Apollo Asset Backed Credit LLC: NAV Update, Share Issuances & Distributions

What Happened
Apollo Asset Backed Credit Company LLC filed an 8-K on July 24, 2026 announcing (1) unregistered sales of multiple share classes (sales effective July 1, 2026 with final totals determined July 24), (2) Net Asset Value (NAV) per share as of June 30, 2026 and a change in NAV methodology effective for valuation dates on or after July 1, 2026, (3) details of a discretionary quarterly share repurchase program, and (4) declared distributions for Series I and Series II shares payable around August 28, 2026. Major recent sales included Series II F‑I: 318,822 shares for $8,078,292; Series II P‑S: 617,606 shares for $15,725,000; and Series II I: 681,867 shares for $17,459,206. The share sales were made under exemptions to registration (Section 4(a)(2), Regulation D and/or Regulation S).

Key Details

• NAV per share (GAAP) as of June 30, 2026 ranges roughly from $24.83 (Series II E) to $25.68 (Series II T‑I); many share classes are near $25.3–$25.6.
• Effective for valuations on/after July 1, 2026, the Company will use a Transactional Net Asset Value for subscription and repurchase pricing that adjusts GAAP NAV for: (i) monthly accrued shareholder servicing and distribution fees, (ii) exclusion of certain deferred tax liabilities the Company does not expect to incur, and (iii) amortization of organizational/offering expenses over 60 months. (See Exhibit 99.1 for details.)
• Repurchases: the Company may (but is not required to) repurchase up to 5.0% of aggregate NAV per calendar quarter (across both Series) at prices based on NAV as of the last business day of the prior quarter. For the upcoming window: repurchase request deadline Aug 10, 2026; expected payment date Aug 17, 2026.
• Distributions declared July 24, 2026: examples — Series I A‑I $0.1016/share; Series II A‑I $0.1409/share; Series II BD $0.1323/share. Record date July 31, 2026; payable on or about Aug 28, 2026. Cash or reinvestment under the Company’s DRIP.

Why It Matters

• NAV methodology change affects the price investors pay to buy and the price they receive on repurchase requests; the Transactional NAV adjusts GAAP accounting NAV to reflect certain recurring fees and expected tax/outlay realities, which can raise or lower transactional prices relative to GAAP NAV.
• The repurchase program is limited (up to 5% of NAV per quarter) and discretionary, so investors should not assume regular liquidity beyond the stated windows.
• Declared distributions provide near-term cash or reinvestment value to shareholders and the unregistered share sales show the company continues to raise capital.
• Retail investors should review the full 8‑K (and Exhibit 99.1) for the detailed NAV adjustments and timing, and note the filing’s forward‑looking statements and related risk disclosures.