Apollo Debt Solutions BDC Declares Sept 2026 Distributions, Updates NAV

What Happened

• Apollo Debt Solutions BDC filed an 8-K on September 22, 2026, declaring September distributions and providing an update on NAV, portfolio metrics and capital-raising activity. The Fund declared a gross distribution of $0.1800 per share for all share classes (payable on or about October 29, 2026 to holders of record as of September 30, 2026). Net distributions vary by class due to servicing fees (Class I: $0.1800 net; Class S: $0.1633 net after $0.0167 fee; Class D: $0.1751 net after $0.0049 fee).
• The filing reports NAV per share of $23.84 for all classes as of August 31, 2026, aggregate NAV of $14.2 billion, and a portfolio fair value of about $25.9 billion across 386 companies and 57 industries. The Fund said ~99% of its investments were first-lien and ~96% were floating-rate by fair value, with a weighted-average yield at amortized cost of 8.63% and a net leverage ratio of ~0.83x (debt-to-equity ≈ 0.89x). The Fund had roughly $4.8 billion of excess availability under secured funding facilities.
• The Fund disclosed an unregistered sale of Class I Common Shares to feeder vehicles: 357,105 shares (determined as of Sept 1 and finalized Sept 22, 2026) for $8,512,599, sold under exemptions (Section 4(a)(2) and/or Regulation S). The Fund is continuing a public continuous offering (up to $10.4 billion) and has sold both Offering and Private Offering shares totaling ~689.56 million shares for ~$16.97 billion aggregate consideration to date.

Key Details

• Declared distribution: $0.1800 gross per share; payable ~Oct 29, 2026; record date Sep 30, 2026. Class I net: $0.1800.
• NAV and size (8/31/2026): NAV per share $23.84; aggregate NAV $14.2B; portfolio fair value ~$25.9B; principal debt outstanding ~$12.6B.
• Portfolio profile: ~99% first-lien, ~96% floating-rate; weighted-average yield 8.63%; weighted-average net leverage 4.8x; interest coverage 2.5x.
• Unregistered sale: 357,105 Class I shares for $8,512,599 (Private Offering, feeder vehicles); Fund continuing public Offering up to $10.4B.

Why It Matters

• Income: The declared $0.18 distribution affects expected cash (or reinvested) income for shareholders and supports the Fund’s stated annualized distribution rates (Class I annualized distribution rate reported at 9.06% as of Sept 22, 2026).
• Portfolio & risk profile: NAV stability (flat month-over-month at $23.84) and a large, predominantly first‑lien, floating-rate portfolio suggest the Fund is positioned to earn current income tied to floating rates; investors should note leverage levels (~0.83x net) and the Fund’s liquidity ($4.8B excess availability).
• Capital raising: The unregistered share sale and ongoing Offering show the Fund is actively raising capital both publicly and via private feeder vehicles, which can affect share count and future distributions. The Fund also plans monthly supplemental data packs for more transparency on holdings.