Apollo Debt Solutions BDC Prorates Tenders for Third Straight Quarter as Requests Ease

The fund bought the shares back at $23.78 apiece, down from $24.40 in its December 2025 offer.

November 6, 2026

Apollo Debt Solutions BDC accepted 29,368,950 shares in its latest quarterly tender offer after shareholders validly tendered 86,655,453, the third consecutive quarter in which the non-traded business development company has filled repurchase requests on a pro rata basis.

The offer was capped at 29,368,950 shares, equal to 5% of shares outstanding as of June 30, 2026, and covered the fund's Class I, Class S and Class D shares. The fund bought the full capped amount. The offer expired September 14, and accepted shares were repurchased at $23.78 each, the net asset value per share as of September 30. The fund reported the NAV of the repurchased shares at $698,346,639.

Shareholders whose tenders were accepted received non-interest-bearing, non-transferable promissory notes. The fund paid $698,301,158 under those notes on or about October 30, representing NAV less the early repurchase deduction where it applied. Repurchases are still priced at month-end NAV after the fund began publishing an estimated daily price this fall.

Fewer Shares Tendered Than in June

Shareholders tendered 86,655,453 shares this time, down from 101,541,297 in the June offer, though volume stayed far above the limit. Because each cap is 5% of the share count at the prior quarter-end, the September limit was also lower than June's at the same percentage.

The fund has reported results for four quarterly offers priced since December 2025:

• December 31, 2025: 28,217,058 shares tendered against a 29,092,499-share limit, all accepted, at $24.40 per share
• March 31, 2026: 66,882,332 shares tendered against a 30,261,082-share cap, prorated, at $23.90 per share, with repurchased shares valued at $723,115,787
• June 30, 2026: 101,541,297 shares tendered against a 30,224,152-share cap, prorated, at $23.83 per share, with repurchased shares valued at $720,280,836
• September 30, 2026: 86,655,453 shares tendered against a 29,368,950-share cap, prorated, at $23.78 per share, with repurchased shares valued at $698,346,639

The December 2025 offer was the most recent in which the fund accepted every share tendered.