Apollo Debt Solutions BDC 8-K

What Happened
Apollo Debt Solutions BDC (ADS) filed an 8‑K on Feb 23, 2026 disclosing two material items: (1) a private, unregistered sale of Class I common shares to feeder vehicles (sale date Feb 2, 2026; final shares determined Feb 23, 2026) totaling 2,034,936 shares for $49,525,042, and (2) a declared distribution on Feb 23, 2026 of $0.1800 gross per share for each share class (payable to holders of record Feb 27, 2026, paid around Mar 26, 2026; cash or reinvestment options available). The filing also provided monthly NAV and portfolio updates through Jan 31, 2026 and a status update on the ongoing offering.

Key Details

• Unregistered sale: 2,034,936 Class I Common Shares for $49,525,042 (private offering, exempt under Section 4(a)(2)/Reg S).
• Distribution declared (Feb 23, 2026): Gross $0.1800 per share for Class I, S, and D; net per share after servicing/fees: Class I $0.1800, Class S $0.1641, Class D $0.1753. Record date Feb 27, 2026; pay date ~Mar 26, 2026.
• NAV and portfolio (as of Jan 31, 2026): NAV per share $24.34 (all classes); aggregate NAV $15.1B; portfolio fair value ~$25.1B across 425 companies; ~99% first‑lien and ~97% floating‑rate debt.
• Leverage and yield metrics: net leverage ratio ~0.61x (Jan 31, 2026); debt‑to‑equity ~0.69x; weighted‑average yield at amortized cost ~8.54%; annualized distribution rate for Class I (including the Feb 23 distribution) 8.88% as of Feb 23, 2026.
• Ongoing capital activity: ADS is publicly offering up to $10.0B in Shares and continues to sell shares in both the public Offering and Private Offering (total Issued Shares across Offering + Private Offering reported as 670,445,670 for $16,512,750,650).

Why It Matters
The unregistered sale adds roughly $49.5M of Class I capital via feeder vehicles, indicating continued private channel inflows alongside the Fund’s public offering. The declared $0.18 monthly distribution and the reported 8.88% annualized distribution rate for Class I are key for income-oriented shareholders: distributions will be paid in cash or reinvested and have a near‑term record/payment schedule. Portfolio metrics (large portfolio value, high share of first‑lien and floating‑rate debt, moderate net leverage) describe the Fund’s risk/exposure profile and help investors assess income stability and capital structure. The ongoing $10B offering and the mix of public and private share issuances signal continued fundraising and deployment activity by the Fund.