,411 |
|
€ |
505,089 |
|
3/18/2026 |
|
(3,873) |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
Wells Fargo Bank National Association |
|
$ |
793,928 |
|
£ |
595,675 |
|
3/18/2026 |
|
(8,541) |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
Wells Fargo Bank National Association |
|
$ |
534 |
|
¥ |
82,224 |
|
3/18/2026 |
|
6 |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
|
|
|
|
|
|
|
|
|
|
$ |
(27,819) |
|
Unrealized appreciation (depreciation) on foreign currency forward contracts |
* Totals may not foot due to rounding.
Certain information related to the Company’s interest rate swaps are presented below as of September 30, 2026:
|
|
|
|
|
|
|
|
|
|
|
Counterparty |
|
Notional Amount |
|
Maturity Date |
|
Fair Value* |
|
Financial Statement Location of Net Amounts |
BNP Paribas S.A. |
|
$ |
325,000 |
|
4/13/2029 |
|
$ |
(4,934) |
|
Other liabilities and accrued expenses |
BNP Paribas S.A. |
|
|
300,000 |
|
7/29/2031 |
|
|
(12,837) |
|
Other liabilities and accrued expenses |
BNP Paribas S.A. |
|
|
400,000 |
|
7/29/2031 |
|
|
(15,466) |
|
Other liabilities and accrued expenses |
BNP Paribas S.A. |
|
|
100,000 |
|
8/30/2030 |
|
|
(5,009) |
|
Other liabilities and accrued expenses |
BNP Paribas S.A. |
|
|
375,000 |
|
6/30/2033 |
|
|
(20,318) |
|
Other liabilities and accrued expenses |
Goldman Sachs International |
|
|
82,000 |
|
12/21/2027 |
|
|
(869) |
|
Other liabilities and accrued expenses |
Goldman Sachs International |
|
|
18,000 |
|
1/19/2028 |
|
|
(212) |
|
Other liabilities and accrued expenses |
Goldman Sachs International |
|
|
325,000 |
|
4/13/2029 |
|
|
(5,036) |
|
Other liabilities and accrued expenses |
Goldman Sachs International |
|
|
350,000 |
|
4/13/2029 |
|
|
(13,881) |
|
Other liabilities and accrued expenses |
Goldman Sachs International |
|
|
375,000 |
|
6/30/2033 |
|
|
(19,968) |
|
Other liabilities and accrued expenses |
SMBC Capital Markets, Inc. |
|
|
300,000 |
|
7/29/2031 |
|
|
(12,837) |
|
Other liabilities and accrued expenses |
SMBC Capital Markets, Inc. |
|
|
325,000 |
|
9/28/2028 |
|
|
(4,812) |
|
Other liabilities and accrued expenses |
SMBC Capital Markets, Inc. |
|
|
500,000 |
|
3/15/2032 |
|
|
(11,883) |
|
Other liabilities and accrued expenses |
U.S. Bank National Association |
|
|
400,000 |
|
8/30/2030 |
|
|
(16,505) |
|
Other liabilities and accrued expenses |
U.S. Bank National Association |
|
|
400,000 |
|
12/8/2028 |
|
|
(12,322) |
|
Other liabilities and accrued expenses |
U.S. Bank National Association |
|
|
750,000 |
|
1/23/2031 |
|
|
(37,306) |
|
Other liabilities and accrued expenses |
Wells Fargo Bank National Association |
|
|
300,000 |
|
3/15/2032 |
|
|
(14,115) |
|
Other liabilities and accrued expenses |
|
|
|
|
|
|
|
$ |
(208,313) |
|
|
* Totals may not foot due to rounding.
Certain information related to the Company’s interest rate swaps and currency swaps are presented below as of December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
Counterparty |
|
Notional Amount |
|
Maturity Date |
|
Fair Value* |
|
Financial Statement Location of Net Amounts |
BNP Paribas S.A. |
|
$ |
325,000 |
|
4/13/2029 |
|
$ |
7,512 |
|
Other assets |
BNP Paribas S.A. |
|
|
300,000 |
|
7/29/2031 |
|
|
4,190 |
|
Other assets |
BNP Paribas S.A. |
|
|
400,000 |
|
7/29/2031 |
|
|
7,420 |
|
Other assets |
BNP Paribas S.A. |
|
|
100,000 |
|
8/30/2030 |
|
|
(424) |
|
Other assets |
Goldman Sachs International |
|
|
82,000 |
|
12/21/2027 |
|
|
554 |
|
Other assets |
Goldman Sachs International |
|
|
18,000 |
|
1/19/2028 |
|
|
120 |
|
Other assets |
Goldman Sachs International |
|
€ |
90,000 |
|
9/28/2026 |
|
|
1,002 |
|
Other assets |
Goldman Sachs International |
|
|
325,000 |
|
4/13/2029 |
|
|
7,379 |
|
Other assets |
Goldman Sachs International |
|
|
350,000 |
|
4/13/2029 |
|
|
(3,051) |
|
Other assets |
SMBC Capital Markets, Inc. |
|
|
300,000 |
|
7/29/2031 |
|
|
4,190 |
|
Other assets |
SMBC Capital Markets, Inc. |
|
|
226,000 |
|
9/28/2026 |
|
|
1,180 |
|
Other assets |
SMBC Capital Markets, Inc. |
|
|
325,000 |
|
9/28/2028 |
|
|
5,078 |
|
Other assets |
SMBC Capital Markets, Inc. |
|
|
500,000 |
|
3/15/2032 |
|
|
20,327 |
|
Other assets |
U.S. Bank National Association |
|
|
400,000 |
|
8/30/2030 |
|
|
2,577 |
|
Other assets |
U.S. Bank National Association |
|
|
400,000 |
|
12/8/2028 |
|
|
(1,166) |
|
Other assets |
BNP Paribas S.A. |
|
|
60,988 |
|
5/12/2026 |
|
|
3,404 |
|
Other assets |
Morgan Stanley Capital Services LLC |
|
|
81,450 |
|
5/12/2026 |
|
|
4,543 |
|
Other assets |
|
|
|
|
|
|
|
$ |
64,835 |
|
|
* Totals may not foot due to rounding.
Certain information related to the Company's options are presented below as of September 30, 2026:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty |
|
|
Notional Amount |
|
Maturity Date |
|
|
Cost* |
|
|
Fair Value* |
|
|
Unrealized (Depreciation)* |
|
Financial Statement Location of Net Amounts |
BNP Paribas S.A. |
|
$ |
2,050,000 |
|
3/17/2027 |
|
$ |
6,253 |
|
$ |
191 |
|
$ |
(6,062) |
|
Other liabilities and accrued expenses |
JPMorgan Chase Bank N.A. |
|
|
18,000 |
|
3/19/2027 |
|
|
1,242 |
|
|
1,026 |
|
|
(216) |
|
Other liabilities and accrued expenses |
|
|
|
|
|
|
|
$ |
7,495 |
|
$ |
1,217 |
|
$ |
(6,278) |
|
|
* Totals may not foot due to rounding.
The Company’s foreign currency forward contracts and currency swaps are not designated in a qualifying hedge accounting relationship. Net realized and change in unrealized gains and losses for the three and nine months ended September 30, 2026 and 2025, for the Company’s foreign currency forward contracts, currency swaps and options, are in the following locations in the Consolidated Statements of Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
Derivative Instrument |
|
Financial Statement Location |
|
2026 |
|
2025 |
|
2026 |
|
2025 |
Foreign currency forward contracts |
|
Net realized gain (loss) on foreign currency forward contracts |
|
$ |
(24,368) |
|
$ |
(25,213) |
|
$ |
(36,639) |
|
$ |
(235,278) |
Currency swaps |
|
Net realized gain (loss) on derivative instruments |
|
|
— |
|
|
799 |
|
|
10,764 |
|
|
2,066 |
|
|
|
|
$ |
(24,368) |
|
$ |
(24,414) |
|
$ |
(25,875) |
|
$ |
(233,212) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
Derivative Instrument |
|
Financial Statement Location |
|
2026 |
|
2025 |
|
2026 |
|
2025 |
Foreign currency forward contracts |
|
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts |
|
$ |
32,340 |
|
$ |
74,212 |
|
$ |
148,750 |
|
$ |
(27,248) |
Currency swaps |
|
Net change in unrealized appreciation (depreciation) on derivative instruments |
|
|
— |
|
|
8,583 |
|
|
(7,947) |
|
|
(6,885) |
Options |
|
Net change in unrealized appreciation (depreciation) on derivative instruments |
|
|
(990) |
|
|
— |
|
|
(6,278) |
|
|
— |
|
|
|
|
$ |
31,350 |
|
$ |
82,795 |
|
$ |
134,525 |
|
$ |
(34,133) |
The Company’s interest rate swaps have been designated in a qualifying hedge accounting relationship. Net realized and unrealized gains and losses for the three and nine months ended September 30, 2026 and 2025, for the Company’s interest rate swaps, are in the following locations in the Consolidated Statements of Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
Derivative Instrument |
|
Financial Statement Location |
|
2026 |
|
|
2025 |
|
2026 |
|
2025 |
Interest rate swaps |
|
Interest and other debt expenses |
|
$ |
177,152 |
|
$ |
1,139 |
|
$ |
261,967 |
|
$ |
(81,645) |
Hedged items |
|
Interest and other debt expenses |
|
|
(176,677) |
|
|
4,207 |
|
|
(263,867) |
|
|
91,511 |
|
|
|
|
$ |
475 |
|
$ |
5,346 |
|
$ |
(1,900) |
|
$ |
9,866 |
Offsetting of Derivative Instruments
The Company has derivative instruments that are subject to master netting agreements. These agreements include provisions to offset positions with the same counterparty in the event of default by one of the parties. The Company’s unrealized appreciation and depreciation on derivative instruments are reported net in the Consolidated Statements of Assets and Liabilities. The following table presents the Company’s assets and liabilities related to derivatives by counterparty, net of amounts available for offset under a master netting arrangement and net of any collateral received or pledged by the Company for such assets and liabilities as of September 30, 2026:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2026 |
Counterparty |
|
Derivative Assets Subject to Master Netting Agreement |
|
Derivatives Available for Offset |
|
Non-cash Collateral Received(1) |
|
Cash Collateral Received(1) |
|
Net Amount of Derivative Assets(2) |
BNP Paribas S.A. |
|
$ |
191 |
|
$ |
(191) |
|
$ |
— |
|
$ |
— |
|
$ |
— |
Goldman Sachs International |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
SMBC Capital Markets, Inc. |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Wells Fargo Bank National Association |
|
|
78,547 |
|
|
(14,171) |
|
|
— |
|
|
(64,376) |
|
|
— |
U.S. Bank National Association |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
JPMorgan Chase Bank N.A. |
|
|
1,026 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,026 |
Total |
|
$ |
79,764 |
|
$ |
(14,362) |
|
$ |
— |
|
$ |
(64,376) |
|
$ |
1,026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty |
|
Derivative Liabilities Subject to Master Netting Agreement |
|
Derivatives Available for Offset |
|
Non-cash Collateral Pledged(1) |
|
Cash Collateral Pledged(1) |
|
Net Amount of Derivative Liabilities(3) |
BNP Paribas S.A. |
|
$ |
(58,564) |
|
$ |
191 |
|
$ |
— |
|
$ |
54,020 |
|
$ |
(4,353) |
Goldman Sachs International |
|
|
(39,966) |
|
|
— |
|
|
— |
|
|
39,966 |
|
|
— |
SMBC Capital Markets, Inc. |
|
|
(29,532) |
|
|
— |
|
|
— |
|
|
29,420 |
|
|
(112) |
Wells Fargo Bank National Association |
|
|
(14,171) |
|
|
14,171 |
|
|
— |
|
|
— |
|
|
— |
U.S. Bank National Association |
|
|
(66,132) |
|
|
— |
|
|
— |
|
|
66,132 |
|
|
— |
JPMorgan Chase Bank N.A. |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Total |
|
$ |
(208,365) |
|
$ |
14,362 |
|
$ |
— |
|
$ |
189,538 |
|
$ |
(4,465) |
(1)In some instances, the actual amount of the collateral received and/or pledged may be more than the derivative balance shown due to overcollateralization.
(2)Net amount of derivative assets represents the net amount due from the counterparty to the Company.
(3)Net amount of derivative liabilities represents the net amount due from the Company to the counterparty.
The following table presents the Company’s assets and liabilities related to derivatives by counterparty, net of amounts available for offset under a master netting arrangement and net of any collateral received or pledged by the Company for such assets and liabilities as of December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2025 |
Counterparty |
|
Derivative Assets Subject to Master Netting Agreement |
|
Derivatives Available for Offset |
|
Non-cash Collateral Received(1) |
|
Cash Collateral Received(1) |
|
Net Amount of Derivative Assets(2) |
BNP Paribas S.A. |
|
$ |
22,526 |
|
$ |
(424) |
|
$ |
— |
|
$ |
(21,901) |
|
$ |
201 |
Goldman Sachs International |
|
|
9,056 |
|
|
(3,051) |
|
|
— |
|
|
(6,005) |
|
|
— |
SMBC Capital Markets, Inc. |
|
|
30,775 |
|
|
— |
|
|
— |
|
|
(30,775) |
|
|
— |
Morgan Stanley Capital Services LLC |
|
|
4,543 |
|
|
— |
|
|
— |
|
|
(4,230) |
|
|
313 |
Wells Fargo Bank National Association |
|
|
6 |
|
|
(6) |
|
|
— |
|
|
— |
|
|
— |
U.S. Bank National Association |
|
|
2,577 |
|
|
(1,166) |
|
|
— |
|
|
(1,411) |
|
|
— |
Total |
|
$ |
69,483 |
|
$ |
(4,647) |
|
$ |
— |
|
$ |
(64,322) |
|
$ |
514 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty |
|
Derivative Liabilities Subject to Master Netting Agreement |
|
Derivatives Available for Offset |
|
Non-cash Collateral Pledged(1) |
|
Cash Collateral Pledged(1) |
|
Net Amount of Derivative Liabilities(3) |
BNP Paribas S.A. |
|
$ |
(424) |
|
$ |
424 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
Goldman Sachs International |
|
|
(3,051) |
|
|
3,051 |
|
|
— |
|
|
— |
|
|
— |
SMBC Capital Markets, Inc. |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Morgan Stanley Capital Services LLC |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Wells Fargo Bank National Association |
|
|
(12,654) |
|
|
6 |
|
|
— |
|
|
12,648 |
|
|
— |
U.S. Bank National Association |
|
|
(1,166) |
|
|
1,166 |
|
|
— |
|
|
— |
|
|
— |
Total |
|
$ |
(17,295) |
|
$ |
4,647 |
|
$ |
— |
|
$ |
12,648 |
|
$ |
— |
(1)In some instances, the actual amount of the collateral received and/or pledged may be more than the derivative balance shown due to overcollateralization.
(2)Net amount of derivative assets represents the net amount due from the counterparty to the Company.
(3)Net amount of derivative liabilities represents the net amount due from the Company to the counterparty.
Note 6. Debt and Foreign Currency Transactions and Translations
In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of September 30, 2026 and December 31, 2025, the Company’s asset coverage was 201.8% and 255.2%, respectively.
The Company’s outstanding debt obligations as of September 30, 2026 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2026 |
|
|
Aggregate Principal Committed |
|
Outstanding Principal |
|
Carrying Value |
|
Fair Value (3) |
|
Unused Portion (1) |
|
Amount Available (2) |
Senior Secured Facility |
|
$ |
3,990,000 |
|
$ |
671,721 |
|
$ |
671,721 |
|
$ |
671,218 |
|
$ |
3,318,279 |
|
$ |
3,287,725 |
Cardinal Funding LLC |
|
|
1,200,000 |
|
|
1,130,000 |
|
|
1,130,000 |
|
|
1,132,147 |
|
|
70,000 |
|
|
70,000 |
Grouse Funding LLC |
|
|
1,000,000 |
|
|
1,000,000 |
|
|
1,000,000 |
|
|
995,100 |
|
|
— |
|
|
— |
Mallard Funding LLC |
|
|
900,000 |
|
|
900,000 |
|
|
900,000 |
|
|
900,000 |
|
|
— |
|
|
— |
Warbler Funding LLC |
|
|
1,000,000 |
|
|
1,000,000 |
|
|
1,000,000 |
|
|
993,800 |
|
|
— |
|
|
— |
Toucan Funding LLC |
|
|
600,000 |
|
|
600,000 |
|
|
600,000 |
|
|
595,560 |
|
|
— |
|
|
— |
Bald Eagle Funding LLC |
|
|
500,000 |
|
|
430,000 |
|
|
430,000 |
|
|
430,301 |
|
|
70,000 |
|
|
— |
December 2027 Notes |
|
|
82,000 |
|
|
82,000 |
|
|
81,131 |
|
|
81,131 |
|
|
— |
|
|
— |
January 2028 Notes |
|
|
18,000 |
|
|
18,000 |
|
|
17,788 |
|
|
17,788 |
|
|
— |
|
|
— |
September 2028 Notes |
|
|
325,000 |
|
|
325,000 |
|
|
320,188 |
|
|
320,188 |
|
|
— |
|
|
— |
2029 Notes |
|
|
1,000,000 |
|
|
1,000,000 |
|
|
981,850 |
(4) |
|
981,850 |
|
|
— |
|
|
— |
2031 Notes |
|
|
1,000,000 |
|
|
1,000,000 |
|
|
964,150 |
(4) |
|
964,150 |
|
|
— |
|
|
— |
2032 Notes |
|
|
800,000 |
|
|
800,000 |
|
|
775,347 |
(4) |
|
775,347 |
|
|
— |
|
|
— |
2030 Notes |
|
|
500,000 |
|
|
500,000 |
|
|
478,984 |
(4) |
|
478,984 |
|
|
— |
|
|
— |
2028 Notes |
|
|
400,000 |
|
|
400,000 |
|
|
387,663 |
(4) |
|
387,663 |
|
|
— |
|
|
— |
2031 Notes II |
|
|
750,000 |
|
|
750,000 |
|
|
712,499 |
(4) |
|
712,499 |
|
|
— |
|
|
— |
2033 Notes |
|
|
750,000 |
|
|
750,000 |
|
|
697,811 |
(4) |
|
697,811 |
|
|
— |
|
|
— |
Class A-1 Notes |
|
|
450,000 |
|
|
450,000 |
|
|
450,000 |
|
|
450,106 |
|
|
— |
|
|
— |
2025 Class A-1a Notes |
|
|
215,000 |
|
|
215,000 |
|
|
215,000 |
|
|
215,142 |
|
|
— |
|
|
— |
2025 Class A-1a-L1 Loans |
|
|
25,000 |
|
|
25,000 |
|
|
25,000 |
|
|
25,017 |
|
|
— |
|
|
— |
2025 Class A-1a-L2 Loans |
|
|
50,000 |
|
|
50,000 |
|
|
50,000 |
|
|
50,033 |
|
|
— |
|
|
— |
2025 Class A-1b Notes |
|
|
10,000 |
|
|
10,000 |
|
|
10,000 |
|
|
10,009 |
|
|
— |
|
|
— |
2025 Class A-1b Loans |
|
|
10,000 |
|
|
10,000 |
|
|
10,000 |
|
|
10,009 |
|
|
— |
|
|
— |
2025 Class A-2 Notes |
|
|
20,000 |
|
|
20,000 |
|
|
20,000 |
|
|
19,972 |
|
|
— |
|
|
— |
ADS CLO 2 Class A-1 Notes |
|
|
300,000 |
|
|
300,000 |
|
|
300,000 |
|
|
300,226 |
|
|
— |
|
|
— |
ADS CLO 2 Class A-2 Notes |
|
|
30,000 |
|
|
30,000 |
|
|
30,000 |
|
|
30,047 |
|
|
— |
|
|
— |
ADL CLO 2 Class A-1a-L1 Loans |
|
|
398,500 |
|
|
398,500 |
|
|
398,500 |
|
|
398,942 |
|
|
— |
|
|
— |
ADL CLO 2 Class A-1a-L2 Loans |
|
|
7,500 |
|
|
7,500 |
|
|
7,500 |
|
|
7,508 |
|
|
— |
|
|
— |
ADL CLO 2 Class A-1b Notes |
|
|
14,000 |
|
|
14,000 |
|
|
14,000 |
|
|
13,953 |
|
|
— |
|
|
— |
ADL CLO 2 Class A-1b Loans |
|
|
14,000 |
|
|
14,000 |
|
|
14,000 |
|
|
13,953 |
|
|
— |
|
|
— |
ADL CLO 2 Class A-2 Notes |
|
|
30,000 |
|
|
30,000 |
|
|
30,000 |
|
|
29,897 |
|
|
— |
|
|
— |
ADL CLO 2 Class A-2 Loans |
|
|
12,000 |
|
|
12,000 |
|
|
12,000 |
|
|
12,013 |
|
|
— |
|
|
— |
ADL CLO 3 Class A-1a Notes |
|
|
248,700 |
|
|
248,700 |
|
|
248,700 |
|
|
248,977 |
|
|
— |
|
|
— |
ADL CLO 3 Class A-1b Notes |
|
|
20,600 |
|
|
20,600 |
|
|
20,600 |
|
|
20,623 |
|
|
— |
|
|
— |
ADL CLO 3 Class A-2 Notes |
|
|
7,000 |
|
|
7,000 |
|
|
7,000 |
|
|
7,008 |
|
|
— |
|
|
— |
ADL CLO 3 Class A-1a Loans |
|
|
50,000 |
|
|
50,000 |
|
|
50,000 |
|
|
50,056 |
|
|
— |
|
|
— |
Total Debt Obligations |
|
$ |
16,727,300 |
|
$ |
13,269,021 |
|
$ |
13,061,432 |
|
$ |
13,049,028 |
|
$ |
3,458,279 |
|
$ |
3,357,725 |
Deferred Financing Costs |
|
|
|
|
|
|
|
|
(117,081) |
|
|
|
|
|
|
|
|
|
Total Debt Obligations, net of Deferred Financing Costs and Debt Discount |
|
|
|
|
|
|
|
$ |
12,944,351 |
|
|
|
|
|
|
|
|
|
(1)The unused portion is the amount upon which commitment fees, if any, are based.
(2)The amount available reflects any limitations related to each respective credit facility’s borrowing base.
(3)The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of September 30, 2026. The valuation for the Senior Secured Facility and SPV Financing Facilities is based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.
(4)Balance is inclusive of original issue discount and/or premium on notes issued below/above par.
The Company’s outstanding debt obligations as of December 31, 2025 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
Aggregate Principal Committed |
|
Outstanding Principal |
|
Carrying Value |
|
Fair Value (3) |
|
Unused Portion (1) |
|
Amount Available (2) |
Senior Secured Facility |
|
$ |
3,453,000 |
|
$ |
272,197 |
|
$ |
272,197 |
|
$ |
272,197 |
|
$ |
3,180,803 |
|
$ |
3,157,068 |
Cardinal Funding LLC |
|
|
1,200,000 |
|
|
1,200,000 |
|
|
1,200,000 |
|
|
1,199,760 |
|
|
— |
|
|
— |
Grouse Funding LLC |
|
|
500,000 |
|
|
500,000 |
|
|
500,000 |
|
|
492,700 |
|
|
— |
|
|
— |
Mallard Funding LLC |
|
|
900,000 |
|
|
900,000 |
|
|
900,000 |
|
|
897,930 |
|
|
— |
|
|
— |
Warbler Funding LLC |
|
|
500,000 |
|
|
500,000 |
|
|
500,000 |
|
|
500,000 |
|
|
— |
|
|
— |
Toucan Funding LLC |
|
|
600,000 |
|
|
400,000 |
|
|
400,000 |
|
|
400,000 |
|
|
200,000 |
|
|
200,000 |
December 2027 Notes |
|
|
82,000 |
|
|
82,000 |
|
|
82,554 |
|
|
82,554 |
|
|
— |
|
|
— |
January 2028 Notes |
|
|
18,000 |
|
|
18,000 |
|
|
18,120 |
|
|
18,120 |
|
|
— |
|
|
— |
September 2026 Notes |
|
|
226,000 |
|
|
226,000 |
|
|
227,180 |
|
|
227,180 |
|
|
— |
|
|
— |
September 2028 Notes |
|
|
325,000 |
|
|
325,000 |
|
|
330,078 |
|
|
330,078 |
|
|
— |
|
|
— |
September 2026 Euronotes |
|
|
105,768 |
|
|
105,768 |
|
|
106,770 |
|
|
106,770 |
|
|
— |
|
|
— |
2029 Notes |
|
|
1,000,000 |
|
|
1,000,000 |
|
|
1,019,226 |
(4) |
|
1,019,226 |
|
|
— |
|
|
— |
2031 Notes |
|
|
1,000,000 |
|
|
1,000,000 |
|
|
1,021,910 |
(4) |
|
1,021,910 |
|
|
— |
|
|
— |
2032 Notes |
|
|
500,000 |
|
|
500,000 |
|
|
519,937 |
(4) |
|
519,937 |
|
|
— |
|
|
— |
2030 Notes |
|
|
500,000 |
|
|
500,000 |
|
|
503,170 |
(4) |
|
503,170 |
|
|
— |
|
|
— |
2028 Notes |
|
|
400,000 |
|
|
400,000 |
|
|
398,390 |
(4) |
|
398,390 |
|
|
— |
|
|
— |
Class A-1 Notes |
|
|
450,000 |
|
|
450,000 |
|
|
450,000 |
|
|
450,407 |
|
|
— |
|
|
— |
2025 Class A-1a Notes |
|
|
215,000 |
|
|
215,000 |
|
|
215,000 |
|
|
215,042 |
|
|
— |
|
|
— |
2025 Class A-1a-L1 Loans |
|
|
25,000 |
|
|
25,000 |
|
|
25,000 |
|
|
25,005 |
|
|
— |
|
|
— |
2025 Class A-1a-L2 Loans |
|
|
50,000 |
|
|
50,000 |
|
|
50,000 |
|
|
50,010 |
|
|
— |
|
|
— |
2025 Class A-1b Notes |
|
|
10,000 |
|
|
10,000 |
|
|
10,000 |
|
|
9,905 |
|
|
— |
|
|
— |
2025 Class A-1b Loans |
|
|
10,000 |
|
|
10,000 |
|
|
10,000 |
|
|
9,905 |
|
|
— |
|
|
— |
2025 Class A-2 Notes |
|
|
20,000 |
|
|
20,000 |
|
|
20,000 |
|
|
19,806 |
|
|
— |
|
|
— |
ADS CLO 2 Class A-1 Notes |
|
|
300,000 |
|
|
300,000 |
|
|
300,000 |
|
|
298,873 |
|
|
— |
|
|
— |
ADS CLO 2 Class A-2 Notes |
|
|
30,000 |
|
|
30,000 |
|
|
30,000 |
|
|
29,851 |
|
|
— |
|
|
— |
ADL CLO 2 Class A-1a-L1 Loans |
|
|
398,500 |
|
|
398,500 |
|
|
398,500 |
|
|
398,705 |
|
|
— |
|
|
— |
ADL CLO 2 Class A-1a-L2 Loans |
|
|
7,500 |
|
|
7,500 |
|
|
7,500 |
|
|
7,504 |
|
|
— |
|
|
— |
ADL CLO 2 Class A-1b Notes |
|
|
14,000 |
|
|
14,000 |
|
|
14,000 |
|
|
14,011 |
|
|
— |
|
|
— |
ADL CLO 2 Class A-1b Loans |
|
|
14,000 |
|
|
14,000 |
|
|
14,000 |
|
|
14,011 |
|
|
— |
|
|
— |
ADL CLO 2 Class A-2 Notes |
|
|
30,000 |
|
|
30,000 |
|
|
30,000 |
|
|
30,025 |
|
|
— |
|
|
— |
ADL CLO 2 Class A-2 Loans |
|
|
12,000 |
|
|
12,000 |
|
|
12,000 |
|
|
12,010 |
|
|
— |
|
|
— |
Total Debt Obligations |
|
$ |
12,895,768 |
|
$ |
9,514,965 |
|
$ |
9,585,532 |
|
$ |
9,574,992 |
|
$ |
3,380,803 |
|
$ |
3,357,068 |
Deferred Financing Costs |
|
|
|
|
|
|
|
|
(99,565) |
|
|
|
|
|
|
|
|
|
Total Debt Obligations, net of Deferred Financing Cost and Debt Discount |
|
|
|
|
|
|
|
$ |
9,485,967 |
|
|
|
|
|
|
|
|
|
(1)The unused portion is the amount upon which commitment fees, if any, are based.
(2)The amount available reflects any limitations related to each respective credit facility’s borrowing base.
(3)The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of December 31, 2025. The valuation for the Senior Secured Facility and SPV Financing Facilities is based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.
(4)Balance is inclusive of original issue discount and/or premium on notes issued below/above par.
The following table summarizes the average and maximum debt outstanding, and the interest and debt issuance cost for the three and nine months ended September 30, 2026 and 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2026 |
|
|
2025 |
|
2026 |
|
|
2025 |
Average debt outstanding |
$ |
12,510,327 |
|
$ |
6,847,960 |
|
$ |
11,473,132 |
|
$ |
5,974,741 |
Maximum amount of debt outstanding |
|
13,269,021 |
|
|
8,200,565 |
|
|
13,269,021 |
|
|
8,200,565 |
Weighted average annualized interest cost (1) |
|
6.07% |
|
|
6.87% |
|
|
6.01% |
|
|
6.95% |
Annualized amortized debt issuance cost |
|
0.20% |
|
|
0.21% |
|
|
0.21% |
|
|
0.21% |
Total annualized interest cost |
|
6.27% |
|
|
7.08% |
|
|
6.22% |
|
|
7.16% |
|
|
|
|
|
|
|
|
|
|
|
|
Average 1-month SOFR rate |
|
3.75% |
|
|
4.13% |
|
|
3.69% |
|
|
4.23% |
(1)Includes the stated interest expense for all facilities and commitment fees on the unused portions of the Senior Secured Facility and SPV Financing Facilities, and net interest on interest rate swaps entered into qualifying hedge accounting relationships. Commitment fees for the three and nine months ended September 30, 2026 were $3,639 and $10,745, respectively. Commitment fees for the three and nine months ended September 30, 2025 were $2,637 and $8,713, respectively.
The components of interest expense for the three and nine months ended September 30, 2026 and 2025 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2026 |
|
2025 |
|
2026 |
|
2025 |
Borrowing interest expense |
$ |
186,144 |
|
$ |
112,908 |
|
$ |
509,408 |
|
$ |
297,626 |
Facility unused fees |
|
3,639 |
|
|
2,637 |
|
|
10,745 |
|
|
8,713 |
Amortization of financing costs and debt issuance costs |
|
6,128 |
|
|
3,193 |
|
|
16,740 |
|
|
8,607 |
Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items |
|
|
|
|
|
|
|
|
|
|
|
Interest rate swaps |
|
177,152 |
|
|
1,139 |
|
|
261,967 |
|
|
(81,645) |
Hedged items |
|
(176,677) |
|
|
4,207 |
|
|
(263,867) |
|
|
91,511 |
Total interest expense |
$ |
196,386 |
|
$ |
124,084 |
|
$ |
534,993 |
|
$ |
324,812 |
Senior Secured Facility
On March 11, 2022, the Company entered into a senior secured, multi-currency, revolving credit facility (the "Senior Secured Facility") with JPMorgan Chase Bank, N.A. On August 12, 2026, the Company amended and extended its Senior Secured Facility (the "Fourth Senior Secured Facility Amendment Date"). The following describes the terms of the Senior Secured Facility as modified through the Fourth Senior Secured Facility Amendment Date.
The Senior Secured Facility provides for revolving credit facility commitments in the principal amount of $3.990 billion (increased from $3.828 billion on the Fourth Senior Secured Facility Amendment Date). Maximum capacity under the Senior Secured Facility may be increased to $5.985 billion (increased from $5.180 billion on the Fourth Senior Secured Facility Amendment Date) through the Company’s exercise of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing.
The Senior Secured Facility will mature on August 12, 2031.
Loans under the Senior Secured Facility denominated in US dollars will bear interest, at the Company’s option, at the base rate plus a spread of 0.525%, 0.650% or 0.775% or the Term Secured Overnight Financing Rate (“SOFR”) plus a spread of 1.525%, 1.650% or 1.775%, in each case, with such spread being determined based on the total amount of the gross borrowing base relative to the total combined debt amount, as of the date of determination. Loans under the Senior Secured Facility denominated in currencies other than US dollars will bear interest at certain local rates consistent with market standards. Interest on loans denominated in U.S. dollars is due and payable in arrears quarterly for loans bearing interest at the base rate and at the end of the applicable interest period in the case of loans bearing interest at the Term SOFR (or at each three month interval in the case of loans with interest periods greater than three months). Interest on loans denominated in currencies other than US dollars is due and payable in a manner consistent with market standards. The Company is also obligated to pay other customary closing fees, arrangement fees, administration fees, commitment fees and letter of credit fees for credit facilities of this size and type.
The Company’s obligations to the lenders under the Senior Secured Facility are secured by a first priority security interest in substantially all of the Company’s assets.
In connection with the Senior Secured Facility, the Company has made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for senior secured revolving credit facilities of this type.
In addition, the Company must comply with the following financial covenants: (a) the Company must maintain a minimum shareholders’ equity, measured as of each fiscal quarter end; and (b) the Company must maintain at all times a 150% asset coverage ratio (calculated on a basis consistent with the 1940 Act).
The Senior Secured Facility contains usual and customary events of default for senior secured revolving credit facilities of this type. Upon the occurrence and during the continuation of an event of default, JPMorgan Chase Bank, N.A. may terminate the commitments and declare the outstanding advances and all other obligations under the Senior Secured Facility immediately due and payable.
The Senior Secured Facility also provides for the issuance of letters of credit up to an aggregate amount of $200 million. As of September 30, 2026 and December 31, 2025, the Company had $30,554 and $23,735, respectively, in standby letters of credit issued through the Senior Secured Facility. The amount available for borrowing under the Senior Secured Facility is reduced by any standby letters of credit issued through the Senior Secured Facility. Under GAAP, these letters of credit are considered commitments because no funding has been made and as such are not considered a liability. These letters of credit are not senior securities because they are not in the form of a typical financial guarantee and the portfolio companies are obligated to refund any drawn amounts. The available remaining capacity under the Senior Secured Facility was $3,287,725 and $3,157,068 as of September 30, 2026 and December 31, 2025, respectively. Terms used in this disclosure have the meanings set forth in the Senior Secured Facility agreement.
As of September 30, 2026, the Company was in compliance with all covenants and other requirements of the Senior Secured Facility.
SPV Financing Facilities
The following wholly-owned subsidiaries of the Company have entered into secured financing facilities, as described below: Cardinal Funding LLC, Mallard Funding LLC, Grouse Funding LLC, Warbler Funding LLC, Toucan Funding LLC and Bald Eagle Funding LLC, which are collectively referred to as the "SPVs," and the secured financing facilities described below are collectively referred to as the "SPV Financing Facilities."
The obligations of each SPV to the lenders under the applicable SPV Financing Facility are secured by a first priority security interest in all of the applicable SPV’s portfolio investments and cash. The obligations of each SPV under the applicable SPV Financing Facility are non-recourse to the Company, and the Company’s exposure to the credit facility is limited to the value of its investment in the applicable SPV.
In connection with the SPV Financing Facilities, the applicable SPV has made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. Each SPV Financing Facility contains customary events of default for similar financing transactions, including if a change of control of the applicable SPV occurs. Upon the occurrence and during the continuation of an event of default, the lenders under the applicable SPV Financing Facility may declare the outstanding advances and all other obligations under the applicable SPV Financing Facility immediately due and payable. The occurrence of an event of default (as described above) triggers a requirement that the applicable SPV obtain the consent of the lenders under the applicable SPV Financing Facility prior to entering into any sale or disposition with respect to portfolio investments.
As of September 30, 2026, the Company was in compliance with all covenants and other requirements of the SPV Financing Facilities.
Cardinal Funding LLC
On January 7, 2022 (the "Cardinal Closing Date"), Cardinal Funding LLC ("Cardinal Funding"), a Delaware limited liability company and newly formed subsidiary of the Company, entered into a Credit and Security Agreement (the "Cardinal Funding Secured Credit Facility"), with Cardinal Funding, as borrower, the Company, in its capacity as collateral manager and in its capacity as equity holder, the lenders from time to time parties thereto, Citibank, N.A., as administrative agent, and The Bank of New York Mellon Trust Company, National Association, as collateral agent, custodian and collateral administrator. On December 8, 2025 (the “Seventh Cardinal Funding Amendment Date”), Cardinal Funding entered into the Seventh Amendment. The following describes the terms of the Cardinal Funding Secured Credit Facility as modified through the Seventh Cardinal Funding Amendment Date.
The maximum principal amount of the Cardinal Funding Secured Credit Facility as of the Seventh Cardinal Funding Amendment Date is $1.200 billion, which can be drawn in multiple currencies subject to certain conditions; the availability of this amount is subject to the borrowing base, which is determined on the basis of the value and types of Cardinal Funding’s assets from time to time, and satisfaction of certain conditions, including certain concentration limits. Amounts drawn under the Cardinal Funding Secured Credit Facility, will bear interest at the Term SOFR, Daily Compounded CORRA, Sterling Overnight Index Average Rate, or the Euro Interbank Offered Rate, all together (the “Applicable Reference Rate”), in each case, plus a margin. Advances under the Cardinal Funding Secured Credit Facility initially bear interest at the Applicable Reference Rate plus a spread of the greater of (a) 1.70% per annum and (b) in respect of (x) broadly syndicated loans and bonds, 1.45% per annum and (y) a private credit loans and all other assets, 1.85% per annum. After the expiration of the reinvestment period which terminates on or about January 8, 2029 (the “Cardinal Funding Commitment Termination Date”), the applicable margin on outstanding advances will be increased by 0.50% per annum.
Unless otherwise terminated, the Cardinal Funding Secured Credit Facility will mature on the date which is two years after the Cardinal Funding Commitment Termination Date (the “Cardinal Funding Final Maturity Date”). Prior to the Cardinal Funding Commitment Termination Date, proceeds received by Cardinal Funding from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. Following the Cardinal Funding Commitment Termination Date but prior to the Cardinal Funding Final Maturity Date, proceeds received by Cardinal Funding from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, as well as principal on outstanding borrowings in accordance with the terms of the Cardinal Funding Secured Credit Facility, and the excess may be returned to the Company, subject to certain conditions. On the Cardinal Funding Final Maturity Date, Cardinal Funding must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Company.
The Cardinal Funding Secured Credit Facility contains customary covenants, including certain limitations on the activities of Cardinal Funding, including limitations on incurrence of incremental indebtedness, and customary events of default. The Cardinal Funding Secured Credit Facility is secured by a perfected first priority security interest in the assets of Cardinal Funding and on any payments received by Cardinal Funding in respect of those assets. Assets pledged to the lenders under the Cardinal Funding Secured Credit Facility will not be available to pay the debts of the Company.
Mallard Funding LLC
On January 7, 2022 (the "Mallard Closing Date"), Mallard Funding LLC ("Mallard Funding"), a Delaware limited liability company and newly formed subsidiary of the Company, entered into a Loan and Servicing Agreement (the "Mallard Funding Loan and Servicing Agreement"), with Mallard Funding, as borrower, the Company, in its capacity as servicer and in its capacity as transferor, the lenders from time to time parties thereto, Morgan Stanley Senior Funding, Inc., as administrative agent, and The Bank of New York Mellon Trust Company, National Association, as collateral agent, account bank and collateral custodian. On November 25, 2025, Mallard Funding entered into the Sixth Amendment (the "Sixth Mallard Funding Credit Facility Amendment"). The following describes the terms of the Mallard Funding Secured Credit Facility as modified through the Sixth Mallard Funding Credit Facility Amendment.
The maximum principal amount of the Mallard Funding Loan and Servicing Agreement as of the Sixth Mallard Funding Credit Facility Amendment is $900 million, which can be drawn in multiple currencies subject to certain conditions; the availability of this amount is subject to the borrowing base, which is determined on the basis of the value and types of Mallard Funding’s assets from time to time, and satisfaction of certain conditions, including certain concentration limits. Under the Mallard Funding Loan and Servicing Agreement, Mallard Funding is permitted to borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn under the Mallard Funding Loan and Servicing Agreement, will bear interest at Adjusted Term SOFR, Term CORRA, Daily Simple SONIA, the EURIBOR or the BBSY Rate (the "Mallard Funding Applicable Reference Rate"), in each case, plus a margin. The Sixth Mallard Funding Credit Facility Amendment amended the Mallard Funding Loan and Servicing Agreement to modify the interest rate charged under the Mallard Funding Loan and Servicing Agreement to (x) decrease the applicable margin during the revolving period to (x) 1.60% for all liquid credit loan assets and (y) 1.85% for all private credit assets, provided that the total applicable margin is not less than 1.80% per annum. After the expiration of the reinvestment period which terminates on or about November 27, 2028 (the “Mallard Funding Commitment Termination Date”), the applicable margin on outstanding advances will be increased by 0.25% per annum.
Unless otherwise terminated, the Mallard Funding Loan and Servicing Agreement will mature on November 25, 2030 (the “Mallard Funding Final Maturity Date”). Prior to the Mallard Funding Commitment Termination Date, proceeds received by Mallard Funding from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. Following the Mallard Funding Commitment Termination Date but prior to the Mallard Funding Final Maturity Date, proceeds received by Mallard Funding from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, as well as principal on outstanding borrowings in accordance with the terms of the Mallard Funding Loan and Servicing Agreement, and the excess may be returned to the Company, subject to certain conditions. On the Mallard Funding Final Maturity Date, Mallard Funding must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Company.
The Mallard Funding Loan and Servicing Agreement contains customary covenants, including certain limitations on the activities of Mallard Funding, including limitations on incurrence of incremental indebtedness, and customary events of default. The Mallard Funding Loan and Servicing Agreement is secured by a perfected first priority security interest in the assets of Mallard Funding and on any payments received by Mallard Funding in respect of those assets. Assets pledged to the lenders under the Mallard Funding Loan and Servicing Agreement will not be available to pay the debts of the Company.
Grouse Funding LLC
On July 7, 2022 (the "Grouse Closing Date"), Grouse Funding LLC ("Grouse Funding"), a Delaware limited liability company and newly formed subsidiary of the Company, entered into a Credit Agreement (the "Grouse Funding Secured Credit Facility"), with Grouse Funding, as borrower, the lenders from time to time parties thereto, Goldman Sachs Bank USA, as syndication agent and administrative agent, State Street Bank and Trust Company, as collateral agent and collateral custodian, and Virtus Group, LP, as collateral administrator. On March 12, 2026 (the "Second Grouse Funding Credit Facility Amendment Date"), Grouse Funding entered into the Second Amendment. The following describes the terms of the Grouse Funding Secured Credit Facility as modified through the Second Grouse Funding Credit Facility Amendment Date.
The maximum principal amount of the Grouse Funding Secured Credit Facility as of the Second Grouse Funding Credit Facility Amendment Date is $1.000 billion, which can be drawn in U.S. Dollars subject to certain conditions; the availability of this amount is subject to the borrowing base, which is determined on the basis of the value and types of Grouse Funding’s assets from time to time, and satisfaction of certain conditions, including certain concentration limits. Amounts drawn under the Grouse Funding Secured Credit Facility will bear interest at Term SOFR plus a margin. From and after the Second Grouse Funding Credit Facility Amendment Date, amounts drawn under the Grouse Funding Secured Credit Facility bear interest at Term SOFR plus a spread of 1.85% per annum, subject to the application of a rebate amount with respect to qualifying broadly syndicated loans. The reinvestment period for the Grouse Funding Secured Credit Facility terminates on or about March 12, 2029 (the “Grouse Funding Commitment Termination Date”).
Unless otherwise terminated, the Grouse Funding Secured Credit Facility will mature on March 12, 2031 (the "Grouse Funding Final Maturity Date"). Prior to the Grouse Funding Commitment Termination Date, proceeds received by Grouse Funding from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. Following the Grouse Funding Commitment Termination Date but prior to the Grouse Funding Final Maturity Date, proceeds received by Grouse Funding from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, as well as principal on outstanding borrowings in accordance with the terms of the Grouse Funding Secured Credit Facility, and the excess may be returned to the Company, subject to certain conditions. On the Grouse Funding Final Maturity Date, Grouse Funding must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Company.
The Grouse Funding Secured Credit Facility contains customary covenants, including certain limitations on the activities of Grouse Funding, including limitations on incurrence of incremental indebtedness, and customary events of default. The Grouse Funding Secured Credit Facility is secured by a perfected first priority security interest in the assets of Grouse Funding and on any payments received by Grouse Funding in respect of those assets. Assets pledged to the lenders under the Grouse Funding Secured Credit Facility will not be available to pay the debts of the Company.
Warbler Funding LLC
On October 10, 2025 (the "Warbler Funding Closing Date"), Warbler Funding LLC ("Warbler Funding"), a Delaware limited liability company and newly formed subsidiary of the Company, entered into a Loan and Security Agreement (the "Warbler Funding Loan and Security Agreement"), with Warbler Funding, as borrower, the Company, in its capacity as collateral manager and in its capacity as equityholder, the lenders from time to time parties thereto, Wells Fargo Bank, National Association, as administrative agent, and The Bank of New York Mellon Trust Company, National Association, as collateral agent. On February 10, 2026, Warbler Funding entered into the First Amendment (the "First Warbler Funding Loan and Security Agreement Amendment"). The following describes the terms of the Warbler Funding Loan and Security Agreement as modified through the First Warbler Funding Loan and Security Agreement Amendment.
The maximum principal amount of the Warbler Funding Loan and Security Agreement as of the First Warbler Funding Loan and Security Agreement Amendment is $1.000 billion, which can be drawn in multiple currencies subject to certain conditions; the availability of this amount is subject to the borrowing base, which is determined on the basis of the value and types of Warbler Funding’s assets from time to time, and satisfaction of certain conditions, including certain concentration limits. Under the Warbler Funding Loan and Security Agreement, Warbler Funding is permitted to borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn under the Warbler Funding Loan and Security Agreement, will bear interest, depending on the currency drawn, at Daily Simple SOFR, Term CORRA, Daily Simple SONIA or EURIBOR (the "Warbler Funding Applicable Reference Rate"), in each case, plus a margin of 1.90%.
The Warbler Funding Loan and Security Agreement provides for the ability to draw and redraw revolving loans under the Warbler Funding Loan and Security Agreement for a period of up to three years after the Warbler Funding Closing Date unless the commitments are terminated sooner as provided in the Warbler Funding Loan and Security Agreement (the "Warbler Funding Commitment Termination Date"). Unless otherwise terminated, the Warbler Funding Loan and Security Agreement will mature on the date which is five years after the Warbler Funding Closing Date (the "Warbler Funding Final Maturity Date"). Prior to the Warbler Funding Commitment Termination Date, proceeds received by Warbler Funding from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. Following the Warbler Funding Commitment Termination Date but prior to the Warbler Funding Final Maturity Date, proceeds received by Warbler Funding from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, as well as principal on outstanding borrowings in accordance with the terms of the Warbler Funding Loan and Security Agreement, and the excess may be returned to the Company, subject to certain conditions. On the Warbler Funding Final Maturity Date, Warbler Funding must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Company.
The Warbler Funding Loan and Security Agreement contains customary covenants, including certain limitations on the activities of Warbler Funding, including limitations on incurrence of incremental indebtedness, and customary events of default. The Warbler Funding Loan and Security Agreement is secured by a perfected first priority security interest in the assets of Warbler Funding and on any payments received by Warbler Funding in respect of those assets. Assets pledged to the lenders under the Warbler Funding Loan and Security Agreement will not be available to pay the debts of the Company.
Toucan Funding LLC
On December 19, 2025 (the "Toucan Closing Date"), Toucan Funding LLC ("Toucan Funding"), a Delaware limited liability company and newly formed subsidiary of the Company, entered into a Revolving Credit and Security Agreement (the "Toucan Funding Credit Agreement"), with Toucan Funding, as borrower, the Company, in its capacity as collateral manager, the lenders from time to time parties thereto, Truist Bank, as administrative agent and swingline lender, Truist Securities, Inc., as lead arranger, Citibank, N.A., as collateral agent, document custodian and custodian, and Virtus Group, LP, as collateral administrator.
The maximum principal amount of the Toucan Funding Credit Agreement as of the Toucan Closing Date is $600 million, which can be drawn in multiple currencies subject to certain conditions; the availability of this amount is subject to a borrowing base, which is determined on the basis of the value and types of Toucan Funding’s assets from time to time, and satisfaction of certain conditions, including certain concentration limits. The Toucan Funding Credit Agreement contains an accordion provision that permits an increase to the maximum principal amount up to $1.000 billion.
The Toucan Funding Credit Agreement provides for the ability to draw and redraw revolving loans under the Toucan Funding Credit Agreement for a period of up to three years after the Toucan Closing Date unless the commitments are terminated sooner as provided in the Toucan Funding Credit Agreement (the "Toucan Funding Scheduled Reinvestment Period End Date"). Unless otherwise terminated, the Toucan Funding Credit Agreement will mature on the date which is five years after the Toucan Closing Date (the "Toucan Funding Final Maturity Date"). Prior to the Toucan Funding Scheduled Reinvestment Period End Date, proceeds received by Toucan Funding from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. Following the Toucan Funding Scheduled Reinvestment Period End Date but prior to the Toucan Funding Final Maturity Date, proceeds received by Toucan Funding from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, as well as principal on outstanding borrowings in accordance with the terms of the Toucan Funding Credit Agreement, and the excess may be returned to the Company, subject to certain conditions. On the Toucan Funding Final Maturity Date, Toucan Funding must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Company.
Under the Toucan Funding Credit Agreement, Toucan Funding is permitted to borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn under the Toucan Funding Credit Agreement, will bear interest, depending on the advance type, at the applicable benchmark rate (which, for U.S. dollar advances, is one-month Term SOFR), in each case, plus an applicable margin of 1.60% per annum, which applicable margin will increase by 0.125% per annum after the Toucan Funding Scheduled Reinvestment Period End Date.
The Toucan Funding Credit Agreement contains customary covenants, including certain limitations on the activities of Toucan Funding, including limitations on incurrence of incremental indebtedness, and customary events of default. The Toucan Funding Credit Agreement is secured by a perfected first priority security interest in the assets of Toucan Funding and on any payments received by Toucan Funding in respect of those assets. Assets pledged to the lenders under the Toucan Funding Credit Agreement will not be available to pay the debts of the Company.
Bald Eagle Funding LLC
On March 9, 2026 (the "Bald Eagle Closing Date"), Bald Eagle Funding LLC ("Bald Eagle Funding"), a Delaware limited liability company and newly formed wholly-owned subsidiary of the Company, entered into a credit agreement (the "Bald Eagle Funding Credit Agreement"), with Bald Eagle Funding, as borrower, Bank of America, N.A., as administrative agent (the "Bald Eagle Administrative Agent"), Citibank, N.A., as collateral agent and collateral custodian, Virtus Group, LP, as collateral administrator and the lenders party thereto (the "Bald Eagle Lenders"). From time to time Bald Eagle Funding expects to use amounts borrowed under the Bald Eagle Funding Credit Agreement to acquire eligible assets from the Company composed primarily of first priority corporate loans pursuant to the terms of the Bald Eagle Funding Loan Sale Agreement (as defined below), which may be pledged as collateral for future collateralized loan obligation transactions managed by the Company or its affiliates. The Company retains a residual interest in assets acquired by Bald Eagle Funding through its ownership of the limited liability company interests in Bald Eagle Funding. The maximum principal amount of the Bald Eagle Funding Credit Agreement, which can be drawn upon by Bald Eagle Funding subject to certain conditions in the Bald Eagle Funding Credit Agreement, is $500 million as of the Bald Eagle Closing Date.
The Bald Eagle Funding Credit Agreement, which provides for the ability to draw and re-draw revolving loans, will mature on the date which is three years after the Bald Eagle Closing Date unless otherwise terminated or extended. Amounts drawn under the Bald Eagle Funding Credit Agreement will bear interest at the Daily SOFR plus a spread of 1.35%.
Pursuant to a collateral management agreement dated as of the Bald Eagle Closing Date (the "Bald Eagle Funding Collateral Management Agreement"), by and between Bald Eagle Funding and the Company, the Company was appointed as collateral manager of Bald Eagle Funding. The Company is not entitled to receive a fee for its services under the Bald Eagle Funding Collateral Management Agreement.
Additionally, under the terms of a loan sale agreement dated as of the Bald Eagle Closing Date (the "Bald Eagle Funding Loan Sale Agreement") by and between Bald Eagle Funding and the Company, the Company transferred to Bald Eagle Funding a portion of its ownership interest in such loans, which were pledged to the Bald Eagle Lenders pursuant to the Bald Eagle Funding Credit Agreement.
CLO Transactions
ADS CLO 1 Debt Securitization
On October 9, 2024 (the "ADS CLO 1 Closing Date") the Company completed a $754.7 million term debt securitization (the "ADS CLO 1 Debt Securitization"). Term debt securitizations are also known as a collateralized loan obligations and are a form of secured financing incurred by a subsidiary of the Company, which is consolidated by the Company and subject to the Company’s overall asset coverage requirements.
On the ADS CLO 1 Closing Date and in connection with the ADS CLO 1 Debt Securitization, ADS CLO 1 LLC (the "ADS CLO 1 Issuer"), an indirect, wholly-owned, consolidated subsidiary of the Company, entered into an indenture by and between the ADS CLO 1 Issuer and Deutsche Bank National Trust Company, as trustee (the "ADS CLO 1 Indenture")
The notes offered in the ADS CLO 1 Debt Securitization consist of $450 million of AAA(sf)/Aaa(sf) Class A-1 Senior Secured Floating Rate Notes due 2036, which bear interest at the three-month SOFR plus 1.35% (the "Class A-1 Notes"); $30 million of AA(sf) Class A-2 Senior Secured Floating Rate Notes due 2036, which bear interest at the three-month SOFR plus 1.80% (the "Class A-2 Notes"); $112.5 million of A(sf) Class B Senior Secured Deferrable Floating Rate Notes due 2036, which bear interest at the three-month SOFR plus 2.15% (the "Class B Notes"); $45 million of BBB-(sf) Class C Senior Secured Deferrable Floating Rate Notes due 2036, which bear interest at the three-month SOFR plus 3.35% (the "Class C Notes" and together with the Class A-1 Notes, the Class A-2 Notes and the Class B Notes, the "ADS CLO 1 Secured Notes"). Additionally, on the ADS CLO 1 Closing Date, the CLO Issuer issued $117.2 million of Subordinated Notes due 2036 (the "ADS CLO 1 Subordinated Notes" and, collectively with the Secured Notes, the "ADS CLO 1 Notes"), which do not bear interest.
The ADS CLO 1 Debt Securitization is backed by a diversified portfolio of broadly syndicated commercial loans. The debt is scheduled to mature on October 15, 2036; however, the ADS CLO 1 Notes may be redeemed by the ADS CLO 1 Issuer, at the direction of ADS CLO 1 Depositor LLC ("ADS CLO 1 Retention Holder"), a wholly-owned, consolidated subsidiary of the Company, as owner of a majority of the ADS CLO 1 Subordinated Notes, on any business day after October 15, 2026. The ADS CLO 1 Retention Holder acts as retention holder in connection with the ADS CLO 1 Debt Securitization for the purposes of satisfying certain U.S. regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of the ADS CLO 1 Subordinated Notes.
The Company serves as collateral manager to the ADS CLO 1 Issuer under a collateral management agreement entered into on the ADS CLO 1 Closing Date pursuant to which, so long as the Company is the collateral manager, the collateral management fee will equal 0.0% per annum of the fee basis amount.
ADL CLO 1 Debt Securitization
On May 28, 2025 (the "ADL CLO 1 Closing Date"), the Company completed a $496 million term debt securitization (the "ADL CLO 1 Debt Securitization").
In connection with the ADL CLO 1 Debt Securitization, a credit facility entered into on February 18, 2025 among the ADL CLO 1 Issuer (f/k/a Bluejay Funding LLC), the Company, as collateral manager and equity investor and BNP Paribas, as administrative agent and lender, proceeds from which were used to fund the acquisition of certain ADL CLO 1 Collateral Obligations, was paid in full and terminated.
On the ADL CLO 1 Closing Date and in connection with the ADL CLO 1 Debt Securitization, ADL CLO 1 LLC (the "ADL CLO 1 Issuer"), an indirect, wholly-owned, consolidated subsidiary of the Company, entered into an indenture by and between the ADL CLO 1 Issuer and U.S. Bank Trust Company, National Association, as collateral trustee (the "ADL CLO 1 Indenture") pursuant to which the ADL CLO 1 Issuer issued certain notes.
The notes issued as part of the ADL CLO 1 Debt Securitization consist of $126 million of AAA(sf)/AAA(sf) Class A-1a Senior Secured Floating Rate Notes due 2037, which bear interest at the three-month secured overnight financing rate published by SOFR plus 1.67% (the "2025 Class A-1a Notes"); $10 million of AAA(sf)/AAA(sf) Class A-1b Senior Secured Floating Rate Notes due 2037, which bear interest at the three-month SOFR plus 1.90% (the "2025 Class A-1b Notes"); $30 million of AA(sf) Class A-2 Senior Secured Floating Rate Notes due 2037, which bear interest at the three-month SOFR plus 2.10% (the "2025 Class A-2 Notes"); $40 million of A(sf) Class B Senior Secured Deferrable Floating Rate Notes due 2037, which bear interest at the three-month SOFR plus 3.15% (the "2025 Class B Notes"); $30 million of BBB-(sf) Class C Senior Secured Deferrable Floating Rate Notes due 2037, which bear interest at the three-month SOFR plus 4.50% (the "2025 Class C Notes" and together with the 2025 Class A-1a Notes, the 2025 Class A-1b Notes, the 2025 Class A-2 Notes and the 2025 Class B Notes, the "ADL CLO 1 Secured Notes"). Additionally, on the ADL CLO 1 Closing Date, the ADL CLO 1 CLO Issuer issued $86 million of Subordinated Notes due 2125 (the "ADL CLO 1 Subordinated Notes"), which do not bear interest. The ADL CLO 1 Secured Notes together with the 2025 Subordinated Notes are collectively referred to herein as the "ADL CLO 1 Notes."
Additionally, the ADL CLO 1 Issuer incurred certain loans as part of the ADL CLO 1 Debt Securitization, consisting of $114 million of AAA(sf)/AAA(sf) Class A-1a-L1 Loans due 2037, which bear interest at the three-month SOFR plus 1.67% (the "2025 Class A-1a-L1 Loans"); $50 million of AAA(sf)/AAA(sf) Class A-1a-L2 Loans due 2037, which bear interest at the three-month SOFR plus 1.67% (the "2025 Class A-1a-L2 Loans"); and $10 million of AAA(sf) Class A-1b Loans due 2037, which bear interest at the three-month SOFR plus 1.90% (the "2025 Class A-1b Loans" and together with the 2025 Class A-1a-L1 Loans and the 2025 Class A-1a-L2 Loans, the "ADL CLO 1 Loans" and the ADL CLO 1 Loans together with the ADL CLO 1 Secured Notes, the "ADL CLO 1 Secured Debt" and ADL CLO 1 Secured Debt together with the ADL CLO 1 Subordinated Notes, the "ADL CLO 1Debt") incurred by the ADL CLO 1 Issuer on the ADL CLO 1 Closing Date. The ADL CLO 1 Loans were issued pursuant to certain credit agreements entered into among the ADL CLO 1 Issuer, as borrower, and certain lenders and agents party thereto from time to time (collectively, the "ADL CLO 1 Credit Agreements").
The ADL CLO 1 Debt Securitization is backed by a diversified portfolio consisting primarily of first-lien commercial loans. The ADL CLO 1 Secured Debt is scheduled to mature on July 15, 2037 and the ADL CLO 1 Subordinated Notes are scheduled to mature on July 15, 2125; however, the ADL CLO 1 Debt may be redeemed by the ADL CLO 1 Issuer, at the direction of ADL CLO 1 Depositor LLC (the "ADL CLO 1 Retention Provider"), a wholly-owned, consolidated subsidiary of the Company, as owner of a majority of the ADL CLO 1 Subordinated Notes, on any business day on or after May 28, 2027. The ADL CLO 1 Retention Provider acts as retention holder in connection with the ADL CLO 1 Debt Securitization for the purposes of satisfying certain U.S. regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of the ADL CLO 1 Subordinated Notes.
The ADL CLO 1 Secured Debt is the secured obligation of the ADL CLO 1 Issuer, the ADL CLO 1 Subordinated Notes are the unsecured obligations of the ADL CLO 1 Issuer, and the ADL CLO 1 Indenture and the ADL CLO 1 Credit Agreements governing the ADL CLO 1 Debt include customary covenants and events of default. The ADL CLO 1 Debt has not been, and will not be, registered under the Securities Act or any state securities or "blue sky" laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.
The Company serves as collateral manager to the ADL CLO 1 Issuer under a collateral management agreement entered into on the ADL CLO 1 Closing Date, pursuant to which, so long as the Company is the collateral manager, the collateral management fee will equal 0.0% per annum of the fee basis amount.
ADS CLO 2 Debt Securitization
On August 12, 2025 (the "ADS CLO 2 Closing Date"), the Company completed a $502.1 million term debt securitization (the "ADS CLO 2 Debt Securitization").
In connection with the ADS CLO 2 Debt Securitization, a credit facility entered into on March 25, 2025 among the ADS CLO 2 Issuer (f/k/a Barn Owl Funding LLC), the Company, as collateral manager and subordinated investor and Bank of America, N.A., as lender, proceeds from which were used to fund the acquisition of certain ADS CLO 2 Collateral Obligations, was paid in full and terminated.
On the ADS CLO 2 Closing Date and in connection with the ADS CLO 2 Debt Securitization, ADS CLO 2 LLC (the "ADS CLO 2 Issuer"), an indirect, wholly-owned, consolidated subsidiary of the Company, entered an indenture by and between the ADS CLO 2 Issuer and U.S. Bank Trust Company, National Association, as trustee (the "ADS CLO 2 Indenture") pursuant to which the ADS CLO 2 Issuer issued certain notes.
The notes issued as part of the ADS CLO 2 Debt Securitization consist of $300 million of AAA(sf)/Aaa(sf) Class A-1 Senior Secured Floating Rate Notes due 2037, which bear interest at the three-month SOFR plus 1.30% (the "ADS CLO 2 Class A-1 Notes"); $30 million of AA(sf) Class A-2 Senior Secured Floating Rate Notes due 2037, which bear interest at the three-month SOFR plus 1.70% (the "ADS CLO 2 Class A-2 Notes"); $65 million of A(sf) Class B Senior Secured Deferrable Floating Rate Notes due 2037, which bear interest at the three-month SOFR plus 1.80% (the "ADS CLO 2 Class B Notes"); $35 million of BBB-(sf) Class C Senior Secured Deferrable Floating Rate Notes due 2037, which bear interest at the three-month SOFR plus 2.75% (the "ADS CLO 2 Class C Notes" and together with the ADS CLO 2 Class A-1 Notes, the ADS CLO 2 Class A-2 Notes and the ADS CLO 2 Class B Notes, the "ADS CLO 2 Secured Notes"). Additionally, on the ADS CLO 2 Closing Date, the ADS CLO 2 Issuer issued $72.1 million of Subordinated Notes due 2037 (the "ADS CLO 2 Subordinated Notes"), which do not bear interest. The ADS CLO 2 Secured Notes together with the ADS CLO 2 Subordinated Notes are collectively referred to herein as the "ADS CLO 2 Notes".
The ADS CLO 2 Debt Securitization is backed by a diversified portfolio consisting primarily of first-priority commercial loans. The ADS CLO 2 Notes are scheduled to mature on July 15, 2037; however, the ADS CLO 2 Notes may be redeemed by the ADS CLO 2 Issuer, at the direction of ADS CLO 2 Depositor LLC (the "ADS CLO 2 Retention Provider"), a wholly-owned, consolidated subsidiary of the Company, as owner of a majority of the ADS CLO 2 Subordinated Notes, on any business day on or after July 15, 2027. The ADS CLO 2 Retention Provider acts as retention holder in connection with the ADS CLO 2 Debt Securitization for the purposes of satisfying certain U.S. regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of the ADS CLO 2 Subordinated Notes.
The ADS CLO 2 Secured Notes are the secured obligation of the ADS CLO 2 Issuer, the ADS CLO 2 Subordinated Notes are the unsecured obligations of the ADS CLO 2 Issuer, and the ADS CLO 2 Indenture governing the ADS CLO 2 Notes include customary covenants and events of default. The ADS CLO 2 Notes have not been, and will not be, registered under the Securities Act or any state securities or "blue sky" laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.
The Company serves as collateral manager to the ADS CLO 2 Issuer under a collateral management agreement entered into on the ADS CLO 2 Closing Date (pursuant to which, so long as the Company is the collateral manager, the collateral management fee will equal 0.0% per annum of the fee basis amount.
ADL CLO 2 Debt Securitization
On October 29, 2025 (the "ADL CLO 2 Closing Date"), the Company completed a $702.2 million term debt securitization (the "ADL CLO 2 Debt Securitization").
On the ADL CLO 2 Closing Date and in connection with the ADL CLO 2 Debt Securitization, ADL CLO 2 LLC (the "ADL CLO 2 Issuer"), an indirect, wholly-owned, consolidated subsidiary of the Company, entered into an indenture by and between the CLO Issuer and U.S. Bank Trust Company, National Association, as collateral trustee (the "ADL CLO 2 Indenture") pursuant to which the ADL CLO 2 Issuer issued certain notes.
The notes issued as part of the ADL CLO 2 Debt Securitization consist of $0 of AAA(sf) Class A-1a Senior Secured Floating Rate Notes due 2037, which bear interest at SOFR plus 1.45% (the "ADL CLO 2 Class A-1a Notes"); $14 million of AAA(sf) Class A-1b Senior Secured Floating Rate Notes due 2037, which bear interest at the three-month SOFR plus 1.65% (the "ADL CLO 2 Class A-1b Notes"); $30 million of AA(sf) Class A-2 Senior Secured Floating Rate Notes due 2037, which bear interest at the three-month SOFR plus 1.85% (the "ADL CLO 2 Class A-2 Notes"); $56 million of A(sf) Class B Secured Deferrable Floating Rate Notes due 2037, which bear interest at the three-month SOFR plus 2.20% (the "ADL CLO 2 Class B Notes"); $42 million of BBB-(sf) Class C Secured Deferrable Floating Rate Notes due 2037, which bear interest at the three-month SOFR plus 3.20% (the "ADL CLO 2 Class C Notes" and together with the Class A-1a Notes, the Class A-1b Notes, the Class A-2 Notes and the Class B Notes, the "ADL CLO 2 Secured Notes"). Additionally, on the ADL CLO 2 Closing Date, the ADL CLO 2 Issuer issued $128.2 million of Subordinated Notes due 2125 (the "ADL CLO 2 Subordinated Notes"), which do not bear interest. The ADL CLO 2 Secured Notes together with the ADL CLO 2 Subordinated Notes are collectively referred to herein as the "ADL CLO 2 Notes".
Additionally, the ADL CLO 2 Issuer incurred certain loans as part of the ADL CLO 2 Debt Securitization, consisting of $398.5 million of AAA(sf) Class A-1a-L1 Loans due 2037, which bear interest at the three-month SOFR plus 1.45% (the "ADL CLO 2 Class A-1a-L1 Loans"); $7.5 million of AAA(sf) Class A-1a-L2 Loans due 2037, which bear interest at the three-month SOFR plus 1.45% (the "ADL CLO 2 Class A-1a-L2 Loans"); $14 million of AAA(sf) Class A-1b Loans due 2037, which bear interest at the three-month SOFR plus 1.65% (the "ADL CLO 2 Class A-1b Loans"); and $12 million of AA(sf) Class A-2 Loans due 2037, which bear interest at the three-month SOFR plus 1.85% (the "ADL CLO 2 Class A-2 Loans", and together with the Class A-1a-L1 Loans, the Class A-1a-L2 Loans and the Class A-2 Loans, the "ADL CLO 2 Loans" and the Loans together with the ADL CLO 2 Secured Notes, the "ADL CLO 2 Secured Debt" and ADL CLO 2 Secured Debt together with the ADL CLO 2 Subordinated Notes, the "ADL CLO 2 Debt") incurred by the ADL CLO 2 Issuer on the ADL CLO 2 Closing Date. The ADL CLO 2 Loans were issued pursuant to certain credit agreements entered into among the ADL CLO 2 Issuer, as borrower, and certain lenders and agents party thereto from time to time(collectively, the "ADL CLO 2 Credit Agreements").
The ADL CLO 2 Debt Securitization is backed by a diversified portfolio consisting primarily of first-lien commercial loans. The ADL CLO 2 Secured Debt is scheduled to mature on October 15, 2037 and the ADL CLO 2 Subordinated Notes are scheduled to mature on October 15, 2125; however, the ADL CLO 2 Secured Debt may be redeemed by the ADL CLO 2 Issuer, at the direction of ADL CLO 2 Depositor LLC (the "ADL CLO 2 Retention Holder"), a wholly-owned, consolidated subsidiary of the Company, as owner of a majority of the ADL CLO 2 Subordinated Notes, on any business day on or after October 15, 2027. The ADL CLO 2 Retention Holder acts as retention holder in connection with the ADL CLO 2 Debt Securitization for the purposes of satisfying certain U.S. regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of the ADL CLO 2 Subordinated Notes.
The ADL CLO 2 Secured Debt is the secured obligation of the ADL CLO 2 Issuer, the ADL CLO 2 Subordinated Notes are the unsecured obligations of the ADL CLO 2 Issuer, and the ADL CLO 2 Indenture and the ADL CLO 2 Credit Agreements governing the ADL CLO 2 Secured Debt include customary covenants and events of default. The ADL CLO 2 Secured Debt has not been, and will not be, registered under the Securities Act, or any state securities or "blue sky" laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from registration.
The Company serves as collateral manager to the ADL CLO 2 Issuer under a collateral management agreement entered into on the ADL CLO 2 Closing Date, pursuant to which, so long as the Company is the collateral manager, the collateral management fee will equal 0.0% per annum of the fee basis amount.
ADL CLO 3 Debt Securitization
On August 6, 2026 (the “ADL CLO 3 Closing Date”), the Company completed a $514.9 million term debt securitization (the “ADL CLO 3 Debt Securitization”).
On the ADL CLO 3 Closing Date and in connection with the ADL CLO 3 Debt Securitization, ADL CLO 3 LLC (the “ADL CLO 3 Issuer”), an indirect, wholly-owned, consolidated subsidiary of the Company, entered an indenture by and between the ADL CLO 3 Issuer and Western Alliance Trust Company, N.A., as collateral trustee (the “ADL CLO 3 Indenture”) pursuant to which the ADL CLO 3 Issuer issued certain notes.
The notes issued as part of the ADL CLO 3 Debt Securitization consist of $248.7 million of AAA(sf) Class A-1a Senior Secured Floating Rate Notes due 2038, which bear interest at the three-month SOFR plus 1.50% (the “ADL CLO 3 Class A-1a Notes”); $20.6 million of AAA(sf) Class A-1b Senior Secured Floating Rate Notes due 2038, which bear interest at the three-month SOFR plus 1.70% (the “ADL CLO 3 Class A-1b Notes”); $30.9 million of AA(sf) Class A-2 Senior Secured Floating Rate Notes due 2038, which bear interest at the three-month SOFR plus 1.85% (the “ADL CLO 3 Class A-2 Notes”); $41.2 million of A(sf) Class B Secured Deferrable Floating Rate Notes due 2038, which bear interest at the three-month SOFR plus 2.25% (the “ADL CLO 3 Class B Notes”); $30.9 million of BBB-(sf) Class C Secured Deferrable Floating Rate Notes due 2038, which bear interest at the three-month SOFR plus 3.60% (the “ADL CLO 3 Class C Notes” and together with the ADL CLO 3 Class A-1a Notes, the ADL CLO 3 Class A-1b Notes, the ADL CLO 3 Class A-2 Notes and the ADL CLO 3 Class B Notes, the “ADL CLO 3 Secured Notes”). Additionally, on the ADL CLO 3 Closing Date, the ADL CLO 3 Issuer issued $92.6 million of Subordinated Notes due 2126 (the “ADL CLO 3 Subordinated Notes”), which do not bear interest. The ADL CLO 3 Secured Notes together with the ADL CLO 3 Subordinated Notes are collectively referred to herein as the “ADL CLO 3 Notes”.
Additionally, the ADL CLO 3 Issuer incurred certain loans as part of the ADL CLO 3 Debt Securitization, consisting of $50 million of AAA(sf) Class A-1a Loans maturing 2038, which bear interest at the three-month SOFR plus 1.50% (the “ADL CLO 3 Class A-1a Loans” and the ADL CLO 3 Class A-1a Loans together with the ADL CLO 3 Secured Notes, the “ADL CLO 3 Secured Debt” and the ADL CLO 3 Secured Debt together with the ADL CLO 3 Subordinated Notes, the “ADL CLO 3 Debt”) incurred by the ADL CLO 3 Issuer on the ADL CLO 3 Closing Date. The ADL CLO 3 Class A-1a Loans were incurred pursuant to a credit agreement among the ADL CLO 3 Issuer, as borrower and certain lenders and agents party thereto from time to time (the “ADL CLO 3 Class A-1a Credit Agreement”).
The ADL CLO 3 Debt Securitization is backed by a diversified portfolio consisting primarily of first-lien commercial loans. The ADL CLO 3 Secured Debt is scheduled to mature on July 15, 2038 and the ADL CLO 3 Subordinated Notes are scheduled to mature on July 15, 2126; however, the ADL CLO 3 Debt may be redeemed by the ADL CLO 3 Issuer, at the direction of ADL CLO 3 Depositor LLC (the “ADL CLO 3 Retention Holder”), a wholly-owned, consolidated subsidiary of the Company, as owner of a majority of the ADL CLO 3 Subordinated Notes, on any business day on or after July 15, 2028. The ADL CLO 3 Retention Holder acts as retention holder in connection with the ADL CLO 3 Debt Securitization for the purposes of satisfying certain U.S. regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of the ADL CLO 3 Subordinated Notes.
The ADL CLO 3 Secured Debt is the secured obligation of the ADL CLO 3 Issuer, the ADL CLO 3 Subordinated Notes are the unsecured obligations of the ADL CLO 3 Issuer, and the ADL CLO 3 Indenture and the ADL CLO 3 Class A-1a Credit Agreement governing the ADL CLO 3 Debt include customary covenants and events of default. The ADL CLO 3 Debt has not been, and will not be, registered under the Securities Act, or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from registration.
The Company serves as collateral manager to the ADL CLO 3 Issuer under a collateral management agreement entered into on the ADL CLO 3 Closing Date, pursuant to which, so long as the Company is the collateral manager, the collateral management fee will equal 0.0% per annum of the fee basis amount.
Foreign Currency Transactions and Translations
The Company had the following foreign-denominated debt obligations outstanding as of September 30, 2026:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2026 |
|
|
Original Principal Amount (Local) |
|
Original Principal Amount (USD) |
|
Principal Amount Outstanding (USD) |
|
Unrealized Gain/(Loss) |
|
Reset Date |
European Euro |
|
€ |
111,900 |
|
|
128,342 |
|
|
126,721 |
|
$ |
1,621 |
|
|
12/28/2026 |
Total |
|
|
111,900 |
|
|
128,342 |
|
|
126,721 |
|
$ |
1,621 |
|
|
|
The Company had the following foreign-denominated debt obligations outstanding as of December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
Original Principal Amount (Local) |
|
Original Principal Amount (USD) |
|
Principal Amount Outstanding (USD) |
|
Unrealized Gain/(Loss) |
|
Reset Date |
British Pound |
|
£ |
46,000 |
|
|
62,174 |
|
|
62,006 |
|
$ |
167 |
|
|
3/31/2026 |
European Euro |
|
€ |
81,000 |
|
|
94,357 |
|
|
95,191 |
|
|
(834) |
|
|
3/30/2026 |
European Euro |
|
€ |
90,000 |
|
|
95,081 |
|
|
105,768 |
|
|
(10,687) |
|
|
N/A |
Total |
|
|
217,000 |
|
|
251,612 |
|
|
262,965 |
|
$ |
(11,354) |
|
|
|
Private Placement Bonds
2022 Series A Notes
On November 15, 2022, the Company priced an offering of $200 million in aggregate principal amount of Senior Unsecured Notes (the "2022 Series A Notes") to institutional investors in a private placement. The Notes are comprised of $62 million Senior Unsecured Notes due 2025 (the "December 2025 Notes"), $38 million Senior Unsecured Notes due 2026 (the "January 2026 Notes"), $82 million Senior Unsecured Notes due 2027 (the "December 2027 Notes"), and $18 million Senior Unsecured Notes due 2028 (the "January 2028 Notes"). The issuances of the 2022 Series A Notes occurred in two installments on December 21, 2022 and January 19, 2023. The December 2025 and January 2026 Notes have a fixed interest rate of 8.21% per annum and are due on December 21, 2025 and January 19, 2026, respectively. The December 2027 and January 2028 Notes have a fixed interest rate of 8.31% per annum and are due on December 21, 2027 and January 19, 2028, respectively. Interest on the Notes is due and payable semiannually. These interest rates are subject to increase (up to a maximum increase of 1.00% above the stated rate for each of the 2022 Series A Notes) in the event that, subject to certain exceptions, the 2022 Series A Notes cease to have an investment grade rating.
In connection with the 2022 Series A Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement related to the December 2025 Notes, the Company receives a fixed interest rate of 4.02% per annum and pays a floating interest rate at a rate determined by three-month SOFR per annum on $62 million of the 2025 Notes. Under the interest rate swap agreement related to the January 2026 Notes, the Company receives a fixed interest rate of 3.97% per annum and pays a floating interest rate at a rate determined by three-month SOFR per annum on $38 million of the 2026 Notes. Under the interest rate swap agreement related to the December 2027 Notes, the Company receives a fixed interest rate of 3.67% per annum and pays a floating interest rate at a rate determined by three-month SOFR per annum on $82 million of the 2027 Notes. Under the interest rate swap agreement related to the January 2028 Notes, the Company receives a fixed interest rate of 3.65% per annum and pays a floating interest rate at a rate determined by three-month SOFR per annum on $18 million of the 2028 Notes. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.
On October 1, 2025 and November 4, 2025, the Company paid off the December 2025 Notes and January 2026 Notes, respectively. The December 2027 Notes and January 2028 Notes are still outstanding as of September 30, 2026.
2023 Series A Notes
On August 10, 2023, the Company priced an offering of $650 million in aggregate principal amount of Senior Unsecured Notes (the "2023 Series A Notes") to institutional investors in a private placement. The 2023 Series A Notes are comprised of $226 million Senior Unsecured Notes due September 28, 2026 (the "September 2026 Notes"), $325 million Senior Unsecured Notes due September 28, 2028 (the "September 2028 Notes"), and €90 million Senior Unsecured Notes due September 28, 2026 (the "September 2026 Euronotes"). The 2023 Series A Notes were issued on September 28, 2023. The September 2026 Notes, September 2028 Notes and September 2026 Euronotes have fixed interest rates of 8.54%, 8.62%, and 7.02% per annum, respectively. Interest on the Notes is due and payable semiannually. These interest rates are subject to increase (up to a maximum increase of 1.00% above the stated rate for each of the September 2026 Notes, September 2028 Notes and September 2026 Euronotes) in the event that, subject to certain exceptions, the 2023 Series A Notes cease to have an investment grade rating. These interest rates are subject to increase (up to a maximum increase of 1.50% above the stated rate for each of the September 2026 Notes, September 2028 Notes and September 2026 Euronotes) in the event that, subject to certain exceptions, the Company’s secured debt ratio exceeds 60% up to August 31, 2024, and 55% subsequent to August 31, 2024. These interest rates are subject to increase (up to a maximum increase of 2.00% above the stated rate for each of the September 2026 Notes, September 2028 Notes and September 2026 Euronotes) in the event that, subject to certain exceptions, the 2023 Series A Notes cease to have an investment grade rating and the secured debt ratio event has occurred as disclosed above.
In connection with the 2023 Series A Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement related to the September 2026 Notes, the Company receives a fixed interest rate of 8.54% per annum and pays a floating interest rate of three-month SOFR + 4.18% per annum on $226 million of the 2026 Notes. Under the interest rate swap agreement related to the September 2028 Notes, the Company receives a fixed interest rate of 8.62% per annum and pays a floating interest rate of three-month SOFR + 4.56% per annum on $325 million of the September 2028 Notes. Under the interest rate swap agreement related to the September 2026 Euronotes, the Company receives a fixed interest rate of 7.02% per annum and pays a floating interest rate of ESTR + 3.72% per annum on €90 million of the September 2026 Euronotes. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.
On July 9, 2026, the September 2026 Notes and the September 2026 Euronotes were each prepaid at 100% of their respective principal amount, in each case, together with interest accrued to, but excluding, the prepayment date, pursuant to the terms of the master note purchase agreement under which each series was issued.
Unsecured Notes
2029 Notes
On March 21, 2024, the Company and the Trustee entered into a First Supplemental Indenture (the "First Supplemental Indenture" and, together with the Base Indenture, the "March 2024 Indenture") related to the $650 million in aggregate principal amount of its 6.90% notes due 2029 (the "Existing 2029 Notes"), which supplements that certain Base Indenture.
On September 19, 2024, the Company issued an additional $350 million aggregate principal amount of 6.90% Notes due 2029 (the "New 2029 Notes" and, together with the Existing 2029 Notes, the "2029 Notes") under the March 2024 Indenture. The New 2029 Notes were issued at a price equal to 104.03% of the face value, plus accrued interest from March 21, 2024, resulting in an effective yield to maturity of 5.86%. The New 2029 Notes were issued as "Additional Notes" under the March 2024 Indenture and have identical terms to the Existing 2029 Notes, other than the issue date and the issue price. The New 2029 Notes will be treated as a single class of notes with the Existing 2029 Notes for all purposes under the March 2024 Indenture.
The 2029 Notes will mature on April 13, 2029 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the March 2024 Indenture. The 2029 Notes bear interest at a rate of 6.90% per year payable semi-annually on April 13 and October 13 of each year, commencing on October 13, 2024. The 2029 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the 2029 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
In connection with the 2029 Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominantly floating rate loans. Under the interest rate swap agreement related to the 2029 Notes, the Company receives a fixed interest rate of 6.90% per annum and pays a floating interest rate of three-month SOFR + 2.71% per annum on $325 million of the 2029 Notes, the Company receives a fixed interest rate of 6.90% per annum and pays a floating interest rate of three-month SOFR + 2.70% per annum on $325 million of the 2029 Notes, and the Company receives a fixed interest rate of 5.86% per annum and pays a floating interest rate of three-month SOFR + 2.67% per annum on $350 million of the 2029 Notes. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.
In January 2025, the Company exchanged $1.000 billion aggregate principal amount of 6.90% Notes due 2029 for $1.000 billion aggregate principal amount of 6.90% Notes due 2029 (the "2029 Exchange Notes") that have been registered with the SEC under the Securities Act. The 2029 Exchange Notes have substantially the same terms as the 2029 Notes, except that the transfer restrictions and registration rights relating to the 2029 Notes do not apply to the 2029 Exchange Notes and the 2029 Exchange Notes do not provide for the payment of additional interest in the event of a registration default.
2031 Notes
On July 29, 2024, the Company and the Trustee entered into a Second Supplemental Indenture (the "Second Supplemental Indenture" and together with the Base Indenture, the "July 2024 Indenture") related to the $600 million in aggregate principal amount of its 6.70% notes due 2031 (the "Existing 2031 Notes"), which supplements the Base Indenture.
On November 21, 2024, the Company issued an additional $400 million aggregate principal amount of 6.70% Notes due 2031 (the "New 2031 Notes" and, together with the Existing 2031 Notes, the "2031 Notes") under the July 2024 Indenture. The New 2031 Notes were issued at a price equal to 101.84% of the face value, plus accrued interest from July 29, 2024, resulting in an effective yield to maturity of 6.35%. The New 2031 Notes were issued as "Additional Notes" under the July 2024 Indenture and have identical terms to the Existing 2031 Notes, other than the issue date and the issue price. The New 2031 Notes will be treated as a single class of notes with the Existing 2031 Notes for all purposes under the July 2024 Indenture.
The 2031 Notes will mature on July 29, 2031 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the July 2024 Indenture. The 2031 Notes bear interest at a rate of 6.70% per year payable semi-annually on January 29 and July 29 of each year, commencing on January 29, 2025. The 2031 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the 2031 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
In connection with the 2031 Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominantly floating rate loans. Under the interest rate swap agreement related to the 2031 Notes, the Company receives a fixed interest rate of 6.70% per annum and pays a floating interest rate of three-month SOFR + 2.80% per annum on $600 million of the 2031 Notes, and the Company receives a fixed interest rate of 6.35% per annum and pays a floating interest rate of three-month SOFR + 2.39% per annum on $400 million of the 2031 Notes. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.
In January 2025, the Company exchanged $1.000 billion aggregate principal amount of 6.70% Notes due 2031 for $1.000 billion aggregate principal amount of 6.70% Notes due 2031 (the "2031 Exchange Notes") that have been registered with the SEC under the Securities Act. The 2031 Exchange Notes have substantially the same terms as the 2031 Notes, except that the transfer restrictions and registration rights relating to the 2031 Notes do not apply to the 2031 Exchange Notes and the 2031 Exchange Notes do not provide for the payment of additional interest in the event of a registration default.
2032 Notes
On January 16, 2025, the Company entered into a Third Supplemental Indenture (the "Third Supplemental Indenture" and together with the Base Indenture, the "January 2025 Indenture") related to the $500 million in aggregate principal amount of its 6.55% notes due 2032 (the "Existing 2032 Notes"), which supplements the Base Indenture.
On May 5, 2026, the Company issued an additional $300 million in aggregate principal amount of its 6.550% notes due 2032 (the "New 2032 Notes" and, together with the Existing 2032 Notes, the "2032 Notes") under the January 2025 Indenture. The New 2032 Notes were issued at a price equal to 100.604% of the face value, plus accrued interest from March 15, 2026, resulting in an effective yield to maturity of 6.421%. The New 2032 Notes were issued as "Additional Notes" under the January 2025 Indenture and have identical terms to the Existing 2032 Notes, other than the issue date and the issue price. The New 2032 Notes will be treated as a single class of notes with the Existing 2032 Notes for all purposes under the January 2025 Indenture.
The 2032 Notes will mature on March 15, 2032 and may be redeemed in whole or in part at the Company's option at any time or from time to time at the redemption prices set forth in the January 2025 Indenture. The 2032 Notes bear interest at a rate of 6.55% per year payable semi-annually on March 15 and September 15 of each year, commencing on September 15, 2025. The 2032 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the 2032 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
In connection with the 2032 Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominantly floating rate loans. Under the interest rate swap agreement related to the 2032 Notes, the Company receives a fixed interest rate of 6.55% per annum and pays a floating interest rate of three-month SOFR + 2.18% per annum on $500 million of the 2032 Notes, and the Company receives a fixed interest rate of 6.42% per annum and pays a floating interest rate of three-month SOFR + 2.53% per annum on $300 million of the 2032 Notes. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.
In November 2025, the Company exchanged $500 million aggregate principal amount of 6.55% Notes due 2032 for $500 million aggregate principal amount of 6.55% Notes due 2032 (the "2032 Exchange Notes") that have been registered with the SEC under the Securities Act. The 2032 Exchange Notes have substantially the same terms as the 2032 Notes, except that the transfer restrictions and registration rights relating to the 2032 Notes do not apply to the 2032 Exchange Notes and the 2032 Exchange Notes do not provide for the payment of additional interest in the event of a registration default.
2030 Notes
On July 17, 2025, the Company and the Trustee entered into a Fourth Supplemental Indenture (the "Fourth Supplemental Indenture" and, together with the Base Indenture, the "July 2025 Indenture") related to the $400 million in aggregate principal amount of its 5.875% notes due 2030 (the "Existing 2030 Notes"), which supplements the Base Indenture.
On November 5,2025, the Company issued an additional $100 million aggregate principal amount of 5.875% Notes due 2030 (the "New 2030 Notes" and, together with the Existing 2030 Notes, the "2030 Notes") under the July 2025 Indenture. The New 2030 Notes were issued at a price equal to 100.854% of the face value, plus accrued interest from November 5, 2025, resulting in an effective yield to maturity of 5.655%. The New 2030 Notes were issued as "Additional Notes" under the July 2025 Indenture and have identical terms to the Existing 2030 Notes, other than the issue date and the issue price. The New 2030 Notes will be treated as a single class of notes with the Existing 2030 Notes for all purposes under the July 2025 Indenture.
The 2030 Notes will mature on August 30, 2030 and may be redeemed in whole or in part at the Company's option at any time or from time to time at the redemption prices set forth in the July 2025 Indenture. The 2030 Notes bear interest at a rate of 5.875% per year payable semi-annually on February 28 and August 30 of each year, commencing on February 28, 2026. The 2030 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the 2030 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.
In connection with the 2030 Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominantly floating rate loans. Under the interest rate swap agreement related to the 2030 Notes, the Company receives a fixed interest rate of 5.89% per annum and pays a floating interest rate of three-month SOFR + 2.21% per annum on $400 million of the 2030 Notes, and the Company receives a fixed interest rate of 5.66% per annum and pays a floating interest rate of three-month SOFR + 2.20% per annum on $100 million of the 2030 Notes. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.
In November 2025, the Company exchanged $500 million aggregate principal amount of 5.875% Notes due 2030 for $500 million aggregate principal amount of 5.875% Notes due 2030 (the "2030 Exchange Notes") that have been registered with the SEC under the Securities Act. The 2030 Exchange Notes have substantially the same terms as the 2030 Notes, except that the transfer restrictions and registration rights relating to the 2030 Notes do not apply to the 2030 Exchange Notes and the 2030 Exchange Notes do not provide for the payment of additional interest in the event of a registration default.
2028 Notes
On December 8, 2025, the Company and U.S. Bank Trust Company, National Association (the "Trustee") entered into a Fifth Supplemental Indenture (the "Fifth Supplemental Indenture" and, together with the Base Indenture (as defined below), the "December 2025 Indenture") related to the $400 million in aggregate principal amount of its 5.200% notes due 2028 (the "2028 Notes"), which supplements that certain Base Indenture, dated as of March 21, 2024 (as may be further amended, supplemented or otherwise modified from time to time, the "Base Indenture").
The 2028 Notes will mature on December 8, 2028 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the December 2025 Indenture. The 2028 Notes bear interest at a rate of 5.200% per year payable semi-annually on June 8 and December 8 of each year, commencing on June 8, 2026. The 2028 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the 2028 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
In connection with the 2028 Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominantly floating rate loans. Under the interest rate swap agreement related to the 2028 Notes, the Company receives a fixed interest rate of 5.20% per annum and pays a floating interest rate of three-month SOFR + 1.88% per annum on $400 million of the 2028 Notes. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.
2031 Notes II
On January 23, 2026, the Company and the Trustee entered into a Sixth Supplemental Indenture (the "Sixth Supplemental Indenture" and, together with the Base Indenture, the "January 2026 Indenture") related to the $750 million in aggregate principal amount of its 5.70% notes due 2031 (the "2031 Notes II"), which supplements the Base Indenture.
The 2031 Notes II will mature on January 23, 2031 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the January 2026 Indenture. The 2031 Notes II bear interest at a rate of 5.70% per year payable semi-annually on January 23 and July 23 of each year, commencing on July 23, 2026. The 2031 Notes II are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the 2031 Notes II, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
In connection with the 2031 Notes II, the Company entered into interest rate swaps to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominantly floating rate loans. Under the interest rate swap agreement related to the 2031 Notes II, the Company receives a fixed interest rate of 5.71% per annum and pays a floating interest rate of three-month SOFR + 2.11% per annum on $750 million of the 2031 Notes II. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.
2033 Notes
On June 30, 2026, the Company and the Trustee entered into a Seventh Supplemental Indenture (the "Seventh Supplemental Indenture" and, together with the Base Indenture, the "June 2026 Indenture") related to the $750 million in aggregate principal amount of its 6.350% notes due 2033 (the "2033 Notes"), which supplements the Base Indenture.
The 2033 Notes will mature on June 30, 2033 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the June 2026 Indenture. The 2033 Notes bear interest at a rate of 6.350% per year payable semi-annually on June 30 and December 30 of each year, commencing on December 30, 2026. The 2033 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the 2033 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
In connection with the 2033 Notes, the Company entered into two interest rate swaps to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the first interest rate swap agreement related to the 2033 Notes, the Company receives a fixed interest rate of 6.35% per annum and pays a floating interest rate of three-month SOFR + 2.38% per annum on $375 million of the 2033 Notes. Under the second interest rate swap agreement related to the 2033 Notes, the Company receives a fixed interest rate of 6.35% per annum and pays a floating interest rate of three-month SOFR + 2.39% per annum on $375 million of the 2033 Notes. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.
Note 7. Net Assets
The Company has the authority to issue an unlimited number of Common Shares at $0.01 per share par value.
The following table summarizes transactions in Common Shares during the three and nine months ended September 30, 2026 and 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Three Months Ended |
|
Nine Months Ended |
|
Nine Months Ended |
|
September 30, 2026 |
|
September 30, 2025 |
|
September 30, 2026 |
|
September 30, 2025 |
|
Shares* |
|
Amount* |
|
Shares* |
|
Amount* |
|
Shares* |
|
Amount* |
|
Shares* |
|
Amount* |
Class S: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold |
1,465,604 |
|
$ |
34,929 |
|
7,573,977 |
|
$ |
186,256 |
|
7,913,652 |
|
$ |
190,950 |
|
32,447,542 |
|
$ |
801,362 |
Share conversion |
(299,836) |
|
|
(7,151) |
|
(111,429) |
|
|
(2,738) |
|
(550,424) |
|
|
(13,142) |
|
(408,296) |
|
|
(10,068) |
Repurchase of common shares |
(3,002,610) |
|
|
(71,397) |
|
(2,133,572) |
|
|
(52,322) |
|
(10,697,490) |
|
|
(255,389) |
|
(4,433,147) |
|
|
(108,948) |
Early repurchase deduction |
— |
|
|
(38) |
|
— |
|
|
47 |
|
— |
|
|
186 |
|
— |
|
|
104 |
Distributions reinvested |
1,309,808 |
|
|
31,217 |
|
1,388,033 |
|
|
34,136 |
|
4,019,025 |
|
|
96,505 |
|
3,737,899 |
|
|
92,202 |
Net increase (decrease) |
(527,034) |
|
$ |
(12,440) |
|
6,717,009 |
|
$ |
165,379 |
|
684,763 |
|
$ |
19,110 |
|
31,343,998 |
|
$ |
774,652 |
Class D: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold |
315 |
|
$ |
7 |
|
282,333 |
|
$ |
6,941 |
|
113,102 |
|
$ |
2,731 |
|
444,397 |
|
$ |
10,936 |
Share conversion |
3,314 |
|
|
79 |
|
— |
|
|
— |
|
(71,536) |
|
|
(1,748) |
|
— |
|
|
- |
Repurchase of common shares |
(18,765) |
|
|
(446) |
|
— |
|
|
— |
|
(41,350) |
|
|
(985) |
|
(486) |
|
|
(12) |
Early repurchase deduction |
— |
|
|
— |
|
— |
|
|
— |
|
— |
|
|
2 |
|
— |
|
|
— |
Distributions reinvested |
25,069 |
|
|
597 |
|
20,903 |
|
|
514 |
|
74,282 |
|
|
1,783 |
|
57,469 |
|
|
1,418 |
Net increase (decrease) |
9,933 |
|
$ |
237 |
|
303,236 |
|
$ |
7,455 |
|
74,498 |
|
$ |
1,783 |
|
501,380 |
|
$ |
12,342 |
Class I: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold |
3,555,527 |
|
$ |
84,739 |
|
50,769,031 |
|
$ |
1,248,653 |
|
29,310,967 |
|
$ |
708,521 |
|
180,217,368 |
|
$ |
4,448,380 |
Share conversion |
296,522 |
|
|
7,072 |
|
111,429 |
|
|
2,738 |
|
621,960 |
|
|
14,890 |
|
408,296 |
|
|
10,068 |
Repurchase of common shares |
(26,350,877) |
|
|
(626,582) |
|
(14,150,493) |
|
|
(346,939) |
|
(79,625,224) |
|
|
(1,897,863) |
|
(25,551,664) |
|
|
(627,636) |
Early repurchase deduction |
— |
|
|
(32) |
|
— |
|
|
22 |
|
— |
|
|
443 |
|
— |
|
|
36 |
Distributions reinvested |
3,898,010 |
|
|
92,900 |
|
4,005,558 |
|
|
98,511 |
|
11,972,476 |
|
|
287,476 |
|
10,887,595 |
|
|
268,569 |
Net increase (decrease) |
(18,600,818) |
|
$ |
(441,903) |
|
40,735,525 |
|
$ |
1,002,985 |
|
(37,719,821) |
|
$ |
(886,533) |
|
165,961,595 |
|
$ |
4,099,417 |
Total net increase (decrease) |
(19,117,919) |
|
$ |
(454,106) |
|
47,755,770 |
|
$ |
1,175,819 |
|
(36,960,560) |
|
$ |
(865,640) |
|
197,806,973 |
|
$ |
4,886,411 |
* Includes activities related to prior periods processed in the current period.
Net Asset Value per Share and Offering Price
The Company determines NAV for each class of shares as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first calendar day of each month. Shares are issued at an offering price equivalent to the most recent NAV per share available for each share class, which will be the prior calendar day NAV per share (i.e. the prior month-end NAV). The following table summarizes each month-end NAV per share for Class S shares, Class D shares and Class I shares during the nine months ended September 30, 2026 and 2025:
|
|
|
|
|
|
|
|
|
|
|
|
NAV Per Share |
For the Month Ended |
|
Class S |
|
Class D |
|
Class I |
January 31, 2026 |
|
$ |
24.34 |
|
$ |
24.34 |
|
$ |
24.34 |
February 28, 2026 |
|
|
24.14 |
|
|
24.14 |
|
|
24.14 |
March 31, 2026 |
|
|
23.90 |
|
|
23.90 |
|
|
23.90 |
April 30, 2026 |
|
|
23.92 |
|
|
23.92 |
|
|
23.92 |
May 31, 2026 |
|
|
23.87 |
|
|
23.87 |
|
|
23.87 |
June 30, 2026 |
|
|
23.83 |
|
|
23.83 |
|
|
23.83 |
July 31, 2026 |
|
|
23.83 |
|
|
23.83 |
|
|
23.83 |
August 31, 2026 |
|
|
23.84 |
|
|
23.84 |
|
|
23.84 |
September 30, 2026 |
|
|
23.78 |
|
|
23.78 |
|
|
23.78 |
|
|
|
|
|
|
|
|
|
|
|
|
NAV Per Share |
For the Month Ended |
|
Class S |
|
Class D |
|
Class I |
January 31, 2025 |
|
$ |
24.83 |
|
$ |
24.83 |
|
$ |
24.83 |
February 28, 2025 |
|
|
24.77 |
|
|
24.77 |
|
|
24.77 |
March 31, 2025 |
|
|
24.65 |
|
|
24.65 |
|
|
24.65 |
April 30, 2025 |
|
|
24.58 |
|
|
24.58 |
|
|
24.58 |
May 31, 2025 |
|
|
24.64 |
|
|
24.64 |
|
|
24.64 |
June 30, 2025 |
|
|
24.60 |
|
|
24.60 |
|
|
24.60 |
July 31, 2025 |
|
|
24.63 |
|
|
24.63 |
|
|
24.63 |
August 31, 2025 |
|
|
24.55 |
|
|
24.55 |
|
|
24.55 |
September 30, 2025 |
|
|
24.52 |
|
|
24.52 |
|
|
24.52 |
Distributions
The Board authorizes and declares monthly distribution amounts per share of Class S shares, Class D shares and Class I shares. The following table presents distributions that were declared during the nine months ended September 30, 2026:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class S Distributions |
|
Class D Distributions |
|
Class I Distributions |
|
Record Date |
|
Declaration Date |
|
Payment Date |
|
Per Share |
|
Amount* |
|
Per Share |
|
Amount* |
|
Per Share |
|
Amount* |
|
January 31, 2026 |
|
January 23, 2026 |
|
February 27, 2026 |
|
$ |
0.1624 |
|
$ |
19,570 |
|
$ |
0.1748 |
|
$ |
281 |
|
$ |
0.1800 |
|
$ |
89,426 |
|
February 28, 2026 |
|
February 23, 2026 |
|
March 26, 2026 |
|
|
0.1641 |
|
|
20,023 |
|
|
0.1753 |
|
|
288 |
|
|
0.1800 |
|
|
90,560 |
|
March 31, 2026 |
|
March 23, 2026 |
|
April 28, 2026 |
|
|
0.1626 |
|
|
20,268 |
|
|
0.1749 |
|
|
294 |
|
|
0.1800 |
|
|
91,509 |
|
April 30, 2026 |
|
April 23, 2026 |
|
May 28, 2026 |
|
|
0.1633 |
|
|
19,698 |
|
|
0.1751 |
|
|
297 |
|
|
0.1800 |
|
|
87,464 |
|
May 31, 2026 |
|
May 22, 2026 |
|
June 29, 2026 |
|
|
0.1627 |
|
|
19,726 |
|
|
0.1749 |
|
|
300 |
|
|
0.1800 |
|
|
88,021 |
|
June 30, 2026 |
|
June 23, 2026 |
|
July 29, 2026 |
|
|
0.1633 |
|
|
19,944 |
|
|
0.1751 |
|
|
302 |
|
|
0.1800 |
|
|
88,867 |
|
July 31, 2026 |
|
July 23, 2026 |
|
August 28, 2026 |
|
|
0.1628 |
|
|
19,641 |
|
|
0.1749 |
|
|
301 |
|
|
0.1800 |
|
|
84,356 |
|
August 31, 2026 |
|
August 19, 2026 |
|
September 29, 2026 |
|
|
0.1628 |
|
|
19,783 |
|
|
0.1749 |
|
|
304 |
|
|
0.1800 |
|
|
84,780 |
|
September 30, 2026 |
|
September 22, 2026 |
|
October 29, 2026 |
|
|
0.1633 |
|
|
19,961 |
|
|
0.1751 |
|
|
305 |
|
|
0.1800 |
|
|
85,256 |
|
|
|
|
|
|
|
$ |
1.4673 |
|
$ |
178,614 |
|
$ |
1.5750 |
|
$ |
2,672 |
|
$ |
1.6200 |
|
$ |
790,239 |
|
* Totals may not foot due to rounding.
The following table presents distributions that were declared during the nine months ended September 30, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class S Distributions |
|
Class D Distributions |
|
Class I Distributions |
|
Record Date |
|
Declaration Date |
|
Payment Date |
|
Per Share |
|
Amount* |
|
Per Share |
|
Amount* |
|
Per Share |
|
Amount* |
|
January 31, 2025 |
|
January 22, 2025 |
|
February 27, 2025 |
|
$ |
0.1621 |
|
$ |
13,892 |
|
$ |
0.1747 |
|
$ |
182 |
|
$ |
0.1800 |
|
$ |
57,637 |
|
January 31, 2025 |
|
December 23, 2024 |
|
February 27, 2025 |
|
|
0.0200 |
|
|
1,714 |
|
|
0.0200 |
|
|
21 |
|
|
0.0200 |
|
|
6,405 |
(1) |
February 28, 2025 |
|
February 21, 2025 |
|
March 27, 2025 |
|
|
0.1638 |
|
|
14,739 |
|
|
0.1752 |
|
|
183 |
|
|
0.1800 |
|
|
62,318 |
|
February 28, 2025 |
|
December 23, 2024 |
|
March 27, 2025 |
|
|
0.0200 |
|
|
1,800 |
|
|
0.0200 |
|
|
21 |
|
|
0.0200 |
|
|
6,923 |
(1) |
March 31, 2025 |
|
March 24, 2025 |
|
April 28, 2025 |
|
|
0.1621 |
|
|
15,583 |
|
|
0.1747 |
|
|
186 |
|
|
0.1800 |
|
|
66,593 |
|
March 31, 2025 |
|
December 23, 2024 |
|
April 28, 2025 |
|
|
0.0200 |
|
|
1,896 |
|
|
0.0200 |
|
|
21 |
|
|
0.0200 |
|
|
7,308 |
(1) |
April 30, 2025 |
|
April 22, 2025 |
|
May 29, 2025 |
|
|
0.1628 |
|
|
16,289 |
|
|
0.1749 |
|
|
192 |
|
|
0.1800 |
|
|
70,701 |
|
April 30, 2025 |
|
March 24, 2025 |
|
May 29, 2025 |
|
|
0.0200 |
|
|
2,001 |
|
|
0.0200 |
|
|
22 |
|
|
0.0200 |
|
|
7,856 |
(1) |
May 31, 2025 |
|
May 22, 2025 |
|
June 27, 2025 |
|
|
0.1623 |
|
|
16,725 |
|
|
0.1748 |
|
|
196 |
|
|
0.1800 |
|
|
74,897 |
|
May 31, 2025 |
|
March 24, 2025 |
|
June 27, 2025 |
|
|
0.0200 |
|
|
2,061 |
|
|
0.0200 |
|
|
22 |
|
|
0.0200 |
|
|
8,322 |
(1) |
June 30, 2025 |
|
June 23, 2025 |
|
July 29, 2025 |
|
|
0.1628 |
|
|
17,424 |
|
|
0.1749 |
|
|
215 |
|
|
0.1800 |
|
|
78,164 |
|
June 30, 2025 |
|
March 24, 2025 |
|
July 29, 2025 |
|
|
0.0200 |
|
|
2,141 |
|
|
0.0200 |
|
|
25 |
|
|
0.0200 |
|
|
8,685 |
(1) |
July 31, 2025 |
|
July 23, 2025 |
|
August 27, 2025 |
|
|
0.1622 |
|
|
17,536 |
|
|
0.1748 |
|
|
224 |
|
|
0.1800 |
|
|
78,999 |
|
July 31, 2025 |
|
June 23, 2025 |
|
August 27, 2025 |
|
|
0.0200 |
|
|
2,162 |
|
|
0.0200 |
|
|
26 |
|
|
0.0200 |
|
|
8,778 |
(1) |
August 31, 2025 |
|
August 22, 2025 |
|
September 26, 2025 |
|
|
0.1622 |
|
|
18,072 |
|
|
0.1748 |
|
|
240 |
|
|
0.1800 |
|
|
83,177 |
|
August 31, 2025 |
|
June 23, 2025 |
|
September 26, 2025 |
|
|
0.0200 |
|
|
2,228 |
|
|
0.0200 |
|
|
28 |
|
|
0.0200 |
|
|
9,242 |
(1) |
September 30, 2025 |
|
September 24, 2025 |
|
October 28, 2025 |
|
|
0.1628 |
|
|
18,669 |
|
|
0.1750 |
|
|
268 |
|
|
0.1800 |
|
|
86,755 |
|
September 30, 2025 |
|
June 23, 2025 |
|
October 28, 2025 |
|
|
0.0200 |
|
|
2,293 |
|
|
0.0200 |
|
|
31 |
|
|
0.0200 |
|
|
9,640 |
(1) |
|
|
|
|
|
|
$ |
1.6431 |
|
$ |
167,224 |
|
$ |
1.7538 |
|
$ |
2,103 |
|
$ |
1.8000 |
|
$ |
732,400 |
|
* Totals may not foot due to rounding.
(1) Represents a special distribution.
Distribution Reinvestment Plan
The Company has adopted a distribution reinvestment plan, pursuant to which the Company will reinvest all cash dividends declared by the Board on behalf of our shareholders who do not elect to receive their dividends in cash as provided below. As a result, if the Board authorizes, and the Company declares, a cash dividend or other distribution, then shareholders who have not opted out of our distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares as described below, rather than receiving the cash dividend or other distribution. Distributions on fractional shares will be credited to each participating shareholder’s account to three decimal places.
Character of Distributions
The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies and expense support from the Adviser, which is subject to recoupment.
Through September 30, 2026, none of the Company’s distributions resulted from expense support from the Adviser, and future distributions may result from expense support from the Adviser, each of which is subject to repayment by the Company within three years from the date of payment. The purpose of this arrangement avoids distributions being characterized as a return of capital for U.S. federal income tax purposes. Shareholders should understand that any such distribution is not based solely on the Company’s investment performance, and can only be sustained if the Company achieves positive investment performance in future periods and/or the Adviser continues to provide expense support. Shareholders should also understand that the Company’s future repayments of expense support will reduce the distributions that they would otherwise receive. There can be no assurance that the Company will achieve the performance necessary to sustain these distributions, or be able to pay distributions at all.
Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions.
The following table reflects the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its Common Shares during the nine months ended September 30, 2026:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class S |
|
Class D |
|
Class I |
Source of Distribution |
|
Per Share |
|
Amount |
|
Per Share |
|
Amount |
|
Per Share |
|
Amount |
Net investment income |
|
$ |
1.3538 |
|
$ |
164,759 |
|
$ |
1.4833 |
|
$ |
2,516 |
|
$ |
1.5059 |
|
$ |
733,975 |
Net realized gains |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Distributions in excess of net investment income |
|
|
0.1135 |
|
|
13,855 |
|
|
0.0917 |
|
|
156 |
|
|
0.1141 |
|
|
56,264 |
|
|
$ |
1.4673 |
|
$ |
178,614 |
|
$ |
1.5750 |
|
$ |
2,672 |
|
$ |
1.6200 |
|
$ |
790,239 |
The following table reflects the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its Common Shares during the nine months ended September 30, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class S |
|
Class D |
|
Class I |
Source of Distribution |
|
Per Share |
|
Amount |
|
Per Share |
|
Amount |
|
Per Share |
|
Amount |
Net investment income |
|
$ |
1.6360 |
|
$ |
166,536 |
|
$ |
1.7467 |
|
$ |
2,095 |
|
$ |
1.7929 |
|
$ |
729,703 |
Net realized gains |
|
|
0.0071 |
|
|
688 |
|
|
0.0071 |
|
|
8 |
|
|
0.0071 |
|
|
2,697 |
Distributions in excess of net investment income |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
$ |
1.6431 |
|
$ |
167,224 |
|
$ |
1.7538 |
|
$ |
2,103 |
|
$ |
1.8000 |
|
$ |
732,400 |
Share Repurchase Program
At the discretion of our Board, the Company has commenced a share repurchase program in which it intends to repurchase the Company’s Common Shares outstanding as of the close of the previous calendar quarter. The Board may amend or suspend the share repurchase program if in its reasonable judgment it deems such action to be in the Company’s best interest and the best interest of our shareholders. As a result, share repurchases may not be available each quarter. Should the Board suspend the share repurchase program, the Board will consider whether the continued suspension of the program is in the best interests of the Company and shareholders on a quarterly basis. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934 (the "1934 Act") and the 1940 Act. All shares purchased by the Company pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.
Under the share repurchase program, to the extent the Company offers to repurchase shares in any particular quarter, it is expected to repurchase shares pursuant to tender offers on or around the last business day of that quarter using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an "Early Repurchase Deduction"). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.
The following table presents information with respect to the Company’s share repurchases during the nine months ended September 30, 2026:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Deadline Request |
|
Number of Shares Repurchased (all classes) |
|
Percentage of Outstanding Shares Repurchased (1) |
|
Price Paid Per Share |
|
Repurchase Pricing Date |
|
Amount Repurchased (all classes) (2) |
|
Maximum number of shares that may yet be purchased under the repurchase plan |
March 16, 2026 |
|
30,261,082 |
|
5.00% |
|
$ |
23.90 |
|
March 31, 2026 |
|
$ |
722,586 |
|
— |
June 15, 2026 |
|
30,224,152 |
|
5.00% |
|
$ |
23.83 |
|
June 30, 2026 |
|
$ |
720,104 |
|
— |
September 14, 2026 |
|
29,368,950 |
|
5.00% |
|
$ |
23.78 |
|
September 30, 2026 |
|
$ |
698,321 |
|
— |
(1) Percentage is based on total shares as of the close of the previous calendar quarter.
(2) Amounts shown net of Early Repurchase Deduction.
The following table presents information with respect to the Company’s share repurchases during the nine months ended September 30, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Deadline Request |
|
Number of Shares Repurchased (all classes) |
|
Percentage of Outstanding Shares Repurchased (1) |
|
Price Paid Per Share |
|
Repurchase Pricing Date |
|
Amount Repurchased (all classes) (3) |
|
Maximum number of shares that may yet be purchased under the repurchase plan (2) |
March 17, 2025 |
|
5,282,627 |
|
1.38% |
|
$ |
24.65 |
|
March 31, 2025 |
|
$ |
130,147 |
|
13,919,523 |
June 16, 2025 |
|
8,418,605 |
|
1.83% |
|
$ |
24.60 |
|
June 30, 2025 |
|
$ |
207,118 |
|
14,645,892 |
September 15, 2025 |
|
16,284,065 |
|
3.05% |
|
$ |
24.52 |
|
September 30, 2025 |
|
$ |
399,191 |
|
10,420,646 |
(1) Percentage is based on total shares as of the close of the previous calendar quarter.
(2) All repurchase requests were satisfied in full.
(3) Amounts shown net of Early Repurchase Deduction.
Note 8. Commitments and Contingencies
The Company has various 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. As of September 30, 2026 and December 31, 2025, the Company had the following unfunded commitments to its portfolio companies:
|
|
|
|
|
|
|
|
|
|
|
September 30, 2026 |
|
December 31, 2025 |
Unfunded revolver obligations, bridge loan and backstop commitments (1) |
|
|
$ |
1,650,867 |
|
$ |
1,605,154 |
Standby letters of credit issued and outstanding (2) |
|
|
|
52,669 |
|
|
20,988 |
Unfunded delayed draw loan commitments (3) |
|
|
|
2,905,027 |
|
|
3,065,690 |
Total Unfunded Commitments (4) |
|
|
$ |
4,608,563 |
|
$ |
4,691,832 |
(1)The unfunded revolver obligations may or may not be funded to the borrowing party in the future. The amounts relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers as of September 30, 2026, subject to the terms of each loan’s respective credit agreements which includes borrowing covenants that need to be met prior to funding. As of September 30, 2026 and December 31, 2025, the bridge loan and backstop commitments included in the balances were $232,940 and $239,110, respectively.
(2)For all these letters of credit issued and outstanding, the Company would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations. None of the letters of credit issued and outstanding are recorded as a liability on the Company’s Consolidated Statements of Assets and Liabilities as such letters of credit are considered in the valuation of the investments in the portfolio company.
(3)The Company’s commitment to fund delayed draw loans is triggered upon the satisfaction of certain pre-negotiated terms and conditions which can include covenants to maintain specified leverage levels and other related borrowing base covenants. For commitments to fund delayed draw loans with performance thresholds, borrowers are required to meet certain performance requirements before the Company is obligated to fulfill these commitments.
(4)Additionally, from time to time, the Adviser and its affiliates may commit to an investment on behalf of the funds it manages, including the Company. Certain terms of these investments are not finalized at the time of the commitment and each respective fund'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.
Organizational and Offering Costs
The Adviser agreed to bear all of the Company’s organization and offering expenses through the date on which the Company broke escrow for the initial offering of its Common Shares. The Company is obligated to reimburse the Adviser for such expenses incurred upon breaking escrow for our offering. The total organization and offering costs incurred for the three and nine months ended September 30, 2026 were $456 and $975, respectively. The total organization and offering costs incurred for the three and nine months ended September 30, 2025 were $65 and $434, respectively.
Other Commitments and Contingencies
From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business.
On March 14, 2023, certain First Lien and Second Lien holders of debt (the “Plaintiffs”) issued by Mitel filed a complaint in New York State Court captioned Ocean Trails CLO VII et al v. MLN TopCo Ltd., et al, Index No. 651327/2023, against certain other First Lien and Second Lien debt holders (the “Participating Lenders”), as well as the Company, alleging, among other things, that the defendant lenders breached the terms of their lending agreements and the New York Uniform Voidable Transfer Act in connection with certain amendments to the relevant documents governing the debt. One subgroup of the lenders named as defendants that participated in the alleged breaches and consented to the amendments, which are managed by Nuveen Asset Management, LLC or Teachers Advisors, LLC (the “Nuveen Lenders”), also asserted that they were harmed and asserted crossclaims against the Participating Lenders for (i) breach of contract and (ii) violation of New York’s Uniform Voidable Transaction Act. On December 5, 2023, the trial court granted defendants’ motions to dismiss in part and denied them in part. The Plaintiffs and defendants appealed the courts’ motion to dismiss ruling to the intermediate New York State appellate court. On December 31, 2024, the intermediate New York State appellate court dismissed the entire case, including all claims against the Company.
On January 30, 2025, Plaintiffs filed a motion for leave to appeal the intermediate New York State appellate court’s ruling to the New York Court of Appeals. That motion was held in abeyance following Mitel’s filing of voluntary Chapter 11 bankruptcy petitions in the U.S. Bankruptcy Court for the Southern District of Texas. Plaintiffs and defendants memorialized settlement of the litigation in Mitel’s Chapter 11 plan of reorganization and related bankruptcy documentation. The effective date for Mitel’s plan of reorganization occurred on June 20, 2025. Pursuant to the settlement, the parties submitted both (i) a stipulated request for withdrawal of the Plaintiffs’ motion for leave to appeal to the New York Court of Appeals and (ii) a joint request to the trial court for the clerk to enter final judgment, dismissing with prejudice all claims and crossclaims. The request for withdrawal of the Plaintiffs’ motion for leave to appeal was granted by letter from the Court of Appeals dated September 9, 2025 and the trial court thereafter directed the clerk to enter judgment in the case. Final judgment was entered in favor of the Participating Lenders on all claims asserted by both the Plaintiffs and the Nuveen Lenders on May 4, 2026. The matter is now fully and finally resolved.
Management is not aware of any pending or threatened material litigation as of September 30, 2026 other than the matter disclosed above.
Note 9. Financial Highlights
The following table presents the Company's financial highlights for the nine months ended September 30, 2026:
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2026 |
|
Class S |
|
Class D |
|
Class I |
Per Share Data: |
|
|
|
|
|
|
|
|
Net asset value at beginning of period |
$ |
24.40 |
|
$ |
24.40 |
|
$ |
24.40 |
Net investment income (1) |
|
1.35 |
|
|
1.48 |
|
|
1.51 |
Net unrealized and realized gains (losses) (2) |
|
(0.51) |
|
|
(0.53) |
|
|
(0.51) |
Net increase (decrease) in net assets resulting from operations |
|
0.84 |
|
|
0.95 |
|
|
1.00 |
Distribution declared (3) |
|
|
|
|
|
|
|
|
Net investment income |
|
(1.35) |
|
|
(1.48) |
|
|
(1.51) |
Net realized gains |
|
— |
|
|
— |
|
|
— |
Distributions in excess of net investment income |
|
(0.11) |
|
|
(0.09) |
|
|
(0.11) |
Net asset value at end of period |
$ |
23.78 |
|
$ |
23.78 |
|
$ |
23.78 |
|
|
|
|
|
|
|
|
|
Total return (4) |
|
3.57% |
|
|
4.04% |
|
|
4.23% |
Shares outstanding, end of period |
|
119,236,982 |
|
|
1,725,521 |
|
|
447,298,570 |
Weighted average shares outstanding |
|
121,689,415 |
|
|
1,695,196 |
|
|
487,381,901 |
Ratio/Supplemental Data |
|
|
|
|
|
|
|
|
Net assets at end of period |
$ |
2,835,260 |
|
$ |
41,030 |
|
$ |
10,636,025 |
Annualized ratio of net expenses to average net assets (5) |
|
8.53% |
|
|
7.83% |
|
|
7.67% |
Annualized ratio of net investment income to average net assets (5) |
|
7.54% |
|
|
8.27% |
|
|
8.39% |
Portfolio turnover rate |
|
28.59% |
|
|
28.59% |
|
|
28.59% |
Asset coverage per unit (6) |
|
2,018 |
|
|
2,018 |
|
|
2,018 |
The following table presents the Company's financial highlights for the nine months ended September 30, 2025:
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2025 |
|
Class S |
|
Class D |
|
Class I |
Per Share Data: |
|
|
|
|
|
|
|
|
Net asset value at beginning of period |
$ |
24.86 |
|
$ |
24.86 |
|
$ |
24.86 |
Net investment income (1) |
|
1.36 |
|
|
1.50 |
|
|
1.52 |
Net unrealized and realized gains (losses) (2) |
|
(0.06) |
|
|
(0.09) |
|
|
(0.06) |
Net increase (decrease) in net assets resulting from operations |
|
1.30 |
|
|
1.41 |
|
|
1.46 |
Distribution declared (3) |
|
|
|
|
|
|
|
|
Net investment income |
|
(1.63) |
|
|
(1.74) |
|
|
(1.79) |
Net realized gains |
|
(0.01) |
|
|
(0.01) |
|
|
(0.01) |
Distributions in excess of net investment income |
|
— |
|
|
— |
|
|
— |
Net asset value at end of period |
$ |
24.52 |
|
$ |
24.52 |
|
$ |
24.52 |
|
|
|
|
|
|
|
|
|
Total return (4) |
|
5.41% |
|
|
5.88% |
|
|
6.08% |
Shares outstanding, end of period |
|
112,537,850 |
|
|
1,530,426 |
|
|
467,781,698 |
Weighted average shares outstanding |
|
101,819,929 |
|
|
1,199,704 |
|
|
407,155,993 |
Ratio/Supplemental Data |
|
|
|
|
|
|
|
|
Net assets at end of period |
$ |
2,759,271 |
|
$ |
37,524 |
|
$ |
11,469,361 |
Annualized ratio of net expenses to average net assets (5) |
|
6.97% |
|
|
6.22% |
|
|
6.12% |
Annualized ratio of net investment income to average net assets (5) |
|
7.39% |
|
|
8.12% |
|
|
8.23% |
Portfolio turnover rate |
|
26.98% |
|
|
26.98% |
|
|
26.98% |
Asset coverage per unit (6) |
|
2,740 |
|
|
2,740 |
|
|
2,740 |
(1)The per share data was derived by using the weighted average shares outstanding during the period.
(2)The amount shown at this caption is the balancing amount derived from the other figures in the schedule. 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 portfolio securities for the period because of the timing of sales of the Company’s shares in relation to fluctuating market values for the portfolio.
(3)The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 7).
(4)Total return is calculated as the change in net asset value ("NAV") per share (assuming dividends and distributions, if any, are reinvested in accordance with the Company’s distribution reinvestment plan), if any, divided by the beginning NAV per share (which for the purposes of this calculation is equal to the net offering price in effect at that time). An investment in the Company is subject to maximum upfront sales load of 3.5% and 1.5% for Class S shares and Class D shares, respectively, of the offering price, which will reduce the amount of capital available for investment. Class I shares are not subject to upfront sales load. Total return displayed is net of all fees, including all operating expenses such as management fees, incentive fees, general and administrative expenses, organization and amortized offering expenses, and interest expenses. Total return is not annualized.
(5)Annualized for nine months ended September 30, 2026 and 2025. Operating expenses may vary in the future based on the amount of capital raised and the Adviser’s election to receive expense support, if any.
(6)The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our total assets, less all liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness. This asset coverage ratio is multiplied by one thousand to determine the asset coverage per unit. As of September 30, 2026 and 2025, the Company's asset coverage was 201.8% and 274.0%, respectively.
Note 10. Subsequent Events
Management has evaluated subsequent events through the date of issuance of these consolidated financial statements and has determined that there are no subsequent events outside the ordinary scope of business that require adjustment to, or disclosure in, the consolidated financial statements other than those disclosed below.
Sixth Amended and Restated Declaration of Trust
On November 5, 2026, the Board adopted the Sixth Amended and Restated Declaration of Trust. The Sixth Amended and Restated Declaration of Trust amends the Company's previously effective declaration of trust to remove the provision that required approval by a majority of the Board, including a majority of the Independent Trustees, with consideration of an independent appraisal, before the Company could acquire assets in exchange for its shares.
The Sixth Amended and Restated Declaration of Trust took immediate effect upon its approval.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the shareholders and the Board of Trustees of Apollo Debt Solutions BDC
Results of Review of Interim Financial Information
We have reviewed the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Apollo Debt Solutions BDC and subsidiaries (the "Company") as of September 30, 2026, the related consolidated statements of operations and changes in net assets for the three-month and nine-month periods ended September 30, 2026 and 2025, the consolidated statements of cash flows and financial highlights for the nine-month periods ended September 30, 2026 and 2025, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.
We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of assets and liabilities, including the consolidated schedule of investments, of the Company as of December 31, 2025, and the related consolidated statements of operations, changes in net assets, cash flows, and financial highlights for the year then ended (not presented herein); and in our report dated March 11, 2026, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, as of December 31, 2025, is fairly stated, in all material respects, in relation to the consolidated statement of assets and liabilities, including the consolidated schedule of investments, from which it has been derived.
Basis for Review Results
This interim financial information is the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.
/s/ Deloitte & Touche LLP
New York, New York
November 5, 2026
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The information contained in this section should be read in conjunction with "Item 1. Financial Statements." This discussion contains forward-looking statements, which relate to future events, our future performance or financial condition, and involves numerous risks and uncertainties, including, but not limited to, those set forth in "Item 1A. Risk Factors" in Part I of our annual report on Form 10-K for the fiscal year ended December 31, 2025 and "Item 1A. Risk Factors" in Part II of our quarterly report on Form 10-Q for the quarter ended June 30, 2026 and elsewhere in this Form 10-Q. Actual results could differ materially from those implied or expressed in any forward-looking statements. The nine months ended September 30, 2026 represents the period from January 1, 2026 to September 30, 2026.
These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about Apollo Debt Solutions BDC (the "Company," "we," "us" or "our"), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as "anticipates," "expects," "intends," "plans," "will," "may," "continue," "believes," "seeks," "estimates," "would," "could," "should," "targets," "projects," "outlook," "potential," "predicts" and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:
•our future operating results;
•our business prospects and the prospects of the companies in which we may invest;
•the impact of the investments that we expect to make;
•our ability to raise sufficient capital to execute our investment strategy;
•general economic and political trends and other external factors;
•political, economic or industry conditions, or conditions affecting the financial and capital markets, including the effect of trade policy;
•the impact of geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing conflicts in the Middle East and Eastern Europe;
•the ability of our portfolio companies to achieve their objectives;
•our current and expected financing arrangements and investments;
•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 portfolio companies;
•our contractual arrangements and relationships with third parties;
•actual and potential conflicts of interest with the Apollo Credit Management, LLC (the "Adviser" or "Valuation Designee") or any of its affiliates;
•the elevating levels of inflation, and its impact on our portfolio companies and on the industries in which we invest;
•the dependence of our future success on the general economy and its effect on the industries in which we may invest;
•our use of financial leverage;
•the ability of the Adviser to source suitable investments for us and to monitor and administer our investments;
•the ability of the Adviser or its affiliates to attract and retain highly talented professionals;
•our ability to qualify for and maintain our qualification as a regulated investment company and as a BDC;
•the impact on our business of U.S. and international financial reform legislation, rules and regulations;
•the effect of changes to tax legislation and our tax position; and
•the tax status of the enterprises in which we may invest.
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 report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled "Item 1A. Risk Factors" and elsewhere in this report. These forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements, except as required by applicable law. Because we are an investment company, the forward-looking statements and projections contained in this report are excluded from the safe harbor protection provided by Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the "1934 Act").
Overview
We are an externally managed, diversified closed-end management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). Formed as a Delaware statutory trust on December 4, 2020, we are externally managed by the Adviser. Pursuant to the advisory agreement between us and the Adviser, as amended (the "Advisory Agreement"), the Adviser is responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, structuring investments and monitoring our portfolio on an ongoing basis. Our Adviser is registered as investment adviser with the SEC. Apollo Credit Management, LLC, as our Administrator (the "Administrator"), pursuant to the administration agreement between us and the Administrator, as amended (the "Administration Agreement"), provides, among other things, administrative services and facilities to us. We also have elected to be treated, and intend to qualify annually thereafter, as a regulated investment company ("RIC") as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").
Under the Advisory Agreement, we have agreed to pay the Adviser a management fee as well as an incentive fee based on our investment performance. Also, under the Administration Agreement, we have agreed to reimburse the Administrator for the allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including, but not limited to, our allocable portion of the costs of compensation and related expenses of our chief compliance officer, chief financial officer and their respective staffs.
Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. We invest primarily in private credit opportunities in directly originated assets, including loans and other debt securities, made to or issued by large private U.S. borrowers, with a strong emphasis on senior secured lending. While most of our investments will be in private U.S. companies (subject to compliance with BDC regulatory requirement to invest at least 70% of its assets in private U.S. companies), we also expect to invest from time to time in European and other non-U.S. companies. Our portfolio may also include equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. Under normal circumstances, we will invest directly or indirectly at least 80% of our total assets (net assets plus borrowings for investment purposes) in debt instruments of varying maturities.
Most of the debt instruments we invest in are unrated or rated below investment grade, which is often an indication of size, credit worthiness and speculative nature relative to the capacity of the borrower to pay interest and principal. Generally, if our unrated investments were rated, they would be rated below investment grade. These securities, which are often referred to as "junk" or "high yield", have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. They may also be difficult to value and are illiquid.
We do not intend to acquire securities issued by any investment company in excess of the limits imposed by the 1940 Act. Under these limits, except for registered money market funds, a BDC generally cannot acquire more than 3% of the voting interests of any investment company, invest more than 5% of the value of its total assets in the securities of one investment company or invest more than 10% of the value of its total assets in the securities of investment companies in the aggregate. Subject to certain exemptive rules, including Rule 12d1-4, the Company may, subject to certain conditions, invest in other investment companies in excess of such thresholds. As of the date of this Quarterly Report, the Company entered into a fund of funds agreement and is an "acquired fund" for purposes of Rule 12d1-4. However, we do not deem the fund of funds agreement as material given that it is not part of the Company's principal investment strategy. For so long as the Company is an "acquired fund" for purposes of Rule 12d1-4, the Company will be required to limit its investments in the securities of other investment companies and private funds to no more than 10% of its total assets, subject to certain limited exceptions permitted under Rule 12d1-4. These restrictions may limit the Company's ability to invest in other investment companies to the extent desired. All dollar amounts in “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” are in thousands, unless otherwise noted.
Investments
We focus primarily on loans and securities, including syndicated loans, of private U.S. companies. Our level of investment activity (both the number of investments and the size of each investment) can and will vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to private companies, the level of merger and acquisition activity for such companies, the general economic environment, trading prices of loans and other securities and the competitive environment for the types of investments we make.
Revenues
We generate revenues in the form of interest income on debt investments, capital gains, and dividend income from our equity investments in our portfolio companies. Our senior and subordinated debt investments are expected to bear interest at a fixed or floating rate. Interest on debt securities is generally payable quarterly or semiannually. In some cases, some of our investments may provide for deferred interest payments or paid-in-kind ("PIK") interest. The principal amount of the debt securities and any accrued but unpaid PIK interest generally will become due at the maturity date. In addition, we may generate revenue in the form of commitment and other fees in connection with transactions. Original issue discounts and market discounts or premiums are capitalized, and we accrete or amortize such amounts as interest income. We record prepayment premiums on loans and debt securities as interest income. Dividend income, if any, is recognized on an accrual basis to the extent that we expect to collect such amounts.
Expenses
Except as specifically provided below, all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory services to us, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, is provided and paid for by the Adviser. We bear all other costs and expenses of our operations, administration and transactions, including, but not limited to: (a) investment advisory fees, including management fees and incentive fees, to the Adviser, pursuant to the Advisory Agreement; (b) our allocable portion of compensation, and other expenses incurred by the Adviser or Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) our chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Adviser or Administrator that performs duties for us; and (iii) any internal audit group personnel of Apollo Global Management, Inc. and its consolidated subsidiaries ("AGM") or any of its affiliates. Excluded from the allowable reimbursement shall be: (i) rent or depreciation, utilities, capital equipment, and other administrative items of the Adviser or Administrator; and (ii) salaries, fringe benefits, travel expenses and other administrative items incurred or allocated to any Controlling Person of the Adviser or Administrator. The term "Controlling Person" shall mean a person, whatever his or her title, who performs functions for the Adviser or Administrator similar to those of (i) the chairman or other member of a board of directors, (ii) executive officers or (iii) those holding 10% or more equity interest in the Adviser or Administrator, or a person having the power to direct or cause the direction of the Adviser or Administrator, whether through the ownership of voting securities, by contract or otherwise; and (c) all other expenses of our operations, administrations and transactions.
With respect to costs incurred in connection with our organization and offering and all other costs incurred prior to the time we break escrow for the offering, the Adviser has agreed to advance all such costs on our behalf. Unless the Adviser elects to cover such expenses pursuant to the Expense Support and Conditional Reimbursement Agreement (as defined below) we entered into with the Adviser, we will be obligated to reimburse the Adviser for such advanced expenses upon breaking escrow for our offering of Common Shares. See "—Expense Support and Conditional Reimbursement Agreement." Any reimbursements that may be made by us in the future will not exceed actual expenses incurred by the Adviser and its affiliates.
From time to time, the Adviser, the Administrator or their affiliates may pay third-party providers of goods or services. We will reimburse the Adviser, the Administrator or such affiliates thereof for any such amounts paid on our behalf. From time to time, the Adviser or the Administrator may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses will ultimately be borne by our shareholders.
Expense Support and Conditional Reimbursement Agreement
We have entered into an Expense Support Agreement with the Adviser. For additional information see "Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 3. Agreements and Related Party Transactions."
Recent Developments
Please see "Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 10. Subsequent Events" for a summary of recent developments.
Portfolio and Investment Activity
Our portfolio and investment activity during the three and nine months ended September 30, 2026 and 2025 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
(in thousands)* |
2026 |
|
2025 |
|
2026 |
|
2025 |
Investments made in portfolio companies |
$ |
2,833,279 |
|
$ |
3,643,804 |
|
$ |
8,624,178 |
|
$ |
12,619,631 |
Investments sold |
|
(1,667,664) |
|
|
(228,239) |
|
|
(4,524,041) |
|
|
(1,890,186) |
Net activity before repaid investments |
$ |
1,165,615 |
|
$ |
3,415,565 |
|
$ |
4,100,137 |
|
$ |
10,729,445 |
Investments repaid |
|
(1,003,839) |
|
|
(791,159) |
|
|
(2,742,979) |
|
|
(3,088,549) |
Net investment activity |
$ |
161,776 |
|
$ |
2,624,406 |
|
$ |
1,357,158 |
|
$ |
7,640,896 |
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio companies at beginning of period |
|
399 |
|
|
365 |
|
|
415 |
|
|
323 |
Number of new portfolio companies |
|
33 |
|
|
60 |
|
|
105 |
|
|
155 |
Number of exited portfolio companies |
|
(55) |
|
|
(19) |
|
|
(143) |
|
|
(72) |
Portfolio companies at end of period |
|
377 |
|
|
406 |
|
|
377 |
|
|
406 |
|
|
|
|
|
|
|
|
|
|
|
|
Number of investments made in existing portfolio companies |
|
92 |
|
|
114 |
|
|
196 |
|
|
189 |
* Totals may not foot due to rounding.
Our portfolio composition and weighted average yields as of September 30, 2026 and December 31, 2025 were as follows:
|
|
|
|
|
|
|
September 30, 2026 |
|
December 31, 2025 |
Portfolio composition, at fair value: |
|
|
|
|
First lien secured debt |
|
99.3% |
|
99.7% |
Second lien secured debt |
|
0.0% |
|
0.0% |
Unsecured debt and other |
|
0.7% |
|
0.3% |
Weighted average yields, at amortized cost (1) (2): |
|
|
|
|
First lien secured debt |
|
8.8% |
|
8.6% |
Second lien secured debt |
|
0.0% |
|
0.0% |
Unsecured debt and other |
|
10.0% |
|
6.5% |
Total portfolio |
|
8.8% |
|
8.6% |
Interest rate type, at fair value (2): |
|
|
|
|
Fixed rate amount |
|
$1.1 billion |
|
$0.7 billion |
Floating rate amount |
|
$24.1 billion |
|
$23.7 billion |
Fixed rate, as percentage of total |
|
4.5% |
|
3.2% |
Floating rate, as percentage of total |
|
95.5% |
|
96.8% |
Interest rate type, at amortized cost (2): |
|
|
|
|
Fixed rate amount |
|
$1.1 billion |
|
$0.7 billion |
Floating rate amount |
|
$24.3 billion |
|
$23.6 billion |
Fixed rate, as percentage of total |
|
4.4% |
|
3.0% |
Floating rate, as percentage of total |
|
95.6% |
|
97.0% |
Weighted average spread over reference rate of all floating rate investments |
|
4.8% |
|
4.8% |
(1) An investor’s yield may be lower than the portfolio yield due to sales loads and other expenses.
(2) Exclusive of investments on non-accrual status and non-income generating investments. As of September 30, 2026, 0.5% of total investments at fair value were on non-accrual. As of December 31, 2025, 0.3% of total investments at fair value were on non-accrual status.
Our Adviser monitors our portfolio companies on an ongoing basis. It monitors the financial trends of each portfolio company to determine if they are meeting their respective business plans and to assess the appropriate course of action with respect to each portfolio company. Our Adviser has several methods of evaluating and monitoring the performance and fair value of our investments, which may include the following:
•assessment of success of the portfolio company in adhering to its business plan and compliance with covenants;
•periodic and regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor, to discuss financial position, requirements and accomplishments;
•comparisons to other companies in the portfolio company’s industry; and
•review of monthly or quarterly financial statements and financial projections for portfolio companies.
As part of the monitoring process, our Adviser employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, our Adviser rates the credit risk of all investments on a scale of 1 to 5. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment (i.e., at the time of origination or acquisition), although it may also take into account the performance of the portfolio company’s business, the collateral coverage of the investment and other relevant factors. The rating system is as follows:
|
|
|
|
|
|
|
|
|
|
|
Investment Rating |
|
Description |
|
|
|
|
|
|
|
|
1 |
|
Investments rated 1 involve the least amount of risk to our initial cost basis. The borrower is performing above expectations, and the trends and risk factors for this investment since origination or acquisition are generally favorable; |
|
|
|
|
|
|
|
|
|
|
|
2 |
|
Investments rated 2 involve an acceptable level of risk that is similar to the risk at the time of origination or acquisition. The borrower is generally performing as expected and the risk factors are neutral to favorable. All investments or acquired investments in new portfolio companies are initially assessed a rating of 2; |
|
|
|
|
|
|
|
|
|
|
|
3 |
|
Investments rated 3 involve a borrower performing below expectations and indicates that the loan’s risk has increased somewhat since origination or acquisition; |
|
|
|
|
|
|
|
|
|
|
|
4 |
|
Investments rated 4 involve a borrower performing materially below expectations and indicates that the loan’s risk has increased materially since origination or acquisition. In addition to the borrower being generally out of compliance with debt covenants, loan payments may be past due (but generally not more than 120 days past due); and |
|
|
|
|
|
|
|
|
|
|
|
5 |
|
Investments rated 5 involve a borrower performing substantially below expectations and indicates that the loan’s risk has increased substantially since origination or acquisition. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. Loans rated 5 are not anticipated to be repaid in full and we will reduce the fair market value of the loan to the amount we anticipate will be recovered. |
The following table shows the composition of our portfolio on the 1 to 5 rating scale as of September 30, 2026 and December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2026 |
|
December 31, 2025 |
Investment Ranking |
|
Fair Value |
|
Percentage |
|
Fair Value |
|
Percentage |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
$ |
— |
|
|
— |
|
$ |
— |
|
|
— |
2 |
|
|
24,832,012 |
|
|
97.2% |
|
|
24,258,409 |
|
|
99.0% |
3 |
|
|
577,923 |
|
|
2.3% |
|
|
173,005 |
|
|
0.7% |
4 |
|
|
113,209 |
|
|
0.4% |
|
|
75,053 |
|
|
0.3% |
5 |
|
|
21,407 |
|
|
0.1% |
|
|
9,161 |
|
|
0.0% |
Total |
|
$ |
25,544,551 |
|
|
100.0% |
|
$ |
24,515,628 |
|
|
100.0% |
Results of Operations
Operating results for the three and nine months ended September 30, 2026 and 2025 were as follows (dollar amounts in millions)*:
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2026 |
|
2025 |
|
2026 |
|
2025 |
Total investment income |
$ |
608.2 |
|
$ |
501.6 |
|
$ |
1,761.7 |
|
$ |
1,350.9 |
Net expenses |
|
(306.0) |
|
|
(224.9) |
|
|
(860.5) |
|
|
(592.1) |
Net investment income |
|
302.2 |
|
|
276.7 |
|
|
901.3 |
|
|
758.7 |
Net realized gain (loss) |
|
(86.1) |
|
|
(14.4) |
|
|
(118.3) |
|
|
(234.8) |
Net unrealized appreciation (depreciation) |
|
67.0 |
|
|
25.5 |
|
|
(203.8) |
|
|
211.1 |
Net increase (decrease) in net assets resulting from operations |
$ |
283.1 |
|
$ |
287.8 |
|
$ |
579.2 |
|
$ |
735.0 |
* Totals may not foot due to rounding.
Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including acquisitions, the level of new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. Additionally, many of the period over period changes are a result of increased deployment of capital and balance of our investments. Thus, comparisons may not be meaningful.
Investment Income
Investment income, for the three and nine months ended September 30, 2026 and 2025 were as follows (dollar amounts in millions)*:
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
Interest income |
$ |
573.2 |
|
$ |
484.8 |
|
$ |
1,665.9 |
|
$ |
1,308.9 |
PIK interest income |
|
19.9 |
|
|
13.7 |
|
|
56.5 |
|
|
28.3 |
Dividend income |
|
3.4 |
|
|
1.6 |
|
|
10.9 |
|
|
5.1 |
Other income |
|
11.7 |
|
|
1.4 |
|
|
28.4 |
|
|
8.6 |
Total investment income |
$ |
608.2 |
|
$ |
501.6 |
|
$ |
1,761.7 |
|
$ |
1,350.9 |
* Totals may not foot due to rounding.
For the three months ended September 30, 2026, total investment income increased to $608.2 million from $501.6 million for the same period in the prior year, primarily driven by our continuing deployment of capital. The size of our investment portfolio at fair value increased to $25.5 billion at September 30, 2026 from $22.5 billion at September 30, 2025. For the three months ended September 30, 2026 and 2025, payment-in-kind interest income represented 3.3% and 2.7% of total investment income, respectively. We expect that investment income will vary based on a variety of factors including the pace of our originations, repayments, and changes in interest rates.
For the nine months ended September 30, 2026, total investment income increased to $1,761.7 million from $1,350.9 million for the same period in the prior year, primarily driven by our continuing deployment of capital. The size of our investment portfolio at fair value increased to $25.5 billion at September 30, 2026 from $22.5 billion at September 30, 2025. For the nine months ended September 30, 2026 and 2025, payment-in-kind interest income represented 3.2% and 2.1% of total investment income, respectively. We expect that investment income will vary based on a variety of factors including the pace of our originations, repayments, and changes in interest rates.
Expenses
Expenses for the three and nine months ended September 30, 2026 and 2025 were as follows (dollar amounts in millions)*:
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2026 |
|
2025 |
|
2026 |
|
2025 |
Management fees |
$ |
44.6 |
|
$ |
44.4 |
|
$ |
137.2 |
|
$ |
117.6 |
Performance-based incentive fees |
|
44.1 |
|
|
40.4 |
|
|
131.5 |
|
|
109.7 |
Interest and other debt expenses |
|
196.4 |
|
|
124.1 |
|
|
535.0 |
|
|
324.8 |
Offering costs |
|
0.5 |
|
|
0.1 |
|
|
1.0 |
|
|
0.4 |
Trustees' fees |
|
0.4 |
|
|
0.2 |
|
|
1.1 |
|
|
0.5 |
Shareholder servicing fees |
|
6.2 |
|
|
5.9 |
|
|
18.6 |
|
|
16.0 |
Administrative service expenses |
|
3.6 |
|
|
2.5 |
|
|
10.0 |
|
|
7.1 |
Other general and administrative expenses |
|
10.3 |
|
|
7.5 |
|
|
26.2 |
|
|
16.0 |
Total expenses |
$ |
306.0 |
|
$ |
224.9 |
|
$ |
860.5 |
|
$ |
592.1 |
* Totals may not foot due to rounding.
For the three months ended September 30, 2026 and 2025, net expenses were $306.0 million and $224.9 million, respectively, primarily comprised of interest and other debt expenses.
For the nine months ended September 30, 2026 and 2025, net expenses were $860.5 million and $592.1 million, respectively, primarily comprised of interest and other debt expenses.
Interest and other debt expenses
For the three months ended September 30, 2026, interest and other debt expenses increased to $196.4 million from $124.1 million for the same period in the prior year, primarily driven by increased borrowings outstanding. The total annualized cost of debt decreased to 6.3% for the three months ended September 30, 2026 from 7.1% for the same period in the prior year. Although the cost of debt decreased, the average principal debt outstanding increased to $12.5 billion for the three months ended September 30, 2026 from $6.8 billion for the same period in the prior year yielding to a higher interest expense.
For the nine months ended September 30, 2026, interest and other debt expenses increased to $535.0 million from $324.8 million for the same period in the prior year, primarily driven by increased borrowings outstanding. The total annualized cost of debt decreased to 6.2% for the nine months ended September 30, 2026 from 7.2% for the same period in the prior year. Although the cost of debt decreased, the average principal debt outstanding increased to $11.5 billion for the nine months ended September 30, 2026 from $6.0 billion for the same period in the prior year yielding to a higher interest expense.
Management fees
For the three months ended September 30, 2026, gross management fees increased to $44.6 million from $44.4 million for the same period in the prior year, primarily due to an increase in average net assets. Our average beginning net assets increased to $14.2 billion for the three months ended September 30, 2026 from $14.1 billion for the three months ended September 30, 2025. Management fees are payable monthly in arrears at an annual rate of 1.25% of the value of our net assets as of the beginning of the first calendar day of the applicable month. No management fees have been waived for the three months ended September 30, 2026 and 2025.
For the nine months ended September 30, 2026, gross management fees increased to $137.2 million from $117.6 million for the same period in the prior year, primarily due to an increase in average net assets. Our average beginning net assets increased to $14.7 billion for the nine months ended September 30, 2026 from $12.6 billion for the nine months ended September 30, 2025. Management fees are payable monthly in arrears at an annual rate of 1.25% of the value of our net assets as of the beginning of the first calendar day of the applicable month. No management fees have been waived for the nine months ended September 30, 2026 and 2025.
Incentive fees
For the three months ended September 30, 2026, incentive fees increased to $44.1 million from $40.4 million for the same period in the prior year, primarily due to our deployment of capital and increase in net investment income. No incentive fees have been waived for the three months ended September 30, 2026 and 2025.
For the nine months ended September 30, 2026, incentive fees increased to $131.5 million from $109.7 million for the same period in the prior year, primarily due to our deployment of capital and increase in net investment income. No incentive fees have been waived for the nine months ended September 30, 2026 and 2025.
Other expenses
Total other expenses were $21.0 million for the three months ended September 30, 2026, primarily comprised of $6.2 million of distribution and shareholder servicing fees paid with respect to Class S and Class D investors, $10.3 million of general and administrative expenses (including insurance, filing, research, and fees paid to our sub-administrator and transfer agent), $4.0 million of professional fees (including legal, rating agencies, audit, tax, valuation, technology and other professional fees related to management of the Company), and $0.5 million of offering costs. Total other expenses for the same period in the prior year were $16.2 million. The increase compared to the same period in the prior year was primarily driven by the increased costs attributable to servicing a growing investment portfolio, as well as increased subscriptions to our Class S and Class D shares.
Total other expenses were $56.9 million for the nine months ended September 30, 2026, primarily comprised of $18.6 million of distribution and shareholder servicing fees paid with respect to Class S and Class D investors, $26.2 million of general and administrative expenses (including insurance, filing, research, and fees paid to our sub-administrator and transfer agent), $11.1 million of professional fees (including legal, rating agencies, audit, tax, valuation, technology and other professional fees related to management of the Company), and $1.0 million of offering costs. Total other expenses for the same period in the prior year were $40.0 million. The increase compared to the same period in the prior year was primarily driven by the increased costs attributable to servicing a growing investment portfolio, as well as increased subscriptions to our Class S and Class D shares.
Expense support
For the three and nine months ended September 30, 2026 and 2025, the Company did not receive expense support from the Adviser and did not make any repayments.
Net Realized Gain (Loss)
Net realized gains (losses) for the three and nine months ended September 30, 2026 and 2025 were comprised of the following (dollar amounts in millions)*:
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2026 |
|
2025 |
|
2026 |
|
2025 |
Non-controlled/non-affiliated investments |
$ |
(48.9) |
|
$ |
6.3 |
|
$ |
(91.3) |
|
$ |
(22.4) |
Derivative instruments |
|
— |
|
|
0.8 |
|
|
10.8 |
|
|
2.1 |
Foreign currency forward contracts |
|
(24.4) |
|
|
(25.2) |
|
|
(36.6) |
|
|
(235.3) |
Foreign currency transactions |
|
(12.8) |
|
|
3.7 |
|
|
(1.1) |
|
|
20.8 |
Net realized gains (losses) |
$ |
(86.1) |
|
$ |
(14.4) |
|
$ |
(118.3) |
|
$ |
(234.8) |
* Totals may not foot due to rounding.
For the three and nine months ended September 30, 2026, we recorded total net realized losses of $86.1 million and $118.3 million, respectively, driven by net realized losses of $48.9 million and $91.3 million, respectively, on non-controlled/non-affiliated investments primarily due to restructuring and sales of existing investments. We had net realized losses of $24.4 million and $36.6 million, respectively, on foreign currency forward contracts primarily attributable to the British Pound and Australian Dollar exchange rates and net realized losses of $12.8 million and $1.1 million, respectively, on foreign currency transactions. For the nine months ended September 30, 2026, net realized losses were partially offset by net realized gains of $10.8 million on derivative instruments.
For the three and nine months ended September 30, 2025, we recorded total net realized losses of $14.4 million and $234.8 million, respectively, driven by net realized gains of $6.3 million and net realized losses of $22.4 million, respectively, on non-controlled/non-affiliated investments primarily due to full or partial sales and/or restructuring of our debt investments. We had net realized losses of $25.2 million and $235.3 million, respectively, from foreign currency forward contracts primarily attributable to fluctuations in the Euro and British Pound exchange rates. Net realized losses were partially offset by net realized gains of $3.7 million and $20.8 million, respectively, on foreign currency transactions, in addition to net realized gains of $0.8 million and $2.1 million, respectively, on derivative instruments.
Net Unrealized Gain (Loss)
Net change in unrealized gains (losses) for the three and nine months ended September 30, 2026 and 2025 were comprised of the following (dollar amounts in millions)*:
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2026 |
|
2025 |
|
2026 |
|
2025 |
Non-controlled/non-affiliated investments |
$ |
29.0 |
|
$ |
(28.4) |
|
$ |
(347.9) |
|
$ |
251.3 |
Derivative instruments |
|
(1.0) |
|
|
8.6 |
|
|
(14.2) |
|
|
(6.9) |
Foreign currency forward contracts |
|
32.3 |
|
|
74.2 |
|
|
148.8 |
|
|
(27.2) |
Foreign currency translations |
|
6.6 |
|
|
(28.8) |
|
|
9.5 |
|
|
(6.1) |
Net change in unrealized gains (losses) |
$ |
67.0 |
|
$ |
25.5 |
|
$ |
(203.8) |
|
$ |
211.1 |
* Totals may not foot due to rounding.
For the three months ended September 30, 2026, we recorded net change in unrealized gains of $29.0 million on non-controlled/non-affiliated investments, net change in unrealized gains of $32.3 million on foreign currency forward contracts, and net change in unrealized gains of $6.6 million on foreign currency translations. The net change in unrealized gains on investments was primarily driven by the reversal of previously recognized unrealized losses on investments that were restructured or sold during the period. The fair value of our debt investments, as a percentage of principal, remained unchanged from 97.9% as of June 30, 2026 to 97.9% as of September 30, 2026. The U.S. dollar strengthened against major foreign currencies during the period, with the most significant impact arising from our Euro exposures. These gains were partially offset by net change in unrealized losses of $1.0 million on derivative instruments.
For the three months ended September 30, 2025, we recorded net unrealized losses of $28.4 million on non-controlled/non-affiliated investments and $28.8 million on foreign currency translations. The fair value of our debt investments, as a percentage of principal, rose from 100.3% as of June 30, 2025 to 100.8% as of September 30, 2025, reflecting improvements in portfolio company fundamentals and broader market conditions. However, unfavorable foreign currency translation impacts on cash and investments, primarily related to Euro and British Pound, contributed to the overall unrealized losses in non-controlled/non-affiliated investments and foreign currency translations. Despite these losses, the Company reported a net unrealized gain, primarily driven by $8.6 million in unrealized gains on derivative instruments and $74.2 million on foreign currency forward contracts, both influenced by movements in Euro and British Pound exchange rates.
For the nine months ended September 30, 2026, we recorded net change in unrealized losses of $347.9 million on non-controlled/non-affiliated investments and net change in unrealized losses of $14.2 million on derivative instruments. The fair value of our debt investments, as a percentage of principal, decreased from 98.9% as of December 31, 2025 to 97.9% as of September 30, 2026 due to changes in portfolio company fundamentals and broader market conditions. These losses were partially offset by net change in unrealized gains of $148.8 million on foreign currency forward contracts and net change in unrealized gains of $9.5 million on foreign currency translations. The U.S. dollar strengthened against major foreign currencies during the nine months ended September 30, 2026, with the most significant impact arising from our Euro and British Pound exposures.
For the nine months ended September 30, 2025, we recorded net unrealized gains of $251.3 million on non-controlled/non-affiliated investments. The fair value of our debt investments, as a percentage of principal, declined slightly from 100.9% as of December 31, 2024 to 100.8% as of September 30, 2025, reflecting changes in portfolio company fundamentals and broader market conditions. Despite the modest decrease in fair value of our debt investments, as a percentage of principal, favorable foreign currency translation movements, primarily in the Euro, British Pound, and Australian Dollar drove overall unrealized gains on non-controlled/non-affiliated investments. These gains were partially offset by net unrealized losses of $6.9 million on derivative instruments, $27.2 million on foreign currency forward contracts, and $6.1 million on foreign currency translations, including cash fluctuations.
The net change in unrealized gains (losses) include the impact of transferring unrealized appreciation (depreciation) to realized gains (losses) due to sale and paydown activity.
Interest Rate Swaps
The Company uses interest rate swaps to mitigate interest rate risk associated with the Company's fixed rate liabilities, and has designated certain interest rate swaps to be in a hedge accounting relationship. See "Item 1. Consolidated Financial Statements - Notes to Consolidated Financial Statements - Note 2. Significant Accounting Policies" and "Item 1. Consolidated Financial Statements - Notes to Consolidated Financial Statements - Note 5. Derivative Instruments" for additional disclosure regarding our accounting for derivative instruments designated in a hedge accounting relationship, and our consolidated schedule of investments for additional disclosure regarding these derivative instruments. See "Item 1. Consolidated Financial Statements - Notes to Consolidated Financial Statements - Note 6. Debt and Foreign Currency Transactions and Translations" for additional disclosure regarding the carrying value of our debt.
Foreign Currency Forward Contracts
The Company uses foreign currency forward contracts to reduce the Company's exposure to fluctuations in the 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. Unrealized appreciation (depreciation) on foreign currency forward contracts are recorded within derivative assets or derivative liabilities on the Consolidated Statements of Assets and Liabilities by counterparty on a net basis, not taking into account collateral posted which is recorded separately, if applicable. 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 unrealized appreciation (depreciation) on the Consolidated Statements of Operations.
Currency Swaps
The Company uses currency swaps to mitigate the value of portfolio securities denominated in particular currencies against fluctuations in relative value or to gain or reduce exposure to certain currencies. The Company does not utilize hedge accounting with respect to currency swaps and as such, the Company recognizes its currency swaps at fair value on the Consolidated Statements of Assets and Liabilities with changes included in the net unrealized appreciation (depreciation) on the Consolidated Statements of Operations.
Options
In addition to foreign currency forward contracts and swaps, the Company held option-based derivative instruments, including interest rate swaptions and binary options, as of September 30, 2026. These instruments are recorded at fair value on the Consolidated Statements of Assets and Liabilities, with changes in fair value recognized in net unrealized appreciation (depreciation) within derivative instruments on the Consolidated Statements of Operations. The Company does not designate these option instruments for hedge accounting.
Liquidity and Capital Resources
The Company’s liquidity and capital resources are generated and generally available through our continuous offering of Common Shares and debt offerings, our Senior Secured Facility (as defined in Note 6 to the consolidated financial statements), investments in special purpose entities in which we hold and finance particular investments on a non-recourse basis, as well as from cash flows from operations, investment sales of liquid assets and repayments of senior and subordinated loans and income earned from investments.
As of September 30, 2026, we had six asset based leverage facilities, ten unsecured debt issuances, nineteen CLO Notes, and one Senior Secured Facility outstanding. We have and will continue to, from time to time, enter into additional credit facilities, increase the size of our existing credit facilities or issue additional debt securities, including debt securitizations and unsecured debt. Any such incurrence or issuance may be from sources within the U.S. or from various foreign geographies or jurisdictions, and may be denominated in currencies other than the U.S. Dollar. Additionally, any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred shares, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred shares, is at least 150%.
We believe that our current cash and cash equivalents on hand, our short-term investments, our available borrowing capacity under our Senior Secured Facility and our anticipated cash flows from operations will be adequate to meet our cash needs for our daily operations in the near term.
Cash Equivalents
The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only securities with a maturity of three months or less from the date of purchase would qualify, with limited exceptions. The Company deems that certain money market funds, U.S. Treasury bills, repurchase agreements and other high-quality, short-term debt securities would qualify as cash equivalents (see Note 2 to the consolidated financial statements). At the end of each fiscal quarter, we consider taking proactive steps utilizing cash equivalents with the objective of enhancing our investment flexibility during the following quarter, pursuant to Section 55 of the 1940 Act. More specifically, we may purchase U.S. Treasury bills from time-to-time on the last business day of the quarter and typically close out that position on the following business day, settling the sale transaction on a net cash basis with the purchase, subsequent to quarter end. We may also utilize repurchase agreements or other balance sheet transactions, including drawing down on our Senior Secured Facility, as we deem appropriate.
Debt
See Note 6 to the consolidated financial statements for information on the Company’s debt.
The following table shows the contractual maturities of our debt obligations as of September 30, 2026:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments Due by Period* |
(in millions) |
|
|
Total |
|
|
Less than 1 Year |
|
|
1 to 3 Years |
|
|
3 to 5 Years |
|
|
More than 5 Years |
Senior Secured Facility (1) |
|
$ |
672 |
|
$ |
— |
|
$ |
— |
|
$ |
672 |
|
$ |
— |
SPV Financing Facilities (2) |
|
|
5,060 |
|
|
— |
|
|
430 |
|
|
4,630 |
|
|
— |
CLO Notes |
|
|
1,912 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,912 |
Unsecured Notes |
|
|
5,625 |
|
|
— |
|
|
1,825 |
|
|
2,250 |
|
|
1,550 |
Total Debt Obligations |
|
$ |
13,269 |
|
$ |
— |
|
$ |
2,255 |
|
$ |
7,552 |
|
$ |
3,462 |
* Totals may not foot due to rounding.
(1)As of September 30, 2026, aggregate lender commitments under the Senior Secured Facility totaled $3.3 billion of unused capacity.
(2)As of September 30, 2026, aggregate lender commitments under the SPV Financing Facilities totaled $140.0 million of unused capacity.
The following table shows the contractual maturities of our debt obligations as of December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments Due by Period* |
(in millions) |
|
|
Total |
|
|
Less than 1 Year |
|
|
1 to 3 Years |
|
|
3 to 5 Years |
|
|
More than 5 Years |
Senior Secured Facility (1) |
|
$ |
272 |
|
$ |
— |
|
$ |
— |
|
$ |
272 |
|
$ |
— |
SPV Financing Facilities (2) |
|
|
3,500 |
|
|
472 |
|
|
— |
|
|
3,028 |
|
|
— |
CLO Class A-1 Notes |
|
|
1,586 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,586 |
Unsecured Notes |
|
|
4,157 |
|
|
332 |
|
|
825 |
|
|
1,500 |
|
|
1,500 |
Total Debt Obligations |
|
$ |
9,515 |
|
$ |
804 |
|
$ |
825 |
|
$ |
4,800 |
|
$ |
3,086 |
* Totals may not foot due to rounding.
(1)As of December 31, 2025, aggregate lender commitments under the Senior Secured Facility totaled $3.2 billion of unused capacity.
(2)As of December 31, 2025, aggregate lender commitments under the SPV Financing Facilities totaled $200.0 million of unused capacity.
Net Assets
See Note 7 to the consolidated financial statements for information on the Company’s Common Shares and related capital activities.
Distributions
The following table summarizes our distributions declared and payable for the nine months ended September 30, 2026 (dollar amounts in thousands, except per share amounts):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class S Distributions |
|
Class D Distributions |
|
Class I Distributions |
|
Record Date |
|
Declaration Date |
|
Payment Date |
|
Per Share |
|
Amount* |
|
Per Share |
|
Amount* |
|
Per Share |
|
Amount* |
|
January 31, 2026 |
|
January 23, 2026 |
|
February 27, 2026 |
|
$ |
0.1624 |
|
$ |
19,570 |
|
$ |
0.1748 |
|
$ |
281 |
|
$ |
0.1800 |
|
$ |
89,426 |
|
February 28, 2026 |
|
February 23, 2026 |
|
March 26, 2026 |
|
|
0.1641 |
|
|
20,023 |
|
|
0.1753 |
|
|
288 |
|
|
0.1800 |
|
|
90,560 |
|
March 31, 2026 |
|
March 23, 2026 |
|
April 28, 2026 |
|
|
0.1626 |
|
|
20,268 |
|
|
0.1749 |
|
|
294 |
|
|
0.1800 |
|
|
91,509 |
|
April 30, 2026 |
|
April 23, 2026 |
|
May 28, 2026 |
|
|
0.1633 |
|
|
19,698 |
|
|
0.1751 |
|
|
297 |
|
|
0.1800 |
|
|
87,464 |
|
May 31, 2026 |
|
May 22, 2026 |
|
June 29, 2026 |
|
|
0.1627 |
|
|
19,726 |
|
|
0.1749 |
|
|
300 |
|
|
0.1800 |
|
|
88,021 |
|
June 30, 2026 |
|
June 23, 2026 |
|
July 29, 2026 |
|
|
0.1633 |
|
|
19,944 |
|
|
0.1751 |
|
|
302 |
|
|
0.1800 |
|
|
88,867 |
|
July 31, 2026 |
|
July 23, 2026 |
|
August 28, 2026 |
|
|
0.1628 |
|
|
19,641 |
|
|
0.1749 |
|
|
301 |
|
|
0.1800 |
|
|
84,356 |
|
August 31, 2026 |
|
August 19, 2026 |
|
September 29, 2026 |
|
|
0.1628 |
|
|
19,783 |
|
|
0.1749 |
|
|
304 |
|
|
0.1800 |
|
|
84,780 |
|
September 30, 2026 |
|
September 22, 2026 |
|
October 29, 2026 |
|
|
0.1633 |
|
|
19,961 |
|
|
0.1751 |
|
|
305 |
|
|
0.1800 |
|
|
85,256 |
|
|
|
|
|
|
|
$ |
1.4673 |
|
$ |
178,614 |
|
$ |
1.5750 |
|
$ |
2,672 |
|
$ |
1.6200 |
|
$ |
790,239 |
|
* Totals may not foot due to rounding.
The following table presents distributions that were declared during the nine months ended September 30, 2025 (dollar amounts in thousands, except per share amounts):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class S Distributions |
|
Class D Distributions |
|
Class I Distributions |
|
Record Date |
|
Declaration Date |
|
Payment Date |
|
Per Share |
|
Amount* |
|
Per Share |
|
Amount* |
|
Per Share |
|
Amount* |
|
January 31, 2025 |
|
January 22, 2025 |
|
February 27, 2025 |
|
$ |
0.1621 |
|
$ |
13,892 |
|
$ |
0.1747 |
|
$ |
182 |
|
$ |
0.1800 |
|
$ |
57,637 |
|
January 31, 2025 |
|
December 23, 2024 |
|
February 27, 2025 |
|
|
0.0200 |
|
|
1,714 |
|
|
0.0200 |
|
|
21 |
|
|
0.0200 |
|
|
6,405 |
(1) |
February 28, 2025 |
|
February 21, 2025 |
|
March 27, 2025 |
|
|
0.1638 |
|
|
14,739 |
|
|
0.1752 |
|
|
183 |
|
|
0.1800 |
|
|
62,318 |
|
February 28, 2025 |
|
December 23, 2024 |
|
March 27, 2025 |
|
|
0.0200 |
|
|
1,800 |
|
|
0.0200 |
|
|
21 |
|
|
0.0200 |
|
|
6,923 |
(1) |
March 31, 2025 |
|
March 24, 2025 |
|
April 28, 2025 |
|
|
0.1621 |
|
|
15,583 |
|
|
0.1747 |
|
|
186 |
|
|
0.1800 |
|
|
66,593 |
|
March 31, 2025 |
|
December 23, 2024 |
|
April 28, 2025 |
|
|
0.0200 |
|
|
1,896 |
|
|
0.0200 |
|
|
21 |
|
|
0.0200 |
|
|
7,308 |
(1) |
April 30, 2025 |
|
April 22, 2025 |
|
May 29, 2025 |
|
|
0.1628 |
|
|
16,289 |
|
|
0.1749 |
|
|
192 |
|
|
0.1800 |
|
|
70,701 |
|
April 30, 2025 |
|
March 24, 2025 |
|
May 29, 2025 |
|
|
0.0200 |
|
|
2,001 |
|
|
0.0200 |
|
|
22 |
|
|
0.0200 |
|
|
7,856 |
(1) |
May 31, 2025 |
|
May 22, 2025 |
|
June 27, 2025 |
|
|
0.1623 |
|
|
16,725 |
|
|
0.1748 |
|
|
196 |
|
|
0.1800 |
|
|
74,897 |
|
May 31, 2025 |
|
March 24, 2025 |
|
June 27, 2025 |
|
|
0.0200 |
|
|
2,061 |
|
|
0.0200 |
|
|
22 |
|
|
0.0200 |
|
|
8,322 |
(1) |
June 30, 2025 |
|
June 23, 2025 |
|
July 29, 2025 |
|
|
0.1628 |
|
|
17,424 |
|
|
0.1749 |
|
|
215 |
|
|
0.1800 |
|
|
78,164 |
|
June 30, 2025 |
|
March 24, 2025 |
|
July 29, 2025 |
|
|
0.0200 |
|
|
2,141 |
|
|
0.0200 |
|
|
25 |
|
|
0.0200 |
|
|
8,685 |
(1) |
July 31, 2025 |
|
July 23, 2025 |
|
August 27, 2025 |
|
|
0.1622 |
|
|
17,536 |
|
|
0.1748 |
|
|
224 |
|
|
0.1800 |
|
|
78,999 |
|
July 31, 2025 |
|
June 23, 2025 |
|
August 27, 2025 |
|
|
0.0200 |
|
|
2,162 |
|
|
0.0200 |
|
|
26 |
|
|
0.0200 |
|
|
8,778 |
(1) |
August 31, 2025 |
|
August 22, 2025 |
|
September 26, 2025 |
|
|
0.1622 |
|
|
18,072 |
|
|
0.1748 |
|
|
240 |
|
|
0.1800 |
|
|
83,177 |
|
August 31, 2025 |
|
June 23, 2025 |
|
September 26, 2025 |
|
|
0.0200 |
|
|
2,228 |
|
|
0.0200 |
|
|
28 |
|
|
0.0200 |
|
|
9,242 |
(1) |
September 30, 2025 |
|
September 24, 2025 |
|
October 28, 2025 |
|
|
0.1628 |
|
|
18,669 |
|
|
0.1750 |
|
|
268 |
|
|
0.1800 |
|
|
86,755 |
|
September 30, 2025 |
|
June 23, 2025 |
|
October 28, 2025 |
|
|
0.0200 |
|
|
2,293 |
|
|
0.0200 |
|
|
31 |
|
|
0.0200 |
|
|
9,640 |
(1) |
|
|
|
|
|
|
$ |
1.6431 |
|
$ |
167,224 |
|
$ |
1.7538 |
|
$ |
2,103 |
|
$ |
1.8000 |
|
$ |
732,400 |
|
* Totals may not foot due to rounding.
(1) Represents a special distribution.
The Company has adopted a distribution reinvestment plan, pursuant to which the Company will reinvest all cash dividends declared by our Board of Trustees (the "Board") on behalf of our shareholders who do not elect to receive their dividends in cash as provided below. As a result, if the Board authorizes, and the Company declares, a cash dividend or other distribution, then shareholders who have not opted out of our distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares as described below, rather than receiving the cash dividend or other distribution. Distributions on fractional shares will be credited to each participating shareholder’s account to three decimal places.
Sources of distributions, other than net investment income and realized gains on a U.S. generally accepted accounting principles ("GAAP") basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions. The following table reflects the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its Common Shares during the nine months ended September 30, 2026 (dollar amounts in thousands, except per share amounts):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class S |
|
Class D |
|
Class I |
Source of Distribution |
|
Per Share |
|
Amount |
|
Per Share |
|
Amount |
|
Per Share |
|
Amount |
Net investment income |
|
$ |
1.3538 |
|
$ |
164,759 |
|
$ |
1.4833 |
|
$ |
2,516 |
|
$ |
1.5059 |
|
$ |
733,975 |
Net realized gains |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Distributions in excess of net investment income |
|
|
0.1135 |
|
|
13,855 |
|
|
0.0917 |
|
|
156 |
|
|
0.1141 |
|
|
56,264 |
|
|
$ |
1.4673 |
|
$ |
178,614 |
|
$ |
1.5750 |
|
$ |
2,672 |
|
$ |
1.6200 |
|
$ |
790,239 |
The following table reflects the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its Common Shares during the nine months ended September 30, 2025 (dollar amounts in thousands, except per share amounts):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class S |
|
Class D |
|
Class I |
Source of Distribution |
|
Per Share |
|
Amount |
|
Per Share |
|
Amount |
|
Per Share |
|
Amount |
Net investment income |
|
$ |
1.6360 |
|
$ |
166,536 |
|
$ |
1.7467 |
|
$ |
2,095 |
|
$ |
1.7929 |
|
$ |
729,703 |
Net realized gains |
|
|
0.0071 |
|
|
688 |
|
|
0.0071 |
|
|
8 |
|
|
0.0071 |
|
|
2,697 |
Distributions in excess of net investment income |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
$ |
1.6431 |
|
$ |
167,224 |
|
$ |
1.7538 |
|
$ |
2,103 |
|
$ |
1.8000 |
|
$ |
732,400 |
To maintain our RIC status, we must distribute at least 90% of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, out of the assets legally available for distribution. Although we currently intend to distribute realized net capital gains (i.e., net long-term capital gains in excess of short-term capital losses), if any, at least annually, out of the assets legally available for such distributions, we may in the future decide to retain such capital gains for investments.
We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of these distributions from time to time. In addition, due to the asset coverage test applicable to us as a BDC, we may in the future be limited in our ability to make distributions. Also, our Senior Secured Facility and SPV Financing Facilities may limit our ability to declare distributions if we default under certain provisions or fail to satisfy certain other conditions. If we do not distribute a certain percentage of our income annually, we may suffer adverse tax consequences, including possible loss of the tax benefits available to us as a RIC. In addition, in accordance with GAAP and tax regulations, we include in income certain amounts that we have not yet received in cash, such as contractual PIK, which represents contractual interest added to the loan balance that becomes due at the end of the loan term, or the accrual of original issue or market discount.
Since we may recognize income before or without receiving cash representing such income, we may not be able to meet the requirement to distribute at least 90% of our investment company taxable income to obtain tax benefits as a RIC. With respect to the distributions to shareholders, income from origination, structuring, closing, commitment and other upfront fees associated with investments in portfolio companies is treated as taxable income and accordingly, distributed to shareholders.
Share Repurchase Program
At the discretion of our Board, the Company has commenced a share repurchase program in which we intend to offer to repurchase the Company’s Common Shares outstanding as of the close of the previous calendar quarter. The Board may amend or suspend the share repurchase program if in its reasonable judgment it deems such action to be in the Company’s best interest and the best interest of our shareholders. As a result, share repurchases may not be available each quarter. Should the Board suspend the share repurchase program, the Board will consider whether the continued suspension of the program is in the best interests of the Company and shareholders on a quarterly basis. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the 1934 Act and the 1940 Act. All shares purchased by the Company pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.
Under the share repurchase program, to the extent the Company offers to repurchase shares in any particular quarter, it is expected to repurchase shares pursuant to tender offers on or around the last business day of that quarter using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (the "Early Repurchase Deduction"). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.
The following table presents information with respect to the Company’s share repurchases during the nine months ended September 30, 2026 (dollar amounts in thousands, except per share amounts):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Deadline Request |
|
Number of Shares Repurchased (all classes) |
|
Percentage of Outstanding Shares Repurchased (1) |
|
Price Paid Per Share |
|
Repurchase Pricing Date |
|
Amount Repurchased (all classes) (2) |
|
Maximum number of shares that may yet be purchased under the repurchase plan |
March 16, 2026 |
|
30,261,082 |
|
5.00% |
|
$ |
23.90 |
|
March 31, 2026 |
|
$ |
722,586 |
|
— |
June 15, 2026 |
|
30,224,152 |
|
5.00% |
|
$ |
23.83 |
|
June 30, 2026 |
|
$ |
720,104 |
|
— |
September 14, 2026 |
|
29,368,950 |
|
5.00% |
|
$ |
23.78 |
|
September 30, 2026 |
|
$ |
698,321 |
|
— |
(1) Percentage is based on total shares as of the close of the previous calendar quarter.
(2) Amounts shown net of Early Repurchase Deduction.
The following table presents information with respect to the Company’s share repurchases during the nine months ended September 30, 2025 (dollar amounts in thousands, except per share amounts):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Deadline Request |
|
Number of Shares Repurchased (all classes) |
|
Percentage of Outstanding Shares Repurchased (1) |
|
Price Paid Per Share |
|
Repurchase Pricing Date |
|
Amount Repurchased (all classes) (3) |
|
Maximum number of shares that may yet be purchased under the repurchase plan (2) |
March 17, 2025 |
|
5,282,627 |
|
1.38% |
|
$ |
24.65 |
|
March 31, 2025 |
|
$ |
130,147 |
|
13,919,523 |
June 16, 2025 |
|
8,418,605 |
|
1.83% |
|
$ |
24.60 |
|
June 30, 2025 |
|
$ |
207,118 |
|
14,645,892 |
September 15, 2025 |
|
16,284,065 |
|
3.05% |
|
$ |
24.52 |
|
September 30, 2025 |
|
$ |
399,191 |
|
10,420,646 |
(1) Percentage is based on total shares as of the close of the previous calendar quarter.
(2) All repurchase requests were satisfied in full.
(3) Amounts shown net of Early Repurchase Deduction.
Contractual Obligations
We have entered into the Advisory Agreement with the Adviser to provide us with investment advisory services and the Administration Agreement with the Administrator to provide us with administrative services. We have also entered into an Expense Support Agreement with the Adviser to provide us with support with respect to certain expenses and subject to reimbursement. Payments for investment advisory services under the Advisory Agreements, reimbursements under the Administration Agreement and support and reimbursements under the Expense Support Agreement are described in "Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 3. Agreements and Related Party Transactions."
We intend to establish one or more credit facilities or enter into other financing arrangements to facilitate investments and the timely payment of our expenses. It is anticipated that any such credit facilities will bear interest at floating rates at to-be-determined spreads over the Secured Overnight Financing Rate ("SOFR") or an alternative reference rate. We cannot assure shareholders that we will be able to enter into a credit facility on favorable terms or at all. In connection with a credit facility or other borrowings, lenders may require us to pledge assets, commitments and/or drawdown (and the ability to enforce the payment thereof) and may ask to comply with positive or negative covenants that could have an effect on our operations.
Off-Balance Sheet Arrangements
Portfolio Company Commitments
Our investment portfolio contains and is expected to continue to contain debt investments which are in the form of various 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. The Company provides funding when requested by portfolio companies in accordance with underlying loan agreements. As of September 30, 2026 and December 31, 2025, we had unfunded commitments, including delayed draw term loans, revolvers, bridge loan and backstop commitments, with an aggregate principal amount of $4.6 billion and $4.7 billion, respectively.
Other Commitments and Contingencies
See Note 8 to the consolidated financial statements for information on the Company’s Other Commitments and Contingencies.
Related-Party Transactions
We entered into a number of business relationships with affiliated or related parties, including the following:
•Administration Agreement;
•Intermediary Manager Agreement; and
•Expense Support and Conditional Reimbursement Agreement.
In addition to the aforementioned agreements, we, our Adviser and certain of our Adviser’s affiliates have been granted exemptive relief by the SEC to co-invest with other funds managed by our Adviser or its affiliates in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. See "Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 3. Agreements and Related Party Transactions."
Critical Accounting Estimates
The preparation of the consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. In addition to the discussion below, our significant accounting policies are further described in the notes to the consolidated financial statements. See "Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 2. Significant Accounting Policies" of our Quarterly Report on Form 10-Q for the quarter ended September 30, 2026.
Investments
Investment transactions are all recorded on a trade date basis. Investments are recognized when we assume an obligation to acquire a financial instrument and assume the risks for gains and losses related to that instrument. Investments are derecognized when we assume an obligation to sell a financial instrument and forego the risks for gains or losses related to that instrument. Investment transactions that have not yet settled as of the period-end date are reported as a receivable for investments sold and a payable for investments purchased, respectively, in the Consolidated Statements of Assets and Liabilities.
Realized gains or losses are measured by the difference between the net proceeds received and the amortized cost basis of the investment. The cost of investments is relieved using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.
Pursuant to Rule 2a-5 under the 1940 Act, our Board has designated the Adviser as its "valuation designee" to perform the fair value determinations for investments held by us without readily available market quotations. The Valuation Designee is responsible for determining the fair value of our portfolio investments, subject to the oversight of the Board.
Our exchange traded portfolio investments for which market quotations are readily available are valued at market value. Market value is generally determined on the basis of official exchange (e.g., NYSE or NASDAQ) closing prices or the last quoted trade price on the primary exchange or market (foreign or domestic) on which they are most actively traded (or at approximately 4:00 p.m. Eastern Time if a security’s primary exchange is normally open at that time). Our portfolio investments traded in the over-the-counter market including, but not limited to, loans and bonds are valued on the basis of quotations obtained from independent pricing services, or where applicable, broker quotes. The Valuation Designee reviews market quotations against multiple sources and, where a quotation is determined not to reflect fair value, such differences are reviewed, and adjusted where applicable, in accordance with the Valuation Policy and Procedures.
Portfolio investments, such as directly originated assets, for which quotations are not provided by independent pricing services or for which such quotations are deemed not to represent fair value are evaluated by the Valuation Designee utilizing independent third-party valuation firms and/or proprietary information to assist in determining fair value. Such portfolio investments are generally categorized as Level 3, consistent with ASC 820. The Valuation Designee has engaged multiple independent third-party valuation firms based on a review of each firm’s expertise and relevant experience in valuing certain investments. In each case, the independent valuation firms consider observable market inputs together with significant unobservable inputs in arriving at their valuation recommendations. In connection with our monthly NAV determination, such investments are generally valued utilizing a market approach, an income approach or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The valuation is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that the Valuation Designee may take into account in fair valuing our investments include, and in combination, as relevant: (i) available current market data, including relevant and applicable market trading and transaction comparables, (ii) applicable market yields and multiples, (iii) security covenants, (iv) seniority of investments in the investee company’s capital structure, (v) call protection provisions, (vi) information rights, (vii) the nature and realizable value of any collateral, (viii) the portfolio company’s ability to make payments, (ix) its earnings and discounted cash flows, (x) the markets in which the portfolio company does business, (xi) comparisons of financial ratios of public peer companies, (xii) merger and acquisition (“M&A”) comparables, (xiii) our principal market (as the reporting entity) and (xiv) enterprise values, among other factors.
After acquiring such investments, they may be held at cost for a period, generally up to a quarter, provided that no material change has since occurred in the issuer’s business, significant inputs or the relevant environment.
When an event such as a purchase transaction, public offering or subsequent equity or debt sale occurs, the Valuation Designee, with assistance from third-party valuation firms as appropriate, evaluates whether such event impacts the valuation.
In addition to the process described above, the Adviser has developed a proprietary process to generate daily estimated fair values for certain Level 3 investments, in between receipt of valuation recommendations from third-party valuation firms, where applicable, including but not limited to directly originated loans and other privately negotiated credit instruments, corporate obligations, and other illiquid or thinly traded credit instruments. Such estimates represent a good faith estimate of fair value as of a specified date and time, derived primarily from internal models and inputs and including external inputs where available in a manner consistent with our Valuation Policy and Procedures and ASC 820. The methodology seeks to capture inputs considered by the Valuation Designee in the standard valuation process, including, as applicable, cash flows and deal economic assumptions, market data and benchmarks, and risk adjustments. Where the Valuation Designee determines it appropriate, inputs may be calibrated to observable market benchmarks, indices, or comparable publicly traded instruments, including current credit spreads and market yields. The daily valuation process captures price-discovery events and considers fair valuation recommendations provided by third-party valuation firms. The Adviser may use daily estimated fair values to adjust the carrying value of Level 3 investments in connection with NAV determination. The Valuation Designee oversees this process.
A material portion of our portfolio consists of Level 3 assets, whose valuations rely on significant unobservable inputs and are subject to a higher degree of uncertainty, management judgment, and model risk than assets priced using observable market data. Determination of fair values involves subjective judgments and estimates not susceptible to substantiation by auditing procedures. Accordingly, under current auditing standards, the notes to our consolidated financial statements included elsewhere in this report, refer to the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on our consolidated financial statements.
Fair Value Measurements
The Company follows guidance in ASC 820, Fair Value Measurement ("ASC 820"), where fair value is defined as 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. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities.
ASC 820 classifies the inputs used to measure these fair values into the following hierarchy:
Level 1: Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date.
Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices.
Level 3: Unobservable inputs for the asset or liability.
ASC 820 prioritizes the use of observable market prices from active markets over entity-specific inputs. Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a readily available market quotation for these investments existed, and these differences could be material.
In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. The level assigned to the investment valuations may not be indicative of the risk or liquidity associated with investing in such investments. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may differ materially from the values that would be received upon an actual disposition of such investments.
See Notes 2 and 4 to our unaudited consolidated financial statements included herein for additional information regarding the fair value of our financial instruments.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
We are subject to financial market risks, including changes in interest rates and the valuations of our investment portfolio. For additional information concerning potential impact on our business and our operating results, see "Part II - Other Information, Item 1A. Risk Factors."
Investment Valuation Risk
Because there is not a readily available market value for most of the investments in our portfolio, we value most of our portfolio investments at fair value as determined in good faith by our Adviser as "valuation designee", subject to the oversight of the Board, based on, among other things, the input of our management and audit committee and independent third party valuation firms that have been engaged at the direction of the Board to assist in the valuation of each portfolio investment without a readily available market quotation (with certain de minimis exceptions). Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that we may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned. See "Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates" as well as Notes 2 and 4 to our consolidated financial statements for the three and nine months ended September 30, 2026, for more information relating to our investment valuation.
Interest Rate Risk
Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.
As of September 30, 2026, 96% of our debt portfolio investments bore interest at variable rates, which generally are SOFR based (or based on an equivalent applicable currency rate) and typically have durations of one to six months after which they reset to current market interest rates, and many of which are subject to certain floors. Our SPV Financing Facilities generally bear interest at SOFR rates subject to certain interest rate floors. Our Unsecured Notes, which bear interest at fixed rates, are hedged by entering into fixed to floating interest rate swaps, in order to align the interest rates of our liabilities in our investment portfolio.
We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities. Based on that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates.
The following table shows the estimated annual impact on net investment income of base rate changes in interest rates (considering interest rate flows for variable rate instruments) to our loan portfolio and outstanding debt as of September 30, 2026, assuming no changes in our investment and borrowing structure:
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Basis Point Change |
|
Net Investment Income |
|
Net Investment Income Per Share |
(in millions) |
|
|
|
|
|
|
Up 200 basis points |
|
$ |
198.8 |
|
$ |
0.35 |
Up 150 basis points |
|
|
149.1 |
|
|
0.26 |
Up 100 basis points |
|
|
99.4 |
|
|
0.17 |
Up 50 basis points |
|
|
49.7 |
|
|
0.09 |
Down 50 basis points |
|
|
(49.6) |
|
|
(0.09) |
Down 100 basis points |
|
|
(99.0) |
|
|
(0.17) |
Down 150 basis points |
|
|
(148.3) |
|
|
(0.26) |
Down 200 basis points |
|
|
(197.0) |
|
|
(0.35) |
We may hedge against interest rate fluctuations from time-to-time by using standard hedging instruments such as futures, options and forward contracts subject to the requirements of the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in the benefits of lower interest rates with respect to our portfolio of investments.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
As of September 30, 2026 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the 1934 Act). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings 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 our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.
Changes in Internal Controls Over Financial Reporting
Management has not identified any change in the Company’s internal control over financial reporting that occurred during our most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. While the outcome of any such future legal or regulatory proceedings cannot be predicted with certainty, we do not expect that any such future proceedings will have a material effect upon our financial condition or results of operations.
See Note 8 to the consolidated financial statements for information on the Company’s Other Commitments and Contingencies.
Item 1A. Risk Factors
In addition to the other information set forth in this report and below, you should carefully consider the risk factors discussed in Part I, "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and in Part II, “Item 1A. Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, which could materially affect our business, financial condition and/or operating results. These risks are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.
The Adviser’s Proprietary Daily Valuation Estimates May Be Used in Determining Our Monthly NAV.
Between valuations received from independent third-party valuation firms, including at month-ends that do not coincide with a quarter-end, the Adviser may use its proprietary daily estimated fair values to adjust the carrying value of certain Level 3 investments in connection with our monthly NAV determination. Our monthly NAV per share is the price at which Common Shares are sold and repurchased. As a result, the monthly NAV at which you transact may reflect, in part, the Adviser’s internally generated estimates rather than contemporaneous valuations by independent third-party valuation firms or observable market prices, and may differ, possibly materially, from the value that such a third-party valuation or an actual sale of the investment would yield. These estimates rely on significant unobservable inputs and substantial management judgment, and the Adviser has a financial incentive, through management and performance-based fees calculated on the basis of NAV, in the values it produces. While the Valuation Designee maintains governance procedures intended to oversee this process, there can be no assurance that the resulting valuations will not differ from those that would have been determined by an independent third party.
There may be conflicts of interest in the Valuation Process.
The Adviser and its affiliates may have economic interests that are affected by the asset-level pricing it produces, including interests arising from management fees calculated on the basis of NAV, performance-based compensation and other fee arrangements, which are based upon valuations that take into account income or gains that have been accrued but not received in cash, including but not limited to market discounts, debt instruments with PIK interest, preferred stock with PIK dividends and zero coupon securities, in addition to amounts related to unrealized capital appreciation. In the event that a borrower defaults or an investment otherwise decreases in value, such unrealized amounts may never become realized. The Adviser is not obligated to reimburse the Company for any part of fees received that were based on unrealized gains that never materialized, which could result in higher fees than if such fees were based solely on realized gains. These interests may create an incentive for the Adviser to produce valuation information that differs from what an independent third party might determine. The Adviser has implemented internal valuation governance procedures, including oversight by a valuation committee, intended to mitigate these conflicts; however, there can be no assurance that such procedures will eliminate conflicts.
Our Investments in Level 3 Assets are Inherently Difficult to Value.
We invest significantly in securities and instruments for which there is no active public market, limited secondary market activity, or observable transaction prices. Unlike exchange-traded or market-priced securities, valuing such assets requires the Valuation Designee to rely on significant unobservable inputs and to gather and assess investment-specific and market information and to make significant assumptions — regarding creditworthiness, future cash flows, discount rates, comparable transaction data, and prevailing market conditions — that involve substantial professional judgment and depend heavily on the selection of models and inputs. These assumptions may prove incorrect, different methodologies could produce materially different values, and actual disposition values may differ materially from carrying values. Investors have limited or no ability to independently verify Level 3 valuations, and the methodologies used by our Adviser may change over time, subject to notification to our Board.
Daily Pricing Is Not a Measure of Our Performance.
Changes in Daily Pricing from one business day to the next do not constitute, and should not be interpreted as, a measure of the Company's performance. Daily Pricing is provided only for additional transparency as an estimated measure reflecting the Adviser’s good faith estimate of fair value as of a specified date. It is not derived from audited financials, official monthly/quarterly valuations or other calculations used for performance reporting purposes. You should refer to our reports to shareholders, factsheets and audited financial statements for any assessment of our performance. Reliance on Daily Pricing to draw conclusions about the Company’s returns could be misleading and is not an intended use of this information. If you are seeking official Company performance or audited valuations, you should refer to our shareholder reports and audited financial statements.
The Gap Between Daily Pricing and Official Monthly NAV may be Material.
Daily Pricing is not the Company's official net asset value and is not transactional. The Company’s NAV is determined on a monthly basis in accordance with the Company’s valuation policies and procedures. As a result, the Company’s NAV may differ materially from Daily Pricing for any given period, and the NAV will govern for purposes of subscriptions, repurchases, and all other transactional purposes. There is no assurance that the Company’s investments could be sold, redeemed, or transferred at the prices reflected in Daily Pricing. Actual realized values may differ materially. Investors should not treat Daily Pricing as a guarantee or assurance of the proceeds that would be received upon redemption, liquidation, or disposition.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Unregistered Sales of Equity Securities
Refer to our Current Reports on Form 8-K filed with SEC on July 23, 2026, August 19, 2026, and September 22, 2026 for information about unregistered sales of our equity securities during the quarter.
Shares Repurchases
At the discretion of our Board, the Company has commenced a share repurchase program in which it intends to repurchase the Company’s Common Shares outstanding as of the close of the previous calendar quarter. The Board may amend or suspend the share repurchase program if in its reasonable judgment it deems such action to be in the Company’s best interest and the best interest of our shareholders. As a result, share repurchases may not be available each quarter. Should the Board suspend the share repurchase program, the Board will consider whether the continued suspension of the program is in the best interests of the Company and shareholders on a quarterly basis. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the 1934 Act and the 1940 Act. All shares purchased by the Company pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.
Under the share repurchase program, to the extent the Company offers to repurchase shares in any particular quarter, it is expected to repurchase shares pursuant to tender offers on or around the last business day of that quarter using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an "Early Repurchase Deduction"). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.
The following table presents information with respect to the Company’s share repurchases during the nine months ended September 30, 2026 (dollar amounts in thousands, except per share amounts):
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|
|
|
|
|
|
|
|
Repurchase Deadline Request |
|
Number of Shares Repurchased (all classes) |
|
Percentage of Outstanding Shares Repurchased (1) |
|
Price Paid Per Share |
|
Repurchase Pricing Date |
|
Amount Repurchased (all classes) (2) |
|
Maximum number of shares that may yet be purchased under the repurchase plan |
March 16, 2026 |
|
30,261,082 |
|
5.00% |
|
$ |
23.90 |
|
March 31, 2026 |
|
$ |
722,586 |
|
— |
June 15, 2026 |
|
30,224,152 |
|
5.00% |
|
$ |
23.83 |
|
June 30, 2026 |
|
$ |
720,104 |
|
— |
September 14, 2026 |
|
29,368,950 |
|
5.00% |
|
$ |
23.78 |
|
September 30, 2026 |
|
$ |
698,321 |
|
— |
(1) Percentage is based on total shares as of the close of the previous calendar quarter.
(2) Amounts shown net of Early Repurchase Deduction.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
During the fiscal quarter ended September 30, 2026, none of our trustees or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement."
Sixth Amended and Restated Declaration of Trust
On November 5, 2026, the Board adopted the Sixth Amended and Restated Declaration of Trust. The Sixth Amended and Restated Declaration of Trust amends the Company's previously effective declaration of trust to remove the provision that required approval by a majority of the Board, including a majority of the Independent Trustees, with consideration of an independent appraisal, before the Company could acquire assets in exchange for its shares.
The Sixth Amended and Restated Declaration of Trust took immediate effect upon its approval.
Item 6. Exhibits
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|
Exhibit Number |
Description of Exhibits |
3.1 |
Sixth Amended and Restated Declaration of Trust of the Registrant (*) |
3.2 |
Third Amended and Restated Bylaws of the Registrant (1) |
10.1 |
Purchase Agreement, dated as of August 6, 2026, by and between ADL CLO 3 LLC, as issuer and Citigroup Global Markets Inc., as initial purchaser. (2) |
10.2 |
Placement Agreement, dated as of August 6, 2026, by and among ADL CLO 3 LLC, as issuer, Citigroup Global Markets Inc., as a placement agent and Apollo Global Securities, LLC, as a placement agent. (3) |
10.3 |
Indenture, dated as of August 6, 2026, by and between ADL CLO 3 LLC, as issuer and Western Alliance Trust Company, N.A., as collateral trustee. (4) |
10.4 |
Class A-1a Credit Agreement, dated as of August 6, 2026, by and among ADL CLO 3 LLC, as borrower, Western Alliance Trust Company, N.A., as loan agent and collateral trustee and the lenders party thereto. (5) |
10.5 |
Collateral Management Agreement, dated as of August 6, 2026, by and between ADL CLO 3 LLC, as issuer, and Apollo Debt Solutions BDC, as collateral manager. (6) |
10.6 |
Master Loan Sale Agreement, dated as of August 6, 2026, by and among Apollo Debt Solutions BDC, as transferor, ADL CLO 3 Depositor LLC, as retention holder and ADL CLO 3 LLC, as issuer. (7) |
10.7 |
Fourth Amended and Restated Senior Secured Revolving Credit Agreement, dated as of August 12, 2026, by and among Apollo Debt Solutions BDC, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto. (8) |
31.1 |
Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* |
31.2 |
Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, 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 Principal 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 With Embedded Linkbase Documents * |
104 |
Cover Page Interactive Data File (Formatted as Inline XBRL and embedded in Exhibit 101) * |
* Filed herewith
__________________
(1)Incorporated by reference to Exhibit 3.2 to the Registrant’s Annual Report on Form 10-K, filed on March 14, 2024.
(2)Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 814-01424), filed on August 7, 2026.
(3)Incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K (File No. 814-01424), filed on August 7, 2026.
(4)Incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K (File No. 814-01424), filed on August 7, 2026.
(5)Incorporated by reference to Exhibit 10.4 to the Company's Current Report on Form 8-K (File No. 814-01424), filed on August 7, 2026.
(6)Incorporated by reference to Exhibit 10.5 to the Company's Current Report on Form 8-K (File No. 814-01424), filed on August 7, 2026.
(7)Incorporated by reference to Exhibit 10.6 to the Company's Current Report on Form 8-K (File No. 814-01424), filed on August 7, 2026.
(8)Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 814-01424), filed on August 18, 2026.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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Signature |
|
Title |
|
Date |
|
|
|
/s/ Earl Hunt Earl Hunt |
|
Chairperson, Chief Executive Officer and Trustee (Principal Executive Officer) |
|
November 5, 2026 |
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|
/s/ Eric Rosenberg Eric Rosenberg |
|
Chief Financial Officer (Principal Financial Officer) |
|
November 5, 2026 |
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|
/s/ Bryan Johnston |
|
Chief Accounting Officer (Principal Accounting Officer) |
|
November 5, 2026 |
Bryan Johnston |
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