The credit-focused investment vehicle also declared February distributions and reported a $25.1 billion portfolio.

February 24, 2026

Apollo Debt Solutions BDC brought in $49.5 million through a private sale of Class I shares in early February, adding fresh capital as it continues to scale a $25.1 billion private credit portfolio.

The fund issued just over 2 million unregistered Class I shares to feeder vehicles formed primarily to hold those shares. The transaction was structured as a private placement under securities law exemptions, with final share counts determined on February 23.

February Distributions Declared

Alongside the capital raise, the fund declared its February distributions across all share classes.

• Class I: $0.18 per share
• Class S: $0.1641 per share (net of servicing fees)
• Class D: $0.1753 per share (net of servicing fees)

Shareholders of record as of February 27 will receive payment around March 26. Investors can choose to receive cash or reinvest through the distribution reinvestment plan.

Performance And Net Asset Value

Net asset value per share stood at $24.34 as of January 31, down slightly from $24.40 at the end of December.

For Class I shares, the fund reported:

• 0.46% return for the month
• 7.71% return over the past year
• 8.54% annualized return since inception in January 2022

Including the newly declared payout, the annualized distribution rate for Class I shares was 8.88% as of February 23.

Portfolio Snapshot

As of January 31, the portfolio totaled approximately $25.1 billion in fair value, spanning 425 companies across 57 industries.

The allocation remains heavily weighted toward senior secured lending:

• Approximately 99% first-lien debt
• Roughly 97% floating-rate investments

Directly originated investments had a weighted average borrower EBITDA of $260 million.

Additional portfolio metrics included:

• 41% weighted average net loan-to-value
• 8.54% weighted average yield at amortized cost
• 4.9x average net leverage
• 2.6x interest coverage

Balance Sheet And Liquidity

Aggregate net assets totaled $15.1 billion at month-end. Principal debt outstanding was approximately $10.4 billion, resulting in a debt-to-equity ratio of about 0.69x.

The fund’s net leverage ratio was lower at 0.61x. It also reported $4.3 billion in excess availability under secured funding facilities, providing additional liquidity.

Recent Transactions

In January, the fund participated in an $845 million financing package supporting the take-private of Soho House & Co. The transaction included senior secured operating company notes, holding company notes, and a common equity investment, alongside other Apollo-managed vehicles.

During the same month, the fund also participated in a €560 million senior secured unitranche financing for Opseo, a Germany-based intensive care provider. The financing supported a dividend recapitalization.

Capital Raising Continues

The fund is offering up to $10 billion in shares on a continuous basis, in addition to private placements. As of the report date, more than 670 million shares had been issued across public and private offerings, raising approximately $16.5 billion in total capital.

Management indicated that share sales are expected to continue on a monthly basis as the fund deploys capital across the private credit market.