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Investment Type First Lien Secured Debt - Term Loan Interest Rate S+475, 0.75% Floor Maturity Date 11/7/20312025-03-310002052153ck0002052153:ProfessionalServicesMember2025-03-310002052153ck0002052153:InsuranceMemberck0002052153:FirstLienSecuredDebtMember2025-03-310002052153ck0002052153:HouseholdDurablesMemberck0002052153:FirstLienSecuredDebtMember2025-03-310002052153Technology Hardware, Storage & Peripherals2025-03-310002052153ck0002052153:HealthCareEquipmentAndSuppliesMemberck0002052153:FirstLienSecuredDebtMember2025-03-310002052153srt:MaximumMember2025-01-012025-03-310002052153Insurance Hilb Group Thg Acquisition, LLC Investment Type First Lien Secured Debt - Revolver Interest Rate S+475, 0.75% Floor Maturity Date 10/31/20312025-03-310002052153Health Care Equipment & Supplies Zeus Zeus Company LLC Investment Type First Lien Secured Debt - Revolver Interest Rate S+550, 0.75% Floor Maturity Date 2/28/20302025-03-310002052153us-gaap:PreferredStockMember2025-03-310002052153srt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberck0002052153:FirstLienSecuredDebtMemberck0002052153:ValuationTechniqueYieldAnalysisMember2025-03-310002052153ck0002052153:ApolloCapitalManagementLPMember2024-12-310002052153Gannett Holdings, LLC2025-03-310002052153Health Care Providers & Services2025-03-310002052153Commercial Services & Supplies R.R. Donnelley R. R. Donnelley & Sons Company Investment Type First Lien Secured Debt - Term Loan Interest Rate S+475, 0.75% Floor Maturity Date 8/8/20292025-03-310002052153us-gaap:CommonStockMember2025-01-012025-03-310002052153Professional Services Legends Legends Hospitality Holding Company, LLC Investment Type First Lien Secured Debt - Revolver Interest Rate S+500, 0.75% Floor Maturity Date 8/22/20302025-03-310002052153Consumer Staples Distribution & Retail2025-03-310002052153Transportation Infrastructure GSI Geotechnical Merger Sub, Inc. Investment Type First Lien Secured Debt - Term Loan Interest Rate S+475, 0.75% Floor Maturity Date 10/15/20312025-03-310002052153AVSC Holding Corp.2025-03-310002052153Health Care Technology Suvoda Goldeneye Parent, LLC Investment Type First Lien Secured Debt - Term Loan Interest Rate S+500, 0.75% Floor Maturity Date 3/31/20322025-03-310002052153Funded Commitments2025-03-310002052153Money Market Fund Goldman Sachs Financial Square Government Fund Institutional Shares2025-03-310002052153ck0002052153:TransportationInfrastructureMemberck0002052153:FirstLienSecuredDebtMember2025-03-310002052153A&V Holdings Midco, LLC2025-03-310002052153Transportation Infrastructure2025-03-310002052153Health Care Providers & Services Omega Healthcare OMH-Healthedge Holdings, Inc. Investment Type First Lien Secured Debt - Revolver Interest Rate S+600, 1.00% Floor Maturity Date 10/8/20292025-03-310002052153Commercial Services & Supplies Heritage Environmental Services Heritage Environmental Services, Inc. Investment Type First Lien Secured Debt - Term Loan Interest Rate S+500, 0.75% Floor Maturity Date 1/31/20312025-03-310002052153Life Sciences Tools & Services Cambrex Cambrex Corp. Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+475, 0.75% Floor Maturity Date 3/6/20322025-03-310002052153SG Acquisition, Inc.2025-03-310002052153ck0002052153:ConsumerFinanceMemberck0002052153:FirstLienSecuredDebtMember2025-03-310002052153Technology 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 8/15/20312025-03-310002052153Technology Hardware, Storage & Peripherals Service Express Victors Purchaser, LLC Investment Type First Lien Secured Debt – Revolver Interest Rate S+475, 0.50% Floor Maturity Date 8/15/20312025-03-310002052153Software G2CI Evergreen IX Borrower 2023, LLC Investment Type First Lien Secured Debt – Revolver Interest Rate S+475, 0.75% Floor Maturity Date 10/1/20292025-03-310002052153Cambrex Corp.2025-03-310002052153ck0002052153:FirstLienSecuredDebtMember2025-03-310002052153us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel3Member2024-12-310002052153Financial 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 10/2/20282025-03-310002052153Goldeneye Parent, LLC2025-03-310002052153Poly-Wood, LLC2025-03-310002052153us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel3Member2025-03-310002052153ck0002052153:TechnologyHardwareStorageAndPeripheralsMemberck0002052153:FirstLienSecuredDebtMember2025-03-310002052153Health Care Providers & Services Omega Healthcare OMH-Healthedge Holdings, Inc.2025-03-310002052153Insurance Safe-Guard SG Acquisition, Inc. Investment Type First Lien Secured Debt - Term Loan Interest Rate S+475, 0.75% Floor Maturity Date 4/3/20302025-03-310002052153IT Services Vensure Vensure Employer Services, Inc. Investment Type First Lien Secured Debt - Term Loan Interest Rate S+500, 0.50% Floor Maturity Date 9/27/20312025-03-310002052153us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel1Member2025-03-310002052153Legends Hospitality Holding Company, LLC2025-03-310002052153Zeus Company LLC2025-03-310002052153Insurance Hilb Group Thg Acquisition, LLC2025-03-310002052153Software Databricks Databricks, Inc. Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+450, 0.00% Floor Maturity Date 1/19/20312025-03-310002052153ck0002052153:UnfundedRevolverObligationsMember2025-03-310002052153Consumer Finance LendingTree LendingTree, Inc. Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+575, 1.50% Floor Maturity Date 3/27/20312025-03-310002052153Health Care Providers & Services Omega Healthcare OMH-Healthedge Holdings, Inc. Investment Type First Lien Secured Debt - Term Loan Interest Rate S+600, 1.00% Floor Maturity Date 10/8/20292025-03-310002052153ck0002052153:LifeSciencesToolsAndServicesMemberck0002052153:FirstLienSecuredDebtMember2025-03-310002052153Personal Care Products PDC Brands Parfums Holding Company, Inc.2025-03-310002052153ck0002052153:ThreeMonthsTokyoTermRiskFreeRateMember2025-03-310002052153Software Databricks Databricks, Inc. Investment Type First Lien Secured Debt - Term Loan Interest Rate S+450, 0.00% Floor Maturity Date 1/3/20312025-03-310002052153ck0002052153:MediaMemberck0002052153:FirstLienSecuredDebtMember2025-03-310002052153Thg Acquisition, LLC2025-03-310002052153ck0002052153:OneMonthSecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2025-03-310002052153Personal Care Products PDC Brands Silk Holdings III Corp. Investment Type First Lien Secured Debt – Term Loan Interest Rate S+500, 1.00% Floor Maturity Date 5/1/20292025-03-310002052153Commercial Services & Supplies AVI-SPL A&V Holdings Midco, LLC Investment Type First Lien Secured Debt – Delayed Draw Interest Rate S+500, 0.00% Floor Maturity Date 6/6/20312025-03-310002052153ck0002052153:ApolloCapitalManagementLPMember2025-01-240002052153 Automobile Components2025-03-310002052153Commercial Services & Supplies2025-03-310002052153Software Quorum QBS Parent, Inc. Investment Type First Lien Secured Debt – Revolver Interest Rate S+475, 0.75% Floor Maturity Date 11/7/20312025-03-310002052153ck0002052153:HealthCareEquipmentAndSuppliesMember2025-03-310002052153ck0002052153:AerospaceDefenseMember2025-03-310002052153Insurance Higginbotham Higginbotham Insurance Agency, Inc. Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+475, 1.00% Floor Maturity Date 11/24/20282025-03-310002052153ck0002052153:HealthCareProvidersAndServicesMemberck0002052153:FirstLienSecuredDebtMember2025-03-310002052153Construction & 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 7/10/20312025-03-310002052153Databricks, Inc.2025-03-310002052153Health 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 1/30/20322025-03-310002052153Pharmaceuticals Catalent Creek Parent, Inc. Investment Type First Lien Secured Debt – Term Loan Interest Rate S+525, 0.75% Floor Maturity Date 12/18/20312025-03-310002052153Spruce Bidco II Inc.2025-03-310002052153 Financial Services Wealth Enhancement Group, LLC Wealth Enhancement Group, LLC2025-03-310002052153Software2025-03-310002052153Insurance Safe-Guard SG Acquisition, Inc. Investment Type First Lien Secured Debt - Revolver Interest Rate S+500, 0.75% Floor Maturity Date 4/3/20302025-03-310002052153Software Redwood Runway Bidco, LLC Investment Type First Lien Secured Debt - Term Loan Interest Rate S+500, 0.50% Floor Maturity Date 12/17/20312025-03-310002052153ck0002052153:SemiconductorsSemiconductorEquipmentMemberck0002052153:FirstLienSecuredDebtMember2025-03-310002052153ck0002052153:ApolloCapitalManagementLPMember2025-01-210002052153srt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:PreferredStockMemberck0002052153:ValuationTechniqueYieldAnalysisMember2025-03-310002052153ck0002052153:CommercialServicesAndSuppliesMember2025-03-310002052153us-gaap:FairValueInputsLevel3Memberck0002052153:FirstLienSecuredDebtMember2024-12-310002052153Truck-Lite Co., LLC2025-03-310002052153ck0002052153:OneMonthCanadianOvernightRepoRateAverageMember2025-03-310002052153ck0002052153:ReorganizationAgreementMemberck0002052153:ApolloCapitalManagementLPMember2025-01-242025-01-240002052153Household Durables Polywood Poly-Wood, LLC Investment Type First Lien Secured Debt - Revolver Interest Rate S+488, 1.00% Floor Maturity Date 3/20/20302025-03-3100020521532025-05-130002052153Semiconductors & Semiconductor Equipment Wolfspeed, Inc. Wolfspeed, Inc. Investment Type First Lien Secured Debt – Corporate Bond Interest Rate 12% Maturity Date 6/23/20302025-03-310002052153LendingTree, Inc.2025-03-310002052153Insurance Higginbotham2025-03-310002052153Financial Services2025-03-310002052153Media Gannett Gannett Holdings, LLC Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+500, 1.50% Floor Maturity Date 10/15/20292025-03-310002052153us-gaap:FairValueInputsLevel3Member2025-01-012025-03-310002052153ck0002052153:AdvisoryAgreementMember2025-01-012025-03-310002052153Software Everbridge Everbridge Holdings, LLC Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+500, 0.75% Floor Maturity Date 7/2/20312025-03-310002052153Jensen Hughes, Inc2025-03-310002052153Investments before Cash Equivalents2025-03-310002052153 Commercial Services & Supplies Heritage Environmental Services Heritage Environmental Services, Inc. Investment Type First Lien Secured Debt - Revolver Interest Rate S+500, 0.75% Floor Maturity Date 1/31/20302025-03-310002052153Professional Services2025-03-310002052153us-gaap:FairValueInputsLevel3Memberck0002052153:FirstLienSecuredDebtMember2025-03-310002052153Software Alteryx Azurite Intermediate Holdings, Inc.2025-03-310002052153Automobile Components Clarience Technologies Truck-Lite Co., LLC Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+575, 0.75% Floor Maturity Date 2/13/20312025-03-310002052153Software G2CI Evergreen IX Borrower 2023, LLC2025-03-310002052153srt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:PreferredStockMemberck0002052153:ValuationTechniqueYieldAnalysisMember2025-03-310002052153us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel3Member2025-01-012025-03-310002052153us-gaap:PreferredStockMemberck0002052153:InsuranceMember2025-03-310002052153Semiconductors & Semiconductor Equipment2025-03-310002052153ck0002052153:ThreeMonthsSecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2025-03-310002052153Communications Equipment CommScope Commscope, LLC Investment Type First Lien Secured Debt - Corporate Bond Interest Rate 9.50% Maturity Date 12/15/20312025-03-310002052153Consumer Finance2025-03-310002052153Life Sciences Tools & Services Cambrex Cambrex Corp.2025-03-310002052153us-gaap:FairValueInputsLevel3Memberck0002052153:FirstLienSecuredDebtMemberck0002052153:ValuationTechniqueYieldAnalysisMember2025-03-310002052153ck0002052153:HealthCareTechnologyMemberck0002052153:FirstLienSecuredDebtMember2025-03-310002052153Commercial Services & Supplies R.R. Donnelley R. R. Donnelley & Sons Company Investment Type First Lien Secured Debt - Term Loan Interest Rate S+475, 0.75% Floor Maturity Date 8/8/2029 One2025-03-310002052153Professional Services Legends Legends Hospitality Holding Company, LLC Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+500, 0.75% Floor Maturity Date 8/22/20312025-03-310002052153Commercial Services & Supplies Encore AVSC Holding Corp. Investment Type First Lien Secured Debt - Revolver Interest Rate S+500, 0.75% Floor Maturity Date 12/5/20292025-03-310002052153us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMemberck0002052153:ValuationTechniqueYieldAnalysisMember2025-03-310002052153us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2025-03-310002052153ck0002052153:BuildingProductsMember2025-03-310002052153Evergreen IX Borrower 2023, LLC2025-03-310002052153ck0002052153:FinancialServicesMember2025-03-310002052153Commercial Services & Supplies Heritage Environmental Services Heritage Environmental Services, Inc.2025-03-310002052153ck0002052153:FirstLienSecuredDebtMember2025-03-310002052153Health Care Providers & Services Advarra Advarra Holdings, Inc.2025-03-310002052153Software Redwood Runway Bidco, LLC Investment Type First Lien Secured Debt – Revolver Interest Rate S+500, 0.50% Floor Maturity Date 12/17/20312025-03-310002052153Investments after Cash Equivalents2025-03-310002052153Transportation Infrastructure GSI Geotechnical Merger Sub, Inc. Investment Type First Lien Secured Debt – Revolver Interest Rate S+475, 0.75% Floor Maturity Date 10/15/20312025-03-310002052153QBS Parent, Inc.2025-03-310002052153Insurance Higginbotham HIG Intermediate, Inc. Investment Type Preferred Equity - Cumulative Preferred Equity Maturity Date 12/10/21242025-03-310002052153Insurance2025-03-310002052153Professional Services BDO USA BDO USA, P.A. Investment Type First Lien Secured Debt - Term Loan Interest Rate S+500, 2.00% Floor Maturity Date 8/31/20282025-03-310002052153 Automobile Components Clarience Technologies Truck-Lite Co., LLC Investment Type First Lien Secured Debt - Revolver Interest Rate S+575, 0.75% Floor Maturity Date 2/13/20302025-03-310002052153Victors Purchaser, LLC2025-03-310002052153ck0002052153:ConstructionAndEngineeringMemberck0002052153:FirstLienSecuredDebtMember2025-03-310002052153 Communications Equipment2025-03-310002052153ck0002052153:HouseholdDurablesMember2025-03-310002052153Health Care Technology Suvoda Goldeneye Parent, LLC Investment Type First Lien Secured Debt - Revolver Interest Rate S+500, 0.75% Floor Maturity Date 3/31/20322025-03-310002052153ck0002052153:InsuranceMember2025-03-310002052153ck0002052153:ConsumerFinanceMember2025-03-310002052153ck0002052153:SemiconductorsSemiconductorEquipmentMember2025-03-310002052153Pharmaceuticals Catalent Creek Parent, Inc. Investment Type First Lien Secured Debt - Revolver Interest Rate S+525, 0.75% Floor Maturity Date 12/18/20312025-03-310002052153Communications Equipment CommScope Commscope, LLC Investment Type First Lien Secured Debt - Term Loan Interest Rate S+525, 2.00% Floor Maturity Date 12/17/20292025-03-310002052153ck0002052153:ConsumerStaplesDistributionAndRetailMemberck0002052153:FirstLienSecuredDebtMember2025-03-310002052153Protein For Pets Opco, LLC2025-03-31iso4217:USDxbrli:sharesxbrli:pureck0002052153:Segmentxbrli:sharesiso4217: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: 000-56723

Apollo Origination II (UL) Capital Trust

(Exact Name of Registrant as Specified in its Charter)


Delaware	36-6481177
( 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 20,004,751 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	31

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	39

Item 4.	Controls and Procedures	40

	PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	41

Item 1A.	Risk Factors	41

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	41

Item 3.	Defaults Upon Senior Securities	41

Item 4.	Mine Safety Disclosures	41

Item 5.	Other Information	41

Item 6.	Exhibits	42

	Signatures	43

Table of Contents

PART I. FINANCIAL INFORMATION

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

Item 1. Consolidated Financial Statements

APOLLO ORIGINATION II (UL) 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 - $475,586 and $0 at March 31, 2025 and December 31, 2024, respectively)	$	475,610	$		—
Cash and cash equivalents		21,370			2
Due from counterparties		6,324			—
Receivable for investments sold		3,582			—
Interest receivable		3,162			—
Other assets		199			—
Total Assets	$	510,247	$		2

Liabilities
Payable for investments purchased		866			—
Administration fees payable		131			8
Professional fees payable		—			65
Trustee fees payable		52			—
Management fees payable		34			—
Accrued organizational costs		—			20
Other liabilities and accrued expenses		157			—
Total Liabilities	$	1,240	$		93
Commitments and contingencies (Note 6)
Total Net Assets	$	509,007	$		(91	)

Net Assets
Common stock, $0.001 par value (Unlimited shares authorized; 20,004,751 and 60 shares issued and outstanding, respectively)	$	20	$	0*
Capital in excess of par value		500,735			2
Accumulated distributed earnings (losses)		8,252			(93	)
Total Net Assets	$	509,007	$		(91	)

Net Asset Value Per Share	$	25.44	$	N/A

* Rounded value

See notes to the consolidated financial statements.

Table of Contents

APOLLO ORIGINATION II (UL) 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)	$	8,716
PIK interest income		76
Dividend income		226
Other income		157
Total Investment Income	$	9,175
Expenses
Management fees	$	602
Administration fees		124
Trustee fees		52
Other general and administrative expenses		168
Organizational fees		60
Total Expenses		1,006
Net Investment Income	$	8,169
Net Realized and Change in Unrealized Gains (Losses)
Net realized gains (losses):
Non-controlled/non-affiliated investments	$	73
Foreign currency transactions		(14	)
Net realized gains (losses)		59
Net change in unrealized gains (losses):
Non-controlled/non-affiliated investments		24
Foreign currency translations		-
Net change in unrealized gains (losses)		24
Net Realized and Change in Unrealized Gains (Losses)	$	83
Net Increase (Decrease) in Net Assets Resulting from Operations	$	8,252

See notes to the consolidated financial statements.

Table of Contents

APOLLO ORIGINATION II (UL) 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	$	8,169
Net realized gains (losses)		59
Net change in unrealized gains (losses)		24
Net Increase (Decrease) in Net Assets Resulting from Operations	$	8,252

Capital Share Transactions
Net proceeds from the issuance of common shares	$	500,755
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions	$	500,755

Net Assets
Net increase (decrease) in net assets during the period	$	509,098
Net assets at beginning of period		(91	)
Net Assets at End of Period	$	509,007

Capital Share Activity
Shares issued during the period		20,004,751
Shares extinguished during the period		(60	)
Shares issued and outstanding at beginning of period		60
Shares Issued and Outstanding at End of Period		20,004,751

See notes to the consolidated financial statements.

Table of Contents

APOLLO ORIGINATION II (UL) 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	$	8,252
Net realized (gains) losses		(59	)
Net change in unrealized (gains) losses		(24	)
PIK interest capitalized		43
Purchase of investments		(480,622	)
Proceeds from sale of investments and principal repayments		5,141
Changes in operating assets and liabilities:
Decrease (increase) in due from counterparties		(6,324	)
Decrease (increase) in receivable for investments sold		(3,582	)
Decrease (increase) in interest receivable		(3,162	)
Decrease (increase) in other assets		(199	)
Increase (decrease) in administration fees payable		123
Increase (decrease) in management fees payable		34
Increase (decrease) in payable for investments purchased		866
Increase (decrease) in professional fees payable		(65	)
Increase (decrease) in trustee fees payable		52
Increase (decrease) in accrued organizational costs		(20	)
Increase (decrease) in other liabilities and accrued expenses		157
Net Cash Used in/Provided by Operating Activities	$	(479,389	)

Financing Activities
Proceeds from issuance of common shares	$	500,755
Proceeds from extinguishment of common shares		2
Net Cash Used in/Provided by Financing Activities	$	500,757

Cash, Cash Equivalents
Net increase (decrease) in cash, cash equivalents during the period	$	21,368
Cash, cash equivalents at beginning of period		2
Cash, Cash Equivalents and Foreign Currencies at the End of Period	$	21,370

Non-Cash Activity
PIK income	$	76

See notes to the consolidated financial statements.

Table of Contents

APOLLO ORIGINATION II (UL) CAPITAL TRUST

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)


Industry/ Company	Investment Type	Interest Rate(5)	Maturity Date		Par/ Shares(3)			Cost(17)				Fair Value(1)(18)
Aerospace & Defense
MRO Holdings
MRO Holdings, Inc.
	First Lien Secured Debt - Term Loan	S+500, 0.50% Floor	12/17/2030	$		20,455	$		20,540		$		20,455		(7)(10)
			Total Aerospace & Defense				$		20,540		$		20,455

Automobile Components
Clarience Technologies
Truck-Lite Co., LLC
	First Lien Secured Debt - Delayed Draw	S+575, 0.75% Floor	2/13/2031	$		481	$		474		$		474		(7)(14)(16)
	First Lien Secured Debt - Revolver	S+575, 0.75% Floor	2/13/2030			50			43				44		(7)(14)(16)
	First Lien Secured Debt - Term Loan	S+575, 0.75% Floor	2/13/2031			6,898			6,837				6,838		(7)
			Total Automobile Components				$		7,354		$		7,356

Building Products
US LBM
LBM Acquisition, LLC
	First Lien Secured Debt - Term Loan	S+385, 0.75% Floor	12/17/2027	$		291	$		292		$		286		(4)(7)
			Total Building Products				$		292		$		286

Commercial Services & Supplies
AVI-SPL
A&V Holdings Midco, LLC
	First Lien Secured Debt - Delayed Draw	S+500, 0.00% Floor	6/6/2031			—	$		(42	)	$		(41	)	(7)(10)(13)(14)(16)
	First Lien Secured Debt - Revolver	S+500, 0.00% Floor	6/6/2031			—			—				—		(7)(10)(14)(16)
	First Lien Secured Debt - Term Loan	S+500, 0.00% Floor	6/6/2031			14,337			14,132				14,137		(7)(10)
									14,090				14,096
Encore
AVSC Holding Corp.
	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	12/5/2029			169			127				127		(7)(10)(14)(16)
	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	12/5/2031			19,798			19,402				19,402		(7)(10)
									19,529				19,529

See notes to the consolidated financial statements.

Table of Contents

APOLLO ORIGINATION II (UL) CAPITAL TRUST

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)


Industry/ Company	Investment Type	Interest Rate(5)	Maturity Date		Par/ Shares(3)			Cost(17)				Fair Value(1)(18)
Heritage Environmental Services
Heritage Environmental Services, Inc.
	First Lien Secured Debt - Delayed Draw	S+500, 0.75% Floor	1/31/2031			—			(3	)			(3	)	(7)(10)(13)(14)(16)
	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	1/31/2030			—			-				—		(7)(10)(14)(16)
	First Lien Secured Debt - Revolver	S+550, 4.50% Floor	1/31/2030			—			-				—		(7)(10)(14)(16)
	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	1/31/2031			1,263			1,257				1,257		(7)(10)
	First Lien Secured Debt - Term Loan	S+525, 0.75% Floor	1/31/2031			5,099			5,137				5,137		(7)(10)
R.R. Donnelley									6,391				6,391
R. R. Donnelley & Sons Company
	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	8/8/2029			4,060			3,938				3,979		(7)(10)
	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	8/8/2029			17,445			17,097				17,096		(6)(10)
									21,035				21,075
			Total Commercial Services & Supplies				$		61,045		$		61,091

Communications Equipment
CommScope
Commscope, LLC
	First Lien Secured Debt - Corporate Bond	9.50%	12/15/2031	$		1,461	$		1,520		$		1,504		(4)(10)(12)
	First Lien Secured Debt - Term Loan	S+525, 2.00% Floor	12/17/2029			8,766			8,985				8,743		(4)(7)(10)(12)
			Total Communications Equipment				$		10,505		$		10,247

Construction & Engineering
ASC Engineered Solutions
Fire Flow Intermediate Corporation
	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	7/10/2031	$		14,574	$		14,501		$		14,501		(7)
			Total Construction & Engineering				$		14,501		$		14,501

Consumer Finance
LendingTree
LendingTree, Inc.
	First Lien Secured Debt - Delayed Draw	S+575, 1.50% Floor	3/27/2031	$		2,958	$		2,958		$		2,958		(7)(10)(12)(16)
	First Lien Secured Debt - Term Loan	S+575, 1.50% Floor	3/27/2031			6,655			6,660				6,655		(7)(10)(12)
			Total Consumer Finance				$		9,618		$		9,613

See notes to the consolidated financial statements.

Table of Contents

APOLLO ORIGINATION II (UL) CAPITAL TRUST

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)


Industry/ Company	Investment Type	Interest Rate(5)	Maturity Date		Par/ Shares(3)			Cost(17)				Fair Value(1)(18)
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			—	$		(8	)	$		(8	)	(6)(10)(13)(14)(16)
	First Lien Secured Debt - Term Loan	S+525, 1.00% Floor	9/20/2030			4,465			4,387				4,387		(6)(10)
									4,379				4,379
Rise Baking
Viking Baked Goods Acquisition Corporation
	First Lien Secured Debt - Term Loan	S+500, 0.00% Floor	10/24/2031			12,242			12,059				12,059		(6)(10)
		Total Consumer Staples Distribution & Retail					$		16,438		$		16,438

Financial Services
Jensen Hughes
Jensen Hughes, Inc
	First Lien Secured Debt - Delayed Draw	S+500, 0.75% Floor	9/1/2031			—	$		(42	)	$		(42	)	(7)(10)(13)(14)(16)
	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	9/1/2031			—			(14	)			(14	)	(7)(10)(13)(14)(16)
	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	9/1/2031			8,003			7,883				7,883		(7)(10)
									7,827				7,827
Wealth Enhancement Group, LLC
Wealth Enhancement Group, LLC
	First Lien Secured Debt - Revolver	S+500, 1.00% Floor	10/2/2028			—			(3	)			(2	)	(6)(13)(14)(16)
	First Lien Secured Debt - Delayed Draw	S+500, 1.00% Floor	10/2/2028			5,049			4,947				4,950		(6)(16)
									4,944				4,948
			Total Financial Services				$		12,771		$		12,775

Health Care Equipment & Supplies
Vantive
Spruce Bidco II Inc.
	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	1/31/2032			—	$		(19	)	$		(19	)	(7)(10)(13)(14)(16)
	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	1/30/2032			5,546			5,463				5,462		(7)(10)
	First Lien Secured Debt - Term Loan	C+500, 0.75% Floor	1/30/2032	C$		1,002			686				686		(3)(8)(10)
	First Lien Secured Debt - Term Loan	T+525, 0.75% Floor	2/2/2032	¥		107,358			705				705		(3)(9)(10)
									6,835				6,834

See notes to the consolidated financial statements.

Table of Contents

APOLLO ORIGINATION II (UL) CAPITAL TRUST

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)


Industry/ Company	Investment Type	Interest Rate(5)	Maturity Date		Par/ Shares(3)			Cost(17)				Fair Value(1)(18)
Zeus
Zeus Company LLC
	First Lien Secured Debt - Delayed Draw	S+550, 0.75% Floor	2/28/2031	$		230			236				235		(7)(10)(14)(16)
	First Lien Secured Debt - Revolver	S+550, 0.75% Floor	2/28/2030			—			-				—		(7)(10)(14)(16)
	First Lien Secured Debt - Term Loan	S+550, 0.75% Floor	2/28/2031			3,501			3,536				3,527		(7)(10)
									3,772				3,762
			Total Health Care Equipment & Supplies				$		10,607		$		10,596

Health Care Providers & Services
Advarra
Advarra Holdings, Inc.
	First Lien Secured Debt - Delayed Draw	S+450, 0.75% Floor	9/15/2031	$		—	$		(6	)	$		6		(7)(10)(14)(16)
	First Lien Secured Debt - Term Loan	S+450, 0.75% Floor	9/13/2031			12,618			12,555				12,681		(7)(10)
	First Lien Secured Debt - Term Loan	S+450, 1.00% Floor	9/15/2031			5,075			5,050				5,101		(7)(10)
									17,599				17,788
Omega Healthcare
OMH-Healthedge Holdings, Inc.
	First Lien Secured Debt - Revolver	S+600, 1.00% Floor	10/8/2029			—			—				—		(7)(10)(14)(16)
	First Lien Secured Debt - Term Loan	S+600, 1.00% Floor	10/8/2029			7,047			7,048				7,047		(7)(10)
Tivity Health									7,048				7,047
Tivity Health, Inc.
	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	6/28/2029			14,501			14,574				14,501		(7)
			Total Health Care Providers & Services				$		39,221		$		39,336

Health Care Technology
Suvoda
Goldeneye Parent, LLC
	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	3/31/2032	$		11,486	$		11,429		$		11,429		(7)(10)
	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	3/31/2032			—			(8	)			(8	)	(7)(10)(13)(14)(16)
			Total Health Care Technology				$		11,421		$		11,421

See notes to the consolidated financial statements.

Table of Contents

APOLLO ORIGINATION II (UL) CAPITAL TRUST

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)


Industry/ Company	Investment Type	Interest Rate(5)	Maturity Date		Par/ Shares(3)			Cost(17)			Fair Value(1)(18)
Household Durables
Polywood
Poly-Wood, LLC
	First Lien Secured Debt - Delayed Draw	S+575, 1.00% Floor	3/20/2030			—	$		—	$		—	(7)(10)(14)(16)
	First Lien Secured Debt - Revolver	S+488, 1.00% Floor	3/20/2030			526			526			526	(7)(10)(14)(16)
	First Lien Secured Debt - Term Loan	S+488, 1.00% Floor	3/20/2030			9,468			9,468			9,468	(7)(10)
			Total Household Durables				$		9,994	$		9,994

Insurance
Higginbotham
Higginbotham Insurance Agency, Inc.
	First Lien Secured Debt - Delayed Draw	S+475, 1.00% Floor	11/24/2028	$		605	$		605	$		605	(7)(14)(16)
HIG Intermediate, Inc.
	Preferred Equity - Cumulative Preferred	Equity	N/A			15			15			15

Apollo Origination II (UL) Capital Trust 10-Q