# EDGAR Filing Document

**Accession Number:** 0002074450
**File Stem:** 0001193125-26-222093
**Filing Date:** 2026-5
**Character Count:** 72606
**Document Hash:** 34baf4c5e4f36b9d26b70c16d5a6262e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-222093.hdr.sgml**: 20260514

**ACCESSION NUMBER**: 0001193125-26-222093

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 46

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260514

**DATE AS OF CHANGE**: 20260513

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Apollo IG Core Replacement, L.P.
- **CENTRAL INDEX KEY:** 0002074450
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 392921848
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56768
- **FILM NUMBER:** 26974923

**BUSINESS ADDRESS:**
- **STREET 1:** 9 WEST 57TH STREET
- **STREET 2:** 41ST FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-515-3200

**MAIL ADDRESS:**
- **STREET 1:** 9 WEST 57TH STREET
- **STREET 2:** 41ST FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

?xml version='1.0' encoding='ASCII'? 10-Q

[**<u>**Table of Contents**</u>**](#toc_page)

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

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**FORM** 10-Q

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**(Mark One)** 

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the quarterly period ended** **March 31,** 2026

**OR** 

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____** 

**Commission File Number** 000-56768

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Apollo IG Core Replacement, L.P.

(Exact name of Registrant as specified in its Charter)

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---

| | |
|:---|:---|
| Delaware | 39-2921848 |
| (State or other jurisdiction of<br>incorporation or organization) | (I.R.S. Employer<br>Identification No.) |
| 9 West 57th Street**,** 41st Floor <br>New York**,** NY | 10019 |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(**212**)** 515-3200

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Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading<br>Symbol(s) | Name of each exchange on which registered |
| **None** | **N/A** | **N/A** |

---

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☒ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

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[**<u>**Table of Contents**</u>**](#toc_page)

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| **Part I.** | [<u>Financial Information</u>](#part_1_new) | 1 |
| Item 1. | [<u>Financial Statements</u>](#item_1_new) | 1 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Consolidated Statements of Assets, Liabilities, and Partners' Capital as of March 31, 2026 (Unaudited) and December 31, 2025</u>](#balance_sheet) | 1 |
|  | [<u>Consolidated Statement of Operations for the three months ended March 31, 2026 (Unaudited)</u>](#sop) | 2 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Consolidated Statement of Changes in Partners' Capital for the three months ended March 31, 2026 (Unaudited)</u>](#scna) | 3 |
|  | [<u>Consolidated Statement of Cash Flows for the three months ended March 31, 2026 (Unaudited)</u>](#cash_flow) | 4 |
|  | [<u>Consolidated Schedule of Investments as of March 31, 2026 (Unaudited)</u>](#soi) | 5 |
|  | [<u>Consolidated Schedule of Investments as of December 31, 2025</u>](#soi_py) | 6 |
|  | [<u>Consolidated Notes to Financial Statements (Unaudited)</u>](#fs_notes) | 7 |
| Item 2. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_7_managements_discussion) | 13 |
| Item 3. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item_7a_quantitative_and_qualitative) | 17 |
| Item 4. | [<u>Controls and Procedures</u>](#controls_procedures) | 17 |
| **Part II.** | [<u>Other Information</u>](#part_ii) | 18 |
| Item 1. | [<u>Legal Proceedings</u>](#legal_proceedings) | 18 |
| Item 1A. | [<u>Risk Factors</u>](#risk_factors) | 18 |
| Item 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#unregistered_sales) | 18 |
| Item 3. | [<u>Defaults Upon Senior Securities</u>](#defaults_upon_senior_securities) | 18 |
| Item 4. | [<u>Mine Safety Disclosures</u>](#mine_safety_disclosures) | 18 |
| Item 5. | [<u>Other Information</u>](#other_information) | 18 |
| Item 6. | [<u>Exhibits</u>](#exhibits) | 19 |
|  | [<u>Signatures</u>](#signatures) | 20 |

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**Forward-Looking Statements**

This Quarterly Report on Form 10-Q (this "Quarterly Report") may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involve certain known and unknown risks and uncertainties. Forward-looking statements predict or describe our future operations, business plans, business and investment strategies, portfolio management and the performance of our investments. These forward-looking statements are generally identified by their use of such terms and phrases as "intend," "goal," "estimate," "expect," "project," "plan," "seek," "anticipate," "will," "should," "could," "may," "believe," "target," and similar expressions. Our actual results or outcomes may differ materially from those anticipated. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. Such forward-looking statements are subject to various risks, assumptions and uncertainties, including risks related to our limited operating history, general economic, market and business conditions, possible disruption in our operations, changes in laws or regulations, regional, national or global economic and political developments (including geopolitical tensions and hostilities), liquidity and valuation of our investments, shifts in investor sentiment, technological developments, competition for and allocation of investment opportunities, use of leverage, our dependence on Apollo (as defined below) and third-party service providers, actual and potential conflicts of interest with the Investment Manager (as defined below) or any of its affiliates, the adequacy of our cash resources, financing sources and working capital, among others described under the section entitled "Risk Factors" in the Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and this Quarterly Report, as such factors may be updated from time to time in our periodic filings with the SEC. The forward-looking statements speak only as of the date of this Quarterly Report, and we undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

i

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**Part I. Financial Information** 

**Item 1. Financial Statements**

**Apollo IG Core Replacement, L.P.**

**Consolidated Statements of Assets, Liabilities, and Partners' Capital**

**(in thousands)**

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
|  | **(Unaudited)** |  |
| **Assets** |  |  |
| Investments in the Aggregators, at fair value (cost — $1,306,607 and $812,534, respectively) | $1315840 | $817474 |
| Cash and cash equivalents | 64 | 58 |
| Due from the Aggregators | 11714 | 4593 |
| &nbsp;&nbsp;**Total Assets** | $1327618 | $822125 |
| **Liabilities and Partners' Capital** |  |  |
| **Liabilities** |  |  |
| Notes payable | $107 | $107 |
| Interest and other debt expenses payable | 2 |  |
| Distributions payable | 11775 | 4654 |
| Organizational expenses payable | 37 | 43 |
| &nbsp;&nbsp;**Total Liabilities** | 11921 | 4804 |
| **Partners' Capital** |  |  |
| General partner |  |  |
| Limited partners | 1315697 | 817321 |
| &nbsp;&nbsp;**Total Partners' Capital** | 1315697 | 817321 |
| **Total Liabilities and Partners' Capital** | $1327618 | $822125 |

---

The accompanying notes are an integral part of these consolidated financial statements.

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**Apollo IG Core Replacement, L.P.**

**Consolidated Statement of Operations (Unaudited)**

**(in thousands)**

---

| | |
|:---|:---|
|  | **For the Three Months Ended March 31,** |
|  | **2026** |
| **Investment Income** |  |
| Interest income | $— |
| &nbsp;&nbsp;**Total Investment Income** |  |
| **Expenses** |  |
| Interest and other debt expenses | 3 |
| Organizational expenses | 139 |
| &nbsp;&nbsp;**Total Expenses** | 142 |
| **Net Investment Income (Loss)** | (142) |
| **Net Realized and Net Change in Unrealized Gains (Losses)** |  |
| Net change in unrealized gain (loss) on investments in the Aggregators | 4293 |
| **Net Realized and Net Change in Unrealized Gains (Losses)** | 4293 |
| **Net Increase (Decrease) in Partners' Capital Resulting from Operations** | $4151 |

---

The accompanying notes are an integral part of these consolidated financial statements.

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**Apollo IG Core Replacement, L.P.**

**Consolidated Statement of Changes in Partners' Capital (Unaudited)**

**(in thousands)**

---

| | | | |
|:---|:---|:---|:---|
|  | **General Partner** | **Limited Partners** | **Total** |
| **Partners' Capital - December 31, 2025** | $— | $817321 | $817321 |
| Capital contributions |  | 506000 | 506000 |
| Capital distributions |  | (11775) | (11775) |
| Net increase (decrease) in partners' capital resulting from operations |  | 4151 | 4151 |
| **Partners' Capital - March 31, 2026** | $— | $1315697 | $1315697 |

---

The accompanying notes are an integral part of these consolidated financial statements.

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**Apollo IG Core Replacement, L.P.**

**Consolidated Statement of Cash Flows (Unaudited)**

**(in thousands)**

---

| | |
|:---|:---|
|  | **For the Three Months Ended March 31,** |
|  | **2026** |
| **Cash Flows from Operating Activities** |  |
| Net increase (decrease) in partners' capital resulting from operations | $4151 |
| Adjustments to reconcile net increase (decrease) in partners' capital resulting from operations to net cash provided by (used in) operating activities: |  |
| &nbsp;&nbsp;Net change in unrealized (gain) loss on investments in the Aggregators | (4293) |
| &nbsp;&nbsp;Payments to purchase investments in the Aggregators | (851294) |
| &nbsp;&nbsp;Proceeds from sale of investments in the Aggregators | 357221 |
| Changes in operating assets and liabilities: |  |
| &nbsp;&nbsp;(Increase) decrease in due from the Aggregators | (7121) |
| &nbsp;&nbsp;Increase (decrease) in interest and other debt expenses payable | 2 |
| &nbsp;&nbsp;Increase (decrease) in organizational expenses payable | (6) |
| **Net Cash Provided by (Used in) Operating Activities** | (501340) |
| **Cash Flows from Financing Activities** |  |
| &nbsp;&nbsp;Proceeds from capital contributions | 506000 |
| &nbsp;&nbsp;Distributions paid, net | (4654) |
| **Net Cash Provided by (Used in) Financing Activities** | 501346 |
| **Cash and Cash Equivalents** |  |
| &nbsp;&nbsp;Net increase (decrease) in cash and cash equivalents | 6 |
| &nbsp;&nbsp;Cash and cash equivalents at beginning of period | 58 |
| **Cash and Cash Equivalents at End of Period** | $64 |
| **Supplemental Disclosure of Cash Flows Information** |  |
| &nbsp;&nbsp;Cash paid for interest | $3 |

---

The accompanying notes are an integral part of these consolidated financial statements.

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**Apollo IG Core Replacement, L.P.**

**Consolidated Schedule of Investments (Unaudited)**

**March 31, 2026**

**(in thousands)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Description</u>** | **Type of Investment** | **Industry** | **Geography** | **Fair Value** | **Fair Value as<br>a Percentage<br>of Partners' Capital** |
| **Investments in the Aggregators, at fair value** <sup>(1)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Apollo IG Core Replacement Aggregator A, SPC | Investment Company | Various | Global | $742752 | 56.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apollo IG Core Replacement Aggregator B, L.P. | Investment Company | Various | Global | 573088 | 43.56% |
| **Total Investments in the Aggregators, at fair value (Cost $1,306,607)** |  |  |  | $1315840 | 100.01% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Represents investments affiliated with the Partnership.

The accompanying notes are an integral part of these consolidated financial statements.

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**Apollo IG Core Replacement, L.P.**

**Consolidated Schedule of Investments**

**December 31, 2025**

**(in thousands)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Description</u>** | **Type of Investment** | **Industry** | **Geography** | **Fair Value** | **Fair Value as<br>a Percentage<br>of Partners' Capital** |
| **Investments in the Aggregators, at fair value** <sup>(1)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Apollo IG Core Replacement Aggregator A, SPC | Investment Company | Various | Global | $715210 | 87.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apollo IG Core Replacement Aggregator B, L.P. | Investment Company | Various | Global | 102264 | 12.51% |
| **Total Investments in the Aggregators, at fair value (Cost $812,534)** |  |  |  | $817474 | 100.02% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Represents investments affiliated with the Partnership.

The accompanying notes are an integral part of these consolidated financial statements.

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**Apollo IG Core Replacement, L.P.**

**Consolidated Notes to Financial Statements (Unaudited)**

**(in thousands)**

**1. Organization**

Apollo IG Core Replacement, L.P. (the "Partnership") is a Delaware limited partnership formed on June 13, 2025, and is a private fund exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended (the "Investment Company Act"). The Partnership commenced investment operations on October 1, 2025.

The Partnership intends to conduct a continuous private offering of its limited partnership interests ("Interests") in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended ("Securities Act"), to investors that are both (a) accredited investors (as defined in Regulation D under the Securities Act) and (b) qualified purchasers (as defined in the Investment Company Act and rules thereunder).

Apollo IG Core Replacement Advisors, L.P. (the "General Partner"), a Cayman Islands exempted limited partnership, is the general partner of the Partnership. The Partnership entered into an agreement with Apollo IG Replacement Management, L.P. (the "Investment Manager") on August 1, 2025 to provide administrative and management services to the Partnership. The Investment Manager, a Delaware limited partnership, is an affiliate of the General Partner and of Apollo Asset Management, Inc. and its subsidiaries ("Apollo").

The Partnership has a 100% ownership interest, consolidates, and has control over significant operating, financial, and monetary decisions of Apollo IG Replacement Intermediate A, SPC ("Intermediate A") and Apollo IG Core Replacement Intermediate B, LLC ("Intermediate B") (collectively the "Intermediary Vehicles"), organized as a segregated portfolio company and series limited partnership under the laws of the Cayman Islands and the State of Delaware, respectively. The Intermediary Vehicles were formed for tax or related structuring purposes to effectuate its investment in Apollo IG Core Replacement Aggregator A, SPC ("Aggregator A") and Apollo IG Core Replacement Aggregator B, L.P. ("Aggregator B") (collectively, the "Aggregators"). Aggregator A and Aggregator B are series limited partnerships organized under the laws of the Cayman Islands and Delaware, respectively. The Aggregators have the same investment objectives as the Partnership. The Partnership is organized for the purposes of facilitating the investment of all of its investable assets in, and the effectuation of its investment program through, (i) Aggregator A, by way of investing all of its investable assets in the corresponding segregated portfolio of Intermediate A, with respect to certain investments that the Aggregator General Partner determines, in its sole discretion, are not likely to give rise to income effectively connected with a U.S. trade or business and (ii) Aggregator B, by way of investing all of its investable assets in the corresponding series of Intermediate B, with respect to certain investments that the Aggregator General Partner determines, in its sole discretion, are likely to give rise to income effectively connected with a U.S. trade or business. Generally, the Intermediary Vehicles do not have any of their own income or expenses, other than income tax on the income and expenses allocated from the Aggregators to the Intermediary Vehicles and interest expense related to blocker loan from the Partnership that is eliminated in consolidation.

The Partnership's investment objective is to generate attractive risk-adjusted returns and achieve medium-to-long-term capital appreciation through a well-diversified portfolio of private credit investments, primarily in the United States and Western European markets. It invests across four key pillars: (1) Investment Grade Asset-Backed Finance, (2) Investment Grade Warehouse, (3) Private Investment Grade Corporates, and (4) High Conviction Investment Grade Credit. The Partnership seeks to achieve its investment objectives by investing in the Aggregators.

Capitalized terms used, but not defined herein, shall have the meaning assigned to them in the partnership agreement of the Partnership (the "Partnership Agreement"), as amended.

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**2. Significant Accounting Policies**

The following is a summary of significant accounting policies followed by the Partnership in the preparation of the consolidated financial statements.

***(a)*** ***Basis of Presentation —*** The consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and are presented in United States Dollars ("U.S. Dollars"), which is the Partnership's functional currency. The Partnership follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Financial Services-Investment Companies ("ASC No. 946"), and as such, the fair values of the Partnership's investments are presented in the accompanying Consolidated Statements of Assets, Liabilities, and Partners' Capital and Consolidated Schedules of Investments.

***(b)*** ***Basis of Consolidation —*** As of March 31, 2026, the Partnership wholly owned the Intermediary Vehicles. The financial position and results of operations of the Intermediary Vehicles have been consolidated into the accompanying financial statements and notes. All intercompany transactions and balances, primarily consisting of capital contributions and withdrawals, have been eliminated.

***(c)*** ***Use of Estimates*** — The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of increases and decreases in partners' capital from operations during the reporting period. Actual results could differ from those estimates.

***(d)*** ***Cash and Cash Equivalents*** — The Partnership considers all highly liquid debt instruments with original maturities of 90 days or less to be cash equivalents. As of March 31, 2026 and December 31, 2025, cash and cash equivalents were comprised solely of cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(e)*** ***Organizational Expenses*** — Organizational expenses consist of costs incurred to establish the Partnership and other fees in connection with the offering and sale of Interests to prospective Limited Partners. Certain organizational expenses relating to offering costs are amortized over a 12-month period from the commencement of operations. Other organizational expenses are amortized over a 60-month period.

***(f)*** ***Taxes*** — The Partnership intends to operate so that it will qualify to be treated as a partnership for U.S. federal income tax purposes, and as such, will not be subject to income taxes; each investor is individually liable for income taxes, if any, on its distributive share of the Partnership's net taxable income. The Partnership intends to operate, in part, through subsidiaries that may be treated as corporations for U.S. or non-U.S. tax purposes and therefore may be subject to current and deferred U.S. federal, state and/or local income taxes at the subsidiary level. As of March 31, 2026, the Partnership has not accrued for any current or deferred tax liabilities.

***(g)*** ***Uncertain Tax Positions —*** The Partnership recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Partnership reviews and evaluates tax positions in its major jurisdictions and determines whether or not there are uncertain tax positions that require financial statement recognition. Based on this review, the Partnership has determined the major tax jurisdictions to be where the Partnership is organized, where the Partnership makes investments, and where the Investment Manager is located; however, no reserves for uncertain tax positions were recorded for the three months ended March 31, 2026. As a result, no tax liability or expense, including interest and penalties, has been recorded in the accompanying consolidated financial statements. Generally, the Partnership's U.S. federal, state, and local tax returns remain open for examination for a period of three to five years from when they are filed under varying statutes of limitations.

***(h)*** ***Segments —*** The Partnership operates as one operating segment and one reporting unit: investment management. The Partnership's chief operating decision maker ("CODM") is the President, who regularly reviews financial information to make decisions about resources to be allocated to the segment and to assess its performance. Key metrics used by the CODM to determine the Partnership's investment strategy, capital allocation, expense structure, and significant transactions include net

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increase (decrease) in partners' capital resulting from operations, which includes net investment income, that will be reported on the Consolidated Statement of Operations. The Partnership determined that there are no separate segment disclosures, as any applicable segment expenses are disclosed on the Consolidated Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(i)*** ***Recent Accounting Pronouncements —*** In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires public business entities to provide more detailed disclosures about the nature of their expenses in the footnotes to the financial statements. The guidance is mandatorily effective for annual periods beginning in 2027, but early adoption is permitted. The Partnership is currently assessing the impact this guidance will have on its consolidated financial statements.

In December 2025, the FASB issued amendments to improve the guidance in Topic 270 by improving the navigability of the required interim disclosures and clarifying when that guidance is applicable. The amendments also provide additional guidance on what disclosures should be provided in interim reporting periods. The amendments are not intended to change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements. The guidance is mandatorily effective for the Partnership for interim reporting periods within annual reporting periods beginning after December 15, 2027; early adoption is permitted. The Partnership is currently evaluating the impact of the new pronouncement on its consolidated financial statements.

***(j)*** ***Commitments and Contingencies —*** From time to time, the Partnership may be involved in various claims and legal actions arising in the ordinary course of business. As of March 31, 2026 and December 31, 2025, the Partnership was not subject to any material litigation nor was the Partnership aware of any material litigation threatened against it.

***(k)*** ***Indemnification*** — In the normal course of business, the General Partner, on behalf of the Partnership, enters into certain contracts that contain a variety of indemnifications. The Partnership's maximum exposure under these arrangements is unknown; however, the Partnership has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

**3. Investments in the Aggregators**

The Partnership invests substantially all of its investable assets in the Aggregators, which are not publicly traded and do not have readily available market values. The Partnership has the right to withdraw capital from the Aggregators on a monthly basis at the month-end net asset value ("NAV") of the Aggregators in order to meet the withdrawal requests of Limited Partners or for the payment of other liabilities of the Partnership. The Aggregators follow the accounting and reporting guidance applicable to investment companies in FASB ASC No. 946. The Partnership records its investments at the net asset value of the Aggregators, as a practical expedient to estimate fair value, and is based upon the Partnership's proportionate interest in the partners' capital of the Aggregators, including any tax impact from the Intermediary Vehicles, and is recorded as an investment in the accompanying Consolidated Statements of Assets, Liabilities, and Partners' Capital and Consolidated Schedules of Investments. Unrealized gains and losses resulting from changes in fair value of the Aggregators are reflected in the net change in unrealized gain (loss) on investments in the Aggregators in the accompanying Consolidated Statement of Operations. The Aggregators reflect their investments at fair value. Fair value is the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date (i.e., the exit price). The valuation techniques used and classification within the fair value hierarchy of investments held by the Aggregators are measured in accordance with the authoritative guidance for fair value measurements for financial assets and liabilities. As of March 31, 2026, the Partnership owned 92.82% and 92.42% of Aggregator A and Aggregator B, respectively. As of December 31, 2025, the Partnership owned 89.37% and 83.48% of Aggregator A and Aggregator B, respectively. The performance of the Partnership is directly affected by the performance of the Aggregators. The combined financial statements of the Aggregators include entities in which the Partnership did not invest during the three months ended March 31, 2026.

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The following is a summary of the Aggregators condensed, combined and consolidated results of operations for the three months ended March 31, 2026:

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| | | | |
|:---|:---|:---|:---|
|  | **Aggregator A** | **Aggregator B** | **Total** |
| Net Investment Income (Loss) | $8676 | $7839 | $16515 |
| Net Realized and Net Change in Unrealized Gains (Losses) on Investments, Derivatives, and Foreign Currency | (5433) | (6237) | (11670) |
| Net Increase (Decrease) in Partners' Capital/Members' Equity Resulting From Operations | 3243 | 1602 | 4845 |

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The net investment income (loss), net realized and net change in unrealized gains (losses) on investments, derivatives, and foreign currency and net increase (decrease) in partners' capital/members' equity resulting from operations attributable to the Partnership for the three months ended March 31, 2026 were $15,131, $(10,838) and $4,293, respectively.

**4. Partners' Capital**

The Partnership may accept capital contributions on the first calendar day of each calendar month. Limited Partners may, subject to certain restrictions, on a monthly basis within the Monthly Liquidity Sub-Series and on an annual basis within the Annual Liquidity Sub-Series, seek to voluntarily withdraw all or part of their interest as of the last business day of each calendar month, upon not less than 30 days' prior written notice in the Monthly Liquidity Interests and not less than 60 days' prior written notice in the Annual Liquidity Interests. Limited Partner Interests will be withdrawn at NAV as of the date of withdrawal.

**5. Agreements and Related Party Considerations**

*Investment Management Agreement*

The Partnership entered into an investment management agreement with the Investment Manager, dated August 1, 2025. Pursuant to the terms of the Investment Management Agreement, the General Partner delegated investment advisory functions with respect to the Partnership to the Investment Manager, which manages all affairs and activities of the Partnership in accordance with the terms of the Partnership Agreement. The General Partner may delegate additional functions to the Investment Manager as it may determine from time to time.

In consideration for its management services, the Investment Manager is entitled to receive a management fee (the "Management Fee") in accordance with the terms of the Partnership Agreement, to be paid in advance on a monthly basis at a monthly rate as set forth below. The Management Fee will be paid based on the immediately preceding month-end valuations, after giving effect to withdrawals occurring as of such month-end and contributions occurring as of the first day of such month. The Management Fee is charged at the Aggregators' level and allocated to the Partnership as part of NAV. The Partners who are affiliated with the Investment Manager may not be allocated such fee. The Management Fee terms and rates are defined as follows:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Adjusted Contributions</u>** | &nbsp;&nbsp;**<u>Annual Liquidity Sub-Series</u>** | &nbsp;&nbsp;**<u>Monthly Liquidity Sub-Series</u>** |
| &nbsp;&nbsp;Less than $50 million | &nbsp;&nbsp;0.50% per annum | &nbsp;&nbsp;0.60% per annum |
| &nbsp;&nbsp;Equal or greater than $50 million but less than $250 million | &nbsp;&nbsp;0.45% per annum | &nbsp;&nbsp;0.55% per annum |
| &nbsp;&nbsp;Equal or greater than $250 million but less than $500 million | &nbsp;&nbsp;0.40% per annum | &nbsp;&nbsp;0.50% per annum |
| &nbsp;&nbsp;Equal to or greater than $500 million | &nbsp;&nbsp;0.35% per annum | &nbsp;&nbsp;0.45% per annum |

---

If the relevant Limited Partner is a Seed Limited Partner with respect to its Monthly Liquidity Interests the Management Fee shall be 0.30% per annum of the Net Asset Value of such portion of the Capital Account made prior to or during the Seed Period.

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*Partnership Advance and Conditional Reimbursement of the Investment Manager*

The Investment Manager may elect to pay certain of the Operating Expenses on the Partnership's behalf (each, an "Expense Advance"). All Specified Expenses, Expense Advances, and Reimbursement Payments are incurred by the Aggregators and allocated to the Partnership as part of NAV.

The Specified Expenses (as defined below) paid by the Partnership will be capped at 0.25% of the Partnership's Net Asset Value per year (the "Operating Expense Cap"). Following any calendar month in which the Specified Expenses are below the Operating Expense Cap on an annualized basis, the Partnership shall reimburse the Investment Manager, fully or partially, for the Expense Advances, but only if and to the extent that Specified Expenses plus any Reimbursement Payments (as defined below) do not exceed 0.25% of the Partnership's net assets at the end of each calendar month on an annualized basis, until such time as all Expense Advances made by the Investment Manager to the Partnership within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Partnership in the prior sentence shall be referred to herein as a "Reimbursement Payment."

"Specified Expenses" is defined to include all Operating Expenses incurred in the business of the Partnership with the exception of: (i) investments and transactions of the Partnership (whether or not consummated) including any commissions, transaction fees and other investment costs; (ii) litigation, proceedings, investigations or inquiries, prosecution, defense, judgments or settlements thereof and other extraordinary expenses (being expenses that are classified as extraordinary expenses under U.S. GAAP); (iii) indemnification obligations of the Partnership and advancements of costs and expenses related to such indemnification obligations; and (iv) Management Fees.

**6. Allocation of Profits, Losses and Distributions**

In accordance with the Partnership Agreement, as amended, net income and losses of the Partnership are generally allocated to the Partners in proportion to their respective "Partnership Percentage", as defined in the Partnership Agreement, as of the beginning of each month, with the exception of Management Fees, which are allocated specifically to each Partner.

Each Limited Partner may elect to designate its Interests as Distributing Interests in accordance with the Partnership Agreement. The General Partner will distribute from the capital account of each Limited Partner electing such designation on a quarterly basis.

**7. Notes Payable**

The Partnership's outstanding debt obligations as of March 31, 2026 and December 31, 2025 were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Legal Maturity** | **Outstanding Principal** | **Fair Value** <sup>(1)</sup> |
| Promissory Notes | 10/1/2055 | $110 | $107 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Legal Maturity** | **Outstanding Principal** | **Fair Value** <sup>(1)</sup> |
| Promissory Notes | 10/1/2055 | $110 | $107 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The carrying amount outstanding under these debt obligations approximate their fair value as of March 31, 2026 and December 31, 2025. These Promissory Notes are considered to be Level III liabilities. The valuation is based on yield analysis and discount rate commensurate with the market yields for similar types of debt.

The Promissory Notes are reflected within notes payable on the Partnership's Consolidated Statements of Assets, Liabilities, and Partners' Capital. The Promissory Notes pay interest on the principal balances at a rate of 12.0% per annum, payable semi-annually in arrears.

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**8. Financial Highlights**

The following represents the financial highlights for the three months ended March 31, 2026:

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| | |
|:---|:---|
| **Total Return** | 0.49% |
| **Ratios to Average Limited Partners' Capital:** |  |
| &nbsp;&nbsp;Net investment income (loss) | (0.01) % |
| &nbsp;&nbsp;Total operating expenses | 0.01% |

---

The ratios are computed based upon the simple average of Limited Partners' capital at the end of each month. The operating expenses and net investment income (loss) ratios do not reflect the income and expense incurred by the Aggregators.

Calculations of these ratios and total return on an individual Limited Partner basis may yield results that vary from those stated above based upon the timing of individual capital transactions, and differences in management fee charged.

**9. Subsequent Events**

Management has evaluated all subsequent events or transactions for potential recognition or disclosure through May 13, 2026, the date on which these consolidated financial statements were issued and has determined that there were no subsequent events requiring adjustment to or disclosure in the accompanying consolidated financial statements.

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**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

*The following discussion should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q and the Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the "Annual Report"). In addition to historical data, this discussion contains forward-looking statements about our business, operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Our actual results may differ materially from those in this discussion as a result of various factors, including but not limited to those discussed in "Item 1A. Risk Factors" in our Annual Report.*

The investment activities of Apollo IG Core Replacement, L.P. (the "Partnership") are carried out through Apollo IG Core Replacement Aggregator A, SPC and Apollo IG Core Replacement Aggregator B, L.P. (the "Aggregators"), which are non-consolidated affiliates of the Partnership. As such, in this discussion and analysis, we believe it is important to present information for both the Partnership and the Aggregators. The financial statements of the Partnership, which include a summary of the condensed, combined, and consolidated financial statements of the Aggregators, are presented in "Item 1. Financial Statements" of this document.

**Overview**

The Partnership was formed on June 13, 2025 as a Delaware limited partnership. We are a private fund exempt from registration under the Investment Company Act pursuant to Section 3(c)(7) of the Investment Company Act. The Partnership forms a part of a private investment program comprised of the Partnership and other affiliated entities (the "Fund") designed to capitalize on what Apollo believes to be an evolving opportunity in fixed income markets to provide a differentiated investment grade solution spanning the breadth of Apollo's Credit platform. For purposes of this section, "Apollo" refers collectively to Apollo Asset Management, Inc. and its subsidiaries and affiliated entities.

The Partnership's investment objective is to generate attractive risk-adjusted returns and achieve medium-to-long-term capital appreciation through a well-diversified portfolio of private credit investments, primarily in the United States and Western European markets. It invests across four key pillars: (1) Investment Grade Asset-Backed Finance, (2) Investment Grade Warehouse, (3) Private Investment Grade Corporates, and (4) High Conviction Investment Grade Credit. The Partnership seeks to achieve its investment objectives by investing in the Aggregators. The Partnership commenced investment operations on October 1, 2025.

We expect to conduct a continuous private offering (the "Private Offering") of our limited partnership interests ("Interests") in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act") to investors that are both (i) accredited investors (as defined in Regulation D under the Securities Act) and (ii) qualified purchasers (as defined in the Investment Company Act and the rules thereunder).

**Results of Operations**

We are dependent upon the proceeds from our continuous Private Offering in order to conduct our business. We intend to continue to make investments with the capital received from our continuous Private Offering and any indebtedness that we may incur in connection with such activities.

A discussion of the results of operations for the three months ended March 31, 2026 is as follows:

***Revenues***

We generate revenues primarily from our investments in the Aggregators. These revenues may consist of interest income, net realized gains or losses and net change in unrealized gains or losses.

We recorded $4.2 million of revenues for the three months ended March 31, 2026 consisting of $(0.1) million of net investment loss and $4.3 million of net change in unrealized gains. There were no net realized gains or losses from the investments in the Aggregators for the three months ended March 31, 2026.

*Aggregators Net Increase (Decrease) in Partners' Capital/Members' Equity Resulting From Operations*

The Partnership generates revenue primarily from its investments in the Aggregators. The Partnership has an interest of 92.64% in the Aggregators as of March 31, 2026. For the three months ended March 31, 2026, the Aggregators generated a net increase in partners' capital/members' equity resulting from operations of $4.8 million.

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Key drivers of the results of operations of the Aggregators are discussed below.

*Aggregators Net Investment Income (Loss) and Net Realized and Net Change in Unrealized Gains (Losses) on Investments, Derivatives, and Foreign Currency*

The Aggregators generate investment income from investments made across four key pillars: (1) Investment Grade Asset-Backed Finance, (2) Investment Grade Warehouse, (3) Private Investment Grade Corporates, and (4) High Conviction Investment Grade Credit. The Aggregators' investments also generate net realized and unrealized gains and losses on investments, derivatives, and foreign currency.

Realized gains or losses are measured as the difference between the net proceeds from the sale, repayment, or disposal of an asset and the adjusted cost basis of the asset, without regard to unrealized gains or losses previously recognized. Net change in unrealized gains or losses reflects the change in investment values during the reporting period, including any reversal of previously recorded unrealized gains or losses, when gains or losses are realized.

For the three months ended March 31, 2026, the Aggregators recorded $16.5 million of net investment income and $(11.7) million of net realized and net change in unrealized gains (losses) on investments, derivatives, and foreign currency.

***Expenses***

The potential fees and expenses that may affect distributions to holders of our Interests are described below.

*Management Fee*

The Management Fee is paid in advance on a monthly basis at a monthly rate based on the adjusted contributions of the holders of our Interests. The Management Fee will be paid based on the immediately preceding month-end valuations, after giving effect to withdrawals occurring as of such month-end and contributions occurring as of the first day of such month. The Management Fee ranges from 0.35% to 0.50% per annum for Annual Liquidity Interests and from 0.45% to 0.60% per annum for Monthly Liquidity Interests. The Partners who are affiliated with the Investment Manager may not be allocated such fee. The Management Fee is charged at the Aggregators' level and allocated to the Partnership as part of its net asset value. For a discussion of the compensation of the Investment Manager, see "Item 1. Business — Investment Management Agreement—Compensation of the Investment Manager" in our Annual Report.

*Organizational Expenses* 

The Partnership will pay all of its own, the Investment Manager's, the General Partner's, and certain other Fund entities' fees, costs, and expenses and other liabilities incurred in connection with the offering and sale of Interests to prospective Limited Partners, including all out-of-pocket legal, accounting, filing, capital raising, printing, electronic database and other similar fees, costs and expenses, including travel, accommodation, meal and related expenses and other similar fees, costs and expenses (collectively, "Organizational Expenses") that are attributable to the Partnership and all of its pro rata share of any Organizational Expenses that are not attributable to any specific series (each, a "Series") of any limited partnership that comprise the Fund (each, a "Limited Partnership"). Service providers are compensated for their services pursuant to the terms of their relevant engagements.

For accounting purposes, certain of the Organizational Expenses relating to offering costs will be amortized over a 60-month period from the commencement of operations. Other Organizational Expenses will be amortized over a 12-month period. If a Limited Partner withdraws all or a portion of its Capital Account prior to the end of the 12-month or 60-month period during which the Fund is amortizing expenses, the General Partner may, but is not required to, accelerate a proportionate share of the unamortized expenses based upon the amount being withdrawn and reduce withdrawal proceeds by the amount of such accelerated expenses.

We incurred organizational expenses of $0.6 million for the period from October 1, 2025 (commencement of operations) to March 31, 2026. We amortized $0.1 million of these expenses during the three months ended March 31, 2026, and the accrued organizational expenses at period end were $0.04 million.

*Placement Fees* 

The Fund may specially allocate any placement fees and expenses incurred in connection with the offering of Interests to the Capital Accounts or capital subaccounts of the Limited Partners on any basis that it considers

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equitable; provided, however, that any placement fees paid by the Fund will offset the Management Fees otherwise payable to the Investment Manager on a dollar-for-dollar basis; and provided, further, that, amounts paid to locally licensed intermediaries, distributors or similar service providers that the General Partner determines are necessary for compliance with laws and regulations governing the offer and sale of Fund interests in any jurisdiction. For the avoidance of doubt, if any Limited Partner is required to bear a separate fee by any placement agent, such separate fee will not reduce the Management Fee.

For the three months ended March 31, 2026, we did not incur placement fees and there was no reduction in Management Fees.

*Other Fees* 

Except as provided below, the General Partner and the Investment Manager will pay or otherwise bear all of their own operating, overhead and administrative expenses, including all costs and expenses on account of compensation and benefits due to their employees and rent (collectively, the "Overhead"), without reimbursement by the Fund.

To the extent practicable, Operating Expenses attributable solely to one Limited Partnership or Series, as applicable, will be borne by the Partners in such Limited Partnership or Series, and may vary among Limited Partnerships and Series, and will be capped at 0.25% per annum of the Partnership's net asset value. The cap on Operating Expenses excludes: (i) investments and transactions of the Fund (whether or not consummated) including any commissions, transaction fees and other investment costs; (ii) litigation, proceedings, investigations or inquiries, prosecution, defense, judgments or settlements thereof and other extraordinary expenses (being expenses that are classified as extraordinary expenses under generally accepted accounting principles); (iii) indemnification obligations of the Fund and advancements of costs and expenses related to such indemnification obligations; and (iv) Management Fees.

On an ongoing basis, except for Overhead and Organizational Expenses, each Limited Partnership or Series, as applicable, (and not the General Partner, the Investment Manager or any of their respective affiliates) will pay or otherwise bear its share (as equitably allocated by the General Partner in its sole discretion) of all fees, costs, expenses and other liabilities or obligations resulting from, related to, associated with, arising from or incurred in connection with such Series and any Parallel Fund's (as defined in the Partnership Agreement) operations (the "Operating Expenses"). Notwithstanding anything to the contrary in the partnership agreement, or equivalent agreement, entered into by the applicable Limited Partnership, the General Partner, the Investment Manager and their respective affiliates will be entitled to reimbursement from the Fund for any Operating Expenses or Organizational Expenses paid and/or incurred by them on behalf of the Fund, including fees, costs and expenses and allocated portions of the General Partner's, the Investment Manager's or any of their respective affiliates' Overhead incurred in connection with services performed by personnel or employees of the General Partner, the Investment Manager and/or their respective affiliates that are services the fees, costs and expenses that constitute Operating Expenses or Organizational Expenses. In addition, the categories of fees, costs, expenses and other liabilities identified above will be Operating Expenses and Organizational Expenses, respectively, regardless of whether the person providing or performing the service or output giving rise to such fees, costs, expenses or other liabilities is the General Partner, the Investment Manager or any of their respective affiliates or a third party.

***Distributions***

For the three months ended March 31, 2026, the Partnership had distributions of $11.8 million.

**Financial Condition, Liquidity and Capital Resources**

We generate cash primarily from the Partnership's net proceeds of offering our Interests, which are then invested into the Aggregators. The Aggregators further generate cash from interest, fees, principal repayments and proceeds from sale of investments. The primary uses of our cash and cash equivalents include purchasing investments, funding the costs of our operations, and distributions to our partners.

As of March 31, 2026, the Partnership's and the Aggregators' cash and cash equivalents, taken together with the continuous offering of Interests is expected to be sufficient for investing activities and to conduct operations in the near term. This determination is based in part on our expectations for the timing of funding investment purchases and the timing and amount of future proceeds from sales of our Interests.

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**Cash Flows**

The net increase in cash and cash equivalents for the three months ended March 31, 2026 was less than $0.01 million.

***Net Cash Used in Operating Activities***

Our cash flow from operating activities was $(501.3) million for the three months ended March 31, 2026, which primarily relates to the acquisition and disposition of investments.

***Net Cash Provided by Financing Activities***

Our cash flow from financing activities was $501.3 million for the three months ended March 31, 2026 which reflects the proceeds from issuance of Interests and distributions paid to holders of Interests.

**Hedging** 

The Fund and/or its operating subsidiaries expect to employ hedging in support of financing techniques or that is designed to reduce the risks of adverse movements in interest rates, securities prices, commodities prices and currency exchange rates, as well as other risks. While such transactions may reduce certain risks, such transactions themselves may entail certain other risks, including counterparty default, convergence and other related risks. Thus, while the Fund and/or its operating subsidiaries may benefit from the use of these hedging strategies, unanticipated changes in interest rates, securities prices, commodities prices or currency exchange rates or other events related to hedging activities could result in a poorer overall performance for the Fund and/or its operating subsidiaries than if it or its operating subsidiaries had not implemented such hedging transactions. See "Item 1A. Risk Factors—Certain Risks Relating to the Fund's Investments—Hedging Transactions" in our Annual Report for more information about the Fund's potential hedging transactions.

**Critical Accounting Estimates** 

The preparation of our financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. For a further discussion about our critical accounting policies, see Note 2 in the consolidated notes to financial statements included in this Quarterly Report.

**Fair Value Measurements**

As investment companies under Financial Accounting Standards Board Accounting Standards Codification ("ASC") Topic 946, *Financial Services - Investment Companies* ("ASC 946"), The Partnership and the Aggregators are required to report investments, including those for which current market values are not readily available, at fair value in accordance with ASC Topic 820, *Fair Value Measurements* ("ASC 820"). ASC 820 defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date.

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**Item 3. Quantitative and Qualitative Disclosures About Market Risk**

The Aggregators' investment activities expose it to various types of risk, both on- and off-balance sheet, which are associated with the financial instruments and markets in which it invests. These financial instruments expose the Aggregators in varying degrees to elements of credit, market, interest rate, currency, and liquidity risk. With respect to business operations, general decreases in interest rates over time may cause the interest income associated with the Aggregators' floating rate assets to decrease. Conversely, general increases in interest rates over time may cause the interest income associated with the Aggregators' floating rate assets to increase. General increases or decreases in interest rates over time may have an impact on the value of the Aggregators assets. An increase or decrease of 1% in market interest rates would result in an increase or decrease of annual interest income of approximately $9.1 million with respect to the floating rate investments at the Aggregators.

Credit risk is the potential loss that may be incurred from the failure of a counterparty or a broker to make payments according to the terms of a contract. Market risk is the potential loss that may be incurred as a result of changes in the fair value of a particular financial instrument. Interest rate risk is the potential loss that may be incurred as a result of fluctuations in interest rates, and currency risk is the potential loss that may be incurred as a result of fluctuations in the currency in which a particular financial instrument is denominated. Liquidity risk is the risk that arises from the difficulty of selling an asset in a timely manner at prevailing fair value in an orderly market.

**Item 4. Controls and Procedures**

***Evaluation of Disclosure Controls and Procedures***

We maintain disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act (as defined below)) that are designed to ensure that the information required to be disclosed by us in the reports filed or submitted by us under the Securities Exchange Act of 1934, as amended (the "Exchange Act") is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and such information is accumulated and communicated to management, including our Principal Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurances of achieving the desired control objectives.

We carried out an evaluation, under the supervision and with the participation of our management, including our Principal Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of March 31, 2026. Based upon that evaluation, our Principal Executive Officer and Principal Financial Officer have concluded that, as of March 31, 2026, our disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level.

***Changes in Internal Control Over Financial Reporting***

No changes in our internal control over financial reporting (as such term is defined in Rule 13a-15(f) of the Exchange Act) occurred during the most recent quarter that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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**Part II. Other Information**

**Item 1. Legal Proceedings**

From time to time, we may be a party to certain legal proceedings in the ordinary course of business. We may also be subject to regulatory proceedings. As of March 31, 2026, we were not involved in any material legal proceedings.

**Item 1A. Risk Factors**

For information regarding the risk factors that could affect our business, operating results, financial condition and liquidity, see the information under "*Item 1A. Risk Factors*" in the Annual Report. There have been no material changes to the risk factors previously disclosed in the Annual Report.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

None.

**Item 3. Defaults Upon Senior Securities**

None.

**Item 4. Mine Safety Disclosures**

Not applicable.

**Item 5. Other Information**

None.

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**It** **em 6. Exhibits**

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| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 3.1 | [<u>Certificate of Limited Partnership (incorporated by reference to Exhibit 3.1 to the Partnership's Form 10 filed on August 1, 2025).</u>](https://www.sec.gov/Archives/edgar/data/2074450/000119312525171681/d61895dex31.htm) |
| 3.2 | [<u>Amended and Restated Agreement of Limited Partnership, dated as of August 1, 2025, among Apollo IG Core Replacement Advisors, L.P. and the other parties thereto (incorporated by reference to Exhibit 3.2 to the Partnership's Form 10-Q).</u>](https://www.sec.gov/Archives/edgar/data/2074450/000119312525278022/ck0002074450-ex3_2.htm) |
| 31.1\* | [<u>Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](ck0002074450-ex31_1.htm) |
| 31.2\* | [<u>Certification Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](ck0002074450-ex31_2.htm) |
| 32.1\*\* | [<u>Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](ck0002074450-ex32_1.htm) |
| 32.2\*\*<br>| [<u>Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](ck0002074450-ex32_2.htm) |
| 101.INS\* | Inline XBRL Instance Document. |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document. |
| 104\* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |

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\* Filed herewith.

\*\* Furnished herewith.

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**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized**.**

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| | | |
|:---|:---|:---|
|  | **APOLLO IG CORE REPLACEMENT, L.P.** | **APOLLO IG CORE REPLACEMENT, L.P.** |
| Date: May 13, 2026 | By: | Apollo IG Core Replacement Advisors, L.P., <br>its general partner |
|  | By: | Apollo IG Core Replacement Advisors GP, LLC, its general partner |
|  | By: | /s/ Michael Martinez |
|  |  | Name: Michael Martinez |
|  |  | Title: Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |

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## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION PURSUANT TO**

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Brian Weinstein, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Apollo IG Core Replacement, L.P.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)[Intentionally omitted];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: May 13, 2026 | By: | /s/ Brian Weinstein |
|  |  | Brian Weinstein |
|  |  | President |
|  |  | Apollo IG Core Replacement Advisors GP, LLC |
|  |  | General Partner, Apollo IG Core Replacement Advisors, L.P. |
|  |  | General Partner, Apollo IG Core Replacement, L.P. |
|  |  | (Principal Executive Officer) |

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## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION PURSUANT TO**

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Michael Martinez, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Apollo IG Core Replacement, L.P.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)[Intentionally omitted];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: May 13, 2026 | By: | /s/ Michael Martinez |
|  |  | Michael Martinez |
|  |  | Chief Financial Officer |
|  |  | Apollo IG Core Replacement Advisors GP, LLC |
|  |  | General Partner, Apollo IG Core Replacement Advisors, L.P. |
|  |  | General Partner, Apollo IG Core Replacement, L.P. |
|  |  | (Principal Financial Officer) |

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## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Apollo IG Core Replacement, L.P. (the "Company") on Form 10-Q for the period ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: May 13, 2026 | By: | /s/ Brian Weinstein |
|  |  | Brian Weinstein |
|  |  | President |
|  |  | Apollo IG Core Replacement Advisors GP, LLC |
|  |  | General Partner, Apollo IG Core Replacement Advisors, L.P. |
|  |  | General Partner, Apollo IG Core Replacement, L.P. |
|  |  | (Principal Executive Officer) |

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## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Apollo IG Core Replacement, L.P. (the "Company") on Form 10-Q for the period ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: May 13, 2026 | By: | /s/ Michael Martinez |
|  |  | Michael Martinez |
|  |  | Chief Financial Officer |
|  |  | Apollo IG Core Replacement Advisors GP, LLC |
|  |  | General Partner, Apollo IG Core Replacement Advisors, L.P. |
|  |  | General Partner, Apollo IG Core Replacement, L.P. |
|  |  | (Principal Financial Officer) |

---

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