Apollo Debt Solutions BDC 8-K

What Happened
Apollo Debt Solutions BDC (ADS) filed an 8‑K (Dec 23, 2025) reporting an unregistered sale of Class I common shares and announcing December distributions and NAV/portfolio updates. As of Dec 1, 2025 (finalized Dec 23, 2025) ADS sold 4,871,218 Class I Common Shares for $119,043,794 in a private offering to feeder vehicles. On Dec 23, 2025 the Fund declared a gross distribution of $0.1800 per share for each share class (net amounts vary by class) payable to holders of record as of Dec 31, 2025 and payable on or about Jan 29, 2026 (cash or reinvestment).

Key Details

• Unregistered sale: 4,871,218 Class I shares for $119,043,794 (private offering; final share count determined Dec 23, 2025).
• Distribution declared (Dec 23, 2025): Gross $0.1800 per share — Class I net $0.1800; Class S net $0.1624 (after $0.0176 fee); Class D net $0.1748 (after $0.0052 fee).
• NAV and portfolio (as of Nov 30, 2025): NAV per share $24.44 (all classes); aggregate NAV $15.0B; portfolio fair value ~$23.6B across 413 companies; principal debt outstanding ~$9.4B; debt-to-equity ~0.63x; net leverage ~0.56x.
• Portfolio mix and yields: ~100% first‑lien investments; ~96% floating‑rate by fair value; weighted average yield at amortized cost ~8.77%; ADS reported ~$2.9B of excess availability under secured funding facilities.
• Offering totals (ongoing public Offering + Private Offering as of filing): 652,226,243 shares issued totaling ~$16.07B in consideration (Private Offering included 349,773,188 Class I shares / $8.636B).

Why It Matters

• The private Class I share sale increases shares held by feeder vehicles and is part of ADS’s ongoing capital raising (Offering + Private Offering), which affects total shares outstanding and capital available for investments.
• The declared distribution (paid late Jan 2026) and the stated annualized distribution rate (Class I 8.84% as of Dec 23, 2025) are key income metrics for income-focused investors.
• NAV stability ($24.44) and the portfolio mix (mostly first‑lien, floating‑rate loans) plus low-to-moderate leverage and $2.9B liquidity indicate the Fund’s current balance-sheet and income profile — relevant for assessing risk, yield, and potential resilience to interest-rate moves.