Apollo Debt Solutions BDC 8-K

What Happened
Apollo Debt Solutions BDC (ADS) filed an 8‑K on April 23, 2026 announcing: a monthly distribution declared for April, a March 31, 2026 NAV and portfolio update, and an unregistered private sale of Class I common shares. The Fund sold 741,238 Class I shares for $17,712,545 (sale recorded as of April 1, finalized April 23) to feeder vehicles in a private offering. The Fund also declared gross distributions of $0.18 per share for each share class (net amounts vary by class) payable to holders of record April 30, 2026 and expected to be paid around May 28, 2026.

Key Details

• Distribution (declared April 23, 2026): Gross $0.1800 per share for all classes; net distributions: Class I $0.1800, Class S $0.1633 (after $0.0167 servicing fee), Class D $0.1751 (after $0.0049 fee). Payable cash or reinvested; record date April 30, 2026; pay date ~May 28, 2026. Annualized distribution rate for Class I as of April 23, 2026: 9.04%.
• NAV and balance sheet (as of March 31, 2026): NAV per share $23.90 (all classes); aggregate NAV ~$14.4 billion; portfolio fair value ~ $25.1 billion; principal debt outstanding ~$10.5 billion; debt-to-equity leverage ~0.73x; net leverage ~0.69x.
• Portfolio activity and composition (quarter ended March 31, 2026): Originated about $2.4 billion of private debt; new directly originated investments weighted average spread ~472 bps; ~93% of new direct originations were first‑lien and ~76% floating rate. Overall portfolio ~99% first‑lien and ~96% floating rate (by fair value). 12 issuers on non‑accrual (~1.0% of portfolio by cost, ~0.4% by fair value).
• Liquidity/offering: ADS has excess availability under secured facilities of about $5.5 billion and is publicly offering up to $10.4 billion of Shares. Total shares issued (Offering + Private Offering) reported: 678,705,485 shares representing ~$16.71 billion in total consideration.

Why It Matters
The filing confirms ADS continues regular cash distributions and shows stable NAV and substantial portfolio scale ($25.1B fair value). The announced distribution and reported 9.04% annualized rate for Class I are key for income‑focused investors. The portfolio metrics (high proportion of first‑lien and floating‑rate loans, recently originated volume and spreads) and low reported non‑accrual levels give investors insight into credit quality and revenue drivers. The private sale of Class I shares and the continued public offering affect share supply and capital-raising activity, while sizable unused borrowing capacity (~$5.5B) provides liquidity for further originations or investments.