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Donnelley2025-03-310002052152none:InsuranceMember2025-03-310002052152Health Care Providers & Services2025-03-310002052152Household Durables Polywood Poly-Wood, LLC Investment Type First Lien Secured Debt - Term Loan Interest Rate S+488, 1.00% Floor Maturity Date 3/20/20302025-03-310002052152Transportation Infrastructure2025-03-310002052152us-gaap:FairValueInputsLevel3Membernone:ValuationTechniqueYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMember2025-03-310002052152 Consumer Finance2025-03-310002052152country:US2025-03-310002052152Thg Acquisition, LLC2025-03-310002052152Technology Hardware, Storage & Peripherals Service Express Victors Purchaser, LLC Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+475, 0.50% Floor Maturity Date 8/15/20312025-03-310002052152Media Gannett Gannett Holdings, LLC2025-03-310002052152QBS Parent, Inc.2025-03-310002052152none:IncentiveFeeBasedOnIncomeMembersrt:MaximumMember2025-01-012025-03-310002052152none:ConstructionAndEngineeringMember2025-03-310002052152Databricks, Inc.2025-03-310002052152none:PersonalCareProductsMember2025-03-310002052152none:ThreeMonthTORFInterestRateMember2025-03-310002052152Goldeneye Parent, LLC2025-03-310002052152Total Unfunded Commitment2025-03-310002052152Higginbotham Insurance Agency, Inc.2025-03-310002052152Automobile Components2025-03-310002052152Investments after Cash Equivalents2025-03-310002052152none:FirstLienSecuredDebtMembernone:HealthCareEquipmentAndSuppliesMember2025-03-310002052152Insurance Higginbotham2025-03-310002052152us-gaap:FairValueInputsLevel3Membernone:ValuationTechniqueYieldAnalysisMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:PreferredStockMember2025-03-310002052152Software Alteryx Azurite Intermediate Holdings, Inc.2025-03-310002052152Transportation Infrastructure GSI Geotechnical Merger Sub, Inc. 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Investment Type First Lien Secured Debt - Term Loan Interest Rate S+450, 1.00% Floor Maturity Date 9/15/20312025-03-310002052152us-gaap:FairValueInputsLevel3Membernone:ValuationTechniqueYieldAnalysisMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:PreferredStockMember2025-03-310002052152srt:MinimumMember2025-01-012025-03-310002052152none:OneMonthCORRAInterestRateMember2025-03-310002052152Gannett Holdings, LLC2025-03-310002052152Software Quorum QBS Parent, Inc.2025-03-310002052152Pharmaceuticals2025-03-310002052152Software Technology Hardware, Storage & Peripherals Redwood Runway Bidco, LLC Investment Type First Lien Secured Debt - Term Loan Interest Rate S+500, 0.50% Floor Maturity Date 12/17/20312025-03-310002052152Truck-Lite Co., LLC2025-03-310002052152Commercial Services & Supplies AVI-SPL A&V Holdings Midco, LLC Investment Type First Lien Secured Debt - Term Loan Interest Rate S+500, 0.00% Floor Maturity Date 6/6/20312025-03-310002052152none:IncentiveFeeBasedOnIncomeMember2025-01-012025-03-310002052152none:AOPIIMapleCreditFacilityMember2025-01-012025-03-310002052152Life Sciences Tools & Services Cambrex Cambrex Corp. Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+475, 0.75% Floor Maturity Date 3/6/20322025-03-310002052152 Financial Services Jensen Hughes2025-03-310002052152Insurance Hilb Group Thg Acquisition, LLC Investment Type First Lien Secured Debt - Term Loan Interest Rate S+475, 0.75% Floor Maturity Date 10/31/20312025-03-310002052152none:UnfundedDelayedDrawLoanCommitmentsMember2025-03-310002052152none:FirstLienSecuredDebtMembernone:ProfessionalServicesMember2025-03-310002052152none:HealthCareProvidersAndServicesMember2025-03-310002052152OMH-Healthedge Holdings, Inc.2025-03-310002052152A&V Holdings Midco, LLC2025-03-310002052152Consumer Staples Distribution & Retail Protein for Pets2025-03-310002052152us-gaap:FairValueInputsLevel3Member2025-03-310002052152none:SecondAmendmentToAOPIIJasmineLoanAndSecurityAgreementMemberus-gaap:SubsequentEventMember2025-04-252025-04-250002052152us-gaap:FairValueInputsLevel1Member2025-03-310002052152Geotechnical Merger Sub, Inc.2025-03-310002052152Software Quorum QBS Parent, Inc. Investment Type First Lien Secured Debt – Revolver Interest Rate S+475, 0.75% Floor Maturity Date 11/7/20312025-03-310002052152Commercial Services & Supplies Heritage Environmental Services Heritage Environmental Services, Inc. Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+500, 0.75% Floor Maturity Date 1/31/20312025-03-310002052152us-gaap:FairValueInputsLevel3Membernone:ValuationTechniqueYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:PreferredStockMembersrt:MaximumMember2025-03-310002052152 Commercial Services & Supplies Encore AVSC Holding Corp.2025-03-310002052152us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2025-03-310002052152none:FirstLienSecuredDebtMembernone:SoftwareMember2025-03-310002052152Health Care Technology Suvoda Goldeneye Parent, LLC Investment Type First Lien Secured Debt - Term Loan Interest Rate S+500, 0.75% Floor Maturity Date 3/31/20322025-03-310002052152none:IncentiveFeeOnCapitalGainsMember2025-03-310002052152Creek Parent, Inc.2025-03-310002052152Runway Bidco, LLC2025-03-310002052152LendingTree, Inc.2025-03-310002052152Vensure Employer Services, Inc.2025-03-310002052152Software Databricks Databricks, Inc.2025-03-310002052152us-gaap:FairValueInputsLevel3Membernone:ValuationTechniqueYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:PreferredStockMember2025-03-310002052152Personal Care Products Silk Holdings III Corp. Silk Holdings III Corp. Investment Type First Lien Secured Debt – Term Loan Interest Rate S+500, 1.00% Floor Maturity Date 5/1/20292025-03-310002052152none:ThreeMonthsSecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2025-03-310002052152none:CommunicationsEquipmentMember2025-03-310002052152none:AOPIIJasmineCreditFacilityMember2025-03-310002052152Communications Equipment CommScope Commscope, LLC Investment Type First Lien Secured Debt - Term Loan Interest Rate S+525, 2.00% Floor Maturity Date 12/17/20292025-03-310002052152Health Care Equipment & Supplies Zeus Zeus Company LLC Investment Type First Lien Secured Debt - Revolver Interest Rate S+550, 0.75% Floor Maturity Date 2/28/20302025-03-310002052152none:ConsumerFinanceMember2025-03-310002052152AVSC Holding Corp.2025-03-310002052152Everbridge Holdings, LLC2025-03-310002052152us-gaap:FairValueInputsLevel3Membernone:ValuationTechniqueYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2025-03-310002052152none:SecondAmendmentToAOPIIJasmineLoanAndSecurityAgreementMemberus-gaap:SubsequentEventMember2025-04-250002052152none:SpecialtyRetailMember2025-03-310002052152none:FirstLienSecuredDebtMembernone:SemiconductorsSemiconductorEquipmentMember2025-03-310002052152Total Funded Commitments2025-03-310002052152IT Services2025-03-310002052152Software Alteryx Azurite Intermediate Holdings, Inc. Investment Type First Lien Secured Debt – Term Loan Interest Rate S+650, 0.75% Floor Maturity Date 3/19/20312025-03-310002052152Financial Services Wealth Enhancement Group, LLC Wealth Enhancement Group, LLC Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+500, 1.00% Floor Maturity Date 10/2/20282025-03-310002052152Software Quorum QBS Parent, Inc. Investment Type First Lien Secured Debt - Term Loan Interest Rate S+475, 0.75% Floor Maturity Date 11/7/20312025-03-310002052152none:AOPIIJasmineCreditFacilityMember2025-01-012025-03-310002052152Consumer Staples Distribution & Retail Protein for Pets Protein For Pets Opco, LLC Investment Type First Lien Secured Debt - Term Loan Interest Rate S+525, 1.00% Floor Maturity Date 9/20/20302025-03-310002052152none:OneMonthSecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2025-03-310002052152none:AdvisoryAgreementMember2025-01-012025-03-310002052152srt:MinimumMembernone:FifthAmendmentToLoanAndServicingAgreementMemberus-gaap:SubsequentEventMember2025-04-300002052152Personal Care Products PDC Brands Parfums Holding Company, Inc. Investment Type First Lien Secured Debt - Term Loan Interest Rate S+525, 1.00% Floor Maturity Date 6/27/20302025-03-310002052152Professional Services Legends Legends Hospitality Holding Company, LLC Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+500, 0.75% Floor Maturity Date 8/22/20312025-03-310002052152Financial Services Wealth Enhancement Group, LLC2025-03-310002052152us-gaap:FairValueInputsLevel3Membernone:FirstLienSecuredDebtMember2025-03-310002052152Advarra Holdings, Inc.2025-03-310002052152Commercial Services & Supplies AVI-SPL A&V Holdings Midco, LLC2025-03-310002052152none:FirstLienSecuredDebtMembernone:TechnologyHardwareStorageAndPeripheralsMember2025-03-310002052152Building Products2025-03-310002052152none:PharmaceuticalsMember2025-03-310002052152none:AerospaceDefenseMember2025-03-310002052152Software Everbridge Everbridge Holdings, LLC Investment Type First Lien Secured Debt – Revolver Interest Rate S+500, 0.75% Floor Maturity Date 7/2/20312025-03-310002052152Pharmaceuticals Catalent Creek Parent, Inc. Investment Type First Lien Secured Debt - Revolver Interest Rate S+525, 0.75% Floor Maturity Date 12/18/20312025-03-310002052152Professional Services2025-03-310002052152none:ConsumerStaplesDistributionAndRetailMember2025-03-310002052152none:TransportationInfrastructureMember2025-03-3100020521522025-03-310002052152Consumer Finance LendingTree LendingTree, Inc. Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+575, 1.50% Floor Maturity Date 3/27/20312025-03-310002052152Investments before Cash Equivalents2025-03-310002052152us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2025-01-012025-03-310002052152Insurance Hilb Group Thg Acquisition, LLC Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+475, 0.75% Floor Maturity Date 10/31/20312025-03-310002052152Semiconductors & Semiconductor Equipment Wolfspeed, Inc. Wolfspeed, Inc. Investment Type First Lien Secured Debt – Corporate Bond Interest Rate 11.9% Maturity Date 6/23/20302025-03-310002052152Health Care Providers & Services Advarra Advarra Holdings, Inc. Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+450, 0.75% Floor Maturity Date 9/15/20312025-03-310002052152none:IncentiveFeeBasedOnIncomeMembersrt:MinimumMember2025-01-012025-03-310002052152us-gaap:FairValueInputsLevel3Membernone:FirstLienSecuredDebtMembernone:ValuationTechniqueRecentTransactionMembernone:MeasurementInputCostMember2025-03-310002052152Software G2CI Evergreen IX Borrower 2023, LLC Investment Type First Lien Secured Debt – Revolver Interest Rate S+475, 0.75% Floor Maturity Date 10/1/20292025-03-310002052152Technology Hardware, Storage & Peripherals Service Express Victors Purchaser, LLC Investment Type First Lien Secured Debt – Revolver Interest Rate S+475, 0.50% Floor Maturity Date 8/15/20312025-03-310002052152Spruce Bidco II Inc.2025-03-310002052152none:HealthCareEquipmentAndSuppliesMember2025-03-310002052152SG Acquisition, Inc.2025-03-310002052152Personal Care Products PDC Brands Parfums Holding Company, Inc.2025-03-310002052152none:ApolloCapitalManagementLPMember2025-01-272025-01-270002052152Life Sciences Tools & Services Cambrex Corp. Cambrex Corp.2025-03-310002052152Total Revolving and Delayed Draw Loan Commitments2025-03-310002052152Financial Services Jensen Hughes Jensen Hughes, Inc Investment Type First Lien Secured Debt - Term Loan Interest Rate S+500, 0.75% Floor Maturity Date 9/1/20312025-03-310002052152none:MediaMember2025-03-310002052152Household Durables Polywood Poly-Wood, LLC Investment Type First Lien Secured Debt - Revolver Interest Rate S+488, 1.00% Floor Maturity Date 3/20/20302025-03-310002052152none:FirstLienSecuredDebtMembernone:MediaMember2025-03-310002052152none:FirstLienSecuredDebtMemberus-gaap:FairValueInputsLevel3Membernone:ValuationTechniqueYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMember2025-03-310002052152none:FirstLienSecuredDebtMembernone:PersonalCareProductsMember2025-03-310002052152us-gaap:FairValueInputsLevel3Membernone:ValuationTechniqueYieldAnalysisMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMember2025-03-310002052152Specialty Retail Tailored Brands The Men's Wearhouse, LLC Investment Type First Lien Secured Debt - Term Loan Interest Rate S+650, 0.00% Floor Maturity Date 2/26/20292025-03-310002052152Consumer Staples Distribution & Retail Rise Baking Viking Baked Goods Acquisition Corporation Investment Type First Lien Secured Debt - Term Loan Interest Rate S+500, 0.00% Floor Maturity Date 10/24/20312025-03-310002052152us-gaap:FairValueInputsLevel2Member2025-03-310002052152Health Care Equipment & Supplies Vantive Spruce Bidco II Inc. Investment Type First Lien Secured Debt - Term Loan Interest Rate S+500, 0.75% Floor Maturity Date 1/30/20322025-03-310002052152Insurance Safe-Guard SG Acquisition, Inc. 2025-03-310002052152Software Everbridge Everbridge Holdings, LLC2025-03-310002052152Health Care Equipment & Supplies Vantive Spruce Bidco II Inc. Investment Type First Lien Secured Debt - Term Loan Interest Rate T+525, 0.75% Floor Maturity Date 2/2/20322025-03-310002052152none:BuildingProductsMember2025-03-310002052152none:FirstLienSecuredDebtMember2025-03-310002052152Construction & Engineering ASC Engineered Solutions Fire Flow Intermediate Corporation Investment Type First Lien Secured Debt - Term Loan Interest Rate S+500, 0.75% Floor Maturity Date 7/10/20312025-03-310002052152none:FirstLienSecuredDebtMembernone:CommunicationsEquipmentMember2025-03-3100020521522025-05-130002052152none:UnfundedRevolverObligationsMember2025-03-310002052152none:ApolloCapitalManagementLPMember2025-01-210002052152us-gaap:PreferredStockMember2025-03-310002052152us-gaap:PreferredStockMember2025-03-310002052152none:FirstLienSecuredDebtMembernone:ConsumerFinanceMember2025-03-310002052152Transportation Infrastructure GSI Geotechnical Merger Sub, Inc. Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+475, 0.75% Floor Maturity Date 10/15/20312025-03-310002052152none:TechnologyHardwareStorageAndPeripheralsMember2025-03-310002052152Software Databricks Databricks, Inc. Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+450, 0.00% Floor Maturity Date 1/19/20312025-03-310002052152none:ApolloCapitalManagementLPMember2024-12-310002052152Financial Services Wealth Enhancement Group, LLC Wealth Enhancement Group, LLC Investment Type First Lien Secured Debt - Revolver Interest Rate S+500, 1.00% Floor Maturity Date 10/2/20282025-03-310002052152Health Care Providers & Services Tivity Health Tivity Health, Inc. Investment Type First Lien Secured Debt Interest Rate S+500, 0.75% Floor Maturity Date 6/28/20292025-03-310002052152none:FirstLienSecuredDebtMembernone:FinancialServicesMember2025-03-310002052152us-gaap:FairValueInputsLevel3Membernone:FirstLienSecuredDebtMember2025-01-012025-03-310002052152Health Care Providers & Services Advarra Advarra Holdings, Inc.2025-03-310002052152Insurance Higginbotham Higginbotham Insurance Agency, Inc. Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+475, 1.00% Floor Maturity Date 11/24/20282025-03-310002052152none:CoInvestmentHoldingsMember2025-03-310002052152Commercial Services & Supplies AVI-SPL A&V Holdings Midco, LLC Investment Type First Lien Secured Debt - Revolver Interest Rate S+500, 0.00% Floor Maturity Date 6/6/20312025-03-3100020521522025-01-012025-03-310002052152Zeus Company LLC2025-03-31iso4217:USDxbrli:sharesxbrli:pureiso4217:JPYnone:Segmentxbrli:sharesiso4217:CADiso4217:USD

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)


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

For the quarterly period ended March 31, 2025


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

For the transition period from ___________ to ______________

Commission File Number: 000-56722

Apollo Origination II (Levered) Capital Trust

(Exact Name of Registrant as Specified in its Charter)


Delaware	33-6481219
( State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
9 West 57 Street New York, NY	10019
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (212) 515-3450

Securities registered pursuant to Section 12(b) of the Act:

     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, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 13, 2025, the registrant had 22,533,408 common shares of beneficial interest, $0.001 par value per share, outstanding.

Table of Contents


		Page

PART I. FINANCIAL INFORMATION

Item 1.	Consolidated Financial Statements (Unaudited)	1
	Consolidated Statements of Assets and Liabilities as of March 31, 2025 (Unaudited) and December 31, 2024	1
	Consolidated Statement of Operations for the three months ended March 31, 2025 (Unaudited)	2
	Consolidated Statement of Changes In Net Assets for the three months ended March 31, 2025 (Unaudited)	3
	Consolidated Statement of Cash Flows for the three months ended March 31, 2025 (Unaudited)	4
	Consolidated Schedule of Investments as of March 31, 2025 (Unaudited)	5
	Notes to Consolidated Financial Statements (Unaudited)	19
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	35
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	44
Item 4.	Controls and Procedures	45

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	46
Item 1A.	Risk Factors	46
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	46
Item 3.	Defaults Upon Senior Securities	46
Item 4.	Mine Safety Disclosures	46
Item 5.	Other Information	46
Item 6.	Exhibits	47
	Signatures	48

Table of Contents

PART I. FINANCIAL INFORMATION

In this report, the terms the “Company,” “we,” “us” and “our” refer to Apollo Origination II (Levered) Capital Trust unless the context specifically states otherwise.

Item 1. Consolidated Financial Statements

APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(In thousands, except share and per share data)


	March 31, 2025		December 31, 2024
	(Unaudited)
Assets
Investments at fair value:
Non-controlled/non-affiliated investments (cost - $1,106,771 and $0 at March 31, 2025 and December 31, 2024, respectively)	$	1,106,721	$		—
Cash and cash equivalents		35,628			2
Receivable for investments sold		8,420			—
Due from counterparties		15,700
Interest receivable		6,407			—
Other assets		149			—
Total Assets	$	1,173,025	$		2

Liabilities
Debt (net of deferred financing costs of $3,989 and $0, at March 31, 2025 and December 31, 2024, respectively)	$	588,709	$		—
Payable for investments purchased		2,035			—
Interest payable		7,280			—
Management fees payable		37			—
Performance-based incentive fees payable		1,107			—
Administration fees payable		146			8
Professional fees payable		—			65
Trustee fees payable		52			—
Accrued organizational costs		—			15
Other liabilities and accrued expenses		362			—
Total Liabilities	$	599,728	$		88
Commitments and contingencies (Note 7)
Total Net Assets	$	573,297	$		(86	)

Net Assets
Common stock, $0.001 par value (Unlimited shares authorized; 22,533,408 and 60 shares issued and outstanding, respectively)	$	23	$	0*
Capital in excess of par value		563,312			1
Accumulated distributed earnings (losses)		9,962			(87	)
Total Net Assets	$	573,297	$		(86	)

Net Asset Value Per Share	$	25.44	$	N/A

* Rounded value

See notes to the consolidated financial statements.

Table of Contents

APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST

CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)

(In thousands, except per share data)


	For the three months ended March 31,
	2025
Investment Income
Non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind (“PIK”) interest income)	$	20,143
PIK interest income		173
Dividend income		236
Other income		350
Total Investment Income	$	20,902
Expenses
Management fees	$	740
Performance-based incentive fees		1,107
Interest and other debt expenses		8,598
Administration fees		139
Trustee fees		52
Other general and administrative expenses		310
Organizational fees		65
Total Expenses		11,011
Net Investment Income	$	9,891
Net Realized and Change in Unrealized Gains (Losses)
Net realized gains (losses):
Non-controlled/non-affiliated investments	$	168
Foreign currency transactions		(19	)
Net realized gains (losses)		149
Net change in unrealized gains (losses):
Non-controlled/non-affiliated investments		(50	)
Foreign currency translations		(28	)
Net change in unrealized gains (losses)		(78	)
Net Realized and Change in Unrealized Gains (Losses)	$	71
Net Increase (Decrease) in Net Assets Resulting from Operations	$	9,962

See notes to the consolidated financial statements.

Table of Contents

APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS (Unaudited)

(In thousands, except share data)


	For the three months ended March 31,
	2025
Operations
Net investment income	$	9,891
Net realized gains (losses)		149
Net change in unrealized gains (losses)		(78	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	9,962

Capital Share Transactions
Net proceeds from the issuance of common shares	$	563,335
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions	$	563,335

Net Assets
Net increase (decrease) in net assets during the period	$	573,383
Net assets at beginning of period		(86	)
Net Assets at End of Period	$	573,297

Capital Share Activity
Shares issued during the period		22,533,408
Shares extinguished during the period		(60	)
Shares issued and outstanding at beginning of period		60
Shares Issued and Outstanding at End of Period		22,533,408

See notes to the consolidated financial statements.

Table of Contents

APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST

CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)

(In thousands)


	For the three months ended March 31,
	2025
Operating Activities
Net increase (decrease) in net assets resulting from operations	$	9,962
Net realized (gains) losses		(149	)
Net change in unrealized (gains) losses		78
PIK interest capitalized		100
Purchase of investments		(1,118,749	)
Proceeds from sale of investments and principal repayments		12,083
Changes in operating assets and liabilities:
Decrease (increase) in receivable for investments sold		(8,420	)
Decrease (increase) in due from counterparties		(15,700	)
Decrease (increase) in interest receivable		(6,407	)
Decrease (increase) in other assets		(149	)
Increase (decrease) in interest payable		7,280
Increase (decrease) in payable for investments purchased		2,035
Increase (decrease) in performance-based incentive fees payable		1,107
Increase (decrease) in administration fees payable		138
Increase (decrease) in professional fees payable		(65	)
Increase (decrease) in trustee fees payable		52
Increase (decrease) in accrued organizational fees		(15	)
Increase (decrease) in management fees payable		37
Increase (decrease) in other liabilities and accrued expenses		362
Net Cash Used in/Provided by Operating Activities	$	(1,116,420	)

Financing Activities
Issuances of debt	$	592,698
Financing costs paid and deferred		(3,989	)
Proceeds from extinguishment of common shares		2
Proceeds from issuance of common shares		563,335
Net Cash Used in/Provided by Financing Activities	$	1,152,046

Cash, Cash Equivalents
Net increase (decrease) in cash, cash equivalents during the period	$	35,626
Cash, cash equivalents at beginning of period		2
Cash, Cash Equivalents at the End of Period	$	35,628

Supplemental Disclosure of Cash Flow Information
Cash interest paid	$	3,842

Non-Cash Activity
PIK income	$	173

See notes to the consolidated financial statements.

Table of Contents

APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)


Industry/ Company	Investment Type	Interest Rate(6)	Maturity Date		Par/ Shares(3)			Cost(18)				Fair Value(1)(19)
Aerospace & Defense
MRO Holdings
MRO Holdings, Inc.	First Lien Secured Debt - Term Loan	S+500, 0.50% Floor	12/17/2030	$		48,082	$		48,283		$		48,082		(5)(8)(11)
			Total Aerospace & Defense				$		48,283		$		48,082

Automobile Components
Clarience Technologies
Truck-Lite Co., LLC	First Lien Secured Debt - Delayed Draw	S+575, 0.75% Floor	2/13/2031	$		1,130	$		1,115		$		1,115		(8)(15)(17)
	First Lien Secured Debt - Revolver	S+575, 0.75% Floor	2/13/2030			118			102				102		(8)(15)(17)
	First Lien Secured Debt - Term Loan	S+575, 0.75% Floor	2/13/2031			16,214			16,071				16,075		(5)(8)
			Total Automobile Components				$		17,288		$		17,292

Building Products
US LBM
LBM Acquisition, LLC	First Lien Secured Debt - Term Loan	S+385, 0.75% Floor	12/17/2027	$		685	$		687		$		672		(4)(8)
			Total Building Products				$		687		$		672

Commercial Services & Supplies
AVI-SPL
A&V Holdings Midco, LLC	First Lien Secured Debt - Delayed Draw	S+500, 0.00% Floor	6/6/2031			—	$		(98	)	$		(95	)	(8)(11)(14)(15)(17)
	First Lien Secured Debt - Revolver	S+500, 0.00% Floor	6/6/2031			—			—				—		(8)(11)(15)(17)
	First Lien Secured Debt - Term Loan	S+500, 0.00% Floor	6/6/2031			33,700			33,220				33,232		(5)(8)(11)
									33,122				33,137
Encore
AVSC Holding Corp.	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	12/5/2029			398			299				299		(8)(11)(15)(17)
	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	12/5/2031			46,537			45,616				45,606		(5)(8)(11)
									45,915				45,905
Heritage Environmental Services
Heritage Environmental Services, Inc.	First Lien Secured Debt - Delayed Draw	S+500, 0.75% Floor	1/31/2031			—			(8	)			(8	)	(8)(11)(14)(15)(17)
	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	1/31/2030			—			—				—		(8)(11)(15)(17)
	First Lien Secured Debt - Revolver	S+550, 4.50% Floor	1/31/2030			—			—				—		(8)(11)(15)(17)
	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	1/31/2031			2,969			2,954				2,954		(5)(8)(11)

See notes to the consolidated financial statements.

Table of Contents

APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)


Industry/ Company	Investment Type	Interest Rate(6)	Maturity Date		Par/ Shares(3)			Cost(18)				Fair Value(1)(19)
	First Lien Secured Debt - Term Loan	S+525, 0.75% Floor	1/31/2031			11,986			12,078				12,076		(5)(8)(11)
									15,024				15,022
R.R. Donnelley
R. R. Donnelley & Sons Company	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	8/8/2029			9,543			9,265				9,352		(5)(8)(11)
	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	8/9/2029			39,029			38,256				38,249		(5)(7)(11)
									47,521				47,601
			Total Commercial Services & Supplies				$		141,582		$		141,665

Communications Equipment
CommScope
Commscope, LLC	First Lien Secured Debt - Corporate Bond	9.50%	12/15/2031	$		3,434	$		3,573		$		3,536		(4)(5)(11)(13)
	First Lien Secured Debt - Term Loan	S+525, 2.00% Floor	12/17/2029			20,606			21,126				20,551		(4)(5)(8)(11)(13)
			Total Communications Equipment				$		24,699		$		24,087

Consumer Finance
LendingTree
LendingTree, Inc.	First Lien Secured Debt - Delayed Draw	S+575, 1.50% Floor	3/27/2031	$		6,953	$		6,953		$		6,953		(8)(11)(13)(17)
	First Lien Secured Debt - Term Loan	S+575, 1.50% Floor	3/27/2031			15,644			15,657				15,644		(5)(8)(11)(13)
			Total Consumer Finance				$		22,610		$		22,597

Construction & Engineering
ASC Engineered Solutions
Fire Flow Intermediate Corporation	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	7/10/2031	$		34,258	$		34,088		$		34,087		(5)(8)
			Total Construction & Engineering				$		34,088		$		34,087

Consumer Staples Distribution & Retail
Protein for Pets
Protein For Pets Opco, LLC	First Lien Secured Debt - Revolver	S+525, 1.00% Floor	9/20/2030			—	$		(19	)	$		(19	)	(7)(11)(14)(15)(17)
	First Lien Secured Debt - Term Loan	S+525, 1.00% Floor	9/20/2030			10,496			10,315				10,312		(5)(7)(11)
									10,296				10,293

See notes to the consolidated financial statements.

Table of Contents

APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)


Industry/ Company	Investment Type	Interest Rate(6)	Maturity Date		Par/ Shares(3)			Cost(18)				Fair Value(1)(19)
Rise Baking
Viking Baked Goods Acquisition Corporation	First Lien Secured Debt - Term Loan	S+500, 0.00% Floor	10/24/2031			28,777			28,350				28,345		(5)(7)(11)
			Total Consumer Staples Distribution & Retail				$		38,646		$		38,638

Financial Services
Jensen Hughes
Jensen Hughes, Inc	First Lien Secured Debt - Delayed Draw	S+500, 0.75% Floor	9/1/2031			—	$		(98	)	$		(98	)	(8)(11)(14)(15)(17)
	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	9/1/2031			—			(32	)			(32	)	(8)(11)(14)(15)(17)
	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	9/1/2031			18,812			18,530				18,530		(5)(8)(11)
									18,400				18,400
Wealth Enhancement Group, LLC
Wealth Enhancement Group, LLC	First Lien Secured Debt - Revolver	S+500, 1.00% Floor	10/2/2028			—			(6	)			(6	)	(7)(14)(15)(17)
	First Lien Secured Debt - Delayed Draw	S+500, 1.00% Floor	10/2/2028			11,867			11,627				11,636		(7)(14)(15)(17)
									11,621				11,630
			Total Financial Services				$		30,021		$		30,030

Health Care Equipment & Supplies
Vantive
Spruce Bidco II Inc.	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	1/31/2032			—	$		(44	)	$		(44	)	(8)(11)(14)(15)(17)
	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	1/30/2032			13,036			12,842				12,840		(5)(8)(11)
	First Lien Secured Debt - Term Loan	C+500, 0.75% Floor	1/30/2032	C$		2,354			1,612				1,612		(3)(9)(11)
	First Lien Secured Debt - Term Loan	T+525, 0.75% Floor	2/2/2032	¥		252,358			1,658				1,658		(3)(10)(11)
									16,068				16,066
Zeus
Zeus Company LLC	First Lien Secured Debt - Delayed Draw	S+550, 0.75% Floor	2/28/2031	$		540			555				551		(8)(11)(15)(17)
	First Lien Secured Debt - Revolver	S+550, 0.75% Floor	2/28/2030			—			—				—		(8)(11)(15)(17)
	First Lien Secured Debt - Term Loan	S+550, 0.75% Floor	2/28/2031			8,229			8,311				8,290		(5)(8)(11)
									8,866				8,841

See notes to the consolidated financial statements.

Table of Contents

APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)


Industry/ Company	Investment Type	Interest Rate(6)	Maturity Date		Par/ Shares(3)			Cost(18)				Fair Value(1)(19)
			Total Health Care Equipment & Supplies				$		24,934		$		24,907

Health Care Providers & Services
Advarra
Advarra Holdings, Inc.	First Lien Secured Debt - Delayed Draw	S+450, 0.75% Floor	9/15/2031			—	$		(13	)	$		13		(8)(11)(15)(17)
	First Lien Secured Debt - Term Loan	S+450, 0.75% Floor	9/13/2031			28,231			28,090				28,372		(5)(8)(11)
	First Lien Secured Debt - Term Loan	S+450, 1.00% Floor	9/15/2031			11,355			11,298				11,412		(5)(8)(11)
									39,375				39,797
Omega Healthcare
OMH-Healthedge Holdings, Inc.	First Lien Secured Debt - Revolver	S+600, 1.00% Floor	10/8/2029			—			—				—		(8)(11)(15)(17)
	First Lien Secured Debt - Term Loan	S+600, 1.00% Floor	10/8/2029			16,566			16,570				16,566		(5)(8)(11)
									16,570				16,566
Tivity Health
Tivity Health, Inc.	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	6/28/2029			34,086			34,257				34,086		(5)(8)
			Total Health Care Providers & Services				$		90,202		$		90,449

Health Care Technology
Suvoda
Goldeneye Parent, LLC	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	3/31/2032	$		27,000	$		26,865		$		26,865		(5)(8)(11)
	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	3/31/2032			—			(20	)			(20	)	(8)(11)(14)(15)(17)
			Total Health Care Technology				$		26,845		$		26,845

Household Durables
Polywood
Poly-Wood, LLC	First Lien Secured Debt - Delayed Draw	S+575, 1.00% Floor	3/20/2030			—	$		—		$		—		(8)(11)(15)(17)
	First Lien Secured Debt - Revolver	S+488, 1.00% Floor	3/20/2030			1,236			1,236				1,236		(8)(11)(15)(17)
	First Lien Secured Debt - Term Loan	S+488, 1.00% Floor	3/20/2030			22,255			22,259				22,255		(5)(8)(11)
			Total Household Durables				$		23,495		$		23,491

See notes to the consolidated financial statements.

Table of Contents

APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)


Industry/ Company	Investment Type	Interest Rate(6)	Maturity Date		Par/ Shares(3)			Cost(18)			Fair Value(1)(19)
Insurance
Higginbotham
Higginbotham Insurance Agency, Inc.	First Lien Secured Debt - Delayed Draw	S+475, 1.00% Floor	11/24/2028	$		1,423	$		1,423	$		1,423	(8)(15)(17)

HIG Intermediate, Inc.	Preferred Equity - Cumulative Preferred	Equity	N/A			34			33			33
									1,456			1,456
Hilb Group
Thg Acquisition, LLC	First Lien Secured Debt - Delayed Draw	S+475, 0.75% Floor	10/31/2031			59			26			26	(8)(11)(15)(17)
	First Lien Secured Debt - Revolver	S+475, 0.75% Floor	10/31/2031			76			59			59	(8)(11)(15)(17)
	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	10/31/2031			14,928			14,778			14,778	(5)(8)(11)
									14,863			14,863
Safe-Guard
SG Acquisition, Inc.	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	4/3/2030			—			—			—	(8)(11)(15)(17)
	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	4/3/2030			26,966			26,969			26,966	(5)(8)(11)
									26,969			26,966

Apollo Origination II (Levered) Capital Trust 10-Q