# EDGAR Filing Document

**Accession Number:** 0001837532
**File Stem:** 0000950170-25-105984
**Filing Date:** 2025-8
**Character Count:** 699446
**Document Hash:** 12235bbd023c91fc6192148276d6d40e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-105984.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0000950170-25-105984

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 86

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250808

**DATE AS OF CHANGE**: 20250808

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Apollo Debt Solutions BDC
- **CENTRAL INDEX KEY:** 0001837532

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01424
- **FILM NUMBER:** 251199312

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

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

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

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**FORM** 10-Q

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

**For the quarterly period ended** **June 30,** 2025

**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:** 814-01424

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APOLLO DEBT SOLUTIONS BDC

**(Exact name of Registrant as specified in its charter)**

------

---

| | |
|:---|:---|
| Delaware | 86-1950548 |
| **(State or other jurisdiction of <br>incorporation or organization)** | **(I.R.S. Employer <br>Identification No.)** |
| **9 West 57**<sup>th</sup> **Street**<br>New York**,** New York | 10019 |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (**212**)** 515-3450

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

---

| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | **<u>Trading symbol(s)</u>** | **<u>Name of each exchange on which registered</u>** |
| **None** | **None** | **None** |

---

------

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, a 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 ◻

(Do not check if a smaller reporting 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 ☒

As of August 8, 2025, there was no established public market for the Registrant's common shares of beneficial interest ("Common Shares").

The number of shares of the Registrant's Common Shares, $0.01 par value per share, outstanding as of August 8, 2025 was 108,260,802 Class S Common Shares, 1,284,048 Class D Common Shares and 438,606,812 Class I Common Shares. Common Shares outstanding exclude August 1, 2025 subscriptions since the issuance price is not yet finalized at this time.

------

**APOLLO DEBT SOLUTIONS BDC**

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| **PART I - FINANCIAL INFORMATION** | **PART I - FINANCIAL INFORMATION** | **PART I - FINANCIAL INFORMATION** |
| Item 1. | [<u>Consolidated Financial Statements</u>](#item_1_consolidated_financial_statements) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Assets and Liabilities as of June 30, 2025 (Unaudited) and December 31, 2024</u>](#statements_of_assets_and_liabilities) | 3 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (Unaudited)</u>](#statement_of_operations) | 4 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2025 and 2024 (Unaudited)</u>](#statement_of_changes_in_net_assets) | 5 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024 (Unaudited)</u>](#statement_of_cash_flows) | 6 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Schedule of Investments as of June 30, 2025 (Unaudited)</u>](#schedule_of_investments_cy) | 7 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Schedule of Investments as of December 31, 2024</u>](#schedule_of_investments_py) | 71 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Notes to Consolidated Financial Statements (Unaudited)</u>](#notes_to_consolidated_fs) | 129 |
| Item 2. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_2_mgmt_discussion_and_analysis) | 172 |
| Item 3. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item_3_quantitative_and_qualitative_disc) | 193 |
| Item 4. | [<u>Controls and Procedures</u>](#item_4_controls_and_procedures) | 194 |
| **PART II - OTHER INFORMATION** | **PART II - OTHER INFORMATION** | **PART II - OTHER INFORMATION** |
| Item 1. | [<u>Legal Proceedings</u>](#item_1_legal_proceedings) | 195 |
| Item 1A. | [<u>Risk Factors</u>](#item_1a_risk_factors) | 195 |
| Item 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#item_2_unregistered_sales_of_equity_sec) | 196 |
| Item 3. | [<u>Defaults Upon Senior Securities</u>](#item_3_defaults_upon_senior_securities) | 197 |
| Item 4. | [<u>Mine Safety Disclosures</u>](#item_4_mine_safety_disclosures) | 197 |
| Item 5. | [<u>Other Information</u>](#item_5_other_information) | 197 |
| Item 6. | [<u>Exhibits</u>](#item_6_exhibits) | 198 |
|  | [<u>Signatures</u>](#signatures) | 199 |

---

------

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

**PART I. FINANCIAL INFORMATION**

In this report, the terms the "**Company**," "**ADS**," "**we**," "**us**" and "**our**" refer to Apollo Debt Solutions BDC unless the context specifically states otherwise.

**Item 1. Consolidated Financial Statements** 

---

| | | |
|:---|:---|:---|
| **APOLLO DEBT SOLUTIONS BDC** | **APOLLO DEBT SOLUTIONS BDC** | **APOLLO DEBT SOLUTIONS BDC** |
| **CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES** | **CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES** | **CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES** |
| **(In thousands, except share and per share data)** | **(In thousands, except share and per share data)** | **(In thousands, except share and per share data)** |
|  | **June 30, 2025** | **December 31, 2024** |
|  | **(Unaudited)** |  |
| **Assets** |  |  |
| Investments at fair value: |  |  |
| Non-controlled/non-affiliated investments (cost — $19,670,193 and $14,609,338 at June 30, 2025 and December 31, 2024, respectively) | $19896145 | $14555535 |
| Cash and cash equivalents | 1238310 | 392894 |
| Foreign currencies (cost — $20,586 and $19,951 at June 30, 2025 and December 31, 2024, respectively) | 20758 | 19946 |
| Receivable for investments sold | 407414 | 99697 |
| Interest receivable | 171219 | 106825 |
| Unrealized appreciation on foreign currency forward contracts |  | 34954 |
| Other assets | 86901 | 25537 |
| &nbsp;&nbsp;**Total assets** | $21820747 | $15235388 |
| **Liabilities** |  |  |
| Debt (net of deferred financing costs and unamortized original issue discount of $47,922 and $40,544 at June 30, 2025 and December 31, 2024, respectively) | $7056677 | $4932183 |
| Payable for investments purchased | 1071785 | 455314 |
| Payable for share repurchases (Note 7) | 207141 | 62447 |
| Distributions payable | 106656 | 75842 |
| Interest payable | 114766 | 104284 |
| Management fees payable | 13734 | 10204 |
| Performance-based incentive fees payable | 37660 | 28523 |
| Accrued administrative services expense payable | 580 | 115 |
| Unrealized depreciation on foreign currency forward contracts | 66506 |  |
| Other liabilities and accrued expenses | 4329 | 19980 |
| &nbsp;&nbsp;**Total liabilities** | $8679834 | $5688892 |
| Commitments and contingencies (Note 8) |  |  |
| &nbsp;&nbsp;**Total Net Assets** | $13140913 | $9546496 |
| **Net Assets** |  |  |
| Common shares, $0.01 par value (534,094,204 and 384,043,002 shares issued and outstanding, respectively) | $2758 | $3840 |
| Capital in excess of par value | 12810751 | 9449937 |
| Accumulated distributed earnings (losses) | 327404 | 92718 |
| &nbsp;&nbsp;**Total Net Assets** | $13140913 | $9546496 |
| **Net Asset Value Per Share** |  |  |
| **Class S Shares:** |  |  |
| Net assets | $2603628 | $2018307 |
| Common shares outstanding ($0.01 par value, unlimited shares authorized) | 105820841 | 81193852 |
| Net asset value per share | $24.60 | $24.86 |
| **Class D Shares:** |  |  |
| Net assets | $30194 | $25580 |
| Common shares outstanding ($0.01 par value, unlimited shares authorized) | 1227190 | 1029046 |
| Net asset value per share | $24.60 | $24.86 |
| **Class I Shares:** |  |  |
| Net assets | $10507091 | $7502609 |
| Common shares outstanding ($0.01 par value, unlimited shares authorized) | 427046173 | 301820104 |
| Net asset value per share | $24.60 | $24.86 |

---

See notes to consolidated financial statements

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **APOLLO DEBT SOLUTIONS BDC** | **APOLLO DEBT SOLUTIONS BDC** | **APOLLO DEBT SOLUTIONS BDC** | **APOLLO DEBT SOLUTIONS BDC** | **APOLLO DEBT SOLUTIONS BDC** |
| **CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)** | **CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)** | **CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)** | **CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)** | **CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)** |
| **(In thousands, except share and per share data)** | **(In thousands, except share and per share data)** | **(In thousands, except share and per share data)** | **(In thousands, except share and per share data)** | **(In thousands, except share and per share data)** |
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Investment Income** |  |  |  |  |
| Non-controlled/non-affiliated investments: |  |  |  |  |
| &nbsp;&nbsp;Interest income | $442416 | $267447 | $824180 | $482774 |
| &nbsp;&nbsp;Payment-in-kind interest income | 9233 | 3847 | 14511 | 9052 |
| &nbsp;&nbsp;Dividend income | 1754 | 1903 | 3429 | 2384 |
| &nbsp;&nbsp;Other income | 3121 | 8522 | 7176 | 12203 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | $456524 | $281719 | $849296 | $506413 |
| **Operating Expenses** |  |  |  |  |
| Management fees | $39815 | $19774 | $73231 | $35111 |
| Performance-based incentive fees | 37660 | 23753 | 69309 | 43628 |
| Interest and other debt expenses | 108592 | 69423 | 200728 | 124459 |
| Offering costs | 79 | 225 | 369 | 225 |
| Trustees' fees | 165 | 121 | 329 | 241 |
| Shareholder servicing fees | 5393 | 2910 | 10104 | 5112 |
| Administrative service expenses | 2357 | 1025 | 4640 | 2050 |
| Other general and administrative expenses | 4381 | 3184 | 8473 | 5893 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 198442 | 120415 | 367183 | 216719 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income** | $258082 | $161304 | $482113 | $289694 |
| **Net Realized and Change in Unrealized Gains (Losses)** |  |  |  |  |
| Net realized gains (losses): |  |  |  |  |
| &nbsp;&nbsp;Non-controlled/non-affiliated investments | $(31674) | $10361 | $(28780) | $11527 |
| &nbsp;&nbsp;Derivative instruments | 680 |  | 1267 |  |
| &nbsp;&nbsp;Foreign currency transactions | 13226 | 300 | 17119 | (20727) |
| &nbsp;&nbsp;Foreign currency forward contracts | (142729) | 2238 | (210065) | (4127) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | (160497) | 12899 | (220459) | (13327) |
| Net change in unrealized gains (losses) |  |  |  |  |
| &nbsp;&nbsp;Non-controlled/non-affiliated investments | 262151 | (16853) | 279755 | 799 |
| &nbsp;&nbsp;Derivative instruments | (14878) | 1430 | (15468) | 1430 |
| &nbsp;&nbsp;Foreign currency forward contracts | (75511) | 304 | (101460) | 14897 |
| &nbsp;&nbsp;Foreign currency translations | 15220 | 4209 | 22704 | 35571 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized gains (losses) | 186982 | (10910) | 185531 | 52697 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Realized and Change in Unrealized Gains (Losses)** | $26485 | $1989 | $(34928) | $39370 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | $284567 | $163293 | $447185 | $329064 |

---

See notes to consolidated financial statements

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **APOLLO DEBT SOLUTIONS BDC** | **APOLLO DEBT SOLUTIONS BDC** | **APOLLO DEBT SOLUTIONS BDC** | **APOLLO DEBT SOLUTIONS BDC** | **APOLLO DEBT SOLUTIONS BDC** |
| **CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)** | **CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)** | **CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)** | **CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)** | **CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)** |
| **(In thousands, except share and per share data)** | **(In thousands, except share and per share data)** | **(In thousands, except share and per share data)** | **(In thousands, except share and per share data)** | **(In thousands, except share and per share data)** |
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Operations** |  |  |  |  |
| Net investment income | $258082 | $161304 | $482113 | $289694 |
| Net realized gains (losses) | (160497) | 12899 | (220459) | (13327) |
| Net change in unrealized gains (losses) | 186982 | (10910) | 185531 | 52697 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | $284567 | $163293 | $447185 | $329064 |
| **Distributions to Stockholders** |  |  |  |  |
| Class S | $(56641) | $(30336) | $(106264) | $(53504) |
| Class D | (671) | (321) | (1285) | (594) |
| Class I | (248625) | (119997) | (455810) | (214498) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Distributions to Stockholders** | $(305937) | $(150654) | $(563360) | $(268596) |
| **Capital Share Transactions** |  |  |  |  |
| **Class S:** |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares sold | $269808 | $314722 | $607776 | $606143 |
| &nbsp;&nbsp;Repurchase of common shares, net of early repurchase deduction | (29688) | (11389) | (56569) | (24854) |
| &nbsp;&nbsp;Distributions reinvested | 31195 | 16691 | 58066 | 28949 |
| **Class D:** |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares sold | 3548 | 937 | 3995 | 6700 |
| &nbsp;&nbsp;Repurchase of common shares, net of early repurchase deduction | (12) |  | (12) |  |
| &nbsp;&nbsp;Distributions reinvested | 458 | 155 | 904 | 251 |
| **Class I:** |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares sold | 1603559 | 1190594 | 3207057 | 2133005 |
| &nbsp;&nbsp;Repurchase of common shares, net of early repurchase deduction | (177418) | (28660) | (280683) | (141357) |
| &nbsp;&nbsp;Distributions reinvested | 91351 | 44162 | 170058 | 80726 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) from Capital Share Transactions** | $1792801 | $1527212 | $3710592 | $2689563 |
| **Net Assets** |  |  |  |  |
| Total increase (decrease) in net assets during the period | 1771431 | 1539851 | 3594417 | 2750031 |
| Net Assets at beginning of period | 11369482 | 5333876 | 9546496 | 4123696 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Assets at End of Period** | $13140913 | $6873727 | $13140913 | $6873727 |

---

See notes to consolidated financial statements

------

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

---

| | | |
|:---|:---|:---|
| **APOLLO DEBT SOLUTIONS BDC** | **APOLLO DEBT SOLUTIONS BDC** | **APOLLO DEBT SOLUTIONS BDC** |
| **CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)** | **CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)** | **CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)** |
| **(In thousands, except share and per share data)** | **(In thousands, except share and per share data)** | **(In thousands, except share and per share data)** |
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** |
| **Operating Activities** |  |  |
| Net increase (decrease) in net assets resulting from operations | $447185 | $329064 |
| Net realized (gain) loss on investments | 28780 | (11527) |
| Net realized (gain) loss on derivatives | (1267) |  |
| Net change in unrealized (gains) losses on investments | (279755) | (799) |
| Net change in unrealized (gains) losses on derivatives | 15468 | (1430) |
| Net unrealized (appreciation) depreciation on foreign currency forward contracts | 101460 | (14897) |
| Net unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies | (22704) | (35571) |
| Payment-in-kind interest capitalized | (13957) | (9858) |
| Net accretion of discount and amortization of premium | (21336) | (14147) |
| Amortization of deferred financing costs | 7043 | 4022 |
| Amortization of offering costs | 369 | 225 |
| Purchases of investments | (8975826) | (5545473) |
| Proceeds from sale of investments and principal repayments | 3959337 | 1268234 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;Interest receivable | (64394) | (37013) |
| &nbsp;&nbsp;Receivable for investments sold | (307717) | (28830) |
| &nbsp;&nbsp;Other assets | (77562) | (7178) |
| &nbsp;&nbsp;Payable for investments purchased | 616471 | 288017 |
| &nbsp;&nbsp;Management fees payable | 3530 | 2685 |
| &nbsp;&nbsp;Performance-based incentive fees payable | 9137 | 10140 |
| &nbsp;&nbsp;Accrued administrative services expense payable | 465 | (10) |
| &nbsp;&nbsp;Interest payable | 10482 | 27987 |
| &nbsp;&nbsp;Other liabilities and accrued expenses | (15651) | (945) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Cash Used in/Provided by Operating Activities** | $(4580442) | $(3777304) |
| **Financing Activities** |  |  |
| Issuances of debt | $4918574 | $3326898 |
| Payments of debt | (2802110) | (1294056) |
| Financing costs paid and deferred | (12343) | (5776) |
| Proceeds from issuance of common shares | 3818829 | 2745848 |
| Repurchased shares, net of early repurchase deduction paid | (192572) | (169391) |
| Distributions paid | (303518) | (137382) |
| Offering costs paid and deferred | (369) | (225) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Cash Used in/Provided by Financing Activities** | $5426491 | $4465916 |
| **Cash, Cash Equivalents and Foreign Currencies** |  |  |
| Net increase (decrease) in cash and cash equivalents and foreign currencies during the period | $846049 | $688612 |
| Effect of foreign exchange rate changes on cash and cash equivalents | 179 | 11 |
| Cash, cash equivalents and foreign currencies at beginning of period | 412840 | 271175 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cash, Cash Equivalents and Foreign Currencies at the End of Period** | $1259068 | $959798 |
| **Supplemental Disclosure and Non-Cash Information** |  |  |
| Cash interest paid | $183203 | $92450 |
| Distributions payable | $106656 | $54505 |
| Reinvestment of distributions during the period | $229028 | $109926 |
| Payment-in-kind income | $14511 | $9052 |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |
| Accel International |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Accel International Holdings, LLC | First Lien Secured Debt - Term Loan | S+450, 0.50% Floor | 4/24/2032 | $187003 | $186087 | $186068 | (4)(16) |
|  | First Lien Secured Debt - Revolver | S+450, 0.50% Floor | 4/24/2032 |  | (157) | (161) | (4)(5)(12)(32) |
|  |  |  |  |  | 185930 | 185907 |  |
| Kaman |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Kaman Corp | First Lien Secured Debt - Term Loan | S+275, 0.50% Floor | 2/26/2032 | 38379 | 38321 | 38383 | (16)(17) |
|  | First Lien Secured Debt - Delayed Draw | S+275, 0.50% Floor | 2/26/2032 |  | (6) |  | (12)(32) |
|  |  |  |  |  | 38315 | 38383 |  |
| MRO Holdings |  |  |  |  |  |  |  |
| &nbsp;&nbsp;MRO Holdings, Inc. | First Lien Secured Debt - Term Loan | S+450, 0.50% Floor | 4/28/2032 | 240913 | 240701 | 240913 | (4)(9)(16) |
|  | First Lien Secured Debt - Revolver | S+450, 0.50% Floor | 5/5/2032 |  | (832) | (850) | (4)(5)(9)(12)(32) |
|  |  |  |  |  | 239869 | 240063 |  |
| Propulsion BC Newco LLC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Propulsion BC Newco LLC | First Lien Secured Debt - Term Loan | S+275, 0.50% Floor | 9/14/2029 | 3491 | 3491 | 3504 | (8)(16) |
| Spirit Aerosystems |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Spirit Aerosystems, Inc. | First Lien Secured Debt - Term Loan | Variable | 9/30/2025 | 47750 | 47750 | 47750 | (4)(8)(31) |
| Transdigm |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Transdigm Inc. | First Lien Secured Debt - Term Loan | S+250, 0.00% Floor | 1/19/2032 | 2812 | 2806 | 2819 | (8)(16) |
|  |  | Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | $518161 | $518426 |  |
| **Automobile Components** |  |  |  |  |  |  |  |
| Clarience Technologies |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Truck-Lite Co., LLC | First Lien Secured Debt - Term Loan | S+575, 0.75% Floor | 2/13/2032 | $195478 | $194724 | $193524 | (4)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+575, 0.75% Floor | 2/13/2032 |  | (596) | (854) | (4)(5)(12)(32) |
|  | First Lien Secured Debt - Revolver | S+575, 0.75% Floor | 2/13/2031 |  | (38) | (193) | (4)(5)(12)(32) |
|  |  |  |  |  | 194090 | 192477 |  |
| Mavis Tire Express Services |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Mavis Tire Express Services TopCo, L.P. | First Lien Secured Debt - Term Loan | S+300, 0.75% Floor | 5/4/2028 | 46456 | 46348 | 46492 | (16) |
|  |  | Total Automobile Components | Total Automobile Components | Total Automobile Components | $240438 | $238969 |  |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| **Banks** |  |  |  |  |  |  |  |
| Creative Planning |  |  |  |  |  |  |  |
| &nbsp;&nbsp;CPI Holdco B, LLC | First Lien Secured Debt - Term Loan | S+225, 0.00% Floor | 5/17/2031 | $30500 | $30446 | $30510 | (15)(16) |
| &nbsp;&nbsp;Creative Planning, LLC | First Lien Secured Debt - Term Loan | S+200, 0.00% Floor | 5/17/2031 | 9975 | 9900 | 9958 | (15) |
|  |  | Total Banks | Total Banks | Total Banks | $40346 | $40468 |  |
| **Beverages** |  |  |  |  |  |  |  |
| Celsius |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Celsius Holdings Inc | First Lien Secured Debt - Term Loan | S+325, 0.00% Floor | 4/1/2032 | $2500 | $2488 | $2518 | (8)(16) |
| Sazerac |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Sazerac Co Inc | First Lien Secured Debt - Term Loan | S+250, 0.00% Floor | 6/25/2032 | 40000 | 39800 | 40051 | (15) |
|  |  | Total Beverages | Total Beverages | Total Beverages | $42288 | $42569 |  |
| **Building Products** |  |  |  |  |  |  |  |
| Chamberlain Group |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Chariot Buyer LLC | First Lien Secured Debt - Term Loan | S+335, 0.50% Floor | 11/3/2028 | $52062 | $51804 | $52210 | (15) |
| Kodiak |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Kodiak BP, LLC | First Lien Secured Debt - Term Loan | S+375, 0.00% Floor | 12/4/2031 | 37687 | 37099 | 36383 | (16) |
| Omnimax |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Omnimax International, LLC | First Lien Secured Debt - Term Loan | S+575, 1.00% Floor | 12/6/2030 | 30485 | 29918 | 29994 | (4)(17) |
|  | First Lien Secured Debt - Delayed Draw | S+575, 1.00% Floor | 12/6/2030 | 9415 | 9240 | 9264 | (4)(17) |
|  |  |  |  |  | 39158 | 39258 |  |
| Quikrete |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Quikrete Holdings, Inc. | First Lien Secured Debt - Term Loan | S+225, 0.00% Floor | 2/10/2032 | 84661 | 84458 | 84651 | (15)(16) |
| RF Fager |  |  |  |  |  |  |  |
| &nbsp;&nbsp;R.F. Fager Company, LLC | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 3/4/2030 | 2379 | 2335 | 2343 | (4)(9)(15)(16)(17) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 1.00% Floor | 3/4/2030 | 354 | 341 | 339 | (4)(9)(12)(16)(32) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 3/4/2030 |  | (10) | (9) | (4)(5)(9)(12)(32) |
|  |  |  |  |  | 2666 | 2673 |  |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| US LBM |  |  |  |  |  |  |  |
| &nbsp;&nbsp;LBM Acquisition, LLC | First Lien Secured Debt - Term Loan | S+385, 0.75% Floor | 12/17/2027 | 10835 | 10780 | 10713 | (15) |
|  |  | Total Building Products | Total Building Products | Total Building Products | $225965 | $225888 |  |
| **Capital Markets** |  |  |  |  |  |  |  |
| Arrowhead Engineered Products |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Arrowhead Holdco Company | First Lien Secured Debt - Term Loan | S+265 Cash plus 2.75% PIK, 0.75% Floor | 8/31/2028 | $10299 | $10299 | $7519 | (4)(16) |
| Dragon Buyer |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Dragon Buyer Inc | First Lien Secured Debt - Term Loan | S+300, 0.00% Floor | 9/30/2031 | 6337 | 6307 | 6356 | (16) |
| Edelman Financial Services |  |  |  |  |  |  |  |
| &nbsp;&nbsp;The Edelman Financial Center, LLC | First Lien Secured Debt - Term Loan | S+300, 0.00% Floor | 4/7/2028 | 60629 | 60534 | 60763 | (15) |
| Focus Financial |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Focus Financial Partners, LLC | First Lien Secured Debt - Term Loan | S+275, 0.00% Floor | 9/15/2031 | 71224 | 70832 | 71153 | (15) |
| Hudson River Trading |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Hudson River Trading LLC | First Lien Secured Debt - Term Loan | S+300, 0.00% Floor | 3/18/2030 | 6982 | 6965 | 7012 | (16) |
| Jane Street Group |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Jane Street Group, LLC | First Lien Secured Debt - Term Loan | S+200, 0.00% Floor | 12/15/2031 | 2992 | 2992 | 2992 | (16) |
| Rialto |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Rialto Management Group, LLC | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 12/5/2030 | 67355 | 66731 | 66849 | (4)(15) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 12/5/2030 |  | (22) | (18) | (4)(5)(12)(32) |
|  |  |  |  |  | 66709 | 66831 |  |
| True Potential |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Kane Bidco Limited | First Lien Secured Debt - Corporate Bond | SONIA+625, 0.00% Floor | 2/15/2028 | £69000 | 86665 | 95660 | (3)(4)(8)(9)(18) |
|  | First Lien Secured Debt - Corporate Bond | SONIA+500, 0.00% Floor | 3/21/2030 | £61000 | 77684 | 82476 | (3)(4)(8)(9)(18) |
|  | First Lien Secured Debt - Corporate Bond | 6.50% | 2/15/2027 | 2000 | 2422 | 2780 | (3)(8)(9) |
|  | First Lien Secured Debt - Corporate Bond | 5.00% | 2/15/2027 | 1000 | 1095 | 1191 | (3)(8)(9) |
|  |  |  |  |  | 167866 | 182107 |  |
|  |  | Total Capital Markets | Total Capital Markets | Total Capital Markets | $392504 | $404733 |  |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| **Chemicals** |  |  |  |  |  |  |  |
| Heubach |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Heubach Holdings USA LLC | First Lien Secured Debt - Term Loan | 11.00% | 4/30/2024 | $485 | $427 | $243 | (4)(8)(16)(28) |
| &nbsp;&nbsp;SK Neptune Husky Group Sarl | First Lien Secured Debt - Term Loan | 5.50% | 1/3/2029 | 9588 | 9439 |  | (4)(8)(16)(28) |
|  |  |  |  |  | 9866 | 243 |  |
| RMC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;RMC Topco LLC | Common Equity - Equity Unit | N/A | N/A | 100 Shares | 100 | 132 | (4)(9)(33) |
| &nbsp;&nbsp;Rochester Midland Corporation | First Lien Secured Debt - Term Loan | S+550, 1.00% Floor | 8/1/2029 | 12519 | 12320 | 12331 | (4)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+550, 1.00% Floor | 8/1/2029 | 9400 | 9172 | 9062 | (4)(9)(12)(15)(32) |
|  | First Lien Secured Debt - Revolver | S+550, 1.00% Floor | 8/1/2029 |  | (55) | (52) | (4)(5)(9)(12)(32) |
|  |  |  |  |  | 21537 | 21473 |  |
| Solenis |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Solenis Holding Limited | First Lien Secured Debt - Term Loan | S+300, 0.50% Floor | 6/20/2031 | 31119 | 30695 | 30815 | (16) |
| Vita Global |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Vita Global FinCo Limited | First Lien Secured Debt - Term Loan | 12.77% PIK | 9/23/2027 | £17514 | 23701 | 18151 | (3)(4)(8)(10)(18) |
|  |  | Total Chemicals | Total Chemicals | Total Chemicals | $85799 | $70682 |  |
| **Commercial Services & Supplies** |  |  |  |  |  |  |  |
| 48forty Solutions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Alpine Acquisition Corp II | First Lien Secured Debt - Term Loan | S+615 Cash plus 1.24% PIK, 1.00% Floor | 11/30/2029 | $7571 | $7275 | $4732 | (4)(16)(28) |
| Allied Universal |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Allied Universal Holdco LLC | First Lien Secured Debt - Term Loan | S+385, 0.50% Floor | 5/12/2028 | 48500 | 48359 | 48786 | (15)(16) |
| American Express GBT |  |  |  |  |  |  |  |
| &nbsp;&nbsp;GBT US III LLC | First Lien Secured Debt - Term Loan | S+250, 0.00% Floor | 7/28/2031 | 19900 | 19855 | 19958 | (8)(16) |
| Associa |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Associations Inc. | First Lien Secured Debt - Term Loan | S+676, 1.00% Floor | 7/2/2028 | 17341 | 17328 | 17298 | (4)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+676, 1.00% Floor | 7/2/2028 | 444 | 443 | 441 | (4)(16)(32) |
|  | First Lien Secured Debt - Revolver | S+676, 1.00% Floor | 7/2/2028 | 952 | 951 | 952 | (4)(12)(16)(32) |
|  |  |  |  |  | 18722 | 18691 |  |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| AVI-SPL |  |  |  |  |  |  |  |
| &nbsp;&nbsp;A&V Holdings Midco, LLC | First Lien Secured Debt - Term Loan | S+500, 0.00% Floor | 6/6/2031 | 173813 | 171502 | 171431 | (4)(9)(15)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.00% Floor | 6/6/2031 |  | (228) | (488) | (4)(5)(9)(12)(32) |
|  | First Lien Secured Debt - Revolver | S+500, 0.00% Floor | 6/6/2031 |  |  |  | (4)(9)(12)(32) |
|  |  |  |  |  | 171274 | 170943 |  |
| Best Trash |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Bingo Group Buyer, Inc. | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 7/10/2031 | 17435 | 17240 | 17348 | (4)(9)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 1.00% Floor | 7/10/2031 | 727 | 693 | 700 | (4)(9)(12)(16)(32) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 7/10/2031 | 63 | 40 | 52 | (4)(9)(12)(16)(32) |
|  |  |  |  |  | 17973 | 18100 |  |
| Convergint |  |  |  |  |  |  |  |
| &nbsp;&nbsp;DG Investment Intermediate Holdings 2, Inc. | First Lien Secured Debt - Term Loan | S+361, 0.75% Floor | 3/31/2028 | 18431 | 18349 | 18488 | (15) |
| CoreTrust |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Coretrust Purchasing Group LLC | First Lien Secured Debt - Term Loan | S+525, 0.75% Floor | 10/1/2029 | 37421 | 36718 | 37047 | (4)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+525, 0.75% Floor | 10/1/2029 |  | (69) | (79) | (4)(5)(12)(32) |
|  | First Lien Secured Debt - Revolver | S+525, 0.75% Floor | 10/1/2029 |  | (87) | (47) | (4)(5)(12)(32) |
|  |  |  |  |  | 36562 | 36921 |  |
| Encore |  |  |  |  |  |  |  |
| &nbsp;&nbsp;AVSC Holding Corp. | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 12/5/2031 | 201843 | 198050 | 199321 | (4)(15)(16) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 12/5/2029 |  | (385) | (271) | (4)(5)(12)(32) |
|  |  |  |  |  | 197665 | 199050 |  |
| GardaWorld |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Garda World Security Corporation | First Lien Secured Debt - Term Loan | S+300, 0.00% Floor | 2/1/2029 | 46559 | 46381 | 46701 | (8)(15) |
| Heritage Environmental Services |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Heritage Environmental Services, Inc. | First Lien Secured Debt - Term Loan | S+525, 0.75% Floor | 1/31/2031 | 87541 | 86425 | 88197 | (4)(9)(16) |
|  | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 1/31/2031 | 11732 | 11679 | 11556 | (4)(9)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.75% Floor | 1/31/2031 |  | (28) | (94) | (4)(5)(9)(32) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 1/31/2030 |  | (4) |  | (4)(9)(12)(32) |
|  | First Lien Secured Debt - Revolver | S+550, 0.75% Floor | 1/31/2030 |  | (140) |  | (4)(9)(12)(32) |
|  |  |  |  |  | 97932 | 99659 |  |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| HKA |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Mount Olympus Bidco Limited | First Lien Secured Debt - Term Loan | S+550, 0.50% Floor | 8/9/2029 | 13705 | 13457 | 13466 | (4)(8)(9)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+550, 0.50% Floor | 8/9/2029 | 4760 | 4741 | 4677 | (4)(8)(9)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+625, 0.50% Floor | 8/9/2029 | 918 | 888 | 883 | (4)(8)(9)(12)(16)(32) |
|  |  |  |  |  | 19086 | 19026 |  |
| Ironclad |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ironhorse Purchaser, LLC | First Lien Secured Debt - Term Loan | S+525, 1.00% Floor | 9/30/2027 | 2984 | 2946 | 2924 | (4)(9)(17) |
|  | First Lien Secured Debt - Delayed Draw | S+650, 1.00% Floor | 9/30/2027 |  | (17) | (29) | (4)(5)(9)(12)(32) |
|  | First Lien Secured Debt - Revolver | S+525, 1.00% Floor | 9/30/2027 |  | (78) | (82) | (4)(5)(9)(12)(32) |
|  |  |  |  |  | 2851 | 2813 |  |
| Profile Products |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Profile Products LLC | First Lien Secured Debt - Term Loan | S+560, 0.75% Floor | 11/12/2027 | 4838 | 4838 | 4838 | (4)(16) |
| PureStar |  |  |  |  |  |  |  |
| &nbsp;&nbsp;AMCP Clean Acqusition Company, LLC | First Lien Secured Debt - Term Loan | S+475, 0.50% Floor | 6/15/2028 | 96556 | 95527 | 96375 | (9)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 0.50% Floor | 6/15/2028 | 21420 | 21332 | 21346 | (9)(12)(16)(32) |
|  |  |  |  |  | 116859 | 117721 |  |
| R.R. Donnelley |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R. R. Donnelley & Sons Company | First Lien Secured Debt - Term Loan | S+475, 0.75% Floor | 8/8/2029 | 226260 | 220362 | 221735 | (4)(9)(15) |
| Resource Innovations |  |  |  |  |  |  |  |
| &nbsp;&nbsp;North Haven RI Buyer, LLC | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 3/29/2030 | 20520 | 20161 | 20269 | (4)(9)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 1.00% Floor | 3/29/2030 | 2975 | 2869 | 2863 | (4)(9)(12)(16)(32) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 3/29/2030 |  | (40) | (30) | (4)(5)(9)(12)(32) |
|  |  |  |  |  | 22990 | 23102 |  |
| SafetyCo |  |  |  |  |  |  |  |
| &nbsp;&nbsp;HEF Safety Ultimate Holdings, LLC | First Lien Secured Debt - Term Loan | S+525, 1.00% Floor | 11/19/2029 | 10485 | 10280 | 10413 | (4)(9)(17) |
|  | First Lien Secured Debt - Delayed Draw | S+525, 1.00% Floor | 11/19/2029 | 1593 | 1565 | 1573 | (4)(9)(12)(17)(32) |
|  | First Lien Secured Debt - Revolver | S+525, 1.00% Floor | 11/17/2029 | 687 | 660 | 677 | (4)(9)(12)(17)(32) |
|  |  |  |  |  | 12505 | 12663 |  |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| Smith System |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Smith Topco, Inc. | First Lien Secured Debt - Term Loan | S+475, 1.00% Floor | 11/6/2029 | 14361 | 14112 | 14145 | (4)(9)(16)(17) |
|  | First Lien Secured Debt - Revolver | S+475, 1.00% Floor | 11/6/2029 |  | (28) | (25) | (4)(5)(9)(12)(32) |
|  |  |  |  |  | 14084 | 14120 |  |
| Stamps.com |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Auctane, Inc. | First Lien Secured Debt - Term Loan | S+585, 0.75% Floor | 10/5/2028 | 31525 | 31188 | 30422 | (4)(9)(17) |
| SumUp |  |  |  |  |  |  |  |
| &nbsp;&nbsp;SumUp Holdings Luxembourg S.a.r.l. | First Lien Secured Debt - Delayed Draw | E+650, 1.50% Floor | 5/23/2031 | 40000 | 42908 | 46087 | (3)(4)(8)(10)(12)(21)(32) |
| Trugreen |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Trugreen Limited Partnership | First Lien Secured Debt - Term Loan | S+400, 0.75% Floor | 11/2/2027 | 4987 | 4713 | 4744 | (16) |
| United Site Services |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Vortex Opco LLC | First Lien Secured Debt - Term Loan | 8.66% | 12/17/2028 | 35001 | 33467 | 15856 | (9)(16)(28) |
|  | First Lien Secured Debt - Term Loan | S+625, 0.50% Floor | 4/30/2030 | 8380 | 8135 | 8422 | (9)(16) |
|  |  |  |  |  | 41602 | 24278 |  |
| USA DeBusk |  |  |  |  |  |  |  |
| &nbsp;&nbsp;USA DeBusk LLC | First Lien Secured Debt - Term Loan | S+525, 0.75% Floor | 4/30/2031 | 13183 | 13010 | 13043 | (4)(9)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+525, 0.75% Floor | 4/30/2031 | 698 | 662 | 646 | (4)(9)(12)(16)(32) |
|  | First Lien Secured Debt - Revolver | S+525, 0.75% Floor | 4/30/2030 | 794 | 771 | 776 | (4)(9)(12)(16)(32) |
|  |  |  |  |  | 14443 | 14465 |  |
|  |  | Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | $1228776 | $1218043 |  |
| **Communications Equipment** |  |  |  |  |  |  |  |
| CommScope |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Commscope, LLC | First Lien Secured Debt - Term Loan | S+525, 2.00% Floor | 12/17/2029 | $231735 | $233440 | $234897 | (8)(15) |
|  | First Lien Secured Debt - Corporate Bond | 9.50% | 12/15/2031 | 4265 | 4175 | 4464 | (8) |
|  |  |  |  |  | 237615 | 239361 |  |
| Congruex |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Congruex Group LLC | First Lien Secured Debt - Term Loan | S+165 Cash plus 5.00% PIK, 0.75% Floor | 5/3/2029 | 30581 | 30136 | 26803 | (9)(16) |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| MCA |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Mobile Communications America, Inc. | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 10/16/2029 | 8298 | 8137 | 8215 | (4)(9)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 1.00% Floor | 10/16/2029 | 1955 | 1915 | 1896 | (4)(9)(12)(16)(32) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 10/16/2029 | 120 | 96 | 107 | (4)(9)(12)(16)(32) |
|  |  |  |  |  | 10148 | 10218 |  |
| Mitel Networks |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Mitel Networks | Common Equity - Stock | N/A | N/A | 733,019 Shares | 3465 | 5829 | (4)(8)(33) |
| &nbsp;&nbsp;MLN US Holdco LLC | First Lien Secured Debt - Term Loan | S+800, 1.00% Floor | 6/20/2030 | 6588 | 5733 | 5732 | (4)(8)(15) |
|  |  |  |  |  | 9198 | 11561 |  |
|  |  | Total Communications Equipment | Total Communications Equipment | Total Communications Equipment | $287097 | $287943 |  |
| **Construction & Engineering** |  |  |  |  |  |  |  |
| Accelevation |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Accelevation LLC | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 1/2/2031 | $9231 | $9101 | $9185 | (4)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.75% Floor | 1/2/2031 | 291 | 265 | 273 | (4)(12)(15)(32) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 1/2/2031 | 831 | 799 | 819 | (4)(12)(15)(32) |
|  |  |  |  |  | 10165 | 10277 |  |
| American Restoration |  |  |  |  |  |  |  |
| &nbsp;&nbsp;American Restoration Holdings, LLC | First Lien Secured Debt - Term Loan | S+510, 1.00% Floor | 7/24/2030 | 6431 | 6318 | 6367 | (4)(9)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+510, 1.00% Floor | 7/24/2030 | 11834 | 11693 | 11606 | (4)(9)(12)(16)(32) |
|  | First Lien Secured Debt - Revolver | S+510, 1.00% Floor | 7/24/2030 | 1037 | 1006 | 1019 | (4)(9)(12)(16)(32) |
|  |  |  |  |  | 19017 | 18992 |  |
| ASC Engineered Solutions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Fire Flow Intermediate Corporation | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 7/10/2031 | 195020 | 193273 | 191608 | (4)(16) |
| &nbsp;&nbsp;Tailwind Fire Flow Investor, LP | Common Equity - Membership Interest | N/A | N/A | 100 Shares | 101 | 101 | (4)(33) |
|  |  |  |  |  | 193374 | 191709 |  |
| Circor |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Cube A&D Buyer Inc | First Lien Secured Debt - Term Loan | S+325, 0.00% Floor | 10/17/2031 | 24439 | 24341 | 24599 | (9)(16) |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| Pave America |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Pave America Interco, LLC | First Lien Secured Debt - Term Loan | S+565, 1.00% Floor | 8/9/2030 | 25609 | 25175 | 25225 | (4)(9)(16) |
|  | First Lien Secured Debt - Term Loan | S+565, 1.00% Floor | 2/7/2029 | 6729 | 6599 | 6628 | (4)(9)(16) |
|  | First Lien Secured Debt - Term Loan | S+565, 1.00% Floor | 2/7/2028 | 6723 | 6570 | 6622 | (4)(9)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+565, 1.00% Floor | 8/9/2030 | 3668 | 3607 | 3613 | (4)(9)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+565, 1.00% Floor | 2/7/2029 |  | (71) | (158) | (4)(5)(9)(12)(32) |
|  | First Lien Secured Debt - Revolver | S+565, 1.00% Floor | 2/7/2028 | 2719 | 2656 | 2647 | (4)(9)(16)(32) |
|  |  |  |  |  | 44536 | 44577 |  |
| Traffic Management Solutions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Traffic Management Solutions, LLC | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 11/26/2030 | 7342 | 7240 | 7267 | (4)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 1.00% Floor | 11/26/2030 | 3255 | 3210 | 3221 | (4)(12)(16)(32) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 11/26/2030 |  | (20) | (15) | (4)(5)(12)(32) |
|  |  |  |  |  | 10430 | 10473 |  |
| Trench Plate Rental Co. |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Trench Plate Rental Co. | First Lien Secured Debt - Term Loan | S+560, 1.00% Floor | 12/3/2028 | 44091 | 43801 | 43650 | (4)(9)(16) |
|  | First Lien Secured Debt - Revolver | S+560, 1.00% Floor | 12/3/2028 | 1364 | 1326 | 1318 | (4)(9)(12)(16)(32) |
| &nbsp;&nbsp;Trench Safety Solutions Holdings, LLC | Common Equity - Equity Unit | N/A | N/A | 331 Shares | 50 | 42 | (4)(9)(33) |
|  |  |  |  |  | 45177 | 45010 |  |
|  |  | Total Construction & Engineering | Total Construction & Engineering | Total Construction & Engineering | $347040 | $345637 |  |
| **Construction Materials** |  |  |  |  |  |  |  |
| Hobbs & Associates |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Hobbs & Associates LLC/VA | First Lien Secured Debt - Term Loan | S+275, 0.00% Floor | 7/23/2031 | $23996 | $23976 | $24034 | (15) |
| Madison Air |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Madison IAQ LLC | First Lien Secured Debt - Term Loan | S+325, 0.50% Floor | 5/6/2032 | 46500 | 46033 | 46685 | (16) |
|  | First Lien Secured Debt - Term Loan | S+250, 0.50% Floor | 6/21/2028 | 2992 | 2974 | 2998 | (17) |
|  |  |  |  |  | 49007 | 49683 |  |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| Volunteer Materials |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Volunteer AcquisitionCo, LLC | First Lien Secured Debt - Term Loan | S+650, 1.00% Floor | 9/1/2029 | 5105 | 5007 | 4952 | (4)(9)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+650, 1.00% Floor | 9/1/2029 | 376 | 369 | 365 | (4)(9)(16) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 9/1/2029 |  | (13) | (23) | (4)(5)(9)(12)(32) |
|  |  |  |  |  | 5363 | 5294 |  |
|  |  | Total Construction Materials | Total Construction Materials | Total Construction Materials | $78346 | $79011 |  |
| **Consumer Finance** |  |  |  |  |  |  |  |
| LendingTree |  |  |  |  |  |  |  |
| &nbsp;&nbsp;LendingTree, Inc. | First Lien Secured Debt - Term Loan | S+575, 1.50% Floor | 3/27/2031 | $52218 | $51086 | $52218 | (4)(8)(9)(15)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+575, 1.50% Floor | 3/27/2031 | 23241 | 22756 | 23241 | (4)(8)(9)(15) |
|  |  | Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | $73842 | $75459 |  |
| **Consumer Staples Distribution & Retail** |  |  |  |  |  |  |  |
| ASDA |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Bellis Acquisition Company PLC | First Lien Secured Debt - Term Loan | SONIA+603, 0.00% Floor | 10/22/2029 | £116903 | $140743 | $156488 | (3)(4)(8)(9)(18) |
|  | First Lien Secured Debt - Term Loan | E+400, 0.00% Floor | 5/14/2031 | 5000 | 5292 | 5594 | (3)(8)(9)(21) |
|  |  |  |  |  | 146035 | 162082 |  |
| KeHE Distributors |  |  |  |  |  |  |  |
| &nbsp;&nbsp;KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc | First Lien Secured Debt - Corporate Bond | 9.00% | 2/15/2029 | 13194 | 13335 | 13678 |  |
| Protein for Pets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Protein For Pets Opco, LLC | First Lien Secured Debt - Term Loan | S+525, 1.00% Floor | 9/20/2030 | 44830 | 44069 | 44046 | (4)(9)(15) |
|  | First Lien Secured Debt - Revolver | S+525, 1.00% Floor | 9/20/2030 | 1274 | 1197 | 1191 | (4)(9)(12)(15)(32) |
|  |  |  |  |  | 45266 | 45237 |  |
| Rise Baking |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Viking Baked Goods Acquisition Corporation | First Lien Secured Debt - Term Loan | S+500, 0.00% Floor | 11/4/2031 | 159200 | 156976 | 156016 | (4)(9)(16) |
|  |  | Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | $361612 | $377013 |  |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| **Containers & Packaging** |  |  |  |  |  |  |  |
| Ardagh |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ardagh Group S.A. | First Lien Secured Debt - Term Loan | 8.88% | 7/2/2029 | 99000 | $105268 | $115451 | (3)(4)(8)(9)(10) |
| Ardagh Metal |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ardagh Metal Packaging Finance plc | First Lien Secured Debt - Term Loan | E+450, 1.00% Floor | 9/24/2029 | 59921 | 66536 | 70231 | (3)(4)(8)(10)(20) |
| Berlin Packaging |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Berlin Packaging L.L.C. | First Lien Secured Debt - Term Loan | S+350, 0.00% Floor | 6/7/2031 | 31326 | 31241 | 31474 | (15)(16) |
| Berry Global |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Vybond Buyer, LLC | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 2/3/2032 | 20800 | 20502 | 20488 | (4)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.75% Floor | 2/3/2032 |  | (50) | (105) | (4)(5)(12)(32) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 2/3/2032 |  | (99) | (105) | (4)(5)(12)(32) |
|  |  |  |  |  | 20353 | 20278 |  |
| BOX Partners |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Bp Purchaser LLC | First Lien Secured Debt - Term Loan | 10.16% PIK | 12/11/2028 | 7644 | 7644 | 6650 | (4)(16) |
| Tekni-Plex |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Trident TPI Holdings, Inc. | First Lien Secured Debt - Term Loan | S+375, 0.50% Floor | 9/15/2028 | 63786 | 63034 | 62759 | (15)(16) |
| Truvant |  |  |  |  |  |  |  |
| &nbsp;&nbsp;NPPI Buyer, LLC | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 8/20/2029 | 25596 | 25267 | 25276 | (4)(9)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+525, 1.00% Floor | 8/20/2029 |  | 2 | (69) | (4)(5)(9)(12)(32) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 8/20/2029 | 184 | 186 | 138 | (4)(9)(12)(15)(32) |
|  |  |  |  |  | 25455 | 25345 |  |
|  |  | Total Containers & Packaging | Total Containers & Packaging | Total Containers & Packaging | $319531 | $332188 |  |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |
| Accelerate Learning |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Eagle Purchaser, Inc. | First Lien Secured Debt - Term Loan | S+250 Cash plus 4.75% PIK, 1.00% Floor | 3/22/2030 | $23388 | $22903 | $22920 | (4)(9)(10)(16) |
|  | First Lien Secured Debt - Revolver | S+250 Cash plus 4.75% PIK, 1.00% Floor | 3/22/2029 | 4015 | 3913 | 3945 | (4)(9)(16)(32) |
|  |  |  |  |  | 26816 | 26865 |  |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| Excelligence |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Excelligence Learning Corporation | First Lien Secured Debt - Term Loan | S+575, 1.00% Floor | 1/18/2030 | 84370 | 83003 | 83105 | (4)(9)(16) |
|  | First Lien Secured Debt - Revolver | S+575, 1.00% Floor | 1/18/2030 | 4747 | 4587 | 4543 | (4)(9)(12)(16)(32) |
|  |  |  |  |  | 87590 | 87648 |  |
| Gateway Services |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Gateway US Holdings, Inc. | First Lien Secured Debt - Term Loan | S+475, 0.75% Floor | 9/22/2028 | 84766 | 84287 | 84344 | (4)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 0.75% Floor | 9/22/2028 | 7191 | 7142 | 7135 | (4)(12)(16)(32) |
|  | First Lien Secured Debt - Revolver | S+650, 0.75% Floor | 9/22/2028 |  | (13) | (13) | (4)(5)(12)(32) |
|  |  |  |  |  | 91416 | 91466 |  |
| Greencross |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Vermont Aus Pty Ltd | First Lien Secured Debt - Term Loan | BBSW+575, 0.75% Floor | 3/23/2028 | 156725 | 106642 | 102633 | (3)(4)(8)(9)(25) |
| ISP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;International Schools Partnership Limited | First Lien Secured Debt - Delayed Draw | E+525, 0.00% Floor | 7/6/2028 | 25016 | 25208 | 28843 | (3)(4)(8)(10)(12)(20)(32) |
| Legacy.com |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Lotus Topco Inc. | First Lien Secured Debt - Term Loan | S+475, 1.00% Floor | 6/7/2030 | 11647 | 11497 | 11501 | (4)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 1.00% Floor | 6/7/2030 |  | (36) | (74) | (4)(5)(12)(32) |
|  | First Lien Secured Debt - Revolver | S+475, 1.00% Floor | 6/7/2030 |  | (29) | (29) | (4)(5)(12)(32) |
|  |  |  |  |  | 11432 | 11398 |  |
| Mariani |  |  |  |  |  |  |  |
| &nbsp;&nbsp;CI | First Lien Secured Debt - Term Loan | S+550, 1.00% Floor | 3/27/2030 | 23716 | 23376 | 23361 | (4)(9)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+550, 1.00% Floor | 3/27/2030 | 1016 | 930 | 849 | (4)(9)(12)(32) |
|  | First Lien Secured Debt - Revolver | S+550, 1.00% Floor | 3/27/2030 | 1216 | 1180 | 1178 | (4)(9)(12)(16)(32) |
|  |  |  |  |  | 25486 | 25388 |  |
| Nord Anglia Education Inc |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Fugue Finance LLC | First Lien Secured Debt - Term Loan | S+325, 0.50% Floor | 1/9/2032 | 10000 | 10000 | 10072 | (17) |
| QA Group |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ichnaea UK Bidco Limited | First Lien Secured Debt - Term Loan | SONIA+600, 0.00% Floor | 10/5/2029 | £31000 | 36771 | 42127 | (3)(4)(8)(9)(18) |
| Reliable Doors |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Reliable Doors, LLC | First Lien Secured Debt - Term Loan | S+600, 1.00% Floor | 10/4/2028 | 6202 | 6114 | 6202 | (4)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+600, 1.00% Floor | 10/4/2028 | 2102 | 2066 | 2102 | (4)(9)(12)(15)(32) |
|  | First Lien Secured Debt - Revolver | S+600, 1.00% Floor | 10/4/2028 | 114 | 106 | 114 | (4)(9)(12)(15)(32) |
|  |  |  |  |  | 8286 | 8418 |  |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| SAVATREE |  |  |  |  |  |  |  |
| &nbsp;&nbsp;CI | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 6/6/2031 | 17201 | 17027 | 16996 | (4)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.75% Floor | 10/12/2028 |  | (50) | (119) | (4)(5)(12)(32) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 6/6/2031 | 284 | 248 | 257 | (4)(12)(16)(32) |
|  |  |  |  |  | 17225 | 17134 |  |
| SERVPRO |  |  |  |  |  |  |  |
| &nbsp;&nbsp;One Silver Serve, LLC | First Lien Secured Debt - Term Loan | S+535, 1.00% Floor | 12/18/2028 | 20995 | 20840 | 20680 | (4)(15)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+510, 1.00% Floor | 12/18/2028 | 11975 | 11808 | 11700 | (4)(12)(16)(32) |
|  | First Lien Secured Debt - Revolver | S+535, 1.00% Floor | 12/18/2028 | 3312 | 3277 | 3239 | (4)(12)(16)(32) |
|  |  |  |  |  | 35925 | 35619 |  |
| Village Pet Care |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Village Pet Care, LLC | First Lien Secured Debt - Term Loan | S+650, 1.00% Floor | 9/22/2029 | 909 | 895 | 900 | (4)(9)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+650, 1.00% Floor | 9/22/2029 | 764 | 732 | 727 | (4)(9)(12)(16)(32) |
|  | First Lien Secured Debt - Revolver | S+650, 1.00% Floor | 9/22/2029 | 365 | 358 | 361 | (4)(9)(12)(16)(32) |
|  |  |  |  |  | 1985 | 1988 |  |
|  |  | Total Diversified Consumer Services | Total Diversified Consumer Services | Total Diversified Consumer Services | $484782 | $489599 |  |
| **Diversified Telecommunication Services** |  |  |  |  |  |  |  |
| Cablevision Systems |  |  |  |  |  |  |  |
| &nbsp;&nbsp;CSC Holdings, LLC | First Lien Secured Debt - Term Loan | S+450, 0.00% Floor | 1/18/2028 | $142686 | $139273 | $140983 | (8)(15) |
|  | First Lien Secured Debt - Term Loan | S+250, 0.00% Floor | 4/15/2027 | 43961 | 42190 | 42886 | (8)(16)(24) |
|  | First Lien Secured Debt - Term Loan | S+150, 0.00% Floor | 4/15/2027 | 3000 | 2906 | 2927 | (8) |
|  | First Lien Secured Debt - Revolver | S+225, 0.00% Floor | 7/13/2027 | 84 | 69 | 77 | (8)(12)(15)(32) |
|  |  |  |  |  | 184438 | 186873 |  |
| LEVEL 3 FINANCING INC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Level 3 Financing, Inc. | First Lien Secured Debt - Term Loan | S+425, 0.50% Floor | 3/29/2032 | 73500 | 72428 | 74403 | (15)(16) |
|  |  | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | $256866 | $261276 |  |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| **Electric Utilities** |  |  |  |  |  |  |  |
| Dynagrid |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Megavolt Borrower, LLC | First Lien Secured Debt - Term Loan | S+475, 1.00% Floor | 2/13/2032 | $18750 | $18390 | $18375 | (4)(16) |
| GridTek |  |  |  |  |  |  |  |
| &nbsp;&nbsp;BGIF IV Fearless Utility Services, Inc. | First Lien Secured Debt - Term Loan | S+500, 0.50% Floor | 6/9/2031 | 134381 | 133190 | 133037 | (4)(9)(15)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.50% Floor | 6/9/2031 |  | (209) | (491) | (4)(5)(9)(12)(32) |
|  | First Lien Secured Debt - Revolver | S+500, 0.50% Floor | 6/7/2030 |  | (195) | (235) | (4)(5)(9)(11)(12)(32) |
|  |  |  |  |  | 132786 | 132311 |  |
| Westinghouse |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Brookfield WEC Holdings Inc. | First Lien Secured Debt - Term Loan | S+225, 0.00% Floor | 1/27/2031 | 9925 | 9933 | 9939 | (15) |
|  |  | Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | $161109 | $160625 |  |
| **Electrical Equipment** |  |  |  |  |  |  |  |
| International Wire Group |  |  |  |  |  |  |  |
| &nbsp;&nbsp;IW Buyer LLC | First Lien Secured Debt - Term Loan | S+510, 1.00% Floor | 6/28/2029 | $19700 | $19356 | $19504 | (4)(9)(15) |
|  | First Lien Secured Debt - Revolver | S+510, 1.00% Floor | 6/28/2029 |  | (63) | (31) | (4)(5)(9)(12)(32) |
|  |  |  |  |  | 19293 | 19473 |  |
| Trescal |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ruler Bidco S.A R.L. | First Lien Secured Debt - Term Loan | E+550, 0.00% Floor | 4/29/2030 | 28282 | 30392 | 32815 | (3)(4)(8)(9)(21) |
|  | First Lien Secured Debt - Term Loan | S+550, 0.50% Floor | 4/29/2030 | 11498 | 11236 | 11383 | (4)(8)(9)(17) |
|  | First Lien Secured Debt - Delayed Draw | E+650, 0.00% Floor | 4/29/2030 | 11200 | 12097 | 12995 | (3)(4)(8)(9)(21) |
|  | First Lien Secured Debt - Delayed Draw | E+500, 0.50% Floor | 4/29/2030 | 7003 | 7625 | 7997 | (3)(4)(8)(9)(12)(21)(32) |
|  |  |  |  |  | 61350 | 65190 |  |
|  |  | Total Electrical Equipment | Total Electrical Equipment | Total Electrical Equipment | $80643 | $84663 |  |
| **Electronic Equipment, Instruments & Components** |  |  |  |  |  |  |  |
| Lightning Power |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Lightning Power, LLC | First Lien Secured Debt - Term Loan | S+225, 0.00% Floor | 8/18/2031 | $11414 | $11366 | $11448 | (16) |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| Madison Safety |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Madison Safety & Flow LLC | First Lien Secured Debt - Term Loan | S+275, 0.00% Floor | 9/26/2031 | 19406 | 19324 | 19466 | (15) |
|  |  | Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | $30690 | $30914 |  |
| **Energy Equipment & Services** |  |  |  |  |  |  |  |
| Camin Cargo |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Camin Cargo Control Holdings, Inc. | First Lien Secured Debt - Term Loan | S+550, 1.00% Floor | 12/7/2029 | $31065 | $30510 | $30696 | (4)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+550, 1.00% Floor | 12/7/2029 | 755 | 709 | 699 | (4)(9)(12)(17)(32) |
|  | First Lien Secured Debt - Revolver | P+450, 1.00% Floor | 12/7/2029 | 3059 | 2978 | 3013 | (4)(9)(12)(15)(24)(32) |
|  |  |  |  |  | 34197 | 34408 |  |
| Colonial |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Colossus AcquireCo LLC | First Lien Secured Debt - Term Loan | S+175, 0.00% Floor | 6/11/2032 | 8000 | 7960 | 7957 | (15) |
|  |  | Total Energy Equipment & Services | Total Energy Equipment & Services | Total Energy Equipment & Services | $42157 | $42365 |  |
| **Entertainment** |  |  |  |  |  |  |  |
| Chernin Entertainment |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Jewel Purchaser, Inc. | First Lien Secured Debt - Term Loan | S+560, 0.50% Floor | 7/1/2027 | $85241 | $84127 | $85241 | (4)(9)(16) |
| Creative Artists Agency |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Creative Artists Agency, LLC | First Lien Secured Debt - Term Loan | S+275, 0.00% Floor | 10/1/2031 | 3990 | 3985 | 4006 | (16) |
| Entertainment Partners |  |  |  |  |  |  |  |
| &nbsp;&nbsp;EP Purchaser, LLC | First Lien Secured Debt - Term Loan | S+376, 0.50% Floor | 11/6/2028 | 1770 | 1713 | 1743 | (16) |
| Jagex |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Janus Bidco Limited | First Lien Secured Debt - Term Loan | S+600, 0.00% Floor | 4/25/2031 | 67361 | 65875 | 66014 | (4)(8)(9)(10)(17) |
|  | First Lien Secured Debt - Term Loan | E+600, 0.00% Floor | 4/25/2031 | 2202 | 2698 | 2962 | (3)(4)(8)(9)(10)(21) |
|  | First Lien Secured Debt - Delayed Draw | SONIA+600, 0.00% Floor | 4/25/2031 | £— | (206) | (435) | (3)(4)(5)(8)(9)(10)(12)(32) |
|  |  |  |  |  | 68367 | 68541 |  |
|  |  | Total Entertainment | Total Entertainment | Total Entertainment | $158192 | $159531 |  |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| **Financial Services** |  |  |  |  |  |  |  |
| AffiniPay |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Eclipse Buyer, Inc. | First Lien Secured Debt - Term Loan | S+475, 0.50% Floor | 9/8/2031 | $22738 | $22530 | $22511 | (4)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 0.50% Floor | 9/8/2031 |  | (17) | (39) | (4)(5)(12)(32) |
|  | First Lien Secured Debt - Revolver | S+475, 0.50% Floor | 9/8/2031 |  | (17) | (20) | (4)(5)(12)(32) |
| &nbsp;&nbsp;Eclipse Topco, Inc. | Preferred Equity - Preferred Stocks | Equity plus 12.50% PIK | N/A | 6,692,903 Shares | 5940 | 6626 | (4)(33) |
|  |  |  |  |  | 28436 | 29078 |  |
| Alpha FMC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Actium Midco 3 | First Lien Secured Debt - Term Loan | SONIA+525, 0.00% Floor | 8/30/2031 | £35254 | 45452 | 47666 | (3)(4)(8)(10)(18) |
|  | First Lien Secured Debt - Term Loan | S+525, 0.00% Floor | 8/30/2031 | 41610 | 41610 | 40986 | (4)(8)(10)(17) |
|  | First Lien Secured Debt - Term Loan | E+525, 0.00% Floor | 8/30/2031 | 18790 | 20770 | 21691 | (3)(4)(8)(10)(21) |
|  | First Lien Secured Debt - Delayed Draw | SONIA+525, 0.00% Floor | 8/30/2031 | £10500 | 13442 | 13982 | (3)(4)(8)(10)(12)(18)(32) |
|  |  |  |  |  | 121274 | 124325 |  |
| Apex Group Treasury |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Apex Group Treasury LLC | First Lien Secured Debt - Term Loan | S+350, 0.00% Floor | 2/27/2032 | 14653 | 14580 | 14621 | (8)(15) |
| Ascensus |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ascensus Holdings, Inc. | First Lien Secured Debt - Term Loan | S+300, 0.50% Floor | 8/2/2028 | 7294 | 7268 | 7317 | (15) |
| AssetMark |  |  |  |  |  |  |  |
| &nbsp;&nbsp;GTCR Everest Borrower, LLC | First Lien Secured Debt - Term Loan | S+275, 0.00% Floor | 9/5/2031 | 7960 | 7942 | 7980 | (16) |
| CFC Group |  |  |  |  |  |  |  |
| &nbsp;&nbsp;CFC USA 2025 LLC | First Lien Secured Debt - Term Loan | S+375, 0.00% Floor | 5/30/2032 | 25000 | 24750 | 24938 | (8)(15) |
| Crete PA |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Crete PA Holdco, LLC | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 11/25/2030 | 23256 | 23149 | 22907 | (4)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 1.00% Floor | 11/25/2030 | 2326 | 2269 | 1977 | (4)(12)(16)(32) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 11/25/2030 |  | (16) | (52) | (4)(5)(12)(32) |
|  |  |  |  |  | 25402 | 24832 |  |
| FE Fundinfo |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Tulip Bidco Limited | First Lien Secured Debt - Delayed Draw | 9.22% | 12/13/2027 | £7069 | 7553 | 5851 | (3)(4)(8)(10)(12)(32) |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| GC Waves |  |  |  |  |  |  |  |
| &nbsp;&nbsp;GC Waves Holdings, Inc. | First Lien Secured Debt - Term Loan | S+485, 0.75% Floor | 10/4/2030 | 63212 | 63140 | 62972 | (4)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+485, 0.75% Floor | 10/4/2030 | 18683 | 18452 | 18555 | (4)(9)(12)(15)(32) |
|  | First Lien Secured Debt - Revolver | S+475, 0.75% Floor | 10/4/2030 |  | (3) | (10) | (4)(5)(9)(12)(32) |
|  |  |  |  |  | 81589 | 81517 |  |
| Gen II |  |  |  |  |  |  |  |
| &nbsp;&nbsp;PEX Holdings LLC | First Lien Secured Debt - Term Loan | S+275, 0.00% Floor | 11/26/2031 | 20306 | 20258 | 20350 | (16)(17) |
| Hargreaves Lansdown |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Harp Finco Limited | First Lien Secured Debt - Term Loan | SONIA+550, 0.00% Floor | 3/27/2032 | £134986 | 171398 | 181582 | (3)(4)(8)(10)(18) |
| ISIO |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Madonna Bidco Limited | First Lien Secured Debt - Term Loan | SONIA+525, 0.00% Floor | 10/27/2031 | £23819 | 30331 | 32124 | (3)(4)(8)(9)(10)(18) |
|  | First Lien Secured Debt - Delayed Draw | SONIA+525, 0.00% Floor | 10/27/2031 | £248 | 260 | 224 | (3)(4)(8)(9)(10)(12)(18)(32) |
|  |  |  |  |  | 30591 | 32348 |  |
| Jensen Hughes |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Jensen Hughes, Inc | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 9/1/2031 | 78054 | 76987 | 77078 | (4)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.75% Floor | 9/1/2031 |  | (146) | (339) | (4)(5)(12)(32) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 9/1/2031 |  | (117) | (110) | (4)(5)(11)(12)(32) |
|  |  |  |  |  | 76724 | 76629 |  |
| Nexity |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Evoriel | First Lien Secured Debt - Term Loan | E+525, 0.00% Floor | 4/2/2031 | 43574 | 46112 | 51071 | (3)(4)(8)(9)(10)(21) |
|  | First Lien Secured Debt - Delayed Draw | E+525, 0.00% Floor | 4/2/2031 | 12201 | 12875 | 14240 | (3)(4)(8)(9)(10)(12)(21)(32) |
|  |  |  |  |  | 58987 | 65311 |  |
| Ocorian |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Orthrus Ltd | First Lien Secured Debt - Term Loan | S+350 Cash plus 2.75% PIK, 1.00% Floor | 12/5/2031 | 42858 | 42263 | 42215 | (4)(8)(9)(10)(16) |
|  | First Lien Secured Debt - Term Loan | SONIA+625 Cash plus 2.71% PIK, 0.00% Floor | 12/5/2031 | £18162 | 22850 | 24556 | (3)(4)(8)(9)(10)(18) |
|  | First Lien Secured Debt - Term Loan | E+625 Cash plus 2.75% PIK, 0.00% Floor | 12/5/2031 | 16222 | 16944 | 18822 | (3)(4)(8)(9)(10)(20) |
|  | First Lien Secured Debt - Delayed Draw | SONIA+625, 0.00% Floor | 12/5/2031 |  | (220) | (172) | (3)(4)(5)(8)(9)(10)(12)(32) |
|  |  |  |  |  | 81837 | 85421 |  |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| OSTTRA |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Orion US Finco | First Lien Secured Debt - Term Loan | S+350, 0.00% Floor | 5/20/2032 | 15000 | 14925 | 15064 | (8)(15) |
| Paymentsense |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Hurricane Cleanco Limited | First Lien Secured Debt - Term Loan | 12.50% Cash plus 6.25% PIK, 1.00% Floor | 11/21/2029 | £51630 | 61518 | 70161 | (3)(4)(8)(9) |
| PIB |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Paisley Bidco Limited | First Lien Secured Debt - Term Loan | SONIA+500, 0.00% Floor | 5/7/2031 | £83858 | 104216 | 114244 | (3)(4)(8)(9)(10)(18) |
|  | First Lien Secured Debt - Term Loan | E+500, 0.00% Floor | 5/7/2031 | 28797 | 30776 | 33668 | (3)(4)(8)(9)(10)(21) |
|  | First Lien Secured Debt - Delayed Draw | SONIA+475, 0.00% Floor | 5/7/2031 | £6358 | 6899 | 7532 | (3)(4)(8)(9)(10)(12)(18)(32) |
|  |  |  |  |  | 141891 | 155444 |  |
| PMA |  |  |  |  |  |  |  |
| &nbsp;&nbsp;PMA Parent Holdings, LLC | First Lien Secured Debt - Term Loan | S+550, 0.75% Floor | 1/31/2031 | 13978 | 13844 | 13838 | (4)(9)(16) |
|  | First Lien Secured Debt - Revolver | S+475, 0.75% Floor | 1/31/2031 |  | (9) | (10) | (4)(5)(9)(12)(32) |
|  |  |  |  |  | 13835 | 13828 |  |
| Singular Bank |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Pluto Holdco Limited | First Lien Secured Debt - Term Loan | E+385 Cash plus 6.34% PIK, 0.00% Floor | 12/9/2025 | 13408 | 14508 | 15755 | (3)(4)(8)(9)(10)(20) |
| Stretto |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Stretto, Inc. | First Lien Secured Debt - Term Loan | S+600, 1.00% Floor | 10/13/2028 | 125933 | 124138 | 124358 | (4)(9)(16) |
| Strongpoint |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Howardsimon LLC | First Lien Secured Debt - Term Loan | S+475, 0.75% Floor | 12/13/2030 | 21071 | 21022 | 20807 | (4)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 0.75% Floor | 12/13/2030 | 16208 | 16032 | 15158 | (4)(12)(16)(32) |
|  | First Lien Secured Debt - Revolver | S+475, 0.75% Floor | 12/13/2030 |  | (9) | (47) | (4)(5)(12)(32) |
|  |  |  |  |  | 37045 | 35918 |  |
| Title Resource Group |  |  |  |  |  |  |  |
| &nbsp;&nbsp;RE Closing Buyer Corp. | First Lien Secured Debt - Term Loan | S+525, 1.00% Floor | 9/27/2031 | 132492 | 130031 | 129510 | (4)(8)(9)(16) |
| VEPF VII |  |  |  |  |  |  |  |
| &nbsp;&nbsp;VEPF VII Holdings, L.P. | First Lien Secured Debt - Term Loan | S+450 Cash plus 5.25% PIK, 0.00% Floor | 2/28/2028 | 20021 | 19968 | 20219 | (4)(8)(16) |
| WHP Global |  |  |  |  |  |  |  |
| &nbsp;&nbsp;WH Borrower, LLC | First Lien Secured Debt - Term Loan | S+475, 0.50% Floor | 2/20/2032 | 56850 | 56275 | 56939 | (16) |
|  |  | Total Financial Services | Total Financial Services | Total Financial Services | $1372723 | $1419296 |  |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| **Food Products** |  |  |  |  |  |  |  |
| Nutpods |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Green Grass Foods, Inc. | First Lien Secured Debt - Term Loan | S+625, 1.00% Floor | 12/26/2029 | $3694 | $3634 | $3685 | (4)(9)(16) |
|  | First Lien Secured Debt - Revolver | S+650, 1.00% Floor | 12/26/2029 |  | (19) | (3) | (4)(5)(9)(12)(32) |
| &nbsp;&nbsp;Nutpods Holdings, Inc. | Common Equity - Stock | N/A | N/A | 125 Shares | 125 | 122 | (4)(9)(33) |
|  |  |  |  |  | 3740 | 3804 |  |
| Patriot Pickle |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Patriot Foods Buyer, Inc. | First Lien Secured Debt - Term Loan | S+525, 1.00% Floor | 12/24/2029 | 6485 | 6381 | 6420 | (4)(9)(17) |
|  | First Lien Secured Debt - Delayed Draw | S+525, 1.00% Floor | 12/22/2029 |  | (19) | (25) | (4)(5)(9)(12)(32) |
|  | First Lien Secured Debt - Revolver | S+525, 1.00% Floor | 12/22/2029 |  | (14) | (9) | (4)(5)(9)(12)(32) |
|  |  |  |  |  | 6348 | 6386 |  |
|  |  | Total Food Products | Total Food Products | Total Food Products | $10088 | $10190 |  |
| **Ground Transportation** |  |  |  |  |  |  |  |
| Boasso |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Channelside AcquisitionCo, Inc. | First Lien Secured Debt - Term Loan | S+475, 0.75% Floor | 6/30/2028 | $39727 | $39076 | $39331 | (4)(9)(15)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 0.75% Floor | 6/30/2028 |  | (21) | (45) | (4)(5)(9)(12)(32) |
|  | First Lien Secured Debt - Revolver | S+475, 0.75% Floor | 7/1/2026 |  | (1) | (39) | (4)(5)(9)(12)(32) |
|  |  |  |  |  | 39054 | 39247 |  |
| First Student |  |  |  |  |  |  |  |
| &nbsp;&nbsp;First Student Bidco Inc. | First Lien Secured Debt - Term Loan | S+250, 0.50% Floor | 7/21/2028 | 4399 | 4405 | 4407 | (16) |
| Genesee & Wyoming |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Genesee & Wyoming Inc. | First Lien Secured Debt - Term Loan | S+175, 0.00% Floor | 4/10/2031 | 36331 | 36043 | 36183 | (16) |
| Olympus Terminals |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Olympus Terminals Holdco II LLC | First Lien Secured Debt - Term Loan | S+525, 0.75% Floor | 12/17/2030 | 37069 | 36378 | 36364 | (4)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+525, 0.75% Floor | 12/17/2030 |  | (110) | (228) | (4)(5)(12)(32) |
|  | First Lien Secured Debt - Revolver | S+525, 0.75% Floor | 12/17/2030 |  | (184) | (190) | (4)(5)(12)(32) |
|  |  |  |  |  | 36084 | 35946 |  |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| Student Transportation of America |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Student Transportation of America Holdings Inc | First Lien Secured Debt - Term Loan | S+325, 0.00% Floor | 6/24/2032 | 7280 | 7244 | 7304 | (16) |
|  | First Lien Secured Debt - Delayed Draw | S+325, 0.00% Floor | 6/24/2032 |  | (3) |  | (32) |
|  |  |  |  |  | 7241 | 7304 |  |
| Transportation Insight |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TI Intermediate Holdings, LLC | First Lien Secured Debt - Term Loan | S+460 Cash plus 1.00% PIK, 1.00% Floor | 6/18/2027 | 7333 | 7333 | 4931 | (4)(16) |
|  |  | Total Ground Transportation | Total Ground Transportation | Total Ground Transportation | $130160 | $128018 |  |
| **Health Care Equipment & Supplies** |  |  |  |  |  |  |  |
| Bausch Health |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Bausch + Lomb Corporation | First Lien Secured Debt - Term Loan | S+425, 0.00% Floor | 1/15/2031 | $17310 | $17224 | $17364 | (8)(15) |
| Corpuls |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Heartbeat BidCo GmbH | First Lien Secured Debt - Term Loan | E+650, 0.50% Floor | 6/28/2030 | 20000 | 21487 | 23441 | (3)(4)(8)(9)(20) |
| Dr. Scholls |  |  |  |  |  |  |  |
| &nbsp;&nbsp;DRS Holdings III, Inc. | First Lien Secured Debt - Term Loan | S+525, 1.00% Floor | 11/1/2028 | 22104 | 22001 | 21994 | (4)(9)(16) |
|  | First Lien Secured Debt - Revolver | S+525, 1.00% Floor | 11/1/2028 |  | (6) | (7) | (4)(5)(9)(12)(32) |
|  |  |  |  |  | 21995 | 21987 |  |
| Medline |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Medline Borrower LP | First Lien Secured Debt - Term Loan | S+225, 0.50% Floor | 10/23/2028 | 80058 | 80103 | 80240 | (15) |
| Resonetics |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Resonetics, LLC | First Lien Secured Debt - Term Loan | S+325, 0.75% Floor | 6/18/2031 | 9925 | 9914 | 9944 | (16) |
| Treace Medical Concepts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Treace Medical Concepts, Inc. | First Lien Secured Debt - Term Loan | S+610, 1.00% Floor | 4/1/2027 | 7292 | 7277 | 7255 | (4)(8)(9)(15)(29) |
|  | First Lien Secured Debt - Revolver | S+410, 1.00% Floor | 4/1/2027 | 200 | 200 | 193 | (4)(8)(9)(12)(15)(29)(32) |
|  |  |  |  |  | 7477 | 7448 |  |
| Vantive |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Spruce Bidco II Inc. | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 1/30/2032 | 116857 | 115176 | 115105 | (4)(9)(17) |
|  | First Lien Secured Debt - Term Loan | T+525, 0.75% Floor | 1/30/2032 | ¥2261924 | 14556 | 15472 | (3)(4)(9)(27) |
|  | First Lien Secured Debt - Term Loan | C+500, 0.75% Floor | 1/30/2032 | 21156 | 14370 | 15303 | (3)(4)(9)(26) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 1/31/2032 |  | (374) | (395) | (4)(5)(9)(12)(32) |
|  |  |  |  |  | 143728 | 145485 |  |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| Zest Dental Solutions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Zest Acquisition Corp. | First Lien Secured Debt - Term Loan | S+525, 0.00% Floor | 2/8/2028 | 20732 | 20562 | 20732 | (16) |
| Zeus |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Zeus Company LLC | First Lien Secured Debt - Term Loan | S+550, 0.75% Floor | 2/28/2031 | 53493 | 52805 | 53626 | (4)(9)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+550, 0.75% Floor | 2/28/2031 | 5018 | 4924 | 5030 | (4)(9)(12)(16)(32) |
|  | First Lien Secured Debt - Revolver | S+550, 0.75% Floor | 2/28/2030 |  | (88) |  | (4)(9)(12)(32) |
|  |  |  |  |  | 57641 | 58656 |  |
|  |  | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | $380131 | $385297 |  |
| **Health Care Providers & Services** |  |  |  |  |  |  |  |
| Advarra |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Advarra Holdings, Inc. | First Lien Secured Debt - Term Loan | S+450, 1.00% Floor | 9/15/2031 | $187316 | $186461 | $188253 | (4)(9)(15)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+450, 0.75% Floor | 9/15/2031 |  | (28) |  | (4)(9)(12)(32) |
|  |  |  |  |  | 186433 | 188253 |  |
| Affordable Care |  |  |  |  |  |  |  |
| &nbsp;&nbsp;ACI Group Holdings, Inc. | First Lien Secured Debt - Term Loan | S+285 Cash plus 3.25% PIK, 0.75% Floor | 8/2/2028 | 5005 | 5005 | 4867 | (4)(15) |
| All Star Healthcare |  |  |  |  |  |  |  |
| &nbsp;&nbsp;All Star Recruiting Locums, LLC | First Lien Secured Debt - Term Loan | S+550, 1.00% Floor | 5/1/2030 | 6887 | 6770 | 6818 | (4)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+550, 1.00% Floor | 5/1/2030 | 1739 | 1710 | 1722 | (4)(9)(15) |
|  | First Lien Secured Debt - Revolver | S+550, 1.00% Floor | 5/1/2030 | 326 | 305 | 313 | (4)(9)(12)(15)(32) |
|  |  |  |  |  | 8785 | 8853 |  |
| Allied Benefit Systems |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Allied Benefit Systems Intermediate LLC | First Lien Secured Debt - Term Loan | S+525, 0.75% Floor | 10/31/2030 | 77636 | 76683 | 77635 | (4)(9)(15)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+525, 0.75% Floor | 10/31/2030 | 14224 | 14029 | 14223 | (4)(9)(16)(32) |
|  |  |  |  |  | 90712 | 91858 |  |
| Athenahealth |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Athenahealth Group Inc. | First Lien Secured Debt - Term Loan | S+275, 0.50% Floor | 2/15/2029 | 54101 | 53514 | 54108 | (15)(16) |
| CorroHealth |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Coding Solutions Acquisition Inc | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 8/7/2031 | 41079 | 40557 | 40462 | (4)(15)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.75% Floor | 8/7/2031 |  | (94) | (139) | (4)(5)(12)(32) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 8/7/2031 |  | (55) | (52) | (4)(5)(12)(32) |
|  |  |  |  |  | 40408 | 40271 |  |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| Dental Care Alliance |  |  |  |  |  |  |  |
| &nbsp;&nbsp;DCA Investment Holding LLC | First Lien Secured Debt - Term Loan | S+641, 0.75% Floor | 4/3/2028 | 2411 | 2411 | 2326 | (4)(16) |
| Eating Recovery Center |  |  |  |  |  |  |  |
| &nbsp;&nbsp;ERC Topco Holdings, LLC | First Lien Secured Debt - Term Loan | 7.50% PIK | 3/29/2030 | 10415 | 34037 | 5911 | (4)(16)(28) |
|  | First Lien Secured Debt - Term Loan | 6.50% PIK | 3/31/2030 | 107 |  | 27 | (4)(16)(28) |
|  | First Lien Secured Debt - Revolver | 6.50% PIK | 3/31/2030 | 1494 | 3797 | 1494 | (4)(16)(28)(32) |
|  |  |  |  |  | 37834 | 7432 |  |
| Ensemble Health |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ensemble RCM, LLC | First Lien Secured Debt - Term Loan | S+300, 0.00% Floor | 8/1/2029 | 42049 | 41898 | 42260 | (16) |
| ExactCare |  |  |  |  |  |  |  |
| &nbsp;&nbsp;ExactCare Parent, Inc. | First Lien Secured Debt - Term Loan | S+550, 1.00% Floor | 11/5/2029 | 40067 | 39206 | 40067 | (4)(9)(16) |
|  | First Lien Secured Debt - Revolver | S+550, 1.00% Floor | 11/5/2029 |  | (89) |  | (4)(9)(12)(32) |
|  |  |  |  |  | 39117 | 40067 |  |
| ExamWorks |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Electron BidCo Inc. | First Lien Secured Debt - Term Loan | S+275, 0.50% Floor | 11/1/2028 | 28403 | 28383 | 28508 | (15) |
|  | First Lien Secured Debt - Revolver | S+375, 0.00% Floor | 8/2/2028 |  | (135) | (135) | (4)(5)(12)(32) |
|  |  |  |  |  | 28248 | 28373 |  |
| Exemplar Healthcare |  |  |  |  |  |  |  |
| &nbsp;&nbsp;EHC Holdings Holdco Limited | First Lien Secured Debt - Term Loan | SONIA+550, 0.00% Floor | 9/30/2031 | £48000 | 62991 | 64734 | (3)(4)(8)(10)(18) |
|  | First Lien Secured Debt - Delayed Draw | SONIA+550, 0.00% Floor | 9/30/2031 | £2400 | 2301 | 2718 | (3)(4)(8)(10)(12)(18)(32) |
|  |  |  |  |  | 65292 | 67452 |  |
| Hanger |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Hanger, Inc. | First Lien Secured Debt - Term Loan | S+350, 0.00% Floor | 10/23/2031 | 25628 | 25532 | 25700 | (15) |
|  | First Lien Secured Debt - Delayed Draw | S+350, 0.00% Floor | 10/23/2031 | 495 | 482 | 496 | (12)(15)(32) |
|  |  |  |  |  | 26014 | 26196 |  |
| Omega Healthcare |  |  |  |  |  |  |  |
| &nbsp;&nbsp;OMH-Healthedge Holdings, Inc. | First Lien Secured Debt - Term Loan | S+450, 1.00% Floor | 4/1/2030 | 250388 | 249712 | 249138 | (4)(9)(16)(17) |
|  | First Lien Secured Debt - Revolver | S+450, 1.00% Floor | 4/1/2030 |  | (123) | (189) | (4)(5)(9)(12)(32) |
|  |  |  |  |  | 249589 | 248949 |  |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| Parexel |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Phoenix Newco, Inc. | First Lien Secured Debt - Term Loan | S+250, 0.50% Floor | 11/15/2028 | 38415 | 38295 | 38468 | (15) |
| Patterson Companies |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Paradigm Parent, LLC | First Lien Secured Debt - Term Loan | S+375, 0.00% Floor | 4/17/2032 | 28125 | 27233 | 27230 | (4)(8)(16) |
| Practice Plus Group |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Practice Plus Group Bidco Limited / Practice Plus Group Holdings Limited | First Lien Secured Debt - Term Loan | SONIA+625, 0.50% Floor | 11/19/2029 | £15000 | 17860 | 20127 | (3)(4)(8)(9)(10)(18) |
| Radiology Partners |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Radiology Partners, Inc. | First Lien Secured Debt - Term Loan | S+450, 0.00% Floor | 6/26/2032 | 27000 | 26730 | 26815 | (15) |
| Rarebreed |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Rarebreed Veterinary Partners, Inc. | First Lien Secured Debt - Term Loan | S+525, 1.00% Floor | 4/18/2030 | 14965 | 14713 | 14741 | (4)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+525, 1.00% Floor | 4/18/2030 | 25727 | 25491 | 25185 | (4)(9)(12)(15)(32) |
|  | First Lien Secured Debt - Revolver | S+525, 1.00% Floor | 4/18/2030 |  | (93) | (87) | (4)(5)(9)(12)(32) |
|  |  |  |  |  | 40111 | 39839 |  |
| Smile Brands |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Smile Brands Inc. | First Lien Secured Debt - Term Loan | S+610 Cash plus 2.27% PIK, 0.75% Floor | 10/12/2027 | 7566 | 7566 | 6791 | (4)(16) |
| Southern Veterinary Partners |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Southern Veterinary Partners, LLC | First Lien Secured Debt - Term Loan | S+325, 0.00% Floor | 12/4/2031 | 24938 | 24820 | 24995 | (16) |
| Team Select |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TS Investors, LLC | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 5/4/2029 | 16820 | 16548 | 16653 | (4)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 1.00% Floor | 5/4/2029 | 732 | 693 | 688 | (4)(9)(12)(15)(32) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 5/4/2029 |  | (17) | (10) | (4)(5)(9)(12)(32) |
|  |  |  |  |  | 17224 | 17331 |  |
| Tivity Health |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Tivity Health, Inc. | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 6/28/2029 | 111858 | 110750 | 111857 | (4)(9)(15)(16) |
| Verscend |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Cotiviti, Inc. | First Lien Secured Debt - Term Loan | S+275, 0.00% Floor | 3/26/2032 | 48000 | 47381 | 47830 | (15) |
|  | First Lien Secured Debt - Term Loan | S+275, 0.00% Floor | 5/1/2031 | 39526 | 39407 | 39391 | (15) |
|  |  |  |  |  | 86788 | 87221 |  |
|  |  | Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | $1272637 | $1251939 |  |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| **Health Care Technology** |  |  |  |  |  |  |  |
| CNSI |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Acentra Holdings, LLC | First Lien Secured Debt - Term Loan | S+550, 0.50% Floor | 12/17/2029 | $37513 | $36624 | $37232 | (4)(9)(16) |
|  | First Lien Secured Debt - Term Loan | S+575, 0.50% Floor | 12/17/2029 | 2920 | 2873 | 2913 | (4)(9)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+550, 0.50% Floor | 12/17/2029 |  | (44) | (56) | (4)(5)(9)(12)(32) |
|  | First Lien Secured Debt - Revolver | S+550, 0.50% Floor | 12/17/2029 | 1120 | 1028 | 1090 | (4)(9)(12)(15)(16)(32) |
|  |  |  |  |  | 40481 | 41179 |  |
| Gainwell |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Gainwell Acquisition Corp. | First Lien Secured Debt - Term Loan | S+410, 0.75% Floor | 10/1/2027 | 69486 | 67449 | 67106 | (16) |
| Imprivata |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Imprivata, Inc. | First Lien Secured Debt - Term Loan | S+300, 0.00% Floor | 12/1/2027 | 11879 | 11920 | 11948 | (16) |
| MRO Parent Corporation |  |  |  |  |  |  |  |
| &nbsp;&nbsp;MRO Parent Corporation | First Lien Secured Debt - Term Loan | S+475, 0.75% Floor | 6/9/2032 | 25556 | 25175 | 25172 | (4)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 0.75% Floor | 6/9/2032 |  | (25) | (17) | (4)(5)(12)(32) |
|  | First Lien Secured Debt - Revolver | S+475, 0.75% Floor | 6/9/2032 |  | (25) | (33) | (4)(5)(12)(32) |
|  |  |  |  |  | 25125 | 25122 |  |
| Novotech |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Novotech SG Holdings Pte. Ltd./ Novotech Aus Bidco Pty Ltd/Novotech Holdings USA LLC | First Lien Secured Debt - Term Loan | S+525, 0.50% Floor | 6/7/2031 | 42857 | 42379 | 42257 | (4)(8)(9)(16)(17) |
|  | First Lien Secured Debt - Delayed Draw | S+525, 0.50% Floor | 6/27/2031 | 500 | 423 | 400 | (4)(8)(9)(12)(17)(32) |
|  |  |  |  |  | 42802 | 42657 |  |
| Press Ganey |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Azalea TopCo, Inc. | First Lien Secured Debt - Term Loan | S+325, 0.00% Floor | 4/30/2031 | 4604 | 4608 | 4618 | (15) |
| Suvoda |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Goldeneye Parent, LLC | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 3/31/2032 | 88226 | 87796 | 87785 | (4)(16) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 3/31/2032 |  | (62) | (64) | (4)(5)(12)(32) |
|  |  |  |  |  | 87734 | 87721 |  |
| Wellsky |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Project Ruby Ultimate Parent Corp. | First Lien Secured Debt - Term Loan | S+311, 0.00% Floor | 3/10/2028 | 52055 | 51858 | 52174 | (15) |
|  |  | Total Health Care Technology | Total Health Care Technology | Total Health Care Technology | $331977 | $332525 |  |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |
| Aston |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Accommodations Plus Technologies LLC | First Lien Secured Debt - Term Loan | S+450, 0.75% Floor | 5/29/2032 | $73883 | $73039 | $73145 | (4)(9)(16) |
|  | First Lien Secured Debt - Revolver | S+450, 0.75% Floor | 5/29/2032 |  |  | (114) | (4)(5)(9)(12)(32) |
|  |  |  |  |  | 73039 | 73031 |  |
| Bally's |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Bally's Corp | First Lien Secured Debt - Term Loan | S+351, 0.50% Floor | 10/2/2028 | 693 | 667 | 615 | (8)(16) |
|  | First Lien Secured Debt - Corporate Bond | 11.00% | 10/2/2028 | 85000 | 82482 | 83938 | (4)(8) |
|  |  |  |  |  | 83149 | 84553 |  |
| Caesars Entertainment |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Caesars Entertainment, Inc. | First Lien Secured Debt - Term Loan | S+225, 0.50% Floor | 2/6/2031 | 21354 | 21388 | 21367 | (8)(15) |
| Crunch Fitness |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Crunch Fitness Merger Sub, LLC | First Lien Secured Debt - Term Loan | S+475, 1.00% Floor | 9/26/2031 | 176665 | 176665 | 175781 | (4)(15) |
|  | First Lien Secured Debt - Revolver | S+475, 0.75% Floor | 9/26/2031 |  | (118) | (118) | (4)(5)(12)(32) |
|  |  |  |  |  | 176547 | 175663 |  |
| Delivery Hero |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Delivery Hero Finco Germany GmbH | First Lien Secured Debt - Term Loan | K+500, 0.50% Floor | 12/12/2029 | 194831194 | 138918 | 145084 | (3)(8)(9)(19) |
| &nbsp;&nbsp;Delivery Hero Finco LLC | First Lien Secured Debt - Term Loan | S+500, 0.50% Floor | 12/12/2029 | 4987 | 4938 | 5042 | (8)(9)(16) |
| &nbsp;&nbsp;Delivery Hero SE | Unsecured Debt - Convertible Bond | 2.13% | 3/10/2029 | 17900 | 17029 | 18541 | (3)(8)(9) |
|  | Unsecured Debt - Convertible Bond | 3.25% | 2/21/2030 | 100 | 97 | 112 | (3)(8)(9) |
|  |  |  |  |  | 160982 | 168779 |  |
| Endeavor |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Endeavor Operating Co LLC | First Lien Secured Debt - Term Loan | S+375, 0.00% Floor | 3/24/2028 | 146500 | 146278 | 146500 | (4)(8)(15) |
|  | First Lien Secured Debt - Term Loan | S+300, 0.00% Floor | 3/24/2032 | 55000 | 54985 | 55138 | (8)(15) |
|  |  |  |  |  | 201263 | 201638 |  |
| JOA |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Joker Holdco 3 S.a r.l. | First Lien Secured Debt - Term Loan | E+600, 0.00% Floor | 4/19/2031 | 126725 | 132670 | 148156 | (3)(4)(8)(9)(10)(21) |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| Life Time Fitness |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Life Time, Inc. | First Lien Secured Debt - Term Loan | S+225, 0.00% Floor | 11/5/2031 | 8416 | 8396 | 8448 | (8)(16) |
| Nottingham Forest FC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Nottingham Forest Football Club Limited | First Lien Secured Debt - Term Loan | 8.75% | 12/27/2027 | 24688 | 30796 | 33718 | (3)(4)(8)(10) |
| OpenBet |  |  |  |  |  |  |  |
| &nbsp;&nbsp;OB Global Openbet Holdings 2 LLC | First Lien Secured Debt - Term Loan | S+600, 1.50% Floor | 9/24/2029 | 87281 | 86451 | 86408 | (4)(16) |
| PARS |  |  |  |  |  |  |  |
| &nbsp;&nbsp;PARS Group LLC | First Lien Secured Debt - Term Loan | S+685, 1.50% Floor | 4/3/2028 | 8726 | 8651 | 8573 | (4)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+685, 1.50% Floor | 4/3/2028 |  |  | (17) | (4)(5)(9)(32) |
|  |  |  |  |  | 8651 | 8556 |  |
| Rocket Youth |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Rocket Youth Brands Holdco LLC | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 6/20/2031 | 9302 | 9256 | 9256 | (4)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 1.00% Floor | 6/20/2031 |  | (23) | (70) | (4)(5)(12)(32) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 6/20/2031 |  | (7) | (7) | (4)(5)(12)(32) |
|  |  |  |  |  | 9226 | 9179 |  |
| Scientific Games Lottery |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Scientific Games Holdings LP | First Lien Secured Debt - Term Loan | S+300, 0.50% Floor | 4/4/2029 | 25301 | 25232 | 25309 | (16) |
| Sky Zone |  |  |  |  |  |  |  |
| &nbsp;&nbsp;CircusTrix Holdings LLC | First Lien Secured Debt - Term Loan | S+650, 1.00% Floor | 7/18/2028 | 12360 | 12153 | 12113 | (4)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+650, 1.00% Floor | 7/18/2028 | 1600 | 1541 | 1535 | (4)(9)(12)(15)(32) |
|  | First Lien Secured Debt - Revolver | S+650, 1.00% Floor | 7/18/2028 |  | (13) | (16) | (4)(5)(9)(12)(32) |
|  |  |  |  |  | 13681 | 13632 |  |
| Sports Invest |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Sports Invest Holdings Ltd. | First Lien Secured Debt - Term Loan | 10.25% | 10/3/2029 | £40000 | 50488 | 53671 | (3)(4)(8)(10) |
| TKO |  |  |  |  |  |  |  |
| &nbsp;&nbsp;January Capital Holdco, LLC | First Lien Secured Debt - Term Loan | S+300, 0.00% Floor | 9/13/2029 | 52000 | 51012 | 51220 | (4)(8)(16) |
| Walter's Wedding |  |  |  |  |  |  |  |
| &nbsp;&nbsp;WH BorrowerCo, LLC | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 8/2/2030 | 25827 | 25486 | 25246 | (4)(9)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 1.00% Floor | 8/2/2030 | 4511 | 4323 | 4181 | (4)(9)(12)(16)(32) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 8/2/2030 | 1049 | 991 | 947 | (4)(9)(12)(16)(32) |
|  |  |  |  |  | 30800 | 30374 |  |
|  |  | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | $1163771 | $1193702 |  |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| **Household Durables** |  |  |  |  |  |  |  |
| HOV |  |  |  |  |  |  |  |
| &nbsp;&nbsp;K Hovnanian Enterprises Inc | First Lien Secured Debt - Revolver | S+450, 3.00% Floor | 6/30/2026 | $— | $(1573) | $(1925) | (4)(5)(8)(9)(12)(32) |
|  | First Lien Secured Debt - Corporate Bond | 11.75% | 9/30/2029 | 1950 | 1908 | 2118 | (8)(9) |
|  | First Lien Secured Debt - Corporate Bond | 8.00% | 9/30/2028 | 2000 | 1986 | 2013 | (8)(9) |
|  |  |  |  |  | 2321 | 2206 |  |
| Polywood |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Poly-Wood, LLC | First Lien Secured Debt - Term Loan | S+488, 1.00% Floor | 3/20/2030 | 154442 | 151843 | 152897 | (4)(9)(15)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+575, 1.00% Floor | 3/20/2030 |  | (205) | (230) | (4)(5)(9)(12)(32) |
|  | First Lien Secured Debt - Revolver | S+488, 1.00% Floor | 3/20/2030 |  | (411) | (230) | (4)(5)(9)(12)(32) |
|  |  |  |  |  | 151227 | 152437 |  |
|  |  | Total Household Durables | Total Household Durables | Total Household Durables | $153548 | $154643 |  |
| **Household Products** |  |  |  |  |  |  |  |
| Ergotron |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ergotron Acquisition, LLC | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 7/6/2028 | $8880 | $8779 | $8880 | (4)(15) |
| &nbsp;&nbsp;Ergotron Investments, LLC | Common Equity - Equity Unit | N/A | N/A | 500 Shares | 50 | 70 | (4)(33) |
|  |  |  |  |  | 8829 | 8950 |  |
| Tranzonic |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TZ Buyer LLC | First Lien Secured Debt - Term Loan | S+635, 0.75% Floor | 8/14/2028 | 40664 | 39822 | 40258 | (4)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+635, 0.75% Floor | 8/14/2028 | 55510 | 54685 | 54954 | (4)(9)(15) |
|  | First Lien Secured Debt - Revolver | S+635, 0.75% Floor | 8/14/2028 | 394 | 386 | 388 | (4)(9)(12)(15)(32) |
| &nbsp;&nbsp;TZ Parent LLC | Common Equity - Equity Unit | N/A | N/A | 50 Shares | 50 | 96 | (4)(9)(33) |
|  |  |  |  |  | 94943 | 95696 |  |
|  |  | Total Household Products | Total Household Products | Total Household Products | $103772 | $104646 |  |
| **Independent Power & Renewable Electricity Producers** |  |  |  |  |  |  |  |
| Calpine Corporation |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Calpine Corporation | First Lien Secured Debt - Term Loan | S+175, 0.00% Floor | 1/31/2031 | $14862 | $14860 | $14878 | (15) |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| Cogentrix |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Cogentrix Finance Holdco I LLC | First Lien Secured Debt - Term Loan | S+275, 0.00% Floor | 2/26/2032 | 14963 | 14927 | 15007 | (15) |
| Esdec |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Esdec Solar Group B.V. | First Lien Secured Debt - Term Loan | E+625, 0.50% Floor | 8/30/2028 | 63014 | 69777 | 55299 | (3)(4)(8)(9)(20) |
|  | First Lien Secured Debt - Delayed Draw | E+600, 0.50% Floor | 8/30/2028 |  | (21) | (317) | (3)(4)(5)(8)(9)(12)(32) |
|  |  |  |  |  | 69756 | 54982 |  |
| NextEra Energy |  |  |  |  |  |  |  |
| &nbsp;&nbsp;XPLR Infrastructure LP | Common Equity - Stock | N/A | N/A | 10,000 Shares | 88 | 82 | (8)(33) |
| &nbsp;&nbsp;XPLR Infrastructure Operating Partners LP | Unsecured Debt - Corporate Bond | 8.38% | 1/15/2031 | 10 | 10 | 11 | (8) |
|  | Unsecured Debt - Corporate Bond | 8.63% | 3/15/2033 | 10 | 10 | 11 | (8) |
|  | Unsecured Debt - Corporate Bond | 4.50% | 9/15/2027 | 10 | 9 | 10 | (8) |
|  |  |  |  |  | 117 | 114 |  |
|  |  | Total Independent Power & Renewable Electricity Producers | Total Independent Power & Renewable Electricity Producers | Total Independent Power & Renewable Electricity Producers | $99660 | $84981 |  |
| **Industrial Conglomerates** |  |  |  |  |  |  |  |
| Fortis Fire |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Fortis Fire & Safety Holdings LP | Common Equity - Equity Unit | N/A | N/A | 9 Shares | $90 | $74 | (4)(9)(33) |
|  |  | Total Industrial Conglomerates | Total Industrial Conglomerates | Total Industrial Conglomerates | $90 | $74 |  |
| **Insurance** |  |  |  |  |  |  |  |
| Acrisure LLC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Acrisure LLC | First Lien Secured Debt - Term Loan | S+325, 0.00% Floor | 6/20/2032 | $5000 | $4988 | $5000 | (15) |
| Alera Group |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Alera Group Intermediate Holdings, Inc. | First Lien Secured Debt - Term Loan | S+325, 0.50% Floor | 5/30/2032 | 34500 | 34328 | 34643 | (9)(15) |
| Alliant |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Alliant Holdings Intermediate, LLC | First Lien Secured Debt - Term Loan | S+275, 0.00% Floor | 9/19/2031 | 40698 | 40465 | 40754 | (15)(16) |
| Amwins |  |  |  |  |  |  |  |
| &nbsp;&nbsp;AmWINS Group, Inc. | First Lien Secured Debt - Term Loan | S+225, 0.75% Floor | 1/30/2032 | 19900 | 19875 | 19930 | (15) |
| Ardonagh |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ardonagh Group Finco Pty Ltd | First Lien Secured Debt - Term Loan | S+275, 0.00% Floor | 2/15/2031 | 34913 | 34739 | 34738 | (8)(16) |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| AssuredPartners |  |  |  |  |  |  |  |
| &nbsp;&nbsp;AssuredPartners, Inc. | First Lien Secured Debt - Term Loan | S+350, 0.50% Floor | 2/14/2031 | 34401 | 34362 | 34526 | (15) |
| Asurion |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Asurion, LLC | First Lien Secured Debt - Term Loan | S+336, 0.00% Floor | 7/31/2027 | 66493 | 66059 | 66510 | (15) |
|  | First Lien Secured Debt - Term Loan | S+425, 0.00% Floor | 9/19/2030 | 11363 | 11328 | 11053 | (15) |
|  |  |  |  |  | 77387 | 77563 |  |
| Galway |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Galway Borrower LLC | First Lien Secured Debt - Term Loan | S+450, 0.75% Floor | 9/29/2028 | 33804 | 33532 | 33888 | (9)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+450, 0.75% Floor | 9/29/2028 | 1182 | 1168 | 1132 | (4)(9)(12)(16)(32) |
|  | First Lien Secured Debt - Revolver | S+450, 0.75% Floor | 9/29/2028 | 940 | 916 | 925 | (4)(9)(12)(16)(32) |
|  |  |  |  |  | 35616 | 35945 |  |
| Higginbotham |  |  |  |  |  |  |  |
| &nbsp;&nbsp;HIG Intermediate, Inc. | Preferred Equity - Cumulative Preferred | N/A | N/A | 50,000 Shares | 49 | 50 | (4)(33) |
| &nbsp;&nbsp;Higginbotham Insurance Agency, Inc. | First Lien Secured Debt - Term Loan | S+450, 1.00% Floor | 11/24/2028 | 122341 | 122174 | 122341 | (4)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 1.00% Floor | 11/24/2028 | 11680 | 11540 | 11680 | (4)(12)(16)(32) |
|  |  |  |  |  | 133763 | 134071 |  |
| Hilb Group |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Thg Acquisition, LLC | First Lien Secured Debt - Term Loan | S+450, 0.75% Floor | 10/31/2031 | 89704 | 88872 | 89031 | (4)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+450, 0.75% Floor | 10/31/2031 | 640 | 543 | 490 | (4)(9)(12)(15)(32) |
|  | First Lien Secured Debt - Revolver | S+475, 0.75% Floor | 10/31/2031 | 745 | 654 | 669 | (4)(9)(12)(15)(32) |
|  |  |  |  |  | 90069 | 90190 |  |
| Howden Group |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Howden Group Holdings Limited | First Lien Secured Debt - Term Loan | S+350, 0.50% Floor | 4/18/2030 | 9974 | 9925 | 10040 | (8)(15) |
| &nbsp;&nbsp;Hyperion Refinance Sarl | First Lien Secured Debt - Term Loan | S+300, 0.50% Floor | 2/15/2031 | 57421 | 57098 | 57665 | (8)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 0.50% Floor | 2/15/2031 | 101200 | 99112 | 100100 | (4)(8)(10)(12)(16)(32) |
|  |  |  |  |  | 166135 | 167805 |  |
| Hub International |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Hub International Limited | First Lien Secured Debt - Term Loan | S+250, 0.00% Floor | 6/20/2030 | 21254 | 21252 | 21341 | (16) |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| Patriot Growth Insurance Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Patriot Growth Insurance Services, LLC | First Lien Secured Debt - Term Loan | S+515, 0.75% Floor | 10/16/2028 |  | 31652 | 31652 | 31652 | (4)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.75% Floor | 10/16/2028 |  | 5030 | 4985 | 5030 | (4)(12)(16)(32) |
|  | First Lien Secured Debt - Revolver | S+510, 0.75% Floor | 10/16/2028 |  |  |  |  | (4)(12)(32) |
|  |  |  |  |  |  | 36637 | 36682 |  |
| Risk Strategies |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Accession Risk Management Group, Inc. | First Lien Secured Debt - Term Loan | S+475, 0.75% Floor | 11/1/2029 |  | 64960 | 64848 | 64955 | (4)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 0.75% Floor | 11/1/2029 |  | 1598 | 1608 | 1596 | (4)(12)(16)(32) |
|  | First Lien Secured Debt - Revolver | S+475, 0.75% Floor | 11/1/2029 |  |  | (2) |  | (4)(12)(32) |
|  |  |  |  |  |  | 66454 | 66551 |  |
| Safe-Guard |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;SG Acquisition, Inc. | First Lien Secured Debt - Term Loan | S+475, 0.75% Floor | 4/3/2030 |  | 93184 | 92050 | 93184 | (4)(9)(16) |
|  | First Lien Secured Debt - Revolver | S+475, 0.75% Floor | 4/3/2030 |  |  | (46) | (29) | (4)(5)(9)(12)(32) |
|  |  |  |  |  |  | 92004 | 93155 |  |
| Sedgwick |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Sedgwick Claims Management Services, Inc. | First Lien Secured Debt - Term Loan | S+300, 0.00% Floor | 7/31/2031 |  | 9925 | 9903 | 9972 | (8)(15) |
| Truist |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Truist Insurance Holdings, LLC | First Lien Secured Debt - Term Loan | S+275, 0.00% Floor | 5/6/2031 |  | 24649 | 24555 | 24689 | (16) |
|  | First Lien Secured Debt - Revolver | S+325, 0.00% Floor | 5/6/2029 |  |  | (438) | (622) | (4)(5)(12)(32) |
|  |  |  |  |  |  | 24117 | 24067 |  |
|  |  | Total Insurance | Total Insurance | Total Insurance | Total Insurance | $922094 | $926933 |  |
| **Interactive Media & Services** |  |  |  |  |  |  |  |  |
| Adevinta |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Aurelia Netherlands BV | First Lien Secured Debt - Term Loan | E+475, 0.00% Floor | 5/29/2031 | € | 212000 | $231872 | $247228 | (3)(4)(8)(9)(10)(21) |
| Twitter |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;X Corp | First Lien Secured Debt - Term Loan | 9.50% | 10/26/2029 |  | 72114 | 70115 | 70221 |  |
|  | First Lien Secured Debt - Term Loan | S+660, 0.50% Floor | 10/26/2029 |  | 44599 | 43512 | 43627 | (15)(16) |
|  |  |  |  |  |  | 113627 | 113848 |  |
|  |  | Total Interactive Media & Services | Total Interactive Media & Services | Total Interactive Media & Services | Total Interactive Media & Services | $345499 | $361076 |  |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| **IT Services** |  |  |  |  |  |  |  |
| Astek |  |  |  |  |  |  |  |
| &nbsp;&nbsp;FINANCIERE ASTEK | First Lien Secured Debt - Term Loan | E+650, 0.00% Floor | 4/25/2031 | 50293 | $52662 | $58502 | (3)(4)(8)(9)(10)(20) |
|  | First Lien Secured Debt - Delayed Draw | E+650, 0.00% Floor | 4/25/2031 | 20626 | 21590 | 23989 | (3)(4)(8)(9)(10)(12)(20)(32) |
|  |  |  |  |  | 74252 | 82491 |  |
| Avenu Insights |  |  |  |  |  |  |  |
| &nbsp;&nbsp;ACP Avenu Buyer, LLC | First Lien Secured Debt - Term Loan | S+475, 1.00% Floor | 10/2/2029 | 8857 | 8700 | 8768 | (4)(9)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 1.00% Floor | 10/2/2029 | 2668 | 2567 | 2546 | (4)(9)(12)(16)(32) |
|  | First Lien Secured Debt - Revolver | S+525, 1.00% Floor | 10/2/2029 |  | (69) | (61) | (4)(5)(9)(12)(32) |
|  |  |  |  |  | 11198 | 11253 |  |
| GrayMatter |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Genius Bidco LLC | First Lien Secured Debt - Term Loan | S+525, 1.00% Floor | 5/1/2030 | 4593 | 4515 | 4489 | (4)(9)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+525, 1.00% Floor | 5/1/2030 |  | (14) | (38) | (4)(5)(9)(12)(32) |
|  | First Lien Secured Debt - Revolver | S+525, 1.00% Floor | 5/1/2030 | 155 | 136 | 129 | (4)(9)(12)(16)(32) |
|  | Common Equity - Equity Unit | N/A | N/A | 773 Shares | 77 | 54 | (4)(9)(33) |
|  |  |  |  |  | 4714 | 4634 |  |
| Vensure |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Vensure Employer Services, Inc. | First Lien Secured Debt - Term Loan | S+500, 0.50% Floor | 9/27/2031 | 147556 | 146287 | 146080 | (4)(9)(15)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.50% Floor | 9/27/2031 |  | (112) | (149) | (4)(5)(9)(12)(32) |
|  |  |  |  |  | 146175 | 145931 |  |
| Version 1 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Investment Company 24 Bidco Limited | First Lien Secured Debt - Term Loan | SONIA+515, 0.00% Floor | 7/11/2029 | £6559 | 7677 | 8958 | (3)(4)(8)(9)(18) |
|  | First Lien Secured Debt - Term Loan | E+515, 0.00% Floor | 7/11/2029 | 4029 | 3985 | 4723 | (3)(4)(8)(9)(20) |
|  | First Lien Secured Debt - Delayed Draw | SONIA+515, 0.00% Floor | 7/11/2029 | 2248 | 2129 | 2604 | (3)(4)(8)(9)(12)(18)(32) |
|  | First Lien Secured Debt - Delayed Draw | E+575, 0.00% Floor | 7/11/2029 |  |  | (32) | (3)(4)(5)(8)(9)(10)(12)(32) |
|  |  |  |  |  | 13791 | 16253 |  |
| VikingCloud |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Bullcave Limited | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 8/6/2030 | 20895 | 20618 | 20633 | (4)(16) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 8/6/2030 | 2105 | 2054 | 2056 | (4)(12)(16)(32) |
|  |  |  |  |  | 22672 | 22689 |  |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| Virtusa |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Virtusa Corporation | First Lien Secured Debt - Term Loan | S+325, 0.75% Floor | 2/15/2029 | 12716 | 12727 | 12735 | (15) |
|  |  | Total IT Services | Total IT Services | Total IT Services | $285529 | $295986 |  |
| **Leisure Products** |  |  |  |  |  |  |  |
| Lime |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Neutron Holdings, Inc. | First Lien Secured Debt - Term Loan | 10.00% | 9/30/2026 | $75000 | $74317 | $75563 | (4)(9) |
| Peloton |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Peloton Interactive, Inc. | First Lien Secured Debt - Term Loan | S+550, 0.00% Floor | 5/30/2029 | 81994 | 81374 | 83378 | (8)(15)(16) |
| Varsity Brands |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Varsity Brands, LLC | First Lien Secured Debt - Term Loan | S+350, 0.00% Floor | 8/26/2031 | 67331 | 66896 | 67404 | (9)(16) |
|  |  | Total Leisure Products | Total Leisure Products | Total Leisure Products | $222587 | $226345 |  |
| **Life Sciences Tools & Services** |  |  |  |  |  |  |  |
| Cambrex |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Cambrex Corp. | First Lien Secured Debt - Term Loan | S+475, 0.75% Floor | 3/5/2032 | $116810 | $115682 | $115642 | (4)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 0.75% Floor | 3/6/2032 |  | (83) | (87) | (4)(5)(12)(32) |
|  | First Lien Secured Debt - Revolver | S+475, 0.75% Floor | 3/6/2032 |  | (146) | (153) | (4)(5)(12)(32) |
|  |  |  |  |  | 115453 | 115402 |  |
| Curia |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Curia Global, Inc. | First Lien Secured Debt - Term Loan | S+300 Cash plus 3.25% PIK, 0.00% Floor | 12/6/2029 | 201517 | 198202 | 197990 | (4)(16) |
|  |  | Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | $313655 | $313392 |  |
| **Machinery** |  |  |  |  |  |  |  |
| Alliance Laundry Systems |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Alliance Laundry Systems LLC | First Lien Secured Debt - Term Loan | S+250, 0.00% Floor | 8/19/2031 | $25500 | $25391 | $25577 | (15) |
| Carlisle Fluid Technologies |  |  |  |  |  |  |  |
| &nbsp;&nbsp;LSF12 Donnelly Bidco, LLC | First Lien Secured Debt - Term Loan | S+650, 1.00% Floor | 10/2/2029 | 14738 | 14453 | 14541 | (4)(9)(15) |
| Charter Next Generation |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Charter Next Generation, Inc. | First Lien Secured Debt - Term Loan | S+275, 0.75% Floor | 11/29/2030 | 30489 | 30445 | 30631 | (15) |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| Duravant |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Engineered Machinery Holdings, Inc. | First Lien Secured Debt - Term Loan | S+376, 0.75% Floor | 5/19/2028 | 20160 | 20038 | 20305 | (16) |
| Husky Technologies |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Titan Acquisition Ltd of Canada | First Lien Secured Debt - Term Loan | S+450, 0.00% Floor | 2/15/2029 | 75499 | 74824 | 75795 | (8)(16)(17) |
| Ideal Tridon |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ideal Components Acquisition, LLC | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 6/30/2032 | 29924 | 29361 | 29475 | (4)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.75% Floor | 6/30/2032 |  | (41) | (41) | (4)(5)(12)(32) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 6/30/2032 |  | (69) | (69) | (4)(5)(12)(32) |
|  |  |  |  |  | 29251 | 29365 |  |
| JPW |  |  |  |  |  |  |  |
| &nbsp;&nbsp;JPW Industries Holding Corporation | First Lien Secured Debt - Term Loan | S+588, 2.00% Floor | 11/22/2028 | 113452 | 111375 | 112034 | (4)(9)(16) |
| Milacron |  |  |  |  |  |  |  |
| &nbsp;&nbsp;IOTA HOLDINGS 3 | First Lien Secured Debt - Term Loan | S+475, 0.00% Floor | 3/31/2032 | 24737 | 24376 | 24366 | (4)(16) |
|  | First Lien Secured Debt - Revolver | S+475, 0.00% Floor | 3/31/2032 | 116 | (4) | (8) | (4)(5)(12)(16)(32) |
|  |  |  |  |  | 24372 | 24358 |  |
| ProMach |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Pro Mach Group, Inc. | First Lien Secured Debt - Term Loan | S+275, 1.00% Floor | 8/31/2028 | 33731 | 33768 | 33837 | (15)(16) |
|  |  | Total Machinery | Total Machinery | Total Machinery | $363917 | $366443 |  |
| **Media** |  |  |  |  |  |  |  |
| Accelerate360 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Accelerate360 Holdings, LLC | First Lien Secured Debt - Term Loan | S+626, 1.00% Floor | 2/11/2027 | $85119 | $85119 | $84906 | (4)(9)(16) |
|  | First Lien Secured Debt - Revolver | S+626, 1.00% Floor | 2/11/2027 | 24956 | 24956 | 24841 | (4)(9)(12)(16)(32) |
|  |  |  |  |  | 110075 | 109747 |  |
| Advantage Sales |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Advantage Sales & Marketing Inc. | First Lien Secured Debt - Term Loan | S+451, 0.75% Floor | 10/28/2027 | 9278 | 9292 | 7793 | (8)(16) |
| DISH Network |  |  |  |  |  |  |  |
| &nbsp;&nbsp;EchoStar Corporation | First Lien Secured Debt - Corporate Bond | 6.75% PIK | 11/30/2030 | 100 | 99 | 91 | (8) |
|  | First Lien Secured Debt - Corporate Bond | 10.75% | 11/30/2029 | 64979 | 66547 | 66928 | (8) |
|  | First Lien Secured Debt - Convertible Bond | 3.88% PIK | 11/30/2030 | 37 | 37 | 44 | (8) |
|  |  |  |  |  | 66683 | 67063 |  |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| Gannett |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Gannett Co., Inc. | First Lien Secured Debt - Convertible Bond | 6.00% | 12/1/2031 | 500 | 527 | 581 | (4)(8) |
| &nbsp;&nbsp;Gannett Holdings, LLC | First Lien Secured Debt - Term Loan | S+500, 1.50% Floor | 10/15/2029 | 185521 | 183098 | 184826 | (8)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 1.50% Floor | 10/15/2029 | 3732 | 3645 | 3685 | (8)(16)(32) |
|  |  |  |  |  | 187270 | 189092 |  |
| Material+ |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Material Holdings, LLC | First Lien Secured Debt - Term Loan | S+610 Cash plus 9.77% PIK, 0.00% Floor | 8/19/2027 | 6621 | 6368 | 3261 | (4)(16)(28) |
|  | First Lien Secured Debt - Term Loan | 10.43% PIK | 8/19/2027 | 1657 | 1576 |  | (4)(16)(28) |
|  |  |  |  |  | 7944 | 3261 |  |
| McGraw Hill |  |  |  |  |  |  |  |
| &nbsp;&nbsp;McGraw-Hill Education, Inc. | First Lien Secured Debt - Term Loan | S+325, 0.50% Floor | 8/6/2031 | 22915 | 22557 | 23021 | (15) |
| Wasserman Media Group |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Wasserman Media Group LLC | First Lien Secured Debt - Term Loan | S+300, 0.00% Floor | 6/23/2032 | 7000 | 6965 | 7018 | (15) |
|  |  | Total Media | Total Media | Total Media | $410786 | $406995 |  |
| **Oil, Gas & Consumable Fuels** |  |  |  |  |  |  |  |
| AL GCX |  |  |  |  |  |  |  |
| &nbsp;&nbsp;AL GCX Fund VIII Holdings LLC | First Lien Secured Debt - Term Loan | S+200, 0.00% Floor | 1/30/2032 | $12000 | $11976 | $12016 | (15) |
| ArcLight |  |  |  |  |  |  |  |
| &nbsp;&nbsp;AL GCX Holdings, LLC | First Lien Secured Debt - Term Loan | S+200, 0.50% Floor | 5/17/2029 | 10578 | 10557 | 10608 | (15) |
| Brookfield Infrastructure Partners |  |  |  |  |  |  |  |
| &nbsp;&nbsp;BIP Pipeco Holdings LLC | First Lien Secured Debt - Term Loan | S+225, 0.00% Floor | 12/6/2030 | 9224 | 9253 | 9231 | (16) |
| CQP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;CQP Holdco LP | First Lien Secured Debt - Term Loan | S+200, 0.50% Floor | 12/31/2030 | 32419 | 32456 | 32461 | (16) |
| EPIC Crude |  |  |  |  |  |  |  |
| &nbsp;&nbsp;EPIC Crude Services, LP | First Lien Secured Debt - Term Loan | S+300, 0.00% Floor | 10/15/2031 | 10472 | 10411 | 10519 | (15)(16) |
| GIP Pilot |  |  |  |  |  |  |  |
| &nbsp;&nbsp;GIP Pilot Acquisition Partners, L.P. | First Lien Secured Debt - Term Loan | S+200, 0.00% Floor | 10/4/2030 | 1958 | 1970 | 1967 | (16) |
| WhiteWater DBR |  |  |  |  |  |  |  |
| &nbsp;&nbsp;WhiteWater DBR HoldCo LLC | First Lien Secured Debt - Term Loan | S+225, 0.00% Floor | 3/3/2031 | 9241 | 9268 | 9264 | (16) |
|  |  | Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | $85891 | $86066 |  |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| **Paper & Forest Products** |  |  |  |  |  |  |  |
| BiOrigin Specialty |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Complete Paper Inc. | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 2/4/2031 | $19950 | $19666 | $19665 | (4)(16) |
|  |  | Total Paper & Forest Products | Total Paper & Forest Products | Total Paper & Forest Products | $19666 | $19665 |  |
| **Personal Care Products** |  |  |  |  |  |  |  |
| Advantice Health |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Jazz AH Holdco, LLC | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 4/3/2028 | $7002 | $7002 | $6889 | (4)(17) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.75% Floor | 4/3/2028 | 118 | 118 | 116 | (4)(16) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 4/3/2028 | 470 | 462 | 458 | (4)(12)(17)(32) |
|  |  |  |  |  | 7582 | 7463 |  |
| Elida Beauty |  |  |  |  |  |  |  |
| &nbsp;&nbsp;PHOENIX YW BUYER, INC. | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 5/31/2030 | 11184 | 10967 | 10960 | (4)(9)(15) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 5/31/2030 |  | (32) | (34) | (4)(5)(9)(12)(32) |
|  |  |  |  |  | 10935 | 10926 |  |
| Heat Makes Sense |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Amika OpCo LLC | First Lien Secured Debt - Term Loan | S+590, 0.75% Floor | 7/1/2029 | 34475 | 33941 | 34647 | (4)(9)(17) |
|  | First Lien Secured Debt - Term Loan | S+540, 0.75% Floor | 7/1/2029 | 7891 | 7786 | 7891 | (4)(9)(17) |
|  | First Lien Secured Debt - Revolver | S+550, 0.75% Floor | 7/1/2028 |  | (17) |  | (4)(9)(12)(32) |
| &nbsp;&nbsp;Ishtar Co-Invest-B LP | Common Equity - Stock | N/A | N/A | 39 Shares | 22 |  | (4)(9)(33) |
| &nbsp;&nbsp;Oshun Co-Invest-B LP | Common Equity - Stock | N/A | N/A | 11 Shares | 11 |  | (4)(9)(33) |
|  |  |  |  |  | 41743 | 42538 |  |
| KDC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;KDC/ONE Development Corporation, Inc. | First Lien Secured Debt - Term Loan | S+400, 0.00% Floor | 8/15/2028 | 46795 | 46320 | 46901 | (15)(16) |
| PDC Brands |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Parfums Holding Company, Inc. | First Lien Secured Debt - Term Loan | S+525, 1.00% Floor | 6/27/2030 | 163914 | 162490 | 162275 | (4)(9)(16) |
|  | First Lien Secured Debt - Revolver | S+525, 1.00% Floor | 6/27/2029 |  | (82) | (103) | (4)(5)(9)(12)(32) |
|  |  |  |  |  | 162408 | 162172 |  |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| RoC Skincare |  |  |  |  |  |  |  |
| &nbsp;&nbsp;RoC Holdco LLC | First Lien Secured Debt - Term Loan | S+575, 1.00% Floor | 2/21/2031 | 25290 | 24855 | 24910 | (4)(9)(16) |
|  | First Lien Secured Debt - Revolver | S+600, 1.00% Floor | 2/21/2030 |  | (68) | (66) | (4)(5)(9)(12)(32) |
|  |  |  |  |  | 24787 | 24844 |  |
|  |  | Total Personal Care Products | Total Personal Care Products | Total Personal Care Products | $293775 | $294844 |  |
| **Pharmaceuticals** |  |  |  |  |  |  |  |
| Alcresta |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Alcresta Holdings, LP | Preferred Equity - Preferred Stocks | N/A | N/A | 116 Shares | $116 | $130 | (4)(9)(33) |
|  | Common Equity - Equity Unit | N/A | N/A | 1,176 Shares | 1 | 54 | (4)(9)(33) |
| &nbsp;&nbsp;Alcresta Therapeutics Inc. | First Lien Secured Debt - Term Loan | S+550, 1.00% Floor | 3/12/2030 | 4361 | 4289 | 4328 | (4)(9)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+575, 1.00% Floor | 3/31/2030 |  | (69) | (33) | (4)(5)(9)(12)(32) |
|  | First Lien Secured Debt - Revolver | S+575, 1.00% Floor | 3/31/2029 |  | (13) | (7) | (4)(5)(9)(12)(32) |
|  |  |  |  |  | 4324 | 4472 |  |
| Avid Bioservices |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Space Finco, Inc. | First Lien Secured Debt - Term Loan | S+575, 1.00% Floor | 2/5/2032 | 14894 | 14680 | 14670 | (4)(8)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+575, 1.00% Floor | 2/5/2032 |  | (120) | (255) | (4)(5)(8)(12)(32) |
|  | First Lien Secured Debt - Revolver | S+575, 1.00% Floor | 2/5/2031 |  | (140) | (150) | (4)(5)(8)(12)(32) |
| &nbsp;&nbsp;Space Parent, LP | Preferred Equity - Preferred Stocks | N/A | N/A | 99,000 Shares | 99 | 99 | (4)(8)(33) |
|  | Common Equity - Stock | N/A | N/A | 1,000 Shares | 1 | 1 | (4)(8)(33) |
|  |  |  |  |  | 14520 | 14365 |  |
| Catalent |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Creek Parent, Inc. | First Lien Secured Debt - Term Loan | S+525, 0.75% Floor | 12/18/2031 | 201891 | 198557 | 199872 | (4)(9)(15) |
|  | First Lien Secured Debt - Revolver | S+525, 0.75% Floor | 12/18/2031 |  | (471) | (291) | (4)(5)(9)(12)(32) |
|  |  |  |  |  | 198086 | 199581 |  |
| Eversana |  |  |  |  |  |  |  |
| &nbsp;&nbsp;LSCS Holdings, Inc. | First Lien Secured Debt - Term Loan | S+450, 0.00% Floor | 3/4/2032 | 40201 | 39755 | 39522 | (16) |
| PAI |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Pai Middle Tier, LLC | First Lien Secured Debt - Term Loan | S+475, 0.75% Floor | 2/13/2032 | 24750 | 24394 | 24379 | (4)(9)(16) |
|  | First Lien Secured Debt - Revolver | S+475, 0.75% Floor | 2/13/2032 |  | (75) | (79) | (4)(5)(9)(12)(32) |
| &nbsp;&nbsp;PAI Co-Investor FT Aggregator LLC | Common Equity - Stock | N/A | N/A | 100 Shares | 100 | 102 | (4)(9)(33) |
|  |  |  |  |  | 24419 | 24402 |  |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| TerSera Therapeutics |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TerSera Therapeutics LLC | First Lien Secured Debt - Term Loan | S+575, 1.00% Floor | 4/4/2029 | 16665 | 16382 | 16665 | (4)(9)(15) |
|  | First Lien Secured Debt - Revolver | S+575, 1.00% Floor | 4/4/2029 |  | (22) |  | (4)(9)(12)(32) |
|  |  |  |  |  | 16360 | 16665 |  |
|  |  | Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | $297464 | $299007 |  |
| **Professional Services** |  |  |  |  |  |  |  |
| BDO USA |  |  |  |  |  |  |  |
| &nbsp;&nbsp;BDO USA, P.A. | First Lien Secured Debt - Term Loan | S+500, 2.00% Floor | 8/31/2028 | $193292 | $190632 | $192770 | (4)(9)(15)(16) |
| CohnReznick |  |  |  |  |  |  |  |
| &nbsp;&nbsp;CohnReznick Advisory LLC | First Lien Secured Debt - Term Loan | S+400, 0.00% Floor | 3/31/2032 | 8120 | 8081 | 8100 | (16) |
|  | First Lien Secured Debt - Delayed Draw | S+400, 0.00% Floor | 3/31/2032 |  | (9) | (5) | (5)(32) |
|  |  |  |  |  | 8072 | 8095 |  |
| EAB |  |  |  |  |  |  |  |
| &nbsp;&nbsp;EAB Global, Inc. | First Lien Secured Debt - Term Loan | S+300, 0.50% Floor | 8/16/2030 | 59054 | 58828 | 58095 | (15) |
|  | First Lien Secured Debt - Revolver | S+300, 0.00% Floor | 5/16/2028 |  | (34) | (37) | (4)(5)(12)(32) |
|  |  |  |  |  | 58794 | 58058 |  |
| Escalent |  |  |  |  |  |  |  |
| &nbsp;&nbsp;M&M OPCO, LLC | First Lien Secured Debt - Term Loan | S+600, 1.00% Floor | 4/7/2029 | 9310 | 9110 | 9147 | (4)(9)(16) |
|  | First Lien Secured Debt - Revolver | S+600, 1.00% Floor | 4/7/2029 |  | (9) | (8) | (4)(5)(9)(12)(32) |
|  |  |  |  |  | 9101 | 9139 |  |
| Evelyn |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Violin Finco Guernsey Limited | First Lien Secured Debt - Term Loan | SONIA+525, 0.00% Floor | 6/24/2031 | £68523 | 86153 | 93118 | (3)(4)(8)(9)(10)(18) |
|  | First Lien Secured Debt - Delayed Draw | SONIA+550, 0.00% Floor | 6/24/2031 | £— | (28) | (73) | (3)(4)(5)(8)(9)(10)(12)(32) |
|  |  |  |  |  | 86125 | 93045 |  |
| FGS Global |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Kite Bidco Inc. | First Lien Secured Debt - Term Loan | S+500, 0.00% Floor | 11/25/2031 | 61788 | 60935 | 60861 | (4)(10)(17) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.00% Floor | 9/20/2031 |  | (105) | (228) | (4)(5)(10)(32) |
|  |  |  |  |  | 60830 | 60633 |  |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| G&A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;G&A Partners Holding Company II, LLC | First Lien Secured Debt - Term Loan | S+475, 0.75% Floor | 3/1/2031 | 26427 | 26089 | 26295 | (4)(9)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 0.75% Floor | 3/1/2031 | 352 | 295 | 327 | (4)(9)(12)(16)(32) |
|  | First Lien Secured Debt - Revolver | S+475, 0.75% Floor | 3/1/2030 |  | (28) | (9) | (4)(5)(9)(12)(32) |
|  |  |  |  |  | 26356 | 26613 |  |
| Grant Thornton UK |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Pacioli UK Midco Limited | First Lien Secured Debt - Term Loan | SONIA+500, 0.00% Floor | 4/2/2032 | £109980 | 142555 | 148322 | (3)(4)(8)(9)(10)(18) |
| Legends |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Legends Hospitality Holding Company, LLC | First Lien Secured Debt - Term Loan | S+275 Cash plus 2.75% PIK, 0.75% Floor | 8/22/2031 | 99539 | 97781 | 98543 | (4)(9)(10)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.75% Floor | 8/22/2031 |  | (51) | (58) | (4)(5)(9)(12)(32) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 8/22/2030 | 4611 | 4411 | 4496 | (4)(9)(12)(15)(32) |
|  |  |  |  |  | 102141 | 102981 |  |
| Public Partnerships |  |  |  |  |  |  |  |
| &nbsp;&nbsp;PPL Acquisition LLC | First Lien Secured Debt - Term Loan | S+635 Cash plus 3.00% PIK, 0.75% Floor | 7/1/2028 | 8339 | 8243 | 8005 | (4)(9)(16) |
|  | First Lien Secured Debt - Revolver | S+625, 0.75% Floor | 7/1/2028 |  | (10) | (40) | (4)(5)(9)(12)(32) |
| &nbsp;&nbsp;PPL Equity LP | Preferred Equity - Preferred Stocks | N/A | N/A | 50,000 Shares | 50 | 39 | (4)(9)(33) |
|  | Common Equity - Equity Unit | N/A | N/A | 50,000 Shares |  |  | (4)(9)(33) |
|  |  |  |  |  | 8283 | 8004 |  |
| VFS Global |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Speed Midco 3 S.A R.L. | First Lien Secured Debt - Term Loan | E+495, 0.00% Floor | 5/16/2029 | 115020 | 123134 | 135488 | (3)(4)(8)(9)(21) |
|  | First Lien Secured Debt - Term Loan | S+495, 0.00% Floor | 5/16/2029 | 59979 | 59931 | 59379 | (4)(8)(9)(10)(16)(17) |
|  | First Lien Secured Debt - Term Loan | SONIA+495, 0.00% Floor | 5/16/2029 | £31767 | 40229 | 43606 | (3)(4)(8)(9)(18) |
|  |  |  |  |  | 223294 | 238473 |  |
| Waystone |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Sigma Irish Acquico Limited | First Lien Secured Debt - Term Loan | E+525, 0.00% Floor | 3/19/2032 | 67460 | 72106 | 78869 | (3)(4)(8)(10)(20) |
|  | First Lien Secured Debt - Term Loan | S+525, 0.00% Floor | 3/19/2032 | 70821 | 69447 | 70290 | (4)(8)(10)(14) |
|  | First Lien Secured Debt - Delayed Draw | S+525, 0.00% Floor | 3/19/2032 |  | (236) | (185) | (4)(5)(8)(10)(12)(32) |
|  |  |  |  |  | 141317 | 148974 |  |
|  |  | Total Professional Services | Total Professional Services | Total Professional Services | $1057500 | $1095107 |  |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| **Real Estate Management & Development** |  |  |  |  |  |  |  |
| 3Phase Elevator |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Polyphase Elevator Holding Company | First Lien Secured Debt - Term Loan | S+610, 1.00% Floor | 6/23/2027 | $3581 | $3581 | $3151 | (4)(16) |
| Pritchard Industries |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Pritchard Industries, LLC | First Lien Secured Debt - Term Loan | S+600, 0.75% Floor | 10/13/2027 | 6288 | 6288 | 6241 | (4)(16) |
| Redfin |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Redfin Corporation | First Lien Secured Debt - Term Loan | S+575, 1.50% Floor | 10/20/2028 | 62389 | 61135 | 62701 | (4)(8)(9)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+575, 1.50% Floor | 10/20/2028 | 62706 | 61370 | 63020 | (4)(8)(9)(16) |
|  |  |  |  |  | 122505 | 125721 |  |
|  |  | Total Real Estate Management & Development | Total Real Estate Management & Development | Total Real Estate Management & Development | $132374 | $135113 |  |
| **Software** |  |  |  |  |  |  |  |
| Accela |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Accela, Inc. | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 9/3/2030 | $18240 | $17947 | $18240 | (4)(9)(15) |
|  | First Lien Secured Debt - Revolver | S+600, 0.75% Floor | 9/3/2030 |  | (26) |  | (4)(9)(12)(32) |
|  |  |  |  |  | 17921 | 18240 |  |
| Access Group |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Armstrong Bidco Limited | First Lien Secured Debt - Term Loan | SONIA+500, 0.00% Floor | 6/28/2029 | £27600 | 33100 | 36843 | (3)(4)(8)(18) |
|  | First Lien Secured Debt - Delayed Draw | SONIA+500, 0.00% Floor | 6/28/2029 | £14400 | 17286 | 19223 | (3)(4)(8)(18) |
|  |  |  |  |  | 50386 | 56066 |  |
| Alteryx |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Azurite Intermediate Holdings, Inc. | First Lien Secured Debt - Term Loan | S+600, 0.75% Floor | 3/19/2031 | 20144 | 19881 | 19993 | (4)(9)(15)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+600, 0.75% Floor | 3/19/2031 | 45781 | 45195 | 45438 | (4)(9)(15) |
|  | First Lien Secured Debt - Revolver | S+650, 0.75% Floor | 3/19/2031 |  | (90) | (55) | (4)(5)(9)(12)(32) |
|  |  |  |  |  | 64986 | 65376 |  |
| Anaplan |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Anaplan, Inc. | First Lien Secured Debt - Term Loan | S+450, 0.75% Floor | 6/21/2029 | 239109 | 239109 | 239109 | (4)(16) |
|  | First Lien Secured Debt - Revolver | S+450, 0.75% Floor | 6/21/2028 |  |  |  | (4)(12)(32) |
|  |  |  |  |  | 239109 | 239109 |  |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| Avalara |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Avalara, Inc. | First Lien Secured Debt - Term Loan | S+325, 0.00% Floor | 3/26/2032 | 53688 | 53408 | 53982 | (15)(16) |
| Avetta |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Artifact Bidco, Inc. | First Lien Secured Debt - Term Loan | S+425, 0.50% Floor | 7/28/2031 | 63399 | 62831 | 62765 | (4)(9)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+425, 0.50% Floor | 7/28/2031 |  | (67) | (155) | (4)(5)(9)(12)(32) |
|  | First Lien Secured Debt - Revolver | S+425, 0.50% Floor | 7/26/2030 |  | (94) | (84) | (4)(5)(9)(12)(32) |
|  |  |  |  |  | 62670 | 62526 |  |
| Beeline |  |  |  |  |  |  |  |
| &nbsp;&nbsp;IQN Holding Corp. | First Lien Secured Debt - Term Loan | S+263 Cash plus 3.12% PIK, 0.75% Floor | 5/2/2029 | 85041 | 84670 | 84176 | (4)(9)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+550, 0.00% Floor | 5/2/2029 |  |  | (68) | (4)(5)(9)(12)(32) |
|  | First Lien Secured Debt - Revolver | S+525, 0.75% Floor | 5/2/2028 | 3765 | 3740 | 3713 | (4)(9)(12)(16)(32) |
|  |  |  |  |  | 88410 | 87821 |  |
| BMC Software |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Boxer Parent Company Inc. | First Lien Secured Debt - Term Loan | S+300, 0.00% Floor | 7/30/2031 | 33244 | 33195 | 33076 | (16) |
| Certinia |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Certinia Inc | First Lien Secured Debt - Term Loan | S+525, 1.00% Floor | 8/3/2029 | 60627 | 59652 | 60021 | (4)(9)(16) |
|  | First Lien Secured Debt - Revolver | S+525, 1.00% Floor | 8/3/2029 |  | (83) | (40) | (4)(5)(9)(12)(32) |
|  |  |  |  |  | 59569 | 59981 |  |
| CINC Systems |  |  |  |  |  |  |  |
| &nbsp;&nbsp;1475 Holdings, LLC | First Lien Secured Debt - Term Loan | S+525, 0.75% Floor | 1/18/2030 | 3929 | 3865 | 3892 | (4)(9)(15) |
|  | First Lien Secured Debt - Term Loan | S+525, 0.75% Floor | 1/19/2030 | 2325 | 2304 | 2304 | (4)(9)(15) |
|  | First Lien Secured Debt - Revolver | S+575, 0.75% Floor | 1/18/2030 |  | (16) | (10) | (4)(5)(9)(12)(32) |
|  |  |  |  |  | 6153 | 6186 |  |
| Citrix |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Cloud Software Group, Inc. | First Lien Secured Debt - Term Loan | S+350, 0.50% Floor | 3/29/2029 | 13711 | 12920 | 13741 | (16) |
|  | First Lien Secured Debt - Term Loan | S+375, 0.50% Floor | 3/21/2031 | 11688 | 11582 | 11721 | (16) |
|  |  |  |  |  | 24502 | 25462 |  |
| Cohesity |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Clover Holdings 2, LLC | First Lien Secured Debt - Term Loan | S+400, 0.00% Floor | 12/9/2031 | 35500 | 35033 | 35600 | (16) |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| CompTIA |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Endor Purchaser, Inc. | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 1/9/2032 |  | 37594 | 37237 | 37218 | (4)(9)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.75% Floor | 1/9/2032 |  |  | (39) | (84) | (4)(5)(9)(32) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 1/9/2032 |  |  | (39) | (42) | (4)(5)(9)(32) |
|  |  |  |  |  |  | 37159 | 37092 |  |
| Coupa Software |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Coupa Software Incorporated | First Lien Secured Debt - Term Loan | S+525, 0.75% Floor | 2/27/2030 |  | 54732 | 53711 | 55279 | (4)(9)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+550, 0.75% Floor | 2/27/2030 |  |  | (42) |  | (4)(9)(12)(32) |
|  | First Lien Secured Debt - Revolver | S+550, 0.75% Floor | 2/27/2029 |  |  | (58) |  | (4)(9)(12)(32) |
|  |  |  |  |  |  | 53611 | 55279 |  |
| Databricks |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Databricks, Inc. | First Lien Secured Debt - Term Loan | S+450, 0.00% Floor | 1/3/2031 |  | 124873 | 124304 | 126122 | (15)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+450, 0.00% Floor | 1/19/2031 |  |  | (134) |  | (32) |
|  |  |  |  |  |  | 124170 | 126122 |  |
| DigiCert |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Dcert Buyer, Inc. | First Lien Secured Debt - Term Loan | S+400, 0.00% Floor | 10/16/2026 |  | 40433 | 40294 | 40138 | (15) |
| Duck Creek Technologies |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Disco Parent, LLC | First Lien Secured Debt - Term Loan | S+700, 1.00% Floor | 3/30/2029 |  | 25032 | 24593 | 25283 | (4)(9)(16) |
|  | First Lien Secured Debt - Revolver | S+750, 1.00% Floor | 3/30/2029 |  |  | (34) |  | (4)(9)(12)(32) |
|  |  |  |  |  |  | 24559 | 25283 |  |
| Everbridge |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Everbridge Holdings, LLC | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 7/2/2031 |  | 61174 | 60901 | 61480 | (4)(9)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.75% Floor | 7/2/2031 |  | 5995 | 5962 | 6025 | (4)(9)(12)(16)(32) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 7/2/2031 |  |  | (26) |  | (4)(9)(12)(32) |
|  |  |  |  |  |  | 66837 | 67505 |  |
| Flexera |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Flexera Software LLC | First Lien Secured Debt - Term Loan | S+300, 0.75% Floor | 3/3/2028 |  | 36290 | 36189 | 36361 | (16) |
| Fortnox |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;OMEGA II AB | First Lien Secured Debt - Term Loan | STIBOR+475, 0.00% Floor | 6/18/2032 | kr | 526888 | 54322 | 55413 | (3)(4)(8)(10)(23) |
|  | First Lien Secured Debt - Delayed Draw | STIBOR+475, 0.00% Floor | 6/18/2032 | kr |  | (46) | (47) | (3)(4)(5)(8)(10)(12)(32) |
|  |  |  |  |  |  | 54276 | 55366 |  |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| G2CI |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Evergreen IX Borrower 2023, LLC | First Lien Secured Debt - Term Loan | S+475, 0.75% Floor | 9/30/2030 | 122178 | 120069 | 122177 | (4)(9)(16) |
|  | First Lien Secured Debt - Revolver | S+475, 0.75% Floor | 10/1/2029 |  | (180) |  | (4)(9)(12)(32) |
|  |  |  |  |  | 119889 | 122177 |  |
| GTreasury |  |  |  |  |  |  |  |
| &nbsp;&nbsp;G Treasury SS LLC | First Lien Secured Debt - Term Loan | S+550, 1.00% Floor | 6/29/2029 | 8571 | 8446 | 8464 | (4)(9)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+550, 1.00% Floor | 6/29/2029 | 4500 | 4445 | 4384 | (4)(9)(12)(16)(32) |
|  | First Lien Secured Debt - Revolver | S+550, 1.00% Floor | 6/29/2029 | 571 | 543 | 545 | (4)(9)(12)(16)(32) |
|  |  |  |  |  | 13434 | 13393 |  |
| HHAeXchange |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Homecare Software Solutions LLC | First Lien Secured Debt - Term Loan | S+263 Cash plus 2.93% PIK, 0.00% Floor | 6/14/2031 | 76537 | 76537 | 76537 | (4)(15) |
| Infoblox |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Delta Topco, Inc. | First Lien Secured Debt - Term Loan | S+275, 0.00% Floor | 11/30/2029 | 26246 | 26244 | 26089 | (16) |
| Iris Software |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Elements Finco Limited | First Lien Secured Debt - Term Loan | SONIA+300 Cash plus 2.25% PIK, 0.00% Floor | 12/19/2031 | £32359 | 40702 | 43973 | (3)(4)(8)(10)(18) |
| JD Power |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Project Boost Purchaser, LLC | First Lien Secured Debt - Term Loan | S+300, 0.00% Floor | 7/16/2031 | 14925 | 14925 | 14968 | (16) |
| Medallia |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Medallia, Inc. | First Lien Secured Debt - Term Loan | S+660 Cash plus 4.00% PIK, 0.75% Floor | 10/29/2028 | 40417 | 39930 | 35062 | (4)(9)(17) |
| M-Files |  |  |  |  |  |  |  |
| &nbsp;&nbsp;MetaTiedot Midco S.à r.l. | First Lien Secured Debt - Term Loan | E+550, 0.75% Floor | 11/27/2031 | 21178 | 22062 | 24946 | (3)(4)(8)(20) |
|  | First Lien Secured Debt - Term Loan | S+550, 0.75% Floor | 11/27/2031 | 15859 | 15636 | 15740 | (4)(8)(16) |
|  | First Lien Secured Debt - Delayed Draw | E+550, 0.75% Floor | 11/27/2031 | 171 | 131 | 202 | (3)(4)(8)(12)(20)(32) |
|  | First Lien Secured Debt - Revolver | E+550, 0.75% Floor | 11/27/2030 |  | 6 | (50) | (3)(4)(5)(8)(12)(32) |
|  |  |  |  |  | 37835 | 40838 |  |
| Mitchell |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Mitchell International, Inc. | First Lien Secured Debt - Term Loan | S+325, 0.50% Floor | 6/17/2031 | 50181 | 49965 | 50198 | (15) |
| MYOB |  |  |  |  |  |  |  |
| &nbsp;&nbsp;MYOB US Borrower LLC | First Lien Secured Debt - Term Loan | BBSW+550, 0.75% Floor | 6/6/2030 | 153800 | 98417 | 99705 | (3)(4)(8)(9)(10)(25) |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| New Relic |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Crewline Buyer, Inc. | First Lien Secured Debt - Term Loan | S+675, 1.00% Floor | 11/8/2030 | 66900 | 65456 | 66900 | (4)(9)(15) |
|  | First Lien Secured Debt - Revolver | S+675, 1.00% Floor | 11/8/2030 |  | (84) |  | (4)(9)(12)(32) |
|  |  |  |  |  | 65372 | 66900 |  |
| Paessler |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Blitz 24-34 GmbH | First Lien Secured Debt - Term Loan | S+550, 1.00% Floor | 5/3/2031 | 47544 | 47126 | 47306 | (4)(8)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+600, 1.00% Floor | 5/3/2030 |  | (29) | (35) | (4)(5)(8)(12)(32) |
|  |  |  |  |  | 47097 | 47271 |  |
| Ping Identity |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ping Identity Holding Corp. | First Lien Secured Debt - Term Loan | S+475, 0.75% Floor | 10/17/2029 | 38395 | 38004 | 38394 | (4)(16) |
|  | First Lien Secured Debt - Revolver | S+475, 0.75% Floor | 10/17/2028 |  | (32) |  | (4)(12)(32) |
|  |  |  |  |  | 37972 | 38394 |  |
| Proofpoint |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Proofpoint, Inc. | First Lien Secured Debt - Term Loan | S+300, 0.50% Floor | 8/31/2028 | 27885 | 27791 | 27935 | (15) |
| Qlik |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Project Alpha Intermediate Holding, Inc. | First Lien Secured Debt - Term Loan | S+325, 0.50% Floor | 10/26/2030 | 31 | 32 | 32 | (16) |
| Qualtrics |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Quartz Acquireco, LLC | First Lien Secured Debt - Term Loan | S+225, 0.00% Floor | 6/28/2030 | 30372 | 30219 | 30524 | (16) |
| Quorum |  |  |  |  |  |  |  |
| &nbsp;&nbsp;QBS Parent, Inc. | First Lien Secured Debt - Term Loan | S+450, 0.75% Floor | 6/3/2032 | 158720 | 157973 | 157926 | (4)(9)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+450, 0.75% Floor | 6/3/2032 |  |  | (109) | (4)(5)(9)(32) |
|  | First Lien Secured Debt - Revolver | S+450, 0.75% Floor | 6/3/2032 |  | (90) | (96) | (4)(5)(9)(11)(12)(32) |
|  |  |  |  |  | 157883 | 157721 |  |
| RealPage |  |  |  |  |  |  |  |
| &nbsp;&nbsp;RealPage, Inc. | First Lien Secured Debt - Term Loan | S+375, 0.50% Floor | 4/24/2028 | 17955 | 17875 | 18006 | (16) |
| Redwood |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Runway Bidco, LLC | First Lien Secured Debt - Term Loan | S+500, 0.50% Floor | 12/17/2031 | 166731 | 165159 | 165064 | (4)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.50% Floor | 12/17/2031 |  | (192) | (415) | (4)(5)(12)(32) |
|  | First Lien Secured Debt - Revolver | S+500, 0.50% Floor | 12/17/2031 |  | (192) | (208) | (4)(5)(12)(32) |
|  |  |  |  |  | 164775 | 164441 |  |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| Relativity |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Relativity ODA LLC | First Lien Secured Debt - Term Loan | S+450, 1.00% Floor | 5/12/2029 | 29262 | 28769 | 29117 | (4)(15) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 5/12/2029 |  | (38) | (12) | (4)(5)(12)(32) |
|  |  |  |  |  | 28731 | 29105 |  |
| Solera |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Polaris Newco, LLC | First Lien Secured Debt - Term Loan | S+401, 0.50% Floor | 6/2/2028 | 53540 | 53111 | 52251 | (16) |
| Storable |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Storable Inc | First Lien Secured Debt - Term Loan | S+325, 0.00% Floor | 4/16/2031 | 23691 | 23597 | 23700 | (15) |
| Sunfire |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Spark Purchaser, Inc. | First Lien Secured Debt - Term Loan | S+550, 0.75% Floor | 4/1/2031 | 8584 | 8435 | 8519 | (4)(9)(16) |
|  | First Lien Secured Debt - Revolver | S+550, 0.75% Floor | 4/1/2030 |  | (22) | (10) | (4)(5)(9)(12)(32) |
|  |  |  |  |  | 8413 | 8509 |  |
| Uniguest |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Uniguest Holdings, Inc | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 11/27/2030 | 48408 | 47737 | 47749 | (4)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 1.00% Floor | 11/27/2030 |  | (127) | (255) | (4)(5)(12)(32) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 11/27/2030 |  | (63) | (63) | (4)(5)(12)(32) |
|  |  |  |  |  | 47547 | 47431 |  |
| Veeam Software |  |  |  |  |  |  |  |
| &nbsp;&nbsp;VS Buyer, LLC | First Lien Secured Debt - Term Loan | S+275, 0.00% Floor | 4/12/2031 | 27018 | 26937 | 27187 | (15)(16) |
| VIP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Vamos Bidco, Inc. | First Lien Secured Debt - Term Loan | S+475, 0.50% Floor | 1/30/2032 | 66828 | 66190 | 66160 | (4)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 0.50% Floor | 1/30/2032 |  | (131) | (278) | (4)(5)(12)(32) |
|  | First Lien Secured Debt - Revolver | S+475, 0.75% Floor | 1/30/2032 |  | (79) | (84) | (4)(5)(12)(32) |
|  |  |  |  |  | 65980 | 65798 |  |
| X.AI |  |  |  |  |  |  |  |
| &nbsp;&nbsp;X.AI LLC | First Lien Secured Debt - Term Loan | S+725, 0.00% Floor | 6/28/2030 | 61750 | 59280 | 58939 | (15) |
|  | First Lien Secured Debt - Term Loan | 12.50% | 6/28/2030 | 27250 | 27266 | 27399 |  |
|  | First Lien Secured Debt - Corporate Bond | 12.50% | 6/30/2030 | 24000 | 24000 | 24279 |  |
|  |  |  |  |  | 110546 | 110617 |  |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| Zafin |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Zafin Labs Americas Incorporated | First Lien Secured Debt - Term Loan | S+475, 0.75% Floor | 2/14/2031 | 12500 | 12322 | 12325 | (4)(8)(9)(17) |
|  | First Lien Secured Debt - Revolver | S+475, 0.75% Floor | 2/14/2031 |  | (35) | (35) | (4)(5)(8)(9)(12)(32) |
|  |  |  |  |  | 12287 | 12290 |  |
| Zendesk |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Zendesk, Inc. | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 11/22/2028 | 144694 | 142924 | 144331 | (4)(9)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.75% Floor | 11/22/2028 | 11117 | 10824 | 11028 | (4)(9)(12)(16)(32) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 11/22/2028 |  | (166) | (37) | (4)(5)(9)(12)(32) |
|  |  |  |  |  | 153582 | 155322 |  |
|  |  | Total Software | Total Software | Total Software | $2770062 | $2792945 |  |
| **Specialized REITs** |  |  |  |  |  |  |  |
| Uniti Group |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Uniti Group LP / Uniti Group Finance Inc / CSL Capital LLC | First Lien Secured Debt - Corporate Bond | 10.50% | 2/15/2028 | $23162 | $24170 | $24537 | (8) |
|  |  | Total Specialized REITs | Total Specialized REITs | Total Specialized REITs | $24170 | $24537 |  |
| **Specialty Retail** |  |  |  |  |  |  |  |
| CONSTELLATION AUTOMOTIVE |  |  |  |  |  |  |  |
| &nbsp;&nbsp;BBD Bidco Limited | First Lien Secured Debt - Term Loan | SONIA+625, 0.00% Floor | 3/21/2031 | £21455 | $27446 | $29009 | (3)(4)(8)(10)(18) |
|  | First Lien Secured Debt - Term Loan | E+625, 0.00% Floor | 4/3/2031 | 8869 | 9484 | 10291 | (3)(4)(8)(10)(20) |
|  |  |  |  |  | 36930 | 39300 |  |
| EG Group |  |  |  |  |  |  |  |
| &nbsp;&nbsp;EG Global Finance PLC | First Lien Secured Debt - Corporate Bond | S+750, 0.50% Floor | 11/30/2028 | 118022 | 114656 | 126874 | (8)(14) |
|  | First Lien Secured Debt - Corporate Bond | 12.00% | 11/30/2028 | 8380 | 8964 | 9260 | (8) |
| &nbsp;&nbsp;EG Group Limited | First Lien Secured Debt - Term Loan | S+425, 0.00% Floor | 2/7/2028 | 10053 | 10002 | 10111 | (8)(16) |
|  |  |  |  |  | 133622 | 146245 |  |
| Golden Hippo |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Altern Marketing, LLC | First Lien Secured Debt - Term Loan | S+500, 2.00% Floor | 6/13/2028 | 57678 | 57230 | 57677 | (4)(9)(16) |
|  | First Lien Secured Debt - Revolver | S+500, 2.00% Floor | 6/13/2028 | 7840 | 7727 | 7840 | (4)(9)(12)(16)(32) |
|  |  |  |  |  | 64957 | 65517 |  |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| Kaseya |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Kaseya Inc | First Lien Secured Debt - Term Loan | S+325, 0.00% Floor | 3/20/2032 | 24938 | 24820 | 25064 | (15) |
|  | First Lien Secured Debt - Revolver | S+325, 0.00% Floor | 3/20/2030 |  | (12) | (8) | (5)(12)(32) |
|  |  |  |  |  | 24808 | 25056 |  |
| PetSmart |  |  |  |  |  |  |  |
| &nbsp;&nbsp;PetSmart LLC | First Lien Secured Debt - Term Loan | S+385, 0.75% Floor | 2/11/2028 | 9625 | 9628 | 9547 | (15) |
| S&S |  |  |  |  |  |  |  |
| &nbsp;&nbsp;S&S Holdings LLC | First Lien Secured Debt - Term Loan | S+500, 0.50% Floor | 10/1/2031 | 58461 | 57328 | 56141 | (15)(16) |
| Sketchers |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Beach Acquisition Bidco LLC | First Lien Secured Debt - Term Loan | S+325, 0.00% Floor | 6/25/2032 | 14000 | 13965 | 14088 | (8)(15) |
| Tailored Brands |  |  |  |  |  |  |  |
| &nbsp;&nbsp;The Men's Wearhouse, LLC | First Lien Secured Debt - Term Loan | S+650, 0.00% Floor | 2/26/2029 | 71458 | 69888 | 71518 | (16) |
|  |  | Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | $411126 | $427412 |  |
| **Technology Hardware, Storage & Peripherals** |  |  |  |  |  |  |  |
| Biamp |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Biamp | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 4/30/2030 | $43450 | $42714 | $42294 | (4)(9)(15) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 4/30/2030 |  | (97) | (160) | (4)(5)(9)(12)(32) |
|  |  |  |  |  | 42617 | 42134 |  |
| Citation Group |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Rocket Bidco Limited | First Lien Secured Debt - Term Loan | SONIA+475, 0.00% Floor | 1/15/2032 | £85925 | 104197 | 116766 | (3)(4)(8)(10)(18) |
|  | First Lien Secured Debt - Delayed Draw | SONIA+475, 0.00% Floor | 1/15/2032 | £3689 | 4100 | 4643 | (3)(4)(8)(10)(18)(32) |
|  |  |  |  |  | 108297 | 121409 |  |
| Forterro |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Yellow Castle AB | First Lien Secured Debt - Term Loan | E+475 Cash plus 7.47% PIK, 0.00% Floor | 7/7/2029 | 9933 | 9945 | 11672 | (3)(4)(8)(9)(21) |
|  | First Lien Secured Debt - Term Loan | SARON+475 Cash plus 5.46% PIK, 0.00% Floor | 7/7/2029 | 3326 | 3367 | 4182 | (3)(4)(8)(9)(22) |
|  | First Lien Secured Debt - Term Loan | STIBOR+475 Cash plus 8.63% PIK, 0.00% Floor | 7/7/2029 | 35257 | 3292 | 3717 | (3)(4)(8)(9)(23) |
|  | First Lien Secured Debt - Delayed Draw | E+500, 0.00% Floor | 7/9/2029 | 23672 | 24728 | 27765 | (3)(4)(8)(9)(18)(21)(22)(32) |
|  |  |  |  |  | 41332 | 47336 |  |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| Instem |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ichor Management Limited | First Lien Secured Debt - Term Loan | S+550, 1.00% Floor | 12/8/2029 | 9139 | 8957 | 8774 | (4)(8)(9)(17) |
|  | First Lien Secured Debt - Delayed Draw | SONIA+550, 1.00% Floor | 12/7/2029 | £— | (36) | (169) | (3)(4)(5)(8)(9)(12)(32) |
|  | First Lien Secured Debt - Revolver | S+550, 1.00% Floor | 12/7/2029 | £1477 | 1817 | 1946 | (3)(4)(8)(9)(17)(32) |
|  |  |  |  |  | 10738 | 10551 |  |
| Service Express |  |  |  |  |  |  |  |
| &nbsp;&nbsp;VICTORS PURCHASER, LLC | First Lien Secured Debt - Term Loan | S+475, 0.50% Floor | 8/15/2031 | 78925 | 78210 | 78137 | (4)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 0.50% Floor | 8/15/2031 | 4080 | 3961 | 3892 | (4)(12)(16)(32) |
|  | First Lien Secured Debt - Revolver | S+475, 0.50% Floor | 8/15/2031 |  | (141) | (109) | (3)(4)(5)(12)(32) |
|  |  |  |  |  | 82030 | 81920 |  |
|  |  | Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | $285014 | $303350 |  |
| **Textiles, Apparel & Luxury Goods** |  |  |  |  |  |  |  |
| Authentic Brands |  |  |  |  |  |  |  |
| &nbsp;&nbsp;ABG Intermediate Holdings 2 LLC | First Lien Secured Debt - Term Loan | S+225, 0.00% Floor | 12/21/2028 | $57829 | $57570 | $57870 | (15) |
|  | First Lien Secured Debt - Delayed Draw | S+225, 0.00% Floor | 2/13/2032 | 29316 | 29245 | 29297 | (15) |
|  |  |  |  |  | 86815 | 87167 |  |
| Gruppo Florence |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Made in Italy 2 S.P.A. | First Lien Secured Debt - Corporate Bond | E+675, 0.00% Floor | 10/17/2030 | 74500 | 77179 | 79640 | (3)(4)(8)(9)(20) |
| Iconix Brand Group |  |  |  |  |  |  |  |
| &nbsp;&nbsp;IBG Borrower LLC | First Lien Secured Debt - Term Loan | S+515, 1.00% Floor | 8/22/2029 | 112488 | 111219 | 111083 | (4)(9)(16) |
|  |  | Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | $275213 | $277890 |  |
| **Trading Companies & Distributors** |  |  |  |  |  |  |  |
| Foundation Building Materials |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Foundation Building Materials, Inc. | First Lien Secured Debt - Term Loan | S+351, 0.50% Floor | 1/31/2028 | $38807 | $38039 | $38444 | (16) |
| Meritus Gas Partners |  |  |  |  |  |  |  |
| &nbsp;&nbsp;MGP Holdings III Corp. | First Lien Secured Debt - Term Loan | S+525, 1.00% Floor | 3/1/2030 | 28339 | 27893 | 27914 | (4)(9)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+525, 1.00% Floor | 3/1/2030 | 6056 | 5934 | 5878 | (4)(9)(12)(16)(32) |
|  | First Lien Secured Debt - Revolver | S+525, 1.00% Floor | 3/1/2030 | 720 | 689 | 690 | (4)(9)(12)(16)(32) |
|  |  |  |  |  | 34516 | 34482 |  |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| ORS Nasco |  |  |  |  |  |  |  |
| &nbsp;&nbsp;WC ORS Buyer, Inc. | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 8/7/2031 | 96697 | 95358 | 95247 | (4)(9)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.75% Floor | 8/7/2031 | 14330 | 14138 | 14115 | (4)(9)(16) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 8/7/2031 | 3730 | 3540 | 3515 | (4)(9)(12)(15)(16)(32) |
| &nbsp;&nbsp;WC ORS Holdings, L.P. | Common Equity - Limited Partnership | N/A | N/A | 90,443 Shares | 90 | 121 | (4)(9)(33) |
|  |  |  |  |  | 113126 | 112998 |  |
|  |  | Total Trading Companies & Distributors | Total Trading Companies & Distributors | Total Trading Companies & Distributors | $185681 | $185924 |  |
| **Transportation Infrastructure** |  |  |  |  |  |  |  |
| Alliance Ground International |  |  |  |  |  |  |  |
| &nbsp;&nbsp;AGI-CFI Holdings, Inc. | First Lien Secured Debt - Term Loan | S+490, 0.75% Floor | 6/11/2027 | $18086 | $17992 | $17996 | (4)(16)(17) |
| Amey |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Project Ardent Bidco Limited | First Lien Secured Debt - Term Loan | SONIA+550, 0.00% Floor | 11/12/2031 | £125385 | 156884 | 169097 | (3)(4)(8)(10)(18) |
| Eagle Railcar |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Elk Bidco, Inc | First Lien Secured Debt - Term Loan | S+450, 0.50% Floor | 6/14/2032 | 112659 | 112098 | 112095 | (4)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+450, 0.50% Floor | 6/14/2032 |  | (59) | (59) | (4)(5)(12)(32) |
|  | First Lien Secured Debt - Revolver | S+450, 0.50% Floor | 6/14/2032 |  | (106) | (106) | (4)(5)(12)(32) |
|  |  |  |  |  | 111933 | 111930 |  |
| GAT |  |  |  |  |  |  |  |
| &nbsp;&nbsp;GAT-Airline Ground Support Inc | First Lien Secured Debt - Term Loan | S+525, 1.00% Floor | 5/9/2029 | 15086 | 14902 | 14973 | (4)(9)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+525, 1.00% Floor | 5/9/2029 | 2057 | 2015 | 2021 | (4)(9)(12)(16)(32) |
|  | First Lien Secured Debt - Revolver | P+525, 1.00% Floor | 5/9/2029 | 794 | 766 | 776 | (4)(9)(12)(16)(24)(32) |
|  |  |  |  |  | 17683 | 17770 |  |
| GSI |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Geotechnical Merger Sub, Inc. | First Lien Secured Debt - Term Loan | S+475, 0.75% Floor | 10/15/2031 | 67411 | 66788 | 66736 | (4)(9)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 0.75% Floor | 10/15/2031 | 10736 | 10449 | 10486 | (4)(9)(12)(16)(32) |
|  | First Lien Secured Debt - Revolver | S+475, 0.75% Floor | 10/15/2031 | 3121 | 3036 | 3027 | (4)(9)(12)(16)(32) |
|  |  |  |  |  | 80273 | 80249 |  |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(13)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| Signature Aviation |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Brown Group Holding, LLC | First Lien Secured Debt - Term Loan | S+250, 0.50% Floor | 7/1/2031 | 14962 | 14907 | 14997 | (15)(16) |
|  |  | Total Transportation Infrastructure | Total Transportation Infrastructure | Total Transportation Infrastructure | $399672 | $412039 |  |
| **Wireless Telecommunication Services** |  |  |  |  |  |  |  |
| Consumer Cellular |  |  |  |  |  |  |  |
| &nbsp;&nbsp;CCI Buyer, Inc. | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 5/13/2032 | $94766 | $93831 | $93818 | (4)(16) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 5/13/2032 |  | (54) | (55) | (4)(5)(12)(32) |
|  |  | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | $93777 | $93763 |  |
|  |  | **Total Investments before Cash Equivalents** | **Total Investments before Cash Equivalents** | **Total Investments before Cash Equivalents** | $**19670193** | $**19896145** | (2)(6)(30) |
| Goldman Sachs Financial Square Government Fund Institutional | Goldman Sachs Financial Square Government Fund Institutional | N/A | N/A | 110933 | 110933 | 110933 | (7) |
| State Street Institutional U.S. Government Money Market Fund Opportunity | State Street Institutional U.S. Government Money Market Fund Opportunity | N/A | N/A | 675000 | 675000 | 675000 | (7) |
|  |  | **Total Investments after Cash Equivalents** | **Total Investments after Cash Equivalents** | **Total Investments after Cash Equivalents** | $**20456126** | $**20682078** |  |

---

See notes to consolidated financial statements

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Derivative Instrument** | **Company Receives** | **Company Pays** | **Maturity Date** | **Notional Amount** | **Footnote Reference** |
| Interest rate swap (a) | 6.90% | S+270 | 4/13/2029 | $325000 | Note 5 |
| Interest rate swap (a) | 6.70% | S+280 | 7/29/2031 | $300000 | Note 5 |
| Interest rate swap (a) | 4.02% | 3-month SOFR | 12/21/2025 | $62000 | Note 5 |
| Interest rate swap (a) | 3.97% | 3-month SOFR | 1/19/2026 | $38000 | Note 5 |
| Interest rate swap (a) | 3.67% | 3-month SOFR | 12/21/2027 | $82000 | Note 5 |
| Interest rate swap (a) | 3.65% | 3-month SOFR | 1/19/2028 | $18000 | Note 5 |
| Interest rate swap (b) | 7.02% | ESTR+372 | 9/28/2026 | 90000 | Note 5 |
| Interest rate swap (a) | 6.90% | S+271 | 4/13/2029 | $325000 | Note 5 |
| Interest rate swap (a) | 5.86% | S+267 | 4/13/2029 | $350000 | Note 5 |
| Interest rate swap (a) | 6.70% | S+280 | 7/29/2031 | $300000 | Note 5 |
| Interest rate swap (a) | 8.54% | S+418 | 9/28/2026 | $226000 | Note 5 |
| Interest rate swap (a) | 8.62% | S+456 | 9/28/2028 | $325000 | Note 5 |
| Interest rate swap (a) | 6.35% | S+239 | 7/29/2031 | $400000 | Note 5 |
| Interest rate swap (a) | 6.55% | S+218 | 3/15/2032 | $500000 | Note 5 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Derivative Instrument** | **Company Receives** | **Company Pays** | **Maturity Date** | **Notional Amount** | **Footnote Reference** |
| Currency swap (c) | S+45.5 | KRW-CD 91D | 5/12/2026 | $81450 | Note 5 |
| Currency swap (c) | S+46.4 | KRW-CD 91D | 5/12/2026 | $60988 | Note 5 |

---

(a) Bears interest at a rate determined by three-month SOFR (as defined below). The interest rate locked two business days prior to settlement of the interest rate swaps. The three-month SOFR is 4.29% on June 30, 2025.

(b) Bears interest at a rate determined by 1 day Euro Short Term Rate. The interest rate locked two business days prior to settlement of the interest rate swaps. The 1 day Euro Short Term Rate ("**ESTRON**") is 1.92% on June 30, 2025.

(c) Bears interest at a rate determined by SOFR and three-month Korean InterBank Offered Rate ("**KORIBOR**"). The interest rates locked two business days and one business day for SOFR and three-month KORIBOR, respectively, prior to settlement of the currency swaps. The SOFR and the three-month KORIBOR are 4.45% and 2.55%, respectively, on June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivative Instrument** | **Settlement Date** | **Notional amount to be purchased** | **Notional amount to be sold** | **Footnote Reference** |
| Foreign currency forward contract | 9/17/2025 | $206196 | 316445 | Note 5 |
| Foreign currency forward contract | 9/17/2025 | 2594 | $1696 | Note 5 |
| Foreign currency forward contract | 9/17/2025 | $15525 | 21141 | Note 5 |
| Foreign currency forward contract | 9/17/2025 | 222 | $163 | Note 5 |
| Foreign currency forward contract | 9/17/2025 | $5658 | 4595 | Note 5 |
| Foreign currency forward contract | 9/17/2025 | 90 | $111 | Note 5 |
| Foreign currency forward contract | 9/17/2025 | $1316523 | 1144144 | Note 5 |
| Foreign currency forward contract | 9/17/2025 | $1801945 | £1329651 | Note 5 |
| Foreign currency forward contract | 9/17/2025 | $15544 | ¥2229054 | Note 5 |
| Foreign currency forward contract | 9/17/2025 | $3933 | 37528 | Note 5 |
| Foreign currency forward contract | 9/17/2025 | 1071 | $112 | Note 5 |

---

(1)Fair value is determined in good faith by or under the direction of the Board of Trustees of the Company (the "**Board**") (See **Note 2** to the consolidated financial statements).

(2)Aggregate gross unrealized gain and loss for federal income tax purposes are $121,058 and $(148,096), respectively. Net unrealized loss is $(27,038) based on a total tax cost of $19,923,183.

(3)Par amount is denominated in USD unless otherwise noted, British Pound ("**£**"), Australian Dollar ("**A$**"), Canadian Dollar ("**C$**"), European Euro ("**€**"), Japanese Yen ("**¥**"), Korean Won ("**₩**"), Swedish Krona ("**kr**") and Swiss Franc ("**₣**"). Par amount represents funded commitments. See **Note 32** in the Consolidated Schedule of Investments and **Note 8** to the consolidated financial statements for further information on undrawn revolving and delayed draw loan commitments, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies.

(4)These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Board (see **Note 2** and **Note 4** to the consolidated financial statements), pursuant to the Company's valuation policy.

(5)The negative fair value is the result of the commitment being valued below par.

(6)All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted.

(7)This security is included in Cash and Cash Equivalents on the Consolidated Statements of Assets and Liabilities.

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

(8)Investments that the Company has determined are not "qualifying assets" under Section 55(a) of the Investment Company Act of 1940 (the "**1940 Act**"). Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of June 30, 2025, non-qualifying assets represented approximately 29.14% of the total assets of the Company.

(9)These are co-investments made with the Company's affiliates in accordance with the terms of the exemptive order the Company received from the Securities and Exchange Commission (the "**SEC**") permitting us to do so (see **Note 3** to the consolidated financial statements for discussion of the exemptive order from the SEC).

(10)All or a portion of these debt investments are not pledged as collateral under any of the Company's credit facilities (see **Note 6** to the consolidated financial statements). For other debt investments that are pledged to the Company's credit facilities, a single investment may be divided into parts that are individually pledged as collateral to separate credit facilities.

(11)As of June 30, 2025, there were letters of credit issued and outstanding through the Company under this senior secured facility.

(12)The undrawn portion of these committed revolvers and delayed draw term loans includes a commitment and unused fee rate.

(13)Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate ("**SOFR**" or "**S**") or an alternate base rate (which can include but is not limited to LIBOR, the Federal Funds Effective Rate or the Prime Rate), at the borrower's option, and which reset periodically based on the terms of the loan agreement. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period, and may be subject to interest floors.

(14)The interest rate on these loans is subject to SOFR, which as of June 30, 2025 was 4.45%.

(15)The interest rate on these loans is subject to 1 month SOFR, which as of June 30, 2025 was 4.32%.

(16)The interest rate on these loans is subject to 3 months SOFR, which as of June 30, 2025 was 4.29%.

(17)The interest rate on these loans is subject to 6 months SOFR, which as of June 30, 2025 was 4.15%.

(18)The interest rate on these loans is subject to SONIA, which as of June 30, 2025 was 4.22%.

(19)The interest rate on these loans is subject to 3 months KORIBOR ("**K**"), which as of June 30, 2025 was 2.55%.

(20)The interest rate on these loans is subject to 3 months EURIBOR ("**E**"), which as of June 30, 2025 was 1.94%.

(21)The interest rate on these loans is subject to 6 months EURIBOR, which as of June 30, 2025 was 2.05%.

(22)The interest rate on these loans is subject to Swiss Average Rate Overnight ("**SARON**"), which as of June 30, 2025 was -0.03%.

(23)The interest rate on these loans is subject to 6 months Stockholm Interbank Offered Rate ("**STIBOR**"), which as of June 30, 2025 was 2.11%.

(24)The interest rate on these loans is subject to Prime Rate ("**P**"), which as of June 30, 2025 was 7.50%.

(25)The interest rate on this loan is subject to the 3 month Australia Bank Bill Swap Rate ("**BBSW**"), which as of June 30, 2025 was 3.60%.

(26)The interest rate on these loans is subject to 3 month Canadian Overnight Repo Rate Average ("**CORRA**" or "**C**"), which as of June 30, 2025 was 2.68%.

(27)The interest rate on these loans is subject to 3 month Japan Tokyo Overnight Average Rate ("**TONAR**" or "**T**"), which as of June 30, 2025 was 0.48%.

(28)Loan was on non-accrual status as of June 30, 2025. Heubach Holdings USA LLC has a maturity date prior to the end of the current period. The portfolio company has filed for insolvency in certain jurisdictions and has begun a sales process for all or part of the portfolio company.

(29)Treace Medical Concepts, Inc. is subject to an interest rate cap. The investment is capped at the lesser of stated interest rate and 3.00% plus the applicable margin.

(30)Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company's outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company. As of June 30, 2025, all of the Company's investments were non-controlled and non-affiliated.

(31)These investments have a variable interest rate of SOFR + variable spread based on the terms of respective credit agreements.

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

(32) As of June 30, 2025, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See **Note 8** to the consolidated financial statements for further information on revolving and delayed draw loan commitments, including commitments to issue letters of credit, related to certain portfolio companies.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Total revolving and delayed draw loan commitments** | **Less: funded commitments** | **Total unfunded commitments** | **Less: commitments substantially at discretion of the Company** | **Less: unavailable commitments due to borrowing base or other covenant restrictions** | **Total net adjusted unfunded revolving and delayed draw commitments** |
| 1475 Holdings, LLC | $1071 | $— | $1071 | $— | $— | $1071 |
| A&V Holdings Midco, LLC | 57227 |  | 57227 |  |  | 57227 |
| Accel International Holdings, LLC | 32173 |  | 32173 |  |  | 32173 |
| Accela, Inc. | 1714 |  | 1714 |  |  | 1714 |
| Accelerate360 Holdings, LLC | 45960 | (24956) | 21004 |  |  | 21004 |
| Accelevation LLC | 5478 | (831) | 4647 |  |  | 4647 |
| Accession Risk Management Group, Inc. | 17975 |  | 17975 |  |  | 17975 |
| Accommodations Plus Technologies LLC | 11367 |  | 11367 |  |  | 11367 |
| Acentra Holdings, LLC (fka CNSI Holdings, LLC) | 11450 | (1120) | 10330 |  |  | 10330 |
| ACP Avenu Buyer, LLC | 15645 |  | 15645 |  |  | 15645 |
| Actium Midco 3 (UK) Limited\* | 10246 |  | 10246 |  |  | 10246 |
| Advarra Holdings, Inc. | 12380 |  | 12380 |  |  | 12380 |
| Alcresta Therapeutics Inc. | 5232 |  | 5232 |  |  | 5232 |
| All Star Recruiting Locums, LLC | 1304 | (326) | 978 |  |  | 978 |
| Allied Benefit Systems Intermediate LLC | 14 |  | 14 |  |  | 14 |
| Altern Marketing, LLC | 9800 | (7840) | 1960 |  |  | 1960 |
| AMCP Clean Acqusition Company, LLC | 17973 |  | 17973 |  |  | 17973 |
| American Restoration Holdings, LLC | 12741 | (1037) | 11704 |  |  | 11704 |
| Amika OpCo LLC (f/k/a Heat Makes Sense Shared Services, LLC) | 1617 |  | 1617 |  |  | 1617 |
| Anaplan, Inc. | 11917 |  | 11917 |  |  | 11917 |
| Artifact Bidco, Inc. | 26601 |  | 26601 |  |  | 26601 |
| Associations Inc. | 1992 | (952) | 1040 |  |  | 1040 |
| AVSC Holding Corp. | 21651 |  | 21651 |  |  | 21651 |
| Azurite Intermediate Holdings, Inc. | 7325 |  | 7325 |  |  | 7325 |
| BGIF IV Fearless Utility Services, Inc. | 72604 |  | 72604 |  |  | 72604 |
| Biamp | 6000 |  | 6000 |  |  | 6000 |
| Bingo Group Buyer, Inc. | 6706 | (63) | 6643 |  |  | 6643 |
| Blitz 24-34 GmbH | 7097 |  | 7097 |  |  | 7097 |
| Bullcave Limited | 3947 | (2105) | 1842 |  |  | 1842 |
| Cambrex Corp. | 32690 |  | 32690 |  |  | 32690 |

---

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Total revolving and delayed draw loan commitments** | **Less: funded commitments** | **Total unfunded commitments** | **Less: commitments substantially at discretion of the Company** | **Less: unavailable commitments due to borrowing base or other covenant restrictions** | **Total net adjusted unfunded revolving and delayed draw commitments** |
| Camin Cargo Control Holdings, Inc. | $8705 | $(3059) | $5646 | $— | $— | $5646 |
| CCI Buyer, Inc. | 5534 |  | 5534 |  |  | 5534 |
| Certinia Inc (FinancialForce.com) | 4039 |  | 4039 |  |  | 4039 |
| Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.) | 8464 |  | 8464 |  |  | 8464 |
| CI (MG) GROUP, LLC | 12669 | (1216) | 11453 |  |  | 11453 |
| CI (Quercus) Intermediate Holdings, LLC | 12273 | (284) | 11989 |  |  | 11989 |
| CircusTrix Holdings LLC | 2464 |  | 2464 |  |  | 2464 |
| Coding Solutions Acquisition Inc | 12737 |  | 12737 |  |  | 12737 |
| CohnReznick Advisory LLC | 1880 |  | 1880 |  |  | 1880 |
| Coretrust Purchasing Group LLC (HPG Enterprises LLC) | 12632 |  | 12632 |  |  | 12632 |
| Coupa Software Incorporated | 8716 |  | 8716 |  |  | 8716 |
| Creek Parent, Inc. | 29103 |  | 29103 |  |  | 29103 |
| Crete PA Holdco, LLC | 24419 |  | 24419 |  |  | 24419 |
| Crewline Buyer, Inc. | 4365 |  | 4365 |  |  | 4365 |
| Crunch Fitness Merger Sub, LLC | 23555 |  | 23555 |  |  | 23555 |
| CSC Holdings, LLC | 100 | (84) | 16 |  |  | 16 |
| Databricks, Inc. | 27627 |  | 27627 |  |  | 27627 |
| Disco Parent, LLC | 2139 |  | 2139 |  |  | 2139 |
| DRS Holdings III, Inc. | 1341 |  | 1341 |  |  | 1341 |
| EAB Global, Inc. | 7500 |  | 7500 |  |  | 7500 |
| Eagle Purchaser, Inc. | 4015 | (4015) | 0 |  |  | 0 |
| Eclipse Buyer, Inc. | 5809 |  | 5809 |  |  | 5809 |
| EHC Holdings Holdco Limited\* | 29649 |  | 29649 |  |  | 29649 |
| Electron BidCo Inc. (dba ExamWorks) | 27000 |  | 27000 |  |  | 27000 |
| Elk Bidco, Inc | 44594 |  | 44594 |  | 23471 | 21124 |
| Endor Purchaser, Inc. | 12531 |  | 12531 |  |  | 12531 |
| ERC Topco Holdings, LLC | 2135 | (1494) | 641 |  |  | 641 |
| Esdec Solar Group B.V. (Enstall Group B.V.)\* | 1244 |  | 1244 |  | 1244 |  |
| Everbridge Holdings, LLC | 15493 |  | 15493 |  |  | 15493 |
| Evergreen IX Borrower 2023, LLC | 10071 |  | 10071 |  |  | 10071 |
| Evoriel\* | 12025 |  | 12025 |  |  | 12025 |
| ExactCare Parent, Inc. | 4426 |  | 4426 |  |  | 4426 |

---

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Total revolving and delayed draw loan commitments** | **Less: funded commitments** | **Total unfunded commitments** | **Less: commitments substantially at discretion of the Company** | **Less: unavailable commitments due to borrowing base or other covenant restrictions** | **Total net adjusted unfunded revolving and delayed draw commitments** |
| Excelligence Learning Corporation | $13562 | $(4747) | $8815 | $— | $— | $8815 |
| FINANCIERE ASTEK\* | 330 |  | 330 |  |  | 330 |
| G Treasury SS LLC | 6929 | (571) | 6358 |  |  | 6358 |
| G&A Partners Holding Company II, LLC | 6479 |  | 6479 |  |  | 6479 |
| Galway Borrower LLC | 5816 | (940) | 4876 |  |  | 4876 |
| Gannett Holdings, LLC | 8795 |  | 8795 |  |  | 8795 |
| GAT-Airline Ground Support Inc | 5099 | (794) | 4305 |  |  | 4305 |
| Gateway US Holdings, Inc. | 6681 |  | 6681 |  |  | 6681 |
| GC Waves Holdings, Inc. | 17557 |  | 17557 |  |  | 17557 |
| Genius Bidco LLC | 2861 | (155) | 2706 |  | 1701 | 1005 |
| Geotechnical Merger Sub, Inc. | 23594 | (3121) | 20473 |  |  | 20473 |
| Goldeneye Parent, LLC | 12774 |  | 12774 |  |  | 12774 |
| Green Grass Foods, Inc. | 1250 |  | 1250 |  |  | 1250 |
| Hanger, Inc. | 2812 |  | 2812 |  |  | 2812 |
| HEF Safety Ultimate Holdings, LLC | 2758 | (687) | 2071 |  |  | 2071 |
| Heritage Environmental Services, Inc. | 19444 |  | 19444 |  |  | 19444 |
| Higginbotham Insurance Agency, Inc. | 11234 |  | 11234 |  |  | 11234 |
| Howardsimon LLC | 71541 |  | 71541 |  |  | 71541 |
| Hyperion Refinance Sarl | 118800 |  | 118800 |  |  | 118800 |
| Ichor Management Limited\* | 6251 | (2027) | 4224 |  | 4224 |  |
| Ideal Components Acquisition, LLC | 10076 |  | 10076 |  |  | 10076 |
| International Schools Partnership Limited\* | 95395 |  | 95395 |  |  | 95395 |
| Investment Company 24 Bidco Limited\* | 12520 |  | 12520 |  |  | 12520 |
| IOTA HOLDINGS 3 | 8250 | (116) | 8134 |  |  | 8134 |
| IQN Holding Corp. | 11922 | (3765) | 8157 |  |  | 8157 |
| Ironhorse Purchaser, LLC | 1932 |  | 1932 |  | 1449 | 483 |
| IW Buyer LLC | 3146 |  | 3146 |  |  | 3146 |
| Janus Bidco Limited\* | 21765 |  | 21765 |  |  | 21765 |
| Jazz AH Holdco, LLC | 800 | (470) | 330 |  |  | 330 |
| Jensen Hughes, Inc | 35946 |  | 35946 |  |  | 35946 |
| K Hovnanian Enterprises Inc | 70000 |  | 70000 |  |  | 70000 |
| Kaman Corp | 3621 |  | 3621 |  |  | 3621 |
| Kaseya Inc | 2500 |  | 2500 |  |  | 2500 |

---

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Total revolving and delayed draw loan commitments** | **Less: funded commitments** | **Total unfunded commitments** | **Less: commitments substantially at discretion of the Company** | **Less: unavailable commitments due to borrowing base or other covenant restrictions** | **Total net adjusted unfunded revolving and delayed draw commitments** |
| Kite Bidco Inc. | $15212 | $— | $15212 | $— | $— | $15212 |
| Legends Hospitality Holding Company, LLC | 17291 | (4611) | 12680 |  |  | 12680 |
| Lotus Topco Inc. | 8235 |  | 8235 |  |  | 8235 |
| M&M OPCO, LLC | 476 |  | 476 |  |  | 476 |
| Madonna Bidco Limited\* | 6332 |  | 6332 |  |  | 6332 |
| MetaTiedot Midco S.à r.l.\* | 12726 |  | 12726 |  |  | 12726 |
| MGP Holdings III Corp. | 7748 | (720) | 7028 |  |  | 7028 |
| Mobile Communications America, Inc. | 5371 | (120) | 5251 |  |  | 5251 |
| Mount Olympus Bidco Limited | 1097 |  | 1097 |  |  | 1097 |
| MRO Holdings, Inc. | 85000 |  | 85000 |  |  | 85000 |
| MRO Parent Corporation | 4444 |  | 4444 |  | 2222 | 2222 |
| North Haven RI Buyer, LLC | 8657 |  | 8657 |  |  | 8657 |
| Novotech SG Holdings Pte. Ltd./ Novotech Aus Bidco Pty Ltd/Novotech Holdings USA LLC | 6643 |  | 6643 |  |  | 6643 |
| NPPI Buyer, LLC | 9211 | (184) | 9027 |  |  | 9027 |
| Olympus Terminals Holdco II LLC | 22000 |  | 22000 |  |  | 22000 |
| OMEGA II AB\* | 18855 |  | 18855 |  |  | 18855 |
| OMH-Healthedge Holdings, Inc. | 37896 |  | 37896 |  |  | 37896 |
| One Silver Serve, LLC | 11199 | (3312) | 7887 |  |  | 7887 |
| Orthrus Ltd\* | 11435 |  | 11435 |  | 11435 |  |
| Pai Middle Tier, LLC | 5250 |  | 5250 |  |  | 5250 |
| Paisley Bidco Limited\* | 52678 |  | 52678 |  |  | 52678 |
| Parfums Holding Company, Inc. | 10268 |  | 10268 |  |  | 10268 |
| PARS Group LLC | 952 |  | 952 |  | 952 |  |
| Patriot Foods Buyer, Inc. | 3416 |  | 3416 |  |  | 3416 |
| Patriot Growth Insurance Services, LLC | 3257 |  | 3257 |  |  | 3257 |
| Pave America Interco, LLC (f/k/a Pavement Partners Interco, LLC) | 14191 | (2719) | 11472 |  | 10565 | 907 |
| PHOENIX YW BUYER, INC. | 1705 |  | 1705 |  |  | 1705 |
| Ping Identity Holding Corp. | 3868 |  | 3868 |  |  | 3868 |
| PMA Parent Holdings, LLC | 987 |  | 987 |  |  | 987 |
| Poly-Wood, LLC | 46091 |  | 46091 |  |  | 46091 |
| PPL Acquisition LLC | 1000 |  | 1000 | 1000 |  |  |

---

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Total revolving and delayed draw loan commitments** | **Less: funded commitments** | **Total unfunded commitments** | **Less: commitments substantially at discretion of the Company** | **Less: unavailable commitments due to borrowing base or other covenant restrictions** | **Total net adjusted unfunded revolving and delayed draw commitments** |
| Protein For Pets Opco, LLC | $4717 | $(1274) | $3443 | $— | $— | $3443 |
| QBS Parent, Inc. | 40866 |  | 40866 |  |  | 40866 |
| R.F. Fager Company, LLC | 1260 |  | 1260 |  |  | 1260 |
| Rarebreed Veterinary Partners, Inc. | 16221 |  | 16221 |  |  | 16221 |
| Relativity ODA LLC | 2500 |  | 2500 |  |  | 2500 |
| Reliable Doors, LLC | 1562 | (114) | 1448 |  |  | 1448 |
| Rialto Management Group, LLC | 2433 |  | 2433 |  |  | 2433 |
| RoC Holdco LLC | 4390 |  | 4390 |  |  | 4390 |
| Rochester Midland Corporation | 16616 |  | 16616 |  |  | 16616 |
| Rocket Bidco Limited\* | 36958 |  | 36958 |  |  | 36958 |
| Rocket Youth Brands Holdco LLC | 10698 |  | 10698 |  |  | 10698 |
| Ruler Bidco S.A R.L.\* | 6187 |  | 6187 |  |  | 6187 |
| Runway Bidco, LLC | 62292 |  | 62292 |  |  | 62292 |
| SG Acquisition, Inc. | 5757 |  | 5757 |  |  | 5757 |
| Sigma Irish Acquico Limited | 24633 |  | 24633 |  |  | 24633 |
| Smith Topco, Inc. | 1692 |  | 1692 |  |  | 1692 |
| Space Finco, Inc. | 27000 |  | 27000 |  |  | 27000 |
| Spark Purchaser, Inc. | 1351 |  | 1351 |  |  | 1351 |
| Spruce Bidco II Inc. | 26335 |  | 26335 |  |  | 26335 |
| Student Transportation of America Holdings Inc | 520 |  | 520 |  |  | 520 |
| SumUp Holdings Luxembourg S.a.r.l.\* | 11780 |  | 11780 |  |  | 11780 |
| TerSera Therapeutics LLC | 1395 |  | 1395 |  |  | 1395 |
| Thg Acquisition, LLC | 29430 | (745) | 28685 |  |  | 28685 |
| Traffic Management Solutions, LLC | 1583 |  | 1583 |  |  | 1583 |
| Treace Medical Concepts, Inc. | 1500 | (200) | 1300 |  |  | 1300 |
| Trench Plate Rental Co. | 4545 | (1364) | 3181 |  |  | 3181 |
| Truck-Lite Co., LLC | 104032 |  | 104032 |  | 7003 | 97028 |
| Truist Insurance Holdings, LLC | 24868 |  | 24868 |  |  | 24868 |
| TS Investors, LLC | 4705 |  | 4705 |  |  | 4705 |
| Tulip Bidco Limited\* | 247120 |  | 247120 |  |  | 247120 |

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Total revolving and delayed draw loan commitments** | **Less: funded commitments** | **Total unfunded commitments** | **Less: commitments substantially at discretion of the Company** | **Less: unavailable commitments due to borrowing base or other covenant restrictions** | **Total net adjusted unfunded revolving and delayed draw commitments** |
| TZ Buyer LLC | $606 | $(394) | $212 | $— | $— | $212 |
| Uniguest Holdings, Inc | 23349 |  | 23349 |  |  | 23349 |
| USA DeBusk LLC | 6015 | (794) | 5221 |  | 4183 | 1038 |
| Vamos Bidco, Inc. | 36199 |  | 36199 |  |  | 36199 |
| Vensure Employer Services, Inc. | 14858 |  | 14858 |  |  | 14858 |
| VICTORS PURCHASER, LLC | 23659 |  | 23659 |  |  | 23659 |
| VICTORS PURCHASER, LLC\* | 1981 |  | 1981 |  |  | 1981 |
| Village Pet Care, LLC | 3327 | (365) | 2962 |  | 2873 | 89 |
| Violin Finco Guernsey Limited\* | 7305 |  | 7305 |  |  | 7305 |
| Volunteer AcquisitionCo, LLC | 758 |  | 758 |  |  | 758 |
| Vybond Buyer, LLC | 14000 |  | 14000 |  |  | 14000 |
| WC ORS Buyer, Inc. | 14346 | (3730) | 10616 |  |  | 10616 |
| WH BorrowerCo, LLC | 14662 | (1049) | 13613 |  | 13613 |  |
| Yellow Castle AB\* | 19837 |  | 19837 |  |  | 19837 |
| Zafin Labs Americas Incorporated | 2500 |  | 2500 |  |  | 2500 |
| Zendesk, Inc. | 38994 |  | 38994 |  |  | 38994 |
| Zeus Company LLC | 12566 |  | 12566 |  |  | 12566 |
| **Total** | $2864987 | $(88469) | $2776518 | $1000 | $84935 | $2690583 |

---

\* These investments are in a foreign currency and the total commitment has been converted to USD using the June 30, 2025 exchange rate.

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

(33) Securities that are exempt from registration under the Securities Act of 1933 (the "**Securities Act**"), and may be deemed to be "restricted securities" under the Securities Act. As of June 30, 2025, the aggregate fair value of these securities is $13,824 or 0.1% of the Company's net assets. The acquisition dates of the restricted securities are as follows:

---

| | | |
|:---|:---|:---|
| **Issuer** | **Security Type** | **Acquisition Date** |
| Alcresta Holdings, LP | Common Equity - Equity Unit | 3/12/2024 |
| Alcresta Holdings, LP | Preferred Equity - Preferred Stocks | 3/12/2024 |
| Eclipse Topco, Inc. | Preferred Equity - Preferred Stocks | 9/6/2024 |
| Ergotron Investments, LLC | Common Equity - Equity Unit | 7/6/2022 |
| Fortis Fire & Safety Holdings LP | Common Equity - Equity Unit | 7/21/2023 |
| Genius Bidco LLC | Common Equity - Equity Unit | 5/1/2024 |
| HIG Intermediate, Inc. | Preferred Equity - Cumulative Preferred | 12/10/2024 |
| Ishtar Co-Invest-B LP | Common Equity - Stock | 7/1/2022 |
| Mitel Networks | Common Equity - Stock | 6/20/2025 |
| Nutpods Holdings, Inc. | Common Equity - Stock | 12/26/2023 |
| Oshun Co-Invest-B LP | Common Equity - Stock | 7/1/2022 |
| PAI Co-Investor FT Aggregator LLC | Common Equity - Stock | 2/13/2025 |
| PPL Equity LP | Common Equity - Equity Unit | 7/1/2022 |
| PPL Equity LP | Preferred Equity - Preferred Stocks | 7/1/2022 |
| RMC Topco LLC | Common Equity - Equity Unit | 8/1/2023 |
| Space Parent, LP | Common Equity - Stock | 2/5/2025 |
| Space Parent, LP | Preferred Equity - Preferred Stocks | 2/5/2025 |
| Tailwind Fire Flow Investor, LP | Common Equity - Membership Interest | 6/28/2024 |
| Trench Safety Solutions Holdings, LLC | Common Equity - Equity Unit | 4/29/2022 |
| TZ Parent LLC | Common Equity - Equity Unit | 8/12/2022 |
| WC ORS Holdings, L.P. | Common Equity - Limited Partnership | 8/7/2024 |
| XPLR Infrastructure LP | Common Equity - Stock | 4/17/2025 |

---

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

(34) The following shows the composition of the Company's portfolio at cost by investment type and industry as of June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Industry** | **First Lien - Secured Debt** | **Second Lien - Secured Debt** | **Unsecured Debt** | **Preferred Equity** | **Common Equity** | **Total** |
| Aerospace & Defense | $518161 | $— | $— | $— | $— | $518161 |
| Automobile Components | 240438 |  |  |  |  | 240438 |
| Banks | 40346 |  |  |  |  | 40346 |
| Beverages | 42288 |  |  |  |  | 42288 |
| Building Products | 225965 |  |  |  |  | 225965 |
| Capital Markets | 392504 |  |  |  |  | 392504 |
| Chemicals | 85699 |  |  |  | 100 | 85799 |
| Commercial Services & Supplies | 1228776 |  |  |  |  | 1228776 |
| Communications Equipment | 283632 |  |  |  | 3465 | 287097 |
| Construction & Engineering | 346889 |  |  |  | 151 | 347040 |
| Construction Materials | 78346 |  |  |  |  | 78346 |
| Consumer Finance | 73842 |  |  |  |  | 73842 |
| Consumer Staples Distribution & Retail | 361612 |  |  |  |  | 361612 |
| Containers & Packaging | 319531 |  |  |  |  | 319531 |
| Diversified Consumer Services | 484782 |  |  |  |  | 484782 |
| Diversified Telecommunication Services | 256866 |  |  |  |  | 256866 |
| Electric Utilities | 161109 |  |  |  |  | 161109 |
| Electrical Equipment | 80643 |  |  |  |  | 80643 |
| Electronic Equipment, Instruments & Components | 30690 |  |  |  |  | 30690 |
| Energy Equipment & Services | 42157 |  |  |  |  | 42157 |
| Entertainment | 158192 |  |  |  |  | 158192 |
| Financial Services | 1366783 |  |  | 5940 |  | 1372723 |
| Food Products | 9963 |  |  |  | 125 | 10088 |
| Ground Transportation | 130160 |  |  |  |  | 130160 |
| Health Care Equipment & Supplies | 380131 |  |  |  |  | 380131 |
| Health Care Providers & Services | 1272637 |  |  |  |  | 1272637 |
| Health Care Technology | 331977 |  |  |  |  | 331977 |
| Hotels, Restaurants & Leisure | 1146645 |  | 17126 |  |  | 1163771 |
| Household Durables | 153548 |  |  |  |  | 153548 |
| Household Products | 103672 |  |  |  | 100 | 103772 |
| Independent Power & Renewable Electricity Producers | 99543 |  | 29 |  | 88 | 99660 |
| Industrial Conglomerates |  |  |  |  | 90 | 90 |
| Insurance | 922045 |  |  | 49 |  | 922094 |
| Interactive Media & Services | 345499 |  |  |  |  | 345499 |
| IT Services | 285452 |  |  |  | 77 | 285529 |
| Leisure Products | 222587 |  |  |  |  | 222587 |
| Life Sciences Tools & Services | 313655 |  |  |  |  | 313655 |
| Machinery | 363917 |  |  |  |  | 363917 |
| Media | 410786 |  |  |  |  | 410786 |
| Oil, Gas & Consumable Fuels | 85891 |  |  |  |  | 85891 |
| Paper & Forest Products | 19666 |  |  |  |  | 19666 |
| Personal Care Products | 293742 |  |  |  | 33 | 293775 |
| Pharmaceuticals | 297147 |  |  | 215 | 102 | 297464 |
| Professional Services | 1057450 |  |  | 50 |  | 1057500 |
| Real Estate Management & Development | 132374 |  |  |  |  | 132374 |
| Software | 2770062 |  |  |  |  | 2770062 |

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Industry** | **First Lien - Secured Debt** | **Second Lien - Secured Debt** | **Unsecured Debt** | **Preferred Equity** | **Common Equity** | **Total** |
| Specialized REITs | $24170 | $— | $— | $— | $— | $24170 |
| Specialty Retail | 411126 |  |  |  |  | 411126 |
| Technology Hardware, Storage & Peripherals | 285014 |  |  |  |  | 285014 |
| Textiles, Apparel & Luxury Goods | 275213 |  |  |  |  | 275213 |
| Trading Companies & Distributors | 185591 |  |  |  | 90 | 185681 |
| Transportation Infrastructure | 399672 |  |  |  |  | 399672 |
| Wireless Telecommunication Services | 93777 |  |  |  |  | 93777 |
| **Total** | $19642363 | $— | $17155 | $6254 | $4421 | $19670193 |

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

(35) The following shows the composition of the Company's portfolio at fair value by investment type, industry and region as of June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry** | **First Lien - Secured Debt** | **Second Lien - Secured Debt** | **Unsecured Debt** | **Preferred Equity** | **Common Equity** | **Total** | **% of Net Assets** |
| Aerospace & Defense | $518426 | $— | $— | $— | $— | $518426 | 3.9% |
| Automobile Components | 238969 |  |  |  |  | 238969 | 1.8% |
| Banks | 40468 |  |  |  |  | 40468 | 0.3% |
| Beverages | 42569 |  |  |  |  | 42569 | 0.3% |
| Building Products | 225888 |  |  |  |  | 225888 | 1.7% |
| Capital Markets | 404733 |  |  |  |  | 404733 | 3.1% |
| Chemicals | 70550 |  |  |  | 132 | 70682 | 0.5% |
| Commercial Services & Supplies | 1218043 |  |  |  |  | 1218043 | 9.3% |
| Communications Equipment | 282114 |  |  |  | 5829 | 287943 | 2.2% |
| Construction & Engineering | 345494 |  |  |  | 143 | 345637 | 2.6% |
| Construction Materials | 79011 |  |  |  |  | 79011 | 0.6% |
| Consumer Finance | 75459 |  |  |  |  | 75459 | 0.6% |
| Consumer Staples Distribution & Retail | 377013 |  |  |  |  | 377013 | 2.9% |
| Containers & Packaging | 332188 |  |  |  |  | 332188 | 2.5% |
| Diversified Consumer Services | 489599 |  |  |  |  | 489599 | 3.7% |
| Diversified Telecommunication Services | 261276 |  |  |  |  | 261276 | 2.0% |
| Electric Utilities | 160625 |  |  |  |  | 160625 | 1.2% |
| Electrical Equipment | 84663 |  |  |  |  | 84663 | 0.6% |
| Electronic Equipment, Instruments & Components | 30914 |  |  |  |  | 30914 | 0.2% |
| Energy Equipment & Services | 42365 |  |  |  |  | 42365 | 0.3% |
| Entertainment | 159531 |  |  |  |  | 159531 | 1.2% |
| Financial Services | 1412670 |  |  | 6626 |  | 1419296 | 10.8% |
| Food Products | 10068 |  |  |  | 122 | 10190 | 0.1% |
| Ground Transportation | 128018 |  |  |  |  | 128018 | 1.0% |
| Health Care Equipment & Supplies | 385297 |  |  |  |  | 385297 | 2.9% |
| Health Care Providers & Services | 1251939 |  |  |  |  | 1251939 | 9.5% |
| Health Care Technology | 332525 |  |  |  |  | 332525 | 2.5% |
| Hotels, Restaurants & Leisure | 1175049 |  | 18653 |  |  | 1193702 | 9.1% |
| Household Durables | 154643 |  |  |  |  | 154643 | 1.2% |
| Household Products | 104480 |  |  |  | 166 | 104646 | 0.8% |
| Independent Power & Renewable Electricity Producers | 84867 |  | 32 |  | 82 | 84981 | 0.6% |
| Industrial Conglomerates |  |  |  |  | 74 | 74 | 0.0% |
| Insurance | 926883 |  |  | 50 |  | 926933 | 7.1% |
| Interactive Media & Services | 361076 |  |  |  |  | 361076 | 2.7% |
| IT Services | 295932 |  |  |  | 54 | 295986 | 2.3% |
| Leisure Products | 226345 |  |  |  |  | 226345 | 1.7% |
| Life Sciences Tools & Services | 313392 |  |  |  |  | 313392 | 2.4% |
| Machinery | 366443 |  |  |  |  | 366443 | 2.8% |
| Media | 406995 |  |  |  |  | 406995 | 3.1% |
| Oil, Gas & Consumable Fuels | 86066 |  |  |  |  | 86066 | 0.7% |
| Paper & Forest Products | 19665 |  |  |  |  | 19665 | 0.1% |
| Personal Care Products | 294844 |  |  |  |  | 294844 | 2.2% |
| Pharmaceuticals | 298621 |  |  | 229 | 157 | 299007 | 2.3% |
| Professional Services | 1095068 |  |  | 39 |  | 1095107 | 8.3% |
| Real Estate Management & Development | 135113 |  |  |  |  | 135113 | 1.0% |
| Software | 2792945 |  |  |  |  | 2792945 | 21.7% |

---

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry** | **First Lien - Secured Debt** | **Second Lien - Secured Debt** | **Unsecured Debt** | **Preferred Equity** | **Common Equity** | **Total** | **% of Net Assets** |
| Specialized REITs | $24537 | $— | $— | $— | $— | $24537 | 0.2% |
| Specialty Retail | 427412 |  |  |  |  | 427412 | 3.3% |
| Technology Hardware, Storage & Peripherals | 303350 |  |  |  |  | 303350 | 2.3% |
| Textiles, Apparel & Luxury Goods | 277890 |  |  |  |  | 277890 | 2.1% |
| Trading Companies & Distributors | 185803 |  |  |  | 121 | 185924 | 1.4% |
| Transportation Infrastructure | 412039 |  |  |  |  | 412039 | 3.1% |
| Wireless Telecommunication Services | 93763 |  |  |  |  | 93763 | 0.7% |
| **Total** | $19863636 | $— | $18685 | $6944 | $6880 | $19896145 | 151.5% |
| **% of Net Assets** | 151.2% | 0.0% | 0.1% | 0.1% | 0.1% | 151.5% |  |

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | |
|:---|:---|
| **Industry Classification** | **Percentage of Total <br>Investments (at Fair Value)<br>as of June 30, 2025** |
| Software | 14.3% |
| Financial Services | 7.1% |
| Health Care Providers & Services | 6.3% |
| Commercial Services & Supplies | 6.1% |
| Hotels, Restaurants & Leisure | 6.0% |
| Professional Services | 5.5% |
| Insurance | 4.7% |
| Aerospace & Defense | 2.6% |
| Diversified Consumer Services | 2.5% |
| Specialty Retail | 2.1% |
| Transportation Infrastructure | 2.1% |
| Media | 2.0% |
| Capital Markets | 2.0% |
| Health Care Equipment & Supplies | 1.9% |
| Consumer Staples Distribution & Retail | 1.9% |
| Machinery | 1.8% |
| Interactive Media & Services | 1.8% |
| Construction & Engineering | 1.7% |
| Health Care Technology | 1.7% |
| Containers & Packaging | 1.7% |
| Life Sciences Tools & Services | 1.6% |
| Technology Hardware, Storage & Peripherals | 1.5% |
| Pharmaceuticals | 1.5% |
| IT Services | 1.5% |
| Personal Care Products | 1.5% |
| Communications Equipment | 1.4% |
| Textiles, Apparel & Luxury Goods | 1.4% |
| Diversified Telecommunication Services | 1.3% |
| Automobile Components | 1.2% |
| Leisure Products | 1.1% |
| Building Products | 1.1% |
| Trading Companies & Distributors | 0.9% |
| Electric Utilities | 0.8% |
| Entertainment | 0.8% |
| Household Durables | 0.8% |
| Real Estate Management & Development | 0.7% |
| Ground Transportation | 0.6% |
| Household Products | 0.5% |
| Wireless Telecommunication Services | 0.5% |
| Oil, Gas & Consumable Fuels | 0.4% |
| Independent Power & Renewable Electricity Producers | 0.4% |
| Electrical Equipment | 0.4% |
| Construction Materials | 0.4% |
| Consumer Finance | 0.4% |
| Chemicals | 0.4% |
| Beverages | 0.2% |
| Energy Equipment & Services | 0.2% |
| Banks | 0.2% |
| Electronic Equipment, Instruments & Components | 0.2% |
| Specialized REITs | 0.1% |
| Paper & Forest Products | 0.1% |
| Food Products | 0.1% |
| Industrial Conglomerates | 0.0% |
|  | 100.0% |

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

**(In thousands, except share data)**

---

| | |
|:---|:---|
| **Geographic Region** | **Percentage of Total <br>Investments (at Fair Value)<br>as of June 30, 2025** |
| United States | 77.2% |
| United Kingdom | 10.4% |
| Europe | 9.8% |
| Australia | 1.0% |
| Canada | 0.9% |
| Asia | 0.4% |
| Caribbean | 0.3% |

---

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** |  |  |  |  |  |
| DYNASTY ACQUISITION CO I | DYNASTY ACQUISITION CO I | DYNASTY ACQUISITION CO I |  |  |  |  |  |
| &nbsp;&nbsp;Dynasty Acquisition Co., Inc. | First Lien Secured Debt - Term Loan | S+225, 0.00% Floor | 10/31/2031 | $5000 | $4994 | $5029 | (8)(14) |
| Kaman |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ovation Parent Inc | First Lien Secured Debt - Term Loan | S+350, 0.75% Floor | 4/21/2031 | 9975 | 9952 | 10056 | (15) |
| MRO Holdings |  |  |  |  |  |  |  |
| &nbsp;&nbsp;MRO Holdings, Inc. | First Lien Secured Debt - Term Loan | S+500, 0.50% Floor | 12/17/2030 | 90330 | 89203 | 91008 | (4)(9)(15) |
| Signia Aerospace |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Signia Aerospace, LLC | First Lien Secured Debt - Term Loan | S+300, 0.50% Floor | 12/11/2031 | 5815 | 5801 | 5826 | (15) |
|  | First Lien Secured Debt - Delayed Draw | S+300, 0.50% Floor | 12/11/2031 |  | (1) |  | (11)(28) |
|  |  |  |  |  | 5800 | 5826 |  |
| Transdigm |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Transdigm Inc. | First Lien Secured Debt - Term Loan | S+250, 0.00% Floor | 1/19/2032 | 2826 | 2819 | 2835 | (8)(15) |
|  |  | Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | $112768 | $114754 |  |
| **Automobile Components** | **Automobile Components** | **Automobile Components** |  |  |  |  |  |
| Caliber |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Wand Newco 3, Inc. | First Lien Secured Debt - Term Loan | S+325, 0.00% Floor | 1/30/2031 | $23449 | $23413 | $23575 | (14) |
| Clarience Technologies |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Truck-Lite Co., LLC | First Lien Secured Debt - Term Loan | S+575, 0.75% Floor | 2/13/2031 | 146890 | 143880 | 145583 | (4)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+575, 0.75% Floor | 2/13/2031 |  | (316) | (142) | (4)(5)(11)(28) |
|  | First Lien Secured Debt - Revolver | S+575, 0.75% Floor | 2/13/2030 |  | (309) | (147) | (4)(5)(11)(28) |
|  |  |  |  |  | 143255 | 145294 |  |
| Mavis Tire Express Services |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Mavis Tire Express Services TopCo, L.P. | First Lien Secured Debt - Term Loan | S+350, 0.75% Floor | 5/4/2028 | 24489 | 24510 | 24683 | (14) |
|  |  | Total Automobile Components | Total Automobile Components | Total Automobile Components | $191178 | $193552 |  |

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**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| **Banks** | **Banks** | **Banks** |  |  |  |  |  |
| G&A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;G&A Partners Holding Company II, LLC | First Lien Secured Debt - Term Loan | S+550, 0.75% Floor | 3/1/2031 | $16116 | $15821 | $15834 | (4)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+550, 0.75% Floor | 3/1/2031 | 631 | 586 | 507 | (4)(9)(11)(15)(28) |
|  | First Lien Secured Debt - Revolver | S+550, 0.75% Floor | 3/1/2030 |  | (30) | (31) | (4)(5)(9)(11)(28) |
|  |  | Total Banks | Total Banks | Total Banks | $16377 | $16310 |  |
| **Biotechnology** | **Biotechnology** | **Biotechnology** |  |  |  |  |  |
| Azurity Pharmaceuticals |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Azurity Pharmaceuticals, Inc. | First Lien Secured Debt - Term Loan | S+673, 0.75% Floor | 9/20/2027 | $43767 | $42869 | $42891 | (15) |
|  |  | Total Biotechnology | Total Biotechnology | Total Biotechnology | $42869 | $42891 |  |
| **Building Products** | **Building Products** | **Building Products** |  |  |  |  |  |
| Chamberlain Group |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Chariot Buyer LLC | First Lien Secured Debt - Term Loan | S+325, 0.50% Floor | 11/3/2028 | $20779 | $20745 | $20928 | (14) |
| Kodiak |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Kodiak BP, LLC | First Lien Secured Debt - Term Loan | S+375, 0.00% Floor | 12/4/2031 | 40300 | 40098 | 40380 | (15) |
| Omnimax |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Omnimax International, LLC | First Lien Secured Debt - Term Loan | S+575, 1.00% Floor | 12/6/2030 | 30561 | 29956 | 29950 | (4)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+575, 1.00% Floor | 12/6/2030 |  | (93) | (94) | (4)(5)(28) |
|  |  |  |  |  | 29863 | 29856 |  |
| Quikrete |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Quikrete Holdings, Inc. | Unfunded Commitment Secured Debt - Backstop Loan | Variable | 8/24/2025 |  |  |  | (4)(28)(32) |
|  | Unsecured Debt - Backstop Loan | Variable | 8/24/2025 |  |  |  | (4)(28)(32) |
| Reliable Doors |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Reliable Doors, LLC | First Lien Secured Debt - Term Loan | S+625, 1.00% Floor | 10/4/2028 | 6233 | 6134 | 6233 | (4)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+625, 1.00% Floor | 10/4/2028 | 2114 | 2073 | 2114 | (4)(9)(14)(28) |
|  | First Lien Secured Debt - Revolver | S+625, 1.00% Floor | 10/4/2028 | 114 | 105 | 114 | (4)(9)(11)(14)(28) |
|  |  |  |  |  | 8312 | 8461 |  |

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**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| RF Fager |  |  |  |  |  |  |  |
| &nbsp;&nbsp;R.F. Fager Company, LLC | First Lien Secured Debt - Term Loan | S+525, 1.00% Floor | 3/4/2030 | 3102 | 3039 | 3047 | (4)(9)(14)(15)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+525, 1.00% Floor | 3/4/2030 |  | (10) | (18) | (4)(5)(9)(11)(28) |
|  | First Lien Secured Debt - Revolver | S+525, 1.00% Floor | 3/4/2030 |  | (16) | (15) | (4)(5)(9)(11)(28) |
|  |  |  |  |  | 3013 | 3014 |  |
| US LBM |  |  |  |  |  |  |  |
| &nbsp;&nbsp;LBM Acquisition, LLC | First Lien Secured Debt - Term Loan | S+385, 0.75% Floor | 12/17/2027 | 43336 | 43015 | 43499 | (14) |
| Visual Comfort |  |  |  |  |  |  |  |
| &nbsp;&nbsp;VC GB Holdings I Corp | First Lien Secured Debt - Term Loan | S+350, 0.50% Floor | 7/21/2028 | 19086 | 19036 | 19120 | (15) |
|  |  | Total Building Products | Total Building Products | Total Building Products | $164082 | $165258 |  |
| **Capital Markets** | **Capital Markets** | **Capital Markets** |  |  |  |  |  |
| Arrowhead Engineered Products | Arrowhead Engineered Products | Arrowhead Engineered Products |  |  |  |  |  |
| &nbsp;&nbsp;Arrowhead Holdco Company | First Lien Secured Debt - Term Loan | S+265 (Includes 2.75% PIK) | 8/31/2028 | $10134 | $10134 | $8740 | (4)(15) |
| Dragon Buyer |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Dragon Buyer Inc | First Lien Secured Debt - Term Loan | S+325, 0.00% Floor | 9/30/2031 | 6368 | 6337 | 6390 | (15) |
| Edelman Financial Services | Edelman Financial Services | Edelman Financial Services |  |  |  |  |  |
| &nbsp;&nbsp;The Edelman Financial Center, LLC | First Lien Secured Debt - Term Loan | S+300, 0.00% Floor | 4/7/2028 | 37570 | 37584 | 37858 | (14) |
| Focus Financial |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Focus Financial Partners, LLC | First Lien Secured Debt - Term Loan | S+325, 0.00% Floor | 9/15/2031 | 29799 | 29726 | 30110 | (14) |
|  | First Lien Secured Debt - Delayed Draw | S+325, 0.00% Floor | 9/15/2031 |  |  |  | (28) |
|  |  |  |  |  | 29726 | 30110 |  |
| Rialto |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Rialto Management Group, LLC | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 12/5/2030 | 70567 | 69869 | 69861 | (4)(14) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 12/5/2030 |  | (24) | (24) | (4)(5)(11)(28) |
|  |  |  |  |  | 69845 | 69837 |  |
| True Potential |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Kane Bidco Limited | First Lien Secured Debt - Corporate Bond | SONIA+635, 0.00% Floor | 2/15/2028 | £69000 | 86473 | 86869 | (3)(4)(8)(9)(17) |
|  | First Lien Secured Debt - Corporate Bond | 6.50% | 2/15/2027 | £2000 | 2387 | 2512 | (3)(8)(9) |
|  | First Lien Secured Debt - Corporate Bond | 5.00% | 2/15/2027 | 1000 | 1088 | 1039 | (3)(8)(9) |
|  |  |  |  |  | 89948 | 90420 |  |
|  |  | Total Capital Markets | Total Capital Markets | Total Capital Markets | $243574 | $243355 |  |

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| **Chemicals** | **Chemicals** | **Chemicals** |  |  |  |  |  |  |
| AOC |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;LSF11 A5 HoldCo LLC | First Lien Secured Debt - Term Loan | S+361, 0.50% Floor | 10/15/2028 | $— | 37485 | $37259 | $37763 | (14) |
| Heubach |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Heubach Holdings USA LLC | First Lien Secured Debt - Term Loan | S+1026, 1.00% Floor | 4/30/2024 |  | 1657 | 1457 | 828 | (4)(8)(15)(25) |
| &nbsp;&nbsp;SK Neptune Husky Group Sarl | First Lien Secured Debt - Term Loan | S+715, 0.50% Floor | 1/3/2029 |  | 9588 | 9545 |  | (4)(8)(15)(25) |
|  |  |  |  |  |  | 11002 | 828 |  |
| RMC |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;RMC Topco LLC | Common Equity - Equity Unit | N/A | N/A | 100 Shares | 100 Shares | 100 | 118 | (4)(9)(31) |
| &nbsp;&nbsp;Rochester Midland Corporation | First Lien Secured Debt - Term Loan | S+625, 1.00% Floor | 8/1/2029 |  | 4913 | 4812 | 4950 | (4)(9)(14) |
|  | First Lien Secured Debt - Delayed Draw | S+600, 1.00% Floor | 8/1/2029 |  | 739 | 606 | 744 | (4)(9)(11)(14)(28) |
|  | First Lien Secured Debt - Revolver | S+600, 1.00% Floor | 8/1/2029 |  |  | (38) |  | (4)(9)(11)(28) |
|  |  |  |  |  |  | 5480 | 5812 |  |
| Solenis Holding Limited |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Solenis Holding Limited | First Lien Secured Debt - Term Loan | S+326, 0.50% Floor | 6/20/2031 |  | 27948 | 27450 | 28070 | (15) |
| Vita Global |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Vita Global FinCo Limited | First Lien Secured Debt - Term Loan | SONIA+710, 0.00% Floor | 7/6/2027 | £nan | 16471 | 22335 | 18558 | (3)(4)(8)(17) |
|  |  | Total Chemicals | Total Chemicals | Total Chemicals | Total Chemicals | $103526 | $91031 |  |
| **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** |  |  |  |  |  |  |
| Allied Universal |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Allied Universal Holdco LLC | First Lien Secured Debt - Term Loan | S+385, 0.50% Floor | 5/12/2028 | $— | 29215 | $29148 | $29346 | (14) |
| American Express GBT |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;GBT US III LLC | First Lien Secured Debt - Term Loan | S+300, 0.00% Floor | 7/25/2031 |  | 20000 | 19952 | 20123 | (8)(15) |
| Avenu Insights |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;ACP Avenu Buyer, LLC | First Lien Secured Debt - Term Loan | S+525, 1.00% Floor | 10/2/2029 |  | 6188 | 6044 | 6095 | (4)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+525, 1.00% Floor | 10/2/2029 |  | 1091 | 1049 | 1051 | (4)(9)(11)(15)(28) |
|  | First Lien Secured Debt - Revolver | S+525, 1.00% Floor | 10/2/2029 |  | 238 | 215 | 222 | (4)(9)(11)(15)(28) |
|  |  |  |  |  |  | 7308 | 7368 |  |

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| BDO USA |  |  |  |  |  |  |  |
| &nbsp;&nbsp;BDO USA, P.A. | First Lien Secured Debt - Term Loan | S+500, 2.00% Floor | 8/31/2028 | 194276 | 191245 | 194277 | (4)(9)(14) |
| Beeline |  |  |  |  |  |  |  |
| &nbsp;&nbsp;IQN Holding Corp. | First Lien Secured Debt - Term Loan | S+525, 0.75% Floor | 5/2/2029 | 64119 | 63700 | 64119 | (4)(15) |
|  | First Lien Secured Debt - Revolver | S+525, 0.75% Floor | 5/2/2028 | 2011 | 1982 | 2011 | (4)(11)(15)(28) |
|  |  |  |  |  | 65682 | 66130 |  |
| Best Trash |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Bingo Group Buyer, Inc. | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 7/10/2031 | 17523 | 17315 | 17348 | (4)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 1.00% Floor | 7/10/2031 |  | (31) | (54) | (4)(5)(9)(11)(28) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 7/10/2031 | 63 | 39 | 42 | (4)(9)(11)(15)(28) |
|  |  |  |  |  | 17323 | 17336 |  |
| CDK |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Central Parent Inc | First Lien Secured Debt - Term Loan | S+325, 0.00% Floor | 7/6/2029 | 15960 | 15929 | 15769 | (15) |
| Encore |  |  |  |  |  |  |  |
| &nbsp;&nbsp;AVSC Holding Corp. | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 12/5/2031 | 202349 | 198341 | 198302 | (4)(14) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 12/5/2029 |  | (427) | (433) | (4)(5)(11)(28) |
|  |  |  |  |  | 197914 | 197869 |  |
| Fortis Fire |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Fortis Fire & Safety Holdings LP | Common Equity - Equity Unit | N/A | N/A | 9 Shares | 90 | 108 | (4)(9)(31) |
| GardaWorld |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Garda World Security Corporation | First Lien Secured Debt - Term Loan | S+350, 0.00% Floor | 2/1/2029 | 18722 | 18682 | 18828 | (8)(14) |
| Heritage Environmental Services | Heritage Environmental Services | Heritage Environmental Services |  |  |  |  |  |
| &nbsp;&nbsp;Heritage Environmental Services, Inc. | First Lien Secured Debt - Term Loan | S+525, 0.75% Floor | 1/31/2031 | 87983 | 86787 | 88642 | (4)(9)(15) |
|  | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 1/31/2031 | 11762 | 11705 | 11703 | (4)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.75% Floor | 1/31/2031 |  | (30) | (31) | (4)(5)(9)(11)(28) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 1/31/2030 |  | (5) |  | (4)(9)(11)(28) |
|  | First Lien Secured Debt - Revolver | S+550, 4.50% Floor | 1/31/2030 |  | (155) |  | (4)(9)(11)(28) |
|  |  |  |  |  | 98302 | 100314 |  |

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| HKA |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Mount Olympus Bidco Limited | First Lien Secured Debt - Term Loan | S+575, 0.50% Floor | 8/9/2029 | 13705 | 13419 | 13431 | (4)(8)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+575, 0.50% Floor | 8/9/2029 | 4760 | 4738 | 4665 | (4)(8)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+650, 0.50% Floor | 8/9/2029 | 568 | 538 | 528 | (4)(8)(9)(11)(15)(28) |
|  |  |  |  |  | 18695 | 18624 |  |
| Ironclad |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ironhorse Purchaser, LLC | First Lien Secured Debt - Term Loan | S+676, 1.00% Floor | 9/30/2027 | 3037 | 2990 | 2976 | (4)(9)(14) |
|  | First Lien Secured Debt - Delayed Draw | S+676, 1.00% Floor | 9/30/2027 |  | (21) | (29) | (4)(5)(9)(11)(28) |
|  | First Lien Secured Debt - Revolver | S+676, 1.00% Floor | 9/30/2027 | 157 | 150 | 147 | (4)(9)(11)(14)(28) |
|  |  |  |  |  | 3119 | 3094 |  |
| Profile Products |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Profile Products LLC | First Lien Secured Debt - Term Loan | S+585, 0.75% Floor | 11/12/2027 | 4863 | 4863 | 4863 | (4)(16) |
| QA Group |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ichnaea UK Bidco Limited | First Lien Secured Debt - Term Loan | SONIA+600, 0.00% Floor | 10/5/2029 | £31000 | 36687 | 38809 | (3)(4)(8)(9)(17) |
| R.R. Donnelley |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R. R. Donnelley & Sons Company | First Lien Secured Debt - Term Loan | S+475, 0.75% Floor | 8/8/2029 | 175560 | 170623 | 172049 | (4)(9)(14) |
| Resource Innovations |  |  |  |  |  |  |  |
| &nbsp;&nbsp;North Haven RI Buyer, LLC | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 3/29/2030 | 11910 | 11695 | 11692 | (4)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 1.00% Floor | 3/29/2030 | 1390 | 1350 | 1335 | (4)(9)(11)(15)(28) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 3/29/2030 | 1500 | 1456 | 1455 | (4)(9)(11)(14)(28) |
|  |  |  |  |  | 14501 | 14482 |  |
| SafetyCo |  |  |  |  |  |  |  |
| &nbsp;&nbsp;HEF Safety Ultimate Holdings, LLC | First Lien Secured Debt - Term Loan | S+525, 1.00% Floor | 11/19/2029 | 10539 | 10313 | 10539 | (4)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+575, 1.00% Floor | 11/19/2029 |  | (30) |  | (4)(9)(11)(28) |
|  | First Lien Secured Debt - Revolver | S+525, 1.00% Floor | 11/17/2029 | 687 | 657 | 687 | (4)(9)(11)(15)(28) |
|  |  |  |  |  | 10940 | 11226 |  |
| SAVATREE |  |  |  |  |  |  |  |
| &nbsp;&nbsp;CI (Quercus) Intermediate Holdings, LLC | First Lien Secured Debt - Term Loan | S+515, 0.75% Floor | 6/6/2031 | 17284 | 17116 | 16985 | (4)(15) |
|  | First Lien Secured Debt - Revolver | S+515, 0.75% Floor | 6/6/2031 | 189 | 157 | 149 | (4)(11)(14)(28) |
|  |  |  |  |  | 17273 | 17134 |  |

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| Smith System |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Smith Topco, Inc. | First Lien Secured Debt - Term Loan | S+550, 1.00% Floor | 11/6/2029 |  | 13175 | 12922 | 13175 | (4)(9)(16) |
|  | First Lien Secured Debt - Revolver | S+600, 1.00% Floor | 11/6/2029 |  |  | (31) |  | (4)(9)(11)(28) |
|  |  |  |  |  |  | 12891 | 13175 |  |
| Stamps.com |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Auctane, Inc. | First Lien Secured Debt - Term Loan | S+585, 0.75% Floor | 10/5/2028 |  | 31606 | 31225 | 31606 | (4)(9)(16) |
| SumUp |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;SumUp Holdings Luxembourg S.a.r.l. | First Lien Secured Debt - Delayed Draw | E+661, 1.50% Floor | 5/23/2031 | **€** | 40000 | 42883 | 40657 | (3)(4)(8)(11)(20)(28) |
| Tranzonic |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TZ Buyer LLC | First Lien Secured Debt - Term Loan | S+610, 0.75% Floor | 8/14/2028 |  | 19750 | 19127 | 19404 | (4)(9)(14) |
|  | First Lien Secured Debt - Term Loan | S+635, 0.75% Floor | 8/14/2028 |  | 17603 | 17306 | 17295 | (4)(9)(14) |
|  | First Lien Secured Debt - Delayed Draw | S+610, 0.75% Floor | 8/14/2028 |  | 49476 | 48647 | 48611 | (4)(9)(14) |
|  | First Lien Secured Debt - Delayed Draw | S+635, 0.75% Floor | 8/12/2028 |  | 4576 | 4511 | 4496 | (4)(9)(14) |
|  | First Lien Secured Debt - Delayed Draw | S+585, 0.75% Floor | 8/14/2028 |  | 1737 | 1694 | 1707 | (4)(9)(14) |
|  | First Lien Secured Debt - Revolver | S+635, 0.75% Floor | 8/14/2028 |  | 182 | 172 | 171 | (4)(9)(11)(14)(28) |
| &nbsp;&nbsp;TZ Parent LLC | Common Equity - Equity Unit | N/A | N/A |  | 50 Shares | 50 | 94 | (4)(9)(31) |
|  |  |  |  |  |  | 91507 | 91778 |  |
| United Site Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Vortex Opco LLC | First Lien Secured Debt - Term Loan | S+425, 0.50% Floor | 12/17/2028 |  | 35177 | 35079 | 22355 | (9)(15) |
|  | First Lien Secured Debt - Term Loan | S+625, 0.50% Floor | 4/30/2030 |  | 8380 | 8117 | 8694 | (9)(15) |
|  |  |  |  |  |  | 43196 | 31049 |  |
| USA DeBusk |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;USA DeBusk LLC | First Lien Secured Debt - Term Loan | S+525, 0.75% Floor | 4/30/2031 |  | 13249 | 13064 | 13080 | (4)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+525, 0.75% Floor | 4/30/2031 |  | 550 | 513 | 487 | (4)(9)(11)(15)(28) |
|  | First Lien Secured Debt - Revolver | S+525, 0.75% Floor | 4/30/2030 |  | 550 | 525 | 527 | (4)(9)(11)(14)(15)(28) |
|  |  |  |  |  |  | 14102 | 14094 |  |
|  |  | Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | $1174080 | $1170108 |  |

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| **Communications Equipment** | **Communications Equipment** | **Communications Equipment** |  |  |  |  |  |
| CommScope |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Commscope, LLC | First Lien Secured Debt - Term Loan | S+550, 2.00% Floor | 12/17/2029 | $90000 | $88913 | $91294 | (8)(15) |
|  | First Lien Secured Debt - Corporate Bond | 9.50% | 12/15/2031 | 11000 | 10757 | 11416 | (8) |
|  |  |  |  |  | 99670 | 102710 |  |
| MCA |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Mobile Communications America, Inc. | First Lien Secured Debt - Term Loan | S+550, 1.00% Floor | 10/16/2029 | 8340 | 8163 | 8319 | (4)(9)(14) |
|  | First Lien Secured Debt - Delayed Draw | S+600, 1.00% Floor | 10/16/2029 | 518 | 487 | 511 | (4)(9)(11)(14)(15)(28) |
|  | First Lien Secured Debt - Revolver | S+525, 1.00% Floor | 10/16/2029 | 340 | 312 | 336 | (4)(9)(11)(15)(28) |
|  |  |  |  |  | 8962 | 9166 |  |
| Mitel Networks |  |  |  |  |  |  |  |
| &nbsp;&nbsp;MLN US Holdco LLC | First Lien Secured Debt - Term Loan | 11.13% | 10/18/2027 | 6395 | 6244 | 4668 | (4)(8)(15)(25) |
|  | Second Lien Secured Debt - Term Loan | 11.39% | 10/18/2027 | 38156 | 36810 | 5723 | (4)(8)(15)(25) |
|  |  |  |  |  | 43054 | 10391 |  |
|  |  | Total Communications Equipment | Total Communications Equipment | Total Communications Equipment | $151686 | $122267 |  |
| **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** |  |  |  |  |  |
| American Restoration |  |  |  |  |  |  |  |
| &nbsp;&nbsp;American Restoration Holdings, LLC | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 7/24/2030 | $6463 | $6341 | $6350 | (4)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 1.00% Floor | 7/24/2030 | 5222 | 5110 | 5105 | (4)(9)(11)(15)(28) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 7/24/2030 | 389 | 356 | 358 | (4)(9)(11)(15)(28) |
|  |  |  |  |  | 11807 | 11813 |  |
| Amey |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Project Ardent Bidco Limited | First Lien Secured Debt - Term Loan | SONIA+550, 0.00% Floor | 11/12/2031 | £163000 | 203705 | 199978 | (3)(4)(8)(17) |
| Arcosa |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Arcosa, Inc. | First Lien Secured Debt - Term Loan | S+225, 0.00% Floor | 8/12/2031 | 7500 | 7500 | 7570 | (8)(14) |
| Circor |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Cube A&D Buyer Inc | First Lien Secured Debt - Term Loan | S+350, 0.00% Floor | 10/17/2031 | 14000 | 13991 | 14111 | (9)(15) |
| Construction Partners |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Construction Partners, Inc. | First Lien Secured Debt - Term Loan | S+250, 0.00% Floor | 11/3/2031 | 7000 | 6983 | 7048 | (8)(14) |

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------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| Pave America |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Pave America Interco, LLC | First Lien Secured Debt - Term Loan | S+675, 1.00% Floor | 2/7/2028 |  | 36910 | 36097 | 36356 | (4)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+675, 1.00% Floor | 2/7/2028 |  | 3373 | 3305 | 3322 | (4)(9)(15) |
|  | First Lien Secured Debt - Revolver | S+675, 1.00% Floor | 2/7/2028 |  | 2350 | 2278 | 2282 | (4)(9)(11)(15)(28) |
|  |  |  |  |  |  | 41680 | 41960 |  |
| Traffic Management Solutions | Traffic Management Solutions | Traffic Management Solutions |  |  |  |  |  |  |
| &nbsp;&nbsp;Traffic Management Solutions, LLC | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 11/26/2030 |  | 7379 | 7270 | 7268 | (4)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 1.00% Floor | 11/26/2030 |  |  | (45) | (46) | (4)(5)(11)(28) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 11/26/2030 |  | 121 | 100 | 100 | (4)(11)(15)(28) |
|  |  |  |  |  |  | 7325 | 7322 |  |
| Trench Plate Rental Co. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Trench Plate Rental Co. | First Lien Secured Debt - Term Loan | S+560, 1.00% Floor | 12/3/2026 |  | 44318 | 43974 | 43543 | (4)(9)(15) |
|  | First Lien Secured Debt - Revolver | S+560, 1.00% Floor | 12/3/2026 |  | 3568 | 3538 | 3489 | (4)(9)(11)(15)(28) |
| &nbsp;&nbsp;Trench Safety Solutions Holdings, LLC | Common Equity - Equity Unit | N/A | N/A | 331 Shares | 331 Shares | 50 | 32 | (4)(9)(31) |
|  |  |  |  |  |  | 47562 | 47064 |  |
|  |  | Total Construction & Engineering | Total Construction & Engineering | Total Construction & Engineering | Total Construction & Engineering | $340553 | $336866 |  |
| **Construction Materials** | **Construction Materials** | **Construction Materials** |  |  |  |  |  |  |
| Hobbs & Associates |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Hobbs & Associates LLC/VA | First Lien Secured Debt - Term Loan | S+325, 0.00% Floor | 7/23/2031 | $— | 17273 | $17251 | $17389 | (14) |
|  | First Lien Secured Debt - Delayed Draw | S+325, 0.00% Floor | 7/23/2031 |  | 1178 | 1179 | 1186 | (15)(28) |
|  |  |  |  |  |  | 18430 | 18575 |  |
| Volunteer Materials |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Volunteer AcquisitionCo, LLC | First Lien Secured Debt - Term Loan | S+650, 1.00% Floor | 9/1/2029 |  | 5131 | 5024 | 5002 | (4)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+650, 1.00% Floor | 9/1/2029 |  | 378 | 370 | 368 | (4)(9)(15) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 9/1/2029 |  |  | (15) | (19) | (4)(5)(9)(11)(28) |
|  |  |  |  |  |  | 5379 | 5351 |  |
|  |  | Total Construction Materials | Total Construction Materials | Total Construction Materials | Total Construction Materials | $23809 | $23926 |  |

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------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| **Consumer Finance** | **Consumer Finance** | **Consumer Finance** |  |  |  |  |  |
| LendingTree |  |  |  |  |  |  |  |
| &nbsp;&nbsp;LendingTree, Inc. | First Lien Secured Debt - Term Loan | S+575, 1.50% Floor | 3/27/2031 | $54424 | $53168 | $54424 | (4)(8)(9)(14) |
|  | First Lien Secured Debt - Delayed Draw | S+575, 1.50% Floor | 3/27/2031 |  | (316) |  | (4)(8)(9)(11)(28) |
|  |  | Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | $52852 | $54424 |  |
| **Consumer Staples Distribution & Retail** | **Consumer Staples Distribution & Retail** | **Consumer Staples Distribution & Retail** |  |  |  |  |  |
| ASDA |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Bellis Acquisition Company PLC | First Lien Secured Debt - Term Loan | SONIA+603, 0.00% Floor | 10/22/2029 | £97403 | $114725 | $121939 | (3)(4)(8)(9)(17) |
|  | First Lien Secured Debt - Term Loan | E+400, 0.00% Floor | 5/14/2031 | 5000 | 5275 | 5073 | (3)(8)(9)(20) |
|  |  |  |  |  | 120000 | 127012 |  |
| Elida Beauty |  |  |  |  |  |  |  |
| &nbsp;&nbsp;PHOENIX YW BUYER, INC. | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 5/31/2030 | 12206 | 11952 | 11962 | (4)(9)(15) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 5/31/2030 |  | (35) | (34) | (4)(5)(9)(11)(28) |
|  |  |  |  |  | 11917 | 11928 |  |
| Patriot Pickle |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Patriot Foods Buyer, Inc. | First Lien Secured Debt - Term Loan | S+575, 1.00% Floor | 12/24/2029 | 6518 | 6404 | 6453 | (4)(9)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+600, 1.00% Floor | 12/22/2029 |  | (21) | (25) | (4)(5)(9)(11)(28) |
|  | First Lien Secured Debt - Revolver | S+600, 1.00% Floor | 12/22/2029 |  | (16) | (9) | (4)(5)(9)(11)(28) |
|  |  |  |  |  | 6367 | 6419 |  |
| Protein for Pets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Protein For Pets Opco, LLC | First Lien Secured Debt - Term Loan | S+525, 1.00% Floor | 9/20/2030 | 45057 | 44236 | 44268 | (4)(9)(14) |
|  | First Lien Secured Debt - Revolver | S+525, 1.00% Floor | 9/20/2030 |  | (83) | (83) | (4)(5)(9)(11)(28) |
|  |  |  |  |  | 44153 | 44185 |  |
| Rise Baking |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Viking Baked Goods Acquisition Corporation | First Lien Secured Debt - Term Loan | S+500, 0.00% Floor | 10/24/2031 | 160000 | 157635 | 157600 | (4)(14) |
|  |  | Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | $340072 | $347144 |  |

---

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** |  |  |  |  |  |  |
| Ardagh Metal |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ardagh Metal Packaging Finance plc | First Lien Secured Debt - Term Loan | E+450, 1.00% Floor | 9/24/2029 |  | 59921 | $66493 | $61603 | (3)(4)(8)(19) |
| Berlin Packaging |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Berlin Packaging L.L.C. | First Lien Secured Debt - Term Loan | S+350, 0.00% Floor | 6/7/2031 |  | 20958 | 20980 | 21104 | (14) |
| BOX Partners |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Bp Purchaser LLC | First Lien Secured Debt - Term Loan | S+576, 0.75% Floor | 12/11/2028 |  | 7313 | 7313 | 6654 | (4)(15) |
| Tekni-Plex |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Trident TPI Holdings, Inc. | First Lien Secured Debt - Term Loan | S+375, 0.50% Floor | 9/15/2028 |  | 42286 | 42252 | 42718 | (14) |
|  |  | Total Containers & Packaging | Total Containers & Packaging | Total Containers & Packaging | Total Containers & Packaging | $137038 | $132079 |  |
| **Distributors** | **Distributors** | **Distributors** |  |  |  |  |  |  |
| ORS Nasco |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;WC ORS Buyer, Inc. | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 8/7/2031 | $— | 75129 | $74047 | $74002 | (4)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.75% Floor | 8/7/2031 |  |  | (102) | (215) | (4)(5)(9)(11)(28) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 8/7/2031 |  | 3730 | 3526 | 3515 | (4)(9)(11)(15)(28) |
| &nbsp;&nbsp;WC ORS Holdings, L.P. | Common Equity - Limited Partnership | N/A | N/A | 90,443 Shares | 90,443 Shares | 90 | 93 | (4)(9)(31) |
|  |  |  |  |  |  | 77561 | 77395 |  |
| PureStar |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;AMCP Clean Acqusition Company, LLC | First Lien Secured Debt - Term Loan | S+475, 0.50% Floor | 6/15/2028 |  | 94288 | 93102 | 94641 | (9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 0.50% Floor | 6/15/2028 |  | 3040 | 3025 | 3051 | (9)(11)(15)(28) |
|  |  |  |  |  |  | 96127 | 97692 |  |
|  |  | Total Distributors | Total Distributors | Total Distributors | Total Distributors | $173688 | $175087 |  |
| **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** |  |  |  |  |  |  |
| Accelerate Learning |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Eagle Purchaser, Inc. | First Lien Secured Debt - Term Loan | S+675, 1.00% Floor | 3/22/2030 | $— | 20167 | $19675 | $20066 | (4)(9)(14) |
|  | First Lien Secured Debt - Delayed Draw | S+675, 1.00% Floor | 3/22/2030 |  | 2813 | 2749 | 2785 | (4)(9)(11)(15)(28) |
|  | First Lien Secured Debt - Revolver | S+675, 1.00% Floor | 3/22/2029 |  | 3947 | 3859 | 3888 | (4)(9)(14)(15)(28) |
|  |  |  |  |  |  | 26283 | 26739 |  |

---

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| Adevinta |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Aurelia Netherlands Midco 2 B.V. | First Lien Secured Debt - Term Loan | E+586, 0.00% Floor | 5/29/2031 | 99299 | 105775 | 101831 | (3)(4)(8)(9)(20) |
| Cognita Schools |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Lernen US Finco LLC | First Lien Secured Debt - Term Loan | S+400, 0.50% Floor | 10/27/2031 | 7500 | 7463 | 7594 | (8)(15) |
| Excelligence |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Excelligence Learning Corporation | First Lien Secured Debt - Term Loan | S+575, 1.00% Floor | 1/18/2030 | 84798 | 83305 | 83950 | (4)(9)(15) |
|  | First Lien Secured Debt - Revolver | P+575, 1.00% Floor | 1/18/2030 | 814 | 584 | 678 | (4)(9)(11)(23)(28) |
|  |  |  |  |  | 83889 | 84628 |  |
| Greencross |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Vermont Aus Pty Ltd | First Lien Secured Debt - Term Loan | BBSW+575, 0.75% Floor | 3/23/2028 | 157535 | 106887 | 97019 | (3)(4)(8)(9)(24) |
| ISP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;International Schools Partnership Limited | First Lien Secured Debt - Delayed Draw | E+525, 0.00% Floor | 7/6/2028 |  | (1373) | (1373) | (3)(4)(5)(8)(11)(28) |
| SERVPRO |  |  |  |  |  |  |  |
| &nbsp;&nbsp;One Silver Serve, LLC | First Lien Secured Debt - Term Loan | S+510, 1.00% Floor | 12/18/2028 | 21102 | 20926 | 20891 | (4)(14) |
|  | First Lien Secured Debt - Delayed Draw | S+535, 1.00% Floor | 12/18/2028 | 12766 | 12599 | 12575 | (4)(11)(15)(28) |
|  | First Lien Secured Debt - Revolver | S+535, 1.00% Floor | 12/18/2028 |  | (39) | (48) | (4)(5)(11)(28) |
|  |  |  |  |  | 33486 | 33418 |  |
| Walter's Wedding |  |  |  |  |  |  |  |
| &nbsp;&nbsp;WH BorrowerCo, LLC | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 8/1/2030 | 25827 | 25460 | 25440 | (4)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 1.00% Floor | 8/1/2030 |  | (205) | (220) | (4)(5)(9)(11)(28) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 8/1/2030 | 2201 | 2138 | 2133 | (4)(9)(11)(15)(28) |
|  |  |  |  |  | 27393 | 27353 |  |
|  |  | Total Diversified Consumer Services | Total Diversified Consumer Services | Total Diversified Consumer Services | $389803 | $377209 |  |
| **Electric Utilities** | **Electric Utilities** | **Electric Utilities** |  |  |  |  |  |
| Congruex |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Congruex Group LLC | First Lien Secured Debt - Term Loan | S+165 (Includes 5.00% PIK) | 5/3/2029 | $29847 | $29330 | $23225 | (9)(15) |
| GridTek |  |  |  |  |  |  |  |
| &nbsp;&nbsp;BGIF IV Fearless Utility Services, Inc. | First Lien Secured Debt - Term Loan | S+500, 0.50% Floor | 6/9/2031 | 135058 | 133787 | 133708 | (4)(9)(14) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.50% Floor | 6/9/2031 |  | (226) | (491) | (4)(5)(9)(11)(28) |
|  | First Lien Secured Debt - Revolver | S+500, 0.50% Floor | 6/7/2030 |  | (214) | (235) | (4)(5)(9)(11)(28) |
|  |  |  |  |  | 133347 | 132982 |  |

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| Thunder Generation |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Thunder Generation Funding LLC | First Lien Secured Debt - Term Loan | S+300, 0.00% Floor | 10/3/2031 | 29925 | 29814 | 30158 | (15) |
| Westinghouse |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Brookfield WEC Holdings Inc. | First Lien Secured Debt - Term Loan | S+225, 0.00% Floor | 1/27/2031 | 9975 | 9984 | 9995 | (14) |
|  |  | Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | $202475 | $196360 |  |
| **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** |  |  |  |  |  |
| Antylia Scientific |  |  |  |  |  |  |  |
| &nbsp;&nbsp;CPI Buyer, LLC | First Lien Secured Debt - Term Loan | S+576, 0.75% Floor | 11/1/2028 | $30748 | $30748 | $30440 | (4)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+576, 0.75% Floor | 11/1/2028 | 4109 | 4102 | 4062 | (4)(11)(15)(28) |
|  | First Lien Secured Debt - Revolver | S+576, 0.75% Floor | 10/30/2026 |  |  | (33) | (4)(5)(11)(28) |
|  |  |  |  |  | 34850 | 34469 |  |
| International Wire Group |  |  |  |  |  |  |  |
| &nbsp;&nbsp;IW Buyer LLC | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 6/28/2029 | 20165 | 19777 | 19964 | (4)(9)(15) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 6/28/2029 |  | (71) | (31) | (4)(5)(9)(11)(28) |
|  |  |  |  |  | 19706 | 19933 |  |
| Trescal |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ruler Bidco S.A R.L. | First Lien Secured Debt - Term Loan | E+550, 0.00% Floor | 4/29/2030 | 28282 | 30333 | 28857 | (3)(4)(8)(9)(19) |
|  | First Lien Secured Debt - Term Loan | S+550, 0.50% Floor | 4/29/2030 | 11498 | 11214 | 11412 | (4)(8)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | E+650, 0.00% Floor | 4/29/2030 | 11200 | 12078 | 11427 | (3)(4)(8)(9)(19) |
|  | First Lien Secured Debt - Delayed Draw | E+500, 0.00% Floor | 4/29/2030 | 4990 | 5506 | 4978 | (3)(4)(8)(9)(11)(19)(28) |
|  |  |  |  |  | 59131 | 56674 |  |
|  |  | Total Electrical Equipment | Total Electrical Equipment | Total Electrical Equipment | $113687 | $111076 |  |
| **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** |  |  |  |  |  |
| Kidde |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Lsf12 Crown US Commercial Bidco, LLC | First Lien Secured Debt - Term Loan | S+425, 0.00% Floor | 12/2/2031 | $7320 | $7246 | $7320 | (14) |
| Lightning Power |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Lightning Power, LLC | First Lien Secured Debt - Term Loan | S+325, 0.00% Floor | 8/18/2031 | 11471 | 11419 | 11616 | (14)(15) |
| Madison Safety |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Madison Safety & Flow LLC | First Lien Secured Debt - Term Loan | S+325, 0.00% Floor | 9/26/2031 | 8978 | 8987 | 9054 | (14) |
|  |  | Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | $27652 | $27990 |  |

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------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** |  |  |  |  |  |  |
| Camin Cargo |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Camin Cargo Control Holdings, Inc. | First Lien Secured Debt - Term Loan | S+550, 1.00% Floor | 12/7/2029 | $— | 31223 | $30615 | $30855 | (4)(9)(14) |
|  | First Lien Secured Debt - Delayed Draw | S+600, 1.00% Floor | 12/7/2029 |  |  | (44) | (56) | (4)(5)(9)(11)(28) |
|  | First Lien Secured Debt - Revolver | P+550, 1.00% Floor | 12/7/2029 |  | 2618 | 2528 | 2562 | (4)(9)(11)(15)(23)(28) |
|  |  | Total Energy Equipment & Services | Total Energy Equipment & Services | Total Energy Equipment & Services | Total Energy Equipment & Services | $33099 | $33361 |  |
| **Entertainment** | **Entertainment** | **Entertainment** |  |  |  |  |  |  |
| Chernin Entertainment |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Jewel Purchaser, Inc. | First Lien Secured Debt - Term Loan | S+560, 0.50% Floor | 7/1/2027 | $— | 87577 | $86002 | $87577 | (4)(9)(15) |
|  |  | Total Entertainment | Total Entertainment | Total Entertainment | Total Entertainment | $86002 | $87577 |  |
| **Financial Services** | **Financial Services** | **Financial Services** |  |  |  |  |  |  |
| AffiniPay |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Eclipse Buyer, Inc. | First Lien Secured Debt - Term Loan | S+475, 0.50% Floor | 9/8/2031 | $— | 22738 | $22517 | $22511 | (4)(14) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 0.50% Floor | 9/8/2031 |  |  | (19) | (39) | (4)(5)(11)(28) |
|  | First Lien Secured Debt - Revolver | S+475, 0.50% Floor | 9/8/2031 |  |  | (19) | (20) | (4)(5)(11)(28) |
| &nbsp;&nbsp;Eclipse Topco, Inc. | Preferred Equity - Preferred Stocks | N/A | N/A | 6,302,250 Shares | 6,302,250 Shares | 5940 | 6176 | (4)(31) |
|  |  |  |  |  |  | 28419 | 28628 |  |
| Alpha FMC |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Actium Midco 3 | First Lien Secured Debt - Term Loan | SONIA+525, 0.00% Floor | 8/30/2031 | £nan | 35254 | 45403 | 44025 | (3)(4)(8)(17) |
|  | First Lien Secured Debt - Term Loan | S+525, 0.00% Floor | 8/30/2031 |  | 41610 | 40778 | 41506 | (4)(8)(16) |
|  | First Lien Secured Debt - Term Loan | E+525, 0.00% Floor | 8/30/2031 |  | 18790 | 20355 | 19318 | (3)(4)(8)(20) |
|  | First Lien Secured Debt - Delayed Draw | SONIA+525, 0.00% Floor | 8/30/2031 | £nan |  | (225) | (112) | (3)(4)(5)(8)(11)(28) |
|  |  |  |  |  |  | 106311 | 104737 |  |
| Alter Domus |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Chrysaor Bidco Sarl | First Lien Secured Debt - Term Loan | S+350, 0.50% Floor | 7/17/2031 |  | 6052 | 6052 | 6111 | (8)(14) |
|  | First Lien Secured Debt - Delayed Draw | S+350, 0.50% Floor | 5/14/2031 |  |  |  |  | (8)(28) |
|  |  |  |  |  |  | 6052 | 6111 |  |

---

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| ASC Engineered Solutions |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Tailwind Fire Flow Investor, LP | Common Equity - Membership Interest | N/A | N/A | 100 Shares | 100 Shares | 101 | 101 | (4)(31) |
| Ascensus Holdings, Inc. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ascensus Holdings, Inc. | First Lien Secured Debt - Term Loan | S+300, 0.00% Floor | 8/2/2028 |  | 41560 | 41309 | 41975 | (14) |
| AssetMark |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;GTCR Everest Borrower, LLC | First Lien Secured Debt - Term Loan | S+275, 0.00% Floor | 9/5/2031 |  | 8000 | 7981 | 8042 | (15) |
| Crete PA |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Crete PA Holdco, LLC | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 11/25/2030 |  | 23256 | 23141 | 23140 | (4)(14) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 1.00% Floor | 11/25/2030 |  |  | (57) | (58) | (4)(5)(11)(28) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 11/25/2030 |  |  | (17) | (17) | (4)(5)(11)(28) |
|  |  |  |  |  |  | 23067 | 23065 |  |
| Dechra |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Dechra Finance US LLC | First Lien Secured Debt - Term Loan | S+325, 0.00% Floor | 12/3/2031 |  | 9000 | 8978 | 9053 | (8)(14) |
| Evelyn |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Violin Finco Guernsey Limited | First Lien Secured Debt - Term Loan | SONIA+550, 0.00% Floor | 6/24/2031 | £nan | 79678 | 100123 | 98752 | (3)(4)(8)(9)(17) |
|  | First Lien Secured Debt - Delayed Draw | SONIA+550, 0.00% Floor | 6/24/2031 | £nan |  | (31) | (67) | (3)(4)(5)(8)(9)(11)(28) |
|  |  |  |  |  |  | 100092 | 98685 |  |
| GC Waves |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;GC Waves Holdings, Inc. | First Lien Secured Debt - Term Loan | S+475, 0.75% Floor | 10/4/2030 |  | 63530 | 63453 | 63276 | (4)(14) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 0.75% Floor | 10/4/2030 |  | 4031 | 3850 | 3897 | (4)(11)(14)(28) |
|  | First Lien Secured Debt - Revolver | S+475, 0.75% Floor | 10/4/2030 |  |  | (3) | (11) | (4)(5)(11)(28) |
|  |  |  |  |  |  | 67300 | 67162 |  |
| Gen II |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;PEX Holdings LLC | First Lien Secured Debt - Term Loan | S+275, 0.00% Floor | 11/26/2031 |  | 15357 | 15319 | 15453 | (15) |
| ISIO |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Madonna Bidco Limited | First Lien Secured Debt - Term Loan | SONIA+525, 0.00% Floor | 9/26/2031 | £nan | 23819 | 30300 | 29223 | (3)(4)(8)(17) |
|  | First Lien Secured Debt - Delayed Draw | SONIA+525, 0.00% Floor | 10/25/2031 | £nan |  | (62) | (61) | (3)(4)(5)(8)(11)(28) |
|  |  |  |  |  |  | 30238 | 29162 |  |

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| Jensen Hughes |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Jensen Hughes, Inc | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 9/1/2031 | 78054 | 76923 | 76883 | (4)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.75% Floor | 9/1/2031 |  | (157) | (407) | (4)(5)(11)(28) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 9/1/2031 |  | (126) | (132) | (4)(5)(11)(28) |
|  |  |  |  |  | 76640 | 76344 |  |
| Nexity |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Evoriel | First Lien Secured Debt - Term Loan | E+525, 0.00% Floor | 4/2/2031 | 43574 | 46057 | 44572 | (3)(4)(8)(9)(20) |
|  | First Lien Secured Debt - Delayed Draw | E+525, 0.00% Floor | 4/2/2031 | 7470 | 8414 | 7447 | (3)(4)(8)(9)(11)(20)(28) |
|  |  |  |  |  | 54471 | 52019 |  |
| Ocorian |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Orthrus Ltd | First Lien Secured Debt - Term Loan | S+625, 1.00% Floor | 12/5/2031 | 42268 | 41634 | 41634 | (4)(8)(15) |
|  | First Lien Secured Debt - Term Loan | SONIA+625, 0.00% Floor | 12/5/2031 | £17915 | 22502 | 22091 | (3)(4)(8)(17) |
|  | First Lien Secured Debt - Term Loan | E+625, 0.00% Floor | 12/5/2031 | 15998 | 16679 | 16323 | (3)(4)(8)(19) |
|  | First Lien Secured Debt - Delayed Draw | SONIA+625, 0.00% Floor | 12/5/2031 | £— | (239) | (235) | (3)(4)(5)(8)(11)(28) |
|  |  |  |  |  | 80576 | 79813 |  |
| Paymentsense |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Hurricane Cleanco Limited | First Lien Secured Debt - Term Loan | 12.50% (includes 6.25% PIK) | 11/21/2029 | £50024 | 59258 | 61059 | (3)(4)(8)(9) |
| PIB |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Paisley Bidco Limited | First Lien Secured Debt - Term Loan | SONIA+475, 0.00% Floor | 5/7/2031 | £83858 | 104170 | 104194 | (3)(4)(8)(9)(17) |
|  | First Lien Secured Debt - Term Loan | E+475, 0.00% Floor | 5/7/2031 | 28797 | 30762 | 29606 | (3)(4)(8)(9)(20) |
|  | First Lien Secured Debt - Delayed Draw | SONIA+525, 0.00% Floor | 5/7/2031 | £3813 | 4690 | 4720 | (3)(4)(8)(9)(11)(17)(28) |
|  |  |  |  |  | 139622 | 138520 |  |
| PMA |  |  |  |  |  |  |  |
| &nbsp;&nbsp;PMA Parent Holdings, LLC | First Lien Secured Debt - Term Loan | S+550, 0.75% Floor | 1/31/2031 | 14013 | 13869 | 13865 | (4)(15) |
|  | First Lien Secured Debt - Revolver | S+550, 0.75% Floor | 1/31/2031 |  | (10) | (10) | (4)(5)(11)(28) |
|  |  |  |  |  | 13859 | 13855 |  |
| Stretto |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Stretto, Inc. | First Lien Secured Debt - Term Loan | S+600, 1.00% Floor | 10/13/2028 | 125933 | 123913 | 125303 | (4)(9)(15) |

---

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| Strongpoint |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Howardsimon LLC | First Lien Secured Debt - Term Loan | S+475, 0.75% Floor | 12/13/2030 |  | 21176 | 21124 | 21124 | (4)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 0.75% Floor | 12/13/2030 |  | 12000 | 11887 | 11922 | (4)(11)(15)(28) |
|  | First Lien Secured Debt - Revolver | S+475, 0.75% Floor | 12/13/2030 |  |  | (9) | (9) | (4)(5)(11)(28) |
|  |  |  |  |  |  | 33002 | 33037 |  |
| Title Resource Group |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;RE Closing Buyer Corp. | First Lien Secured Debt - Term Loan | S+525, 1.00% Floor | 9/27/2031 |  | 114713 | 112493 | 112418 | (4)(8)(9)(15) |
| Truvant |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;NPPI Buyer, LLC | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 8/20/2029 |  | 25725 | 25362 | 25339 | (4)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+525, 1.00% Floor | 8/20/2029 |  |  | (43) | (83) | (4)(5)(9)(11)(28) |
|  | First Lien Secured Debt - Revolver | S+525, 1.00% Floor | 8/20/2029 |  |  | (55) | (55) | (4)(5)(9)(11)(28) |
|  |  |  |  |  |  | 25264 | 25201 |  |
| VEPF VII |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;VEPF VII Holdings, L.P. | First Lien Secured Debt - Term Loan | S+450, 0.00% Floor | 2/28/2028 |  | 19776 | 19715 | 20037 | (4)(8)(15) |
|  |  | Total Financial Services | Total Financial Services | Total Financial Services | Total Financial Services | $1173980 | $1169780 |  |
| **Financing** | **Financing** | **Financing** |  |  |  |  |  |  |
| Singular Bank |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Pluto Holdco Limited | First Lien Secured Debt - Term Loan | 7.32% PIK | 6/9/2025 |  | 12976 | $14018 | $13408 | (3)(4)(8)(9)(19) |
|  |  | Total Financing | Total Financing | Total Financing | Total Financing | $14018 | $13408 |  |
| **Food Products** | **Food Products** | **Food Products** |  |  |  |  |  |  |
| Nutpods |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Green Grass Foods, Inc. | First Lien Secured Debt - Term Loan | S+625, 1.00% Floor | 12/26/2029 | $— | 3713 | $3648 | $3703 | (4)(9)(15) |
|  | First Lien Secured Debt - Revolver | S+650, 1.00% Floor | 12/26/2029 |  |  | (21) | (3) | (4)(5)(9)(11)(28) |
| &nbsp;&nbsp;Nutpods Holdings, Inc. | Common Equity - Stock | N/A | N/A | 125 Shares | 125 Shares | 125 | 153 | (4)(9)(31) |
|  |  | Total Food Products | Total Food Products | Total Food Products | Total Food Products | $3752 | $3853 |  |

---

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| **Ground Transportation** | **Ground Transportation** | **Ground Transportation** |  |  |  |  |  |
| Boasso |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Channelside AcquisitionCo, Inc. | First Lien Secured Debt - Term Loan | S+475, 0.75% Floor | 6/30/2028 | $39929 | $39224 | $39829 | (4)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 0.75% Floor | 6/30/2028 |  | (21) | (11) | (4)(5)(9)(11)(28) |
|  | First Lien Secured Debt - Revolver | S+475, 0.75% Floor | 7/1/2026 |  | (2) | (10) | (4)(5)(9)(11)(28) |
|  |  |  |  |  | 39201 | 39808 |  |
| First Student |  |  |  |  |  |  |  |
| &nbsp;&nbsp;First Student Bidco Inc. | First Lien Secured Debt - Term Loan | S+250, 0.50% Floor | 7/21/2028 | 4408 | 4414 | 4422 | (15) |
| Genesee & Wyoming |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Genesee & Wyoming Inc. | First Lien Secured Debt - Term Loan | S+175, 0.00% Floor | 4/10/2031 | 4988 | 4988 | 4984 | (15) |
| Olympus Terminals |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Olympus Terminals Holdco II LLC | First Lien Secured Debt - Term Loan | S+525, 0.75% Floor | 12/17/2030 | 37255 | 36515 | 36510 | (4)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+525, 0.75% Floor | 12/17/2030 |  | (119) | (120) | (4)(5)(11)(28) |
|  | First Lien Secured Debt - Revolver | S+525, 0.75% Floor | 12/17/2030 |  | (199) | (200) | (4)(5)(11)(28) |
|  |  |  |  |  | 36197 | 36190 |  |
| Transportation Insight |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TI Intermediate Holdings, LLC | First Lien Secured Debt - Term Loan | S+460 (Includes 1.00% PIK) | 6/18/2027 | 7352 | 7352 | 4080 | (4)(15) |
|  |  | Total Ground Transportation | Total Ground Transportation | Total Ground Transportation | $92152 | $89484 |  |
| **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** |  |  |  |  |  |
| Corpuls |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Heartbeat BidCo GmbH | First Lien Secured Debt - Term Loan | E+650, 0.50% Floor | 6/28/2030 | 20000 | $21460 | $20613 | (3)(4)(8)(9)(19) |
| Medline |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Medline Borrower LP | First Lien Secured Debt - Term Loan | S+225, 0.50% Floor | 10/23/2028 | 29935 | 29970 | 30075 | (14) |
| Resonetics |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Resonetics, LLC | First Lien Secured Debt - Term Loan | S+325, 0.75% Floor | 6/18/2031 | 9975 | 9963 | 10051 | (14) |
| TerSera Therapeutics |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TerSera Therapeutics LLC | First Lien Secured Debt - Term Loan | S+575, 1.00% Floor | 4/4/2029 | 16750 | 16433 | 16750 | (4)(9)(14) |
|  | First Lien Secured Debt - Revolver | S+675, 1.00% Floor | 4/4/2029 |  | (24) |  | (4)(9)(11)(28) |
|  |  |  |  |  | 16409 | 16750 |  |

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------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| Treace Medical Concepts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Treace Medical Concepts, Inc. | First Lien Secured Debt - Term Loan | S+610, 1.00% Floor | 4/1/2027 | 7292 | 7273 | 7219 | (4)(8)(9)(14)(26) |
|  | First Lien Secured Debt - Delayed Draw | S+610, 1.00% Floor | 4/1/2027 |  |  | (44) | (4)(5)(8)(9)(26)(28) |
|  | First Lien Secured Debt - Revolver | S+410, 1.00% Floor | 4/1/2027 | 200 | 200 | 185 | (4)(8)(9)(11)(14)(26)(28) |
|  |  |  |  |  | 7473 | 7360 |  |
| Zest Dental Solutions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Zest Acquisition Corp. | First Lien Secured Debt - Term Loan | S+551, 0.00% Floor | 2/8/2028 | 20838 | 20637 | 21099 | (15) |
| Zeus |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Zeus Company LLC | First Lien Secured Debt - Term Loan | S+550, 0.75% Floor | 2/28/2031 | 53763 | 53026 | 54300 | (4)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+550, 0.75% Floor | 2/28/2031 | 3518 | 3428 | 3554 | (4)(9)(11)(15)(28) |
|  | First Lien Secured Debt - Revolver | S+550, 0.75% Floor | 2/28/2030 |  | (98) |  | (4)(9)(11)(28) |
|  |  |  |  |  | 56356 | 57854 |  |
|  |  | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | $162268 | $163802 |  |
| **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** |  |  |  |  |  |
| Advarra |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Advarra Holdings, Inc. | First Lien Secured Debt - Term Loan | S+450, 0.75% Floor | 9/13/2031 | $134261 | $133611 | $133590 | (4)(9)(14) |
|  | First Lien Secured Debt - Term Loan | S+450, 1.00% Floor | 9/15/2031 | 54001 | 53739 | 53731 | (4)(9)(14) |
|  | First Lien Secured Debt - Delayed Draw | S+450, 0.75% Floor | 9/15/2031 |  | (30) | (62) | (4)(5)(9)(11)(28) |
|  |  |  |  |  | 187320 | 187259 |  |
| Affordable Care |  |  |  |  |  |  |  |
| &nbsp;&nbsp;ACI Group Holdings, Inc. | First Lien Secured Debt - Term Loan | S+285, 0.75% Floor | 8/2/2028 | 4924 | 4924 | 4850 | (4)(14) |
| All Star Healthcare |  |  |  |  |  |  |  |
| &nbsp;&nbsp;All Star Recruiting Locums, LLC | First Lien Secured Debt - Term Loan | S+550, 1.00% Floor | 5/1/2030 | 6922 | 6795 | 6887 | (4)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+550, 1.00% Floor | 5/1/2030 |  | (16) | (9) | (4)(5)(9)(11)(28) |
|  | First Lien Secured Debt - Revolver | S+550, 1.00% Floor | 5/1/2030 | 217 | 194 | 211 | (4)(9)(11)(15)(28) |
|  |  |  |  |  | 6973 | 7089 |  |
| Allied Benefit Systems |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Allied Benefit Systems Intermediate LLC | First Lien Secured Debt - Term Loan | S+525, 0.75% Floor | 10/31/2030 | 78029 | 77002 | 78029 | (4)(9)(14) |
|  | First Lien Secured Debt - Delayed Draw | S+525, 0.75% Floor | 10/31/2030 | 14310 | 14108 | 14310 | (4)(9)(14) |
|  |  |  |  |  | 91110 | 92339 |  |

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------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| Athenahealth |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Athenahealth Group Inc. | First Lien Secured Debt - Term Loan | S+325, 0.50% Floor | 2/15/2029 | 51433 | 50787 | 51662 | (14) |
| CNSI |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Acentra Holdings, LLC | First Lien Secured Debt - Term Loan | S+550, 0.50% Floor | 12/17/2029 | 37705 | 36776 | 37328 | (4)(9)(15) |
|  | First Lien Secured Debt - Term Loan | S+575, 0.50% Floor | 12/17/2028 | 2935 | 2885 | 2920 | (4)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+550, 0.50% Floor | 12/17/2029 |  | (48) | (74) | (4)(5)(9)(11)(28) |
|  | First Lien Secured Debt - Revolver | S+550, 0.50% Floor | 12/17/2029 | 427 | 342 | 387 | (4)(9)(11)(15)(28) |
|  |  |  |  |  | 39955 | 40561 |  |
| Concentra Health Services |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Concentra Health Services Inc | First Lien Secured Debt - Term Loan | S+225, 0.00% Floor | 7/26/2031 | 7481 | 7472 | 7547 | (8)(14) |
| CoreTrust |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Coretrust Purchasing Group LLC | First Lien Secured Debt - Term Loan | S+525, 0.75% Floor | 10/1/2029 | 37611 | 36836 | 37235 | (4)(14) |
|  | First Lien Secured Debt - Delayed Draw | S+525, 0.75% Floor | 10/1/2029 |  | (77) | (79) | (4)(5)(11)(28) |
|  | First Lien Secured Debt - Revolver | S+525, 0.75% Floor | 10/1/2029 |  | (97) | (47) | (4)(5)(11)(28) |
|  |  |  |  |  | 36662 | 37109 |  |
| CorroHealth |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Coding Solutions Acquisition Inc | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 8/7/2031 | 36069 | 35592 | 35527 | (4)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.75% Floor | 8/7/2031 |  | (71) | (82) | (4)(5)(11)(28) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 8/7/2031 | 3006 | 2957 | 2954 | (4)(11)(16)(28) |
|  |  |  |  |  | 38478 | 38399 |  |
| Dental Care Alliance |  |  |  |  |  |  |  |
| &nbsp;&nbsp;DCA Investment Holding LLC | First Lien Secured Debt - Term Loan | S+641, 0.75% Floor | 4/3/2028 | 2424 | 2424 | 2352 | (4)(15) |
| Eating Recovery Center |  |  |  |  |  |  |  |
| &nbsp;&nbsp;ERC Topco Holdings, LLC | First Lien Secured Debt - Term Loan | S+625 (Includes 3.25% PIK) | 11/9/2028 | 35308 | 35308 | 13505 | (4)(15)(25) |
|  | First Lien Secured Debt - Term Loan | 11.12% PIK | 11/10/2028 | 882 | 882 | 338 | (4)(15)(25) |
|  | First Lien Secured Debt - Term Loan | 11.12% PIK | 11/10/2027 | 19 | 19 | 7 | (4)(14)(25) |
|  | First Lien Secured Debt - Revolver | S+625 (Includes 3.25% PIK) | 11/10/2027 | 2412 | 2404 | 439 | (4)(14)(25)(28) |
|  |  |  |  |  | 38613 | 14289 |  |

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------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| Ensemble Health |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ensemble RCM, LLC | First Lien Secured Debt - Term Loan | S+300, 0.00% Floor | 8/1/2029 | 31485 | 31375 | 31755 | (14)(15) |
| ExamWorks |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Electron BidCo Inc. | First Lien Secured Debt - Term Loan | S+275, 0.50% Floor | 11/1/2028 | 4974 | 4977 | 4999 | (14) |
| Exemplar Healthcare |  |  |  |  |  |  |  |
| &nbsp;&nbsp;EHC Holdings Holdco Limited | First Lien Secured Debt - Term Loan | SONIA+575, 0.00% Floor | 9/30/2031 | £48000 | 62925 | 58889 | (3)(4)(8)(17) |
|  | First Lien Secured Debt - Delayed Draw | SONIA+575, 0.00% Floor | 9/30/2031 | £2400 | 2236 | 2404 | (3)(4)(8)(11)(17)(28) |
|  |  |  |  |  | 65161 | 61293 |  |
| Gainwell |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Gainwell Acquisition Corp. | First Lien Secured Debt - Term Loan | S+410, 0.75% Floor | 10/1/2027 | 57210 | 55652 | 55558 | (15) |
| Gateway Services |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Gateway US Holdings, Inc. | First Lien Secured Debt - Term Loan | S+475, 0.75% Floor | 9/22/2028 | 64583 | 64278 | 64260 | (4)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 0.75% Floor | 9/22/2026 | 14837 | 14837 | 14763 | (4)(15) |
|  | First Lien Secured Debt - Term Loan | S+490, 0.75% Floor | 9/22/2028 | 5346 | 5267 | 5319 | (4)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 0.75% Floor | 9/22/2026 | 6942 | 6877 | 6908 | (4)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 0.75% Floor | 11/14/2026 |  |  | (21) | (4)(5)(11)(28) |
|  | First Lien Secured Debt - Revolver | S+650, 0.75% Floor | 9/22/2026 |  | (10) | (13) | (4)(5)(11)(28) |
|  |  |  |  |  | 91249 | 91216 |  |
| Hanger |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Hanger, Inc. | First Lien Secured Debt - Term Loan | S+350, 0.00% Floor | 10/23/2031 | 18605 | 18548 | 18811 | (14) |
|  | First Lien Secured Debt - Delayed Draw | S+350, 0.00% Floor | 10/23/2031 |  | (7) |  | (11)(14)(28) |
|  |  |  |  |  | 18541 | 18811 |  |
| Legacy.com |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Lotus Topco Inc. | First Lien Secured Debt - Term Loan | S+475, 1.00% Floor | 6/7/2030 | 11706 | 11543 | 11530 | (4)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 1.00% Floor | 6/7/2030 |  | (40) | (88) | (4)(5)(11)(28) |
|  | First Lien Secured Debt - Revolver | S+475, 1.00% Floor | 6/7/2030 |  | (32) | (35) | (4)(5)(11)(28) |
|  |  |  |  |  | 11471 | 11407 |  |
| Omega Healthcare |  |  |  |  |  |  |  |
| &nbsp;&nbsp;OMH-Healthedge Holdings, Inc. | First Lien Secured Debt - Term Loan | S+600, 1.00% Floor | 10/8/2029 | 107459 | 105189 | 107459 | (4)(9)(16) |
|  | First Lien Secured Debt - Revolver | S+600, 1.00% Floor | 10/8/2029 |  | (234) |  | (4)(9)(11)(28) |
|  |  |  |  |  | 104955 | 107459 |  |

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| Parexel |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Phoenix Newco, Inc. | First Lien Secured Debt - Term Loan | S+300, 0.50% Floor | 11/15/2028 |  | 19568 | 19550 | 19727 | (14) |
| Practice Plus Group |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Practice Plus Group Bidco Limited / Practice Plus Group Holdings Limited | First Lien Secured Debt - Term Loan | SONIA+625, 0.50% Floor | 11/19/2029 | £nan | 10000 | 11647 | 12237 | (3)(4)(8)(9)(17) |
|  | First Lien Secured Debt - Term Loan | SONIA+650, 0.50% Floor | 11/19/2029 | £nan | 5000 | 6180 | 6119 | (3)(4)(8)(9)(17) |
|  |  |  |  |  |  | 17827 | 18356 |  |
| Public Partnerships |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;PPL Acquisition LLC | First Lien Secured Debt - Term Loan | S+635, 0.75% Floor | 7/1/2028 |  | 8388 | 8228 | 8095 | (4)(9)(15) |
|  | First Lien Secured Debt - Revolver | S+635, 0.75% Floor | 7/1/2028 |  |  | (12) | (35) | (4)(5)(9)(11)(28) |
| &nbsp;&nbsp;PPL Equity LP | Preferred Equity - Preferred Stocks | N/A | N/A | 50,000 Shares | 50,000 Shares | 50 | 50 | (4)(9)(31) |
|  | Preferred Equity - Equity Unit | N/A | N/A | 50,000 Shares | 50,000 Shares | 50 |  | (4)(9)(31) |
|  |  |  |  |  |  | 8316 | 8110 |  |
| Smile Brands |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Smile Brands Inc. | First Lien Secured Debt - Term Loan | S+610 (Includes 1.29% PIK) | 10/12/2027 |  | 7561 | 7561 | 6918 | (4)(15) |
| Southern Veterinary Partners | Southern Veterinary Partners | Southern Veterinary Partners |  |  |  |  |  |  |
| &nbsp;&nbsp;Southern Veterinary Partners, LLC | First Lien Secured Debt - Term Loan | S+325, 0.00% Floor | 12/4/2031 |  | 25000 | 24876 | 25208 | (15) |
| Team Select |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TS Investors, LLC | First Lien Secured Debt - Term Loan | S+560, 1.00% Floor | 5/4/2029 |  | 7668 | 7486 | 7572 | (4)(9)(14) |
|  | First Lien Secured Debt - Term Loan | S+660, 1.00% Floor | 5/4/2029 |  | 7609 | 7505 | 7514 | (4)(9)(14) |
|  | First Lien Secured Debt - Delayed Draw | S+560, 1.00% Floor | 5/4/2029 |  | 440 | 419 | 421 | (4)(9)(11)(14)(28) |
|  | First Lien Secured Debt - Delayed Draw | S+560, 1.00% Floor | 11/4/2025 |  |  | (16) | (29) | (4)(5)(9)(28) |
|  | First Lien Secured Debt - Revolver | S+560, 1.00% Floor | 5/4/2029 |  |  | (16) | (9) | (4)(5)(9)(11)(28) |
|  |  |  |  |  |  | 15378 | 15469 |  |
| Tivity Health |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Tivity Health, Inc. | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 6/28/2029 |  | 112423 | 111196 | 112985 | (4)(9)(14) |
| Vizient |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Vizient, Inc. | First Lien Secured Debt - Term Loan | S+200, 0.50% Floor | 8/1/2031 |  | 6239 | 6224 | 6295 | (14) |
|  |  | Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | $1099027 | $1079022 |  |

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------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| **Health Care Technology** | **Health Care Technology** | **Health Care Technology** |  |  |  |  |  |
| Clario |  |  |  |  |  |  |  |
| &nbsp;&nbsp;eResearchTechnology, Inc. | First Lien Secured Debt - Term Loan | S+400, 1.00% Floor | 2/4/2027 | $19768 | $19386 | $19915 | (14) |
| Imprivata |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Imprivata, Inc. | First Lien Secured Debt - Term Loan | S+350, 0.50% Floor | 12/1/2027 | 11909 | 11957 | 12005 | (15) |
| Novotech |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Novotech SG Holdings Pte. Ltd./ Novotech Aus Bidco Pty Ltd/Novotech Holdings USA LLC | First Lien Secured Debt - Term Loan | S+525, 0.00% Floor | 6/27/2031 | 42857 | 42349 | 42351 | (4)(8)(9)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+525, 0.00% Floor | 6/27/2031 | 500 | 417 | 416 | (4)(8)(9)(11)(16)(28) |
|  |  |  |  |  | 42766 | 42767 |  |
| Press Ganey |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Azalea TopCo, Inc. | First Lien Secured Debt - Term Loan | S+325, 0.00% Floor | 4/30/2031 | 4627 | 4632 | 4646 | (14) |
| Wellsky |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Project Ruby Ultimate Parent Corp. | First Lien Secured Debt - Term Loan | S+300, 0.00% Floor | 3/10/2028 | 41790 | 41620 | 42038 | (15) |
|  |  | Total Health Care Technology | Total Health Care Technology | Total Health Care Technology | $120361 | $121371 |  |
| **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** |  |  |  |  |  |
| Bally's |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Bally's Corp | First Lien Secured Debt - Term Loan | S+325, 0.50% Floor | 10/2/2028 | $496 | $480 | $470 | (8)(15) |
| Caesars Entertainment |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Caesars Entertainment, Inc. | First Lien Secured Debt - Term Loan | S+225, 0.50% Floor | 2/6/2031 | 7462 | 7446 | 7488 | (8)(14) |
| Delivery Hero |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Delivery Hero Finco Germany GmbH | First Lien Secured Debt - Term Loan | K+500, 0.50% Floor | 12/12/2029 | 194831194 | 138676 | 133668 | (3)(4)(8)(9)(18) |
| &nbsp;&nbsp;Delivery Hero SE | Unsecured Debt - Convertible Bond | 3.37% | 2/21/2030 | 100 | 96 | 103 | (3)(8)(9) |
|  |  |  |  |  | 138772 | 133771 |  |
| Formula One |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Delta 2 | First Lien Secured Debt - Term Loan | S+200, 0.50% Floor | 9/30/2031 | 3333 | 3333 | 3346 | (8)(15) |
|  | First Lien Secured Debt - Term Loan | S+200, 0.50% Floor | 9/10/2031 | 1667 | 1667 | 1673 | (8)(15) |
|  |  |  |  |  | 5000 | 5019 |  |

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------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| JOA |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Joker Holdco 3 S.a r.l. | First Lien Secured Debt - Term Loan | E+611, 0.00% Floor | 4/19/2031 |  | 137000 | 143261 | 140847 | (3)(4)(8)(9)(19) |
| Life Time Fitness |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Life Time, Inc. | First Lien Secured Debt - Term Loan | S+250, 0.00% Floor | 11/5/2031 |  | 12000 | 11970 | 12064 | (8)(14) |
| Nottingham Forest FC |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Nottingham Forest Football Club Limited | First Lien Secured Debt - Term Loan | 8.75% | 12/20/2027 | £nan | 25000 | 31136 | 30985 | (3)(4) |
| PARS |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;PARS Group LLC | First Lien Secured Debt - Term Loan | S+685, 1.50% Floor | 4/3/2028 |  | 8794 | 8707 | 8662 | (4)(9)(14) |
|  | First Lien Secured Debt - Delayed Draw | S+685, 1.50% Floor | 4/3/2028 |  |  |  | (14) | (4)(5)(9)(28) |
|  |  |  |  |  |  | 8707 | 8648 |  |
| Playa Hotels & Resorts |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Playa Resorts Holding B.V. | First Lien Secured Debt - Term Loan | S+275, 0.50% Floor | 1/5/2029 |  | 4975 | 4980 | 4985 | (8)(14) |
| Scientific Games Lottery |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Scientific Games Holdings LP | First Lien Secured Debt - Term Loan | S+300, 0.50% Floor | 4/4/2029 |  | 18927 | 18922 | 18996 | (15) |
| Sky Zone |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;CircusTrix Holdings LLC | First Lien Secured Debt - Term Loan | S+650, 1.00% Floor | 7/18/2028 |  | 12423 | 12186 | 12423 | (4)(9)(14) |
|  | First Lien Secured Debt - Delayed Draw | S+650, 1.00% Floor | 7/18/2028 |  | 1284 | 1257 | 1284 | (4)(9)(11)(14)(28) |
|  | First Lien Secured Debt - Revolver | S+650, 1.00% Floor | 7/18/2028 |  | 806 | 792 | 806 | (4)(9)(14)(28) |
|  |  |  |  |  |  | 14235 | 14513 |  |
| Sports Invest |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Sports Invest Holdings Ltd. | First Lien Secured Debt - Term Loan | 10.50% | 10/3/2029 | £nan | 25000 | 32183 | 30437 | (3)(4)(8) |
|  |  | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | $417092 | $408223 |  |
| **Household Durables** | **Household Durables** | **Household Durables** |  |  |  |  |  |  |
| Ergotron |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ergotron Acquisition, LLC | First Lien Secured Debt - Term Loan | S+536, 0.75% Floor | 7/6/2028 | $— | 8930 | $8813 | $8930 | (4)(14) |
| &nbsp;&nbsp;Ergotron Investments, LLC | Common Equity - Equity Unit | N/A | N/A | 500 Shares | 500 Shares | 50 | 65 | (4)(31) |
|  |  |  |  |  |  | 8863 | 8995 |  |

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------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| HOV |  |  |  |  |  |  |  |
| &nbsp;&nbsp;K Hovnanian Enterprises Inc | First Lien Secured Debt - Revolver | S+450, 3.00% Floor | 6/30/2026 | 5600 | 3259 | 3500 | (4)(8)(9)(11)(14)(28) |
|  | First Lien Secured Debt - Corporate Bond | 11.75% | 9/30/2029 | 1950 | 1905 | 2131 | (8)(9) |
|  | First Lien Secured Debt - Corporate Bond | 8.00% | 9/30/2028 | 2000 | 1984 | 2033 | (8)(9) |
|  |  |  |  |  | 7148 | 7664 |  |
| Polywood |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Poly-Wood, LLC | First Lien Secured Debt - Term Loan | S+575, 1.00% Floor | 3/20/2030 | 121987 | 119512 | 121987 | (4)(9)(14) |
|  | First Lien Secured Debt - Delayed Draw | S+575, 1.00% Floor | 3/20/2030 |  | (226) |  | (4)(9)(11)(28) |
|  | First Lien Secured Debt - Revolver | S+575, 1.00% Floor | 3/20/2030 |  | (452) |  | (4)(9)(11)(28) |
|  |  |  |  |  | 118834 | 121987 |  |
| Weber-Stephen Products |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Weber-Stephen Products LLC | First Lien Secured Debt - Term Loan | S+325, 0.75% Floor | 10/30/2027 | 10694 | 10160 | 10678 | (14) |
|  |  | Total Household Durables | Total Household Durables | Total Household Durables | $145005 | $149324 |  |
| **Household Products** | **Household Products** | **Household Products** |  |  |  |  |  |
| Action |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Peer Holding III B.V. | First Lien Secured Debt - Term Loan | S+300, 0.00% Floor | 7/1/2031 | $7648 | $7648 | $7701 | (8)(15) |
| Advantice Health |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Jazz AH Holdco, LLC | First Lien Secured Debt - Term Loan | S+510, 0.75% Floor | 4/3/2028 | 7038 | 7038 | 6903 | (4)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+510, 0.75% Floor | 4/3/2028 | 119 | 119 | 117 | (4)(15) |
|  | First Lien Secured Debt - Revolver | S+510, 0.75% Floor | 4/3/2028 | 240 | 233 | 225 | (4)(11)(16)(28) |
|  |  |  |  |  | 7390 | 7245 |  |
| Ardagh |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ardagh Group S.A. | First Lien Secured Debt - Term Loan | 8.88% | 7/2/2029 | 99000 | 105154 | 101524 | (3)(4)(8)(9) |
|  |  | Total Household Products | Total Household Products | Total Household Products | $120192 | $116470 |  |

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| **Independent Power & Renewable Electricity Producers** | **Independent Power & Renewable Electricity Producers** | **Independent Power & Renewable Electricity Producers** |  |  |  |  |  |
| Calpine Corporation |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Calpine Corporation | First Lien Secured Debt - Term Loan | S+175, 0.00% Floor | 1/31/2031 | $4987 | $4992 | $4979 | (14) |
| Esdec |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Esdec Solar Group B.V. | First Lien Secured Debt - Term Loan | E+625, 0.50% Floor | 8/30/2028 | 48141 | 53209 | 45378 | (3)(4)(8)(9)(19) |
|  | First Lien Secured Debt - Delayed Draw | E+611, 0.50% Floor | 8/30/2028 | 15194 | 16777 | 14224 | (3)(4)(8)(9)(11)(19)(28) |
|  |  |  |  |  | 69986 | 59602 |  |
|  |  | Total Independent Power & Renewable Electricity Producers | Total Independent Power & Renewable Electricity Producers | Total Independent Power & Renewable Electricity Producers | $74978 | $64581 |  |
| **Insurance** | **Insurance** | **Insurance** |  |  |  |  |  |
| Alera Group |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Alera Group, Inc. | First Lien Secured Debt - Term Loan | S+535, 0.75% Floor | 10/2/2028 | $25709 | $25319 | $25709 | (4)(9)(14) |
|  | First Lien Secured Debt - Delayed Draw | S+585, 0.75% Floor | 10/2/2028 | 37361 | 37135 | 37734 | (4)(9)(11)(14)(28) |
|  | First Lien Secured Debt - Delayed Draw | S+535, 0.75% Floor | 10/2/2028 | 29738 | 29323 | 29738 | (4)(9)(14) |
|  |  |  |  |  | 91777 | 93181 |  |
| Alliant Holdings |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Alliant Holdings Intermediate, LLC | First Lien Secured Debt - Term Loan | S+275, 0.00% Floor | 9/19/2031 | 18953 | 18918 | 19025 | (14) |
| AssuredPartners |  |  |  |  |  |  |  |
| &nbsp;&nbsp;AssuredPartners, Inc. | First Lien Secured Debt - Term Loan | S+350, 0.50% Floor | 2/14/2031 | 34575 | 34534 | 34689 | (14) |
| Asurion |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Asurion, LLC | First Lien Secured Debt - Term Loan | S+336, 0.00% Floor | 7/31/2027 | 34978 | 34815 | 34942 | (14) |
|  | First Lien Secured Debt - Term Loan | S+336, 0.00% Floor | 12/23/2026 | 8085 | 8042 | 8089 | (14) |
|  |  |  |  |  | 42857 | 43031 |  |
| Broadstreet Partners |  |  |  |  |  |  |  |
| &nbsp;&nbsp;BroadStreet Partners, Inc. | First Lien Secured Debt - Term Loan | S+300, 0.00% Floor | 6/13/2031 | 9975 | 9987 | 10021 | (14) |
| Galway |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Galway Borrower LLC | First Lien Secured Debt - Term Loan | S+450, 0.75% Floor | 9/29/2028 | 33994 | 33684 | 34079 | (9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+450, 0.75% Floor | 9/29/2028 | 700 | 680 | 702 | (4)(9)(11)(15)(28) |
|  | First Lien Secured Debt - Revolver | S+450, 0.75% Floor | 9/29/2028 | 251 | 224 | 251 | (4)(9)(11)(15)(28) |
|  |  |  |  |  | 34588 | 35032 |  |

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------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| Higginbotham |  |  |  |  |  |  |  |
| &nbsp;&nbsp;HIG Intermediate, Inc. | Preferred Equity - Preferred Stocks | N/A | N/A | 50,000 Shares | 49 | 49 | (4)(31) |
| &nbsp;&nbsp;Higginbotham Insurance Agency, Inc. | First Lien Secured Debt - Term Loan | S+450, 1.00% Floor | 11/24/2028 | 122959 | 122767 | 122959 | (4)(14) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 1.00% Floor | 11/24/2028 | 6649 | 6513 | 6649 | (4)(11)(14)(28) |
|  |  |  |  |  | 129329 | 129657 |  |
| Hilb Group |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Thg Acquisition, LLC | First Lien Secured Debt - Term Loan | S+475, 0.75% Floor | 10/31/2031 | 89928 | 89059 | 89029 | (4)(14) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 0.75% Floor | 10/31/2031 |  | (97) | (100) | (4)(5)(11)(28) |
|  | First Lien Secured Debt - Revolver | S+475, 0.75% Floor | 10/31/2031 | 745 | 648 | 644 | (4)(11)(14)(28) |
|  |  |  |  |  | 89610 | 89573 |  |
| Howden Group |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Hyperion Refinance Sarl | First Lien Secured Debt - Term Loan | S+300, 0.50% Floor | 2/15/2031 | 47184 | 47007 | 47565 | (8)(14) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 0.50% Floor | 2/15/2031 | 66000 | 64003 | 64900 | (4)(8)(11)(15)(28) |
|  |  |  |  |  | 111010 | 112465 |  |
| Hub International |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Hub International Limited | First Lien Secured Debt - Term Loan | S+275, 0.00% Floor | 6/20/2030 | 4963 | 4979 | 4999 | (15) |
| Patriot Growth Insurance Services | Patriot Growth Insurance Services | Patriot Growth Insurance Services |  |  |  |  |  |
| &nbsp;&nbsp;Patriot Growth Insurance Services, LLC | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 10/16/2028 | 31815 | 31815 | 31815 | (4)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.75% Floor | 10/16/2028 | 4216 | 4164 | 4216 | (4)(11)(15)(28) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 10/16/2028 | 1156 | 1156 | 1156 | (4)(11)(14)(28) |
|  |  |  |  |  | 37135 | 37187 |  |
| Risk Strategies |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Accession Risk Management Group, Inc. | First Lien Secured Debt - Term Loan | S+490, 0.75% Floor | 11/1/2029 | 51122 | 51013 | 50984 | (4)(15) |
|  | First Lien Secured Debt - Term Loan | S+475, 0.75% Floor | 11/1/2029 | 6940 | 6916 | 6922 | (4)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 0.75% Floor | 11/1/2029 |  | 19 | (62) | (4)(5)(11)(28) |
|  | First Lien Secured Debt - Revolver | S+490, 0.75% Floor | 11/1/2029 |  | (3) | (2) | (4)(5)(11)(28) |
|  | First Lien Secured Debt - Revolver | S+475, 0.75% Floor | 11/1/2029 |  |  | (8) | (4)(5)(11)(28) |
|  |  |  |  |  | 57945 | 57834 |  |

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| Safe-Guard |  |  |  |  |  |  |  |
| &nbsp;&nbsp;SG Acquisition, Inc. | First Lien Secured Debt - Term Loan | S+475, 0.75% Floor | 4/3/2030 | 94366 | 93123 | 94365 | (4)(9)(15) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 4/3/2030 |  | (51) |  | (4)(9)(11)(28) |
|  |  |  |  |  | 93072 | 94365 |  |
| Sedgwick |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Sedgwick Claims Management Services, Inc. | First Lien Secured Debt - Term Loan | S+300, 0.00% Floor | 7/31/2031 | 9975 | 9951 | 10047 | (8)(15) |
| Truist |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Truist Insurance Holdings, LLC | First Lien Secured Debt - Term Loan | S+275, 0.00% Floor | 5/6/2031 | 8149 | 8135 | 8186 | (15) |
|  | First Lien Secured Debt - Revolver | S+351, 0.00% Floor | 5/6/2029 |  | (489) | (435) | (4)(5)(11)(28) |
|  |  |  |  |  | 7646 | 7751 |  |
|  |  | Total Insurance | Total Insurance | Total Insurance | $773338 | $778857 |  |
| **IT Services** | **IT Services** | **IT Services** |  |  |  |  |  |
| Anaplan |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Anaplan, Inc. | First Lien Secured Debt - Term Loan | S+525, 0.75% Floor | 6/21/2029 | $159692 | $157461 | $159293 | (4)(15) |
|  | First Lien Secured Debt - Revolver | S+575, 0.75% Floor | 6/21/2028 |  | (106) | (23) | (4)(5)(11)(28) |
|  |  |  |  |  | 157355 | 159270 |  |
| Astek |  |  |  |  |  |  |  |
| &nbsp;&nbsp;FINANCIERE ASTEK | First Lien Secured Debt - Term Loan | E+650, 0.00% Floor | 4/25/2031 | 50293 | 52578 | 51315 | (3)(4)(8)(9)(19) |
|  | First Lien Secured Debt - Delayed Draw | E+650, 0.00% Floor | 4/25/2031 | 14758 | 15574 | 14962 | (3)(4)(8)(9)(11)(19)(28) |
|  |  |  |  |  | 68152 | 66277 |  |
| Genesys Cloud |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Greeneden U.S. Holdings II, LLC | First Lien Secured Debt - Term Loan | S+300, 0.75% Floor | 12/1/2027 | 18760 | 18760 | 18942 | (14) |
| Peraton |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Peraton Corp. | First Lien Secured Debt - Term Loan | S+385, 0.75% Floor | 2/1/2028 | 37338 | 37180 | 34837 | (14) |
| Sysnet North America |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Sysnet North America, Inc. | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 8/6/2030 | 21000 | 20701 | 20685 | (4)(15) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 8/6/2030 | 2105 | 2050 | 2046 | (4)(11)(15)(28) |
|  |  |  |  |  | 22751 | 22731 |  |

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| Vensure |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Vensure Employer Services, Inc. | First Lien Secured Debt - Term Loan | S+500, 0.50% Floor | 9/27/2031 | 126956 | 125720 | 125686 | (4)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.50% Floor | 9/27/2031 | 8018 | 7805 | 7657 | (4)(9)(11)(15)(28) |
|  |  |  |  |  | 133525 | 133343 |  |
| Version 1 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Investment Company 24 Bidco Limited | First Lien Secured Debt - Term Loan | SONIA+515, 0.00% Floor | 7/11/2029 | £6559 | 7663 | 8150 | (3)(4)(8)(9)(17) |
|  | First Lien Secured Debt - Term Loan | E+515, 0.00% Floor | 7/11/2029 | 4029 | 3978 | 4143 | (3)(4)(8)(9)(19) |
|  | First Lien Secured Debt - Delayed Draw | SONIA+575, 0.00% Floor | 7/11/2029 | £1377 | 1348 | 1415 | (3)(4)(8)(9)(11)(17) |
|  | First Lien Secured Debt - Delayed Draw | SONIA+651, 0.00% Floor | 7/11/2029 | £872 | 767 | 856 | (3)(4)(8)(9)(11)(17)(28) |
|  | First Lien Secured Debt - Delayed Draw | E+575, 0.00% Floor | 7/11/2029 |  | 425 | (43) | (3)(4)(5)(8)(9)(11)(28) |
|  |  |  |  |  | 14181 | 14521 |  |
| Virtusa |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Virtusa Corporation | First Lien Secured Debt - Term Loan | S+325, 0.75% Floor | 2/15/2029 | 12780 | 12794 | 12886 | (14) |
|  |  | Total IT Services | Total IT Services | Total IT Services | $464698 | $462807 |  |
| **Leisure Products** | **Leisure Products** | **Leisure Products** |  |  |  |  |  |
| Lime |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Neutron Holdings, Inc. | First Lien Secured Debt - Term Loan | 10.00% | 9/30/2026 | $75000 | $74069 | $75375 | (4)(9) |
| Peloton |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Peloton Interactive, Inc. | First Lien Secured Debt - Term Loan | S+600, 0.00% Floor | 5/30/2029 | 72884 | 72222 | 74736 | (8)(14) |
| Varsity Brands, LLC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Varsity Brands, LLC | First Lien Secured Debt - Term Loan | S+375, 0.00% Floor | 8/26/2031 | 43000 | 42815 | 43103 | (15) |
|  |  | Total Leisure Products | Total Leisure Products | Total Leisure Products | $189106 | $193214 |  |
| **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** |  |  |  |  |  |
| Curia |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Curia Global, Inc. | First Lien Secured Debt - Term Loan | S+385, 0.75% Floor | 8/30/2026 | $81936 | $78543 | $78564 | (15) |
|  |  | Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | $78543 | $78564 |  |

---

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| **Machinery** | **Machinery** | **Machinery** |  |  |  |  |  |
| Alliance Laundry Systems |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Alliance Laundry Systems LLC | First Lien Secured Debt - Term Loan | S+350, 0.00% Floor | 8/19/2031 | $9000 | $8996 | $9072 | (14) |
| Carlisle Fluid Technologies |  |  |  |  |  |  |  |
| &nbsp;&nbsp;LSF12 Donnelly Bidco, LLC | First Lien Secured Debt - Term Loan | S+650, 1.00% Floor | 10/2/2029 | 14813 | 14500 | 14561 | (4)(9)(14) |
| Charter Next Generation |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Charter Next Generation, Inc. | First Lien Secured Debt - Term Loan | S+300, 0.75% Floor | 11/29/2030 | 16121 | 16153 | 16228 | (14) |
| Duravant |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Engineered Machinery Holdings, Inc. | First Lien Secured Debt - Term Loan | S+401, 0.75% Floor | 5/19/2028 | 19763 | 19680 | 19941 | (15) |
| Husky Technologies |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Titan Acquisition Ltd of Canada | First Lien Secured Debt - Term Loan | S+450, 0.00% Floor | 2/15/2029 | 40234 | 39757 | 40625 | (8)(16) |
| JPW |  |  |  |  |  |  |  |
| &nbsp;&nbsp;JPW Industries Holding Corporation | First Lien Secured Debt - Term Loan | S+588, 2.00% Floor | 11/22/2028 | 115830 | 113452 | 114961 | (4)(9)(15) |
| ProMach |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Pro Mach Group, Inc. | First Lien Secured Debt - Term Loan | S+350, 1.00% Floor | 8/31/2028 | 30816 | 30900 | 31123 | (14) |
|  |  | Total Machinery | Total Machinery | Total Machinery | $243438 | $246511 |  |
| **Marine Transportation** | **Marine Transportation** | **Marine Transportation** |  |  |  |  |  |
| Meritus Gas Partners |  |  |  |  |  |  |  |
| &nbsp;&nbsp;MGP Holdings III Corp. | First Lien Secured Debt - Term Loan | S+525, 1.00% Floor | 3/1/2030 | $19616 | $19265 | $19322 | (4)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+525, 1.00% Floor | 3/1/2030 | 6087 | 5982 | 5963 | (4)(9)(11)(15)(28) |
|  | First Lien Secured Debt - Revolver | P+525, 1.00% Floor | 3/1/2030 | 458 | 424 | 429 | (4)(9)(11)(23)(28) |
|  |  | Total Marine Transportation | Total Marine Transportation | Total Marine Transportation | $25671 | $25714 |  |
| **Media** | **Media** | **Media** |  |  |  |  |  |
| Accelerate360 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Accelerate360 Holdings, LLC | First Lien Secured Debt - Term Loan | S+626, 1.00% Floor | 2/11/2027 | $68972 | $68972 | $68283 | (4)(9)(15) |
|  | First Lien Secured Debt - Revolver | S+576, 1.00% Floor | 2/11/2027 | 24956 | 24956 | 24497 | (4)(9)(11)(15)(28) |
|  |  |  |  |  | 93928 | 92780 |  |

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------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| Advantage Sales |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Advantage Sales & Marketing Inc. | First Lien Secured Debt - Term Loan | S+451, 0.75% Floor | 10/28/2027 | 15193 | 15208 | 15171 | (8)(15) |
| Associa |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Associations Inc. | First Lien Secured Debt - Term Loan | S+675, 1.00% Floor | 7/2/2028 | 17429 | 17414 | 17473 | (4)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+650, 1.00% Floor | 7/2/2028 | 226 | 225 | 227 | (4)(15)(28) |
|  | First Lien Secured Debt - Revolver | S+675, 1.00% Floor | 7/2/2028 | 543 | 542 | 544 | (4)(11)(15)(28) |
|  |  |  |  |  | 18181 | 18244 |  |
| Cablevision Systems |  |  |  |  |  |  |  |
| &nbsp;&nbsp;CSC Holdings, LLC | First Lien Secured Debt - Term Loan | S+450, 0.00% Floor | 1/18/2028 | 116355 | 112729 | 114383 | (8)(14) |
|  | First Lien Secured Debt - Term Loan | L+250, 0.00% Floor | 4/15/2027 | 15000 | 14065 | 13875 | (8) |
|  | First Lien Secured Debt - Revolver | S+225, 0.00% Floor | 7/13/2027 | 81 | 62 | 73 | (4)(8)(14)(28) |
|  |  |  |  |  | 126856 | 128331 |  |
| Charter Communications |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Charter Communications Operating, LLC | First Lien Secured Debt - Term Loan | S+225, 0.00% Floor | 12/15/2031 | 20000 | 19950 | 19981 | (8)(14) |
| Clear Channel International |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Clear Channel International B.V. | First Lien Secured Debt - Term Loan | S+225, 5.25% Floor | 8/5/2027 | 30000 | 29726 | 29925 | (4)(8)(15) |
| EchoStar Corporation |  |  |  |  |  |  |  |
| &nbsp;&nbsp;EchoStar Corporation | First Lien Secured Debt - Corporate Bond | 10.75% | 11/30/2029 | 72552 | 73313 | 78108 | (8) |
|  | Secured Debt - Corporate Bond | 6.75% | 11/30/2030 | 99 | 98 | 90 | (8) |
|  | Secured Debt - Corporate Bond | 3.88% | 11/30/2030 | 80 | 80 | 85 | (8) |
|  |  |  |  |  | 73491 | 78283 |  |
| Escalent |  |  |  |  |  |  |  |
| &nbsp;&nbsp;M&M OPCO, LLC | First Lien Secured Debt - Term Loan | S+810, 1.00% Floor | 4/7/2029 | 9357 | 9137 | 9170 | (4)(9)(15) |
|  | First Lien Secured Debt - Revolver | S+810, 1.00% Floor | 4/7/2029 |  | (5) | (5) | (4)(5)(9)(11)(28) |
|  |  |  |  |  | 9132 | 9165 |  |
| Gannett |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Gannett Co., Inc. | First Lien Secured Debt - Convertible Bond | 6.00% | 12/1/2031 | 500 | 528 | 665 | (4)(8) |
| &nbsp;&nbsp;Gannett Holdings, LLC | First Lien Secured Debt - Term Loan | S+500, 1.50% Floor | 10/15/2029 | 211385 | 208324 | 208214 | (4)(8)(14) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 1.50% Floor | 10/15/2029 |  | (62) | (65) | (4)(5)(8)(28) |
|  |  |  |  |  | 208790 | 208814 |  |

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| Material+ |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Material Holdings, LLC | First Lien Secured Debt - Term Loan | S+1600 (Includes 8.03% PIK) | 8/19/2027 |  | 6375 | 6375 | 5642 | (4)(15)(25) |
|  | First Lien Secured Debt - Term Loan | 10.43% PIK | 8/19/2027 |  | 1576 | 1576 |  | (4)(15)(25) |
|  |  |  |  |  |  | 7951 | 5642 |  |
| McGraw Hill |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;McGraw-Hill Education, Inc. | First Lien Secured Debt - Term Loan | S+400, 0.50% Floor | 8/6/2031 |  | 27883 | 27306 | 28234 | (15) |
|  |  | Total Media | Total Media | Total Media | Total Media | $630519 | $634570 |  |
| **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** |  |  |  |  |  |  |
| ArcLight |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;AL GCX Holdings, LLC | First Lien Secured Debt - Term Loan | S+275, 0.50% Floor | 5/17/2029 | $— | 5000 | $5024 | $5040 | (14) |
| Brookfield Infrastructure Partners | Brookfield Infrastructure Partners | Brookfield Infrastructure Partners |  |  |  |  |  |  |
| &nbsp;&nbsp;BIP Pipeco Holdings LLC | First Lien Secured Debt - Term Loan | S+225, 0.00% Floor | 12/6/2030 |  | 9617 | 9649 | 9663 | (14) |
| GIP Pilot |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;GIP Pilot Acquisition Partners, L.P. | First Lien Secured Debt - Term Loan | S+250, 0.00% Floor | 10/4/2030 |  | 1980 | 1993 | 1995 | (15) |
| WhiteWater DBR |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;WhiteWater DBR HoldCo LLC | First Lien Secured Debt - Term Loan | S+225, 0.00% Floor | 3/3/2031 |  | 6280 | 6307 | 6325 | (15) |
|  |  | Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | $22973 | $23023 |  |
| **Personal Care Products** | **Personal Care Products** | **Personal Care Products** |  |  |  |  |  |  |
| Heat Makes Sense |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Amika OpCo LLC | First Lien Secured Debt - Term Loan | S+575, 0.75% Floor | 7/1/2029 | $— | 34650 | $34061 | $34910 | (4)(9)(16) |
|  | First Lien Secured Debt - Term Loan | S+525, 0.75% Floor | 7/1/2029 |  | 7891 | 7775 | 7871 | (4)(9)(16) |
|  | First Lien Secured Debt - Revolver | S+550, 0.75% Floor | 7/1/2028 |  |  | (20) | (4) | (4)(5)(9)(11)(28) |
| &nbsp;&nbsp;Ishtar Co-Invest-B LP | Common Equity - Stock | N/A | N/A | 39 Shares | 39 Shares | 22 |  | (4)(9)(31) |
| &nbsp;&nbsp;Oshun Co-Invest-B LP | Common Equity - Stock | N/A | N/A | 11 Shares | 11 Shares | 11 |  | (4)(9)(31) |
|  |  |  |  |  |  | 41849 | 42777 |  |

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| KDC |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;KDC/ONE Development Corporation, Inc. | First Lien Secured Debt - Term Loan | S+400, 0.00% Floor | 8/15/2028 |  | 36295 | 35872 | 36584 | (14) |
| PDC Brands |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Parfums Holding Company, Inc. | First Lien Secured Debt - Term Loan | S+525, 1.00% Floor | 6/27/2030 |  | 164742 | 163201 | 163094 | (4)(9)(15) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 6/27/2029 |  |  | (92) | (103) | (4)(5)(9)(11)(28) |
|  |  |  |  |  |  | 163109 | 162991 |  |
| RoC Skincare |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;RoC Holdco LLC | First Lien Secured Debt - Term Loan | S+600, 1.00% Floor | 2/21/2031 |  | 25418 | 24953 | 24973 | (4)(9)(15) |
|  | First Lien Secured Debt - Revolver | S+600, 1.00% Floor | 2/21/2030 |  |  | (76) | (77) | (4)(5)(9)(11)(28) |
|  |  |  |  |  |  | 24877 | 24896 |  |
|  |  | Total Personal Care Products | Total Personal Care Products | Total Personal Care Products | Total Personal Care Products | $265707 | $267248 |  |
| **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** |  |  |  |  |  |  |
| Alcresta |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Alcresta Holdings, LP | Preferred Equity - Preferred Stocks | N/A | N/A | $116 Shares | 116 Shares | $116 | $124 | (4)(9)(31) |
|  | Preferred Equity - Equity Unit | N/A | N/A | 1,176 Shares | 1,176 Shares | 1 | 28 | (4)(9)(31) |
| &nbsp;&nbsp;Alcresta Therapeutics Inc. | First Lien Secured Debt - Term Loan | S+575, 1.00% Floor | 3/12/2030 |  | 4499 | 4418 | 4432 | (4)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+575, 1.00% Floor | 3/31/2030 |  |  | (76) | (65) | (4)(5)(9)(11)(28) |
|  | First Lien Secured Debt - Revolver | S+575, 1.00% Floor | 3/31/2029 |  |  | (15) | (13) | (4)(5)(9)(11)(28) |
|  |  |  |  |  |  | 4444 | 4506 |  |
| Bausch Health |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Bausch Health Companies Inc. | First Lien Secured Debt - Term Loan | S+535, 0.50% Floor | 2/1/2027 |  | 153179 | 144063 | 149925 | (8)(14) |
|  | First Lien Secured Debt - Corporate Bond | 5.50% | 11/1/2025 |  | 791 | 749 | 771 | (8) |
|  |  |  |  |  |  | 144812 | 150696 |  |
| Catalent |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Creek Parent, Inc. | First Lien Secured Debt - Term Loan | S+525, 0.75% Floor | 12/18/2031 |  | 202397 | 198874 | 198855 | (4)(14) |
|  | First Lien Secured Debt - Revolver | S+525, 0.75% Floor | 12/18/2031 |  |  | (507) | (509) | (4)(5)(11)(28) |
|  |  |  |  |  |  | 198367 | 198346 |  |

---

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| Ceva |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Financiere Mendel SASU | First Lien Secured Debt - Term Loan | S+325, 0.00% Floor | 11/8/2030 | 4953 | 4910 | 4992 | (8)(15) |
| Eversana |  |  |  |  |  |  |  |
| &nbsp;&nbsp;LSCS Holdings, Inc. | First Lien Secured Debt - Term Loan | S+461, 0.50% Floor | 12/16/2028 | 24484 | 24278 | 24682 | (14) |
| ExactCare |  |  |  |  |  |  |  |
| &nbsp;&nbsp;ExactCare Parent, Inc. | First Lien Secured Debt - Term Loan | S+550, 1.00% Floor | 11/5/2029 | 40269 | 39325 | 40068 | (4)(9)(15) |
|  | First Lien Secured Debt - Revolver | S+650, 1.00% Floor | 11/5/2029 |  | (99) | (22) | (4)(5)(9)(11)(28) |
|  |  |  |  |  | 39226 | 40046 |  |
| Rarebreed |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Rarebreed Veterinary Partners, Inc. | First Lien Secured Debt - Term Loan | S+525, 1.00% Floor | 4/18/2030 | 15041 | 14767 | 14740 | (4)(9)(14) |
|  | First Lien Secured Debt - Delayed Draw | S+525, 1.00% Floor | 4/18/2030 | 12695 | 12451 | 11970 | (4)(9)(11)(14)(28) |
|  | First Lien Secured Debt - Revolver | S+525, 1.00% Floor | 4/18/2030 |  | (103) | (116) | (4)(5)(9)(11)(28) |
|  |  |  |  |  | 27115 | 26594 |  |
|  |  | Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | $443152 | $449862 |  |
| **Professional Services** | **Professional Services** | **Professional Services** |  |  |  |  |  |
| EAB |  |  |  |  |  |  |  |
| &nbsp;&nbsp;EAB Global, Inc. | First Lien Secured Debt - Term Loan | S+325, 0.50% Floor | 8/16/2028 | $56144 | $56036 | $56432 | (14) |
| FGS Global |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Kite Bidco Inc. | First Lien Secured Debt - Term Loan | S+500, 0.00% Floor | 9/20/2031 | 61788 | 60869 | 60861 | (4)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.00% Floor | 9/20/2031 |  | (113) | (114) | (4)(5)(28) |
|  |  |  |  |  | 60756 | 60747 |  |
| Kroll |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Deerfield Dakota Holding, LLC | First Lien Secured Debt - Term Loan | S+375, 1.00% Floor | 4/9/2027 | 2496 | 2468 | 2447 | (15) |
| Legends |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Legends Hospitality Holding Company, LLC | First Lien Secured Debt - Term Loan | S+550 (Includes 2.75% PIK) | 8/22/2031 | 98668 | 96791 | 97682 | (4)(9)(10)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.75% Floor | 8/22/2031 |  | (55) | (58) | (4)(5)(9)(11)(28) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 8/22/2030 | 1153 | 936 | 1037 | (4)(9)(11)(14)(28) |
|  |  |  |  |  | 97672 | 98661 |  |

---

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| VFS Global |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Speed Midco 3 S.A R.L. | First Lien Secured Debt - Term Loan | E+495, 0.00% Floor | 5/16/2029 | 115020 | 123134 | 120335 | (3)(4)(8)(9)(20) |
|  | First Lien Secured Debt - Term Loan | S+495, 0.00% Floor | 5/16/2029 | 54980 | 54980 | 55255 | (4)(8)(9)(16) |
|  | First Lien Secured Debt - Term Loan | SONIA+495, 0.00% Floor | 5/16/2029 | £31767 | 40229 | 40167 | (3)(4)(8)(9)(17) |
|  |  |  |  |  | 218343 | 215757 |  |
|  |  | Total Professional Services | Total Professional Services | Total Professional Services | $435275 | $434044 |  |
| **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** |  |  |  |  |  |
| 3Phase Elevator |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Polyphase Elevator Holding Company | First Lien Secured Debt - Term Loan | S+510 (Includes 5.00% PIK) | 6/23/2027 | $3554 | $3554 | $3119 | (4)(15) |
| Pritchard Industries |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Pritchard Industries, LLC | First Lien Secured Debt - Term Loan | S+600, 0.75% Floor | 10/13/2027 | 6321 | 6321 | 6273 | (4)(16) |
| Redfin |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Redfin Corporation | First Lien Secured Debt - Term Loan | S+575, 1.50% Floor | 10/20/2028 | 62706 | 61058 | 61295 | (4)(8)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+575, 1.50% Floor | 10/20/2028 | 63024 | 61383 | 61606 | (4)(8)(9)(15) |
|  |  |  |  |  | 122441 | 122901 |  |
|  |  | Total Real Estate Management & Development | Total Real Estate Management & Development | Total Real Estate Management & Development | $132316 | $132293 |  |
| **Software** | **Software** | **Software** |  |  |  |  |  |
| Accela |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Accela, Inc. | First Lien Secured Debt - Term Loan | S+600, 0.75% Floor | 9/3/2030 | $18286 | $17970 | $18286 | (4)(9)(14) |
|  | First Lien Secured Debt - Revolver | S+600, 0.75% Floor | 9/3/2030 |  | (28) |  | (4)(9)(11)(28) |
|  |  |  |  |  | 17942 | 18286 |  |
| Access Group |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Armstrong Bidco Limited | First Lien Secured Debt - Term Loan | SONIA+525, 0.00% Floor | 6/28/2029 | £27600 | 33041 | 33948 | (3)(4)(8)(17) |
|  | First Lien Secured Debt - Delayed Draw | SONIA+525, 0.00% Floor | 6/28/2029 | £14400 | 17257 | 17712 | (3)(4)(8)(17) |
|  |  |  |  |  | 50298 | 51660 |  |

---

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| Alteryx |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Azurite Intermediate Holdings, Inc. | First Lien Secured Debt - Term Loan | S+650, 0.75% Floor | 3/19/2031 | 20144 | 19865 | 20094 | (4)(9)(14) |
|  | First Lien Secured Debt - Delayed Draw | S+650, 0.75% Floor | 3/19/2031 | 45781 | 45158 | 45667 | (4)(9)(14) |
|  | First Lien Secured Debt - Revolver | S+650, 0.75% Floor | 3/19/2031 |  | (98) | (18) | (4)(5)(9)(11)(28) |
|  |  |  |  |  | 64925 | 65743 |  |
| Avalara |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Avalara, Inc. | First Lien Secured Debt - Term Loan | S+625, 0.75% Floor | 10/19/2028 | 136364 | 133941 | 136364 | (4)(15) |
|  | First Lien Secured Debt - Revolver | S+625, 0.75% Floor | 10/19/2028 |  | (218) |  | (4)(11)(28) |
|  |  |  |  |  | 133723 | 136364 |  |
| Avetta |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Artifact Bidco, Inc. | First Lien Secured Debt - Term Loan | S+450, 0.50% Floor | 7/28/2031 | 63399 | 62793 | 63399 | (4)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+450, 0.50% Floor | 7/28/2031 |  | (73) |  | (4)(9)(11)(28) |
|  | First Lien Secured Debt - Revolver | S+450, 0.50% Floor | 7/26/2030 |  | (103) |  | (4)(9)(11)(28) |
|  |  |  |  |  | 62617 | 63399 |  |
| AVI-SPL |  |  |  |  |  |  |  |
| &nbsp;&nbsp;A&V Holdings Midco, LLC | First Lien Secured Debt - Term Loan | S+500, 0.00% Floor | 6/6/2031 | 176041 | 173552 | 173523 | (4)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.00% Floor | 6/6/2031 |  | (246) | (510) | (4)(5)(9)(11)(28) |
|  | First Lien Secured Debt - Revolver | S+500, 0.00% Floor | 6/6/2031 |  |  |  | (4)(9)(11)(28) |
|  |  |  |  |  | 173306 | 173013 |  |
| BMC Software |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Boxer Parent Company Inc. | First Lien Secured Debt - Term Loan | S+375, 0.00% Floor | 7/30/2031 | 33327 | 33275 | 33644 | (15) |
| Certinia |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Certinia Inc | First Lien Secured Debt - Term Loan | S+525, 1.00% Floor | 8/4/2030 | 60627 | 59579 | 60021 | (4)(9)(15) |
|  | First Lien Secured Debt - Revolver | S+725, 1.00% Floor | 8/3/2029 |  | (93) | (40) | (4)(5)(9)(11)(28) |
|  |  |  |  |  | 59486 | 59981 |  |
| CINC Systems |  |  |  |  |  |  |  |
| &nbsp;&nbsp;1475 Holdings, LLC | First Lien Secured Debt - Term Loan | S+575, 0.75% Floor | 1/18/2030 | 3929 | 3859 | 3872 | (4)(9)(15) |
|  | First Lien Secured Debt - Revolver | S+575, 0.75% Floor | 1/19/2030 |  | (18) | (15) | (4)(5)(9)(11)(28) |
|  |  |  |  |  | 3841 | 3857 |  |

---

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| Citrix |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Cloud Software Group, Inc. | First Lien Secured Debt - Term Loan | S+350, 0.50% Floor | 3/30/2029 | 33255 | 31527 | 33395 | (15) |
|  | First Lien Secured Debt - Term Loan | S+375, 0.50% Floor | 3/21/2031 | 25242 | 25168 | 25355 | (15) |
|  |  |  |  |  | 56695 | 58750 |  |
| Cohesity |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Clover Holdings 2, LLC | First Lien Secured Debt - Term Loan | S+400, 0.00% Floor | 11/1/2031 | 25000 | 24752 | 25313 | (14) |
| Coupa Software |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Coupa Software Incorporated | First Lien Secured Debt - Term Loan | S+550, 0.75% Floor | 2/27/2030 | 55008 | 53896 | 55008 | (4)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+550, 0.75% Floor | 2/27/2030 |  | (46) |  | (4)(9)(11)(28) |
|  | First Lien Secured Debt - Revolver | S+550, 0.75% Floor | 2/27/2029 |  | (66) | (19) | (4)(5)(9)(11)(28) |
|  |  |  |  |  | 53784 | 54989 |  |
| Databricks |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Databricks, Inc. | First Lien Secured Debt - Term Loan | S+450, 0.00% Floor | 4/4/2029 | 123226 | 122609 | 123535 | (14) |
|  | First Lien Secured Debt - Delayed Draw | S+450, 0.00% Floor | 1/19/2031 |  | (136) |  | (28) |
|  |  |  |  |  | 122473 | 123535 |  |
| DigiCert |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Dcert Buyer, Inc. | First Lien Secured Debt - Term Loan | S+400, 0.00% Floor | 10/16/2026 | 45067 | 44845 | 43409 | (14) |
| Duck Creek Technologies |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Disco Parent, LLC | First Lien Secured Debt - Term Loan | S+750, 1.00% Floor | 3/30/2029 | 25032 | 24547 | 25345 | (4)(9)(15) |
|  | First Lien Secured Debt - Revolver | S+750, 1.00% Floor | 3/30/2029 |  | (38) |  | (4)(9)(11)(28) |
|  |  |  |  |  | 24509 | 25345 |  |
| Everbridge |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Everbridge Holdings, LLC | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 7/2/2031 | 61481 | 61189 | 61789 | (4)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.75% Floor | 7/2/2031 | 6025 | 5989 | 6055 | (4)(9)(11)(15)(28) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 7/2/2031 |  | (29) |  | (4)(9)(28) |
|  |  |  |  |  | 67149 | 67844 |  |

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------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| Flexera |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Flexera Software LLC | First Lien Secured Debt - Term Loan | S+300, 0.75% Floor | 3/3/2028 |  | 25452 | 25441 | 25655 | (15) |
| G2CI |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Evergreen IX Borrower 2023, LLC | First Lien Secured Debt - Term Loan | S+475, 0.75% Floor | 9/30/2030 |  | 122797 | 120520 | 121569 | (4)(9)(15) |
|  | First Lien Secured Debt - Revolver | S+475, 0.75% Floor | 10/1/2029 |  |  | (200) | (101) | (4)(5)(9)(11)(28) |
|  |  |  |  |  |  | 120320 | 121468 |  |
| GrayMatter |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Genius Bidco LLC | First Lien Secured Debt - Term Loan | S+525, 1.00% Floor | 5/1/2030 |  | 4616 | 4531 | 4535 | (4)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+525, 1.00% Floor | 5/1/2030 |  |  | (15) | (30) | (4)(5)(9)(11)(28) |
|  | First Lien Secured Debt - Revolver | S+525, 1.00% Floor | 5/1/2030 |  |  | (21) | (20) | (4)(5)(9)(11)(28) |
|  | Common Equity - Equity Unit | N/A | N/A | 773 Shares | 773 Shares | 77 | 68 | (4)(9)(31) |
|  |  |  |  |  |  | 4572 | 4553 |  |
| GTreasury |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;G Treasury SS LLC | First Lien Secured Debt - Term Loan | S+550, 1.00% Floor | 6/29/2029 |  | 8571 | 8434 | 8443 | (4)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+550, 1.00% Floor | 6/29/2029 |  | 4489 | 4454 | 4421 | (4)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+525, 1.00% Floor | 12/31/2025 |  |  | (27) | (72) | (4)(5)(9)(11)(28) |
|  | First Lien Secured Debt - Revolver | S+550, 1.00% Floor | 6/29/2029 |  |  | (32) | (32) | (4)(5)(9)(11)(28) |
|  |  |  |  |  |  | 12829 | 12760 |  |
| HHAeXchange |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Homecare Software Solutions LLC | First Lien Secured Debt - Term Loan | S+525 (Includes 2.93% PIK) | 6/14/2031 |  | 75384 | 74655 | 74631 | (4)(14) |
| Infoblox |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Delta Topco, Inc. | First Lien Secured Debt - Term Loan | S+350, 0.00% Floor | 11/30/2029 |  | 23392 | 23365 | 23604 | (16) |
| Instem |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ichor Management Limited | First Lien Secured Debt - Term Loan | S+550, 1.00% Floor | 12/8/2029 |  | 9186 | 8987 | 8864 | (4)(8)(9)(16) |
|  | First Lien Secured Debt - Delayed Draw | SONIA+550, 1.00% Floor | 12/7/2029 | £nan |  | (40) | (135) | (3)(4)(5)(8)(9)(11)(28) |
|  | First Lien Secured Debt - Revolver | SONIA+550, 1.00% Floor | 12/7/2029 | £nan | 1477 | 1814 | 1784 | (3)(4)(8)(9)(16)(28) |
|  |  |  |  |  |  | 10761 | 10513 |  |

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------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| Jagex |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Janus Bidco Limited | First Lien Secured Debt - Term Loan | S+600, 0.00% Floor | 4/25/2031 | 68523 | 66918 | 67153 | (4)(8)(9)(16) |
|  | First Lien Secured Debt - Term Loan | SONIA+600, 0.00% Floor | 4/25/2031 | £3083 | 3772 | 3783 | (3)(4)(8)(9)(20) |
|  | First Lien Secured Debt - Delayed Draw | SONIA+600, 0.00% Floor | 4/5/2031 | £— | (207) | (397) | (3)(4)(5)(8)(9)(11)(28) |
|  |  |  |  |  | 70483 | 70539 |  |
| JD Power |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Project Boost Purchaser, LLC | First Lien Secured Debt - Term Loan | S+350, 0.00% Floor | 7/16/2031 | 9000 | 9002 | 9075 | (15) |
| Medallia |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Medallia, Inc. | First Lien Secured Debt - Term Loan | S+660 (Includes 4.00% PIK) | 10/29/2028 | 39616 | 39065 | 34367 | (4)(9)(15) |
| M-Files |  |  |  |  |  |  |  |
| &nbsp;&nbsp;MetaTiedot Midco S.à r.l. | First Lien Secured Debt - Term Loan | E+550, 0.75% Floor | 11/27/2031 | 21178 | 22043 | 21608 | (3)(4)(8)(19) |
|  | First Lien Secured Debt - Term Loan | S+550, 0.75% Floor | 11/27/2031 | 15859 | 15624 | 15622 | (4)(8)(15) |
|  | First Lien Secured Debt - Delayed Draw | E+550, 0.75% Floor | 11/27/2031 | 171 | 128 | 74 | (3)(4)(8)(11)(19)(28) |
|  | First Lien Secured Debt - Revolver | E+550, 0.75% Floor | 11/27/2030 | 673 | 668 | 655 | (3)(4)(8)(11)(19)(28) |
|  | First Lien Secured Debt - Revolver | S+550, 0.75% Floor | 11/27/2030 |  | (24) | (24) | (4)(5)(8)(11)(28) |
|  |  |  |  |  | 38439 | 37935 |  |
| Mitchell |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Mitchell International, Inc. | First Lien Secured Debt - Term Loan | S+325, 0.50% Floor | 6/17/2031 | 35910 | 35733 | 35974 | (14) |
| New Relic |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Crewline Buyer, Inc. | First Lien Secured Debt - Term Loan | S+675, 1.00% Floor | 11/8/2030 | 66900 | 65358 | 66900 | (4)(9)(15) |
|  | First Lien Secured Debt - Revolver | S+675, 1.00% Floor | 11/8/2030 |  | (92) |  | (4)(9)(11)(28) |
|  |  |  |  |  | 65266 | 66900 |  |
| Paessler |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Blitz 24-34 GmbH | First Lien Secured Debt - Term Loan | S+600, 1.00% Floor | 5/3/2031 | 47664 | 47218 | 47187 | (4)(8)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+600, 1.00% Floor | 5/3/2030 |  | (32) | (71) | (4)(5)(8)(11)(28) |
|  |  |  |  |  | 47186 | 47116 |  |
| Ping Identity |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ping Identity Holding Corp. | First Lien Secured Debt - Term Loan | S+475, 0.75% Floor | 10/17/2029 | 38588 | 38155 | 38588 | (4)(15) |
|  | First Lien Secured Debt - Revolver | S+475, 0.75% Floor | 10/17/2028 |  | (36) |  | (4)(11)(28) |
|  |  |  |  |  | 38119 | 38588 |  |

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------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| Qlik |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Project Alpha Intermediate Holding, Inc. | First Lien Secured Debt - Term Loan | S+325, 0.50% Floor | 10/28/2030 | 12500 | 12468 | 12595 | (14) |
| Quorum |  |  |  |  |  |  |  |
| &nbsp;&nbsp;QBS Parent, Inc. | First Lien Secured Debt - Term Loan | S+475, 0.75% Floor | 11/7/2031 | 126629 | 126006 | 125996 | (4)(15) |
|  | First Lien Secured Debt - Revolver | S+475, 0.75% Floor | 11/7/2031 |  | (65) | (67) | (4)(5)(11)(28) |
|  |  |  |  |  | 125941 | 125929 |  |
| RealPage |  |  |  |  |  |  |  |
| &nbsp;&nbsp;RealPage, Inc. | First Lien Secured Debt - Term Loan | S+375, 0.50% Floor | 4/24/2028 | 10000 | 9949 | 10059 | (15) |
| Relativity |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Relativity ODA LLC | First Lien Secured Debt - Term Loan | S+610, 1.00% Floor | 5/12/2027 | 29262 | 28659 | 29116 | (4)(14) |
| Solera |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Polaris Newco, LLC | First Lien Secured Debt - Term Loan | S+426, 0.50% Floor | 6/2/2028 | 8338 | 8208 | 8363 | (15) |
| Solera, LLC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Polaris Newco, LLC | First Lien Secured Debt - Term Loan | S+426, 0.50% Floor | 6/2/2028 | 39018 | 38956 | 39136 | (15) |
| Sunfire |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Spark Purchaser, Inc. | First Lien Secured Debt - Term Loan | S+550, 0.75% Floor | 4/1/2031 | 8627 | 8466 | 8562 | (4)(9)(15) |
|  | First Lien Secured Debt - Revolver | S+550, 0.75% Floor | 4/1/2030 |  | (24) | (10) | (4)(5)(9)(11)(28) |
|  |  |  |  |  | 8442 | 8552 |  |
| UKG |  |  |  |  |  |  |  |
| &nbsp;&nbsp;UKG Inc. | First Lien Secured Debt - Term Loan | S+300, 0.00% Floor | 2/10/2031 | 10715 | 10733 | 10803 | (15) |
| Uniguest |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Uniguest Holdings, Inc | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 11/27/2030 | 48651 | 47929 | 47920 | (4)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 1.00% Floor | 11/27/2030 |  | (138) | (140) | (4)(5)(11)(28) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 11/27/2030 |  | (68) | (69) | (4)(5)(11)(28) |
|  |  |  |  |  | 47723 | 47711 |  |

---

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| Veeam Software |  |  |  |  |  |  |  |
| &nbsp;&nbsp;VS Buyer, LLC | First Lien Secured Debt - Term Loan | S+275, 0.00% Floor | 4/12/2031 | 16627 | 16623 | 16772 | (14) |
| Verscend |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Cotiviti, Inc. | First Lien Secured Debt - Term Loan | S+275, 0.00% Floor | 5/1/2031 | 39725 | 39597 | 39998 | (14) |
| Waystar |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Navicure, Inc. | First Lien Secured Debt - Term Loan | S+225, 0.00% Floor | 10/22/2029 | 11933 | 11919 | 12003 | (8)(14) |
| Zendesk |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Zendesk, Inc. | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 11/22/2028 | 145404 | 143393 | 145040 | (4)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.75% Floor | 11/22/2028 |  | (233) | (89) | (4)(5)(9)(11)(28) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 11/22/2028 |  | (191) | (37) | (4)(5)(9)(11)(28) |
|  |  |  |  |  | 142969 | 144914 |  |
|  |  | Total Software | Total Software | Total Software | $2111043 | $2124761 |  |
| **Special Purpose Entity** | **Special Purpose Entity** | **Special Purpose Entity** |  |  |  |  |  |
| 48forty Solutions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Alpine Acquisition Corp II | First Lien Secured Debt - Term Loan | S+610 (Includes 8.65% PIK) | 11/30/2029 | $7133 | $7133 | $5706 | (4)(14) |
|  |  | Total Special Purpose Entity | Total Special Purpose Entity | Total Special Purpose Entity | $7133 | $5706 |  |
| **Specialty Retail** | **Specialty Retail** | **Specialty Retail** |  |  |  |  |  |
| EG Group |  |  |  |  |  |  |  |
| &nbsp;&nbsp;EG Global Finance PLC | First Lien Secured Debt - Corporate Bond | S+750, 0.50% Floor | 11/30/2028 | $118022 | $114261 | $123628 | (4)(8)(13) |
| &nbsp;&nbsp;EG Group Limited | First Lien Secured Debt - Term Loan | S+425, 0.00% Floor | 2/7/2028 | 9505 | 9444 | 9603 | (8)(14) |
|  |  |  |  |  | 123705 | 133231 |  |
| Golden Hippo |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Altern Marketing, LLC | First Lien Secured Debt - Term Loan | S+500, 2.00% Floor | 6/13/2028 | 75235 | 74462 | 75235 | (4)(9)(15) |
|  | First Lien Secured Debt - Revolver | S+600, 2.00% Floor | 6/13/2028 |  | (132) |  | (4)(9)(11)(28) |
|  |  |  |  |  | 74330 | 75235 |  |

---

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| PetSmart |  |  |  |  |  |  |  |
| &nbsp;&nbsp;PetSmart LLC | First Lien Secured Debt - Term Loan | S+385, 0.75% Floor | 2/11/2028 | 9675 | 9678 | 9655 | (14) |
| S&S |  |  |  |  |  |  |  |
| &nbsp;&nbsp;S&S Holdings LLC | First Lien Secured Debt - Term Loan | S+500, 0.50% Floor | 9/20/2031 | 39900 | 39313 | 39888 | (14) |
| Tailored Brands |  |  |  |  |  |  |  |
| &nbsp;&nbsp;The Men's Wearhouse, LLC | First Lien Secured Debt - Term Loan | S+650, 0.00% Floor | 2/26/2029 | 85479 | 83370 | 85550 | (15) |
| Village Pet Care |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Village Pet Care, LLC | First Lien Secured Debt - Term Loan | S+650, 1.00% Floor | 9/22/2029 | 909 | 894 | 900 | (4)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+650, 1.00% Floor | 9/22/2029 | 545 | 512 | 509 | (4)(9)(11)(15)(28) |
|  | First Lien Secured Debt - Revolver | P+650, 1.00% Floor | 9/22/2029 | 364 | 356 | 359 | (4)(9)(11)(23)(28) |
|  |  |  |  |  | 1762 | 1768 |  |
|  |  | Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | $332158 | $345327 |  |
| **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** |  |  |  |  |  |
| Biamp |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Biamp | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 4/30/2030 | $43670 | $42871 | $42486 | (4)(9)(14) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 4/30/2030 |  | (107) | (163) | (4)(5)(9)(11)(28) |
|  |  |  |  |  | 42764 | 42323 |  |
| DTI |  |  |  |  |  |  |  |
| &nbsp;&nbsp;DTI Holdco, Inc. | First Lien Secured Debt - Term Loan | S+475, 0.75% Floor | 4/26/2029 | 11939 | 11911 | 12051 | (14) |
| Forterro |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Yellow Castle AB | First Lien Secured Debt - Term Loan | E+475 (Includes 5.00% PIK) | 7/7/2029 | 9802 | 9792 | 10128 | (3)(4)(8)(9)(20) |
|  | First Lien Secured Debt - Term Loan | SARON+475 (Includes 5.00% PIK) | 7/7/2029 | 3296 | 3327 | 3622 | (3)(4)(8)(9)(21) |
|  | First Lien Secured Debt - Term Loan | STIBOR+475 (Inlcudes 5.00% PIK) | 7/7/2029 | 34792 | 3245 | 3137 | (3)(4)(8)(9)(22) |
|  | First Lien Secured Debt - Delayed Draw | E+475, 0.00% Floor | 7/9/2029 | 4873 | 4996 | 4943 | (3)(4)(8)(9)(11)(19)(20)(28) |
|  |  |  |  |  | 21360 | 21830 |  |

---

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| Iris Software |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Elements Finco Limited | First Lien Secured Debt - Term Loan | SONIA+500, 0.00% Floor | 12/19/2031 | £32000 | 39838 | 39660 | (3)(4)(8)(17) |
| Redwood |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Runway Bidco, LLC | First Lien Secured Debt - Term Loan | S+500, 1.50% Floor | 12/17/2031 | 167149 | 165487 | 165478 | (4)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.50% Floor | 12/17/2031 |  | (206) | (208) | (4)(5)(28) |
|  | First Lien Secured Debt - Revolver | S+500, 0.50% Floor | 12/17/2031 |  | (206) | (208) | (4)(5)(11)(28) |
|  |  |  |  |  | 165075 | 165062 |  |
| Service Express |  |  |  |  |  |  |  |
| &nbsp;&nbsp;VICTORS PURCHASER, LLC | First Lien Secured Debt - Term Loan | S+475, 0.50% Floor | 8/15/2031 | 79322 | 78560 | 79322 | (4)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 0.50% Floor | 8/15/2031 |  | (89) |  | (4)(28) |
|  | First Lien Secured Debt - Revolver | S+550, 0.50% Floor | 8/15/2031 |  | (84) |  | (3)(4)(11)(28) |
|  | First Lien Secured Debt - Revolver | S+550, 0.50% Floor | 8/15/2031 | 2266 | 1618 | 1577 | (3)(4)(11)(28) |
|  |  |  |  |  | 80005 | 80899 |  |
|  |  | Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | $360953 | $361825 |  |
| **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** |  |  |  |  |  |
| Authentic Brands |  |  |  |  |  |  |  |
| &nbsp;&nbsp;ABG Intermediate Holdings 2 LLC | First Lien Secured Debt - Term Loan | S+225, 0.00% Floor | 12/21/2028 | $41868 | $41706 | $42083 | (14) |
| Gruppo Florence |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Made in Italy 2 S.P.A. | First Lien Secured Debt - Corporate Bond | E+690, 0.00% Floor | 10/17/2030 | 74500 | 77046 | 75049 | (3)(4)(8)(9)(19) |
| Iconix Brand Group |  |  |  |  |  |  |  |
| &nbsp;&nbsp;IBG Borrower LLC | First Lien Secured Debt - Term Loan | S+615, 1.00% Floor | 8/22/2029 | 113964 | 112554 | 112824 | (4)(9)(15) |
|  |  | Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | $231306 | $229956 |  |
| **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** |  |  |  |  |  |
| ASC Engineered Solutions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Fire Flow Intermediate Corporation | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 7/10/2031 | $196000 | $194136 | $195020 | (4)(15) |
| Foundation Building Materials | Foundation Building Materials | Foundation Building Materials |  |  |  |  |  |
| &nbsp;&nbsp;Foundation Building Materials, Inc. | First Lien Secured Debt - Term Loan | S+400, 0.00% Floor | 1/29/2031 | 14762 | 14668 | 14569 | (14)(15) |
|  | First Lien Secured Debt - Term Loan | S+325, 0.50% Floor | 1/31/2028 | 7220 | 7061 | 7128 | (15) |
|  |  |  |  |  | 21729 | 21697 |  |
|  |  | Total Trading Companies & Distributors | Total Trading Companies & Distributors | Total Trading Companies & Distributors | $215865 | $216717 |  |

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(12)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(29)</sup> | **Fair Value** <sup>(1)(30)</sup> |  |
| **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** |  |  |  |  |  |
| Alliance Ground International | Alliance Ground International | Alliance Ground International |  |  |  |  |  |
| &nbsp;&nbsp;AGI-CFI Holdings, Inc. | First Lien Secured Debt - Term Loan | S+600, 0.75% Floor | 6/11/2027 | $9750 | $9640 | $9750 | (4)(15) |
|  | First Lien Secured Debt - Term Loan | S+575, 0.75% Floor | 6/11/2027 | 7292 | 7292 | 7292 | (4)(15) |
|  |  |  |  |  | 16932 | 17042 |  |
| GAT |  |  |  |  |  |  |  |
| &nbsp;&nbsp;GAT-Airline Ground Support Inc | First Lien Secured Debt - Term Loan | S+550, 1.00% Floor | 5/9/2029 | 15162 | 14958 | 15010 | (4)(9)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+550, 1.00% Floor | 5/9/2029 | 951 | 929 | 927 | (4)(9)(11)(15)(28) |
|  | First Lien Secured Debt - Revolver | S+550, 1.00% Floor | 5/9/2029 |  | (31) | (24) | (4)(5)(9)(11)(28) |
|  |  |  |  |  | 15856 | 15913 |  |
| GSI |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Geotechnical Merger Sub, Inc. | First Lien Secured Debt - Term Loan | S+475, 0.75% Floor | 10/15/2031 | 67411 | 66751 | 66736 | (4)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 0.75% Floor | 10/15/2031 |  | (121) | (125) | (4)(5)(11)(28) |
|  | First Lien Secured Debt - Revolver | S+475, 0.75% Floor | 10/15/2031 | 3121 | 3031 | 3027 | (4)(11)(15)(28) |
|  |  |  |  |  | 69661 | 69638 |  |
|  |  | Total Transportation Infrastructure | Total Transportation Infrastructure | Total Transportation Infrastructure | $102449 | $102593 |  |
|  |  | **Total Investments before Cash Equivalents** | **Total Investments before Cash Equivalents** | **Total Investments before Cash Equivalents** | $**14609338** | $**14555535** | (2)(6)(28) |
| Goldman Sachs Financial Square Government Fund Institutional | Goldman Sachs Financial Square Government Fund Institutional | N/A | N/A | 154584 | 154584 | 154584 | (7) |
|  |  | **Total Investments after Cash Equivalents** | **Total Investments after Cash Equivalents** | **Total Investments after Cash Equivalents** | $**14763922** | $**14710119** |  |

---

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Derivative Instrument** | **Company Receives** | **Company Pays** | **Maturity Date** | **Notional Amount** | **Footnote Reference** |
| Interest rate swap (a) | 6.90% | S+270 | 4/13/2029 | $325000 | Note 5 |
| Interest rate swap (a) | 6.70% | S+280 | 7/29/2031 | $300000 | Note 5 |
| Interest rate swap (a) | 4.02% | 3-month SOFR | 12/21/2025 | $62000 | Note 5 |
| Interest rate swap (a) | 3.97% | 3-month SOFR | 1/19/2026 | $38000 | Note 5 |
| Interest rate swap (a) | 3.67% | 3-month SOFR | 12/21/2027 | 82000 | Note 5 |
| Interest rate swap (a) | 3.65% | 3-month SOFR | 1/19/2028 | $18000 | Note 5 |
| Interest rate swap (b) | 7.02% | ESTR+372 | 9/28/2026 | $90000 | Note 5 |
| Interest rate swap (a) | 6.90% | S+271 | 4/13/2029 | $325000 | Note 5 |
| Interest rate swap (a) | 5.86% | S+267 | 4/13/2029 | $350000 | Note 5 |
| Interest rate swap (a) | 6.70% | S+280 | 7/29/2031 | $300000 | Note 5 |
| Interest rate swap (a) | 8.54% | S+418 | 9/28/2026 | $226000 | Note 5 |
| Interest rate swap (a) | 8.62% | S+456 | 9/28/2028 | $325000 | Note 5 |
| Interest rate swap (a) | 6.35% | S+238 | 7/29/2031 | $400000 | Note 5 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Derivative Instrument** | **Company Receives** | **Company Pays** | **Maturity Date** | **Notional Amount** | **Footnote Reference** |
| Currency swap (c) | S+45.5 | KRW-CD 91D | 5/12/2026 | $81450 | Note 5 |
| Currency swap (c) | S+46.4 | KRW-CD 91D | 5/12/2026 | $60988 | Note 5 |

---

(a) Bears interest at a rate determined by three-month SOFR. The interest rate locked two business days prior to settlement of the interest rate swaps. The three-month SOFR is 4.31% on December 31, 2024.

(b) Bears interest at a rate determined by 1 day Euro Short Term Rate. The interest rate locked two business days prior to settlement of the interest rate swaps. The 1 day Euro Short Term Rate is 2.91% on December 31, 2024.

(c) Bears interest at a rate determined by SOFR and three-month Korean InterBank Offered Rate ("**KORIBOR**"). The interest rates locked two business days and one business day for SOFR and three-month KORIBOR, respectively, prior to settlement of the currency swaps. The SOFR and the three-month KORIBOR are 4.49% and 3.36%, respectively, on December 31, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivative Instrument** | **Settlement Date** | **Notional amount to be purchased** | **Notional amount to be sold** | **Footnote Reference** |
| Foreign currency forward contract | 3/19/2025 | $102620 | 161453 | Note 5 |
| Foreign currency forward contract | 3/19/2025 | 5005 | 4427 | Note 5 |
| Foreign currency forward contract | 3/19/2025 | 964926 | 913932 | Note 5 |
| Foreign currency forward contract | 3/19/2025 | 1130403 | £890468 | Note 5 |
| Foreign currency forward contract | 3/19/2025 | 3305 | 36103 | Note 5 |
| Foreign currency forward contract | 3/19/2025 | 1921 | 2720 | Note 5 |

---

(1)Fair value is determined in good faith by or under the direction of the Board of Trustees (the **"Board"**) of the Company (See **Note 2** to the consolidated financial statements).

(2)Aggregate gross unrealized gain and loss for federal income tax purposes are $142,155 and ($124,509), respectively. Net unrealized gain is $17,646 based on a total tax cost of $14,537,889.

(3)Par amount is denominated in USD unless otherwise noted, British Pound ("**£**"), Australian Dollar ("**A$**"), Canadian Dollar ("**C$**"), European Euro ("**€**"), Korean Won ("**₩**"), Swedish Krona ("**kr**") and Swiss Franc ("**₣**"). Par amount represents funded commitments. See **Note 28** in the Consolidated Schedule of Investments and **Note 8** to the consolidated financial statements for further information on undrawn revolving and delayed draw loan commitments, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies.

(4)These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Board (see **Note 2** and **Note 4** to the consolidated financial statements), pursuant to the Company's valuation policy.

(5)The negative fair value is the result of the commitment being valued below par.

(6)All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted.

(7)This security is included in Cash and Cash Equivalents on the Consolidated Statements of Assets and Liabilities.

(8)Investments that the Company has determined are not "qualifying assets" under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of December 31, 2024, non-qualifying assets represented approximately 28.45% of the total assets of the Company.

(9)These are co-investments made with the Company's affiliates in accordance with the terms of the exemptive order the Company received from the Securities and Exchange Commission (the "**SEC**") permitting us to do so (see **Note 3** to the consolidated financial statements for discussion of the exemptive order from the SEC).

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

(10)These debt investments are not pledged as collateral under any of the Company's credit facilities (see **Note 6** to the consolidated financial statements). For other debt investments that are pledged to the Company's credit facilities, a single investment may be divided into parts that are individually pledged as collateral to separate credit facilities.

(11)The undrawn portion of these committed revolvers and delayed draw term loans includes a commitment and unused fee rate.

(12)Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate ("**SOFR**" or "**S**") or an alternate base rate (which can include but is not limited to LIBOR, the Federal Funds Effective Rate or the Prime Rate), at the borrower's option, and which reset periodically based on the terms of the loan agreement. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period, and may be subject to interest floors.

(13)The interest rate on these loans is subject to SOFR, which as of December 31, 2024 was 4.49%.

(14)The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2024 was 4.33%.

(15)The interest rate on these loans is subject to 3 months SOFR, which as of December 31, 2024 was 4.31%.

(16)The interest rate on these loans is subject to 6 months SOFR, which as of December 31, 2024 was 4.25%.

(17)The interest rate on these loans is subject to SONIA, which as of December 31, 2024 was 4.70%.

(18)The interest rate on these loans is subject to 3 months KORIBOR, which as of December 31, 2024 was 3.36%.

(19)The interest rate on these loans is subject to 3 months EURIBOR, which as of December 31, 2024 was 2.71%.

(20)The interest rate on these loans is subject to 6 months EURIBOR, which as of December 31, 2024 was 2.57%.

(21)The interest rate on these loans is subject to Swiss Average Rate Overnight (SARON), which as of December 31, 2024 was 0.45%.

(22)The interest rate on these loans is subject to 6 months Stockholm Interbank Offered Rate (STIBOR), which as of December 31, 2024 was 2.53%.

(23)The interest rate on these loans is subject to Prime, which as of December 31, 2024 was 7.50%.

(24)The interest rate on this loan is subject to the Australia 3 month Bank Bill Swap Rate, which as of December 31, 2024, was 4.42%.

(25)Loan was on non-accrual status as of December 31, 2024. Heubach Holdings USA LLC has a maturity date prior to the end of the current period. The portfolio company has filed for insolvency in certain jurisdictions and has begun a sales process for all or part of the portfolio company.

(26)Treace Medical Concepts, Inc. is subject to an interest rate cap. The investment is capped at the lesser of stated interest rate and 3.00% plus the applicable margin.

(27)Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company's outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company. As of December 31, 2024, all of the Company's investments were non-controlled, non-affiliated.

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

(28)As of December 31, 2024, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See **Note 8** to the consolidated financial statements for further information on revolving and delayed draw loan commitments, including commitments to issue letters of credit, related to certain portfolio companies.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Total revolving and delayed draw loan commitments** | **Less: funded commitments** | **Total unfunded commitments** | **Less: commitments substantially at discretion of the Company** | **Less: unavailable commitments due to borrowing base or other covenant restrictions** | **Total net adjusted unfunded revolving and delayed draw commitments** |
| 1475 Holdings, LLC | $1071 | $— | $1071 | $— | $— | $1071 |
| A&V Holdings Midco, LLC | 57227 |  | 57227 |  |  | 57227 |
| Accela, Inc. | 1714 |  | 1714 |  |  | 1714 |
| Accelerate360 Holdings, LLC | 45960 | (24956) | 21004 |  |  | 21004 |
| Accession Risk Management Group, Inc. | 26802 |  | 26802 |  |  | 26802 |
| Acentra Holdings, LLC (fka CNSI Holdings, LLC) | 11450 | (427) | 11023 |  |  | 11023 |
| ACP Avenu Buyer, LLC | 2654 | (238) | 2415 |  | (1582) | 833 |
| Actium Midco 3 (UK) Limited\* | 22490 |  | 22490 |  |  | 22490 |
| Advarra Holdings, Inc. | 12380 |  | 12380 |  |  | 12380 |
| Alcresta Therapeutics Inc. | 5232 |  | 5232 |  |  | 5232 |
| Alera Group, Inc. | 2113 |  | 2113 |  |  | 2113 |
| All Star Recruiting Locums, LLC | 3043 | (217) | 2826 |  |  | 2826 |
| Altern Marketing, LLC | 9800 |  | 9800 |  |  | 9800 |
| AMCP Clean Acqusition Company, LLC | 34960 |  | 34960 |  |  | 34960 |
| American Restoration Holdings, LLC | 3285 | (389) | 2896 |  |  | 2896 |
| Amika OpCo LLC (f/k/a Heat Makes Sense Shared Services, LLC) | 1617 |  | 1617 |  |  | 1617 |
| Anaplan, Inc. | 9073 |  | 9073 |  |  | 9073 |
| Artifact Bidco, Inc. | 26601 |  | 26601 |  |  | 26601 |
| Associations Inc. | 2213 | (543) | 1671 |  |  | 1671 |
| Avalara, Inc. | 13636 |  | 13636 |  |  | 13636 |
| AVSC Holding Corp. | 21651 |  | 21651 |  |  | 21651 |
| Azurite Intermediate Holdings, Inc. | 7325 |  | 7325 |  |  | 7325 |
| BGIF IV Fearless Utility Services, Inc. | 72604 |  | 72604 |  |  | 72604 |
| Biamp | 6000 |  | 6000 |  |  | 6000 |
| Bingo Group Buyer, Inc. | 7433 | (63) | 7370 |  |  | 7370 |
| Blitz 24-34 GmbH | 7097 |  | 7097 |  |  | 7097 |
| Camin Cargo Control Holdings, Inc. | 9462 | (2618) | 6844 |  |  | 6844 |
| Certinia Inc (FinancialForce.com) | 4039 |  | 4039 |  |  | 4039 |
| Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.) | 8464 |  | 8464 |  |  | 8464 |
| Chrysaor Bidco Sarl | 448 |  | 448 |  |  | 448 |

---

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Total revolving and delayed draw loan commitments** | **Less: funded commitments** | **Total unfunded commitments** | **Less: commitments substantially at discretion of the Company** | **Less: unavailable commitments due to borrowing base or other covenant restrictions** | **Total net adjusted unfunded revolving and delayed draw commitments** |
| CI (Quercus) Intermediate Holdings, LLC | $2273 | $(189) | $2083 | $— | $— | $2083 |
| CircusTrix Holdings LLC | 1129 | (806) | 323 |  |  | 323 |
| Coding Solutions Acquisition Inc | 8931 | (3006) | 5926 |  |  | 5926 |
| Coretrust Purchasing Group LLC (HPG Enterprises LLC) | 12632 |  | 12632 |  |  | 12632 |
| Coupa Software Incorporated | 8716 |  | 8716 |  |  | 8716 |
| CPI Buyer, LLC | 3981 |  | 3981 |  |  | 3981 |
| Creek Parent, Inc. | 29103 |  | 29103 |  |  | 29103 |
| Crete PA Holdco, LLC | 26744 |  | 26744 |  |  | 26744 |
| Crewline Buyer, Inc. | 4365 |  | 4365 |  |  | 4365 |
| CSC Holdings, LLC | 100 | (81) | 19 |  |  | 19 |
| Databricks, Inc. | 27274 |  | 27274 |  |  | 27274 |
| Disco Parent, LLC | 2139 |  | 2139 |  |  | 2139 |
| Eagle Purchaser, Inc. | 6632 | (3947) | 2684 |  | (2684) |  |
| Eclipse Buyer, Inc. | 5809 |  | 5809 |  |  | 5809 |
| EHC Holdings Holdco Limited\* | 27041 |  | 27041 |  |  | 27041 |
| ERC Topco Holdings, LLC | 3195 | (2412) | 783 |  |  | 783 |
| Esdec Solar Group B.V. (Enstall Group B.V.)\* | 1094 |  | 1094 |  | (1094) |  |
| Everbridge Holdings, LLC | 15493 |  | 15493 |  |  | 15493 |
| Evergreen IX Borrower 2023, LLC | 10071 |  | 10071 |  |  | 10071 |
| Evoriel\* | 15475 |  | 15475 |  |  | 15475 |
| ExactCare Parent, Inc. | 4426 |  | 4426 |  |  | 4426 |
| Excelligence Learning Corporation | 13562 | (814) | 12748 |  |  | 12748 |
| FINANCIERE ASTEK\* | 6370 |  | 6370 |  |  | 6370 |
| Focus Financial Partners, LLC | 3201 |  | 3201 |  |  | 3201 |
| G Treasury SS LLC | 6929 |  | 6929 |  |  | 6929 |
| G&A Partners Holding Company II, LLC | 8169 |  | 8169 |  | (6408) | 1761 |
| Galway Borrower LLC | 6303 | (251) | 6052 |  |  | 6052 |
| Gannett Holdings, LLC | 12944 |  | 12944 |  |  | 12944 |
| GAT-Airline Ground Support Inc | 3810 |  | 3810 |  |  | 3810 |
| Gateway US Holdings, Inc. | 6929 |  | 6929 |  |  | 6929 |
| GC Waves Holdings, Inc. | 32269 |  | 32269 |  |  | 32269 |

---

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Total revolving and delayed draw loan commitments** | **Less: funded commitments** | **Total unfunded commitments** | **Less: commitments substantially at discretion of the Company** | **Less: unavailable commitments due to borrowing base or other covenant restrictions** | **Total net adjusted unfunded revolving and delayed draw commitments** |
| Genius Bidco LLC | $2861 | $— | $2861 | $— | $(1701) | $1160 |
| Geotechnical Merger Sub, Inc. | 34329 | (3121) | 31209 |  |  | 31209 |
| Green Grass Foods, Inc. | 1250 |  | 1250 |  |  | 1250 |
| Hanger, Inc. | 2395 |  | 2395 |  |  | 2395 |
| HEF Safety Ultimate Holdings, LLC | 4355 | (687) | 3668 |  |  | 3668 |
| Heritage Environmental Services, Inc. | 19444 |  | 19444 |  |  | 19444 |
| Higginbotham Insurance Agency, Inc. | 16318 |  | 16318 |  |  | 16318 |
| Hobbs & Associates LLC/VA | 545 |  | 545 |  |  | 545 |
| Howardsimon LLC | 22824 |  | 22824 |  |  | 22824 |
| Hyperion Refinance Sarl | 154000 |  | 154000 |  |  | 154000 |
| Ichor Management Limited\* | 5701 | (1849) | 3852 |  | (3852) |  |
| International Schools Partnership Limited\* | 109800 |  | 109800 |  |  | 109800 |
| Investment Company 24 Bidco Limited\* | 11009 |  | 11009 |  |  | 11009 |
| IQN Holding Corp. | 5134 | (2011) | 3123 |  |  | 3123 |
| Ironhorse Purchaser, LLC | 1932 | (157) | 1775 |  |  | 1775 |
| IW Buyer LLC | 3146 |  | 3146 |  |  | 3146 |
| Janus Bidco Limited\* | 19850 |  | 19850 |  |  | 19850 |
| Jazz AH Holdco, LLC | 800 | (240) | 560 |  |  | 560 |
| Jensen Hughes, Inc | 35946 |  | 35946 |  |  | 35946 |
| K Hovnanian Enterprises Inc | 70000 | (5600) | 64400 |  |  | 64400 |
| Kite Bidco Inc. | 15212 |  | 15212 |  |  | 15212 |
| Legends Hospitality Holding Company, LLC | 17291 | (1153) | 16138 |  |  | 16138 |
| LendingTree, Inc. | 23535 |  | 23535 |  |  | 23535 |
| Lotus Topco Inc. | 8235 |  | 8235 |  |  | 8235 |
| M&M OPCO, LLC | 238 |  | 238 |  |  | 238 |
| Madonna Bidco Limited\* | 6086 |  | 6086 |  |  | 6086 |
| MetaTiedot Midco S.à r.l. | 1631 |  | 1631 |  |  | 1631 |
| MetaTiedot Midco S.à r.l.\* | 9592 | (697) | 8895 |  |  | 8895 |
| MGP Holdings III Corp. | 4114 | (458) | 3656 |  |  | 3656 |
| Mobile Communications America, Inc. | 3556 | (340) | 3216 |  |  | 3216 |
| Mount Olympus Bidco Limited | 1447 |  | 1447 |  |  | 1447 |
| North Haven RI Buyer, LLC | 4100 | (1500) | 2600 |  | (1600) | 1000 |

---

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Total revolving and delayed draw loan commitments** | **Less: funded commitments** | **Total unfunded commitments** | **Less: commitments substantially at discretion of the Company** | **Less: unavailable commitments due to borrowing base or other covenant restrictions** | **Total net adjusted unfunded revolving and delayed draw commitments** |
| Novotech SG Holdings Pte. Ltd./ Novotech Aus Bidco Pty Ltd/Novotech Holdings USA LLC | $6643 | $— | $6643 | $— | $— | $6643 |
| NPPI Buyer, LLC | 9211 |  | 9211 |  |  | 9211 |
| Olympus Terminals Holdco II LLC | 22000 |  | 22000 |  |  | 22000 |
| OMH-Healthedge Holdings, Inc. | 11729 |  | 11729 |  |  | 11729 |
| Omnimax International, LLC | 9439 |  | 9439 |  |  | 9439 |
| One Silver Serve, LLC | 11199 |  | 11199 |  |  | 11199 |
| Orthrus Ltd\* | 10429 |  | 10429 |  |  | 10429 |
| Paisley Bidco Limited\* | 2348 |  | 2348 |  |  | 2348 |
| Parfums Holding Company, Inc. | 10268 |  | 10268 |  |  | 10268 |
| PARS Group LLC | 952 |  | 952 |  | (952) |  |
| Patriot Foods Buyer, Inc. | 3416 |  | 3416 |  |  | 3416 |
| Patriot Growth Insurance Services, LLC | 4087 | (1156) | 2932 |  |  | 2932 |
| Pave America Interco, LLC (f/k/a Pavement Partners Interco, LLC) | 3418 | (2350) | 1068 |  |  | 1068 |
| PHOENIX YW BUYER, INC. | 1705 |  | 1705 |  |  | 1705 |
| Ping Identity Holding Corp. | 3868 |  | 3868 |  |  | 3868 |
| PMA Parent Holdings, LLC | 987 |  | 987 |  |  | 987 |
| Poly-Wood, LLC | 46091 |  | 46091 |  |  | 46091 |
| PPL Acquisition LLC | 1000 |  | 1000 |  |  | 1000 |
| Protein For Pets Opco, LLC | 4717 |  | 4717 |  |  | 4717 |
| QBS Parent, Inc. | 13371 |  | 13371 |  |  | 13371 |
| Quikrete Holdings, Inc. | 300000 |  | 300000 |  |  | 300000 |
| R.F. Fager Company, LLC | 1875 |  | 1875 |  |  | 1875 |
| Rarebreed Veterinary Partners, Inc. | 29355 |  | 29355 |  |  | 29355 |
| Reliable Doors, LLC | 1560 | (114) | 1446 |  |  | 1446 |
| Rialto Management Group, LLC | 2433 |  | 2433 |  |  | 2433 |
| RoC Holdco LLC | 4390 |  | 4390 |  |  | 4390 |
| Rochester Midland Corporation | 14155 |  | 14155 |  |  | 14155 |
| Ruler Bidco S.A R.L.\* | 7527 |  | 7527 |  |  | 7527 |
| Runway Bidco, LLC | 62292 |  | 62292 |  |  | 62292 |
| SG Acquisition, Inc. | 5757 |  | 5757 |  |  | 5757 |

---

------

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Total revolving and delayed draw loan commitments** | **Less: funded commitments** | **Total unfunded commitments** | **Less: commitments substantially at discretion of the Company** | **Less: unavailable commitments due to borrowing base or other covenant restrictions** | **Total net adjusted unfunded revolving and delayed draw commitments** |
| Signia Aerospace, LLC | $485 | $— | $485 | $— | $— | $485 |
| Smith Topco, Inc. | 1692 |  | 1692 |  |  | 1692 |
| Spark Purchaser, Inc. | 1351 |  | 1351 |  |  | 1351 |
| SumUp Holdings Luxembourg S.a.r.l.\* | 10358 |  | 10358 |  |  | 10358 |
| Sysnet North America, Inc. | 3947 | (2105) | 1842 |  |  | 1842 |
| TerSera Therapeutics LLC | 1395 |  | 1395 |  |  | 1395 |
| Thg Acquisition, LLC | 30072 | (745) | 29327 |  |  | 29327 |
| Traffic Management Solutions, LLC | 7621 | (121) | 7500 |  |  | 7500 |
| Treace Medical Concepts, Inc. | 5875 | (200) | 5675 |  |  | 5675 |
| Trench Plate Rental Co. | 4545 | (3568) | 977 |  |  | 977 |
| Truck-Lite Co., LLC | 32000 |  | 32000 |  |  | 32000 |
| Truist Insurance Holdings, LLC | 24868 |  | 24868 |  |  | 24868 |
| TS Investors, LLC | 4125 |  | 4125 |  |  | 4125 |
| TZ Buyer LLC | 606 | (182) | 424 |  |  | 424 |
| Uniguest Holdings, Inc | 23349 |  | 23349 |  |  | 23349 |
| USA DeBusk LLC | 6168 | (550) | 5618 |  |  | 5618 |
| Vensure Employer Services, Inc. | 28026 |  | 28026 |  |  | 28026 |
| VICTORS PURCHASER, LLC | 27760 |  | 27760 |  |  | 27760 |
| VICTORS PURCHASER, LLC\* | 1877 | (1577) | 300 |  |  | 300 |
| Village Pet Care, LLC | 3545 | (364) | 3182 |  |  | 3182 |
| Violin Finco Guernsey Limited\* | 6662 |  | 6662 |  |  | 6662 |
| Volunteer AcquisitionCo, LLC | 758 |  | 758 |  |  | 758 |
| WC ORS Buyer, Inc. | 28692 | (3730) | 24962 |  |  | 24962 |
| WH BorrowerCo, LLC | 19173 | (2201) | 16972 |  | (14662) | 2310 |
| Yellow Castle AB\* | 36848 |  | 36848 |  |  | 36848 |
| Zendesk, Inc. | 50138 |  | 50138 |  |  | 50138 |
| Zeus Company LLC | 14074 |  | 14074 |  |  | 14074 |
| **Total** | $**2353861** | $**(77731)** | $**2276130** | $**-** | $**(34536)** | $**2241594** |

---

\* These investments are in a foreign currency and the total commitment has been converted to USD using the December 31, 2024 exchange rate.

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

(29) The following shows the composition of the Company's portfolio at cost by investment type and industry as of December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Industry** | **First Lien - Secured Debt** | **Second Lien - Secured Debt** | **Unsecured Debt** | **Preferred Equity** | **Common Equity** | **Total** |
| Aerospace & Defense | $112768 | $— | $— | $— | $— | $112768 |
| Automobile Components | 191178 |  |  |  |  | 191178 |
| Banks | 16377 |  |  |  |  | 16377 |
| Biotechnology | 42869 |  |  |  |  | 42869 |
| Building Products | 164082 |  |  |  |  | 164082 |
| Capital Markets | 243574 |  |  |  |  | 243574 |
| Chemicals | 103426 |  |  |  | 100 | 103526 |
| Commercial Services & Supplies | 1173940 |  |  |  | 140 | 1174080 |
| Communications Equipment | 114876 | 36810 |  |  |  | 151686 |
| Construction & Engineering | 340503 |  |  |  | 50 | 340553 |
| Construction Materials | 23809 |  |  |  |  | 23809 |
| Consumer Finance | 52852 |  |  |  |  | 52852 |
| Consumer Staples Distribution & Retail | 340072 |  |  |  |  | 340072 |
| Containers & Packaging | 137038 |  |  |  |  | 137038 |
| Distributors | 173598 |  |  |  | 90 | 173688 |
| Diversified Consumer Services | 389803 |  |  |  |  | 389803 |
| Electric Utilities | 202475 |  |  |  |  | 202475 |
| Electrical Equipment | 113687 |  |  |  |  | 113687 |
| Electronic Equipment, Instruments & Components | 27652 |  |  |  |  | 27652 |
| Energy Equipment & Services | 33099 |  |  |  |  | 33099 |
| Entertainment | 86002 |  |  |  |  | 86002 |
| Financial Services | 1167939 |  |  | 5940 | 101 | 1173980 |
| Financing | 14018 |  |  |  |  | 14018 |
| Food Products | 3627 |  |  |  | 125 | 3752 |
| Ground Transportation | 92152 |  |  |  |  | 92152 |
| Health Care Equipment & Supplies | 162268 |  |  |  |  | 162268 |
| Health Care Providers & Services | 1098927 |  |  | 100 |  | 1099027 |
| Health Care Technology | 120361 |  |  |  |  | 120361 |

---

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Industry** | **First Lien - Secured Debt** | **Second Lien - Secured Debt** | **Unsecured Debt** | **Preferred Equity** | **Common Equity** | **Total** |
| Hotels, Restaurants & Leisure | $416996 | $— | $96 | $— | $— | $417092 |
| Household Durables | 144955 |  |  |  | 50 | 145005 |
| Household Products | 120192 |  |  |  |  | 120192 |
| Independent Power & Renewable Electricity Producers | 74978 |  |  |  |  | 74978 |
| Insurance | 773289 |  |  | 49 |  | 773338 |
| IT Services | 464698 |  |  |  |  | 464698 |
| Leisure Products | 189106 |  |  |  |  | 189106 |
| Life Sciences Tools & Services | 78543 |  |  |  |  | 78543 |
| Machinery | 243438 |  |  |  |  | 243438 |
| Marine Transportation | 25671 |  |  |  |  | 25671 |
| Media | 630519 |  |  |  |  | 630519 |
| Oil, Gas & Consumable Fuels | 22973 |  |  |  |  | 22973 |
| Personal Care Products | 265674 |  |  |  | 33 | 265707 |
| Pharmaceuticals | 443035 |  |  | 117 |  | 443152 |
| Professional Services | 435275 |  |  |  |  | 435275 |
| Real Estate Management & Development | 132316 |  |  |  |  | 132316 |
| Software | 2110966 |  |  |  | 77 | 2111043 |
| Special Purpose Entity | 7133 |  |  |  |  | 7133 |
| Specialty Retail | 332158 |  |  |  |  | 332158 |
| Technology Hardware, Storage & Peripherals | 360953 |  |  |  |  | 360953 |
| Textiles, Apparel & Luxury Goods | 231306 |  |  |  |  | 231306 |
| Trading Companies & Distributors | 215865 |  |  |  |  | 215865 |
| Transportation Infrastructure | 102449 |  |  |  |  | 102449 |
| **Total** | $14565460 | $36810 | $96 | $6206 | $766 | $14609338 |

---

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

(30) The following shows the composition of the Company's portfolio at fair value by investment type, industry and region as of December 31, 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry** | **First Lien - Secured Debt** | **Second Lien - Secured Debt** | **Unsecured Debt** | **Preferred Equity** | **Common Equity** | **Total** | **% of Net Assets** |
| Aerospace & Defense | $114754 | $— | $— | $— | $— | $114754 | 1.2% |
| Automobile Components | 193552 |  |  |  |  | 193552 | 2.0% |
| Banks | 16310 |  |  |  |  | 16310 | 0.2% |
| Biotechnology | 42891 |  |  |  |  | 42891 | 0.4% |
| Building Products | 165258 |  |  |  |  | 165258 | 1.7% |
| Capital Markets | 243355 |  |  |  |  | 243355 | 2.5% |
| Chemicals | 90913 |  |  |  | 118 | 91031 | 1.0% |
| Commercial Services & Supplies | 1169906 |  |  |  | 202 | 1170108 | 12.3% |
| Communications Equipment | 116544 | 5723 |  |  |  | 122267 | 1.3% |
| Construction & Engineering | 336834 |  |  |  | 32 | 336866 | 3.5% |
| Construction Materials | 23926 |  |  |  |  | 23926 | 0.3% |
| Consumer Finance | 54424 |  |  |  |  | 54424 | 0.6% |
| Consumer Staples Distribution & Retail | 347144 |  |  |  |  | 347144 | 3.6% |
| Containers & Packaging | 132079 |  |  |  |  | 132079 | 1.4% |
| Distributors | 174994 |  |  |  | 93 | 175087 | 1.8% |
| Diversified Consumer Services | 377209 |  |  |  |  | 377209 | 4.0% |
| Electric Utilities | 196360 |  |  |  |  | 196360 | 2.1% |
| Electrical Equipment | 111076 |  |  |  |  | 111076 | 1.2% |
| Electronic Equipment, Instruments & Components | 27990 |  |  |  |  | 27990 | 0.3% |
| Energy Equipment & Services | 33361 |  |  |  |  | 33361 | 0.3% |
| Entertainment | 87577 |  |  |  |  | 87577 | 0.9% |
| Financial Services | 1163503 |  |  | 6176 | 101 | 1169780 | 12.3% |
| Financing | 13408 |  |  |  |  | 13408 | 0.1% |
| Food Products | 3700 |  |  |  | 153 | 3853 | 0.0% |
| Ground Transportation | 89484 |  |  |  |  | 89484 | 0.9% |
| Health Care Equipment & Supplies | 163802 |  |  |  |  | 163802 | 1.7% |
| Health Care Providers & Services | 1078972 |  |  | 50 |  | 1079022 | 11.3% |
| Health Care Technology | 121371 |  |  |  |  | 121371 | 1.3% |

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

**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry** | **First Lien - Secured Debt** | **Second Lien - Secured Debt** | **Unsecured Debt** | **Preferred Equity** | **Common Equity** | **Total** | **% of Net Assets** |
| Hotels, Restaurants & Leisure | $408120 | $— | $103 | $— | $— | $408223 | 4.3% |
| Household Durables | 149259 |  |  |  | 65 | 149324 | 1.6% |
| Household Products | 116470 |  |  |  |  | 116470 | 1.2% |
| Independent Power & Renewable Electricity Producers | 64581 |  |  |  |  | 64581 | 0.7% |
| Insurance | 778808 |  |  | 49 |  | 778857 | 8.2% |
| IT Services | 462807 |  |  |  |  | 462807 | 4.8% |
| Leisure Products | 193214 |  |  |  |  | 193214 | 2.0% |
| Life Sciences Tools & Services | 78564 |  |  |  |  | 78564 | 0.8% |
| Machinery | 246511 |  |  |  |  | 246511 | 2.6% |
| Marine Transportation | 25714 |  |  |  |  | 25714 | 0.3% |
| Media | 634570 |  |  |  |  | 634570 | 6.6% |
| Oil, Gas & Consumable Fuels | 23023 |  |  |  |  | 23023 | 0.2% |
| Personal Care Products | 267248 |  |  |  |  | 267248 | 2.8% |
| Pharmaceuticals | 449710 |  |  | 152 |  | 449862 | 4.7% |
| Professional Services | 434044 |  |  |  |  | 434044 | 4.5% |
| Real Estate Management & Development | 132293 |  |  |  |  | 132293 | 1.4% |
| Software | 2124693 |  |  |  | 68 | 2124761 | 22.3% |
| Special Purpose Entity | 5706 |  |  |  |  | 5706 | 0.1% |
| Specialty Retail | 345327 |  |  |  |  | 345327 | 3.6% |
| Technology Hardware, Storage & Peripherals | 361825 |  |  |  |  | 361825 | 3.8% |
| Textiles, Apparel & Luxury Goods | 229956 |  |  |  |  | 229956 | 2.4% |
| Trading Companies & Distributors | 216717 |  |  |  |  | 216717 | 2.3% |
| Transportation Infrastructure | 102593 |  |  |  |  | 102593 | 1.1% |
| **Total** | $14542450 | $5723 | $103 | $6427 | $832 | $14555535 | 152.5% |
| **% of Net Assets** | 152.3% | 0.1% | 0.0% | 0.1% | 0.0% | 152.5% |  |

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**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

(31) Securities that are exempt from registration under the Securities Act of 1933, as amended (the "**Securities Act**"), and may be deemed to be "restricted securities" under the Securities Act. As of December 31, 2024, the aggregate fair value of these securities is $7,260 or 0.1% of the Company's net assets. The acquisition dates of the restricted securities are as follows:

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| | | |
|:---|:---|:---|
| **Issuer** | **Security Type** | **Acquisition Date** |
| Alcresta Holdings, LP | Preferred Equity - Preferred Stocks | 3/12/2024 |
| Alcresta Holdings, LP | Preferred Equity - Equity Unit | 3/12/2024 |
| Eclipse Topco, Inc. | Preferred Equity - Preferred Stocks | 9/6/2024 |
| Ergotron Investments, LLC | Common Equity - Equity Unit | 7/6/2022 |
| Fortis Fire & Safety Holdings LP | Common Equity - Equity Unit | 7/21/2023 |
| Genius Bidco LLC | Common Equity - Equity Unit | 5/1/2024 |
| HIG Intermediate, Inc. | Preferred Equity - Preferred Stocks | 12/10/2024 |
| Ishtar Co-Invest-B LP | Common Equity - Stock | 7/1/2022 |
| Nutpods Holdings, Inc. | Common Equity - Stock | 12/26/2023 |
| Oshun Co-Invest-B LP | Common Equity - Stock | 7/1/2022 |
| PPL Equity LP | Preferred Equity - Preferred Stocks | 7/1/2022 |
| PPL Equity LP | Preferred Equity - Equity Unit | 7/1/2022 |
| RMC Topco LLC | Common Equity - Equity Unit | 8/1/2023 |
| Tailwind Fire Flow Investor, LP | Common Equity - Membership Interest | 6/28/2024 |
| Trench Safety Solutions Holdings, LLC | Common Equity - Equity Unit | 4/29/2022 |
| TZ Parent LLC | Common Equity - Equity Unit | 8/12/2022 |
| WC ORS Holdings, L.P. | Common Equity - Limited Partnership | 8/7/2024 |

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**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

(32) These investments have a variable interest rate of SOFR + variable spread based on the terms of respective credit agreements.

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| | |
|:---|:---|
| **Industry Classification** | **Percentage of Total <br>Investments (at Fair Value)<br>as of December 31, 2024** |
| Software | 14.7% |
| Commercial Services & Supplies | 8.1% |
| Financial Services | 8.0% |
| Health Care Providers & Services | 7.4% |
| Insurance | 5.4% |
| Media | 4.4% |
| IT Services | 3.2% |
| Pharmaceuticals | 3.1% |
| Professional Services | 3.0% |
| Hotels, Restaurants & Leisure | 2.8% |
| Diversified Consumer Services | 2.6% |
| Technology Hardware, Storage & Peripherals | 2.5% |
| Consumer Staples Distribution & Retail | 2.4% |
| Specialty Retail | 2.4% |
| Construction & Engineering | 2.3% |
| Personal Care Products | 1.8% |
| Machinery | 1.7% |
| Capital Markets | 1.7% |
| Textiles, Apparel & Luxury Goods | 1.6% |
| Trading Companies & Distributors | 1.5% |
| Electric Utilities | 1.3% |
| Automobile Components | 1.3% |
| Leisure Products | 1.3% |
| Distributors | 1.2% |
| Building Products | 1.1% |
| Health Care Equipment & Supplies | 1.1% |
| Household Durables | 1.0% |
| Real Estate Management & Development | 0.9% |
| Containers & Packaging | 0.9% |
| Communications Equipment | 0.8% |
| Health Care Technology | 0.8% |
| Household Products | 0.8% |
| Aerospace & Defense | 0.8% |
| Electrical Equipment | 0.8% |
| Transportation Infrastructure | 0.7% |
| Chemicals | 0.6% |
| Ground Transportation | 0.6% |
| Entertainment | 0.6% |
| Life Sciences Tools & Services | 0.5% |
| Independent Power & Renewable Electricity Producers | 0.4% |
| Consumer Finance | 0.4% |
| Biotechnology | 0.3% |
| Energy Equipment & Services | 0.2% |
| Electronic Equipment, Instruments & Components | 0.2% |
| Marine Transportation | 0.2% |
| Construction Materials | 0.2% |
| Oil, Gas & Consumable Fuels | 0.2% |
| Banks | 0.1% |
| Financing | 0.1% |
| Special Purpose Entity | 0.0% |
| Food Products | 0.0% |
|  | 100.0% |

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**APOLLO DEBT SOLUTIONS BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(In thousands, except share data)**

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| | |
|:---|:---|
| **Geographic Region** | **December 31, 2024** |
| United States | 78.9% |
| United Kingdom | 10.2% |
| Europe | 9.0% |
| Australia | 0.7% |
| Canada | 0.7% |
| Asia | 0.3% |
| Caribbean | 0.2% |

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**APOLLO DEBT SOLUTIONS BDC**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(In thousands, except share and per share data)**

**Note 1. Organization**

Apollo Debt Solutions BDC (the "**Company**," "**ADS**," "**we**," "**us**" or "**our**"), a Delaware statutory trust formed on December 4, 2020, is a closed-end, externally managed, diversified management investment company that has elected to be regulated as a business development company ("**BDC**") under the Investment Company Act of 1940, as amended (the "**1940 Act**"). The Company has elected to be treated for federal income tax purposes, and intends to qualify annually thereafter, as a regulated investment company ("**RIC**"), as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the "**Code**").

Apollo Credit Management, LLC (the "**Adviser**") is our investment adviser and is an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries ("**AGM**" or "**Apollo**"). The Adviser, subject to the overall supervision of our Board of Trustees (the "**Board**"), manages the day-to-day operations of the Company and provides investment advisory services to the Company.

Apollo Credit Management, LLC, as our administrator (the "**Administrator**"), provides, among other things, administrative services and facilities to the Company. Furthermore, the Administrator will offer to provide, on our behalf, managerial assistance to those portfolio companies to which we are required to provide such assistance.

Our investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. The Company seeks to invest primarily in private credit opportunities in directly originated assets, including loans and other debt securities, made to or issued by large private U.S. borrowers, which ADS generally defines as companies with more than $75 million in earnings before interest, taxes, depreciation and amortization ("**EBITDA**"), as may be adjusted for market disruptions, mergers and acquisitions-related charges and synergies, and other items. While most of the Company's investments will be in private U.S. companies (subject to compliance with BDC regulatory requirement to invest at least 70% of its assets in private U.S. companies), we also expect to invest from time to time in European and other non-U.S. companies. The investment portfolio may also include other interests such as corporate bonds, common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. Under normal circumstances, we will invest directly or indirectly at least 80% of our total assets (net assets plus borrowings for investment purposes) in debt instruments of varying maturities.

**Note 2. Significant Accounting Policies**

The following is a summary of the significant accounting and reporting policies used in preparing the consolidated financial statements.

***Basis of Presentation***

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("**GAAP**") pursuant to the requirements on Form 10-Q, ASC 946, *Financial Services — Investment Companies* ("**ASC 946**"), and Articles 6, 10 and 12 of Regulation S-X. In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair statement of the consolidated financial statements for the periods presented, have been included.

Under the 1940 Act, ASC 946, and the regulations pursuant to Article 6 of Regulation S-X, we are precluded from consolidating any entity other than another investment company or an operating company which provides substantially all of its services to benefit us. All intercompany balances and transactions have been eliminated.

These financial statements should be read in conjunction with the audited financial statements and accompanying notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

***Use of Estimates***

The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income, expenses, gains and losses during the reported periods. Changes in the economic environment, financial markets, credit worthiness of our portfolio companies and any other parameters used in determining these estimates could cause actual results to differ materially.

***Consolidation***

As provided under Regulation S-X and ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company's wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

As of June 30, 2025, the Company's consolidated subsidiaries were Cardinal Funding LLC, Mallard Funding LLC, Grouse Funding LLC, Barn Owl Funding LLC, ADS CLO 1 LLC, ADL CLO 1 LLC, ADS Lender LLC, ADS Apollonia SPV LLC, ADS Holdings (Lux) S.à.r.l. and ADS Aoide SPV LLC.

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***Cash and Cash Equivalents***

The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and near maturity, that they present insignificant risk of changes in value because of changes in interest rates. Generally, only securities with a maturity of three months or less from the date of purchase would qualify, with limited exceptions. The Company deems that certain money market funds, U.S. Treasury bills, repurchase agreements, and other high-quality, short-term debt securities would qualify as cash equivalents.

Cash and cash equivalents are carried at cost, which approximates fair value. Cash and cash equivalents held as of June 30, 2025 and December 31, 2024 were $1,238,310 and $392,894, respectively, of which $785,933 and $154,584, respectively, were held in money market funds.

***Investments Transactions***

Investments are recognized when we assume an obligation to acquire a financial instrument and assume the risks for gains and losses related to that instrument. Investments are derecognized when we assume an obligation to sell a financial instrument and forego the risks for gains or losses related to that instrument. Specifically, we record all security transactions on a trade date basis. Amounts for investments recognized or derecognized but not yet settled are reported as a receivable for investments sold and a payable for investments purchased, respectively, in the Consolidated Statements of Assets and Liabilities.

***Fair Value Measurements***

The Company follows guidance in ASC 820, *Fair Value Measurement* ("**ASC 820**"), where fair value is defined as the price 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. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities.

ASC 820 classifies the inputs used to measure these fair values into the following hierarchy:

Level 1: Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date.

Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices.

Level 3: Unobservable inputs for the asset or liability.

In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. The level assigned to the investment valuations may not be indicative of the risk or liquidity associated with investing in such investments. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may differ materially from the values that would be received upon an actual disposition of such investments.

***Investment Valuation Process***

The Board has designated the Adviser as its "valuation designee" pursuant to Rule 2a-5 under the 1940 Act, and in that role the Adviser is responsible for performing fair value determinations relating to all of the Company's investments, including periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies, in accordance with valuation policies and procedures that have been approved by the Board. The Adviser, as "valuation designee," is responsible for determining the fair value of our portfolio investments, subject to the oversight of the Board.

In calculating the value of our total assets, we value investments for which market quotations are readily available at such market quotations if they are deemed to represent fair value. Debt and equity securities that are not publicly traded or whose market price is not readily available or whose market quotations are not deemed to represent fair value are valued at fair value as determined in good faith by or under the direction of the Adviser. Market quotations may be deemed not to represent fair value in certain circumstances where the Adviser reasonably believes that facts and circumstances applicable to an issuer, a seller or purchaser or the market for a particular security causes current market quotes not to reflect the fair value of the security. Examples of these events could include cases in which material events are announced after the close of the market on which a security is primarily traded, when a security trades infrequently causing a quoted purchase or sale price to become stale or in the event of a "fire sale" by a distressed seller.

If and when market quotations are deemed not to represent fair value, we typically utilize independent third party valuation firms to assist us in determining fair value. Accordingly, such investments go through our multi-step valuation process as described below. The Adviser engages multiple independent valuation firms based on a review of each firm's expertise and relevant experience in valuing certain securities. In each case, our independent valuation firms consider observable market inputs together with significant unobservable inputs in arriving at their valuation recommendations for such Level 3 categorized assets.

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With respect to investments for which market quotations are not readily available or when such market quotations are deemed not to represent fair value, our Adviser undertakes a multi-step valuation process each quarter, as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Independent valuation firms engaged conduct independent appraisals and assessments for all the investments they have been engaged to review. If an independent valuation firm is not engaged during a particular quarter, the valuation may be conducted by the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)At least each quarter, the valuation will be reassessed and updated by the Adviser or an independent valuation firm to reflect company specific events and latest market data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Preliminary valuation conclusions are then documented and discussed with senior management of our Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)The Adviser discusses valuations and determines in good faith the fair value of each investment in our portfolio based on the input of the applicable independent valuation firm; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)For Level 3 investments entered into within the current quarter, the cost (purchase price adjusted for accreted original issue discount/amortized premium) or any recent comparable trade activity on the security investment shall be considered to reasonably approximate the fair value of the investment, provided that no material change has since occurred in the issuer's business, significant inputs or the relevant environment.

Investments are valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. During the three months ended June 30, 2025, there were no significant changes to the Company's valuation techniques and related inputs considered in the valuation process.

***Derivative Instruments***

The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements.

Derivative instruments are measured in terms of the notional contract amount and derive their value based upon one or more underlying instruments. Derivative instruments are subject to various risks similar to non-derivative instruments including market, credit, liquidity, interest rate, foreign currency and operational risks. The Company manages these risks on an aggregate basis as part of its risk management process. The derivatives may require the Company to pay or receive an upfront fee or premium. These upfront fees or premiums are carried forward as cost or proceeds to the derivatives.

*Foreign Currency Forward Contracts*

The Company uses foreign currency forward contracts to reduce the Company's exposure to fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another at a pre-determined price at a future date. Foreign currency forward contracts are marked-to-market at the applicable forward rate. Unrealized appreciation (depreciation) on foreign currency forward contracts are recorded within derivative assets or derivative liabilities on the Consolidated Statements of Assets and Liabilities by counterparty on a net basis, not taking into account collateral posted which is recorded separately, if applicable. Purchases and settlements of foreign currency forward contracts having the same settlement date and counterparty are generally settled net and any realized gains or losses are recognized on the settlement date. The Company does not utilize hedge accounting with respect to foreign currency forward contracts and as such, the Company recognizes its foreign currency forward contracts at fair value with changes included in the net unrealized appreciation (depreciation) on the Consolidated Statements of Operations.

*Interest Rate Swaps*

The Company uses interest rate swaps to hedge some or all of the Company's fixed rate debt. The Company has designated each interest rate swap held as the hedging instrument in an effective hedge accounting relationship, and therefore the periodic payments and receipts are recognized as components of interest expense in the Consolidated Statements of Operations. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as an other asset or other liability on the Company's Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by a change in the carrying value of the fixed rate debt. Any amounts paid to the counterparty to cover collateral obligations under the terms of the interest rate swap agreement are included in other assets or other liabilities and expenses on the Company's Consolidated Statements of Assets and Liabilities. Please see **Note 5** to the Company's Consolidated Financial Statements for additional details.

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*Offsetting Assets and Liabilities*

The Company has elected to offset cash collateral against the fair value of derivative contracts. The fair values of these derivatives are presented on a net basis in the Consolidated Statements of Assets and Liabilities when, and only when, they are with the same counterparty, the Company has the legal right to offset the recognized amounts, and it intends to either settle on a net basis or realize the asset and settle the liability simultaneously.

***Valuation of Other Financial Assets and Financial Liabilities***

ASC 825, *Financial Instruments*, permits an entity to choose, at specified election dates, to measure certain assets and liabilities at fair value (the "**Fair Value Option**"). We have not elected the Fair Value Option to report selected financial assets and financial liabilities. Debt issued by the Company is reported at amortized cost adjusted for fair value fluctuations of interest rate swaps in qualifying hedge accounting relationships (see **Notes 5 and 6** to the consolidated financial statements). The carrying value of all other financial assets and liabilities approximates fair value due to their short maturities or their close proximity of the originations to the measurement date.

***Realized Gains or Losses***

Security transactions are accounted for on a trade date basis. Realized gains or losses on investments are calculated by using the specific identification method. Securities that have been called by the issuer are recorded at the call price on the call effective date.

***Investment Income Recognition***

*Interest Income*

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

*PIK Income*

The Company may have loans in its portfolio that contain payment-in-kind ("**PIK**") provisions. PIK investments offer issuers the option at each payment date of making payments in cash or in additional securities. PIK income computed at the contractual rate is accrued into income, which is included in interest income in the Company's Consolidated Statements of Operations, and reflected as interest receivable up to the capitalization date. When additional securities are received, they typically have the same terms, including maturity dates and interest rates as the original securities issued. On these payment dates, the Company capitalizes the accrued interest or dividends receivable (reflecting such amounts as the basis in the additional securities received). PIK generally becomes due at maturity of the investment or upon the investment being called by the issuer. To maintain the Company's status as a RIC, this non-cash source of income must be paid out to shareholders in the form of dividends, even though the Company has not yet collected cash.

If at any point the Company believes PIK is not fully expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are reversed from the related receivable through interest or dividend income, respectively. The Company does not reverse previously capitalized PIK interest or dividends. Upon capitalization, PIK is subject to the fair value estimates associated with their related investments. PIK investments on non-accrual status are restored to accrual status if the Company believes that PIK is expected to be realized.

*Dividend Income*

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.

*Fee Income*

The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment, syndication fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered.

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*Non-Accrual Income*

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management's judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management's judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

As of June 30, 2025, 0.5% of total investments at amortized cost, or 0.2% of total investments at fair value, were on non-accrual status. As of December 31, 2024, 0.6% of total investments at amortized cost, or 0.2% of total investments at fair value, were on non-accrual status.

***Expenses***

Expenses include management fees, performance-based incentive fees, interest expense, insurance expenses, administrative service fees, legal fees, trustees' fees, audit and tax service expenses, third-party valuation fees and other general and administrative expenses. Expenses are recognized on an accrual basis.

***Offering Expenses***

Costs associated with the offering of the Company's shares are capitalized as "deferred offering costs" on the Consolidated Statements of Assets and Liabilities and amortized over a twelve-month period from incurrence. These expenses consist primarily of legal fees and other costs incurred in connection with the Company's continuous offering.

***Deferred Financing Costs and Debt Issuance Costs***

Deferred financing and debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company's borrowings. These expenses are deferred and amortized into interest expense over the life of the related debt instrument using the straight-line method. Debt issuance costs related to any issuance of installment debt or notes are presented net against the outstanding debt balance of the related security.

***Foreign Currency Translations***

The accounting records of the Company are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the foreign exchange rate on the date of valuation. The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. The Company's investments in foreign securities may involve certain risks, including without limitation: foreign exchange restrictions, expropriation, taxation or other political, social or economic risks, all of which could affect the market and/or credit risk of the investment. In addition, changes in the relationship of foreign currencies to the U.S. dollar can significantly affect the value of these investments and therefore the earnings of the Company.

***Allocation of Income, Expenses, Gains and Losses***

Income, expenses (other than those attributable to a specific class), gains and losses are allocated to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.

***Distributions*** 

Distributions to common shareholders are recorded on the record date. The amount to be paid out as a distribution is determined by the Board and will depend on the Company's earnings, financial condition, maintenance of our tax treatment as a RIC, compliance with applicable BDC regulations and such factors as the Board may deem relevant from time to time. Although the gross distribution per share is generally equivalent for each share class, the net distribution for each share class is reduced for any class specific expenses, including distribution and servicing fees, if any.

***Share Repurchases***

In connection with the Company's share repurchase programs, the cost of shares repurchased is charged to net assets on the trade date.

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***Federal and State Income Taxes***

We have elected to be treated as a RIC under the Code and operate in a manner so as to qualify for the tax treatment applicable to RICs. To qualify as a RIC, the Company must (among other requirements) meet certain source-of-income and asset diversification requirements and timely distribute to its shareholders at least 90% of its investment company taxable income as defined by the Code, for each year. The Company (among other requirements) has made and intends to continue to make the requisite distributions to its shareholders, which will generally relieve the Company from corporate-level income taxes. For income tax purposes, distributions made to shareholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof. The tax character of distributions paid to shareholders through June 30, 2025 may include return of capital, however, the exact amount cannot be determined at this point. The final determination of the tax character of distributions will not be made until we file Form 1099s for the tax year ending December 31, 2025. The character of income and gains that we will distribute is determined in accordance with income tax regulations that may differ from GAAP. Book and tax basis differences relating to shareholder dividend and distributions and other permanent book and tax difference are reclassified to paid-in capital.

If we do not distribute (or are not deemed to have distributed) at least 98% of our annual ordinary income and 98.2% of our capital gain net income for the 1-year period ending on October 31 of such calendar year, we will generally be required to pay excise tax equal to 4% of the amount by which 98% of our annual ordinary income and 98.2% of our capital gains exceed the distributions from such taxable income for the year. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such taxable income, we accrue excise taxes, if any, on estimated undistributed taxable income.

If we fail to satisfy the annual distribution requirement or otherwise fail to qualify as a RIC in any taxable year, we would be subject to tax on all of our taxable income at regular corporate rates. Distributions would generally be taxable to our individual and other non-corporate taxable shareholders as ordinary dividend income eligible for the reduced maximum rate applicable to qualified dividend income to the extent of our current and accumulated earnings and profits provided certain holding period and other requirements are met. Subject to certain limitation under the Code, corporate distributions would be eligible for the dividend-received deduction. To qualify again to be taxed as a RIC in a subsequent year, we would be required to distribute to our shareholders our accumulated earnings and profits attributable to non RIC years. In addition, if we failed to qualify as a RIC for a period greater than two taxable years, then, in order to qualify as a RIC in a subsequent year, we would be required to elect to recognize and pay tax on any net built-in gain (the excess of aggregate gain, including items of income, over aggregate loss that would have been realized if we had been liquidated) or, alternatively, be subject to taxation on such built-in gain recognized for a period of five years.c

We follow ASC 740, Income Taxes ("**ASC 740**"). ASC 740 provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the consolidated financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Penalties or interest, if applicable, that may be assessed relating to income taxes would be classified as other operating expenses in the consolidated financial statements. As of June 30, 2025, there were no uncertain tax positions and no amounts accrued for interest or penalties. Management's determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an on-going analysis of tax laws, regulations and interpretations thereof. Although we file both federal and state income tax returns, our major tax jurisdiction is federal.

***Segment Reporting***

The Company adopted FASB Accounting Standards Update 2023-07, "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Company operates under one operating segment and reporting unit, investment management. The CODM is the chief executive officer of the Company, who is responsible for determining the Company's investment strategy, capital allocation, expense structure, and significant transactions impacting the Company. Key metrics include, but are not limited to, net investment income and net increase in net assets resulting from operations that is reported on the Consolidated Statements of Operations, fair value of investments as disclosed on the Consolidated Schedule of Investments, as well as distributions made to the Company's shareholders. The Company's adoption of this guidance did not have a material impact on the Company's financial position, results of operations or cash flows.

***Recent Accounting Pronouncements*** 

In December 2023, the Financial Accounting Standards Board ("**FASB**") issued ASU 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," ("**ASU 2023-09**"). ASU 2023-09 requires additional disaggregated disclosures on the entity's effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. The Company's does not expect the adoption of ASU 2023-09 to have a material impact on its consolidated financial statements.

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**Note 3. Agreements and Related Party Transactions**

***Advisory Agreement***

On July 22, 2021, the Company entered into an advisory agreement (the "**Initial Advisory Agreement**") with the Adviser, pursuant to which the Adviser will manage the Company on a day-to-day basis. The Adviser is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring the Company's investments and monitoring its investments and portfolio companies on an ongoing basis.

On March 14, 2024, the Company and the Adviser entered into an amended and restated investment advisory agreement (the "**Second Amended and Restated Advisory Agreement**"), which amended and restated the Initial Advisory Agreement. The Second Amended and Restated Advisory Agreement altered the Initial Advisory Agreement by removing certain "sunset" provisions that previously stated that certain requirements of the North American Securities Administrators Association ("**NASAA**") Omnibus Guidelines would no longer apply if the Company's shares become covered securities within the meaning of Section 18 of the Securities Act of 1933, as amended, clarified that the Adviser would be responsible for any fees incurred if the Adviser terminated the Second Amended and Restated Advisory Agreement and amended certain provisions to clarify compliance with NASAA Omnibus Guidelines. No other changes were made to the Initial Advisory Agreement.

On March 13, 2025, the Company and the Adviser entered into an amended and restated advisory agreement (the "**Third Amended and Restated Advisory Agreement**" and, together with the Initial Advisory Agreement and Second Amended and Restated Advisory Agreement, the "**Advisory Agreement**"), which amended and restated the Second Amended and Restated Advisory Agreement. The Third Amended and Restated Advisory Agreement alters the Second Amended and Restated Advisory Agreement by revising the indemnification provisions. No other changes were made to the Second Amended and Restated Advisory Agreement.

The Advisory Agreement was effective for an initial two-year term and thereafter will continue for successive annual periods provided that such continuance is specifically approved annually by a majority of the Board or by the holders of a majority of the Company's outstanding voting securities and, in each case, a majority of the independent trustees. The Company may terminate the Advisory Agreement, without payment of any penalty, upon 60 days' written notice. The Advisory Agreement will automatically terminate in the event of its assignment within the meaning of the 1940 Act and related SEC guidance and interpretations. On August 8, 2024, the Advisory Agreement was renewed and continued for an additional one-year period.

The Company pays the Adviser a fee for its services under the Advisory Agreement consisting of two components, a base management fee and an incentive fee. The cost of both the base management fee and the incentive fee will ultimately be borne by the shareholders. Substantial additional fees and expenses may also be charged by the Administrator to the Company, which is an affiliate of the Adviser.

*Base Management Fee*

The base management fee is payable monthly in arrears at an annual rate of 1.25% of the value of the Company's net assets as of the beginning of the first calendar day of the applicable month. For purposes of the Advisory Agreement, net assets means our total assets less liabilities determined on a consolidated basis in accordance with U.S. GAAP. For the first calendar month in which the Company had operations, net assets was measured as the beginning net assets as of the date on which the Company broke escrow for the initial offering.

*Incentive Fee*

The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of our income and a portion is based on a percentage of our capital gains, each as described below.

*A. Incentive Fee based on Income*

The portion based on our income is based on Pre-Incentive Fee Net Investment Income Returns. "Pre-Incentive Fee Net Investment Income Returns" means, as the context requires, either the dollar value of, or percentage rate of return on the value of net assets at the end of the immediate preceding quarter from, interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that are received from portfolio companies) accrued during the calendar quarter, minus operating expenses accrued for the quarter (including the base management fee, expenses payable under the Administration Agreement entered into between the Company and the Administrator, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee and any distribution and/or shareholder servicing fees).

Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon securities), accrued income that has not yet been received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns.

Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of the Company's net assets at the end of the immediate preceding quarter, is compared to a "hurdle rate" of return of 1.25% per quarter (5.0% annualized).

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The Company pays its Adviser an income based incentive fee with respect to the Company's Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•100% of the dollar amount of Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized). This "catch-up" portion is meant to provide the Adviser with approximately 12.5% of Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•12.5% of the dollar amount of Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.43% (5.72% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5% of all Pre-Incentive Fee Net Investment Income Returns thereafter are allocated to the Adviser.

These calculations are pro-rated for any period of less than three months and adjusted for any share issuances or repurchases during the relevant quarter.

*B. Incentive Fee based on Cumulative Net Realized Gains*

The second component of the Incentive Fee, the Capital Gains Incentive Fee, is payable at the end of each calendar year in arrears. The amount payable equals 12.5% of cumulative realized capital gains from inception through the end of such calendar, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP. Each year, the fee paid for the capital gains incentive fee is net of the aggregate amount of any previously paid capital gains incentive fee for all prior periods. We will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation because a capital gains incentive fee would be owed to the Adviser if we were to sell the relevant investment and realize a capital gain.

For the three and six months ended June 30, 2025, the Company recognized $39,815 and $73,231 respectively, of management fees.

For the three and six months ended June 30, 2024, the Company recognized $19,774 and $35,111 respectively, of management fees.

For the three and six months ended June 30, 2025, the Company recognized $37,660 and $70,223 respectively, of incentive fees based on income and $0 and $(915), respectively, of incentive fees based on cumulative net realized gains/(losses).

For the three and six months ended June 30, 2024, the Company recognized $23,504, and $42,319 respectively, of incentive fees based on income of $249, and $1,309 respectively, of incentive fees based on cumulative net realized gains/(losses).

As of June 30, 2025 and December 31, 2024, management fee payables were $13,734 and $10,204, respectively, and performance-based incentive fees payable were $37,660 and $28,523, respectively.

*Fees From Affiliates*

From time-to-time various affiliates of Adviser are involved in transactions whereby certain fees, including but not limited to, structuring, underwriting, arrangement, placement, syndication, advisory or similar services (collectively, "**Capital Solution services**") are earned and rebated back to the Company. These fees are accounted for as "Other Income" in the Consolidated Statements of Operations. For the three and six months ended June 30, 2025 the Company received $815 and $6,480, respectively, in fee rebates from affiliates related to Capital Solution services. For the three and six months ended June 30, 2024 the Company received $1,427 and $4,429, respectively, in fee rebates from affiliates related to Capital Solution services.

***Administration Agreement***

On July 22, 2021, the Company entered into an Administration Agreement (the "**Initial Administration Agreement**") with the Administrator. On March 13, 2025, the Company and the Administrator entered into an amended and restated administration agreement (the "**Amended and Restated Administration Agreement**" and, together with the Initial Administration Agreement, the "**Administration Agreement**"), which amended and restated the Initial Administration Agreement. The Amended and Restated Administration Agreement alters the Initial Administration Agreement by revising the reimbursement and indemnification provisions. No other changes were made to the Initial Administration Agreement. Under the terms of the Administration Agreement, the Administrator will provide, or oversee the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of net asset value ("**NAV**"), compliance monitoring (including diligence and oversight of other service providers), preparing reports to shareholders and reports filed with the Securities and Exchange Commission (the "**SEC**"), preparing materials and coordinating meetings of the Board, managing the payment of expenses and the performance of administrative and professional services rendered by others and providing office space, equipment and office services. The Company will reimburse the Administrator for the costs and expenses incurred by the Administrator in performing its obligations under the Administration Agreement. Such reimbursement will include the Company's allocable portion of compensation and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) the Company's chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that perform duties for the Company; and (iii) any internal audit group personnel of AGM or any of its affiliates, subject to the limitations described in Advisory and Administration Agreements. In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party and the Company will reimburse the Administrator for any services performed by such affiliate or third party. The Administrator hired a sub-administrator to assist in the provision of administrative services. The sub-administrator will receive compensation for its sub-administrative services under a sub-administration agreement.

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Unless earlier terminated as described below, the Administration Agreement was effective for an initial two-year term and will remain in effect from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company's outstanding voting securities and, in each case, a majority of the independent trustees. The Company may terminate the Administration Agreement, without payment of any penalty, upon 60 days' written notice. On August 8, 2024, the Administration Agreement was renewed and continued for an additional one-year period.

***Sub-Administration Agreement***

On January 6, 2022, the Administrator entered into a sub-administration agreement (the "**Sub-Administration Agreement**") with State Street Bank and Trust Company. The sub-administrator will receive compensation for its sub-administrative services under the Sub-Administration Agreement.

***Affiliated Service Platform***

In February 2025, the Company engaged Lyra Client Solutions Holdings, LLC ("**Lyra**"), an end-to-end client service platform affiliated with Apollo. Lyra provides administration, data management, trade operations, investor onboarding and servicing, technology and other similar services to institutional, global wealth, global family office and retail investors.

***Intermediary Manager Agreement***

On November 10, 2021, the Company entered into an Intermediary Manager Agreement (the "**Intermediary Manager Agreement**") with Apollo Global Securities, LLC. (the "**Intermediary Manager**"), an affiliate of the Adviser, which is a broker-dealer registered with the SEC and a member of Financial Industry Regulatory Authority, Inc. ("**FINRA**"). Under the terms of the Intermediary Manager Agreement, the Intermediary Manager will serve as the intermediary manager for the Company's public offering of its Common Shares. The Intermediary Manager will be entitled to receive distribution and/or shareholder servicing fees monthly in arrears at an annual rate of 0.85% of the value of the Company's net assets attributable to Class S shares as of the beginning of the first calendar day of the month. The Intermediary Manager will be entitled to receive distribution and/or shareholder servicing fees monthly in arrears at an annual rate of 0.25% of the value of the Company's net assets attributable to Class D shares as of the beginning of the first calendar day of the month. No distribution and/or shareholding servicing fees will be paid with respect to Class I shares. The distribution and/or shareholder servicing fees will be payable to the Intermediary Manager, but the Intermediary Manager anticipates that all or a portion of the shareholder servicing fees will be retained by, or reallowed (paid) to, participating broker-dealers.

The Company will cease paying the distribution and/or shareholder servicing fees on the Class S shares and Class D shares on the earlier to occur of the following: (i) a listing of Class I shares, (ii) a merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of the Company's assets or (iii) the date following the completion of the primary portion of our offering on which, in the aggregate, underwriting compensation from all sources in connection with the offering, including the distribution and/or shareholder servicing fees and other underwriting compensation, is equal to 10% of the gross proceeds from the primary offering. In addition, the Company will cease paying the distribution and/or shareholder servicing fees on any Class S shares and Class D shares in a shareholder's account at the end of the month in which the Intermediary Manager in conjunction with the transfer agent determines that total brokerage commissions and distribution and/or shareholder servicing fees paid with respect to any such shares held by such shareholder within such account would exceed, in the aggregate, 10% of the gross proceeds from the sale of such shares. At the end of such month, such Class S shares or Class D shares will convert into a number of Class I shares (including any fractional shares), with an equivalent aggregate NAV as such share.

The Intermediary Manager Agreement may be terminated at any time, without the payment of any penalty, by vote of a majority of the Company's trustees who are not "interested persons", as defined in the 1940 Act, of the Company and who have no direct or indirect financial interest in the operation of the Company's distribution plan or the Intermediary Manager Agreement or by vote a majority of the outstanding voting securities of the Company, on not more than 60 days' written notice to the Intermediary Manager or the Adviser. The Intermediary Manager Agreement will automatically terminate in the event of its assignment, as defined in the 1940 Act.

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***Distribution and Servicing Plan***

On July 22, 2021, the Board approved a distribution and servicing plan (the "**Distribution and Servicing Plan**"). On November 7, 2024, the Board approved continuing the Distribution and Servicing Plan. The following table shows the shareholder servicing and/or distribution fees the Company will pay the Intermediary Manager with respect to the Class S shares, Class D shares and Class I shares on an annualized basis as a percentage of the Company's NAV for such class. No shareholder servicing and/or distribution fees will be paid with respect to Class I shares. The shareholder servicing and/or distribution is paid monthly in arrears, calculated using the NAV of the applicable class as of the beginning of the first calendar day of the month.

Subject to FINRA and other limitations on underwriting compensation, the Company will pay a shareholder servicing and/or distribution fee equal to 0.85% per annum of the Company's net assets attributable to Class S shares as of the beginning of the first calendar day of the month and a shareholder servicing and/or distribution fee equal to 0.25% per annum of the Company's net assets attributable to Class D shares as of the beginning of the first calendar day of the month.

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| | |
|:---|:---|
|  | **Shareholder Servicing and/or Distribution<br>Fee as a % of NAV** |
| Class S shares | 0.85% |
| Class D shares | 0.25% |
| Class I shares | 0.00% |

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The shareholder servicing and/or distribution fees is paid monthly in arrears, calculated using the NAV of the applicable class as of the beginning of the first calendar day of the month and subject to FINRA and other limitations on underwriting compensation.

For the three and six months ended June 30, 2025, the Company accrued distribution and shareholder servicing fees of $5,385 and $10,091 respectively, which were attributable to Class S shares. For the three and six months ended June 30, 2025, the Company accrued distribution and shareholder servicing fees of $7 and $13, respectively, which were attributable to Class D shares.

For the three and six months ended June 30, 2024, the Company accrued distribution and shareholder servicing fees of $2,910 and $5,112 respectively, which were attributable to Class S shares. For the three and six months ended June 30, 2024, the Company accrued distribution and shareholder servicing fees of $1 and $3, respectively, which were attributable to Class D shares.

The shareholder servicing and/or distribution fees are similar to sales commissions. The distribution and servicing expenses borne by the participating brokers may be different from and substantially less than the amount of shareholder servicing and/or distribution fees charged. The Intermediary Manager will reallow (pay) all or a portion of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers, and will waive shareholder servicing and/or distribution fees to the extent a broker is not eligible to receive it for failure to provide such services. All or a portion of the shareholder servicing and/or distribution fee may be used to pay for sub-transfer agency, sub-accounting and certain other administrative services that are not required to be paid pursuant to the shareholder servicing and/or distribution fees under FINRA rules. The Company also may pay for these sub-transfer agency, sub- accounting and certain other administrative services outside of the shareholder servicing and/or distribution fees and its Distribution and Servicing Plan. Because the shareholder servicing and/or distribution fees with respect to Class S shares and Class D shares are calculated based on the aggregate NAV for all of the outstanding shares of each such class, it reduces the NAV with respect to all shares of each such class, including shares issued under the Company's distribution reinvestment plan.

Eligibility to receive the shareholder servicing and/or distribution fee is conditioned on a broker providing the following ongoing services with respect to the Class S shares or Class D shares: assistance with recordkeeping, answering investor inquiries regarding us, including regarding distribution payments and reinvestments, helping investors understand their investments upon their request, and assistance with share repurchase requests. If the applicable broker is not eligible to receive the shareholder servicing and/or distribution fee due to failure to provide these services, the Intermediary Manager will waive the shareholder servicing fee and/or distribution that broker would have otherwise been eligible to receive. The shareholder servicing and/or distribution fees are ongoing fees that are not paid at the time of purchase.

***Expense Support and Conditional Reimbursement Agreement***

The Company entered into an expense support and conditional reimbursement agreement (the "**Expense Support Agreement**") with the Adviser. The Adviser may elect to pay certain expenses (each, an "**Expense Payment**"), provided that no portion of the payment will be used to pay any interest or distributions and/or shareholder servicing fees of the Company. Any Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Company in any combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, and/or offset against amounts due from the Company to the Adviser or its affiliates.

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Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company's shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as "**Excess Operating Funds**"), the Company shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company shall be referred to herein as a "**Reimbursement Payment**." "**Available Operating Funds**" means the sum of (i) net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

No Reimbursement Payment for any month will be made if: (1) the "Effective Rate of Distributions Per Share" (as defined below) declared by the Company at the time of such Reimbursement Payment is less than the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, or (2) our "Operating Expense Ratio" (as defined below) at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relates. Pursuant to the Expense Support Agreement, "**Effective Rate of Distributions Per Share**" means the annualized rate (based on a 365 day year) of regular cash distributions per share exclusive of returns of capital, distribution rate reductions due to distribution and shareholder fees, and declared special dividends or special distributions, if any. The "**Operating Expense Ratio**" is calculated by dividing operating expenses, less organizational and offering expenses, base management and incentive fees owed to Adviser, and interest expense, by our net assets.

The Company's obligation to make a Reimbursement Payment shall automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month.

***Co-Investment Activity***

The Company, the Adviser and certain affiliates received an exemptive order from the SEC on May 14, 2025 (the "**Order**"), that permits us, among other things, to co-invest with other funds and accounts managed by the Adviser or its affiliates, subject to certain conditions. Pursuant to such Order, the Board has approved co-investment policies and procedures describing how the Company will comply with the Order. Further, the Adviser has adopted policies and procedures (the "**Adviser Allocation Policy**") describing the allocation of investment opportunities in which we will have the opportunity to participate with one or more Apollo-managed BDCs, including us (the "**Apollo BDCs**"), certain Apollo-managed registered investment companies (the "**Apollo RICs**" and, together with the Apollo BDCs, the "**Apollo Regulated Funds**") and other public or private Apollo funds that target similar assets. Pursuant to the Adviser Allocation Policy, the Company will be given the opportunity to participate in any investments that fall within certain criteria established by the Adviser. The Company may determine to participate or not to participate, depending on whether the Adviser determines that the investment is appropriate for the Company (e.g., based on investment strategy). The investment would generally be allocated to us, any other Apollo Regulated Funds and the other Apollo funds that target similar assets pro rata based on available capital in the applicable asset class. If the Adviser determines that such investment is not appropriate for us, the investment will not be allocated to us.

As of June 30, 2025, the Company's co-investment holdings were 48.6% of the portfolio or $9,679,367, measured at fair value. On a cost basis, 48.4% of the portfolio or $9,513,203 were co-investments.

As of December 31, 2024, the Company's co-investment holdings were 48.6% of the portfolio or $7,068,425, measured at fair value. On a cost basis, 48.5% of the portfolio or $7,082,039 were co-investments.

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**Note 4. Investments**

***Fair Value Measurement and Disclosures***

The following table shows the composition of our investments as of June 30, 2025, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | **Fair Value Hierarchy** | **Fair Value Hierarchy** | **Fair Value Hierarchy** |
|  | **Cost** | **Fair Value** | **Level 1** | **Level 2** | **Level 3** |
| First Lien Secured Debt | $19642363 | $19863636 | $— | $5328969 | $14534667 |
| Second Lien Secured Debt |  |  |  |  |  |
| Unsecured Debt | 17155 | 18685 |  | 18685 |  |
| Common Equity/Interests | 4421 | 6880 | 81 |  | 6799 |
| Preferred Equity | 6254 | 6944 |  |  | 6944 |
| **Total Investments before Cash Equivalents** | $19670193 | $19896145 | $81 | $5347654 | $14548410 |
| Money Market Fund | $785933 | $785933 | $785933 | $— | $— |
| **Total Cash Equivalents** | $785933 | $785933 | $785933 | $— | $— |
| **Total Investments after Cash Equivalents** | $20456126 | $20682078 | $786014 | $5347654 | $14548410 |
| Currency swaps | $— | $(4894) | $— | $(4894) | $— |
| Interest rate swaps |  | 64844 |  | 64844 |  |
| Foreign currency forward transactions |  | (66506) |  | (66506) |  |
| **Total Assets and Liabilities at Fair Value** | $20456126 | $20675522 | $786014 | $5341098 | $14548410 |

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The following table shows the composition of our investments as of December 31, 2024, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | **Fair Value Hierarchy** | **Fair Value Hierarchy** | **Fair Value Hierarchy** |
|  | **Cost** | **Fair Value** | **Level 1** | **Level 2** | **Level 3** |
| First Lien Secured Debt | $14565460 | $14542450 | $— | $3350919 | $11191531 |
| Second Lien Secured Debt | 36810 | 5723 |  |  | 5723 |
| Unsecured Debt | 96 | 103 |  | 103 |  |
| Common Equity/Interests | 766 | 832 |  |  | 832 |
| Preferred Equity | 6206 | 6427 |  |  | 6427 |
| **Total Investments before Cash Equivalents** | $14609338 | $14555535 | $— | $3351022 | $11204513 |
| Money Market Fund | $154584 | $154584 | $154584 | $— | $— |
| **Total Cash Equivalents** | $154584 | $154584 | $154584 | $— | $— |
| **Total Investments after Cash Equivalents** | $14763922 | $14710119 | $154584 | $3351022 | $11204513 |
| Currency swaps | $— | $11740 | $— | $11740 | $— |
| Interest rate swaps |  | (22459) |  | (22459) |  |
| Foreign currency forward transactions |  | 34954 |  | 34954 |  |
| **Total Assets and Liabilities at Fair Value** | $14763922 | $14722614 | $154584 | $3363517 | $11204513 |

---

------

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

The following table shows changes in the fair value of our Level 3 investments during the three months ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
|  | **First Lien<br>Secured Debt** <sup>(2)</sup> | **Second Lien<br>Secured Debt** <sup>(2)</sup> | **Unsecured <br>Debt** | **Common Equity/Interests** | **Preferred Equity** | **Total** |
| Fair value as of March 31, 2025 | $12774315 | $3462 | $— | $966 | $6483 | $12785226 |
| Net realized gains (losses) | 14149 | (34504) |  |  |  | (20355) |
| Net change in unrealized gains (losses) | 179632 | 36691 |  | 2427 | 451 | 219202 |
| Net amortization on investments | 7386 | 29 |  |  |  | 7415 |
| Purchases, including capitalized PIK <sup>(3)</sup> | 3185808 |  |  | 3406 | 9 | 3189223 |
| Sales <sup>(3)</sup> | (1626623) | (5679) |  |  |  | (1632302) |
| Transfers out of Level 3 <sup>(1)</sup> |  |  |  |  |  |  |
| Transfers into Level 3 <sup>(1)</sup> |  |  |  |  |  |  |
| **Fair value as of June 30, 2025** | $14534667 | $— | $— | $6799 | $6944 | $14548410 |
| Net change in unrealized gains (losses) on Level 3 investments still held as of June 30, 2025 | $181862 | $— | $— | $2427 | $450 | $184739 |

---

The following table shows changes in the fair value of our Level 3 investments during the six months ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
|  | **First Lien<br>Secured Debt** <sup>(2)</sup> | **Second Lien<br>Secured Debt** <sup>(2)</sup> | **Unsecured <br>Debt** | **Common Equity/Interests** | **Preferred Equity** | **Total** |
| Fair value as of December 31, 2024 | $11191530 | $5723 | $— | $833 | $6428 | $11204514 |
| Net realized gains (losses) | 18834 | (33842) |  |  |  | (15008) |
| Net change in unrealized gains (losses) | 244376 | 31087 |  | 2421 | 445 | 278329 |
| Net amortization on investments | 14482 |  |  |  |  | 14482 |
| Purchases, including capitalized PIK <sup>(3)</sup> | 5845752 |  |  | 3545 | 71 | 5849368 |
| Sales <sup>(3)</sup> | (2314861) | (2968) |  |  |  | (2317829) |
| Transfers out of Level 3 <sup>(1)</sup> | (465446) |  |  |  |  | (465446) |
| Transfers into Level 3 <sup>(1)</sup> |  |  |  |  |  |  |
| **Fair value as of June 30, 2025** | $14534667 | $— | $— | $6799 | $6944 | $14548410 |
| Net change in unrealized gains (losses) on Level 3 investments still held as of June 30, 2025 | $226302 | $— | $— | $2422 | $444 | $229168 |

---

(1)Transfers out (if any) of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained and transfers into (if any) Level 3 are due to a decrease in the quantity and reliability of broker quotes obtained as assessed by the Adviser. Transfers are assumed to have occurred at the end of the period. There were no transfers between Level 1 and Level 2 fair value measurements during the periods shown.

(2)Includes unfunded commitments measured at fair value of $(46,746).

(3)Includes reorganizations and restructuring of investments.

The following table shows changes in the fair value of our Level 3 investments during the three months ended June 30, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |
|  | **First Lien<br>Secured Debt** <sup>(2)</sup> | **Second Lien<br>Secured Debt** <sup>(2)</sup> | **Unsecured <br>Debt** | **Common Equity/Interests** | **Preferred Equity** | **Total** |
| Fair value as of March 31, 2024 | $6193222 | $26900 | $— | $489 | $128 | $6220739 |
| Net realized gains (losses) | 13651 |  |  |  |  | 13651 |
| Net change in unrealized gains (losses) | (13871) | (6032) |  | 53 | (5) | (19855) |
| Net amortization on investments | 5955 | (73) |  |  |  | 5882 |
| Purchases, including capitalized PIK <sup>(3)</sup> | 2443752 |  |  | 179 |  | 2443931 |
| Sales <sup>(3)</sup> | (487331) |  |  |  |  | (487331) |
| Transfers out of Level 3 <sup>(1)</sup> |  |  |  |  |  |  |
| Transfers into Level 3 <sup>(1)</sup> | 28209 |  |  |  |  | 28209 |
| **Fair value as of June 30, 2024** | $8183587 | $20795 | $— | $721 | $123 | $8205226 |
| Net change in unrealized gains (losses) on Level 3 investments still held as of June 30, 2024 | $5746 | $(6032) | $— | $53 | $(5) | $(238) |

---

------

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

The following table shows changes in the fair value of our Level 3 investments during the six months ended June 30, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
|  | **First Lien<br>Secured Debt** <sup>(2)</sup> | **Second Lien<br>Secured Debt** <sup>(2)</sup> | **Unsecured <br>Debt** | **Common Equity/Interests** | **Preferred Equity** | **Total** |
| Fair value as of December 31, 2023 | $5356090 | $28808 | $— | $624 | $33 | $5385555 |
| Net realized gains (losses) | 19671 |  |  |  |  | 19671 |
| Net change in unrealized gains (losses) | 3798 | (7868) |  | (82) | (29) | (4181) |
| Net amortization on investments | 11556 | (145) |  |  |  | 11411 |
| Purchases, including capitalized PIK <sup>(3)</sup> | 3508465 |  |  | 179 | 119 | 3508763 |
| Sales <sup>(3)</sup> | (735169) |  |  |  |  | (735169) |
| Transfers out of Level 3 <sup>(1)</sup> | (4183) |  |  |  |  | (4183) |
| Transfers into Level 3 <sup>(1)</sup> | 23359 |  |  |  |  | 23359 |
| **Fair value as of June 30, 2024** | $8183587 | $20795 | $— | $721 | $123 | $8205226 |
| Net change in unrealized gains (losses) on Level 3 investments still held as of June 30, 2024 | $19326 | $(7868) | $— | $(82) | $(29) | $11347 |

---

(1)Transfers out (if any) of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained and transfers into (if any) Level 3 are due to a decrease in the quantity and reliability of broker quotes obtained as assessed by the Adviser. Transfers are assumed to have occurred at the end of the period. There were no transfers between Level 1 and Level 2 fair value measurements during the periods shown.

(2)Includes unfunded commitments measured at fair value of $(12,778).

(3)Includes reorganizations and restructuring of investments.

The following tables summarize the significant unobservable inputs the Company used to value its investments categorized within Level 3 as of June 30, 2025 and December 31, 2024. In addition to the techniques and inputs noted in the tables below, according to our valuation policy we may also use other valuation techniques and methodologies when determining our fair value measurements. The below table is not intended to be all-inclusive, but rather provide information on the significant unobservable inputs as they relate to the Company's determination of fair values.

The unobservable inputs used in the fair value measurement of our Level 3 investments as of June 30, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** |
| **Asset Category** | **Fair Value** | **Valuation Techniques/Methodologies** | **Unobservable Input** | **Range** | **Range** | **Weighted Average** <sup>(1)</sup> |
| First Lien Secured Debt | $13193676 | Discounted Cash Flow | Discount Rate | 5.4% | 29.7% | 9.5% |
|  | 1326845 | Transactional Value | Cost | N/A | N/A | N/A |
|  | 3504 | Asset Recoverability | Recoverability % | 0.0% | 50.0% | 49.3% |
|  | 10642 | Market Comparable Technique | Comparable Multiple | 0.6x | 7.8x | 3.8x |
| Second Lien Secured Debt |  | Transactional Value | Cost | N/A | N/A | N/A |
|  |  | Market Comparable Technique | Comparable Multiple | N/A | N/A | N/A |
| Common Equity/Interests | 6697 | Market Comparable Technique | Comparable Multiple | 1.6x | 20x | 4.8x |
|  | 102 | Transactional Value | Cost | N/A | N/A | N/A |
| Preferred Equity | 99 | Transactional Value | Cost | N/A | N/A | N/A |
|  | 168 | Market Comparable Technique | Comparable Multiple | 1.6x | 17.0x | 13.5x |
|  | 6677 | Discounted Cash Flow | Discount Rate | 11.9% | 12.7% | 12.7% |
| Total Level 3 Investments | $14548410 |  |  |  |  |  |

---

(1)The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment. For the commodity price unobservable input, the weighted average price is an undiscounted price based upon the estimated production level from the underlying reserves.

------

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

The unobservable inputs used in the fair value measurement of our Level 3 investments as of December 31, 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** |
| **Asset Category** | **Fair Value** | **Valuation Techniques/Methodologies** | **Unobservable Input** | **Range** | **Range** | **Weighted Average** <sup>(1)</sup> |
| First Lien Secured Debt | 9424822 | Discounted Cash Flow | Discount Rate | 6.6% | 21.5% | 9.8% |
|  | 1741796 | Transactional Value | Cost | N/A | N/A | N/A |
|  | 24840 | Asset Recoverability | Recoverability % | 0.0% | 88.5% | 52.0% |
|  | 73 | Single Broker Quote | Single Broker Quote | N/A | N/A | N/A |
| Second Lien Secured Debt | 5723 | Asset Recoverability | Recoverability % | 20.8% | 20.8% | 20.8% |
| Common Equity/Interests | 832 | Market Comparable Technique | Comparable Multiple | 8.0x | 20.0x | 10.9x |
| Preferred Equity | 6378 | Market Comparable Technique | Comparable Multiple | 0.1x | 17.8x | 0.7x |
|  | 49 | Transactional Value | Cost | N/A | N/A | N/A |
| Total Level 3 Investments | $11204513 |  |  |  |  |  |

---

(1)The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment. For the commodity price unobservable input, the weighted average price is an undiscounted price based upon the estimated production level from the underlying reserves.

The significant unobservable inputs used in the fair value measurement of the Company's debt and equity securities are primarily EBITDA comparable multiples and market discount rates. The Company typically uses EBITDA comparable multiples on its equity securities to determine the fair value of investments. The Company uses market discount rates for debt securities to determine if the effective yield on a debt security is commensurate with the market yields for that type of debt security. If a debt security's effective yield is significantly less than the market yield for a similar debt security with a similar credit profile, the resulting fair value of the debt security may be lower. For certain investments where fair value is derived based on a recovery analysis, the Company uses underlying commodity prices from third party market pricing services to determine the fair value and/or recoverable amount, which represents the proceeds expected to be collected through asset sales or liquidation. Further, for certain investments, the Company also considered the probability of future events which are not in management's control. Significant increases or decreases in any of these inputs in isolation would result in a significantly lower or higher fair value measurement. The significant unobservable inputs used in the fair value measurement of the structured products include the discount rate applied in the valuation models in addition to default and recovery rates applied to projected cash flows in the valuation models. Specifically, when a discounted cash flow model is used to determine fair value, the significant input used in the valuation model is the discount rate applied to present value the projected cash flows. Increases in the discount rate can significantly lower the fair value of an investment; conversely decreases in the discount rate can significantly increase the fair value of an investment. The discount rate is determined based on the market rates an investor would expect for a similar investment with similar risks.

***Investment Transactions*** 

For the three and six months ended June 30, 2025, purchases of investments on a trade date basis were $4,844,978 and $8,975,827, respectively.

For the three and six months ended June 30, 2024, purchases of investments on a trade date basis were $3,363,708 and $5,545,473, respectively.

For the three and six months ended June 30, 2025, sales and repayments (including prepayments and unamortized fees) of investments on a trade date basis were $2,654,285 and $3,959,337, respectively.

For the three and six months ended June 30, 2024, sales and repayments (including prepayments and unamortized fees) of investments on a trade date basis were $810,124 and $1,268,234, respectively.

***PIK Income***

The Company holds loans and other investments, including certain preferred equity investments, that have contractual PIK income. PIK income computed at the contractual rate is accrued into income and reflected as receivable up to the capitalization date. During the three and six months ended June 30, 2025, PIK income earned was $9,233 and $14,511, respectively. During the three and six months ended June 30, 2024, PIK income earned was $3,847 and $9,052, respectively.

The following table shows the change in capitalized PIK balance for the three and six months ended June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| PIK balance at beginning of period | $37811 | $19485 | $32548 | $13026 |
| PIK income capitalized | 8694 | 3398 | 13957 | 9858 |
| Adjustments due to investments exited or written off |  |  |  |  |
| PIK income received in cash |  |  |  |  |
| PIK balance at end of period | $46505 | $22884 | $46505 | $22884 |

---

------

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

**Note 5. Derivative Instruments**

In the normal course of business, the Company enters into derivative financial instruments to achieve certain risk management objectives, including managing its interest rate and foreign currency risk exposures.

Certain information related to the Company's foreign currency forward contracts is presented below as of June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Notional amount to be purchased** | **Notional amount to be sold** | **Settlement Date** | **Fair Value\*** | **Balance Sheet Location of Net Amounts** |
| BNP Paribas S.A. | $1131 | 1722 | 9/17/2025 | $(4) | Unrealized appreciation (depreciation) on foreign currency forward contracts |
| BNP Paribas S.A. | $3671 | 5001 | 9/17/2025 | $(18) | Unrealized appreciation (depreciation) on foreign currency forward contracts |
| BNP Paribas S.A. | 90 | $111 | 9/17/2025 | $4 | Unrealized appreciation (depreciation) on foreign currency forward contracts |
| BNP Paribas S.A. | $27834 | 24148 | 9/17/2025 | $(776) | Unrealized appreciation (depreciation) on foreign currency forward contracts |
| BNP Paribas S.A. | $8943 | £6600 | 9/17/2025 | $(125) | Unrealized appreciation (depreciation) on foreign currency forward contracts |
| Goldman Sachs International | 2594 | $1696 | 9/17/2025 | $13 | Unrealized appreciation (depreciation) on foreign currency forward contracts |
| Goldman Sachs International | $8678 | 7536 | 9/17/2025 | $(251) | Unrealized appreciation (depreciation) on foreign currency forward contracts |
| Goldman Sachs International | $4476 | £3304 | 9/17/2025 | $(63) | Unrealized appreciation (depreciation) on foreign currency forward contracts |
| Goldman Sachs International | $3688 | ¥528831 | 9/17/2025 | $(15) | Unrealized appreciation (depreciation) on foreign currency forward contracts |
| Morgan Stanley Capital Services LLC | $93813 | 144367 | 9/17/2025 | $(1347) | Unrealized appreciation (depreciation) on foreign currency forward contracts |
| Morgan Stanley Capital Services LLC | $11854 | 16140 | 9/17/2025 | $(53) | Unrealized appreciation (depreciation) on foreign currency forward contracts |
| Morgan Stanley Capital Services LLC | $537172 | 466626 | 9/17/2025 | $(15672) | Unrealized appreciation (depreciation) on foreign currency forward contracts |
| Morgan Stanley Capital Services LLC | $180203 | £132940 | 9/17/2025 | $(2430) | Unrealized appreciation (depreciation) on foreign currency forward contracts |
| Morgan Stanley Capital Services LLC | $11856 | ¥1700223 | 9/17/2025 | $(49) | Unrealized appreciation (depreciation) on foreign currency forward contracts |
| Morgan Stanley Capital Services LLC | 1071 | $112 | 9/17/2025 | $2 | Unrealized appreciation (depreciation) on foreign currency forward contracts |
| State Street Bank and Trust Company | $111252 | 170356 | 9/17/2025 | $(1039) | Unrealized appreciation (depreciation) on foreign currency forward contracts |
| State Street Bank and Trust Company | 121 | $89 | 9/17/2025 | $0 | Unrealized appreciation (depreciation) on foreign currency forward contracts |
| State Street Bank and Trust Company | $5658 | 4595 | 9/17/2025 | $(191) | Unrealized appreciation (depreciation) on foreign currency forward contracts |
| State Street Bank and Trust Company | $194945 | 169904 | 9/17/2025 | $(6352) | Unrealized appreciation (depreciation) on foreign currency forward contracts |
| State Street Bank and Trust Company | $829835 | £612283 | 9/17/2025 | $(11318) | Unrealized appreciation (depreciation) on foreign currency forward contracts |
| State Street Bank and Trust Company | $3933 | 37528 | 9/17/2025 | $(55) | Unrealized appreciation (depreciation) on foreign currency forward contracts |
| Wells Fargo Bank National Association | 101 | $74 | 9/17/2025 | $0 | Unrealized appreciation (depreciation) on foreign currency forward contracts |
| Wells Fargo Bank National Association | $547894 | 475930 | 9/17/2025 | $(15974) | Unrealized appreciation (depreciation) on foreign currency forward contracts |
| Wells Fargo Bank National Association | $778489 | £574524 | 9/17/2025 | $(10791) | Unrealized appreciation (depreciation) on foreign currency forward contracts |
|  |  |  |  | $(66506) |  |

---

\* Totals may not foot due to rounding.

------

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

Certain information related to the Company's foreign currency forward contracts is presented below as of December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Notional amount to be purchased** | **Notional amount to be sold** | **Settlement Date** | **Fair Value\*** | **Balance Sheet Location of Net Amounts** |
| Morgan Stanley and Co. International PLC | $467803 | 443140 | 3/19/2025 | $7452 | Unrealized appreciation (depreciation) on foreign currency forward contracts |
| Morgan Stanley and Co. International PLC | $134773 | £106480 | 3/19/2025 | $1590 | Unrealized appreciation (depreciation) on foreign currency forward contracts |
| Morgan Stanley and Co. International PLC | $(4765) | (7469) | 3/19/2025 | $(141) | Unrealized appreciation (depreciation) on foreign currency forward contracts |
| Morgan Stanley and Co. International PLC | $1921 | 2720 | 3/19/2025 | $24 | Unrealized appreciation (depreciation) on foreign currency forward contracts |
| State Street Bank and Trust Company | $107385 | 168922 | 3/19/2025 | $2827 | Unrealized appreciation (depreciation) on foreign currency forward contracts |
| State Street Bank and Trust Company | $5005 | 4427 | 3/19/2025 | $87 | Unrealized appreciation (depreciation) on foreign currency forward contracts |
| State Street Bank and Trust Company | $495923 | 469652 | 3/19/2025 | $8031 | Unrealized appreciation (depreciation) on foreign currency forward contracts |
| State Street Bank and Trust Company | $995629 | £783988 | 3/19/2025 | $15038 | Unrealized appreciation (depreciation) on foreign currency forward contracts |
| State Street Bank and Trust Company | $3305 | 36103 | 3/19/2025 | $30 | Unrealized appreciation (depreciation) on foreign currency forward contracts |
| BNP Paribas SA | $1201 | 1140 | 3/19/2025 | $17 | Unrealized appreciation (depreciation) on foreign currency forward contracts |
|  |  |  |  | $34954 |  |

---

\* Totals may not foot due to rounding.

Certain information related to the Company's interest rate swaps and currency swaps are presented below as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Notional Amount** | **Maturity Date** | **Fair Value\*** | **Financial Statement Location of Net Amounts** |
| BNP Paribas SA | $400000 | 7/29/2031 | $9049 | Other assets |
| BNP Paribas SA | $325000 | 4/13/2029 | $8255 | Other assets |
| BNP Paribas SA | $300000 | 7/29/2031 | $5304 | Other assets |
| Goldman Sachs International | $350000 | 4/13/2029 | $(3814) | Other assets |
| Goldman Sachs International | $325000 | 4/13/2029 | $8104 | Other assets |
| Goldman Sachs International | 90000 | 9/28/2026 | $1907 | Other assets |
| Goldman Sachs International | $82000 | 12/21/2027 | $480 | Other assets |
| Goldman Sachs International | $62000 | 12/21/2025 | $(42) | Other assets |
| Goldman Sachs International | $38000 | 1/19/2026 | $(33) | Other assets |
| Goldman Sachs International | $18000 | 1/19/2028 | $102 | Other assets |
| SMBC Capital Markets, Inc. | $500000 | 3/15/2032 | $23517 | Other assets |
| SMBC Capital Markets, Inc. | $325000 | 9/28/2028 | $5344 | Other assets |
| SMBC Capital Markets, Inc. | $300000 | 7/29/2031 | $5304 | Other assets |
| SMBC Capital Markets, Inc. | $226000 | 9/28/2026 | $1367 | Other assets |
| BNP Paribas SA | $60988 | 5/12/2026 | $(2093) | Other assets |
| Morgan Stanley Capital Services LLC | $81450 | 5/12/2026 | $(2801) | Other assets |
|  |  |  | $59950 |  |

---

\* Totals may not foot due to rounding.

------

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

Certain information related to the Company's interest rate swaps and currency swaps are presented below as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Notional Amount** | **Maturity Date** | **Fair Value\*** | **Financial Statement Location of Net Amounts** |
| BNP Paribas SA | $325000 | 4/13/2029 | $1019 | Other liabilities and expenses |
| BNP Paribas SA | $300000 | 7/29/2031 | $(4159) | Other liabilities and expenses |
| Goldman Sachs International | $62000 | 12/21/2025 | $(83) | Other liabilities and expenses |
| Goldman Sachs International | $38000 | 1/19/2026 | $(68) | Other liabilities and expenses |
| Goldman Sachs International | 82000 | 12/21/2027 | (833) | Other liabilities and expenses |
| Goldman Sachs International | $18000 | 1/19/2028 | $(197) | Other liabilities and expenses |
| Goldman Sachs International | $90000 | 9/28/2026 | $1940 | Other liabilities and expenses |
| Goldman Sachs International | $325000 | 4/13/2029 | $851 | Other liabilities and expenses |
| Goldman Sachs International | $350000 | 4/13/2029 | $(12997) | Other liabilities and expenses |
| SMBC Capital Markets, Inc. | $300000 | 7/29/2031 | $(4159) | Other liabilities and expenses |
| SMBC Capital Markets, Inc. | $226000 | 9/28/2026 | $648 | Other liabilities and expenses |
| SMBC Capital Markets, Inc. | $325000 | 9/28/2028 | $(1047) | Other liabilities and expenses |
| BNP Paribas SA | $400000 | 7/29/2031 | $(3375) | Other liabilities and expenses |
| Morgan Stanley Capital Services LLC | $81000 | 5/12/2026 | $6706 | Other liabilities and expenses |
| BNP Paribas SA | $61000 | 5/12/2026 | $5034 | Other liabilities and expenses |
|  |  |  | $(10719) |  |

---

\* Totals may not foot due to rounding.

The Company's foreign currency forward contracts and currency swaps are not designated in a qualifying hedge accounting relationship. Net realized and unrealized gains and losses for the three and six months ended June 30, 2025 and 2024, for the Company's foreign currency forward contracts and currency swaps, are in the following locations in the Consolidated Statements of Operations:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **Derivative Instrument** | **Financial Statement Location** | **2025** | **2024** | **2025** | **2024** |
| Foreign currency forward contracts | Net realized gain(loss) on foreign currency forward contracts | $(142729) | $2238 | $(210065) | $(4127) |
| Currency swaps | Net realized gain(loss) on derivatives | 680 |  | 1267 |  |
|  |  | $(142049) | $2238 | $(208798) | $(4127) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **Derivative Instrument** | **Financial Statement Location** | **2025** | **2024** | **2025** | **2024** |
| Foreign currency forward contracts | Net change in unrealized appreciation (depreciation) on foreign currency forward contracts | $(75511) | $304 | $(101460) | $14897 |
| Currency swaps | Net change in unrealized appreciation (depreciation) on derivatives | (14878) | 1430 | (15468) | 1430 |
|  |  | $(90389) | $1734 | $(116928) | $16327 |

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The Company's interest rate swaps have been designated in a qualifying hedge accounting relationship. Net realized and unrealized gains and losses for the three and six months ended June 30, 2025 and 2024, for the Company's interest rate swaps, are in the following locations in the Consolidated Statements of Operations:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Financial Statement Location** |
|  | **2025** | **2024** | **2025** | **2024** |  |
| Interest rate swaps | $(22254) | $9977 | $(82784) | $23063 | Interest and other debt expenses |
| Hedged items | 27238 | (5251) | 87303 | (15069) | Interest and other debt expenses |
|  | $4984 | $4726 | $4519 | $7994 |  |

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*Offsetting of Derivative Instruments*

The Company has derivative instruments that are subject to master netting agreements. These agreements include provisions to offset positions with the same counterparty in the event of default by one of the parties. The Company's unrealized appreciation and depreciation on derivative instruments are reported net in the Consolidated Statements of Assets and Liabilities. The following table presents the Company's assets and liabilities related to derivatives by counterparty, net of amounts available for offset under a master netting arrangement and net of any collateral received or pledged by the Company for such assets and liabilities as of June 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| **Counterparty** | **Derivative Assets Subject to Master Netting Agreement** | **Derivatives Available for Offset** | **Non-cash Collateral Received**<sup>(1)</sup> | **Cash Collateral Received**<sup>(1)</sup> | **Net Amount of Derivative Assets**<sup>(2)</sup> |
| BNP Paribas SA | $22608 | $(2093) | $— | $(19250) | $1265 |
| Goldman Sachs International | 10593 | (3889) |  | (4990) | 1714 |
| SMBC Capital Markets, Inc. | 35532 |  |  | (32760) | 2772 |
| Morgan Stanley Capital Services LLC |  |  |  |  |  |
| Wells Fargo Bank National Association | 0 | (0) |  |  |  |
| Total | $68733 | $(5982) | $— | $(57000) | $5751 |
| **Counterparty** | **Derivative Liabilities Subject to Master Netting Agreement** | **Derivatives Available for Offset** | **Non-cash Collateral Pledged**<sup>(1)</sup> | **Cash Collateral Pledged**<sup>(1)</sup> | **Net Amount of Derivative Liabilities**<sup>(3)</sup> |
| BNP Paribas SA | $(2093) | $2093 | $— | $— | $— |
| Goldman Sachs International | (3889) | 3889 |  |  |  |
| SMBC Capital Markets, Inc. |  |  |  |  |  |
| Morgan Stanley Capital Services LLC | (2801) |  |  |  | (2801) |
| Wells Fargo Bank National Association | (26765) | 0 |  | 22170 | (4595) |
| Total | $(35548) | $5982 | $— | $22170 | $(7396) |

---

(1)In some instances, the actual amount of the collateral received and/or pledged may be more than the derivative balance shown due to overcollateralization.

(2)Net amount of derivative assets represents the net amount due from the counterparty to the Company.

(3)Net amount of derivative liabilities represents the net amount due from the Company to the counterparty.

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The following table presents the Company's assets and liabilities related to derivatives by counterparty, net of amounts available for offset under a master netting arrangement and net of any collateral received or pledged by the Company for such assets and liabilities as of December 31, 2024:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| **Counterparty** | **Derivative Assets Subject to Master Netting Agreement** | **Derivatives Available for Offset** | **Non-cash Collateral Received**<sup>(1)</sup> | **Cash Collateral Received**<sup>(1)</sup> | **Net Amount of Derivative Assets**<sup>(2)</sup> |
| BNP Paribas SA | 6052 | (6052) | $— |  |  |
| Goldman Sachs International | 2791 | (2791) |  |  |  |
| SMBC Capital Markets, Inc. | 648 | (648) |  |  |  |
| Morgan Stanley Capital Services LLC | 6706 |  |  | (5840) | 866 |
| Total | $16197 | $(9491) | $— | $(5840) | $866 |
| **Counterparty** | **Derivative Liabilities Subject to Master Netting Agreement** | **Derivatives Available for Offset** | **Non-cash Collateral Pledged**<sup>(1)</sup> | **Cash Collateral Pledged**<sup>(1)</sup> | **Net Amount of Derivative Liabilities**<sup>(3)</sup> |
| BNP Paribas SA | (7534) | 6052 | $— | 1481 |  |
| Goldman Sachs International | (14177) | 2791 |  | 11387 |  |
| SMBC Capital Markets, Inc. | (5206) | 648 | $— | 4557 |  |
| Morgan Stanley Capital Services LLC |  |  |  |  |  |
| Total | $(26917) | $9491 | $— | $17425 | $— |

---

(1)In some instances, the actual amount of the collateral received and/or pledged may be more than the derivative balance shown due to overcollateralization.

(2)Net amount of derivative assets represents the net amount due from the counterparty to the Company.

(3)Net amount of derivative liabilities represents the net amount due from the Company to the counterparty.

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**Note 6. Debt and Foreign Currency Transactions and Translations**

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of June 30, 2025 and December 31, 2024, the Company's asset coverage was 286.7% and 291.1%, respectively.

The Company's outstanding debt obligations as of June 30, 2025 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Aggregate Principal Committed** | **Outstanding Principal** | **Carrying Value** |  | **Fair<br>Value** <sup>(3)</sup> | **Unused<br>Portion** <sup>(1)</sup> | **Amount<br>Available** <sup>(2)</sup> |
| Revolving Credit Facility | $2740000 | $975692 | $975692 |  | $975692 | $1755070 | $1755070 |
| Cardinal Funding LLC | 800000 | 775000 | 775000 |  | 775000 | 25000 | 25000 |
| Grouse Funding LLC | 500000 | 500000 | 500000 |  | 491400 |  |  |
| Mallard Funding LLC | 500000 | 378900 | 378900 |  | 378900 | 121100 | 121100 |
| Barn Owl Funding LLC | 400000 | 273150 | 273150 |  | 273150 | 126850 | 3708 |
| December 2025 Notes | 62000 | 62000 | 61958 |  | 61958 |  |  |
| January 2026 Notes | 38000 | 38000 | 37967 |  | 37967 |  |  |
| December 2027 Notes | 82000 | 82000 | 82480 |  | 82480 |  |  |
| January 2028 Notes | 18000 | 18000 | 18102 |  | 18102 |  |  |
| September 2026 Notes | 226000 | 226000 | 227367 |  | 227367 |  |  |
| September 2028 Notes | 325000 | 325000 | 330344 |  | 330344 |  |  |
| September 2026 Euronotes | 106016 | 106016 | 107922 |  | 107922 |  |  |
| 2029 Notes | 1000000 | 1000000 | 1021064 | (4) | 1021064 |  |  |
| 2031 Notes | 1000000 | 1000000 | 1026319 | (4) | 1026319 |  |  |
| 2032 Notes | 500000 | 500000 | 523095 | (4) | 523095 |  |  |
| CLO Class A-1 Notes | 450000 | 450000 | 450000 |  | 450000 |  |  |
| 2025 Class A-1a Notes | 126000 | 126000 | 126000 |  | 126000 |  |  |
| 2025 Class A-1a-L1 Loans | 114000 | 114000 | 114000 |  | 114000 |  |  |
| 2025 Class A-1a-L2 Loans | 50000 | 50000 | 50000 |  | 50000 |  |  |
| 2025 Class A-1b Notes | 10000 | 10000 | 10000 |  | 10000 |  |  |
| 2025 Class A-1b Loans | 10000 | 10000 | 10000 |  | 10000 |  |  |
| 2025 Class A-2 Notes | 20000 | 20000 | 20000 |  | 19995 |  |  |
| Total Debt Obligations | $9077016 | $7039758 | $7119360 |  | $7110755 | $2028020 | $1904878 |
| Deferred Financing Costs |  |  | (62683) |  |  |  |  |
| Total Debt Obligations, net of Deferred Financing Cost and Debt Discount |  |  | $7056677 |  |  |  |  |

---

(1)The unused portion is the amount upon which commitment fees, if any, are based.

(2)The amount available reflects any limitations related to each respective credit facility's borrowing base.

(3)The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of June 30, 2025. The valuation is based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.

(4)Balance is inclusive of original issue discount and/or premium on notes issued below/above par.

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The Company's outstanding debt obligations as of December 31, 2024 were as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Aggregate Principal Committed** | **Outstanding Principal** | **Carrying Value** |  | **Fair<br>Value** <sup>(3)</sup> | **Unused<br>Portion** <sup>(1)</sup> | **Amount<br>Available** <sup>(2)</sup> |
| Revolving Credit Facility | $2740000 | 469660 | 469660 |  | 469660 | 2262302 | 2262302 |
| Cardinal Funding LLC | 800000 | 664900 | 664900 |  | 664900 | 135100 | 132672 |
| Grouse Funding LLC | 250000 | 187500 | 187500 |  | 187500 | 62500 | 62500 |
| Mallard Funding LLC | 500000 | 378900 | 378900 |  | 378900 | 121100 | 121100 |
| December 2025 Notes | 62000 | 62000 | 61917 |  | 61917 |  |  |
| January 2026 Notes | 38000 | 38000 | 37932 |  | 37932 |  |  |
| December 2027 Notes | 82000 | 82000 | 81167 |  | 81167 |  |  |
| January 2028 Notes | 18000 | 18000 | 17803 |  | 17803 |  |  |
| September 2026 Notes | 226000 | 226000 | 226648 |  | 226648 |  |  |
| September 2028 Notes | 325000 | 325000 | 323953 |  | 323953 |  |  |
| September 2026 Euronotes | 93226 | 93226 | 95166 |  | 95166 |  |  |
| 2029 Notes | 1000000 | 1000000 | 998509 | (4) | 998509 |  |  |
| 2031 Notes | 1000000 | 1000000 | 995513 | (4) | 995513 |  |  |
| CLO Class A-1 Notes | 450000 | 450000 | 450000 |  | 450855 |  |  |
| Total Debt Obligations, net of Debt Discounts | $7584226 | $4995186 | $4989568 |  | $4990423 | $2581002 | $2578574 |
| Deferred Financing Costs |  |  | (57385) |  |  |  |  |
| Total Debt Obligations, net of Deferred Financing Costs and Debt Discounts |  |  | $4932183 |  |  |  |  |

---

(1)The unused portion is the amount upon which commitment fees, if any, are based.

(2)The amount available reflects any limitations related to each respective credit facility's borrowing base.

(3)The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of December 31, 2024. The valuation is based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.

(4)Balance is inclusive of original issue discount and/or premium on notes issued below/above par.

The following table summarizes the average and maximum debt outstanding, and the interest and debt issuance cost for the three and six months ended June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Average debt outstanding | $5871455 | $3188188 | $5530895 | $2820152 |
| Maximum amount of debt outstanding | 7039758 | 4668417 | 7039758 | 4668417 |
| Weighted average annualized interest cost <sup>(1)</sup> | 7.09% | 8.32% | 7.01% | 8.42% |
| Annualized amortized debt issuance cost | 0.22% | 0.29% | 0.21% | 0.30% |
| Total annualized interest cost | 7.31% | 8.61% | 7.22% | 8.72% |
| &nbsp;&nbsp;Average 1-month SOFR rate | 4.32% | 5.3% | 4.32% | 5.3% |

---

(1)Includes the stated interest expense for all facilities and commitment fees on the unused portions of the Senior Secured Facility and SPV Financing Facilities, and net interest on interest rate swaps entered into qualifying hedge accounting relationships. Commitment fees for the three and six months ended June 30, 2025 were $2,852 and $6,077, respectively. Commitment fees for the three and six months ended June 30, 2024 were $2,521 and $4,992, respectively.

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The components of interest expense for the three and six months ended June 30, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Borrowing interest expense | $98008 | $59831 | $184718 | $107217 |
| Facility unused fees | 2852 | 2521 | 6077 | 4992 |
| Amortization of financing costs and debt issuance costs | 2748 | 2345 | 5414 | 4256 |
| Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items |  |  |  |  |
| &nbsp;&nbsp;Interest rate swaps | (22254) | 9977 | (82784) | 23063 |
| &nbsp;&nbsp;Hedged items | 27238 | (5251) | 87303 | (15069) |
| **Total interest expense** | $108592 | $69423 | $200728 | $124459 |

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***Senior Secured Facility***

On March 11, 2022, the Company entered into a senior secured, multi-currency, revolving credit facility (the "**Senior Secured Facility**") with JPMorgan Chase Bank, N.A. The aggregate lender commitments under the Senior Secured Facility on March 11, 2022 were $1.835 billion. On June 7, 2022, the Company entered into an amendment to its Senior Secured Facility to increase the multicurrency commitments from $1.835 billion to $2.085 billion. The Company may seek additional commitments from new and existing lenders in the future, up to an aggregate facility size not to exceed approximately $2.753 billion. The scheduled maturity date of the Senior Secured Facility is March 11, 2027.

On October 12, 2023, the Company amended and extended its Senior Secured Facility. Lender commitments under the Senior Secured Facility increased from $2.085 billion to $2.185 billion and the Senior Secured Facility's "accordion" feature that allows the Company to increase the size of the Senior Secured Facility increased from approximately $2.753 billion to approximately $3.278 billion.

The final maturity date under the Senior Secured Facility was extended by over one year from March 11, 2027 to October 12, 2028. The covenants and representations and warranties the Company is required to comply with were also modified (including, among other things, that the minimum shareholders' equity test was reset), but the remaining terms and conditions of the Senior Secured Facility remain substantially the same.

On October 17, 2024, the Company amended and extended its Senior Secured Facility. Lender commitments under the Senior Secured Facility increased from $2.185 billion to $2.740 billion and the Senior Secured Facility's "accordion" feature that allows the Company to increase the size of the Senior Secured Facility increased from $3.278 billion to $4.110 billion. The final maturity date under the Senior Secured Facility was extended by over one year from October 12, 2028 to October 17, 2029. The covenants and representations and warranties the Company is required to comply with were also modified (including, among other things, that the minimum shareholders' equity test was reset), but the remaining terms and conditions of the Senior Secured Facility remain substantially the same. The Senior Secured Facility continues to include usual and customary events of default for senior secured revolving credit facilities of this type.

Loans under the Senior Secured Facility denominated in US dollars will bear interest, at the Company's option, at the base rate plus a spread of 0.75% to 0.875% or the term Secured Overnight Financing Rate ("**SOFR**") rate plus a credit spread adjustment of 0.10% and spread of 1.75% to 1.875%, in each case, with such spread being determined based on the total amount of the gross borrowing base relative to the total combined debt amount, as of the date of determination. Loans under the Senior Secured Facility denominated in currencies other than US dollars will bear interest at certain local rates consistent with market standards. Interest on loans denominated in dollars is due and payable in arrears quarterly for loans bearing interest at the base rate and at the end of the applicable interest period in the case of loans bearing interest at the term SOFR rate (or at each three month interval in the case of loans with interest periods greater than three months). Interest on loans denominated in currencies other than US dollars is due and payable in a manner consistent with market standards. The Company is also obligated to pay other customary closing fees, arrangement fees, administration fees, commitment fees and letter of credit fees for a credit facility of this size and type.

The Company's obligations to the lenders under the Senior Secured Facility are secured by a first priority security interest in substantially all of the Company's assets.

In connection with the Senior Secured Facility, the Company has made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. In addition, the Company must comply with the following financial covenants: (a) the Company must maintain a minimum shareholders' equity, measured as of each fiscal quarter end; and (b) the Company must maintain at all times a 150% asset coverage ratio (calculated on a basis consistent with the 1940 Act).

The Senior Secured Facility contains customary events of default for similar financing transactions. Upon the occurrence and during the continuation of an event of default, JPMorgan Chase Bank, N.A. may terminate the commitments and declare the outstanding advances and all other obligations under the Senior Secured Facility immediately due and payable.

The Senior Secured Facility also provides for the issuance of letters of credit up to an aggregate amount of $150,000. As of June 30, 2025 and December 31, 2024, the Company had $9,238 and $8,038, respectively, in standby letters of credit issued through the Senior Secured Facility. The amount available for borrowing under the Senior Secured Facility is reduced by any standby letters of credit issued through the Senior Secured Facility. Under GAAP, these letters of credit are considered commitments because no funding has been made and as such are not considered a liability. These letters of credit are not senior securities because they are not in the form of a typical financial guarantee and the portfolio companies are obligated to refund any drawn amounts. The available remaining capacity under the Senior Secured Facility was $1,755,070 and $2,262,302 as of June 30, 2025 and December 31, 2024, respectively. Terms used in this disclosure have the meanings set forth in the Senior Secured Facility agreement.

As of June 30, 2025, the Company was in compliance with all covenants and other requirements of the Senior Secured Facility.

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***SPV Financing Facilities***

The following wholly-owned subsidiaries of the Company have entered into secured financing facilities, as described below: Cardinal Funding LLC, Mallard Funding LLC, and Grouse Funding LLC, which are collectively referred to as the **"SPVs,"** and the secured financing facilities described below are collectively referred to as the **"SPV Financing Facilities**.**"**

The obligations of each SPV to the lenders under the applicable SPV Financing Facility are secured by a first priority security interest in all of the applicable SPV's portfolio investments and cash. The obligations of each SPV under the applicable SPV Financing Facility are non-recourse to the Company, and the Company's exposure to the credit facility is limited to the value of its investment in the applicable SPV.

In connection with the SPV Financing Facilities, the applicable SPV has made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. Each SPV Financing Facility contains customary events of default for similar financing transactions, including if a change of control of the applicable SPV occurs. Upon the occurrence and during the continuation of an event of default, the lenders under the applicable SPV Financing Facility may declare the outstanding advances and all other obligations under the applicable SPV Financing Facility immediately due and payable. The occurrence of an event of default (as described above) triggers a requirement that the applicable SPV obtain the consent of the lenders under the applicable SPV Financing Facility prior to entering into any sale or disposition with respect to portfolio investments.

As of June 30, 2025, the Company was in compliance with all covenants and other requirements of the SPV Financing Facilities.

*Cardinal Funding LLC*

On January 7, 2022 (the "**Cardinal Closing Date**"), Cardinal Funding LLC ("**Cardinal Funding**"), a Delaware limited liability company and newly formed subsidiary of the Company, entered into a Credit and Security Agreement (the "**Cardinal Funding Secured Credit Facility**"), with Cardinal Funding, as borrower, the Company, in its capacity as collateral manager and in its capacity as equity holder, the lenders from time to time parties thereto, Citibank, N.A., as administrative agent, and The Bank of New York Mellon Trust Company, National Association, as collateral agent, custodian and collateral administrator.

The maximum principal amount of the Cardinal Funding Secured Credit Facility as of the Cardinal Closing Date is $500 million, which can be drawn in multiple currencies subject to certain conditions; the availability of this amount is subject to the borrowing base, which is determined on the basis of the value and types of Cardinal Funding's assets from time to time, and satisfaction of certain conditions, including certain concentration limits. Amounts drawn under the Cardinal Funding Secured Credit Facility, will bear interest at the Term SOFR Reference Rate, the Canadian Dollar Offered Rate ("**CDOR**"), Sterling Overnight Index Average ("**SONIA**") Rate, or the Euro Interbank Offered Rate ("**EURIBOR**"), all together (the "**Applicable Reference Rate**"), in each case, plus a margin. Advances used to finance the purchase or origination of broadly syndicated loans under the Cardinal Funding Secured Credit Facility initially bear interest at the Applicable Reference Rate plus a spread of 1.70%. Advances used to finance the purchase or origination of private credit loans under the Cardinal Funding Secured Credit Facility initially bear interest at the Applicable Reference Rate plus a spread of 2.20%. Advances used to finance the purchase or origination of any other eligible loans under the Cardinal Funding Secured Credit Facility initially bear interest at the Applicable Reference Rate plus a spread of 2.45%. After the expiration of a three-year reinvestment period, the applicable margin on outstanding advances will be increased by 0.50% per annum. All amounts outstanding under the Cardinal Funding Secured Credit Facility must be repaid by the date that is five years after the Cardinal Closing Date of the Cardinal Funding Secured Credit Facility. The contractual maturity date of the Cardinal Funding Secured Credit Facility is January 7, 2027.

On April 7, 2022, Cardinal Funding, entered into Amendment No. 1 (the "**First Cardinal Funding Amendment**"), by and among Cardinal Funding, as borrower, the Company, in its capacity as collateral manager and in its capacity as equity holder, the lenders from time to time parties thereto, Citibank, N.A., as administrative agent, and The Bank of New York Mellon Trust Company, National Association, as collateral agent, custodian and collateral administrator.

The First Cardinal Funding Amendment amends the Cardinal Funding Secured Credit Facility to (i) increase the additional aggregate commitment size which Cardinal Funding can request from the lenders under the Cardinal Funding Secured Credit Facility from $750 million to $1.350 billion, (ii) add a new revolving lender to the Cardinal Funding Secured Credit Facility and (iii) allow Cardinal Funding to finance bonds under the Cardinal Funding Secured Credit Facility. Advances used to finance bonds under the Cardinal Funding Secured Credit Facility initially bear interest at the Applicable Reference Rate plus a spread of 2.0%.

On December 9, 2022, Cardinal Funding entered into Amendment No. 4 (the "**Fourth Cardinal Funding Amendment**") by and among Cardinal Funding, as borrower, the Company, in its capacity as collateral manager and in its capacity as equity holder, the lenders from time to time parties thereto, Citibank, N.A., as administrative agent, and The Bank of New York Mellon Trust Company, National Association, as collateral agent, custodian and collateral administrator.

The Fourth Cardinal Funding Amendment amends the Cardinal Funding Secured Credit Facility to (i) increase the aggregate commitment under the Cardinal Funding Secured Credit Facility from $500 million to $800 million and (ii) modify the interest rate charged under the Cardinal Funding Secured Credit Facility. Advances made with respect to "Private Credit Loans" (as defined in the Cardinal Funding Secured Credit Facility) will, prior to the Commitment Termination Date, bear interest at the Applicable Reference Rate plus a spread of 2.75% and, following the Commitment Termination Date, bear interest at the Applicable Reference Rate plus a spread of 3.25%.

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On July 19, 2024, Cardinal Funding entered into Amendment No. 6 (the "**Sixth Cardinal Funding Amendment**") by and among Cardinal Funding, as borrower, the Company, in its capacity as collateral manager and in its capacity as equity holder, the lenders from time to time parties thereto, Citibank, N.A., as administrative agent, and The Bank of New York Mellon Trust Company, National Association, as collateral agent, custodian and collateral administrator.

The Sixth Cardinal Funding Amendment amends the Cardinal Funding Secured Credit Facility to, among other things, (i) extend the end of the revolving period to July 19, 2027, (ii) extend the maturity date to July 19, 2029 and (iii) modify the interest rate charged under the Cardinal Funding Secured Credit Facility to (x) with respect to broadly syndicated loans and bonds, the applicable reference rate plus a spread of 1.60% and (y) for private credit loans and all other assets, the applicable reference rate plus a spread that varies depending on the discount margin for such assets, as calculated by the administrative agent on a quarterly basis.

*Mallard Funding LLC*

On January 7, 2022 (the "**Mallard Closing Date**"), Mallard Funding LLC ("**Mallard Funding**"), a Delaware limited liability company and newly formed subsidiary of the Company, entered into a Loan and Servicing Agreement (the "**Mallard Funding Loan and Servicing Agreement**"), with Mallard Funding, as borrower, the Company, in its capacity as servicer and in its capacity as transferor, the lenders from time to time parties thereto, Morgan Stanley Senior Funding, Inc., as administrative agent, and The Bank of New York Mellon Trust Company, National Association, as collateral agent, account bank and collateral custodian.

The maximum principal amount of the Mallard Funding Loan and Servicing Agreement as of the Mallard Closing Date is $500 million, which can be drawn in multiple currencies subject to certain conditions; the availability of this amount is subject to the borrowing base, which is determined on the basis of the value and types of Mallard Funding's assets from time to time, and satisfaction of certain conditions, including certain concentration limits. Under the Mallard Funding Loan and Servicing Agreement, Mallard Funding is permitted to borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn under the Mallard Funding Loan and Servicing Agreement, will bear interest at Adjusted Term SOFR, the CDOR, Daily Simple SONIA or the EURIBOR (the "**Mallard Funding Applicable Reference Rate**"), in each case, plus a margin.

Advances used to finance the purchase or origination of broadly syndicated loans under the Mallard Funding Loan and Servicing Agreement bear interest at the Mallard Funding Applicable Reference Rate plus a spread of (x) during the nine months subsequent to the Mallard Closing Date (the "**Ramp-Up Period**"), 1.60%, (y) after the end of the Ramp-Up Period and prior to the Mallard Funding Commitment Termination Date (as defined by the Mallard Funding Loan and Servicing Agreement), 2.00% and (z) after the Mallard Funding Commitment Termination Date, 2.25%.

Advances used to finance the purchase or origination of middle market loans under the Mallard Funding Loan and Servicing Agreement initially bear interest at the Mallard Funding Applicable Reference Rate plus a spread of (x) prior to the Mallard Funding Commitment Termination Date, 2.00% and (y) after the Mallard Funding Commitment Termination Date, 2.25%. All amounts outstanding under the Mallard Funding Loan and Servicing Agreement must be repaid by the date that is five years after the Mallard Closing Date of the Mallard Funding Loan and Servicing Agreement. The contractual maturity date under the Mallard Funding Loan and Servicing Agreement is January 7, 2027.

On March 18, 2022, Mallard Funding entered into Amendment No. 1 (the "**First Mallard Funding Amendment**"), by and among Mallard Funding, as borrower, the Company, in its capacity as servicer and as transferor, each lender party thereto, Morgan Stanley Senior Funding, Inc., as administrative agent, and The Bank of New York Mellon Trust Company, National Association, as collateral agent, account bank and collateral custodian. The First Mallard Funding Amendment amends the Mallard Funding Loan and Servicing Agreement to (i) allow Mallard Funding to borrow amounts in Australian dollars and (ii) allow amounts drawn to bear interest at the BBSY Rate.

On September 19, 2024, Mallard Funding entered into the Fourth Amendment (the "**Fourth Mallard Funding Credit Facility Amendment**") to the Mallard Funding Loan and Servicing Agreement, dated as of January 7, 2022, by and among Mallard Funding, as borrower, the Company, in its capacity as servicer and in its capacity as transferor, the lenders from time to time parties thereto, Morgan Stanley Senior Funding, Inc., as administrative agent, and The Bank of New York Mellon Trust Company, National Association, as collateral agent, collateral custodian and account bank.

The Fourth Mallard Funding Credit Facility Amendment amends the Mallard Funding Loan and Servicing Agreement to, among other things, (i) extend the end of the revolving period to September 20, 2027, (ii) extend the maturity date to September 19, 2029 and (iii) modify the interest rate charged under the Mallard Funding Loan and Servicing Agreement to (x) during the Reinvestment Period, 2.00% and (y) during the Amortization Period, 2.25%.

*Grouse Funding LLC*

On July 7, 2022 (the **"Grouse Closing Date**"), Grouse Funding LLC ("**Grouse Funding**"), a Delaware limited liability company and newly formed subsidiary of the Company, entered into a Credit Agreement (the "**Grouse Funding Secured Credit Facility**"), with Grouse Funding, as borrower, the lenders from time to time parties thereto, Goldman Sachs Bank USA, as syndication agent and administrative agent, State Street Bank and Trust Company, as collateral agent and collateral custodian, and Virtus Group, LP, as collateral administrator.

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From time to time, the Company expects to sell and contribute certain investments to Grouse Funding pursuant to a Sale and Contribution Agreement, dated as of the Grouse Closing Date, by and between the Company and Grouse Funding. No gain or loss will be recognized as a result of the contribution. Proceeds from the Grouse Funding Secured Credit Facility will be used to finance the origination and acquisition of eligible assets by Grouse Funding, including the purchase of such assets from the Company. We retain a residual interest in assets contributed to or acquired by Grouse Funding through our ownership of Grouse Funding. The maximum principal amount of the Grouse Funding Secured Credit Facility as of the Grouse Closing Date is $250 million, which can be drawn in U.S. Dollars subject to certain conditions; the availability of this amount is subject to the borrowing base, which is determined on the basis of the value and types of Grouse Funding's assets from time to time, and satisfaction of certain conditions, including certain concentration limits.

The Grouse Funding Secured Credit Facility provides for the ability to draw and redraw revolving loans under the Grouse Funding Secured Credit Facility for a period of up to three years after the Grouse Closing Date unless the commitments are terminated sooner as provided in the Grouse Funding Secured Credit Facility (the "**Commitment Termination Date**"). Unless otherwise terminated, the Grouse Funding Secured Credit Facility will mature on the date which is five years after the Grouse Closing Date (the "**Final Maturity Date**"). Prior to the Commitment Termination Date, proceeds received by Grouse Funding from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. Following the Commitment Termination Date but prior to the Final Maturity Date, proceeds received by Grouse Funding from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, as well as principal on outstanding borrowings in accordance with the terms of the Grouse Funding Secured Credit Facility, and the excess may be returned to the Company, subject to certain conditions. On the Final Maturity Date, Grouse Funding must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Company.

Under the Grouse Funding Secured Credit Facility, Grouse Funding is permitted to borrow amounts in U.S. dollars. Amounts drawn under the Grouse Funding Secured Credit Facility will bear interest at Term SOFR plus a margin. Advances used to finance the purchase or origination of broadly syndicated loans under the Grouse Funding Secured Credit Facility initially bear interest at Term SOFR plus a spread of 2.40%, except that following the application of a rebate amount the spread on broadly syndicated loans shall be 1.85%. Advances used to finance the purchase or origination of bonds or loans that are not broadly syndicated loans, that in either case have an EBITDA of $100 million or above, under the Grouse Funding Secured Credit Facility initially bear interest at Term SOFR plus a spread of 2.15%. Advances used to finance the purchase or origination of any other eligible loans or bonds under the Grouse Funding Secured Credit Facility initially bear interest at Term SOFR plus a spread of 2.40%. The Grouse Funding Secured Credit Facility contains customary covenants, including certain limitations on the activities of Grouse Funding, including limitations on incurrence of incremental indebtedness, and customary events of default. The Grouse Funding Secured Credit Facility is secured by a perfected first priority security interest in the assets of Grouse Funding and on any payments received by Grouse Funding in respect of those assets. Assets pledged to the lenders under the Grouse Funding Secured Credit Facility will not be available to pay the debts of the Company.

On January 30, 2025 (the "**First Grouse Funding Amendment Date**"), Grouse Funding entered into the First Amendment (the "**First Grouse Credit Facility Amendment**") to the Grouse Funding Secured Credit Facility, dated as of July 7, 2022, by and among Grouse Funding, as borrower, the Company, as investment manager and as guarantor, the Lenders from time to time party thereto, Goldman Sachs Bank USA, as syndication agent and administrative agent, State Street Bank and Trust Company, as collateral custodian and collateral agent, and Virtus Group, LP, as collateral administrator.

The First Grouse Credit Facility Amendment amends the Grouse Funding Secured Credit Facility to, among other things, (i) reduce the interest charges on the loans, (ii) increase the maximum commitment amount to $500 million, (iii) extend the reinvestment period to three years after the First Grouse Funding Amendment Date and (iv) extend the scheduled maturity date to five years after the First Grouse Funding Amendment Date.

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***CLO Warehouse Facilities***

*Barn Owl Funding LLC*

On March 25, 2025 (the "**Barn Owl Closing Date**"), Barn Owl Funding LLC ("**Barn Owl Funding**"), a Delaware limited liability company and newly formed wholly-owned subsidiary of the Company, entered into a credit agreement (the "**Barn Owl Funding Credit Agreement**"), with Barn Owl Funding, as borrower, the Company, in its capacities as collateral manager and subordinated investor and Bank of America, N.A., as lender (the "**Barn Owl Lender**"). From time to time Barn Owl Funding expects to use amounts borrowed under the Barn Owl Funding Credit Agreement to acquire eligible assets from the Company composed primarily of first priority corporate loans pursuant to the terms of the Barn Owl Loan Sale Agreement (as defined below), to ramp-up a portfolio of assets to be pledged as collateral for a future collateralized loan obligation transaction (the "**Barn Owl Funding Debt Securitization**"). The Company retains a residual interest in assets acquired by Barn Owl Funding through its ownership of subordinated notes issued by Barn Owl Funding.

On April 8, 2025, Barn Owl Funding, as borrower, the Company, in its capacities as subordinated investor and collateral manager, and the Lender entered into an amendment to the Barn Owl Funding Credit Agreement (the "**First Amendment to Barn Owl Funding Credit Agreement**"). Pursuant to the First Amendment to Barn Owl Funding Credit Agreement, the maximum principal amount which can be drawn upon by Barn Owl Funding prior to the pricing date of the Barn Owl Funding Debt Securitization, subject to certain conditions in the Barn Owl Funding Credit Agreement, was increased from $160 million to $320 million.

The Barn Owl Funding Credit Agreement, which provides ability to draw and re-draw revolving loans, will mature on the date which is two years after the Barn Owl Closing Date unless otherwise terminated or extended. Amounts drawn under the Barn Owl Funding Credit Agreement will bear interest at the daily secured overnight financing rate published by the Federal Reserve Bank of New York plus a spread of (x) to and excluding the 12-month anniversary of the Barn Owl Closing Date, 1.15% and (y) thereafter, 1.65%.

Pursuant to a warehouse collateral management agreement dated as of the Barn Owl Closing Date (the "**Barn Owl Collateral Management Agreement**"), by and between Barn Owl Funding and the Company, the Company was appointed as collateral manager of Barn Owl Funding. The Company is not entitled to receive a fee for its services under the Barn Owl Collateral Management Agreement. Additionally, under the terms of a loan sale and contribution agreement dated as of the Barn Owl Closing Date (the "**Barn Owl Loan Sale Agreement**") by and between Barn Owl Funding and the Company, the Company transferred to Barn Owl Funding a portion of its ownership interest in such loans, which were pledged to the Barn Owl Lender pursuant to the Barn Owl Funding Credit Agreement.

On June 2, 2025, Barn Owl Funding, as borrower, the Company, in its capacities as subordinated investor and collateral manager, and the Barn Owl Lender entered into an amendment to the Barn Owl Funding Credit Agreement (the "**Second Amendment to Barn Owl Funding Credit Agreement**"). Pursuant to the Second Amendment to Barn Owl Funding Credit Agreement, the maximum principal amount which can be drawn upon by Barn Owl Funding (x) prior to the pricing date of the Barn Owl Funding Debt Securitization, was increased from $320 million to $400 million and (y) at any time on and after the pricing date of the Barn Owl Funding Debt Securitization, was increased from $360 million to $450 million, in each case subject to certain conditions in the Barn Owl Funding Credit Agreement.

***CLO Transactions***

*2024 ADS CLO 1 Debt Securitization* 

On October 9, 2024 (the "**CLO 1 Closing Date**") the Company completed a $754.7 million term debt securitization (the "**2024 Debt Securitization**"). Term debt securitizations are also known as a collateralized loan obligations and are a form of secured financing incurred by a subsidiary of the Company, which is consolidated by the Company and subject to the Company's overall asset coverage requirements.

On the CLO 1 Closing Date and in connection with the 2024 Debt Securitization, ADS CLO 1 LLC (the "**CLO Issuer**"), an indirect, wholly-owned, consolidated subsidiary of the Company, entered into a Purchase and Placement Agency Agreement (the **"CLO Purchase and Placement Agreement**") with Morgan Stanley & Co. LLC, as the initial purchaser and placement agent, and Apollo Global Securities, LLC, as co-placement agent, pursuant to which the Issuer agreed to sell certain of the notes to the initial purchaser to be issued as part of the 2024 Debt Securitization pursuant to an indenture by and between the CLO Issuer and Deutsche Bank National Trust Company, as trustee (the "**CLO Indenture**").

The notes offered in the 2024 Debt Securitization consist of $450 million of AAA(sf)/Aaa(sf) Class A-1 Senior Secured Floating Rate Notes due 2036, which bear interest at the three-month SOFR plus 1.35% (the "**Class A-1 Notes**"); $30 million of AA(sf) Class A-2 Senior Secured Floating Rate Notes due 2036, which bear interest at the three-month SOFR plus 1.80% (the "**Class A-2 Notes**"); $112.5 million of A(sf) Class B Senior Secured Deferrable Floating Rate Notes due 2036, which bear interest at the three-month SOFR plus 2.15% (the "**Class B Notes**"); $45 million of BBB-(sf) Class C Senior Secured Deferrable Floating Rate Notes due 2036, which bear interest at the three-month SOFR plus 3.35% (the "**Class C Notes**" and together with the Class A-1 Notes, the Class A-2 Notes and the Class B Notes, the "**Secured Notes**"). Additionally, on the CLO 1 Closing Date, the CLO Issuer issued $117.2 million of Subordinated Notes due 2036 (the "**Subordinated Notes**" and, collectively with the Secured Notes, the "**CLO Notes**"), which do not bear interest.

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The 2024 Debt Securitization is backed by a diversified portfolio of broadly syndicated commercial loans. The debt is scheduled to mature on October 15, 2036; however, the CLO Notes may be redeemed by the CLO Issuer, at the direction of ADS CLO 1 Depositor LLC ("**CLO Retention Holder**"), a wholly-owned, consolidated subsidiary of the Company, as owner of a majority of the Subordinated Notes, on any business day after October 15, 2026. The CLO Retention Holder acts as retention holder in connection with the 2024 Debt Securitization for the purposes of satisfying certain U.S. regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of the Subordinated Notes. The Company, through the CLO Retention Holder, has retained 100% of the Class A-2 Notes, the Class B Notes, the Class C Notes and the Subordinated Notes issued in the 2024 Debt Securitization.

The CLO Issuer intends to use the proceeds from the 2024 Debt Securitization to, among other things, purchase certain loans ("**Collateral Obligations**") from time to time on and after the CLO 1 Closing Date from the Company pursuant to a master loan sale agreement entered into on the CLO 1 Closing Date (the "**Loan Sale Agreement**") among the Company, the CLO Retention Holder and the CLO Issuer. Under the terms of the Loan Sale Agreement that provide for the sale of Collateral Obligations to the CLO Issuer, the Company will transfer to the CLO Retention Holder, and the CLO Retention Holder will transfer to the CLO Issuer, a portion of its ownership interest in the Collateral Obligations securing the 2024 Debt Securitization for the purchase price and other consideration set forth in the Loan Sale Agreement from time to time on and after the CLO 1 Closing Date. Following these transfers, CLO Issuer, and not the Retention Holder or the Company, will hold all of the ownership interest in such loans and participations. The Company made customary representations, warranties and covenants in the Loan Sale Agreement. The Secured Notes are the secured obligation of the CLO Issuer, the Subordinated Notes are the unsecured obligations of the CLO Issuer, and the CLO Indenture governing the CLO Notes include customary covenants and events of default. The CLO Notes have not been, and will not be, registered under the Securities Act of 1933, as amended, or any state securities or "blue sky" laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company serves as collateral manager to the CLO Issuer under a collateral management agreement entered into on the CLO 1 Closing Date (the "**Collateral Management Agreement**"). Pursuant to the Collateral Management Agreement, so long as the Company is the collateral manager, the collateral management fee will equal 0.0% per annum of the fee basis amount.

*2025 ADL CLO 1 Debt Securitization*

On May 28, 2025 (the "**2025 CLO Closing Date**"), the Company completed a $496 million term debt securitization (the "**2025 Debt Securitization**"). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by a subsidiary of the Company, which is consolidated by the Company and subject to the Company's overall asset coverage requirements.

On the 2025 CLO Closing Date and in connection with the 2025 Debt Securitization, ADL CLO 1 LLC (the "**2025 CLO Issuer**"), an indirect, wholly-owned, consolidated subsidiary of the Company, entered into a Purchase and Placement Agreement with BNP Paribas Securities Corp., as the initial purchaser (the "**Initial Purchaser**") and Apollo Global Securities, LLC, as co-placement agent, pursuant to which the 2025 CLO Issuer agreed to sell certain of the notes to the Initial Purchaser issued as part of the 2025 Debt Securitization pursuant to an indenture by and between the 2025 CLO Issuer and U.S. Bank Trust Company, National Association, as collateral trustee (the "**2025 CLO Indenture**").

The notes issued as part of the 2025 Debt Securitization consist of $126 million of AAA(sf)/AAA(sf) Class A-1a Senior Secured Floating Rate Notes due 2037, which bear interest at the three-month secured overnight financing rate published by SOFR plus 1.67% (the "**2025 Class A-1a Notes**"); $10 million of AAA(sf)/AAA(sf) Class A-1b Senior Secured Floating Rate Notes due 2037, which bear interest at the three-month SOFR plus 1.90% (the "**2025 Class A-1b Notes**"); $30 million of AA(sf) Class A-2 Senior Secured Floating Rate Notes due 2037, which bear interest at the three-month SOFR plus 2.10% (the "**2025 Class A-2 Notes**"); $40 million of A(sf) Class B Senior Secured Deferrable Floating Rate Notes due 2037, which bear interest at the three-month SOFR plus 3.15% (the "**2025 Class B Notes**"); $30 million of BBB-(sf) Class C Senior Secured Deferrable Floating Rate Notes due 2037, which bear interest at the three-month SOFR plus 4.50% (the "**2025 Class C Notes**" and together with the 2025 Class A-1a Notes, the 2025 Class A-1b Notes, the 2025 Class A-2 Notes and the 2025 Class B Notes, the "**2025 Secured Notes**"). Additionally, on the 2025 CLO Closing Date, the 2025 CLO Issuer issued $86 million of Subordinated Notes due 2125 (the "**2025 Subordinated Notes**"), which do not bear interest. The 2025 Secured Notes together with the 2025 Subordinated Notes are collectively referred to herein as the "**2025 Notes**."

Additionally, the 2025 CLO Issuer incurred certain loans as part of the 2025 Debt Securitization, consisting of $114 million of AAA(sf)/AAA(sf) Class A-1a-L1 Loans due 2037, which bear interest at the three-month SOFR plus 1.67% (the "**2025 Class A-1a-L1 Loans**"); $50 million of AAA(sf)/AAA(sf) Class A-1a-L2 Loans due 2037, which bear interest at the three-month SOFR plus 1.67% (the "**2025 Class A-1a-L2 Loans**"); and $10 million of AA(sf) Class A-1b Loans due 2037, which bear interest at the three-month SOFR plus 1.90% (the "**2025 Class A-1b Loans**" and together with the 2025 Class A-1a-L1 Loans and the 2025 Class A-1a-L2 Loans, the "**2025 Loans**" and the 2025 Loans together with the 2025 Secured Notes, the "**2025 Secured Debt**" and 2025 Secured Debt together with the 2025 Subordinated Notes, the "**2025 Debt**") incurred by the 2025 CLO Issuer on the 2025 CLO Closing Date. The (i) 2025 Class A-1a-L1 Loans were incurred pursuant to a Class A-1a-L1 Credit Agreement among the 2025 CLO Issuer, as borrower, U.S. Bank Trust Company, National Association, as loan agent and collateral trustee and the lenders party thereto (the "**Class A-1a-L1 Credit Agreement**"), (ii) 2025 Class A-1a-L2 Loans were incurred pursuant to a Class A-1a-L2 Credit Agreement among the 2025 CLO Issuer, as borrower, U.S. Bank Trust Company, National Association, as loan agent and collateral trustee and the lenders party thereto (the "**Class A-1a-L2 Credit Agreement**"), and (iii) 2025 Class A-1b Loans were incurred pursuant to a Class A-1b Credit Agreement among the 2025 CLO Issuer, as borrower, U.S. Bank Trust Company, National Association, as loan agent and collateral trustee and the lenders party thereto (the "**Class A-1b Credit Agreement**" and together with the Class A-1a-L1 Credit Agreement and the Class A-1a-L2 Credit Agreement, the "**2025 CLO Credit Agreements**").

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The 2025 Debt Securitization is backed by a diversified portfolio consisting primarily of first-lien commercial loans. The 2025 Secured Debt is scheduled to mature on July 15, 2037 and the 2025 Subordinated Notes are scheduled to mature on July 15, 2025; however, the 2025 Debt may be redeemed by the 2025 CLO Issuer, at the direction of ADL CLO 1 Depositor LLC (the "**CLO Retention Provider**"), a wholly-owned, consolidated subsidiary of the Company, as owner of a majority of the 2025 Subordinated Notes, on any business day on or after May 28, 2027. The CLO Retention Provider acts as retention holder in connection with the 2025 Debt Securitization for the purposes of satisfying certain U.S. regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of the 2025 Subordinated Notes. The Company, through the CLO Retention Provider, has retained 100% of the 2025 Class B Notes, the 2025 Class C Notes and the 2025 Subordinated Notes issued in the 2025 Debt Securitization.

The 2025 CLO Issuer intends to use the proceeds from the 2025 Debt Securitization to, among other things, purchase certain loans ("**2025 Collateral Obligations**") from time to time on and after the 2025 CLO Closing Date from the Company pursuant to a master loan sale agreement entered into on the 2025 CLO Closing Date (the "**2025 Loan Sale Agreement**") among the Company, the CLO Retention Provider and the 2025 CLO Issuer. Under the terms of the 2025 Loan Sale Agreement that provide for the sale of 2025 Collateral Obligations to the 2025 CLO Issuer, the Company will transfer to the CLO Retention Provider, and the CLO Retention Provider will transfer to the 2025 CLO Issuer, a portion of its ownership interest in the 2025 Collateral Obligations securing the 2025 Debt Securitization for the purchase price and other consideration set forth in the 2025 Loan Sale Agreement from time to time on and after the 2025 CLO Closing Date. Following these transfers, the 2025 CLO Issuer, and not the CLO Retention Provider or the Company, will hold all of the ownership interest in such loans and participations. The Company made customary representations, warranties and covenants in the 2025 Loan Sale Agreement.

The 2025 Secured Debt is the secured obligation of the 2025 CLO Issuer, the 2025 Subordinated Notes are the unsecured obligations of the 2025 CLO Issuer, and the 2025 CLO Indenture and the CLO Credit Agreements governing the 2025 Debt include customary covenants and events of default. The 2025 Debt has not been, and will not be, registered under the Securities Act of 1933, as amended, or any state securities or "blue sky" laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

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***Foreign Currency Transactions and Translations***

The Company had the following foreign-denominated debt obligations outstanding as of June 30, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Original Principal Amount (Local)** | **Original Principal Amount (Local)** | **Original Principal Amount (USD)** | **Principal Amount Outstanding** | **Unrealized Gain/(Loss)** | **Reset Date** |
| Swedish Krona | kr | 526900 | 55755 | 55692 | 63 | 7/14/2025 |
| European Euro | € | 90000 | 95081 | 106016 | (10935) | N/A |
| Total |  | 616900 | 150836 | 161708 | (10872) |  |

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The Company had the following foreign-denominated debt obligations outstanding as of December 31, 2024:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Original Principal Amount (Local)** | **Original Principal Amount (USD)** | **Principal Amount Outstanding** | **Unrealized Gain/(Loss)** | **Reset Date** |
| British Pound | £31680 | 40264 | 39660 | 604 | 1/17/2025 |
| European Euro | 90000 | 95081 | 93226 | 1854 | N/A |
| Total | 121680 | 135345 | 132886 | 2458 |  |

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***Private Placement Bonds***

*2022 Series A Notes*

On November 15, 2022, the Company priced an offering of $200 million in aggregate principal amount of Senior Unsecured Notes (the "**2022 Series A Notes**") to institutional investors in a private placement. The Notes are comprised of $62 million Senior Unsecured Notes due 2025 (the "**December 2025 Notes**"), $38 million Senior Unsecured Notes due 2026 (the "**January 2026 Notes**"), $82 million Senior Unsecured Notes due 2027 (the "**December 2027 Notes**"), and $18 million Senior Unsecured Notes due 2028 (the "**January 2028 Notes**"). The issuances of the 2022 Series A Notes occurred in two installments on December 21, 2022 and January 19, 2023. The December 2025 and January 2026 Notes have a fixed interest rate of 8.21% per annum and are due on December 21, 2025 and January 19, 2026, respectively. The December 2027 and January 2028 Notes have a fixed interest rate of 8.31% per annum and are due on December 21, 2027 and January 19, 2028, respectively. Interest on the Notes is due and payable semiannually. These interest rates are subject to increase (up to a maximum increase of 1.00% above the stated rate for each of the 2022 Series A Notes) in the event that, subject to certain exceptions, the 2022 Series A Notes cease to have an investment grade rating.

In connection with the 2022 Series A Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company's liabilities with the Company's investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement related to the December 2025 Notes, the Company receives a fixed interest rate of 4.02% per annum and pays a floating interest rate at a rate determined by three-month SOFR per annum on $62 million of the 2025 Notes. Under the interest rate swap agreement related to the January 2026 Notes, the Company receives a fixed interest rate of 3.97% per annum and pays a floating interest rate at a rate determined by three-month SOFR per annum on $38 million of the 2026 Notes. Under the interest rate swap agreement related to the December 2027 Notes, the Company receives a fixed interest rate of 3.67% per annum and pays a floating interest rate at a rate determined by three-month SOFR per annum on $82 million of the 2027 Notes. Under the interest rate swap agreement related to the January 2028 Notes, the Company receives a fixed interest rate of 3.65% per annum and pays a floating interest rate at a rate determined by three-month SOFR per annum on $18 million of the 2028 Notes. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

*2023 Series A Notes*

On August 10, 2023, the Company priced an offering of $650 million in aggregate principal amount of Senior Unsecured Notes (the "**2023 Series A Notes**") to institutional investors in a private placement. The 2023 Series A Notes are comprised of $226 million Senior Unsecured Notes due September 28, 2026 (the "**September 2026 Notes**"), $325 million Senior Unsecured Notes due September 28, 2028 (the "**September 2028 Notes**"), and €90 million Senior Unsecured Notes due September 28, 2026 (the "**September 2026 Euronotes**"). The 2023 Series A Notes were issued on September 28, 2023. The September 2026 Notes, September 2028 Notes and September 2026 Euronotes have fixed interest rates of 8.54%, 8.62%, and 7.02% per annum, respectively. Interest on the Notes is due and payable semiannually. These interest rates are subject to increase (up to a maximum increase of 1.00% above the stated rate for each of the September 2026 Notes, September 2028 Notes and September 2026 Euronotes) in the event that, subject to certain exceptions, the 2023 Series A Notes cease to have an investment grade rating. These interest rates are subject to increase (up to a maximum increase of 1.50% above the stated rate for each of the September 2026 Notes, September 2028 Notes and September 2026 Euronotes) in the event that, subject to certain exceptions, the Company's secured debt ratio exceeds 60% up to August 31, 2024, and 55% subsequent to August 31, 2024. These interest rates are subject to increase (up to a maximum increase of 2.00% above the stated rate for each of the September 2026 Notes, September 2028 Notes and September 2026 Euronotes) in the event that, subject to certain exceptions, the 2023 Series A Notes cease to have an investment grade rating and the secured debt ratio event has occurred as disclosed above.

In connection with the 2023 Series A Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company's liabilities with the Company's investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement related to the September 2026 Notes, the Company receives a fixed interest rate of 8.54% per annum and pays a floating interest rate of SOFR + 4.18% per annum on $226 million of the 2026 Notes. Under the interest rate swap agreement related to the September 2028 Notes, the Company receives a fixed interest rate of 8.62% per annum and pays a floating interest rate of SOFR + 4.56% per annum on $325 million of the September 2028 Notes. Under the interest rate swap agreement related to the September 2026 Euronotes, the Company receives a fixed interest rate of 7.02% per annum and pays a floating interest rate of ESTR + 3.72% per annum on €90 million of the September 2026 Euronotes. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

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***Unsecured Notes***

***2029 Notes***

On March 21, 2024, the Company and U.S. Bank Trust Company, National Association (the "**Trustee**") entered into a First Supplemental Indenture (the "**First Supplemental Indenture**" and, together with the Base Indenture (as defined below), the "**March 2024 Indenture**") related to the $650 million in aggregate principal amount of its 6.90% notes due 2029 (the "**Existing 2029 Notes**"), which supplements that certain Base Indenture, dated as of March 21, 2024 (as may be further amended, supplemented or otherwise modified from time to time, the "**Base Indenture**").

On September 19, 2024, the Company issued an additional $350 million aggregate principal amount of 6.90% Notes due 2029 (the "**New 2029 Notes**" and, together with the Existing 2029 Notes, the "**2029 Notes**") under the March 2024 Indenture. The New 2029 Notes were issued at a price equal to 104.03% of the face value, plus accrued interest from March 21, 2024, resulting in an effective yield to maturity of 5.86%. The New 2029 Notes were issued as "Additional Notes" under the March 2024 Indenture and have identical terms to the Existing 2029 Notes, other than the issue date and the issue price. The New 2029 Notes will be treated as a single class of notes with the Existing 2029 Notes for all purposes under the March 2024 Indenture.

The 2029 Notes will mature on April 13, 2029 and may be redeemed in whole or in part at the Company's option at any time or from time to time at the redemption prices set forth in the March 2024 Indenture. The 2029 Notes bear interest at a rate of 6.90% per year payable semi-annually on April 13 and October 13 of each year, commencing on October 13, 2024. The 2029 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the 2029 Notes, rank *pari passu* with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.

In connection with the 2029 Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company's liabilities with the Company's investment portfolio, which consists of predominantly floating rate loans. Under the interest rate swap agreement related to the 2029 Notes, the Company receives a fixed interest rate of 6.90% per annum and pays a floating interest rate of SOFR + 2.71% per annum on $325 million of the 2029 Notes, the Company receives a fixed interest rate of 6.90% per annum and pays a floating interest rate of SOFR + 2.70% per annum on $325 million of the 2029 Notes, and the Company receives a fixed interest rate of 5.86% per annum and pays a floating interest rate of SOFR + 2.67% per annum on $350 million of the 2029 Notes. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

***2031 Notes***

On July 29, 2024, the Company and the Trustee entered into a Second Supplemental Indenture (the "**Second Supplemental Indenture**" and, together with the Base Indenture, the "**July 2024 Indenture**") related to the $600 million in aggregate principal amount of its 6.70% notes due 2031 (the "**Existing 2031 Notes**"), which supplements the Base Indenture.

On November 21, 2024, the Company issued an additional $400 million aggregate principal amount of 6.70% Notes due 2031 (the **"New 2031 Notes**" and, together with the Existing 2031 Notes, the "**2031 Notes**") under the July 2024 Indenture. The New 2031 Notes were issued at a price equal to 101.84% of the face value, plus accrued interest from July 29, 2024, resulting in an effective yield to maturity of 6.35%. The New 2031 Notes were issued as "Additional Notes" under the July 2024 Indenture and have identical terms to the Existing 2031 Notes, other than the issue date and the issue price. The New 2031 Notes will be treated as a single class of notes with the Existing 2031 Notes for all purposes under the July 2024 Indenture.

The 2031 Notes will mature on July 29, 2031 and may be redeemed in whole or in part at the Company's option at any time or from time to time at the redemption prices set forth in the July 2024 Indenture. The 2031 Notes bear interest at a rate of 6.70% per year payable semi-annually on January 29 and July 29 of each year, commencing on January 29, 2024. The 2031 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the 2031 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.

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In connection with the 2031 Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company's liabilities with the Company's investment portfolio, which consists of predominantly floating rate loans. Under the interest rate swap agreement related to the 2031 Notes, the Company receives a fixed interest rate of 6.70% per annum and pays a floating interest rate of SOFR + 2.80% per annum on $600 million of the 2031 Notes, and the Company receives a fixed interest rate of 6.35% per annum and pays a floating interest rate of SOFR + 2.39% per annum on $400 million of the 2031 Notes. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

***2032 Notes***

On January 16, 2025, the Company entered into a Third Supplemental Indenture (the "**Third Supplemental Indenture**" and, together with the Base Indenture, the "**January 2025 Indenture**") related to the $500 million in aggregate principal amount of its 6.55% notes due 2032 (the "**2032 Notes**"), which supplements the Base Indenture. The 2032 Notes will mature on March 15, 2032 and may be redeemed in whole or in part at the Company's option at any time or from time to time at the redemption prices set forth in the January 2025 Indenture. The 2032 Notes bear interest at a rate of 6.55% per year payable semi-annually on March 15 and September 15 of each year, commencing on September 15, 2025. The 2032 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the 2032 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.

In connection with the 2032 Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company's liabilities with the Company's investment portfolio, which consists of predominantly floating rate loans. Under the interest rate swap agreement related to the 2032 Notes, the Company receives a fixed interest rate of 6.55% per annum and pays a floating interest rate of SOFR + 2.18% per annum on $500 million of the 2032 Notes. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

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**Note 7. Net Assets**

The Company has the authority to issue an unlimited number of Common Shares at $0.01 per share par value.

The following table summarizes transactions in Common Shares during the three and six months ended June 30, 2025 and 2024:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class S:** |  |  |  |  |  |  |  |  |
| Proceeds from shares sold | 10955341 | $269808 | 12662537 | $314722 | 24576698 | $607776 | 24487677 | $606143 |
| Repurchase of common shares | (1206868) | (29694) | (461554) | (11430) | (2299575) | (56626) | (1004375) | (24979) |
| Early repurchase deduction | - | 6 | - | 41 | - | 57 | - | 125 |
| Distributions reinvested | 1267018 | 31195 | 671431 | 16691 | 2349866 | 58066 | 1168851 | 28949 |
| **Net increase (decrease)** | 11015491 | $271315 | 12872414 | $320024 | 24626989 | $609273 | 24652153 | $610238 |
| **Class D:** |  |  |  |  |  |  |  |  |
| Proceeds from shares sold | 144031 | $3548 | 37592 | $937 | 162064 | $3995 | 271567 | $6700 |
| Repurchase of common shares | (486) | (12) | - | - | (486) | (12) | - | - |
| Early repurchase deduction | - | - | - | - | - | - | - | - |
| Distributions reinvested | 18598 | 458 | 6230 | 155 | 36566 | 904 | 10117 | 251 |
| **Net increase (decrease)** | 162143 | $3994 | 43822 | $1092 | 198144 | $4887 | 281684 | $6951 |
| **Class I:** |  |  |  |  |  |  |  |  |
| Proceeds from shares sold | 65127561 | $1603559 | 47882091 | $1190594 | 129745204 | $3207057 | 86131793 | $2133005 |
| Repurchase of common shares | (7211251) | (177428) | (1151198) | (28661) | (11401171) | (280697) | (5687674) | (141379) |
| Early repurchase deduction | - | 10 | - | 1 | - | 14 | - | 22 |
| Distributions reinvested | 3710329 | 91351 | 1776280 | 44162 | 6882036 | 170058 | 3260339 | 80726 |
| **Net increase (decrease)** | 61626639 | $1517492 | 48507173 | $1206096 | 125226069 | $3096432 | 83704459 | $2072374 |
| **Total net increase (decrease)** | 72804273 | $1792801 | 61423409 | $1527212 | 150051202 | $3710592 | 108638296 | $2689563 |

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***Net Asset Value per Share and Offering Price***

The Company determines NAV for each class of shares as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first calendar day of each month. Shares are issued at an offering price equivalent to the most recent NAV per share available for each share class, which will be the prior calendar day NAV per share (i.e. the prior month-end NAV). The following table summarizes each month-end NAV per share for Class S shares, Class D shares and Class I shares during the six months ended June 30, 2025 and 2024:

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| | | | |
|:---|:---|:---|:---|
|  | **NAV Per Share** | **NAV Per Share** | **NAV Per Share** |
| **For the Month Ended** | **Class S** | **Class D** | **Class I** |
| January 31, 2025 | $24.83 | $24.83 | $24.83 |
| February 28, 2025 | 24.77 | 24.77 | 24.77 |
| March 31, 2025 | 24.65 | 24.65 | 24.65 |
| April 30, 2025 | 24.58 | 24.58 | 24.58 |
| May 31, 2025 | 24.64 | 24.64 | 24.64 |
| June 30, 2025 | 24.60 | 24.60 | 24.60 |

---

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| | | | |
|:---|:---|:---|:---|
|  | **NAV Per Share** | **NAV Per Share** | **NAV Per Share** |
| **For the Month Ended** | **Class S** | **Class D** | **Class I** |
| January 31, 2024 | $24.62 | $24.62 | $24.62 |
| February 29, 2024 | 24.67 | 24.67 | 24.67 |
| March 31, 2024 | 24.85 | 24.85 | 24.85 |
| April 30, 2024 | 24.84 | 24.84 | 24.84 |
| May 31, 2024 | 24.90 | 24.90 | 24.90 |
| June 30, 2024 | 24.90 | 24.90 | 24.90 |

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***Distributions***

The Board authorizes and declares monthly distribution amounts per share of Class S shares, Class D shares and Class I shares. The following table presents distributions that were declared during the six months ended June 30, 2025:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Class S Distributions** | **Class S Distributions** | **Class D Distributions** | **Class D Distributions** | **Class I Distributions** | **Class I Distributions** |  |
| **Record Date** | **Declaration Date** | **Payment Date** | **Per Share** | **Amount\*** | **Per Share** | **Amount\*** | **Per Share** | **Amount\*** |  |
| January 31, 2025 | January 22, 2025 | February 27, 2025 | $0.1621 | $13892 | $0.1747 | $182 | $0.1800 | $57637 |  |
| January 31, 2025 | December 23, 2024 | February 27, 2025 | 0.0200 | 1714 | 0.0200 | 21 | 0.0200 | 6405 | (1) |
| February 28, 2025 | February 21, 2025 | March 27, 2025 | 0.1638 | 14739 | 0.1752 | 183 | 0.1800 | 62318 |  |
| February 28, 2025 | December 23, 2024 | March 27, 2025 | 0.0200 | 1800 | 0.0200 | 21 | 0.0200 | 6923 | (1) |
| March 31, 2025 | March 24, 2025 | April 28, 2025 | 0.1621 | 15583 | 0.1747 | 186 | 0.1800 | 66593 |  |
| March 31, 2025 | December 23, 2024 | April 28, 2025 | 0.0200 | 1896 | 0.0200 | 21 | 0.0200 | 7308 | (1) |
| April 30, 2025 | April 22, 2025 | May 29, 2025 | 0.1628 | 16289 | 0.1749 | 192 | 0.1800 | 70701 |  |
| April 30, 2025 | March 24, 2025 | May 29, 2025 | 0.0200 | 2001 | 0.0200 | 22 | 0.0200 | 7856 | (1) |
| May 31, 2025 | May 22, 2025 | June 27, 2025 | 0.1623 | 16725 | 0.1748 | 196 | 0.1800 | 74897 |  |
| May 31, 2025 | March 24, 2025 | June 27, 2025 | 0.0200 | 2061 | 0.0200 | 22 | 0.0200 | 8322 | (1) |
| June 30, 2025 | June 23, 2025 | July 29, 2025 | 0.1628 | 17424 | 0.1749 | 215 | 0.1800 | 78164 |  |
| June 30, 2025 | March 24, 2025 | July 29, 2025 | 0.0200 | 2141 | 0.0200 | 25 | 0.0200 | 8685 | (1) |
|  |  |  | $1.0959 | $106264 | $1.1692 | $1285 | $1.2000 | $455810 |  |

---

\* Totals may not foot due to rounding.

(1)Represents a special distribution.

The following table presents distributions that were declared during the six months ended June 30, 2024:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Class S Distributions** | **Class S Distributions** | **Class D Distributions** | **Class D Distributions** | **Class I Distributions** | **Class I Distributions** |  |
| **Record Date** | **Declaration Date** | **Payment Date** | **Per Share** | **Amount\*** | **Per Share** | **Amount\*** | **Per Share** | **Amount\*** |  |
| January 31, 2024 | January 23, 2024 | February 28, 2024 | $0.1622 | $6206 | $0.1748 | $74 | $0.1800 | $25802 |  |
| January 31, 2024 | December 20, 2023 | February 28, 2024 | 0.0200 | 765 | 0.0200 | 8 | 0.0200 | 2867 | (1) |
| February 29, 2024 | February 26, 2024 | March 27, 2024 | 0.1634 | 6818 | 0.1751 | 82 | 0.1800 | 28229 |  |
| February 29, 2024 | December 20, 2023 | March 27, 2024 | 0.0200 | 835 | 0.0200 | 9 | 0.0200 | 3137 | (1) |
| March 29, 2024 | March 21, 2024 | April 26, 2024 | 0.1622 | 7606 | 0.1748 | 90 | 0.1800 | 31021 |  |
| March 29, 2024 | December 20, 2023 | April 26, 2024 | 0.0200 | 938 | 0.0200 | 10 | 0.0200 | 3447 | (1) |
| April 30, 2024 | April 23, 2024 | May 29, 2024 | 0.1627 | 8260 | 0.1749 | 100 | 0.1800 | 33209 |  |
| April 30, 2024 | March 21, 2024 | May 29, 2024 | 0.0200 | 1015 | 0.0200 | 11 | 0.0200 | 3690 | (1) |
| May 31, 2024 | May 22, 2024 | June 27, 2024 | 0.1621 | 9041 | 0.1747 | 90 | 0.1800 | 35634 |  |
| May 31, 2024 | March 21, 2024 | June 27, 2024 | 0.0200 | 1116 | 0.0200 | 10 | 0.0200 | 3959 | (1) |
| June 28, 2024 | June 21, 2024 | July 29, 2024 | 0.1627 | 9710 | 0.1749 | 98 | 0.1800 | 39154 |  |
| June 28, 2024 | March 21, 2024 | July 29, 2024 | 0.0200 | 1194 | 0.0200 | 11 | 0.0200 | 4349 | (1) |
|  |  |  | $1.0953 | $53504 | $1.1692 | $594 | $1.2000 | $214498 |  |

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\* Totals may not foot due to rounding.

(1)Represents a special distribution.

*Distribution Reinvestment Plan*

The Company has adopted a distribution reinvestment plan, pursuant to which the Company will reinvest all cash dividends declared by the Board on behalf of our shareholders who do not elect to receive their dividends in cash as provided below. As a result, if the Board authorizes, and the Company declares, a cash dividend or other distribution, then shareholders who have not opted out of our distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares as described below, rather than receiving the cash dividend or other distribution. Distributions on fractional shares will be credited to each participating shareholder's account to three decimal places.

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*Character of Distributions*

The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies and expense support from the Adviser, which is subject to recoupment.

Through June 30, 2025, none of the Company's distributions resulted from expense support from the Adviser, and future distributions may result from expense support from the Adviser, each of which is subject to repayment by the Company within three years from the date of payment. The purpose of this arrangement avoids distributions being characterized as a return of capital for U.S. federal income tax purposes. Shareholders should understand that any such distribution is not based solely on the Company's investment performance, and can only be sustained if the Company achieves positive investment performance in future periods and/or the Adviser continues to provide expense support. Shareholders should also understand that the Company's future repayments of expense support will reduce the distributions that they would otherwise receive. There can be no assurance that the Company will achieve the performance necessary to sustain these distributions, or be able to pay distributions at all.

Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions.

The following table reflects the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its Common Shares during the six months ended June 30, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class S** | **Class S** | **Class D** | **Class D** | **Class I** | **Class I** |
| **Source of Distribution** | **Per Share** | **Amount** | **Per Share** | **Amount** | **Per Share** | **Amount** |
| Net investment income | $1.0888 | $105576 | $1.1621 | $1277 | $1.1929 | $453113 |
| Net realized gains | 0.0071 | 688 | 0.0071 | 8 | 0.0071 | 2697 |
| Distributions in excess of net investment income |  |  |  |  |  |  |
|  | $1.0959 | $106264 | $1.1692 | $1285 | $1.2000 | $455810 |

---

The following table reflects the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its Common Shares during the six months ended June 30, 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class S** | **Class S** | **Class D** | **Class D** | **Class I** | **Class I** |
| **Source of Distribution** | **Per Share** | **Amount** | **Per Share** | **Amount** | **Per Share** | **Amount** |
| Net investment income | $1.0953 | $53504 | $1.1692 | $594 | $1.2000 | $214498 |
| Net realized gains |  |  |  |  |  |  |
| Distributions in excess of net investment income |  |  |  |  |  |  |
|  | $1.0953 | $53504 | $1.1692 | $594 | $1.2000 | $214498 |

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***Share Repurchase Program***

At the discretion of our Board, the Company has commenced a share repurchase program in which it intends to repurchase the Company's Common Shares outstanding as of the close of the previous calendar quarter. The Board may amend or suspend the share repurchase program if in its reasonable judgment it deems such action to be in the Company's best interest and the best interest of our shareholders. As a result, share repurchases may not be available each quarter. Should the Board suspend the share repurchase program, the Board will consider whether the continued suspension of the program is in the best interests of the Company and shareholders on a quarterly basis. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934 (the "**1934 Act**") and the 1940 Act. All shares purchased by the Company pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the share repurchase plan, to the extent the Company offers to repurchase shares in any particular quarter, it is expected to repurchase shares pursuant to tender offers on or around the last business day of that quarter using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an "**Early Repurchase Deduction**"). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.

The following table presents information with respect to the Company's share repurchases during the six months ended June 30, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase Deadline Request** | **Number of Shares Repurchased (all classes)** | **Percentage of Outstanding Shares Repurchased** <sup>(1)</sup> | **Price Paid Per Share** | **Repurchase Pricing Date** | **Amount Repurchased (all classes)** <sup>(3)</sup> | **Maximum number of shares that may yet be purchased under the repurchase plan** <sup>(2)</sup> |
| March 17, 2025 | 5282627 | 1.38% | $24.65 | March 31, 2025 | $130147 | 13919523 |
| June 16, 2025 | 8418605 | 1.83% | $24.60 | June 30, 2025 | 207118 | 14645892 |

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(1) Percentage is based on total shares as of the close of the previous calendar quarter.

(2) All repurchase requests were satisfied in full.

(3) Amounts shown net of Early Repurchase Deduction.

The following table presents information with respect to the Company's share repurchases during the six months ended June 30, 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase Deadline Request** | **Number of Shares Repurchased (all classes)** | **Percentage of Outstanding Shares Repurchased** <sup>(1)</sup> | **Price Paid Per Share** | **Repurchase Pricing Date** | **Amount Repurchased (all classes)** <sup>(3)</sup> | **Maximum number of shares that may yet be purchased under the repurchase plan** <sup>(2)</sup> |
| March 15, 2024 | 5079296 | 3.03% | $24.85 | March 31, 2024 | $126101 | 3293303 |
| June 13, 2024 | 1612752 | 0.75% | $24.90 | June 30, 2024 | 40110 | 9120695 |

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(1) Percentage is based on total shares as of the close of the previous calendar quarter.

(2) All repurchase requests were satisfied in full.

(3) Amounts shown net of Early Repurchase Deduction.

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**Note 8. Commitments and Contingencies**

The Company has various commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. As of June 30, 2025 and December 31, 2024, the Company had the following unfunded commitments to its portfolio companies:

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| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| Unfunded revolver obligations, bridge loan and backstop commitments <sup>(1)</sup> | $1143637 | $1091693 |
| Standby letters of credit issued and outstanding <sup>(2)</sup> | 15390 | 6805 |
| Unfunded delayed draw loan commitments <sup>(3)</sup> | 1775291 | 1324792 |
| Total Unfunded Commitments <sup>(4)</sup> | $2934318 | $2423290 |

---

(1)The unfunded revolver obligations may or may not be funded to the borrowing party in the future. The amounts relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers as of June 30, 2025, subject to the terms of each loan's respective credit agreements which includes borrowing covenants that need to be met prior to funding. As of June 30, 2025 and December 31, 2024, the bridge loan and backstop commitments included in the balances were $157,800 and $447,160, respectively.

(2)For all these letters of credit issued and outstanding, the Company would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations. None of the letters of credit issued and outstanding are recorded as a liability on the Company's Consolidated Statements of Assets and Liabilities as such letters of credit are considered in the valuation of the investments in the portfolio company.

(3)The Company's commitment to fund delayed draw loans is triggered upon the satisfaction of certain pre-negotiated terms and conditions which can include covenants to maintain specified leverage levels and other related borrowing base covenants. For commitments to fund delayed draw loans with performance thresholds, borrowers are required to meet certain performance requirements before the Company is obligated to fulfill these commitments.

(4)Additionally, from time to time, the Adviser and its affiliates may commit to an investment on behalf of the funds it manages, including the Company. Certain terms of these investments are not finalized at the time of the commitment and each respective fund's allocation may change prior to the date of funding. In this regard, the Company may have to fund additional commitments in the future that it is currently not obligated to but may be at a future point in time.

***Organizational and Offering Costs***

The Adviser agreed to bear all of the Company's organization and offering expenses through the date on which the Company broke escrow for the initial offering of its Common Shares. The Company is obligated to reimburse the Adviser for such expenses incurred upon breaking escrow for our offering. The total organization and offering costs incurred for the three and six months ended June 30, 2025 were $79 and $369, respectively. The total organization and offering costs incurred for the three and six months ended June 30, 2024 were $163 and $901, respectively.

***Other Commitments and Contingencies***

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business.

On March 14, 2023, certain First Lien and Second Lien holders of debt issued by Mitel filed a complaint in New York State Court captioned Ocean Trails CLO VII et al v. MLN TopCo Ltd., et al, Index No. 651327/2023, against certain other First Lien and Second Lien debt holders, as well as the Company, alleging, among other things, that the defendant lenders breached the terms of their lending agreements and the New York Uniform Voidable Transfer Act in connection with certain amendments to the relevant documents governing the debt. On December 5, 2023, the trial court granted defendants' motions to dismiss in part and denied them in part. The plaintiffs and defendants appealed the courts' motion to dismiss ruling to the intermediate New York State appellate court. On December 31, 2024, the intermediate New York State appellate court dismissed the entire case, including all claims against the Company. On January 30, 2025, plaintiffs filed a motion for leave to appeal the intermediate New York State appellate court's ruling to the New York Court of Appeals. That motion was held in abeyance following Mitel's filing of voluntary Chapter 11 bankruptcy petitions in the U.S. Bankruptcy Court for the Southern District of Texas. Plaintiffs and defendants memorialized settlement of the litigation in Mitel's Chapter 11 plan of reorganization and related bankruptcy documentation. The effective date for Mitel's plan of reorganization occurred on June 20, 2025. Pursuant to the settlement, the parties have submitted both (i) a stipulated request for withdrawal of the plaintiffs' motion for leave to appeal to the New York Court of Appeals and (ii) a joint request to the trial court for the clerk to enter final judgment, dismissing with prejudice all claims and crossclaims.

Management is not aware of any pending or threatened material litigation as of June 30, 2025 other than the matter disclosed above.

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**Note 9. Financial Highlights**

The following are the financial highlights for the six months ended June 30, 2025:

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| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
|  | **Class S** | **Class D** | **Class I** |
| **Per Share Data:** |  |  |  |
| Net asset value at beginning of period | $24.86 | $24.86 | $24.86 |
| Net investment income <sup>(1)</sup> | 0.93 | 1.02 | 1.03 |
| Net unrealized and realized gains (losses) <sup>(2)</sup> | (0.09) | (0.11) | (0.09) |
| Net increase (decrease) in net assets resulting from operations | 0.84 | 0.91 | 0.94 |
| Distribution declared <sup>(3)</sup> |  |  |  |
| &nbsp;&nbsp;Net investment income | (1.09) | (1.16) | (1.19) |
| &nbsp;&nbsp;Net realized gains | (0.01) | (0.01) | (0.01) |
| &nbsp;&nbsp;Distributions in excess of net investment income | - | - | - |
| Net asset value at end of period | $24.60 | $24.60 | $24.60 |
| Total return <sup>(4)</sup> | 3.46% | 3.76% | 3.89% |
| Shares outstanding, end of period | 105820841 | 1227190 | 427046173 |
| Weighted average shares outstanding | 96979501 | 1099486 | 380009632 |
| **Ratio/Supplemental Data** |  |  |  |
| Net assets at end of period | $2603628 | $30194 | $10507091 |
| Annualized ratio of net expenses to average net assets <sup>(5)</sup> | 6.95% | 6.19% | 6.10% |
| Annualized ratio of net investment income to average net assets <sup>(5)</sup> | 7.56% | 8.31% | 8.40% |
| Portfolio turnover rate | 22.96% | 22.96% | 22.96% |
| Asset coverage per unit <sup>(6)</sup> | 2867 | 2867 | 2867 |

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The following are the financial highlights for the six months ended June 30, 2024:

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| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
|  | **Class S** | **Class D** | **Class I** |
| **Per Share Data:** |  |  |  |
| Net asset value at beginning of period | $24.63 | $24.63 | $24.63 |
| Net investment income <sup>(1)</sup> | 1.20 | 1.29 | 1.29 |
| Net unrealized and realized gains (losses) <sup>(2)</sup> | 0.17 | 0.15 | 0.18 |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 1.37 | 1.44 | 1.47 |
| Distribution declared <sup>(3)</sup> | (1.10) | (1.17) | (1.20) |
| Net asset value at end of period | $24.90 | $24.90 | $24.90 |
| Total return <sup>(4)</sup> | 5.65% | 5.96% | 6.09% |
| Shares outstanding, end of period | 59220929 | 557980 | 216311389 |
| Weighted average shares outstanding | 48854082 | 507801 | 178704637 |
| **Ratio/Supplemental Data** |  |  |  |
| Net assets at end of period | $1474403 | $13892 | $5385432 |
| Annualized ratio of net expenses to average net assets <sup>(5)</sup> | 8.28% | 7.60% | 7.56% |
| Annualized ratio of net investment income to average net assets <sup>(5)</sup> | 9.75% | 10.44% | 10.47% |
| Portfolio turnover rate | 5.35% | 5.35% | 5.35% |
| Asset coverage per unit <sup>(6)</sup> | 2472 | 2472 | 2472 |

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(1)The per share data was derived by using the weighted average shares outstanding during the period.

(2)The amount shown at this caption is the balancing amount derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio securities for the period because of the timing of sales of the Company's shares in relation to fluctuating market values for the portfolio.

(3)The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to **Note 7**).

(4)Total return is calculated as the change in net asset value ("**NAV**") per share (assuming dividends and distributions, if any, are reinvested in accordance with the Company's dividend reinvestment plan), if any, divided by the beginning NAV per share (which for the purposes of this calculation is equal to the net offering price in effect at that time). An investment in the Company is subject to maximum upfront sales load of 3.5% and 1.5% for Class S shares and Class D shares, respectively, of the offering price, which will reduce the amount of capital available for investment. Class I shares are not subject to upfront sales load. Total return displayed is net of all fees, including all operating expenses such as management fees, incentive fees, general and administrative expenses, organization and amortized offering expenses, and interest expenses. Total return is not annualized.

(5)Annualized for the six months ended June 30, 2025 and 2024. Operating expenses may vary in the future based on the amount of capital raised, the Adviser's election to continue expense support, and other unpredictable variables.

(6)The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our total assets, less all liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness. This asset coverage ratio is multiplied by one thousand to determine the asset coverage per unit. As of the six months ended June 30, 2025 and 2024, the Company's asset coverage was 286.7% and 247.2%, respectively.

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**Note 10. Subsequent Events**

Management has evaluated subsequent events through the date of issuance of these consolidated financial statements and has determined that there are no subsequent events outside the ordinary scope of business that require adjustment to, or disclosure in, the consolidated financial statements other than those disclosed below.

***July Subscriptions and Distribution Declaration***

On July 1, 2025, the Company issued and sold 12,265,582 shares (consisting of 10,074,091 Class I shares, 2,141,296 Class S shares and 50,195 Class D shares at an offering price of $24.60 per share for the Class I shares, Class S shares and Class D shares), and the Company received approximately $302 million as payment for such shares.

On July 23, 2025, the Company's Board declared distributions of $0.1622 per Class S share, $0.1748 per Class D share and $0.1800 per Class I share which is payable on or around August 27, 2025 to shareholders of record as of July 31, 2025. Additionally, the Company will pay a special distribution of $0.02 per share on or around August 27, 2025 to all shareholders of record as of July 31, 2025.

***August Subscriptions***

The Company received approximately $614 million of net proceeds relating to the issuance of Class S shares, Class D shares and Class I shares for subscriptions effective August 1, 2025.

***2030 Notes***

On July 17, 2025, the Company entered into a Fourth Supplemental Indenture (the "Fourth Supplemental Indenture" and, together with the Base Indenture, the "July 2025 Indenture") related to the $400 million in aggregate principal amount of its 5.875% notes due 2030 (the "2030 Notes"), which supplements the Base Indenture. The 2030 Notes will mature on August 30, 2030 and may be redeemed in whole or in part at the Company's option at any time or from time to time at the redemption prices set forth in the July 2025 Indenture. The 2030 Notes bear interest at a rate of 5.875% per year payable semi-annually on February 28 and August 30 of each year, commencing on February 28, 2026. The 2030 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the 2030 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.

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**Report of Independent Registered Public Accounting Firm**

To the shareholders and Board of Trustees of Apollo Debt Solutions BDC

**Results of Review of Interim Financial Information**

We have reviewed the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Apollo Debt Solutions BDC and subsidiaries (the "Company") as of June 30, 2025, the related consolidated statements of operations and changes in net assets for the three-month and six-month periods ended June 30, 2025 and 2024, the consolidated statements of cash flows and financial highlights for the six-month periods ended June 30, 2025 and 2024, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of assets and liabilities, including the consolidated schedule of investments, of the Company as of December 31, 2024, and the related consolidated statements of operations, changes in net assets, and cash flows for the year then ended (not presented herein), and the financial highlights for the year then ended (not presented herein); and in our report dated March 13, 2025, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, as of December 31, 2024, is fairly stated, in all material respects, in relation to the consolidated statement of assets and liabilities, including the consolidated schedule of investments, from which it has been derived.

**Basis for Review Results**

This interim financial information is the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ Deloitte & Touche LLP

New York, New York

August 8, 2025

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

The information contained in this section should be read in conjunction with "Item 1. Financial Statements." This discussion contains forward-looking statements, which relate to future events our future performance or financial condition and involves numerous risks and uncertainties, including, but not limited to, those set forth in "*Item 1A. Risk Factors*" in Part I of our annual report on Form 10-K for the fiscal year ended December 31, 2024 and "*Item 1A. Risk Factors*" in Part II of and elsewhere in this Form 10-Q. Actual results could differ materially from those implied or expressed in any forward-looking statements. The six months ended June 30, 2025 represents the period from January 1, 2025 to June 30, 2025.

These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about Apollo Debt Solutions BDC (the "**Company**," "**we**," "**us**" or "**our**"), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as "anticipates," "expects," "intends," "plans," "will," "may," "continue," "believes," "seeks," "estimates," "would," "could," "should," "targets," "projects," "outlook," "potential," "predicts" and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our future operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our business prospects and the prospects of the companies in which we may invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of the investments that we expect to make;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to raise sufficient capital to execute our investment strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•general economic and political trends and other external factors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of our portfolio companies to achieve their objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our current and expected financing arrangements and investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the general interest rate environment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the adequacy of our cash resources, financing sources and working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the timing and amount of cash flows, distributions and dividends, if any, from our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our contractual arrangements and relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•actual and potential conflicts of interest with the Apollo Credit Management, LLC (the "**Adviser**") or any of its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the elevating levels of inflation, and its impact on our portfolio companies and on the industries in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the dependence of our future success on the general economy and its effect on the industries in which we may invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our use of financial leverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of the Adviser to source suitable investments for us and to monitor and administer our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of the Adviser or its affiliates to attract and retain highly talented professionals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to qualify for and maintain our qualification as a regulated investment company and as a BDC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact on our business of U.S. and international financial reform legislation, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the effect of changes to tax legislation and our tax position; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the tax status of the enterprises in which we may invest.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled "*Item 1A. Risk Factors*" and elsewhere in this report. These forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements, except as required by applicable law. Because we are an investment company, the forward-looking statements and projections contained in this report are excluded from the safe harbor protection provided by Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the "**1934 Act**").

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**Overview**

We are an externally managed, diversified closed-end management investment company that has elected to be treated as a business development company ("**BDC**") under the Investment Company Act of 1940, as amended (the "**1940 Act**"). Formed as a Delaware statutory trust on December 4, 2020, we are externally managed by the Adviser. Pursuant to the advisory agreement between us and the Adviser, as amended (the **"Advisory Agreement"**), the Adviser is responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, structuring investments and monitoring our portfolio on an ongoing basis. Our Adviser is registered as investment adviser with the Securities and Exchange Commission (the "**SEC**"). Apollo Credit Management, LLC, as our Administrator (the **"Administrator"**), pursuant to the administration agreement between us and the Administrator, as amended (the **"Administration Agreement**"), provides, among other things, administrative services and facilities to us. We also have elected to be treated, and intend to qualify annually thereafter, as a regulated investment company (**"RIC"**) as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the **"Code"**).

Under the Advisory Agreement, we have agreed to pay the Adviser a management fee as well as an incentive fee based on our investment performance. Also, under the Administration Agreement, we have agreed to reimburse the Administrator for the allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including, but not limited to, our allocable portion of the costs of compensation and related expenses of our chief compliance officer, chief financial officer and their respective staffs.

Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. We invest primarily in private credit opportunities in directly originated assets, including loans and other debt securities, made to or issued by large private U.S. borrowers, with a strong emphasis on senior secured lending. While most of our investments will be in private U.S. companies (subject to compliance with BDC regulatory requirement to invest at least 70% of its assets in private U.S. companies), we also expect to invest from time to time in European and other non-U.S. companies. Our portfolio may also include equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. Under normal circumstances, we will invest directly or indirectly at least 80% of our total assets (net assets plus borrowings for investment purposes) in debt instruments of varying maturities.

Most of the debt instruments we invest in are unrated or rated below investment grade, which is often an indication of size, credit worthiness and speculative nature relative to the capacity of the borrower to pay interest and principal. Generally, if our unrated investments were rated, they would be rated below investment grade. These securities, which are often referred to as "junk" or "high yield", have predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. They may also be difficult to value and are illiquid.

We do not intend to acquire securities issued by any investment company that exceed the limits imposed by the 1940 Act. Under these limits, except for registered money market funds, a BDC generally cannot acquire more than 3% of the voting interests of any investment company, invest more than 5% of the value of its total assets in the securities of one investment company or invest more than 10% of the value of its total assets in the securities of investment companies in the aggregate. Subject to certain exemptive rules, including Rule 12d1-4, the Company may, subject to certain conditions, invest in other investment companies in excess of such thresholds. As of the date of this Quarterly Report, the Company entered into a fund of funds agreement and is an "acquired fund" for purposes of Rule 12d1-4. However, we do not deem the fund of funds agreement as material given that it is not part of the Company's principal investment strategy. For so long as the Company is an "acquired fund" for purposes of Rule 12d1-4, the Company will be required to limit its investments in the securities of other investment companies and private funds to no more than 10% of its total assets, subject to certain limited exceptions permitted under Rule 12d1-4. These restrictions may limit the Company's ability to invest in other investment companies to the extent desired.

**Investments**

We focus primarily on loans and securities, including syndicated loans, of private U.S. companies. Our level of investment activity (both the number of investments and the size of each investment) can and will vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to private companies, the level of merger and acquisition activity for such companies, the general economic environment, trading prices of loans and other securities and the competitive environment for the types of investments we make.

**Revenues**

We generate revenues in the form of interest income on debt investments, capital gains, and dividend income from our equity investments in our portfolio companies. Our senior and subordinated debt investments are expected to bear interest at a fixed or floating rate. Interest on debt securities is generally payable quarterly or semiannually. In some cases, some of our investments may provide for deferred interest payments or paid-in-kind ("**PIK**") interest. The principal amount of the debt securities and any accrued but unpaid PIK interest generally will become due at the maturity date. In addition, we may generate revenue in the form of commitment and other fees in connection with transactions. Original issue discounts and market discounts or premiums are capitalized, and we accrete or amortize such amounts as interest income. We record prepayment premiums on loans and debt securities as interest income. Dividend income, if any, is recognized on an accrual basis to the extent that we expect to collect such amounts.

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**Expenses**

Except as specifically provided below, all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory services to us, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, is provided and paid for by the Adviser. We bear all other costs and expenses of our operations, administration and transactions, including, but not limited to: (a) investment advisory fees, including management fees and incentive fees, to the Adviser, pursuant to the Advisory Agreement; (b) our allocable portion of compensation, and other expenses incurred by the Adviser or Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) our chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Adviser or Administrator that performs duties for us; and (iii) any internal audit group personnel of Apollo Global Management, Inc. and its consolidated subsidiaries ("**AGM**") or any of its affiliates. Excluded from the allowable reimbursement shall be: (i) rent or depreciation, utilities, capital equipment, and other administrative items of the Adviser or Administrator; and (ii) salaries, fringe benefits, travel expenses and other administrative items incurred or allocated to any Controlling Person of the Adviser or Administrator. The term "Controlling Person" shall mean a person, whatever his or her title, who performs functions for the Adviser or Administrator similar to those of (i) the chairman or other member of a board of directors, (ii) executive officers or (iii) those holding 10% or more equity interest in the Adviser or Administrator, or a person having the power to direct or cause the direction of the Adviser or Administrator, whether through the ownership of voting securities, by contract or otherwise; and (c) all other expenses of our operations, administrations and transactions.

With respect to costs incurred in connection with our organization and offering and all other costs incurred prior to the time we break escrow for the offering, the Adviser has agreed to advance all such costs on our behalf. Unless the Adviser elects to cover such expenses pursuant to the Expense Support and Conditional Reimbursement Agreement (as defined below) we entered into with the Adviser, we will be obligated to reimburse the Adviser for such advanced expenses upon breaking escrow for our offering of Common Shares. See "—*Expense Support and Conditional Reimbursement Agreement*." Any reimbursements that may be made by us in the future will not exceed actual expenses incurred by the Adviser and its affiliates.

From time to time, the Adviser, the Administrator or their affiliates may pay third-party providers of goods or services. We will reimburse the Adviser, the Administrator or such affiliates thereof for any such amounts paid on our behalf. From time to time, the Adviser or the Administrator may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses will ultimately be borne by our shareholders.

*Expense Support and Conditional Reimbursement Agreement*

We have entered into an Expense Support Agreement with the Adviser. For additional information see *"Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 3. Agreements and Related Party Transactions."*

**Recent Developments**

***Barn Owl Credit Agreement*** 

On April 8, 2025, Barn Owl Funding, as borrower, the Company, in its capacities as subordinated investor and collateral manager, and the Lender entered into an amendment to the Barn Owl Funding Credit Agreement (the "**First Amendment to Barn Owl Funding Credit Agreement**"). Pursuant to the First Amendment to Barn Owl Funding Credit Agreement, the maximum principal amount which can be drawn upon by Barn Owl Funding prior to the pricing date of the Barn Owl Funding Debt Securitization, subject to certain conditions in the Barn Owl Funding Credit Agreement, was increased from $160 million to $320 million.

On June 2, 2025, Barn Owl Funding, as borrower, the Company, in its capacities as subordinated investor and collateral manager, and the Lender entered into an amendment to the Barn Owl Funding Credit Agreement (the "**Second Amendment to Barn Owl Funding Credit Agreement**"). Pursuant to the Second Amendment to Barn Owl Funding Credit Agreement, the maximum principal amount which can be drawn upon by Barn Owl Funding (x) prior to the pricing date of the Barn Owl Funding Debt Securitization, was increased from $320 million to $400 million and (y) at any time on and after the pricing date of the Barn Owl Funding Debt Securitization, was increased from $360 million to $450 million, in each case subject to certain conditions in the Barn Owl Funding Credit Agreement.

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*2025 Debt Securitization* 

On May 28, 2025 (the "**2025 CLO Closing Date**"), the Company completed a $496 million term debt securitization (the "**2025 Debt Securitization**"). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by a subsidiary of the Company, which is consolidated by the Company and subject to the Company's overall asset coverage requirements.

On the 2025 CLO Closing Date and in connection with the 2025 Debt Securitization, ADL CLO 1 LLC (the "**2025 CLO Issuer**"), an indirect, wholly-owned, consolidated subsidiary of the Company, entered into a Purchase and Placement Agreement with BNP Paribas Securities Corp., as the initial purchaser (the "**Initial Purchaser**") and Apollo Global Securities, LLC, as co-placement agent, pursuant to which the 2025 CLO Issuer agreed to sell certain of the notes to the Initial Purchaser issued as part of the 2025 Debt Securitization pursuant to an indenture by and between the 2025 CLO Issuer and U.S. Bank Trust Company, National Association, as collateral trustee (the "**2025 CLO Indenture**").

The notes issued as part of the 2025 Debt Securitization consist of $126 million of AAA(sf)/AAA(sf) Class A-1a Senior Secured Floating Rate Notes due 2037, which bear interest at the three-month secured overnight financing rate published by SOFR plus 1.67% (the "**2025 Class A-1a Notes**"); $10 million of AAA(sf)/AAA(sf) Class A-1b Senior Secured Floating Rate Notes due 2037, which bear interest at the three-month SOFR plus 1.90% (the "**2025 Class A-1b Notes**"); $30 million of AA(sf) Class A-2 Senior Secured Floating Rate Notes due 2037, which bear interest at the three-month SOFR plus 2.10% (the "**2025 Class A-2 Notes**"); $40 million of A(sf) Class B Senior Secured Deferrable Floating Rate Notes due 2037, which bear interest at the three-month SOFR plus 3.15% (the "**2025 Class B Notes**"); $30 million of BBB-(sf) Class C Senior Secured Deferrable Floating Rate Notes due 2037, which bear interest at the three-month SOFR plus 4.50% (the "**2025 Class C Notes**" and together with the 2025 Class A-1a Notes, the 2025 Class A-1b Notes, the 2025 Class A-2 Notes and the 2025 Class B Notes, the "**2025 Secured Notes**"). Additionally, on the 2025 CLO Closing Date, the 2025 CLO Issuer will issue $86 million of Subordinated Notes due 2125 (the "**2025 Subordinated Notes**"), which do not bear interest. The 2025 Secured Notes together with the 2025 Subordinated Notes are collectively referred to herein as the "**2025 Notes**."

Additionally, the 2025 CLO Issuer incurred certain loans as part of the 2025 Debt Securitization, consisting of $114 million of AAA(sf)/AAA(sf) Class A-1a-L1 Loans due 2037, which bear interest at the three-month SOFR plus 1.67% (the "**2025 Class A-1a-L1 Loans**"); $50 million of AAA(sf)/AAA(sf) Class A-1a-L2 Loans due 2037, which bear interest at the three-month SOFR plus 1.67% (the "**2025 Class A-1a-L2 Loans**"); and $10 million of AA(sf) Class A-1b Loans due 2037, which bear interest at the three-month SOFR plus 1.90% (the "**2025 Class A-1b Loans**" and together with the 2025 Class A-1a-L1 Loans and the 2025 Class A-1a-L2 Loans, the "**2025 Loans**" and the 2025 Loans together with the 2025 Secured Notes, the "**2025 Secured Debt**" and 2025 Secured Debt together with the 2025 Subordinated Notes, the "**2025 Debt**") incurred by the 2025 CLO Issuer on the 2025 CLO Closing Date. The (i) 2025 Class A-1a-L1 Loans were incurred pursuant to a Class A-1a-L1 Credit Agreement among the 2025 CLO Issuer, as borrower, U.S. Bank Trust Company, National Association, as loan agent and collateral trustee and the lenders party thereto (the "**Class A-1a-L1 Credit Agreement**"), (ii) 2025 Class A-1a-L2 Loans were incurred pursuant to a Class A-1a-L2 Credit Agreement among the 2025 CLO Issuer, as borrower, U.S. Bank Trust Company, National Association, as loan agent and collateral trustee and the lenders party thereto (the "**Class A-1a-L2 Credit Agreement**"), and (iii) 2025 Class A-1b Loans were incurred pursuant to a Class A-1b Credit Agreement among the 2025 CLO Issuer, as borrower, U.S. Bank Trust Company, National Association, as loan agent and collateral trustee and the lenders party thereto (the "**Class A-1b Credit Agreement**" and together with the Class A-1a-L1 Credit Agreement and the Class A-1a-L2 Credit Agreement, the "**2025 CLO Credit Agreements**").

The 2025 Debt Securitization is backed by a diversified portfolio consisting primarily of first-lien commercial loans. The 2025 Secured Debt is scheduled to mature on July 15, 2037 and the 2025 Subordinated Notes are scheduled to mature on July 15, 2125; however, the 2025 Debt may be redeemed by the 2025 CLO Issuer, at the direction of ADL CLO 1 Depositor LLC (the "**CLO Retention Provider**"), a wholly-owned, consolidated subsidiary of the Company, as owner of a majority of the 2025 Subordinated Notes, on any business day on or after May 28, 2027. The CLO Retention Provider acts as retention holder in connection with the 2025 Debt Securitization for the purposes of satisfying certain U.S. regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of the 2025 Subordinated Notes. The Company, through the CLO Retention Provider, has retained 100% of the 2025 Class B Notes, the 2025 Class C Notes and the 2025 Subordinated Notes issued in the 2025 Debt Securitization.

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The 2025 CLO Issuer intends to use the proceeds from the 2025 Debt Securitization to, among other things, purchase certain loans ("**2025 Collateral Obligations**") from time to time on and after the 2025 CLO Closing Date from the Company pursuant to a master loan sale agreement entered into on the 2025 CLO Closing Date (the "**2025 Loan Sale Agreement**") among the Company, the CLO Retention Provider and the 2025 CLO Issuer. Under the terms of the 2025 Loan Sale Agreement that provide for the sale of 2025 Collateral Obligations to the 2025 CLO Issuer, the Company will transfer to the CLO Retention Provider, and the CLO Retention Provider will transfer to the 2025 CLO Issuer, a portion of its ownership interest in the 2025 Collateral Obligations securing the 2025 Debt Securitization for the purchase price and other consideration set forth in the 2025 Loan Sale Agreement from time to time on and after the 2025 CLO Closing Date. Following these transfers, the 2025 CLO Issuer, and not the CLO Retention Provider or the Company, will hold all of the ownership interest in such loans and participations. The Company made customary representations, warranties and covenants in the 2025 Loan Sale Agreement.

The 2025 Secured Debt is the secured obligation of the 2025 CLO Issuer, the 2025 Subordinated Notes are the unsecured obligations of the 2025 CLO Issuer, and the 2025 CLO Indenture and the CLO Credit Agreements governing the 2025 Debt include customary covenants and events of default. The 2025 Debt has not been, and will not be, registered under the Securities Act of 1933, as amended, or any state securities or "blue sky" laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

**Portfolio and Investment Activity**

Our portfolio and investment activity during the three and six months ended June 30, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **(in thousands)** | **2025** | **2024** | **2025** | **2024** |
| Investments made in portfolio companies | $4844978 | $3363708 | $8975827 | $5545473 |
| Investments sold | (931445) | (164123) | (1661947) | (403051) |
| Net activity before repaid investments | $3913533 | $3199585 | $7313879 | $5142422 |
| Investments repaid | (1722841) | (646001) | (2297390) | (865183) |
| Net investment activity | $2190693 | $2553584 | $5016489 | $4277239 |
| Portfolio companies at beginning of period | 353 | 222 | 323 | 180 |
| Number of new portfolio companies | 45 | 49 | 95 | 96 |
| Number of exited portfolio companies | (33) | (10) | (53) | (15) |
| Portfolio companies at end of period | 365 | 261 | 365 | 261 |
| Number of investments made in existing portfolio companies | 106 | 22 | 75 | 61 |

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Our portfolio composition and weighted average yields as of June 30, 2025 and December 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| **Portfolio composition, at fair value:** |  |  |
| &nbsp;&nbsp;First lien secured debt | 99.8% | 99.9% |
| &nbsp;&nbsp;Second lien secured debt | 0.0% | 0.0% |
| &nbsp;&nbsp;Unsecured debt and other | 0.2% | 0.1% |
| **Weighted average yields, at amortized cost** <sup>(1)</sup>**:** |  |  |
| &nbsp;&nbsp;First lien secured debt <sup>(2)</sup> | 9.4% | 9.8% |
| &nbsp;&nbsp;Second lien secured debt <sup>(2)</sup> | 0.0% | 0.0% |
| &nbsp;&nbsp;Unsecured debt and other <sup>(2)</sup> | 5.9% | 6.0% |
| &nbsp;&nbsp;Total portfolio <sup>(3)</sup> | 9.3% | 9.8% |
| **Interest rate type, at fair value:** |  |  |
| &nbsp;&nbsp;Fixed rate amount | $0.6 billion | $0.4 billion |
| &nbsp;&nbsp;Floating rate amount | $19.1 billion | $14.2 billion |
| &nbsp;&nbsp;Fixed rate, as percentage of total | 3.8% | 2.7% |
| &nbsp;&nbsp;Floating rate, as percentage of total | 96.2% | 97.3% |
| **Interest rate type, at amortized cost:** |  |  |
| &nbsp;&nbsp;Fixed rate amount | $0.6 billion | $0.4 billion |
| &nbsp;&nbsp;Floating rate amount | $18.9 billion | $14.2 billion |
| &nbsp;&nbsp;Fixed rate, as percentage of total | 3.5% | 2.7% |
| &nbsp;&nbsp;Floating rate, as percentage of total | 96.5% | 97.3% |
| Weighted average spread over reference rate of all floating rate investments | 4.9% | 5.1% |

---

(1)An investor's yield may be lower than the portfolio yield due to sales loads and other expenses.

(2)Exclusive of investments on non-accrual status. As of June 30, 2025 and December 31, 2024, 0.2% and 0.2% of investments were on non-accrual status, respectively.

(3)Inclusive of all income generating investments, non-income generating investments and investments on non-accrual status.

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Our Adviser monitors our portfolio companies on an ongoing basis. It monitors the financial trends of each portfolio company to determine if they are meeting their respective business plans and to assess the appropriate course of action with respect to each portfolio company. Our Adviser has several methods of evaluating and monitoring the performance and fair value of our investments, which may include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•assessment of success of the portfolio company in adhering to its business plan and compliance with covenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•periodic and regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor, to discuss financial position, requirements and accomplishments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•comparisons to other companies in the portfolio company's industry; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•review of monthly or quarterly financial statements and financial projections for portfolio companies.

As part of the monitoring process, our Adviser employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, our Adviser rates the credit risk of all investments on a scale of 1 to 5. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment (i.e., at the time of origination or acquisition), although it may also take into account the performance of the portfolio company's business, the collateral coverage of the investment and other relevant factors. The rating system is as follows:

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| | |
|:---|:---|
| Investment Rating | Description |
| 1 | Investments rated 1 involve the least amount of risk to our initial cost basis. The borrower is performing above expectations, and the trends and risk factors for this investment since origination or acquisition are generally favorable; |
| 2 | Investments rated 2 involve an acceptable level of risk that is similar to the risk at the time of origination or acquisition. The borrower is generally performing as expected and the risk factors are neutral to favorable. All investments or acquired investments in new portfolio companies are initially assessed a rating of 2; |
| 3 | Investments rated 3 involve a borrower performing below expectations and indicates that the loan's risk has increased somewhat since origination or acquisition; |
| 4 | Investments rated 4 involve a borrower performing materially below expectations and indicates that the loan's risk has increased materially since origination or acquisition. In addition to the borrower being generally out of compliance with debt covenants, loan payments may be past due (but generally not more than 120 days past due); and |
| 5 | Investments rated 5 involve a borrower performing substantially below expectations and indicates that the loan's risk has increased substantially since origination or acquisition. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. Loans rated 5 are not anticipated to be repaid in full and we will reduce the fair market value of the loan to the amount we anticipate will be recovered. |

---

The following table shows the composition of our portfolio on the 1 to 5 rating scale as of June 30, 2025 and December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Investment Ranking** | **Fair Value** | **Percentage** | **Fair Value** | **Percentage** |
| (in thousands) |  |  |  |  |
| 1 | $— | 0.0% | $— | 0.0% |
| 2 | 19627475 | 98.6% | 14433436 | 99.1% |
| 3 | 237147 | 1.2% | 96589 | 0.7% |
| 4 | 20588 | 0.1% |  | 0.0% |
| 5 | 10936 | 0.1% | 25510 | 0.2% |
| **Total** | $19896145 | 100.0% | $14555535 | 100.0% |

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**Results of Operations**

Operating results for the three and six months ended June 30, 2025 and 2024 were as follows (dollar amounts in millions)\*:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Total investment income | $456.5 | $281.7 | $849.3 | $506.4 |
| Net expenses | (198.4) | (120.4) | (367.2) | (216.7) |
| Net investment income | 258.1 | 161.3 | 482.1 | 289.7 |
| Net realized gain (loss) | (160.5) | 12.9 | (220.5) | (13.3) |
| Net unrealized appreciation (depreciation) | 187.0 | (10.9) | 185.5 | 52.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | $284.6 | $163.3 | $447.2 | $329.1 |

---

\* Totals may not foot due to rounding.

Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including acquisitions, the level of new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. Additionally, many of the period over period changes are a result of increased deployment of capital and balance of our investments. Thus, comparisons may not be meaningful.

***Investment Income***

Investment income, for the three and six months ended June 30, 2025 and 2024 were as follows (dollar amounts in millions)\*:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Interest income | $442.4 | $267.4 | $824.2 | $482.8 |
| PIK interest income | 9.2 | 3.8 | 14.5 | 9.1 |
| Dividend income | 1.8 | 1.9 | 3.4 | 2.4 |
| Other income | 3.1 | 8.5 | 7.2 | 12.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $456.5 | $281.7 | $849.3 | $506.4 |

---

\* Totals may not foot due to rounding.

For the three months ended June 30, 2025, total investment income increased to $456.5 million from $281.7 million for the same period in the prior year, primarily driven by our continuing deployment of capital. The size of our investment portfolio at fair value increased to $19.9 billion at June 30, 2025 from $11.0 billion at June 30, 2024. For the three months ended June 30, 2025 and 2024 payment-in-kind interest income represented 2.0% and 1.4% of total investment income, respectively. We expect that investment income will vary based on a variety of factors including the pace of our originations, repayments, and changes in interest rates.

For the six months ended June 30, 2025, total investment income increased to $849.3 million from $506.4 million for the same period in the prior year primarily driven by our continuing deployment of capital. The size of our investment portfolio at fair value increased to $19.9 billion at June 30, 2025 from $11.0 billion at June 30, 2024. For the six months ended June 30, 2025 and 2024 payment-in-kind interest income represented 1.7% and 1.8% of total investment income, respectively. We expect that investment income will vary based on a variety of factors including the pace of our originations, repayments, and changes in interest rates.

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***Expenses***

Expenses for the three and six months ended June 30, 2025 and 2024 were as follows (dollar amounts in millions)\*:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Management fees | $39.8 | $19.8 | $73.2 | $35.1 |
| Performance-based incentive fees | 37.7 | 23.8 | 69.3 | 43.6 |
| Interest and other debt expenses | 108.6 | 69.4 | 200.7 | 124.5 |
| Offering costs | 0.1 | 0.2 | 0.4 | 0.2 |
| Trustees' fees | 0.2 | 0.1 | 0.3 | 0.2 |
| Shareholder servicing fees | 5.4 | 2.9 | 10.1 | 5.1 |
| Administrative service expenses | 2.4 | 1.0 | 4.6 | 2.1 |
| Other general and administrative expenses | 4.4 | 3.2 | 8.5 | 5.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | $198.4 | $120.4 | $367.2 | $216.7 |

---

\* Totals may not foot due to rounding.

For the three months ended June 30, 2025 and 2024, net expenses were $198.4 million and $120.4 million, respectively, primarily comprised of interest and other debt expenses.

For the six months ended June 30, 2025 and 2024, net expenses were $367.2 million and $216.7 million, respectively, primarily comprised of interest and other debt expenses.

*Interest and other debt expenses*

For the three months ended June 30, 2025, interest and other debt expenses increased to $108.6 million from $69.4 million for the same period in the prior year, primarily driven by increased borrowing expenses, on our Senior Secured Facility, SPV Financing Facilities, CLO Notes, Private Placements and Unsecured Notes, and increased borrowings outstanding. The total annualized cost of debt decreased to 7.3% for the three months ended June 30, 2025 from 8.6% for the same period in the prior year. The average principal debt outstanding increased to $5.9 billion for the three months ended June 30, 2025 from $3.2 billion for the same period in the prior year.

For the six months ended June 30, 2025, interest and other debt expenses increased to $200.7 million from $124.5 million for the same period in the prior year, primarily driven by increased borrowing expenses, on our Senior Secured Facility, SPV Financing Facilities, CLO Notes, Private Placements and Unsecured Notes, and increased borrowings outstanding. The total annualized cost of debt decreased to 7.2% for the six months ended June 30, 2025 from 8.7% for the same period in the prior year. The average principal debt outstanding increased to $5.5 billion for the six months ended June 30, 2025 from $2.8 billion for the same period in the prior year.

*Management fees*

For the three months ended June 30, 2025, gross management fees increased to $39.8 million from $19.8 million for the same period in the prior year, primarily due to an increase in average net assets. Our average net assets increased to $11.8 billion for the three months ended June 30, 2025 from $6.4 billion for the three months ended June 30, 2024. Management fees are payable monthly in arrears at an annual rate of 1.25% of the value of our net assets as of the beginning of the first calendar day of the applicable month. No management fees have been waived for the three months ended June 30, 2025 and 2024.

For the six months ended June 30, 2025, gross management fees increased to $73.2 million from $35.1 million for the same period in the prior year, primarily due to an increase in average net assets. Our average net assets increased to $12.8 billion for the six months ended June 30, 2025 from $5.6 billion for the six months ended June 30, 2024. Management fees are payable monthly in arrears at an annual rate of 1.25% of the value of our net assets as of the beginning of the first calendar day of the applicable month. No management fees have been waived for the six months ended June 30, 2025 and 2024.

*Incentive fees*

For the three months ended June 30, 2025, incentive fees increased to $37.7 million from $23.8 million for the same period in the prior year primarily due to our deployment of capital and increase in net investment income. No incentive fees have been waived for the three months ended June 30, 2025 and 2024.

For the six months ended June 30, 2025, incentive fees increased to $69.3 million from $43.6 million for the same period in the prior year primarily due to our deployment of capital and increase in net investment income. No incentive fees have been waived for the six months ended June 30, 2025 and 2024.

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*Other expenses*

Total other expenses were $12.3 million for the three months ended June 30, 2025, primarily comprised of $5.6 million of distribution and shareholder servicing fees paid with respect to Class S and Class D investors, $2.3 million of professional fees (including legal, rating agencies, audit, tax, valuation, technology and other professional fees related to management of the Company), and $4.4 million of general and administrative expenses (including insurance, filing, research, and fees paid to our sub-administrator and transfer agent). Total other expenses for the same period in the prior year were $7.5 million. The increase compared to the same period in the prior year was primarily driven by the increased costs attributable to servicing a growing investment portfolio, increased subscriptions to our Class S and Class D shares, and increased borrowings through the establishment of new financing facilities and the issuance of unsecured notes.

Total other expenses were $23.5 million for the six months ended June 30, 2025, primarily comprised of $10.4 million of distribution and shareholder servicing fees paid with respect to Class S and Class D investors, $0.2 million of U.S. federal excise tax, $4.5 million of professional fees (including legal, rating agencies, audit, tax, valuation, technology and other professional fees related to management of the Company), and $8.4 million of general and administrative expenses (including insurance, filing, research, and fees paid to our sub-administrator and transfer agent). Total other expenses for the same period in the prior year were $13.5 million. The increase compared to the same period in the prior year was primarily driven by the increased costs attributable to servicing a growing investment portfolio, increased subscriptions to our Class S and Class D shares, and increased borrowings through the establishment of new financing facilities and the issuance of unsecured notes.

*Expense support*

For the three and six months ended June 30, 2025 and 2024, the Company did not receive expense support from the Adviser and did not make any repayments.

***Net Realized Gain (Loss)***

Net realized gains (losses) for the three and six months ended June 30, 2025 and 2024 were comprised of the following (dollar amounts in millions)\*:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Non-controlled/non-affiliated investments | $(31.7) | $10.4 | $(28.8) | $11.5 |
| Derivative instruments | 0.7 |  | 1.3 |  |
| Foreign currency forward contracts | (142.7) | 2.2 | (210.1) | (4.1) |
| Foreign currency transactions | 13.2 | 0.3 | 17.1 | (20.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | $(160.5) | $12.9 | $(220.5) | $(13.3) |

---

\* Totals may not foot due to rounding.

For the three and six months ended June 30, 2025, we generated total net realized losses of $160.5 million and $220.5 million, respectively, driven by net realized losses of $31.7 million and $28.8 million, respectively, on non-controlled/non-affiliated investments primarily due to a restructuring of an existing investment. We had net realized losses of $142.7 and $210.1 million, respectively, from foreign currency forward contracts primarily attributable to fluctuations in the Euro and British Pound exchange rates. Net realized losses were partially offset by net realized gains of $13.2 million and $17.1 million, respectively, on foreign currency transactions, in addition to net realized gains of $0.7 million and $1.3 million on derivative instruments.

For the three and six months ended June 30, 2024, we recognized gross realized gains on investments of $26.2 million and $45.3, respectively, and gross realized losses on investments of $15.8 and $33.8 million, respectively, resulting in net realized gains on investments of $10.4 million and $11.5 million, respectively, primarily from full or partial sales of our liquid debt investments.

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***Net Unrealized Gain (Loss)***

Net change in unrealized gains (losses) for the three and six months ended June 30, 2025 and 2024 were comprised of the following (dollar amounts in millions)\*:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Non-controlled/non-affiliated investments | $262.2 | $(16.9) | $279.8 | $0.8 |
| Derivative instruments | (14.9) | 1.4 | (15.5) | 1.4 |
| Foreign currency forward contracts | (75.5) | 0.3 | (101.5) | 14.9 |
| Foreign currency translations | 15.2 | 4.2 | 22.7 | 35.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized gains (losses) | $187.0 | $(10.9) | $185.5 | $52.7 |

---

\* Totals may not foot due to rounding.

For the three months ended June 30, 2025, we recognized a net change in unrealized gains of $262.2 million on non-controlled/non-affiliated investments and $15.2 million on foreign currency translations. The fair value of our debt investments, as a percentage of principal, increased from 100.1% as of March 31, 2025 to 100.3% as of June 30, 2025. This increase was primarily driven by changes in portfolio company fundamentals and broader market trends. This overall increase was partially offset by a net change in unrealized losses of $14.9 million on derivative instruments and $75.5 million on foreign currency forward contracts, primarily due to fluctuations in the Euro and British Pound exchange rates.

For the three months ended June 30, 2024, we recognized gross unrealized gains on investments of $57.1 million and gross unrealized losses on investments of $74.0 million, resulting in a net change in unrealized losses of $16.9 million for the second fiscal quarter of 2024. The depreciation noted in the portfolio was primarily driven by tightening of spreads which caused slightly lower valuations for our portfolio.

For the six months ended June 30, 2025, we recognized a net change in unrealized gains of $279.8 million on non-controlled/non-affiliated investments and $22.7 million on foreign currency translations. The fair value of our debt investments, as a percentage of principal, decreased from 100.9% as of December 31, 2024 to 100.3% as of June 30, 2025, primarily driven by changes in portfolio company fundamentals and broader market trends. Despite this decrease in fair value of debt investments as a percentage of principal, favorable foreign currency translation fluctuations, particularly in the Euro, British Pound, Australian Dollar, and Korean Won contributed to an overall net change in unrealized gains. This overall net change in unrealized gains was partially offset by net changes in unrealized losses of $15.5 million on derivative instruments and $101.5 million on foreign currency forward contracts, also influenced by Euro and British Pound exchange rate fluctuations.

For the six months ended June 30, 2024, we recognized gross unrealized gains on investments of $96.5 million and gross unrealized losses on investments of $95.7 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized gains of $0.8 million on investments year-to-date.

The net change in unrealized gains (losses) include the recognition of realized gains (losses) due to sale and paydown activity.

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**Interest Rate Swaps**

The Company uses interest rate swaps to mitigate interest rate risk associated with the Company's fixed rate liabilities, and has designated certain interest rate swaps to be in a hedge accounting relationship. See "*Item 1. Consolidated Financial Statements - Notes to Consolidated Financial Statements - Note 2. Significant Accounting Policies*" and "*Item 1. Consolidated Financial Statements - Notes to Consolidated Financial Statements - Note 5. Derivative Instruments*" for additional disclosure regarding our accounting for derivative instruments designated in a hedge accounting relationship, and our consolidated schedule of investments for additional disclosure regarding these derivative instruments. See "*Item 1. Consolidated Financial Statements - Notes to Consolidated Financial Statements - Note 6. Debt and Foreign Currency Transactions and Translations*" for additional disclosure regarding the carrying value of our debt.

**Currency Swaps**

The Company uses currency swaps to mitigate the value of portfolio securities denominated in particular currencies against fluctuations in relative value or to gain or reduce exposure to certain currencies. See *"Item 1. Consolidated Financial Statements - Notes to Consolidated Financial Statements - Note 2. Significant Accounting Policies"* and *"Item 1. Consolidated Financial Statements - Notes to Consolidated Financial Statements - Note 5. Derivative Instruments"* for additional disclosure regarding our accounting for derivative instruments designated in a hedge accounting relationship, and our consolidated schedule of investments for additional disclosure regarding these derivative instruments. See *"Item 1. Consolidated Financial Statements - Notes to Consolidated Financial Statements - Note 6. Debt and Foreign Currency Transactions and Translations"* for additional disclosure regarding the carrying value of our debt.

**Liquidity and Capital Resources**

The Company's liquidity and capital resources are generated and generally available through our continuous offering of Common Shares and debt offerings, our Senior Secured Facility (as defined in **Note 6** to the consolidated financial statements), investments in special purpose entities in which we hold and finance particular investments on a non-recourse basis, as well as from cash flows from operations, investment sales of liquid assets and repayments of senior and subordinated loans and income earned from investments.

As of June 30, 2025, we had three asset based leverage facilities, ten unsecured debt issuances, one CLO warehouse facility, seven CLO Notes, and one revolving credit facility outstanding. We have and will continue to, from time to time, enter into additional credit facilities, increase the size of our existing credit facilities or issue additional debt securities, including debt securitizations and unsecured debt. Any such incurrence or issuance may be from sources within the U.S. or from various foreign geographies or jurisdictions, and may be denominated in currencies other than the U.S. Dollar. Additionally, any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred shares, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred shares, is at least 150%.

We believe that our current cash and cash equivalents on hand, our short-term investments, our available borrowing capacity under our Senior Secured Facility and our anticipated cash flows from operations will be adequate to meet our cash needs for our daily operations in the near term.

***Cash Equivalents***

The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only securities with a maturity of three months or less from the date of purchase would qualify, with limited exceptions. The Company deems that certain money market funds, U.S. Treasury bills, repurchase agreements and other high-quality, short-term debt securities would qualify as cash equivalents (see **Note 2** to the consolidated financial statements). At the end of each fiscal quarter, we consider taking proactive steps utilizing cash equivalents with the objective of enhancing our investment flexibility during the following quarter, pursuant to Section 55 of the 1940 Act. More specifically, we may purchase U.S. Treasury bills from time-to-time on the last business day of the quarter and typically close out that position on the following business day, settling the sale transaction on a net cash basis with the purchase, subsequent to quarter end. We may also utilize repurchase agreements or other balance sheet transactions, including drawing down on our Senior Secured Facility, as we deem appropriate.

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***Debt***

See **Note 6** to the consolidated financial statements for information on the Company's debt.

The following table shows the contractual maturities of our debt obligations as of June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments Due by Period\*** | **Payments Due by Period\*** | **Payments Due by Period\*** | **Payments Due by Period\*** | **Payments Due by Period\*** |
| **(in millions)** | **Total** | **Less than 1 Year** | **1 to 3 Years** | **3 to 5 Years** | **More than 5 Years** |
| Senior Secured Facility <sup>(1)</sup> | $976 | $— | $— | $976 | $— |
| SPV Financing Facilities <sup>(2)</sup> | 1654 |  |  | 1654 |  |
| CLO Notes | 780 |  |  |  | 780 |
| CLO Warehouse Facilities <sup>(3)</sup> | 273 |  | 273 |  |  |
| Unsecured Notes | 3357 | 100 | 432 | 1325 | 1500 |
| Total Debt Obligations | $7040 | $100 | $705 | $3955 | $2280 |

---

\* Totals may not foot due to rounding.

(1)As of June 30, 2025, aggregate lender commitments under the Senior Secured Facility totaled $1.8 billion of unused capacity.

(2)As of June 30, 2025, aggregate lender commitments under the SPV Financing Facilities totaled $146.1 million of unused capacity.

(3)As of June 30, 2025, aggregate lender commitments under the CLO Warehouse Facility totaled $126.9 million of unused capacity.

The following table shows the contractual maturities of our debt obligations as of December 31, 2024:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments Due by Period\*** | **Payments Due by Period\*** | **Payments Due by Period\*** | **Payments Due by Period\*** | **Payments Due by Period\*** |
| **(in millions)** | **Total** | **Less than 1 Year** | **1 to 3 Years** | **3 to 5 Years** | **More than 5 Years** |
| Senior Secured Facility <sup>(1)</sup> | $470 | $— | $— | $470 | $— |
| SPV Financing Facilities <sup>(2)</sup> | 1231 |  | 187 | 1044 |  |
| CLO Class A-1 Notes | 450 |  |  |  | 450 |
| Unsecured Notes | 2844 | 62 | 439 | 1343 | 1000 |
| Total Debt Obligations | $4995 | $62 | $626 | $2857 | $1450 |

---

\* Totals may not foot due to rounding.

(1)As of December 31, 2024, aggregate lender commitments under the Senior Secured Facility totaled $2.3 billion of unused capacity.

(2)As of December 31, 2024, aggregate lender commitments under the SPV Financing Facilities totaled $318.7 million of unused capacity.

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***Net Assets***

See **Note 7** to the consolidated financial statements for information on the Company's Common Shares and related capital activities.

***Distributions***

The following table summarizes our distributions declared and payable for the six months ended June 30, 2025 (dollar amounts in thousands, except per share amounts):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Class S Distributions** | **Class S Distributions** | **Class D Distributions** | **Class D Distributions** | **Class I Distributions** | **Class I Distributions** |  |
| **Record Date** | **Declaration Date** | **Payment Date** | **Per Share** | **Amount\*** | **Per Share** | **Amount\*** | **Per Share** | **Amount\*** |  |
| January 31, 2025 | January 22, 2025 | February 27, 2025 | $0.1621 | $13892 | $0.1747 | $182 | $0.1800 | $57637 |  |
| January 31, 2025 | December 23, 2024 | February 27, 2025 | 0.0200 | 1714 | 0.0200 | 21 | 0.0200 | 6405 | (1) |
| February 28, 2025 | February 21, 2025 | March 27, 2025 | 0.1638 | 14739 | 0.1752 | 183 | 0.1800 | 62318 |  |
| February 28, 2025 | December 23, 2024 | March 27, 2025 | 0.0200 | 1800 | 0.0200 | 21 | 0.0200 | 6923 | (1) |
| March 31, 2025 | March 24, 2025 | April 28, 2025 | 0.1621 | 15583 | 0.1747 | 186 | 0.1800 | 66593 |  |
| March 31, 2025 | December 23, 2024 | April 28, 2025 | 0.0200 | 1896 | 0.0200 | 21 | 0.0200 | 7308 | (1) |
| April 30, 2025 | April 22, 2025 | May 29, 2025 | 0.1628 | 16289 | 0.1749 | 192 | 0.1800 | 70701 |  |
| April 30, 2025 | March 24, 2025 | May 29, 2025 | 0.0200 | 2001 | 0.0200 | 22 | 0.0200 | 7856 | (1) |
| May 31, 2025 | May 22, 2025 | June 27, 2025 | 0.1623 | 16725 | 0.1748 | 196 | 0.1800 | 74897 |  |
| May 31, 2025 | March 24, 2025 | June 27, 2025 | 0.0200 | 2061 | 0.0200 | 22 | 0.0200 | 8322 | (1) |
| June 30, 2025 | June 23, 2025 | July 29, 2025 | 0.1628 | 17424 | 0.1749 | 215 | 0.1800 | 78164 |  |
| June 30, 2025 | March 24, 2025 | July 29, 2025 | 0.0200 | 2141 | 0.0200 | 25 | 0.0200 | 8685 | (1) |
|  |  |  | $1.0959 | $106264 | $1.1692 | $1285 | $1.2000 | $455810 |  |

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\* Totals may not foot due to rounding.

(1) Represents a special distribution.

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The following table presents distributions that were declared during the six months ended June 30, 2024 (dollar amounts in thousands, except per share amounts):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Class S Distributions** | **Class S Distributions** | **Class D Distributions** | **Class D Distributions** | **Class I Distributions** | **Class I Distributions** |  |
| **Record Date** | **Declaration Date** | **Payment Date** | **Per Share** | **Amount\*** | **Per Share** | **Amount\*** | **Per Share** | **Amount\*** |  |
| January 31, 2024 | January 23, 2024 | February 28, 2024 | $0.1622 | $6206 | $0.1748 | $74 | $0.1800 | $25802000 |  |
| January 31, 2024 | December 20, 2023 | February 28, 2024 | 0.0200 | 765 | 0.0200 | 8 | 0.0200 | 2867000 | (1) |
| February 29, 2024 | February 26, 2024 | March 27, 2024 | 0.1634 | 6818 | 0.1751 | 82 | 0.1800 | 28229000 |  |
| February 29, 2024 | December 20, 2023 | March 27, 2024 | 0.0200 | 835 | 0.0200 | 9 | 0.0200 | 3137000 | (1) |
| March 29, 2024 | March 21, 2024 | April 26, 2024 | 0.1622 | 7606 | 0.1748 | 90 | 0.1800 | 31021000 |  |
| March 29, 2024 | December 20, 2023 | April 26, 2024 | 0.0200 | 938 | 0.0200 | 10 | 0.0200 | 3447000 | (1) |
| April 30, 2024 | April 23, 2024 | May 29, 2024 | 0.1627 | 8260 | 0.1749 | 100 | 0.1800 | 33209000 |  |
| April 30, 2024 | March 21, 2024 | May 29, 2024 | 0.0200 | 1015 | 0.0200 | 11 | 0.0200 | 3690000 | (1) |
| May 31, 2024 | May 22, 2024 | June 27, 2024 | 0.1621 | 9041 | 0.1747 | 90 | 0.1800 | 35634000 |  |
| May 31, 2024 | March 21, 2024 | June 27, 2024 | 0.0200 | 1116 | 0.0200 | 10 | 0.0200 | 3959000 | (1) |
| June 28, 2024 | June 21, 2024 | July 29, 2024 | 0.1627 | 9710 | 0.1749 | 98 | 0.1800 | 39154000 |  |
| June 28, 2024 | March 21, 2024 | July 29, 2024 | 0.0200 | 1193650 | 0.0200 | 11 | 0.0200 | 4349000 | (1) |
|  |  |  | $1.0953 | $53504 | $1.1692 | $594 | $1.2000 | $214498 |  |

---

\* Totals may not foot due to rounding.

(1) Represents a special distribution.

The Company has adopted a distribution reinvestment plan, pursuant to which the Company will reinvest all cash dividends declared by our Board of Trustees (the "**Board**") on behalf of our shareholders who do not elect to receive their dividends in cash as provided below. As a result, if the Board authorizes, and the Company declares, a cash dividend or other distribution, then shareholders who have not opted out of our distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares as described below, rather than receiving the cash dividend or other distribution. Distributions on fractional shares will be credited to each participating shareholder's account to three decimal places.

Sources of distributions, other than net investment income and realized gains on a U.S. generally accepted accounting principles ("**GAAP**") basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions. The following table reflects the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its Common Shares during the six months ended June 30, 2025 (dollar amounts in thousands, except per share amounts):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class S** | **Class S** | **Class D** | **Class D** | **Class I** | **Class I** |
| **Source of Distribution** | **Per Share** | **Amount** | **Per Share** | **Amount** | **Per Share** | **Amount** |
| Net investment income | $1.0888 | $105576 | $1.1621 | $1277 | $1.1929 | $453113 |
| Net realized gains | 0.0071 | 688 | 0.0071 | 8 | 0.0071 | 2697 |
| Distributions in excess of net investment income |  |  |  |  |  |  |
|  | $1.0959 | $106264 | $1.1692 | $1285 | $1.2000 | $455810 |

---

The following table reflects the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its Common Shares during the six months ended June 30, 2024 (dollar amounts in thousands, except per share amounts):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class S** | **Class S** | **Class D** | **Class D** | **Class I** | **Class I** |
| **Source of Distribution** | **Per Share** | **Amount** | **Per Share** | **Amount** | **Per Share** | **Amount** |
| Net investment income | $1.0953 | $53504 | $1.1692 | $594 | $1.2000 | $214498 |
| Net realized gains |  |  |  |  |  |  |
| Distributions in excess of net investment income |  |  |  |  |  |  |
|  | $1.0953 | $53504 | $1.1692 | $594 | $1.2000 | $214498 |

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To maintain our RIC status, we must distribute at least 90% of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, out of the assets legally available for distribution. Although we currently intend to distribute realized net capital gains (i.e., net long-term capital gains in excess of short-term capital losses), if any, at least annually, out of the assets legally available for such distributions, we may in the future decide to retain such capital gains for investments.

We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of these distributions from time to time. In addition, due to the asset coverage test applicable to us as a BDC, we may in the future be limited in our ability to make distributions. Also, our Senior Secured Facility and SPV Financing Facilities may limit our ability to declare distributions if we default under certain provisions or fail to satisfy certain other conditions. If we do not distribute a certain percentage of our income annually, we may suffer adverse tax consequences, including possible loss of the tax benefits available to us as a RIC. In addition, in accordance with GAAP and tax regulations, we include in income certain amounts that we have not yet received in cash, such as contractual PIK, which represents contractual interest added to the loan balance that becomes due at the end of the loan term, or the accrual of original issue or market discount. Since we may recognize income before or without receiving cash representing such income, we may not be able to meet the requirement to distribute at least 90% of our investment company taxable income to obtain tax benefits as a RIC. With respect to the distributions to shareholders, income from origination, structuring, closing, commitment and other upfront fees associated with investments in portfolio companies is treated as taxable income and accordingly, distributed to shareholders.

***Share Repurchase Program***

At the discretion of our Board, the Company has commenced a share repurchase program in which it has the ability to repurchase the Company's Common Shares outstanding as of the close of the previous calendar quarter. The Board may amend or suspend the share repurchase program if in its reasonable judgment it deems such action to be in the Company's best interest and the best interest of our shareholders. As a result, share repurchases may not be available each quarter. Should the Board suspend the share repurchase program, the Board will consider whether the continued suspension of the program is in the best interests of the Company and shareholders on a quarterly basis. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the 1934 Act and the 1940 Act. All shares purchased by the Company pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the share repurchase plan, to the extent the Company offers to repurchase shares in any particular quarter, it is expected to repurchase shares pursuant to tender offers on or around the last business day of that quarter using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (the "**Early Repurchase Deduction**"). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.

The following table presents information with respect to the Company's share repurchases during the six months ended June 30, 2025 (dollar amounts in thousands, except per share amounts):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase Deadline Request** | **Number of Shares Repurchased (all classes)** | **Percentage of Outstanding Shares Repurchased** <sup>(1)</sup> | **Price Paid Per Share** | **Repurchase Pricing Date** | **Amount Repurchased (all classes)** <sup>(3)</sup> | **Maximum number of shares that may yet be purchased under the repurchase plan** <sup>(2)</sup> |
| March 17, 2025 | 5282627 | 1.38% | $24.65 | March 31, 2025 | $130147 | 13919523 |
| June 16, 2025 | 8418605 | 1.83% | $24.60 | June 30, 2025 | 207118 | 14645892 |

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(1) Percentage is based on total shares as of the close of the previous calendar quarter.

(2) All repurchase requests were satisfied in full.

(3) Amounts shown net of Early Repurchase Deduction.

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The following table presents information with respect to the Company's share repurchases during the six months ended June 30, 2024 (dollar amounts in thousands, except per share amounts):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase Deadline Request** | **Number of Shares Repurchased (all classes)** | **Percentage of Outstanding Shares Repurchased** <sup>(1)</sup> | **Price Paid Per Share** | **Repurchase Pricing Date** | **Amount Repurchased (all classes)** <sup>(3)</sup> | **Maximum number of shares that may yet be purchased under the repurchase plan** <sup>(2)</sup> |
| March 15, 2024 | 5079296 | 3.03% | $24.85 | March 31, 2024 | 126101 | 3293303 |
| June 13, 2024 | 1612752 | 0.75% | $24.90 | June 30, 2024 | 40110 | 9120695 |

---

(1) Percentage is based on total shares as of the close of the previous calendar quarter.

(2) All repurchase requests were satisfied in full.

(3) Amounts shown net of Early Repurchase Deduction.

**Contractual Obligations**

We have entered into the Advisory Agreement with the Adviser to provide us with investment advisory services and the Administration Agreement with the Administrator to provide us with administrative services. We have also entered into an Expense Support Agreement with the Adviser to provide us with support with respect to certain expenses and subject to reimbursement. Payments for investment advisory services under the Advisory Agreements, reimbursements under the Administration Agreement and support and reimbursements under the Expense Support Agreement are described in *"Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 3. Agreements and Related Party Transactions."*

We intend to establish one or more credit facilities or enter into other financing arrangements to facilitate investments and the timely payment of our expenses. It is anticipated that any such credit facilities will bear interest at floating rates at to-be-determined spreads over the Secured Overnight Financing Rate ("**SOFR**") or an alternative reference rate. We cannot assure shareholders that we will be able to enter into a credit facility on favorable terms or at all. In connection with a credit facility or other borrowings, lenders may require us to pledge assets, commitments and/or drawdowns (and the ability to enforce the payment thereof) and may ask to comply with positive or negative covenants that could have an effect on our operations.

**Off-Balance Sheet Arrangements**

*Portfolio Company Commitments*

Our investment portfolio contains and is expected to continue to contain debt investments which are in the form of various commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. The Company provides funding when requested by portfolio companies in accordance with underlying loan agreements. As of June 30, 2025 and December 31, 2024, we had unfunded commitments, including delayed draw term loans, revolvers, bridge loan and backstop commitments, with an aggregate principal amount of $2.9 billion and $2.3 billion, respectively.

*Other Commitments and Contingencies*

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business.

On March 14, 2023, certain First Lien and Second Lien holders of debt issued by Mitel filed a complaint in New York State Court captioned Ocean Trails CLO VII et al v. MLN TopCo Ltd., et al, Index No. 651327/2023, against certain other First Lien and Second Lien debt holders, as well as the Company, alleging, among other things, that the defendant lenders breached the terms of their lending agreements and the New York Uniform Voidable Transfer Act in connection with certain amendments to the relevant documents governing the debt. On December 5, 2023, the trial court granted defendants' motions to dismiss in part and denied them in part. The plaintiffs and defendants appealed the courts' motion to dismiss ruling to the intermediate New York State appellate court. On December 31, 2024, the intermediate New York State appellate court dismissed the entire case, including all claims against the Company. On January 30, 2025, plaintiffs filed a motion for leave to appeal the intermediate New York State appellate court's ruling to the New York Court of Appeals. That motion was held in abeyance following Mitel's filing of voluntary Chapter 11 bankruptcy petitions in the U.S. Bankruptcy Court for the Southern District of Texas. Plaintiffs and defendants memorialized settlement of the litigation in Mitel's Chapter 11 plan of reorganization and related bankruptcy documentation. The effective date for Mitel's plan of reorganization occurred on June 20, 2025. Pursuant to the settlement, the parties have submitted both (i) a stipulated request for withdrawal of the plaintiffs' motion for leave to appeal to the New York Court of Appeals and (ii) a joint request to the trial court for the clerk to enter final judgment, dismissing with prejudice all claims and crossclaims.

Management is not aware of any pending or threatened material litigation as of June 30, 2025 other than the matter disclosed above.

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**Related-Party Transactions**

We entered into a number of business relationships with affiliated or related parties, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Advisory Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Administration Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Intermediary Manager Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Expense Support and Conditional Reimbursement Agreement.

In addition to the aforementioned agreements, we, our Adviser and certain of our Adviser's affiliates have been granted exemptive relief by the SEC to co-invest with other funds managed by our Adviser or its affiliates in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. See *"Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 3. Agreements and Related Party Transactions."*

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**Critical Accounting Estimates**

The preparation of the consolidated 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. In addition to the discussion below, our significant accounting policies are further described in the notes to the consolidated financial statements. *See "Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 2. Significant Accounting Policies"* of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025.

***Investments***

Investment transactions are all recorded on a trade date basis. Investments are recognized when we assume an obligation to acquire a financial instrument and assume the risks for gains and losses related to that instrument. Investments are derecognized when we assume an obligation to sell a financial instrument and forego the risks for gains or losses related to that instrument. Investment transactions that have not yet settled as of the period-end date are reported as a receivable for investments sold and a payable for investments purchased, respectively, in the Consolidated Statements of Assets and Liabilities.

Realized gains or losses are measured by the difference between the net proceeds received and the amortized cost basis of the investment. The cost of investments is relieved using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

Pursuant to Rule 2a-5 under the 1940 Act, our Board has designated the Adviser as its "valuation designee" to perform the fair value determinations for investments held by us without readily available market quotations. The Adviser, as "valuation designee," is responsible for determining the fair value of our portfolio investments, subject to the oversight of the Board.

Investments for which market quotations are readily available are typically valued at such market quotations. In order to verify whether market quotations are deemed to represent fair value, the Adviser, looks at certain factors including the source and nature of the quotations. Market quotations may be deemed not to represent fair value in certain circumstances where the Adviser reasonably believes that facts and circumstances applicable to an issuer, a seller or purchaser or the market for a particular security causes current market quotes not to reflect the fair value of the security. Examples of these events could include cases in which material events are announced after the close of the market on which a security is primarily traded, when a security trades infrequently causing a quoted purchase or sale price to become stale or in the event of a "fire sale" by a distressed seller.

If and when market quotations are deemed not to represent fair value, we typically utilize independent third party valuation firms to assist us in determining fair value. Accordingly, such investments go through our multi-step valuation process as described below. The Adviser engages multiple independent valuation firms based on a review of each firm's expertise and relevant experience in valuing certain securities. In each case, our independent valuation firms consider observable market inputs together with significant unobservable inputs in arriving at their valuation recommendations for such Level 3 categorized assets.

With respect to investments for which market quotations are not readily available or when such market quotations are deemed not to represent fair value, our Adviser undertakes a multi-step valuation process each quarter, as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Independent valuation firms engaged conduct independent appraisals and assessments for all the investments they have been engaged to review. If an independent valuation firm is not engaged during a particular quarter, the valuation may be conducted by the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)At least each quarter, the valuation will be reassessed and updated by the Adviser or an independent valuation firm to reflect company specific events and latest market data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Preliminary valuation conclusions are then documented and discussed with senior management of our Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)The Adviser discusses valuations and determines in good faith the fair value of each investment in our portfolio based on the input of the applicable independent valuation firm; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)For Level 3 investments entered into within the current quarter, the cost (purchase price adjusted for accreted original issue discount/amortized premium) or any recent comparable trade activity on the security investment shall be considered to reasonably approximate the fair value of the investment, provided that no material change has since occurred in the issuer's business, significant inputs or the relevant environment.

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Investments are valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. During the three months ended June 30, 2025, there were no significant changes to the Company's valuation techniques and related inputs considered in the valuation process. In following these approaches, the types of factors that we may take into account in fair value pricing our investments include, as relevant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•available current market data, including relevant and applicable market trading and transaction comparables,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•applicable market yields and multiples,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•security covenants,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•seniority of investments in the investee company's capital structure,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•call protection provisions,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•information rights,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the nature and realizable value of any collateral,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the portfolio company's ability to make payments,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•earnings and discounted cash flows,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the markets in which the portfolio company does business,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•comparisons of financial ratios of peer companies that are public,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•M&A comparables,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our principal market (as the reporting entity), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•enterprise values, among other factors.

Because there is not a readily available market value for most of the investments in our portfolio, substantially all of our portfolio investments are valued at fair value as determined in good faith by the Adviser, as the valuation designee, as described herein. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had an active market existed for such investments and may differ materially from the values that we may ultimately realize.

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.

***Fair Value Measurements***

The Company follows guidance in ASC 820, *Fair Value Measurement* ("**ASC 820**"), where fair value is defined as the price 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. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities.

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ASC 820 classifies the inputs used to measure these fair values into the following hierarchy:

Level 1: Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date.

Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices.

Level 3: Unobservable inputs for the asset or liability.

In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. The level assigned to the investment valuations may not be indicative of the risk or liquidity associated with investing in such investments. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may differ materially from the values that would be received upon an actual disposition of such investments.

See **Notes 2** and **4** to our unaudited consolidated financial statements included herein for additional information regarding the fair value of our financial instruments.

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

We are subject to financial market risks, including changes in interest rates and the valuations of our investment portfolio. For additional information concerning potential impact on our business and our operating results, see "*Part II - Other Information, Item 1A. Risk Factors.*"

***Investment Valuation Risk***

Because there is not a readily available market value for most of the investments in our portfolio, we value most of our portfolio investments at fair value as determined in good faith by our Board based on, among other things, the input of our management and audit committee and independent valuation firms that have been engaged at the direction of our Board to assist in the valuation of each portfolio investment without a readily available market quotation (with certain de minimis exceptions). Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that we may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates*" as well as **Notes 2** and **4** to our consolidated financial statements for the three and six months ended June 30, 2025, for more information relating to our investment valuation.

***Interest Rate Risk***

Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

As of June 30, 2025, 96% of our debt portfolio investments bore interest at variable rates, which generally are SOFR based (or based on an equivalent applicable currency rate) and typically have durations of one to six months after which they reset to current market interest rates, and many of which are subject to certain floors. Our SPV Financing Facilities generally bear interest at SOFR rates subject to certain interest rate floors. Our Unsecured Notes, which bear interest at fixed rates, are hedged by entering into fixed to floating interest rate swaps, in order to align the interest rates of our liabilities in our investment portfolio.

We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities. Based on that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates.

The following table shows the estimated annual impact on net investment income of base rate changes in interest rates (considering interest rate flows for variable rate instruments) to our loan portfolio and outstanding debt as of June 30, 2025, assuming no changes in our investment and borrowing structure:

---

| | | |
|:---|:---|:---|
| **Basis Point Change** | **Net Investment Income** | **Net Investment Income Per Share** |
| **(in millions)** |  |  |
| Up 200 basis points | $212.9 | $0.40 |
| Up 150 basis points | 159.7 | 0.30 |
| Up 100 basis points | 106.4 | 0.20 |
| Up 50 basis points | 53.2 | 0.10 |
| Down 50 basis points | (53.2) | (0.10) |
| Down 100 basis points | (106.1) | (0.20) |
| Down 150 basis points | (158.6) | (0.30) |
| Down 200 basis points | (210.5) | (0.39) |

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We may hedge against interest rate fluctuations from time-to-time by using standard hedging instruments such as futures, options and forward contracts subject to the requirements of the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in the benefits of lower interest rates with respect to our portfolio of investments.

**Item 4. Controls and Procedures**

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

As of June 30, 2025 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the 1934 Act). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

***Changes in Internal Controls Over Financial Reporting***

Management has not identified any change in the Company's internal control over financial reporting that occurred during our most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

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**PART II - OTHER INFORMATION**

**Item 1. Legal Proceedings**

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business.

On March 14, 2023, certain First Lien and Second Lien holders of debt issued by Mitel filed a complaint in New York State Court captioned Ocean Trails CLO VII et al v. MLN TopCo Ltd., et al, Index No. 651327/2023, against certain other First Lien and Second Lien debt holders, as well as the Company, alleging, among other things, that the defendant lenders breached the terms of their lending agreements and the New York Uniform Voidable Transfer Act in connection with certain amendments to the relevant documents governing the debt. On December 5, 2023, the trial court granted defendants' motions to dismiss in part and denied them in part. The plaintiffs and defendants appealed the courts' motion to dismiss ruling to the intermediate New York State appellate court. On December 31, 2024, the intermediate New York State appellate court dismissed the entire case, including all claims against the Company. On January 30, 2025, plaintiffs filed a motion for leave to appeal the intermediate New York State appellate court's ruling to the New York Court of Appeals. That motion was held in abeyance following Mitel's filing of voluntary Chapter 11 bankruptcy petitions in the U.S. Bankruptcy Court for the Southern District of Texas. Plaintiffs and defendants memorialized settlement of the litigation in Mitel's Chapter 11 plan of reorganization and related bankruptcy documentation. The effective date for Mitel's plan of reorganization occurred on June 20, 2025. Pursuant to the settlement, the parties have submitted both (i) a stipulated request for withdrawal of the plaintiffs' motion for leave to appeal to the New York Court of Appeals and (ii) a joint request to the trial court for the clerk to enter final judgment, dismissing with prejudice all claims and crossclaims.

Management is not aware of any pending or threatened material litigation as of June 30, 2025 other than the matter disclosed above.

**Item 1A. Risk Factors**

In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in Part I, "*Item 1A. Risk Factors*" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which could materially affect our business, financial condition and/or operating results. These risks are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

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

***Unregistered Sales of Equity Securities***

Refer to our Current Reports on Form 8-K filed with SEC on April 22, 2025, May 22, 2025, and June 23, 2025 for information about unregistered sales of our equity securities during the quarter.

***Shares Repurchases***

We have commenced a share repurchase program in which we intend to offer to repurchase, in each quarter, up to 5% of our Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. Our Board of Trustees may amend or suspend the share repurchase program at any time if in its reasonable judgment it deems such action to be in our best interest and the best interest of our shareholders, such as when a repurchase offer would place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. As a result, share repurchases may not be available each quarter. We intend to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. All shares purchased by us pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under our share repurchase program, to the extent we offer to repurchase shares in any particular quarter, we expect to repurchase shares pursuant to quarterly tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV.

The following table presents information with respect to the Company's share repurchases during the six months ended June 30, 2025 (dollar amounts in thousands, except per share amounts):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase Deadline Request** | **Number of Shares Repurchased (all classes)** | **Percentage of Outstanding Shares Repurchased** <sup>(1)</sup> | **Price Paid Per Share** | **Repurchase Pricing Date** | **Amount Repurchased (all classes)** <sup>(3)</sup> | **Maximum number of shares that may yet be purchased under the repurchase plan** <sup>(2)</sup> |
| March 17, 2025 | 5282627 | 1.38% | $24.65 | March 31, 2025 | $130147 | 13919523 |
| June 16, 2025 | 8418605 | 1.83% | $24.60 | June 30, 2025 | 207118 | 14645892 |

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(1) Percentage is based on total shares as of the close of the previous calendar quarter.

(2) All repurchase requests were satisfied in full.

(3) Amounts shown net of Early Repurchase Deduction.

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**Item 3. Defaults Upon Senior Securities**

None.

**Item 4. Mine Safety Disclosures**

Not applicable.

**Item 5. Other Information**

During the fiscal quarter ended June 30, 2025, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement."

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**Item 6. Exhibits**

---

| | |
|:---|:---|
| **<u>Exhibit</u>**<br>**<u>Number</u>** | **<u>Description of Exhibits</u>** |
| 3.1 | [<u>Fifth Amended and Restated Declaration of Trust of the Registrant (1)</u>](https://www.sec.gov/Archives/edgar/data/1837532/000095017025038785/ck0001837532-ex3_1.htm) |
| 3.2 | [<u>Third Amended and Restated Bylaws of the Registrant (2)</u>](https://www.sec.gov/Archives/edgar/data/1837532/000095017024031479/ck0001837532-ex3_2.htm) |
| 10.1 | [<u>First Amendment to Credit Agreement, dated April 8, 2025, Barn Owl Funding LLC, as borrower, Apollo Debt Solutions BDC, in its capacities as subordinated investor and collateral manager, and Bank of America, N.A., as Lender. (3)</u>](https://www.sec.gov/Archives/edgar/data/1837532/000119312525080186/d835536dex101.htm) |
| 10.2 | [<u>Purchase and Placement Agreement, dated as of May 28, 2025, by and among ADL CLO 1 LLC, as issuer, BNP Paribas Securities Corp., as initial purchaser and Apollo Global Securities, LLC, as co-placement agent. (4)</u>](https://www.sec.gov/Archives/edgar/data/1837532/000119312525132140/d50122dex101.htm) |
| 10.3 | [<u>Indenture, dated as of May 28, 2025, by and between ADL CLO 1 LLC, as issuer and U.S. Bank Trust Company, National Association, as collateral trustee. (5)</u>](https://www.sec.gov/Archives/edgar/data/1837532/000119312525132140/d50122dex102.htm) |
| 10.4 | [<u>Class A-1a-L1 Credit Agreement, dated as of May 28, 2025, by and among ADL CLO 1 LLC, as borrower, U.S. Bank Trust Company, National Association, as loan agent and collateral trustee and the lenders party thereto. (6)</u>](https://www.sec.gov/Archives/edgar/data/1837532/000119312525132140/d50122dex103.htm) |
| 10.5 | [<u>Class A-1a-L2 Credit Agreement, dated as of May 28, 2025, by and among ADL CLO 1 LLC, as borrower, U.S. Bank Trust Company, National Association, as loan agent and collateral trustee and the lenders party thereto. (7)</u>](https://www.sec.gov/Archives/edgar/data/1837532/000119312525132140/d50122dex104.htm) |
| 10.6 | [<u>Class A-1b Credit Agreement, dated as of May 28, 2025, by and among ADL CLO 1 LLC, as borrower, U.S. Bank Trust Company, National Association, as loan agent and collateral trustee and the lenders party thereto. (8)</u>](https://www.sec.gov/Archives/edgar/data/1837532/000119312525132140/d50122dex105.htm) |
| 10.7 | [<u>Collateral Management Agreement, dated as of May 28, 2025, by and between ADL CLO 1 LLC, as issuer, and Apollo Debt Solutions BDC, as collateral manager. (9)</u>](https://www.sec.gov/Archives/edgar/data/1837532/000119312525132140/d50122dex106.htm) |
| 10.8 | [<u>Master Loan Sale Agreement, dated as of May 28, 2025, by and among Apollo Debt Solutions BDC, as transferor, ADL CLO 1 Depositor LLC, as retention holder and ADL CLO 1 LLC, as issuer. (10)</u>](https://www.sec.gov/Archives/edgar/data/1837532/000119312525132140/d50122dex107.htm) |
| 10.9 | [<u>Second Amendment to Credit Agreement, dated June 2, 2025, Barn Owl Funding LLC, as borrower, Apollo Debt Solutions BDC, in its capacities as subordinated investor and collateral manager, and Bank of America, N.A., as Lender. (11)</u>](https://www.sec.gov/Archives/edgar/data/1837532/000119312525135885/d941169dex101.htm) |
| 10.10 | [<u>Form of Fund of Funds Investment Agreement.\*</u>](ck0001837532-ex10_10.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>](ck0001837532-ex31_1.htm) |
| 31.2 | [<u>Certification of 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>](ck0001837532-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>](ck0001837532-ex32_1.htm) |
| 32.2 | [<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>](ck0001837532-ex32_2.htm) |
| 101.INS | Inline XBRL Instance Document \* |
| 101.SCH | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents \* |
| 104 | Cover Page Interactive Data File (Formatted as Inline XBRL and embedded in Exhibit 101) \* |

---

\* Filed herewith

__________________

(1)Incorporated by reference to Exhibit 3.1 to the Registrant's Annual Report on Form 10-K (File No. 814-01424), filed on March 13, 2025.

(2)Incorporated by reference to Exhibit 3.2 to the Registrant's Annual Report on Form 10-K (File No. 814-01424), filed on March 14, 2024.

(3)Incorporated by reference to Exhibit 10.1 to the Registrant's Current on Form 8-K (File No. 814-01424), filed on April 14, 2025.

(4)Incorporated by reference to Exhibit 10.1 to the Registrant's Current on Form 8-K (File No. 814-01424), filed on May 30, 2025.

(5)Incorporated by reference to Exhibit 10.2 to the Registrant's Current on Form 8-K (File No. 814-01424), filed on May 30, 2025.

(6)Incorporated by reference to Exhibit 10.3 to the Registrant's Current on Form 8-K (File No. 814-01424), filed on May 30, 2025.

(7)Incorporated by reference to Exhibit 10.4 to the Registrant's Current on Form 8-K (File No. 814-01424), filed on May 30, 2025.

(8)Incorporated by reference to Exhibit 10.5 to the Registrant's Current on Form 8-K (File No. 814-01424), filed on May 30, 2025.

(9)Incorporated by reference to Exhibit 10.6 to the Registrant's Current on Form 8-K (File No. 814-01424), filed on May 30, 2025.

(10)Incorporated by reference to Exhibit 10.7 to the Registrant's Current on Form 8-K (File No. 814-01424), filed on May 30, 2025.

(11)Incorporated by reference to Exhibit 10.1 to the Registrant's Current on Form 8-K (File No. 814-01424), filed on June 5, 2025.

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**SIGNATURES**

Pursuant to the requirements 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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| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Earl Hunt<br>Earl Hunt | Chairperson, Chief Executive Officer and Trustee (Principal Executive Officer) | August 8, 2025 |
| /s/ Eric Rosenberg<br>Eric Rosenberg | Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | August 8, 2025 |

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## Exhibit 10.10

**RULE 12d1-4**

# **FUND OF FUNDS INVESTMENT AGREEMENT** 
This FUND OF FUNDS INVESTMENT AGREEMENT (this "**Agreement**"), dated as of [•], is between [•] (the "**Acquiring Fund**"), and Apollo Debt Solutions BDC (the "**Acquired Fund**" and, together with the Acquiring Fund, the "**Funds**").

WHEREAS, the Acquiring Fund is a closed-end management investment company that is registered with the U.S. Securities and Exchange Commission (the "**SEC**") under the Investment Company Act of 1940 (the "**Investment Company Act**");

WHEREAS, the Acquired Fund is a closed-end management investment company that has elected to be regulated as a business development company (a "**BDC**") under the Investment Company Act;

WHEREAS, Section 12(d)(1) of the Investment Company Act generally limits the ability of a registered investment company to invest in voting stock of a business development company;

WHEREAS, Rule 12d1-4 under the Investment Company Act generally permits a registered investment company to invest in voting stock of a BDC in excess of the limitations under Sections 12(d)(1) subject to certain terms and conditions; and

WHEREAS, the Acquiring Fund, from time to time, may wish to acquire voting stock of the Acquired Fund in excess of the limitations under Sections 12(d)(1) in reliance on Rule 12d1- 4.

NOW, THEREFORE, in consideration of the potential benefits to the Funds arising out of the investment by the Acquiring Fund in the Acquired Fund, the Funds agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Representations and Obligations of the Acquired Fund**

The Acquired Fund represents, warrants and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)it will comply with the terms and conditions of Rule 12d1-4 and this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)it will promptly notify the Acquiring Fund if the Acquired Fund fails to comply with the terms and conditions of Rule 12d1-4 or this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)it has adopted policies and procedures reasonably designed to prevent violations of Rule 12d1-4; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)it will provide, subject to applicable law, the Acquiring Fund and its investment adviser and investment subadviser with information reasonably requested by the Acquiring Fund and its investment adviser and investment subadviser to comply with the terms and conditions of Rule 12d1-4, including information on the fees and expenses of the Acquired Fund.

## **2 Representations and Obligations of the Acquiring Fund** 
The Acquiring Fund represents, warrants, and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)it will comply with the terms and conditions of Rule 12d1-4 and this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)it will promptly notify the Acquired Fund if the Acquiring Fund fails to comply with the terms and conditions of Rule 12d1-4 or this Agreement; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)it will adopt policies and procedures reasonably designed to prevent violations of Rule 12d1-4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Condition to Initial Purchase in Reliance on Rule 12d1-4**

The Acquiring Fund and the Acquired Fund agree that, prior to the initial acquisition by the Acquiring Fund of shares of the Acquired Fund in reliance on Rule 12d1-4, the investment adviser and investment subadviser (if applicable) to each of the Acquiring Fund and the Acquired Fund must make in writing the findings required by Rule 12d1-4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Indemnification**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Acquiring Fund agrees to hold harmless, indemnify and defend the Acquired Fund, including any principals, directors or trustees, officers, employees and agents ("**Acquired Fund Agents**"), against and from any and all losses, costs, expenses or liabilities incurred by or claims or actions ("**Claims**") asserted against the Acquired Fund, including any Acquired Fund Agents, to the extent such Claims result from: (i) a violation of any provision of this Agreement by the Acquiring Fund or (ii) a violation of the terms and conditions of Rule 12d1-4, in each case by the Acquiring Fund, its principals, directors or trustees, officers, employees, agents, advisers or subadvisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Acquired Fund agrees to hold harmless, indemnify and defend the Acquiring Fund, including any principals, directors or trustees, officers, employees and agents ("**Acquiring Fund Agents**"), against and from any and all Claims asserted against the Acquiring Fund, including any Acquiring Fund Agents, to the extent such Claims result from: (i) a violation of any provision of this Agreement by the Acquired Fund or (ii) a violation of the terms and conditions of Rule 12d1-4, in each case by the Acquired Fund, its principals, directors or trustees, officers, employees, agents, advisers or subadvisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Any indemnification pursuant to this Section shall include any reasonable counsel fees and expenses incurred in connection with investigating and/or defending the applicable Claims. This Section shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Notices**

Except as otherwise noted, all notices, including all information that either party is required to provide under the terms of this Agreement, shall be in writing and shall be delivered to the contact identified below (which may be changed from time to time upon written notice to the other party) by (i) overnight courier; (ii) registered or certified mail, postage prepaid, return receipt

requested; or (iii) e-mail (to all parties set forth below). All notices, demands or requests so given will be deemed given when actually received.

<u>If to the Acquiring Fund</u>:

[•]

with copies (which shall not constitute notice) to:

[•]

<u>If to the Acquired Fund</u>:

[•]

------

with copies (which shall not constitute notice) to:

[•]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Termination and Governing Law**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This Agreement will continue until terminated in writing by either party upon 30 days' notice to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)This Agreement will be governed by laws of Delaware without regard to choice of law principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Miscellaneous**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This Agreement may not be assigned by either party without the prior written consent of the other. In the event either party assigns this Agreement to a third party as provided in this Section, such third party shall be bound by the terms and conditions of this Agreement applicable to the assigning party. Any assignment in contravention of this Section shall be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Except as expressly set forth herein, nothing in this Agreement shall confer any rights upon any person or entity other than the parties hereto and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)No amendment, modification, or supplement of any provision of this Agreement will be valid or effective unless made in writing and signed by a duly authorized representative of each party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. This Agreement shall become binding when any two or more counterparts thereof, individually or taken together, bear the signatures of both parties hereto. For purposes hereof, a facsimile copy of this Agreement, including the signature pages hereto, shall be deemed an original.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)If any provision of this Agreement is determined to be invalid, illegal or unenforceable, the remaining provisions of this Agreement remain in full force and effect, if the essential terms and conditions of this Agreement for both parties remain valid, legal and enforceable.

[*Signature page follows*]

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

[•]

 **___________________________________**

Name: [•]

Title: [•]

# **APOLLO DEBT SOLUTIONS BDC** 
_____________________________

Name: [•]

Title: [•]

*[Signature page to PMAX Fund of Funds Investment Agreement]*

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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, Earl Hunt, Chief Executive Officer of Apollo Debt Solutions BDC (the "registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of the registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer 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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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.

Dated: August 8, 2025

---

| | |
|:---|:---|
| By: | /s/ Earl Hunt |
|  | Earl Hunt |
|  | Chief 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, Eric Rosenberg, Chief Financial Officer of Apollo Debt Solutions BDC (the "registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of the registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer 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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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.

Dated: August 8, 2025

---

| | |
|:---|:---|
| By: | /s/ Eric Rosenberg |
|  | Eric Rosenberg |
|  | Chief 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**

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as Chief Executive Officer of Apollo Debt Solutions BDC (the "Company"), does hereby certify that to the undersigned's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.the Company's Form 10-Q for the quarter ended June 30, 2025 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 Company's Form 10-Q for the quarter ended June 30, 2025 fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: August 8, 2025

---

| | |
|:---|:---|
| By: | /s/ Earl Hunt |
|  | Earl Hunt |
|  | Chief 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**

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as Chief Financial Officer of Apollo Debt Solutions BDC (the "Company"), does hereby certify that to the undersigned's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.the Company's Form 10-Q for the quarter ended June 30, 2025 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 Company's Form 10-Q for the quarter ended June 30, 2025 fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: August 8, 2025

---

| | |
|:---|:---|
| By: | /s/ Eric Rosenberg |
|  | Eric Rosenberg |
|  | Chief Financial Officer |

---

------