Apollo Asset Backed Credit Co LLC 8-K

What Happened

• Apollo Asset Backed Credit Company LLC filed an 8-K on April 24, 2026 announcing a Fourth Amended and Restated Operating Agreement with Apollo Manager, LLC and a Fourth A&R Dealer Manager Agreement with Apollo Global Securities, LLC. The amendments add new share types (including I (Acc) and F‑I (Acc) shares) and update governing agreements.
• The filing also discloses unregistered share sales to third-party investors (finalized April 24, 2026, based on sales as of April 1, 2026), net asset values (NAVs) per share as of March 31, 2026, the company’s intent to conduct discretionary quarterly share repurchases (up to 5.0% of aggregate NAV), and declared cash/reinvestment distributions payable around May 28, 2026 to holders of record April 30, 2026.

Key Details

• Operating agreements: Fourth Amended & Restated Operating Agreement executed April 24, 2026 (Exhibit 10.1); dealer manager agreement similarly amended and restated.
• Recent unregistered share issuances (exempt under Section 4(a)(2)/Reg D and/or Reg S): notable placements include Series II I Shares — 607,908 shares for $15,659,525; Series II F‑I — 344,965 shares for $8,798,237 (includes 125,287 shares exchanged from Series I F‑I); Series II BD Shares — 326,814 shares for $8,432,625. (Multiple other share types were also sold across Series I and II.)
• NAV per share (as of March 31, 2026): ranged from $24.96 to $25.84 across share classes. Examples: Series I I Shares = $25.50; Series II I Shares = $25.76; Series II BD Shares = $25.80.
• Repurchase program: Company may (but is not obligated to) repurchase up to 5.0% of aggregate NAV per calendar quarter (excluding V Shares). Repurchase request deadline for this window: May 11, 2026 (by 4:00 p.m. ET); expected payment date for accepted requests: May 18, 2026. Repurchase price = NAV per share as of last business day of prior quarter.
• Distributions declared (payable ~May 28, 2026, record date April 30, 2026): Series I per‑share amounts range roughly $0.0857–$0.1245; Series II per‑share amounts range roughly $0.1150–$0.1627. Example: Series I A‑I = $0.1011; Series II A‑I = $0.1407. Distributions can be paid in cash or reinvested under the company’s DRIP.

Why It Matters

• Governance and product changes: The amended operating and dealer manager agreements and addition of new share classes (including accumulator/“Acc” share types) affect how the company issues and manages shares and could influence future capital-raising and distribution mechanics.
• Valuation and income: The reported NAVs give a current per‑share valuation (mid‑$20s); the declared distributions provide the next scheduled income payment and reinvestment option for shareholders.
• Liquidity and capital activity: Large unregistered share sales and an available (but discretionary) repurchase program are relevant to supply/demand dynamics and potential short‑term liquidity for investors. All new share sales were made under private offering exemptions (not SEC-registered).
• As always, forward‑looking items (repurchases, future distributions, share issuance plans) are discretionary and subject to risks and may change; consult the full 8‑K and related filings for complete legal and financial details.