Apollo Debt Solutions BDC
Sponsored by Apollo. BDC structure focused on private credit.
BDCPrivate Credit
- Net assets
- $14.44B
source
Quarterly report (Form 10-Q) · filed 2026-05-11 · period 2026-03-31
Assets net
“{'end': '2026-03-31', 'val': 14444687000, 'accn': '0001193125-26-215667', 'fy': 2026, 'fp': 'Q1', 'form': '10-Q', 'filed': '2026-05-11', 'frame': 'CY2026Q1I', 'unit': 'USD'}”
Method Direct: structured XBRL tag
Open the filing on SEC.gov · Full observation history
Technical locator
as of 2026-03-31 - NAV / share
- $23.90
source
Quarterly report (Form 10-Q) · filed 2026-05-11 · period 2026-03-31
total_net_assets 14,444,687,000 / shares_outstanding 604,483,047 (exact same-date denominator; fund-level blended per-share; direct class-level NAV absent for this period)
Method Derived: computed from other stored facts
Open the filing on SEC.gov · Full observation history
Technical locator
Canonical (canonical class) · 2026-03-31 - Net flows, last qtr
- +4.1% qtr ended 2026-03-31
- Distribution coverage (NII)
- 89% period ended 2026-03-31
- Leverage in use
- 64% debt / equity 0.73x
- Total return, 12m
- +6.2% computed from NAV + distributions
What changed in the latest filings.
Current findings ordered by severity. Each observation remains traceable to its filed source.
Credit facility new or amended: 33 occurrence(s), 2022-01-07 to 2026-06-30
Most recent (2026-06-30): National Association (the “ Trustee ”) entered into a Seventh Supplemental Indenture (the “ Seventh Supplemental Indenture ” and, together with the Base Indenture (defined herein), the “ Indenture ”) related to the $ 750,000,000 in aggregate principal amount of its 6.350% notes due 2033 ( the “ 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 Notes will mature on June 30, 2033 and may be redeemed in whole or in part at the Fund’s option at any time
Why it matters and what changed
Financing terms set the fund's cost of leverage and its dry powder. Amendments also reveal what lenders currently think of the collateral: improving spreads and rising commitments signal lender confidence; shrinking availability or margin increases signal the opposite. This fund logged 33 of these in the covered window; the cadence itself is part of the signal.
33 occurrence(s) of this event type stored; earlier instances are on the Fired Flags tab.
Source: https://www.sec.gov/Archives/edgar/data/1837532/000119312526290482/d97262d8k.htm | Item 1.01
The fund leaned harder on leverage: 59% -> 64% of its allowed leverage in use in one period (period ended 2026-03-31).
The fund leaned harder on leverage: 59% -> 64% of its allowed leverage in use in one period (period ended 2026-03-31). (Rule C22: Leverage creep: headroom down >= 5 percentage points in one period; Notify.)
Why it matters and what changed
The fund leaned meaningfully harder on its leverage in a single period. Even far from the ceiling, the direction and speed of travel matter; creep compounds quietly.
70.13 -> 57.47 (down 18.1% vs prior period); trailing 4-period average 75.35; same period prior year 85.40; breach persisted 3 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-12-31 -> 2026-03-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)
Source: derived: (asset_coverage_ratio 236.20000000000002 - leverage_ceiling 150.0) / leverage_ceiling * 100
Net investment income covered only 89% of distributions in the period ended 2026-03-31; the gap was funded from capital or gains.
Net investment income covered only 89% of distributions in the period ended 2026-03-31; the gap was funded from capital or gains. (Rule C21: Distribution coverage: distribution_nii_coverage < 100%; Notify.)
Why it matters and what changed
Distributions exceed net investment income. The gap is funded from capital (the investor's own money back) or gains, and a stated yield propped up this way is fragile.
93.88 -> 88.85 (down 5.4% vs prior period); trailing 4-period average 87.21; same period prior year 87.03; breach persisted 6 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-12-31 -> 2026-03-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)
Source: derived: net_investment_income / distributions_declared * 100 (annual grain only, see build_notes.md)
Redemption requests ran at least twice the tender offer's capacity; only 45% of tendered shares were repurchased (offer expired 2026-03-16).
Redemption requests ran at least twice the tender offer's capacity; only 45% of tendered shares were repurchased (offer expired 2026-03-16). (Rule B5: Tender/gate oversubscription, severe: requests >= 2x offer capacity (Notify immediate); Notify.)
Why it matters and what changed
Redemption requests ran at least twice the offer capacity. At this level pro-ration is severe and shareholder liquidity is materially constrained right now, not hypothetically.
100.00 -> 45.25 (down 54.8% vs prior period); trailing 4-period average 86.31; same period prior year 100.00; comparison interval: ~3 months (2025-12-15 -> 2026-03-16; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)
Source: https://www.sec.gov/Archives/edgar/data/1837532/000119312526208953/d18843dsctoia.htm | SC TO-I/A final results (pro-rated (fill computed from accepted/tendered))
The fund leaned harder on leverage: 55% -> 59% of its allowed leverage in use in one period (period ended 2025-12-31).
The fund leaned harder on leverage: 55% -> 59% of its allowed leverage in use in one period (period ended 2025-12-31). (Rule C22: Leverage creep: headroom down >= 5 percentage points in one period; Notify.)
Why it matters and what changed
The fund leaned meaningfully harder on its leverage in a single period. Even far from the ceiling, the direction and speed of travel matter; creep compounds quietly.
82.67 -> 70.13 (down 15.2% vs prior period); trailing 4-period average 82.33; same period prior year 94.07; breach persisted 2 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-09-30 -> 2025-12-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)
Source: derived: (asset_coverage_ratio 255.20000000000002 - leverage_ceiling 150.0) / leverage_ceiling * 100
Net investment income covered only 94% of distributions in the period ended 2025-12-31; the gap was funded from capital or gains.
Net investment income covered only 94% of distributions in the period ended 2025-12-31; the gap was funded from capital or gains. (Rule C21: Distribution coverage: distribution_nii_coverage < 100%; Notify.)
Why it matters and what changed
Distributions exceed net investment income. The gap is funded from capital (the investor's own money back) or gains, and a stated yield propped up this way is fragile.
81.75 -> 93.88 (up 14.8% vs prior period); trailing 4-period average 86.76; same period prior year 87.89; breach persisted 5 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-09-30 -> 2025-12-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)
Source: derived: net_investment_income / distributions_declared * 100 (annual grain only, see build_notes.md)
Net investment income covered only 82% of distributions in the period ended 2025-09-30; the gap was funded from capital or gains.
Net investment income covered only 82% of distributions in the period ended 2025-09-30; the gap was funded from capital or gains. (Rule C21: Distribution coverage: distribution_nii_coverage < 100%; Notify.)
Why it matters and what changed
Distributions exceed net investment income. The gap is funded from capital (the investor's own money back) or gains, and a stated yield propped up this way is fragile.
84.36 -> 81.75 (down 3.1% vs prior period); trailing 4-period average 85.26; same period prior year 106.05; breach persisted 4 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-06-30 -> 2025-09-30; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)
Source: derived: net_investment_income / distributions_declared * 100 (annual grain only, see build_notes.md)
Departure of Director or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Agreements of Certain Officers. (2025-08-07)
Departure of Director or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Agreements of Certain Officers. On August 7, 2025, the Board of Trustees (the “Board”) of Apollo Debt Solutions BDC (the “Company”) appointed Sheryl Schwartz to the Board, effective as of August 7, 2025, to serve as a Class III Trustee (a “Trustee”) of the Company. Effective upon the appointment of Ms. Schwartz as a Trustee of the Company, the size of the Board was increased from five to six members. The Board also appointed Ms. Schwartz to the Audit Committee and the Nominating and
Why it matters and what changed
Key-person changes at externally managed funds are one of the few governance signals these structures emit. A single departure is usually routine; a pattern (or a departure near other stress signals) is not.
Occurrence event; see the filing text for terms vs the prior arrangement.
Source: https://www.sec.gov/Archives/edgar/data/1837532/000119312525178939/d121011d8k.htm | Item 5.02
Historical findings (8)
Net investment income covered only 84% of distributions in the period ended 2025-06-30; the gap was funded from capital or gains.
Net investment income covered only 87% of distributions in the period ended 2025-03-31; the gap was funded from capital or gains.
Departure of Director or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Agreements of Certain Officers. (2023-06-02)
Third Amended and Restated Declaration of Trust On April 14, 2023, the Board of Trustees (the “Board”) of Apollo Debt Solutions BDC (the “Fund”) approved an amendment and... (2023-04-14)
Departure of Director or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Agreements of Certain Officers. (2023-03-16)
Departure of Director or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Agreements of Certain Officers. (2023-01-23)
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers On August 1, 2022, the Board of... (2022-08-01)
On December 20, 2021, the board of trustees of Apollo Debt Solutions BDC (the “ Fund ”) amended its Amended and Restated Agreement and Declaration of Trust (the “ Second Amended... (2021-12-20)
How the fund has moved.
Net asset value, total return, capital flows, and distribution coverage across the filing record.
What moved inside the book.
Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.
- Non-accruals
- 0.4% 2026-03-31
- PIK income share
- 2.9% 2026-03-31
- Bottom two ratings
- 0.4% 2026-03-31
| Date | Position change |
|---|---|
| 2026-03-31 | Banks G&A G&A Partners Holdings Company II, LLC Investment Type First Lien Secured Debt- Term Loan Interest Rate S+500, 0.75% Floor Maturity Date 3/3/2031 (1.2% of portfolio value in the 2025-09-30 report, $272,550,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | Building Products Leaf Home LHS Borrower LLC Investment Type First Lien Secured Debt - Term Loan Interest Rate S+525, 0.75% Floor Maturity Date 9/4/2031 (1.0% of portfolio value in the 2025-12-31 report, $246,192,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | Commercial Services & Supplies Heritage Environmental Services Arcwood Environmental, Inc. Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+500, 0.75% Floor Maturity Date 1/31/2031 (8.1% of portfolio value in the 2025-09-30 report, $1,821,507,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | Commercial Services & Supplies Ironclad Ironhorse Purchaser LLC Investment Type First Lien Secured Debt – Revolver Interest Rate S+650, 1.00% Floor Maturity Date 9/30/2027 (1.1% of portfolio value in the 2025-09-30 report, $243,355,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | Commercial Services & Supplies Resource Innovations North Haven RI Buyer, LLC Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+500, 1.00% Floor Maturity Date 3/29/2030 (1.4% of portfolio value in the 2025-09-30 report, $316,427,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | Commercial Services & Supplies Smith System Smith Topco, Inc. Investment Type First Lien Secured Debt - Revolver Interest Rate S+475, 1.00% Floor Maturity Date 11/6/2029 (2.8% of portfolio value in the 2025-09-30 report, $634,570,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | Communications Equipment CommScope Commscope, LLC Investment Type First Lien Secured Debt - Term Loan Interest Rate S+525, 2.00% Floor Maturity Date 12/17/2029 (1.0% of portfolio value in the 2025-12-31 report, $253,759,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | Diversified Consumer Services SERVPRO One Silver Serve, LLC Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+535, 1.00% Floor Maturity Date 12/18/2028 (5.2% of portfolio value in the 2025-09-30 report, $1,165,894,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | Diversified Consumer Services Walter's Wedding WH BorrowerCo, LLC Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+500, 1.00% Floor Maturity Date 8/2/2030 (2.2% of portfolio value in the 2025-09-30 report, $496,479,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | Electronic Equipment, Instruments & Components Madison Safety Madison Safety & Flow LLC, Investment Type First Lien Secured Debt - Term Loan Interest Rate S+275,0.00% Floor Maturity Date 9/26/2031 (1.6% of portfolio value in the 2025-09-30 report, $355,087,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | Financial Services PIB Paisley Bidco Limited Investment Type First Lien Secured Debt - Delayed Draw Interest Rate SONIA+525, 0.00% Floor Maturity Date 5/7/2031 (1.4% of portfolio value in the 2025-09-30 report, $308,178,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | Financial Services Strongpoint Howardsimon LLC Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+475, 0.75% Floor, Maturity Date 12/13/2030 (2.5% of portfolio value in the 2025-09-30 report, $553,445,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
Filed portfolio-health history
Where exit demand met the cap.
Stated cap: 5% of shares/quarter. Rationed in 1 of 16 disclosed periods; last gated Q1 2026.
| Period | Requested | Filled | Cap used | Status |
|---|---|---|---|---|
| 2026-03-16 | 11.1% | 45% | 100% | rationed |
| 2025-12-15 | 4.8% | 100% | 97% | filled |
| 2025-09-15 | 3.0% | 100% | 61% | filled |
| 2025-06-16 | 1.8% | 100% | 37% | filled |
| 2025-03-17 | 1.4% | 100% | 28% | filled |
| 2024-12-16 | 0.8% | 100% | 15% | filled |
| 2024-09-13 | 1.0% | 100% | 20% | filled |
| 2024-06-13 | 0.8% | 100% | 15% | filled |
| 2024-03-15 | 3.0% | 100% | 61% | filled |
| 2023-12-04 | 1.3% | 100% | 27% | filled |
| 2023-09-14 | 1.8% | 100% | 37% | filled |
| 2023-06-14 | 3.8% | 100% | 76% | filled |
| 2023-03-15 | 5.9% | 100% | 119% | cap expanded |
| 2022-12-14 | 2.1% | 100% | 42% | filled |
| 2022-09-13 | 0.3% | 100% | 7% | filled |
| 2022-06-17 | 0.1% | 100% | 3% | filled |
How the balance sheet is funded.
Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.
No structured financing components have been captured for this fund.
How the offering is divided.
A filed share-class breakdown and terms-based role descriptions. This is not an estimate of who owns the fund.
No filed share-class terms have been captured for this fund; ownership type is therefore not inferred.
Management fee: 1.25% of net assets per year. source. We have entered into the Investment Advisory Agreement with ACM pursuant to which we pay ACM a management fee 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 month (net assets = total assets less liabilities, consolidated basis, U.S. GAAP). We also pay ACM a two-part incentive fee.
The evidence beneath the page.
Filed terms and recent documents remain available without crowding the primary research flow.
Term register (2)
| Term | Description | Value | Effective |
|---|---|---|---|
| advisory_fee_schedule | We have entered into the Investment Advisory Agreement with ACM pursuant to which we pay ACM a management fee 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 month (net assets = total assets less liabilities, consolidated basis, U.S. GAAP). We also pay ACM a two-part incentive fee. | 1.25 pct_annual_of_net_assets | Date not captured |
| repurchase_program_terms | Discretionary quarterly tender offer program: the Fund's Schedule TO offers have consistently stated up to 5% of Shares outstanding per quarter (most recently confirmed 2026-06-15). Apollo Debt Solutions BDC | 5.0 pct_of_shares_outstanding_per_quarter | Date not captured |
Recent filings
| Filed | Form | Accession |
|---|---|---|
| 2026-06-30 | 8-K | 0001193125-26-290482 |
| 2026-06-25 | 8-K | 0001193125-26-283042 |
| 2026-06-23 | 8-K | 0001193125-26-279554 |
| 2026-06-22 | 8-K | 0001193125-26-277655 |
| 2026-06-22 | 8-K | 0001193125-26-277641 |
| 2026-05-19 | 8-K | 0001193125-26-230744 |
| 2026-05-15 | SC TO-I | 0001193125-26-226683 |
| 2026-05-11 | 10-Q | 0001193125-26-215667 |
| 2026-05-07 | 8-K | 0001193125-26-212154 |
| 2026-05-06 | SC TO-I/A | 0001193125-26-208953 |
| 2026-04-30 | DEF 14A | 0001193125-26-197634 |
| 2026-04-23 | 8-K | 0001193125-26-173990 |
| 2026-03-23 | 8-K | 0001193125-26-119949 |
| 2026-03-23 | 8-K | 0001193125-26-119933 |
| 2026-03-13 | 8-K | 0001193125-26-106167 |