Q3false0002052152--12-31http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://apollo.com/20250930#CanadianOvernightRepoRateAverageMemberhttp://apollo.com/20250930#TokyoOvernightRepoRateAverageMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#AccountingStandardsUpdate202307Memberhttp://fasb.org/srt/2025#ChiefExecutiveOfficerMember0002052152us-gaap:InvestmentUnaffiliatedIssuerMembernone:MediaMember2025-09-300002052152us-gaap:FairValueInputsLevel3Membernone:ValuationTechniqueYieldAnalysisMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2025-09-300002052152none:FirstLienSecuredDebtMembernone:CommercialServicesAndSuppliesMember2025-09-300002052152none:IncentiveFeeOnCapitalGainsMember2025-09-300002052152none:DatavantMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:HealthCareTechnologyMember2025-09-300002052152none:CCIBuyerIncMember2025-09-300002052152us-gaap:FairValueInputsLevel3Membernone:FirstLienSecuredDebtMembernone:ValuationTechniqueYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMember2025-09-300002052152none:ProfessionalServicesMember2025-09-300002052152none:FirstLienSecuredDebtMembernone:PersonalCareProductsMember2025-09-300002052152none:ElectronicEquipmentInstrumentsAndComponentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002052152us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2025-06-300002052152none:ConsumerStaplesDistributionAndRetailMember2025-09-300002052152none:PersonalCareProductsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002052152none:LifeSciencesToolsAndServicesMembernone:CuriaMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002052152us-gaap:InvestmentUnaffiliatedIssuerMembernone:ConstructionAndEngineeringMember2025-09-3000020521522025-07-012025-09-300002052152Financial Services Jensen Hughes Jensen Hughes, Inc Investment Type First Lien Secured Debt - Term Loan Interest Rate S+500, 0.75% Floor Maturity Date 9/1/20312025-09-300002052152Transportation Infrastructure GSI Geotechnical Merger Sub, Inc. Investment Type First Lien Secured Debt - Term Loan Interest Rate S+450, 0.75% Floor Maturity Date 10/15/20312025-09-300002052152none:FirstLienSecuredDebtMembernone:ConsumerStaplesDistributionAndRetailMember2025-09-300002052152none:FirstLienSecuredDebtMembernone:AutomobileComponentsMember2025-09-300002052152Aerospace & Defense Triumph Titan BW Borrower L.P. Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+475, 0.50% Floor Maturity Date 7/24/20322025-09-300002052152Commercial Services & Supplies Encore AVSC Holding Corp. Investment Type First Lien Secured Debt - Revolver Interest Rate S+500, 0.75% Floor Maturity Date 12/5/20292025-09-300002052152Financial Services Wealth Enhancement Group Wealth Enhancement Group, LLC Investment Type First Lien Secured Debt - Revolver Interest Rate S+450, 1.00% Floor Maturity Date 10/2/20282025-09-300002052152none:UnfundedRevolverObligationsMember2025-09-300002052152none:HealthCareEquipmentAndSuppliesMember2025-09-300002052152none:EverbridgeHoldingsLLCMember2025-09-300002052152none:ConsumerStaplesDistributionAndRetailMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002052152Financial Services Jensen Hughes Jensen Hughes, Inc Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+500, 0.75% Floor Maturity Date 9/1/20312025-09-300002052152Aerospace & Defense Triumph Titan BW Borrower L.P. Investment Type First Lien Secured Debt - Term Loan Interest Rate S+238 Cash (includes 2.88% PIK), 0.50% Floor Maturity Date 7/24/20322025-09-300002052152none:LifeSciencesToolsAndServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002052152Insurance Hilb Group Thg Acquisition, LLC Investment Type First Lien Secured Debt - Term Loan Interest Rate S+475, 0.75% Floor Maturity Date 10/31/20312025-09-300002052152Software Databricks Databricks, Inc. Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+450, 0.00% Floor Maturity Date 1/3/20312025-09-300002052152Financial Services Jensen Hughes Jensen Hughes, Inc Investment Type First Lien Secured Debt - Revolver Interest Rate S+500, 0.75% Floor Maturity Date 9/1/20312025-09-300002052152Health Care Equipment & Supplies Zeus Zeus Company LLC Investment Type First Lien Secured Debt - Term Loan Interest Rate S+600 cash (includes 3.00% PIK), 0.75% Floor Maturity Date 2/28/20312025-09-300002052152none:IncentiveFeeBasedOnIncomeMember2025-07-012025-09-300002052152none:ThgAcquisitionLLCMember2025-09-300002052152Household Durables Polywood Poly-Wood, LLC Investment Type First Lien Secured Debt - Term Loan Interest Rate S+488, 1.00% Floor Maturity Date 3/20/20302025-09-300002052152none:AzuriteIntermediateHoldingsIncMember2025-09-300002052152none:FirstLienSecuredDebtMembernone:AerospaceDefenseMember2025-09-300002052152none:EagleRailcarMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:TransportationInfrastructureMember2025-09-300002052152Professional Services Legends Legends Hospitality Holding Company, LLC Investment Type First Lien Secured Debt - Term Loan Interest Rate S+275, Cash (Includes 2.75% PIK) 0.75% Floor Maturity Date 8/22/20312025-09-3000020521522025-11-110002052152Construction & Engineering ASC Engineered Solutions Fire Flow Intermediate Corporation Investment Type First Lien Secured Debt - Term Loan Interest Rate S+475, 0.75% Floor Maturity Date 7/10/20312025-09-300002052152Personal Care Products PDC Brands Parfums Holding Company, Inc. Investment Type First Lien Secured Debt - Revolver Interest Rate S+525, 1.00% Floor Maturity Date 6/27/20292025-09-300002052152Media Gannett Gannett Co., Inc. Investment Type First Lien Secured Debt - Convertible Bond Interest Rate 6.00% Maturity Date 12/1/20312025-09-300002052152us-gaap:InvestmentUnaffiliatedIssuerMembernone:HealthCareTechnologyMembernone:TivityHealthMember2025-09-300002052152none:FirstLienSecuredDebtMember2025-09-300002052152us-gaap:InvestmentUnaffiliatedIssuerMembernone:ProfessionalServicesMembernone:BDOUSAMember2025-09-300002052152none:DeerfieldDakotaHoldingLLCMember2025-09-300002052152Health Care Technology Datavant CT Technologies Intermediate Holdings Investment Type First Lien Secured Debt - Revolver Interest Rate S+475, 0.75% Floor Maturity Date 8/30/20312025-09-300002052152Technology Hardware, Storage & Peripherals Service Express Victors Purchaser, LLC Investment Type First Lien Secured Debt - Revolver Interest Rate S+475, 0.50% Floor Maturity Date 8/15/20312025-09-300002052152none:OneCallCorporationMember2025-09-300002052152none:InsuranceMember2025-09-300002052152none:LifeSciencesToolsAndServicesMember2025-09-300002052152none:IncentiveFeeBasedOnCumulativeNetRealizedGainsMember2025-01-012025-09-300002052152Software Quorum QBS Parent, Inc. Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+450, 0.75% Floor Maturity Date 6/3/20322025-09-300002052152none:TransportationInfrastructureMember2025-09-300002052152us-gaap:InvestmentUnaffiliatedIssuerMembernone:AerospaceAndDefenseMember2025-09-300002052152Life Sciences Tools & Services Cambrex Cambrex Corp. Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+475, 0.75% Floor Maturity Date 3/5/20322025-09-300002052152Health Care Providers & Services One Call Medical One Call Corporation Investment Type First Lien Secured Debt - Revolver Interest Rate S+475, 0.50% Floor Maturity Date 9/10/20302025-09-300002052152Health Care Providers & Services Tivity Health Tivity Health, Inc. Investment Type First Lien Secured Debt - Term Loan Interest Rate S+500, 0.75% Floor Maturity Date 6/28/20292025-09-300002052152Aerospace & Defense Triumph Titan BW Borrower L.P. Investment Type First Lien Secured Debt - Revolver Interest Rate S+475, 0.50% Floor Maturity Date 7/24/20322025-09-300002052152none:PharmaceuticalsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002052152none:IncentiveFeeBasedOnIncomeMember2025-01-012025-09-300002052152none:Poly-WoodLLCMember2025-09-300002052152none:VantageSpecialtyChemicalsHoldingsIncMember2025-09-300002052152none:AutomobileComponentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002052152srt:MinimumMember2025-09-3000020521522025-01-012025-09-300002052152none:SoftwareMembernone:G2CIMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002052152none:ApolloCapitalManagementLPMember2025-01-272025-01-270002052152none:VictorsPurchaserLLCMember2025-09-300002052152Consumer Staples Distribution & Retail Protein for Pets Protein For Pets Opco, LLC Investment Type First Lien Secured Debt - Revolver Interest Rate S+525, 1.00% Floor Maturity Date 9/20/2030.2025-09-300002052152Professional Services Kroll Deerfield Dakota Holding, LLC Investment Type First Lien Secured Debt - Term Loan Interest Rate S+575, 0.75% Floor Maturity Date 9/12/20322025-09-300002052152Software G2CI Evergreen IX Borrower 2023, LLC Investment Type First Lien Secured Debt - Revolver Interest Rate S+475, 0.75% Floor Maturity Date 10/1/20292025-09-3000020521522024-12-310002052152Insurance Hilb Group Thg Acquisition, LLC Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+475, 0.75% Floor Maturity Date 10/31/20312025-09-300002052152Health Care Providers & Services Omega Healthcare OMH-Healthedge Holdings, Inc. Investment Type First Lien Secured Debt - Revolver Interest Rate S+450, 1.00% Floor Maturity Date 4/1/20302025-09-300002052152Software G2CI Evergreen IX Borrower 2023, LLC Investment Type First Lien Secured Debt - Term Loan Interest Rate S+475, 0.75% Floor Maturity Date 9/30/20302025-09-300002052152Software Databricks Databricks, Inc. Investment Type First Lien Secured Debt - Term Loan Interest Rate S+450, 0.00% Floor Maturity Date 1/3/20312025-09-300002052152none:LifeSciencesToolsAndServicesMembernone:FirstLienSecuredDebtMember2025-09-300002052152us-gaap:InvestmentUnaffiliatedIssuerMembernone:InsuranceMembernone:HilbGroupMember2025-09-300002052152none:IncentiveFeeBasedOnIncomeMembersrt:MaximumMember2025-01-012025-09-300002052152none:TITANBWBORROWERLPMember2025-09-300002052152Life Sciences Tools & Services Curia Curia Global, Inc. Investment Type First Lien Secured Debt - Term Loan Interest Rate S+625, Cash (includes 3.25% PIK), 0.00% Floor Maturity Date 12/6/20292025-09-300002052152Software Alteryx Azurite Intermediate Holdings, Inc. Investment Type First Lien Secured Debt - Term Loan Interest Rate S+600, 0.75% Floor Maturity Date 3/19/20312025-09-300002052152none:UnfundedDelayedDrawLoanCommitmentsMember2025-09-300002052152us-gaap:InvestmentUnaffiliatedIssuerMembernone:InsuranceMember2025-09-300002052152us-gaap:InvestmentUnaffiliatedIssuerMembernone:HealthCareProvidersAndServicesMembernone:OneCallMedicalMember2025-09-300002052152us-gaap:FairValueInputsLevel3Membernone:ValuationTechniqueYieldAnalysisMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMember2025-09-300002052152none:AOPIIJasmineCreditFacilityMember2025-01-012025-09-300002052152none:ChemicalsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002052152none:FirstLienSecuredDebtMembernone:SpecialtyRetailMember2025-09-300002052152Personal Care Products Suave Silk Holdings III Corp. Investment Type First Lien Secured Debt - Term Loan Interest Rate S+450, 1.00% Floor Maturity Date 5/1/20292025-09-300002052152Professional Services Kroll Deerfield Dakota Holding, LLC Investment Type First Lien Secured Debt - Revolver Interest Rate S+525, 0.75% Floor Maturity Date 9/12/20322025-09-300002052152none:AOPIIMapleCreditFacilityMember2025-09-300002052152us-gaap:FairValueInputsLevel3Membernone:FirstLienSecuredDebtMember2025-09-300002052152none:DatabricksMembernone:SoftwareMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002052152none:QBSParentIncMember2025-09-300002052152none:SoftwareMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:EverbridgeMember2025-09-300002052152us-gaap:FairValueInputsLevel1Member2025-09-300002052152Insurance Higginbotham Higginbotham Insurance Agency, Inc. Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+475, 1.00% Floor Maturity Date 11/24/20282025-09-300002052152none:GoldmanSachsFinancialSquareGovernmentFundInstitutionalSharesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002052152Media Gannett Gannett Holdings, LLC Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+500, 1.50% Floor Maturity Date 10/15/20292025-09-300002052152Technology 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 8/15/20312025-09-300002052152none:ZeusCompanyLLCMember2025-09-300002052152none:ApolloCapitalManagementLPMember2024-12-310002052152us-gaap:InvestmentUnaffiliatedIssuerMembernone:HealthCareEquipmentAndSuppliesMembernone:VantiveMember2025-09-300002052152Chemicals Vantage Specialty Chemicals Vantage Specialty Chemicals Holdings, Inc. Investment Type First Lien Secured Debt - Term Loan Interest Rate S+625, 1.00% Floor Maturity Date 8/28/20292025-09-300002052152none:IncentiveFeeBasedOnCumulativeNetRealizedGainsMember2025-07-012025-09-300002052152none:FirstLienSecuredDebtMembernone:HealthCareEquipmentAndSuppliesMember2025-09-300002052152Health Care Technology Datavant CT Technologies Intermediate Holdings Investment Type First Lien Secured Debt - Term Loan Interest Rate S+475, 0.75% Floor Maturity Date 9/2/20312025-09-3000020521522025-06-300002052152none:IncentiveFeeBasedOnIncomeMembersrt:MinimumMember2025-01-012025-09-300002052152none:AerospaceDefenseMember2025-09-300002052152Electronic Equipment, Instruments & Components Wolfspeed Wolfspeed Inc Investment Type First Lien Secured Debt - Corporate Bond Interest Rate 13.88% Maturity Date 6/23/20302025-09-300002052152us-gaap:FairValueInputsLevel3Membernone:FirstLienSecuredDebtMember2025-06-300002052152Life Sciences Tools & Services Cambrex Cambrex Corp. Investment Type First Lien Secured Debt - Term Loans Interest Rate S+450, 0.75% Floor Maturity Date 3/5/20322025-09-300002052152none:UnfundedRevolverObligationsMember2024-12-3100020521522025-09-112025-09-110002052152none:ThreeMonthsSecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2025-09-300002052152Transportation Infrastructure Eagle Railcar Elk Bidco, Inc Investment Type First Lien Secured Debt - Revolver Interest Rate S+450, 0.50% Floor Maturity Date 6/14/20322025-09-300002052152none:AdvisoryAgreementMember2025-01-012025-09-300002052152none:ParfumsHoldingCompanyIncMember2025-09-300002052152none:PersonalCareProductsMembernone:SuaveMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002052152none:ApolloCapitalManagementLPMember2025-01-210002052152none:FirstLienSecuredDebtMembernone:ElectronicEquipmentInstrumentsAndComponentsMember2025-09-300002052152none:HealthCareTechnologyMember2025-09-300002052152none:ITServicesMember2025-09-300002052152Communications Equipment CommScope Commscope, LLC Investment Type First Lien Secured Debt - Term Loan Interest Rate S+475, 2.00% Floor Maturity Date 12/17/20292025-09-300002052152Commercial 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 One2025-09-300002052152none:VensureEmployerServicesIncMember2025-09-300002052152Health Care Technology Suvoda Goldeneye Parent, LLC Investment Type First Lien Secured Debt - Term Loan Interest Rate S+500, 0.75% Floor Maturity Date 3/31/20322025-09-300002052152none:GannettCoIncMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:MediaMember2025-09-300002052152Health Care Providers & Services Advarra Advarra Holdings, Inc. Investment Type First Lien Secured Debt - Term Loan Interest Rate S+450, 0.75% Floor Maturity Date 9/15/20312025-09-300002052152none:FirstLienSecuredDebtMembernone:ConstructionAndEngineeringMember2025-09-300002052152Health Care Technology Suvoda Goldeneye Parent, LLC Investment Type First Lien Secured Debt - Revolver Interest Rate S+500, 0.75% Floor Maturity Date 3/31/20322025-09-300002052152Insurance Hilb Group Thg Acquisition, LLC Investment Type First Lien Secured Debt - Revolver Interest Rate S+475, 0.75% Floor Maturity Date 10/31/20312025-09-300002052152us-gaap:InvestmentUnaffiliatedIssuerMembernone:WirelessTelecommunicationServicesMember2025-09-300002052152Software Redwood Runway Bidco, LLC Investment Type First Lien Secured Debt - Term Loan Interest Rate S+500, 0.50% Floor Maturity Date 12/17/20312025-09-300002052152none:RRDonnelleyMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:CommercialServicesAndSuppliesMember2025-09-300002052152none:AutomobileComponentsMember2025-09-300002052152Insurance Higginbotham HIG Intermediate, Inc. Investment Type Preferred Equity - Cumulative Preferred Interest Rate Equity Maturity Date 12/10/21242025-09-300002052152us-gaap:InvestmentUnaffiliatedIssuerMembernone:WealthEnhancementGroupMembernone:FinancialServicesMember2025-09-300002052152none:SGAcquisitionIncMember2025-09-300002052152us-gaap:FairValueInputsLevel3Membernone:ValuationTechniqueYieldAnalysisMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:PreferredStockMember2025-09-300002052152none:CreekParentIncMember2025-09-300002052152Health Care Providers & Services One Call Medical One Call Corporation Investment Type First Lien Secured Debt - Term Loan Interest Rate S+575, 0.50% Floor Maturity Date 9/10/20302025-09-300002052152Software Quorum QBS Parent, Inc. Investment Type First Lien Secured Debt - Term Loan Interest Rate S+450, 0.75% Floor Maturity Date 6/3/20322025-09-300002052152us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2024-12-310002052152none:ApolloCapitalManagementLPMembernone:ReorganizationAgreementMember2025-01-242025-01-240002052152Transportation Infrastructure Eagle Railcar Elk Bidco, Inc Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+450, 0.50% Floor Maturity Date 6/14/20322025-09-300002052152none:TechnologyHardwareStorageAndPeripheralsMember2025-09-300002052152none:FirstLienSecuredDebtMembernone:CommunicationsEquipmentMember2025-09-300002052152Commercial 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 8/8/20292025-09-300002052152Transportation Infrastructure GSI Geotechnical Merger Sub, Inc. Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+450, 0.75% Floor Maturity Date 10/15/20312025-09-300002052152none:AdvarraHoldingsIncMember2025-09-300002052152Software Everbridge Everbridge Holdings, LLC Investment Type First Lien Secured Debt - Revolver Interest Rate S+500, 0.75% Floor Maturity Date 7/2/20312025-09-300002052152none:FirstLienSecuredDebtMembernone:ProfessionalServicesMember2025-09-300002052152none:GSIMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:TransportationInfrastructureMember2025-09-300002052152us-gaap:InvestmentUnaffiliatedIssuerMembernone:ProfessionalServicesMember2025-09-300002052152Insurance Safe-Guard SG Acquisition, Inc. Investment Type First Lien Secured Debt - Term Loan Interest Rate S+475, 0.75% Floor Maturity Date 4/3/20302025-09-300002052152Automobile Components Clarience Technologies Truck-Lite Co., LLC Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+475, 0.75% Floor Maturity Date 2/13/20322025-09-300002052152Insurance Safe-Guard SG Acquisition, Inc. Investment Type First Lien Secured Debt - Revolver Interest Rate S+475, 0.75% Floor Maturity Date 4/3/20302025-09-300002052152none:AOPIIMapleCreditFacilityMember2025-01-012025-09-300002052152none:HouseholdDurablesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002052152Insurance Keystone Koala Investment Holdings, Inc. Investment Type First Lien Secured Debt - Term Loan Interest Rate S+450, 0.75% Floor Maturity Date 8/29/20322025-09-300002052152none:SoftwareMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002052152us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel3Member2025-01-012025-09-300002052152country:US2025-09-300002052152us-gaap:InvestmentUnaffiliatedIssuerMembernone:HealthCareEquipmentAndSuppliesMember2025-09-300002052152us-gaap:InvestmentUnaffiliatedIssuerMembernone:ProfessionalServicesMembernone:LegendsMember2025-09-300002052152Automobile Components Clarience Technologies Truck-Lite Co., LLC Investment Type First Lien Secured Debt - Term Loan Interest Rate S+475, 0.75% Floor Maturity Date 2/13/20322025-09-300002052152Household Durables Polywood Poly-Wood, LLC Investment Type First Lien Secured Debt - Revolver Interest Rate S+488, 1.00% Floor Maturity Date 3/20/20302025-09-300002052152us-gaap:InvestmentUnaffiliatedIssuerMembernone:MROHoldingsMembernone:AerospaceAndDefenseMember2025-09-300002052152none:SoftwareMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:AlteryxMember2025-09-300002052152Consumer 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 9/20/20302025-09-300002052152none:ApolloCapitalManagementLPMember2025-01-242025-01-240002052152Professional Services BDO USA BDO USA, P.A. Investment Type First Lien Secured Debt - Term Loan Interest Rate S+500, 2.00% Floor Maturity Date 8/31/20282025-09-300002052152Technology Hardware, Storage & Peripherals Service Express Victors Purchaser, LLC Investment Type First Lien Secured Debt - Term Loan Interest Rate S+475, 0.50% Floor Maturity Date 8/15/20312025-09-300002052152Insurance Keystone Koala Investment Holdings, Inc. Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+450, 0.75% Floor Maturity Date 8/29/20322025-09-300002052152us-gaap:InvestmentUnaffiliatedIssuerMembernone:HealthCareProvidersAndServicesMembernone:TivityHealthMember2025-09-300002052152none:FinancialServicesMember2025-09-300002052152none:FirstLienSecuredDebtMembernone:TransportationInfrastructureMember2025-09-300002052152none:PersonalCareProductsMember2025-09-300002052152none:EvergreenIXBorrower2023LLCMember2025-09-300002052152none:ConsumerStaplesDistributionAndRetailMembernone:RiseBakingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002052152none:ArcwoodEnvironmentalIncMember2025-09-300002052152us-gaap:InvestmentUnaffiliatedIssuerMembernone:FinancialServicesMember2025-09-300002052152Consumer 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 11/4/20312025-09-300002052152Commercial 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 1/31/20312025-09-300002052152Professional Services Legends Legends Hospitality Holding Company, LLC Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+500, 0.75% Floor Maturity Date 8/22/20312025-09-300002052152none:FirstLienSecuredDebtMembernone:HealthCareTechnologyMember2025-09-300002052152us-gaap:FairValueInputsLevel3Membernone:ValuationTechniqueYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:PreferredStockMembersrt:MaximumMember2025-09-300002052152none:TriumphMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:AerospaceAndDefenseMember2025-09-300002052152us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel3Member2025-09-300002052152none:OneMonthCORRAInterestRateMember2025-09-300002052152Wireless Telecommunication Services Consumer Cellular CCI Buyer, Inc. Investment Type First Lien Secured Debt - Term Loan Interest Rate S+500, 0.75% Floor Maturity Date 5/13/20322025-09-300002052152us-gaap:FairValueInputsLevel3Member2025-06-300002052152none:AOPIIJasmineCreditFacilityMember2025-09-300002052152us-gaap:FairValueInputsLevel2Member2025-09-300002052152Financial Services Wealth Enhancement Group Wealth Enhancement Group, LLC Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+450, 1.00% Floor Maturity Date 10/2/2028 One2025-09-300002052152Pharmaceuticals Catalent Creek Parent, Inc. Investment Type First Lien Secured Debt - Revolver Interest Rate S+500, 0.75% Floor Maturity Date 12/18/20312025-09-300002052152none:ChemicalsMember2025-09-300002052152Software Everbridge Everbridge Holdings, LLC Investment Type First Lien Secured Debt - Term Loan Interest Rate S+500, 0.75% Floor Maturity Date 7/2/20312025-09-300002052152Household Durables Polywood Poly-Wood, LLC Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+575, 1.00% Floor Maturity Date 3/20/20302025-09-300002052152Health Care Technology Datavant CT Technologies Intermediate Holdings Investment Type First Lien Secured Debt - Term Loan Interest Rate S+475, 0.75% Floor Maturity Date 9/1/20312025-09-300002052152none:HeritageEnvironmentalServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:CommercialServicesAndSuppliesMember2025-09-300002052152none:HigginbothamInsuranceAgencyIncMember2025-09-300002052152none:FirstLienSecuredDebtMembernone:TechnologyHardwareStorageAndPeripheralsMember2025-09-300002052152Health Care Providers & Services Omega Healthcare OMH-Healthedge Holdings, Inc. Investment Type First Lien Secured Debt - Term Loan Interest Rate S+425, 1.00% Floor Maturity Date 4/1/20302025-09-300002052152us-gaap:FairValueInputsLevel3Member2024-12-310002052152Transportation Infrastructure Eagle Railcar Elk Bidco, Inc Investment Type First Lien Secured Debt - Term Loan Interest Rate S+450, 0.50% Floor Maturity Date 6/14/20322025-09-300002052152Automobile Components Clarience Technologies Truck-Lite Co., LLC Investment Type First Lien Secured Debt - Revolver Interest Rate S+475, 0.75% Floor Maturity Date 2/13/20312025-09-300002052152Health Care Providers & Services Advarra Advarra Holdings, Inc. Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+450, 0.75% Floor Maturity Date 9/15/20312025-09-3000020521522025-09-300002052152none:LifeSciencesToolsAndServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:CambrexMember2025-09-300002052152none:FirstLienSecuredDebtMembernone:PharmaceuticalsMember2025-09-300002052152Software Redwood Runway Bidco, LLC Investment Type First Lien Secured Debt - Revolver Interest Rate S+500, 0.50% Floor Maturity Date 12/17/20312025-09-300002052152none:BuildingProductsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-3000020521522024-01-012024-12-310002052152us-gaap:InvestmentUnaffiliatedIssuerMembernone:HealthCareProvidersAndServicesMembernone:OmegaHealthcareMember2025-09-300002052152us-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002052152Health 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 1/30/20322025-09-300002052152us-gaap:InvestmentUnaffiliatedIssuerMembernone:TransportationInfrastructureMember2025-09-300002052152none:UnfundedDelayedDrawLoanCommitmentsMember2024-12-310002052152none:AVSCHoldingCorporationMember2025-09-300002052152us-gaap:FairValueInputsLevel3Membernone:FirstLienSecuredDebtMember2025-07-012025-09-300002052152none:FirstLienSecuredDebtMembernone:ITServicesMember2025-09-300002052152us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel3Member2025-07-012025-09-300002052152Chemicals Vantage Specialty Chemicals Vantage Specialty Chemicals Holdings, Inc. Investment Type First Lien Secured Debt - Revolver Interest Rate S+625, 1.00% Floor Maturity Date 2/28/20292025-09-300002052152Health Care Equipment & Supplies Vantive Spruce Bidco II Inc. Investment Type First Lien Secured Debt - Revolver Interest Rate S+500, 0.75% Floor Maturity Date 1/30/20322025-09-300002052152Specialty Retail Tailored Brands The Men's Wearhouse, LLC Investment Type First Lien Secured Debt - Term Loan Interest Rate S+575, 0.00% Floor Maturity Date 2/26/20292025-09-300002052152Commercial 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 One2025-09-300002052152none:RunwayBidcoLLCMember2025-09-300002052152us-gaap:InvestmentUnaffiliatedIssuerMembernone:CommunicationsEquipmentMember2025-09-300002052152us-gaap:FairValueInputsLevel3Membernone:ValuationTechniqueYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:PreferredStockMember2025-09-300002052152Life Sciences Tools & Services Cambrex Cambrex Corp. Investment Type First Lien Secured Debt - Revolver Interest Rate S+450, 0.75% Floor Maturity Date 3/5/20322025-09-300002052152us-gaap:FairValueInputsLevel3Membernone:ValuationTechniqueYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2025-09-300002052152Health Care Equipment & Supplies Zeus Zeus Company LLC Investment Type First Lien Secured Debt - Revolver Interest Rate S+550, 0.75% Floor Maturity Date 2/28/20302025-09-300002052152none:ZeusMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:HealthCareEquipmentAndSuppliesMember2025-09-300002052152us-gaap:PreferredStockMember2025-09-300002052152Software Alteryx Azurite Intermediate Holdings, Inc. Investment Type First Lien Secured Debt - Revolver Interest Rate S+650, 0.75% Floor Maturity Date 3/19/20312025-09-300002052152us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2025-09-300002052152none:FirstLienSecuredDebtMembernone:InsuranceMember2025-09-300002052152us-gaap:InvestmentUnaffiliatedIssuerMembernone:TechnologyHardwareStorageAndPeripheralsMember2025-09-300002052152none:CambrexCorpMember2025-09-300002052152Commercial Services & Supplies Encore AVSC Holding Corp. Investment Type First Lien Secured Debt - Term Loan Interest Rate S+500, 0.75% Floor Maturity Date 12/5/20312025-09-300002052152none:FirstLienSecuredDebtMemberus-gaap:FairValueInputsLevel3Membernone:ValuationTechniqueRecentTransactionMembernone:MeasurementInputCostMember2025-09-300002052152us-gaap:FairValueInputsLevel3Membernone:FirstLienSecuredDebtMember2025-01-012025-09-300002052152Health Care Equipment & Supplies Vantive Spruce Bidco II Inc. Investment Type First Lien Secured Debt - Term Loan Interest Rate C+500, 0.75% Floor Maturity Date 1/30/20322025-09-300002052152none:WirelessTelecommunicationServicesMember2025-09-300002052152us-gaap:FairValueInputsLevel3Member2025-07-012025-09-300002052152Building Products Leaf Home LHS Borrower LLC Investment Type First Lien Secured Debt - Term Loan Interest Rate S+525, 0.75% Floor Maturity Date 9/4/20312025-09-300002052152none:FirstLienSecuredDebtMembernone:BuildingProductsMember2025-09-300002052152none:JensenHughesIncMember2025-09-300002052152none:FirstLienSecuredDebtMembernone:FinancialServicesMember2025-09-300002052152none:SpecialtyRetailMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002052152none:SoftwareMembernone:FirstLienSecuredDebtMember2025-09-300002052152none:SpruceBidcoIIIncMember2025-09-300002052152none:LegendsHospitalityHoldingCompanyLLCMember2025-09-300002052152none:OMH-HealthedgeHoldingsIncMember2025-09-300002052152none:DatabricksIncMember2025-09-300002052152us-gaap:CommonStockMember2025-01-012025-09-300002052152none:KeystoneMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:InsuranceMember2025-09-300002052152Software Redwood Runway Bidco, LLC Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+500, 0.50% Floor Maturity Date 12/17/20312025-09-300002052152us-gaap:InvestmentUnaffiliatedIssuerMembernone:AdvarraMembernone:HealthCareProvidersAndServicesMember2025-09-300002052152none:EncoreMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:CommercialServicesAndSuppliesMember2025-09-300002052152Building Products Leaf Home LHS Borrower LLC Investment Type First Lien Secured Debt - Revolver Interest Rate S+525, 0.75% Floor Maturity Date 9/4/20312025-09-300002052152Pharmaceuticals Catalent Creek Parent, Inc. Investment Type First Lien Secured Debt - Term Loan Interest Rate S+500, 0.75% Floor Maturity Date 12/18/20312025-09-300002052152none:ProteinForPetsMembernone:ConsumerStaplesDistributionAndRetailMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002052152none:GannettHoldingsLLCMember2025-09-300002052152Health Care Equipment & Supplies Vantive Spruce Bidco II Inc. Investment Type First Lien Secured Debt - Term Loan Interest Rate T+500, 0.75% Floor Maturity Date 1/30/20322025-09-300002052152none:CoInvestmentHoldingsMember2025-09-300002052152us-gaap:FairValueInputsLevel3Member2025-09-300002052152none:HouseholdDurablesMember2025-09-300002052152none:SpecialtyRetailMember2025-09-300002052152none:CommercialServicesAndSuppliesMember2025-09-300002052152Software Everbridge Everbridge Holdings, LLC Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+500, 0.75% Floor Maturity Date 7/2/20312025-09-300002052152us-gaap:FairValueInputsLevel3Membernone:FirstLienSecuredDebtMember2024-12-310002052152Media Gannett Gannett Holdings, LLC Investment Type First Lien Secured Debt - Term Loan Interest Rate S+500, 1.50% Floor Maturity Date 10/15/20292025-09-300002052152Health Care Technology Datavant CT Technologies Intermediate Holdings Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+475, 0.75% Floor Maturity Date 8/30/20312025-09-300002052152none:GeotechnicalMergerSubIncMember2025-09-300002052152none:FirstLienSecuredDebtMembernone:HealthCareProvidersAndServicesMember2025-09-300002052152none:MediaMember2025-09-300002052152us-gaap:InvestmentUnaffiliatedIssuerMembernone:InsuranceMembernone:Safe-GuardMember2025-09-300002052152Personal 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 6/27/20302025-09-300002052152srt:MinimumMember2025-01-012025-09-300002052152us-gaap:FairValueInputsLevel3Membernone:ValuationTechniqueYieldAnalysisMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:PreferredStockMember2025-09-300002052152none:PersonalCareProductsMembernone:PDCBrandsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002052152Software Alteryx Azurite Intermediate Holdings, Inc. Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+600, 0.75% Floor Maturity Date 3/19/20312025-09-300002052152none:CTTechnologiesIntermediateHoldingsMember2025-09-300002052152none:ElectronicEquipmentInstrumentsAndComponentsMember2025-09-300002052152none:IncentiveFeeOnCapitalGainsMember2024-12-310002052152Health Care Equipment & Supplies Zeus Zeus Company LLC Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+550, 0.75% Floor Maturity Date 2/28/20312025-09-300002052152none:PharmaceuticalsMember2025-09-300002052152Automobile Components Clarience Technologies Truck-Lite Co., LLC Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+575, 0.75% Floor Maturity Date 2/13/2032 One2025-09-300002052152none:SoftwareMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:RedwoodMember2025-09-300002052152none:CommunicationsEquipmentMember2025-09-300002052152none:SoftwareMember2025-09-300002052152none:ProteinForPetsOpcoLLCMember2025-09-300002052152none:HigginbothamOneMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:InsuranceMember2025-09-300002052152none:GoldeneyeParentLLCMember2025-09-300002052152none:OneMonthSecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2025-09-300002052152Professional Services Legends Legends Hospitality Holding Company, LLC Investment Type First Lien Secured Debt - Revolver Interest Rate S+500, 0.75% Floor Maturity Date 8/22/20302025-09-300002052152none:BuildingProductsMember2025-09-300002052152us-gaap:PreferredStockMember2025-09-300002052152Wireless Telecommunication Services Consumer Cellular CCI Buyer, Inc. Investment Type First Lien Secured Debt - Revolver Interest Rate S+500, 0.75% Floor Maturity Date 5/13/20322025-09-300002052152us-gaap:InvestmentUnaffiliatedIssuerMembernone:HealthCareProvidersAndServicesMember2025-09-300002052152none:ElkBidcoIncMember2025-09-300002052152none:FirstLienSecuredDebtMembernone:MediaMember2025-09-300002052152IT Services Vensure Vensure Employer Services, Inc. Investment Type First Lien Secured Debt - Term Loan Interest Rate S+500, 0.50% Floor Maturity Date 9/27/20312025-09-300002052152none:HouseholdDurablesMembernone:FirstLienSecuredDebtMember2025-09-300002052152none:FirstLienSecuredDebtMember2025-09-300002052152Financial Services Wealth Enhancement Group Wealth Enhancement Group, LLC Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+450, 1.00% Floor Maturity Date 10/2/20282025-09-300002052152none:FirstLienSecuredDebtMembernone:WirelessTelecommunicationServicesMember2025-09-300002052152us-gaap:InvestmentUnaffiliatedIssuerMembernone:HigginbothamMembernone:InsuranceMember2025-09-300002052152none:TruckLiteCoLLCMember2025-09-300002052152none:SuvodaMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:HealthCareTechnologyMember2025-09-300002052152none:AOPIIMapleCreditFacilityMembersrt:MaximumMember2025-01-012025-09-300002052152none:WealthEnhancementGroupLLCMember2025-09-300002052152us-gaap:FairValueInputsLevel2Membernone:FirstLienSecuredDebtMember2025-09-300002052152none:ConstructionAndEngineeringMember2025-09-300002052152us-gaap:MoneyMarketFundsMember2025-09-300002052152us-gaap:FairValueInputsLevel3Member2025-01-012025-09-300002052152none:JensenHughesMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:FinancialServicesMember2025-09-300002052152us-gaap:InvestmentUnaffiliatedIssuerMembernone:CommercialServicesAndSuppliesMember2025-09-300002052152none:InsuranceMemberus-gaap:PreferredStockMember2025-09-300002052152none:ThreeMonthTORFInterestRateMember2025-09-300002052152srt:MaximumMember2025-09-300002052152Aerospace & Defense MRO Holdings MRO Holdings, Inc. Investment Type First Lien Secured Debt - Term Loan Interest Rate S+450, 0.50% Floor Maturity Date 4/28/20322025-09-300002052152Commercial Services & Supplies Heritage Environmental Services Arcwood Environmental, Inc. Investment Type First Lien Secured Debt - Term Loan Interest Rate S+500, 0.75% Floor Maturity Date 1/31/20312025-09-300002052152Financial Services Jensen Hughes Jensen Hughes, Inc Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+500, 0.75% Floor Maturity Date 9/1/2031 One2025-09-300002052152none:LHSBorrowerLLCMember2025-09-300002052152none:ChemicalsMembernone:FirstLienSecuredDebtMember2025-09-300002052152none:GannettHoldingsLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:MediaMember2025-09-300002052152none:SoftwareMembernone:QuorumMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002052152srt:MaximumMembernone:AOPIIJasmineCreditFacilityMember2025-01-012025-09-300002052152Commercial Services & Supplies Heritage Environmental Services Arcwood Environmental, Inc. Investment Type First Lien Secured Debt - Revolver Interest Rate S+500, 0.75% Floor Maturity Date 1/31/20302025-09-300002052152none:KoalaInvestmentHoldingsIncMember2025-09-300002052152Software Quorum QBS Parent, Inc. Investment Type First Lien Secured Debt - Revolver Interest Rate S+450, 0.75% Floor Maturity Date 6/3/20322025-09-300002052152Transportation Infrastructure GSI Geotechnical Merger Sub, Inc. Investment Type First Lien Secured Debt - Revolver Interest Rate S+475, 0.75% Floor Maturity Date 10/15/20312025-09-300002052152Commercial Services & Supplies Heritage Environmental Services Arcwood Environmental, Inc. Investment Type First Lien Secured Debt - Term Loan Interest Rate S+525, 0.75% Floor Maturity Date 1/31/20312025-09-300002052152IT Services Vensure Vensure Employer Services, Inc. Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+500, 0.50% Floor Maturity Date 9/27/20312025-09-300002052152none:ITServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002052152Insurance Keystone Koala Investment Holdings, Inc. Investment Type First Lien Secured Debt - Revolver Interest Rate S+450, 0.75% Floor Maturity Date 8/29/20322025-09-300002052152none:HealthCareProvidersAndServicesMember2025-09-300002052152none:KrollMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:ProfessionalServicesMember2025-09-30iso4217: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 September 30, 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 November 11, 2025, the registrant had 23,467,987 common shares of beneficial interest, $0.001 par value per share, outstanding.

Apollo Origination II (Levered) Capital Trust

Table of Contents


		Page

PART I. FINANCIAL INFORMATION

Item 1.	Consolidated Financial Statements (Unaudited)	1
	Consolidated Statements of Assets and Liabilities as of September 30, 2025 (Unaudited) and December 31, 2024	1
	Consolidated Statements of Operations for the three and nine months ended September 30, 2025 (Unaudited)	2
	Consolidated Statements of Changes In Net Assets for the three and nine months ended September 30, 2025 (Unaudited)	3
	Consolidated Statement of Cash Flows for the nine months ended September 30, 2025 (Unaudited)	4
	Consolidated Schedule of Investments as of September 30, 2025 (Unaudited)	5
	Notes to Consolidated Financial Statements (Unaudited)	20
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	37
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	46
Item 4.	Controls and Procedures	47

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	48
Item 1A.	Risk Factors	48
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	48
Item 3.	Defaults Upon Senior Securities	48
Item 4.	Mine Safety Disclosures	48
Item 5.	Other Information	48
Item 6.	Exhibits	49
	Signatures	50

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)


	September 30, 2025		December 31, 2024
	(Unaudited)
Assets
Investments at fair value:
Non-controlled/non-affiliated investments (cost - $1,263,060 and $0 at September 30, 2025 and December 31, 2024, respectively)	$	1,268,508	$		-
Cash and cash equivalents		37,766			2
Receivable for investments sold		7,747			-
Due from counterparties		3,417			-
Interest receivable		7,605			-
Other assets		70			-
Total Assets	$	1,325,113	$		2

Liabilities
Debt (net of deferred financing costs of $4,922 and $0 at September 30, 2025 and December 31, 2024, respectively)	$	679,076	$		-
Payable for investments purchased		1,763			-
Interest payable		8,067			-
Management fees payable		1,135			-
Performance-based incentive fees payable		2,195			-
Administration fees payable		350			8
Professional fees payable		-			65
Accrued organizational costs		13			15
Other liabilities and accrued expenses		335			-
Total Liabilities	$	692,934	$		88
Commitments and contingencies (Note 7)
Total Net Assets	$	632,179	$		(86	)

Net Assets
Common stock, $0.001 par value (Unlimited shares authorized; 23,467,987 and 60 shares issued and outstanding, respectively)	$	23	$	0*
Capital in excess of par value		588,312			1
Accumulated distributed earnings (losses)		43,844			(87	)
Total Net Assets	$	632,179	$		(86	)

Net Asset Value Per Share	$	26.94	$	N/A

* Rounded value

See notes to the consolidated financial statements.

Table of Contents

APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In thousands, except per share data)


	Three Months Ended September 30,			Nine Months Ended September 30,
	2025			2025
Investment Income
Non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind (“PIK”) interest income)	$	27,865		$	75,185
PIK interest income		917			1,721
Dividend income		285			672
Other income		234			1,182
Total Investment Income	$	29,301		$	78,760
Expenses
Management fees	$	1,135		$	2,965
Performance-based incentive fees		2,085			4,881
Interest and other debt expenses		11,787			31,257
Administration fees		182			492
Trustee fees		40			108
Other general and administrative expenses		735			1,552
Organizational fees		130			235
Total Expenses		16,094			41,490
Net Investment Income	$	13,207		$	37,270
Net Realized and Change in Unrealized Gains (Losses)
Net realized gains (losses):
Non-controlled/non-affiliated investments	$	(180	)	$	1,208
Foreign currency transactions		1			(18	)
Net realized gains (losses)		(179	)		1,190
Net change in unrealized gains (losses):
Non-controlled/non-affiliated investments		5,753			5,448
Foreign currency translations		(20	)		22
Net change in unrealized gains (losses)		5,733			5,470
Net Realized and Change in Unrealized Gains (Losses)	$	5,554		$	6,660
Net Increase (Decrease) in Net Assets Resulting from Operations	$	18,761		$	43,930

See notes to the consolidated financial statements.

Table of Contents

APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

(In thousands, except share data)


	Three Months Ended September 30,			Nine Months Ended September 30,
	2025			2025
Operations
Net investment income	$	13,207		$	37,270
Net realized gains (losses)		(179	)		1,190
Net change in unrealized gains (losses)		5,733			5,470
Net Increase (Decrease) in Net Assets Resulting from Operations	$	18,761		$	43,930

Capital Share Transactions
Net proceeds from the issuance of common shares	$	25,000		$	588,335
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions	$	25,000		$	588,335

Net Assets
Net increase (decrease) in net assets during the period	$	43,761		$	632,265
Net assets at beginning of period		588,418			(86	)
Net Assets at End of Period	$	632,179		$	632,179

Capital Share Activity
Shares issued during the period		934,579			23,467,987
Shares extinguished during the period		-			(60	)
Shares issued and outstanding at beginning of period		22,533,408			60
Shares Issued and Outstanding at End of Period		23,467,987			23,467,987

See notes to the consolidated financial statements.

Table of Contents

APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST

CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)

(In thousands)


	Nine Months Ended September 30,
	2025
Operating Activities
Net increase (decrease) in net assets resulting from operations	$	43,930
Net realized (gains) losses		(1,190	)
Net change in unrealized (gains) losses		(5,470	)
PIK interest capitalized		(1,542	)
Purchase of investments		(1,362,240	)
Proceeds from sale of investments and principal repayments		101,932
Changes in operating assets and liabilities:
Decrease (increase) in receivable for investments sold		(7,747	)
Decrease (increase) in due from counterparties		(3,417	)
Decrease (increase) in interest receivable		(7,605	)
Decrease (increase) in other assets		(70	)
Increase (decrease) in interest payable		8,067
Increase (decrease) in payable for investments purchased		1,763
Increase (decrease) in performance-based incentive fees payable		2,195
Increase (decrease) in administration fees payable		342
Increase (decrease) in professional fees payable		(65	)
Increase (decrease) in accrued organizational costs		(2	)
Increase (decrease) in management fees payable		1,135
Increase (decrease) in other liabilities and accrued expenses		335
Net Cash Used in/Provided by Operating Activities	$	(1,229,649	)

Financing Activities
Issuances of debt	$	800,998
Payments of debt		(117,000	)
Financing costs paid and deferred		(4,922	)
Proceeds from extinguishment of common shares		2
Proceeds from issuance of common shares		588,335
Net Cash Used in/Provided by Financing Activities	$	1,267,413

Cash, Cash Equivalents
Net increase (decrease) in cash, cash equivalents during the period	$	37,764
Cash, cash equivalents at beginning of period		2
Cash, Cash Equivalents at the End of Period	$	37,766

Supplemental Disclosure of Cash Flow Information
Cash interest paid	$	23,189

Non-Cash Activity
PIK interest income	$	1,721

See notes to the consolidated financial statements.

Table of Contents

APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)


Industry/Company(12)	Investment Type	Interest Rate(6)	Maturity Date		Par/ Shares(3)			Cost(18)				Fair Value(1)(2)(19)
Aerospace & Defense
MRO Holdings
MRO Holdings, Inc.
	First Lien Secured Debt - Term Loan	S+450, 0.50% Floor	4/28/2032	$		47,961	$		48,162		$		47,841		(8)(11)
									48,162				47,841
Triumph
Titan BW Borrower L.P.
	First Lien Secured Debt - Term Loan	S+238 Cash (includes 2.88% PIK), 0.50% Floor	7/24/2032			21,962			21,692				21,742		(8)(11)
	First Lien Secured Debt - Delayed Draw	S+475, 0.50% Floor	7/24/2032			-			(18	)			(19	)	(8)(11)(14)(15)(17)
	First Lien Secured Debt - Revolver	S+475, 0.50% Floor	7/24/2032			-			(36	)			(37	)	(8)(11)(14)(15)(17)
									21,638				21,686
			Total Aerospace & Defense				$		69,800		$		69,528

Automobile Components
Clarience Technologies
Truck-Lite Co., LLC
	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	2/13/2032	$		22,192	$		22,134		$		21,975		(8)
	First Lien Secured Debt - Delayed Draw	S+475, 0.75% Floor	2/13/2032			-			(42	)			(37	)	(8)(14)(15)(17)
	First Lien Secured Debt - Delayed Draw	S+575, 0.75% Floor	2/13/2032			2,338			2,253				2,279		(8)(15)(17)
	First Lien Secured Debt - Revolver	S+475, 0.75% Floor	2/13/2031			-			-				(21	)	(8)(14)(15)(17)
			Total Automobile Components				$		24,345		$		24,196

Building Products
Leaf Home
LHS Borrower LLC
	First Lien Secured Debt - Term Loan	S+525, 0.75% Floor	9/4/2031	$		27,343	$		26,936		$		26,933		(8)(11)
	First Lien Secured Debt - Revolver	S+525, 0.75% Floor	9/4/2031			-			(32	)			(33	)	(8)(11)(14)(15)(17)
			Total Building Products				$		26,904		$		26,900

Chemicals
Vantage Specialty Chemicals
Vantage Specialty Chemicals Holdings, Inc.
	First Lien Secured Debt - Term Loan	S+625, 1.00% Floor	8/28/2029	$		15,805	$		15,417		$		15,410		(8)(11)
	First Lien Secured Debt - Revolver	S+625, 1.00% Floor	2/28/2029			120			86				85		(8)(11)(15)(17)
			Total Chemicals				$		15,503		$		15,495

See notes to the consolidated financial statements.

Table of Contents

APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)


Industry/Company(12)	Investment Type	Interest Rate(6)	Maturity Date		Par/ Shares(3)			Cost(18)				Fair Value(1)(2)(19)
Commercial Services & Supplies
Encore
AVSC Holding Corp.
	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	12/5/2031	$		46,304	$		45,445		$		45,842		(8)(11)
	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	12/5/2029			-			(86	)			(50	)	(8)(11)(14)(15)(17)
									45,359				45,792
Heritage Environmental Services
Arcwood Environmental, Inc.
	First Lien Secured Debt - Term Loan	S+525, 0.75% Floor	1/31/2031			11,926			12,032				12,045		(8)(11)
	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	1/31/2031			4,112			4,092				4,106		(8)(11)
	First Lien Secured Debt - Delayed Draw	S+500, 0.75% Floor	1/31/2031			1,576			1,570				1,576		(8)(11)
	First Lien Secured Debt - Delayed Draw	S+500, 0.75% Floor	1/31/2031			-			(5	)			(5	)	(8)(11)(14)(15)(17)
	First Lien Secured Debt - Revolver	S+550, 0.75% Floor	1/31/2030			-			3				-		(8)(11)(15)(17)
									17,692				17,722
R.R. Donnelley
R. R. Donnelley & Sons Company
	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	8/8/2029			8,143			7,934				8,062		(8)(11)
	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	8/8/2029			33,298			32,788				32,965		(7)(11)
									40,722				41,027
			Total Commercial Services & Supplies				$		103,773		$		104,541

Communications Equipment
CommScope
Commscope, LLC
	First Lien Secured Debt - Term Loan	S+475, 2.00% Floor	12/17/2029	$		22,755	$		23,329		$		23,063		(4)(8)(11)(13)
			Total Communications Equipment				$		23,329		$		23,063

Construction & Engineering
ASC Engineered Solutions
Fire Flow Intermediate Corporation
	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	7/10/2031	$		34,086	$		33,943		$		34,172		(8)
			Total Construction & Engineering				$		33,943		$		34,172

See notes to the consolidated financial statements.

Table of Contents

APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)


Industry/Company(12)	Investment Type	Interest Rate(6)	Maturity Date		Par/ Shares(3)			Cost(18)				Fair Value(1)(2)(19)
Consumer Staples Distribution & Retail
Protein for Pets
Protein For Pets Opco, LLC
	First Lien Secured Debt - Term Loan	S+525, 1.00% Floor	9/20/2030	$		10,443	$		10,279		$		10,234		(7)(11)
	First Lien Secured Debt - Revolver	S+525, 1.00% Floor	9/20/2030			298			280				275		(7)(11)(15)(17)
									10,559				10,509
Rise Baking
Viking Baked Goods Acquisition Corporation
	First Lien Secured Debt - Term Loan	S+500, 0.00% Floor	11/4/2031			28,633			28,235				28,275		(8)(11)
									28,235				28,275
		Total Consumer Staples Distribution & Retail					$		38,794		$		38,784

Electronic Equipment, Instruments & Components
Wolfspeed
Wolfspeed Inc
	First Lien Secured Debt - Corporate Bond	13.88%	6/23/2030	$		14,809	$		13,687		$		15,818		(4)(13)
		Total Electronic Equipment, Instruments & Components					$		13,687		$		15,818

Financial Services
Jensen Hughes
Jensen Hughes, Inc
	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	9/1/2031	$		18,812	$		18,551		$		18,671		(8)(11)
	First Lien Secured Debt - Delayed Draw	S+500, 0.75% Floor	9/1/2031			-			(19	)			(9	)	(8)(11)(14)(15)(17)
	First Lien Secured Debt - Delayed Draw	S+500, 0.75% Floor	9/1/2031			156			84				116		(8)(11)(15)(17)
	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	9/1/2031			-			(29	)			(16	)	(8)(11)(14)(15)(17)
									18,587				18,762
Wealth Enhancement Group
Wealth Enhancement Group, LLC
	First Lien Secured Debt - Delayed Draw	S+450, 1.00% Floor	10/2/2028			12,641			12,654				12,580		(8)
	First Lien Secured Debt - Delayed Draw	S+450, 1.00% Floor	10/2/2028			5,743			5,592				5,568		(8)(15)(17)
	First Lien Secured Debt - Revolver	S+450, 1.00% Floor	10/2/2028			-			(5	)			(6	)	(8)(14)(15)(17)
									18,241				18,142
			Total Financial Services				$		36,828		$		36,903

See notes to the consolidated financial statements.

Table of Contents

APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)


Industry/Company(12)	Investment Type	Interest Rate(6)	Maturity Date		Par/ Shares(3)			Cost(18)				Fair Value(1)(2)(19)
Health Care Equipment & Supplies
Vantive
Spruce Bidco II Inc.
	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	1/30/2032	$		13,003	$		12,822		$		12,906		(8)(11)
	First Lien Secured Debt - Term Loan	C+500, 0.75% Floor	1/30/2032	C$		2,354			1,610				1,691		(3)(9)(11)
	First Lien Secured Debt - Term Loan	T+525, 0.75% Floor	1/30/2032	¥		251,727			1,655				1,698		(3)(10)(11)
	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	1/30/2032			-			(40	)			(22	)	(8)(11)(14)(15)(17)
									16,047				16,273
Zeus
Zeus Company LLC
	First Lien Secured Debt - Term Loan	S+600 Cash (includes 3.00% PIK), 0.75% Floor	2/28/2031			8,250			8,280				8,229		(8)(11)
	First Lien Secured Debt - Delayed Draw	S+550, 0.75% Floor	2/28/2031			769			786				765		(8)(11)(15)(17)
	First Lien Secured Debt - Revolver	S+550, 0.75% Floor	2/28/2030			-			2				(3	)	(8)(11)(14)(15)(17)
									9,068				8,991
		Total Health Care Equipment & Supplies					$		25,115		$		25,264

Health Care Providers & Services
Advarra
Advarra Holdings, Inc.
	First Lien Secured Debt - Term Loan	S+450, 0.75% Floor	9/15/2031	$		39,386	$		39,209		$		39,780		(8)(11)
	First Lien Secured Debt - Delayed Draw	S+450, 0.75% Floor	9/15/2031			-			(12	)			26		(8)(11)(15)(17)
									39,197				39,806
Omega Healthcare
OMH-Healthedge Holdings, Inc.
	First Lien Secured Debt - Term Loan	S+425, 1.00% Floor	4/1/2030			30,879			30,814				30,879		(8)(11)
	First Lien Secured Debt - Revolver	S+450, 1.00% Floor	4/1/2030			-			(7	)			-		(8)(11)(15)(17)

Apollo Origination II (Levered) Capital Trust 10-Q