Refugio Research · Audit · Synthetic financing (TRS + written credit protection)

Audit: Synthetic financing (TRS + written credit protection) — Apollo Diversified Credit Fund

Latest observation · Monthly portfolio report (Form N-PORT) · filed 2026-05-28 · period 2026-03-31

gross synthetic-financing notional = TRS on Altice USA, Inc. (Nomura Securities) 609,018 = 609,018 (0.04% of N-PORT net assets 1,648,920,966) — classifications human-reviewed (Apollo Diversified Credit: single Altice TRS reviewed iteration 16; docs/obs_phase2_findings.md); N-PORT accession 0001049169-26-001344 filed 2026-05-28

Method Matched text template against the filing

Open the filing on SEC.gov

Technical locator

gross synthetic-financing notional = TRS on Altice USA, Inc. (Nomura Securities) 609,018 = 609,018 (0.04% of N-PORT net assets 1,648,920,966) | classifications human-reviewed (Apollo Diversified Credit: single Altice TRS reviewed iteration 16; docs/obs_phase2_findings.md) | N-PORT accession 0001049169-26-001344 filed 2026-05-28

Extraction tiers, explained

Every stored observation below, newest first, with its extraction tier, the exact filing it came from, and the verbatim snippet it was read from. Derived values state their formula and constituent figures in the source line. Tiers: T1 = structured XBRL tag; T2 = matched text template; T3/R3 = narrative/term extraction.

Period	Value	Tier	Source filing	Provenance
2026-03-31	609,017.5	T1	NPORT-P 2026-05-28	gross synthetic-financing notional = TRS on Altice USA, Inc. (Nomura Securities) 609,018 = 609,018 (0.04% of N… gross synthetic-financing notional = TRS on Altice USA, Inc. (Nomura Securities) 609,018 = 609,018 (0.04% of N-PORT net assets 1,648,920,966) \| classifications human-reviewed (Apollo Diversified Credit: single Altice TRS reviewed iteration 16; docs/obs_phase2_findings.md) \| N-PORT accession 0001049169-26-001344 filed 2026-05-28 extracted 2026-07-10T12:21:20 · confidence 1.0