Apollo Debt Solutions BDC Starts Daily Pricing, Lets Adviser Estimates Shape Monthly NAV

The fund separately upsized its JPMorgan-led revolving credit facility to $3.99 billion and pushed its maturity out a year to 2031.

October 2, 2026

Apollo Debt Solutions BDC is now calculating an estimated daily price for the fund and publishing it on its website, and its adviser has built a proprietary daily valuation process for hard-to-price private loans whose output can feed into the monthly net asset value at which shareholders buy and sell.

The changes, set out in a prospectus supplement dated October 1, rewrite the non-traded business development company's valuation disclosure and add new risk factors addressing the distance between the daily figure and the official NAV.

A Daily Number, Monthly Transactions

The fund continues to determine NAV for each share class as of the last day of each calendar month, and that monthly NAV remains the price for subscriptions and repurchases. Because shares are not offered or redeemed daily, the fund says it is not required to compute a daily NAV under the Investment Company Act and does not do so. The new figure, which the fund calls Daily Pricing, is instead produced under its valuation policies and procedures.

The fund surrounds the number with caveats. Daily Pricing is not a market-clearing price, not an offer to redeem, and not a measure of performance or of intra-period returns. Information that reaches the valuation designee after a day's figure is published will not be used to revise it retroactively. The fund also warns against third-party performance calculations based on Daily Pricing, and says the gap between Daily Pricing and monthly NAV in any period could be material, with no assurance that holdings could be sold at the prices it reflects.

How the Daily Marks Are Built

The fund's adviser, which the board designated as valuation designee under Rule 2a-5, developed the process to generate daily estimated fair values for certain Level 3 holdings in between recommendations from independent third-party valuation firms. Covered assets include directly originated loans and other privately negotiated or thinly traded credit.

The estimates are derived primarily from internal models and inputs, drawing on external inputs where available, and seek to reflect cash flows, deal economics, market data and risk adjustments. Where the adviser deems it appropriate, inputs may be calibrated to observable benchmarks, indices or comparable public instruments, including current credit spreads and yields.

The adviser may use these daily estimates to adjust the carrying value of Level 3 investments when it determines monthly NAV, including at month-ends that do not fall on a quarter-end. A new risk factor states that the NAV at which investors transact may therefore reflect, in part, internally generated estimates rather than contemporaneous third-party valuations or market prices. The fund acknowledges that the adviser has a financial incentive in those values because its management and performance-based fees are calculated on NAV, and says internal governance, including a valuation committee, is intended to mitigate the conflict, without assurance that it will eliminate it.

The revised disclosure also states that newly acquired investments may be held at cost for a period, generally up to a quarter, absent a material change. Monthly portfolio holdings will continue to be posted on the fund's website, now with a note that cash, cash equivalents and derivatives are excluded, so the displayed holdings will not reconcile to Daily Pricing or month-end NAV. The fund first added the monthly holdings posting to its shareholder reporting disclosures in July.

The disclosure lands days after a September 28 statement from SEC Chief Accountant Kurt Hohl and Division of Investment Management Director Brian Daly, framed as staff reminders of existing fair value measurement and disclosure obligations for private assets, with particular attention to private credit.

Larger, Longer Credit Line

The supplement also reports that on August 12 the fund amended and restated its senior secured, multi-currency revolving credit facility, for which JPMorgan Chase Bank serves as administrative agent. The amendment:

• extends the final maturity to August 12, 2031, from August 12, 2030
• raises the total facility amount to $3.990 billion from $3.828 billion
• lifts the accordion to $5.985 billion from $5.180 billion
• removes the credit spread adjustment on dollar-denominated borrowings
• revises the minimum shareholders' equity test to permit a 25% deduction for any of the fund's equity bought back on or after July 1, 2026, replacing a quarterly limitation tied to buybacks of equity issued in the same quarter

Borrowings remain subject to a borrowing base and to the leverage limits of the Investment Company Act.

Separately, the fund revised its suitability standards for New Jersey investors and added standards for Washington residents.