# EDGAR Filing Document

**Accession Number:** 0002052152
**File Stem:** 0000950170-25-107411
**Filing Date:** 2025-8
**Character Count:** 191926
**Document Hash:** e4da42c782ba32a1ab2a815a0f4e5556
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-107411.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0000950170-25-107411

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 59

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250812

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Apollo Origination II (Levered) Capital Trust
- **CENTRAL INDEX KEY:** 0002052152

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56722
- **FILM NUMBER:** 251207436

**BUSINESS ADDRESS:**
- **STREET 1:** 9 WEST 57TH STREET, 42ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-822-0516

**MAIL ADDRESS:**
- **STREET 1:** 9 WEST 57TH STREET, 42ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Apollo Origination II (L) Capital Trust
- **DATE OF NAME CHANGE:** 20250114

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

------

**FORM** 10-Q

------

**(Mark One)**

☒ **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:** 000-56722

Apollo Origination II (Levered) Capital Trust

**(Exact Name of Registrant as Specified in its Charter)**

------

---

| | |
|:---|:---|
| Delaware | 33-6481219 |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(I.R.S. Employer<br>Identification No.)** |
| 9 West 57 Street<br>New York**,** NY | 10019 |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

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

------

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

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |

---

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

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

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

---

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

---

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

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

As of August 11, 2025, the registrant had 22,533,408 common shares of beneficial interest, $0.001 par value per share, outstanding.

------

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| **PART I. FINANCIAL INFORMATION**  | **PART I. FINANCIAL INFORMATION**  | **PART I. FINANCIAL INFORMATION**  |
| Item 1. | [<u>Consolidated Financial Statements (Unaudited)</u>](#item_1_consolidated_financial_statements) | 1 |
|  | &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>](#consolidated_statements_of_assets_and) | 1 |
|  | &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 (Unaudited)</u>](#consolidated_statements_of_operations) | 2 |
|  | &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 (Unaudited)</u>](#consolidated_statements_of_changes_in_nt) | 3 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statement of Cash Flows for the six months ended June 30, 2025 (Unaudited)</u>](#statements_of_cash_flows) | 4 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Schedule of Investments as of June 30, 2025 (Unaudited)</u>](#consolidated_schedule_of_investments) | 5 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Notes to Consolidated Financial Statements (Unaudited)</u>](#notes_to_consolidated_financial) | 19 |
| Item 2. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_2_managements_discussion_and_a) | 35 |
| Item 3. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item_3_quantitative_and_qualitative) | 44 |
| Item 4. | [<u>Controls and Procedures</u>](#item_4_controls_and_procedures) | 45 |
| **PART II. OTHER INFORMATION** | **PART II. OTHER INFORMATION** | **PART II. OTHER INFORMATION** |
| Item 1. | [<u>Legal Proceedings</u>](#item_1_legal_proceedings) | 46 |
| Item 1A. | [<u>Risk Factors</u>](#item_1a_risk_factors) | 46 |
| Item 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#item_2_unregistered_sales_of_equity) | 46 |
| Item 3. | [<u>Defaults Upon Senior Securities</u>](#item_3_defaults_upon_senior_securities) | 46 |
| Item 4. | [<u>Mine Safety Disclosures</u>](#item_4_mine_safety_disclosures) | 46 |
| Item 5. | [<u>Other Information</u>](#item_5_other_information) | 46 |
| Item 6. | [<u>Exhibits</u>](#item_6_exhibits) | 47 |
|  | [<u>Signatures</u>](#signatures) | 48 |

---

------

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

**PART I. FINANCIAL INFORMATION**

In this report, the terms the "Company," "we," "us" and "our" refer to Apollo Origination II (Levered) Capital Trust unless the context specifically states otherwise.

**Item 1. Consolidated Financial Statements**

**APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST**

**CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES**

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

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
|  | **(Unaudited)** |  |
| **Assets** |  |  |
| Investments at fair value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments (cost - $1,161,562 and $0 at June 30, 2025 and December 31, 2024, respectively) | $1161257 |  |
| Cash and cash equivalents | 33041 | 2 |
| Receivable for investments sold | 7217 |  |
| Due from counterparties | 9814 |  |
| Interest receivable | 6561 |  |
| Other assets | 261 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $1218151 | 2 |
| **Liabilities** |  |  |
| Debt (net of deferred financing costs of $5,293 and $0, at June 30, 2025 and December 31, 2024, respectively) | $616705 |  |
| Payable for investments purchased | 1604 |  |
| Interest payable | 8022 |  |
| Management fees payable | 1127 |  |
| Performance-based incentive fees payable | 1688 |  |
| Administration fees payable | 264 | 8 |
| Professional fees payable |  | 65 |
| Accrued organizational costs | 12 | 15 |
| Other liabilities and accrued expenses | 311 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | $629733 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commitments and contingencies (**Note 7**) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Net Assets** | $588418 | $(86) |
| **Net Assets** |  |  |
| Common stock, $0.001 par value (Unlimited shares authorized; 22,533,408 and 60 shares issued and outstanding, respectively) | $23 | 0\* |
| Capital in excess of par value | 563312 | 1 |
| Accumulated distributed earnings (losses) | 25083 | (87) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Net Assets** | $588418 | $(86) |
| **Net Asset Value Per Share** | $26.11 | N/A |

---

\* Rounded value

See notes to the consolidated financial statements.

------

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

**APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST**

**CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | **Three Months<br>Ended June 30,** | **Six Months<br>Ended June 30,** |
|  | **2025** | **2025** |
| **Investment Income** |  |  |
| Non-controlled/non-affiliated investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income (excluding Payment-in-kind ("PIK") interest income) | $27091 | $47320 |
| &nbsp;&nbsp;&nbsp;&nbsp;PIK interest income | 631 | 804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 151 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 598 | 948 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | $28471 | $49459 |
| **Expenses** |  |  |
| Management fees | $1090 | $1830 |
| Performance-based incentive fees | 1689 | 2796 |
| Interest and other debt expenses | 10872 | 19470 |
| Administration fees | 171 | 310 |
| Trustee fees | 16 | 68 |
| Other general and administrative expenses | 507 | 817 |
| Organizational fees | 40 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 14385 | 25396 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income** | $14086 | $24063 |
| **Net Realized and Change in Unrealized Gains (Losses)** |  |  |
| Net realized gains (losses): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | $1220 | $1388 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions |  | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | 1220 | 1369 |
| Net change in unrealized gains (losses): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | (255) | (305) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 70 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized gains (losses) | (185) | (263) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Realized and Change in Unrealized Gains (Losses)** | $1035 | $1106 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | $15121 | $25169 |

---

See notes to the consolidated financial statements.

------

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

**APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST**

**CONSOLIDATED STATE** **MENTS OF CHANGES IN NET ASSETS (Unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | **Three Months<br>Ended June 30,** | **Six Months<br>Ended June 30,** |
|  | **2025** | **2025** |
| **Operations** |  |  |
| Net investment income | $14086 | $24063 |
| Net realized gains (losses) | 1220 | 1369 |
| Net change in unrealized gains (losses) | (185) | (263) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | $15121 | $25169 |
| **Capital Share Transactions** |  |  |
| Net proceeds from the issuance of common shares | $— | $563335 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions** | $— | $563335 |
| **Net Assets** |  |  |
| Net increase (decrease) in net assets during the period | $15121 | $588504 |
| Net assets at beginning of period | 573297 | (86) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Assets at End of Period** | $588418 | $588418 |
| **Capital Share Activity** |  |  |
| Shares issued during the period |  | 22533408 |
| Shares extinguished during the period |  | (60) |
| Shares issued and outstanding at beginning of period | 22533408 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Shares Issued and Outstanding at End of Period** | 22533408 | 22533408 |

---

See notes to the consolidated financial statements.

------

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

**APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST**

**CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)**

**(In thousands)**

---

| | |
|:---|:---|
|  | **Six Months Ended<br>June 30,** |
|  | **2025** |
| **Operating Activities** |  |
| Net increase (decrease) in net assets resulting from operations | $25169 |
| Net realized (gains) losses | (1369) |
| Net change in unrealized (gains) losses | 263 |
| PIK interest capitalized | 698 |
| Purchase of investments | (1185011) |
| Proceeds from sale of investments and principal repayments | 24160 |
| Changes in operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease (increase) in receivable for investments sold | (7217) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease (increase) in due from counterparties | (9814) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease (increase) in interest receivable | (6561) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease (increase) in other assets | (261) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in interest payable | 8022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in payable for investments purchased | 1604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in performance-based incentive fees payable | 1688 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in administration fees payable | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in professional fees payable | (65) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accrued organizational fees | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in management fees payable | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in other liabilities and accrued expenses | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Cash Used in/Provided by Operating Activities** | $(1147003) |
| **Financing Activities** |  |
| Issuances of debt | $621998 |
| Financing costs paid and deferred | (5293) |
| Proceeds from extinguishment of common shares | 2 |
| Proceeds from issuance of common shares | 563335 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Cash Used in/Provided by Financing Activities** | $1180042 |
| **Cash, Cash Equivalents** |  |
| Net increase (decrease) in cash, cash equivalents during the period | $33039 |
| Cash, cash equivalents at beginning of period | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cash, Cash Equivalents at the End of Period** | $33041 |
| **Supplemental Disclosure of Cash Flow Information** |  |
| Cash interest paid | $12307 |
| **Non-Cash Activity** |  |
| PIK income | $804 |

---

See notes to the consolidated financial statements.

------

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

**APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/ Company** | **Investment Type** | **Interest Rate**<sup>(6)</sup> | **Maturity Date** | **Par/ Shares**<sup>(3)</sup> | **Par/ Shares**<sup>(3)</sup> | **Cost**<sup>(18)</sup> | **Cost**<sup>(18)</sup> | **Fair Value**<sup>(1)(2)(19)</sup> | **Fair Value**<sup>(1)(2)(19)</sup> |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |  |  |
| MRO Holdings |  |  |  |  |  |  |  |  |  |  |
| MRO Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | S+450, 0.50% Floor | 4/28/2032 | $— | 48082 | $— | 48684 | $— | 48082 | (8)(11) |
|  |  |  | Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | $— | 48684 | $— | 48082 |  |
| **Automobile Components** |  |  |  |  |  |  |  |  |  |  |
| Clarience Technologies |  |  |  |  |  |  |  |  |  |  |
| Truck-Lite Co., LLC |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | S+575, 0.75% Floor | 2/13/2032 | $— | 22248 | $— | 22409 | $— | 22026 | (8) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 0.75% Floor | 2/13/2032 |  | 9626 |  | (108) |  | (97) | (8)(14)(15)(17) |
|  | First Lien Secured Debt - Revolver | S+575, 0.75% Floor | 2/13/2031 |  | 2214 |  | 24 |  | (22) | (8)(14)(15)(17) |
|  |  |  | Total Automobile Components | Total Automobile Components | Total Automobile Components | $— | 22325 | $— | 21906 |  |
| **Building Products** |  |  |  |  |  |  |  |  |  |  |
| US LBM |  |  |  |  |  |  |  |  |  |  |
| LBM Acquisition, LLC |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | S+385, 0.75% Floor | 12/17/2027 | $— | 683 | $— | 685 | $— | 676 | (4)(8) |
|  |  |  | Total Building Products | Total Building Products | Total Building Products | $— | 685 | $— | 676 |  |
| **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |  |  |
| AVI-SPL |  |  |  |  |  |  |  |  |  |  |
| A&V Holdings Midco, LLC |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | S+500, 0.00% Floor | 6/6/2031 | $— | 33485 | $— | 33031 | $— | 33027 | (8)(11) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.00% Floor | 6/6/2031 |  | 6869 |  | (75) |  | (94) | (8)(11)(14)(15)(17) |
|  | First Lien Secured Debt - Revolver | S+500, 0.00% Floor | 6/6/2031 |  | 3503 |  |  |  |  | (8)(11)(15)(17) |
|  |  |  |  |  |  |  | 32956 |  | 32933 |  |

---

See notes to the consolidated financial statements.

------

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

**APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/ Company** | **Investment Type** | **Interest Rate**<sup>(6)</sup> | **Maturity Date** | **Par/ Shares**<sup>(3)</sup> | **Par/ Shares**<sup>(3)</sup> | **Cost**<sup>(18)</sup> | **Cost**<sup>(18)</sup> | **Fair Value**<sup>(1)(2)(19)</sup> | **Fair Value**<sup>(1)(2)(19)</sup> |  |
| Encore |  |  |  |  |  |  |  |  |  |  |
| AVSC Holding Corp. |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 12/5/2031 |  | 46420 |  | 45535 |  | 45840 | (8)(11) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 12/5/2029 |  | 4979 |  | (91) |  | (62) | (8)(11)(14)(15)(17) |
|  |  |  |  |  |  |  | 45444 |  | 45778 |  |
| Heritage Environmental Services |  |  |  |  |  |  |  |  |  |  |
| Heritage Environmental Services, Inc. |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 1/31/2031 |  | 2962 |  | 2948 |  | 2917 | (8)(11) |
|  | First Lien Secured Debt - Term Loan | S+525, 0.75% Floor | 1/31/2031 |  | 11956 |  | 12056 |  | 12046 | (8)(11) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.75% Floor | 1/31/2031 |  | 1576 |  | (7) |  | (24) | (8)(11)(14)(15)(17) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 1/31/2030 |  | 263 |  |  |  |  | (8)(11)(15)(17) |
|  | First Lien Secured Debt - Revolver | S+550, 4.50% Floor | 1/31/2030 |  | 1661 |  | 2 |  |  | (8)(11)(15)(17) |
|  |  |  |  |  |  |  | 14999 |  | 14939 |  |
| R.R. Donnelley |  |  |  |  |  |  |  |  |  |  |
| R. R. Donnelley & Sons Company |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | S+475, 0.75% Floor | 8/8/2029 |  | 48451 |  | 47495 |  | 47482 | (7)(8)(11) |
|  |  | Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | $— | 140894 | $— | 141132 |  |
| **Communications Equipment** |  |  |  |  |  |  |  |  |  |  |
| CommScope |  |  |  |  |  |  |  |  |  |  |
| Commscope, LLC |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | S+525, 2.00% Floor | 12/17/2029 | $— | 22189 | $— | 22744 | $— | 22492 | (4)(8)(11)(13) |
|  | First Lien Secured Debt - Corporate Bond | 9.50% | 12/15/2031 |  | 1852 |  | 2026 |  | 1939 | (4)(11)(13) |
|  |  |  | Total Communications Equipment | Total Communications Equipment | Total Communications Equipment | $— | 24770 | $— | 24431 |  |
| **Construction & Engineering** |  |  |  |  |  |  |  |  |  |  |
| ASC Engineered Solutions |  |  |  |  |  |  |  |  |  |  |
| Fire Flow Intermediate Corporation |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 7/10/2031 | $— | 34172 | $— | 34019 | $— | 33574 | (8) |
|  |  |  | Total Construction & Engineering | Total Construction & Engineering | Total Construction & Engineering | $— | 34019 | $— | 33574 |  |

---

See notes to the consolidated financial statements.

------

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

**APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/ Company** | **Investment Type** | **Interest Rate**<sup>(6)</sup> | **Maturity Date** | **Par/ Shares**<sup>(3)</sup> | **Par/ Shares**<sup>(3)</sup> | **Cost**<sup>(18)</sup> | **Cost**<sup>(18)</sup> | **Fair Value**<sup>(1)(2)(19)</sup> | **Fair Value**<sup>(1)(2)(19)</sup> |  |
| **Consumer Finance** |  |  |  |  |  |  |  |  |  |  |
| LendingTree |  |  |  |  |  |  |  |  |  |  |
| LendingTree, Inc. |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | S+575, 1.50% Floor | 3/27/2031 | $— | 15427 | $— | 15461 | $— | 15427 | (8)(11)(13) |
|  | First Lien Secured Debt - Delayed Draw | S+575, 1.50% Floor | 3/27/2031 |  | 6866 |  | 6877 |  | 6866 | (8)(11)(13) |
|  |  |  | Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | $— | 22338 | $— | 22293 |  |
| **Consumer Staples Distribution & Retail** |  |  |  |  |  |  |  |  |  |  |
| Protein for Pets |  |  |  |  |  |  |  |  |  |  |
| Protein For Pets Opco, LLC |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | S+525, 1.00% Floor | 9/20/2030 | $— | 10470 | $— | 10298 | $— | 10286 | (8)(11) |
|  | First Lien Secured Debt - Revolver | S+525, 1.00% Floor | 9/20/2030 |  | 1102 |  | 280 |  | 278 | (8)(11)(15)(17) |
|  |  |  |  |  |  |  | 10578 |  | 10564 |  |
| Rise Baking |  |  |  |  |  |  |  |  |  |  |
| Viking Baked Goods Acquisition Corporation |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | S+500, 0.00% Floor | 11/4/2031 |  | 28705 |  | 28294 |  | 28131 | (8)(11) |
|  |  |  |  |  |  |  | 28294 |  | 28131 |  |
|  |  | Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | $— | 38872 | $— | 38695 |  |
| **Financial Services** |  |  |  |  |  |  |  |  |  |  |
| Jensen Hughes |  |  |  |  |  |  |  |  |  |  |
| Jensen Hughes, Inc |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 9/1/2031 | $— | 18812 | $— | 18543 | $— | 18577 | (8)(11) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.75% Floor | 9/1/2031 |  | 6542 |  | (93) |  | (82) | (8)(11)(14)(15)(17) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 9/1/2031 |  | 2122 |  | (30) |  | (27) | (8)(11)(14)(15)(17) |
|  |  |  |  |  |  |  | 18420 |  | 18468 |  |
| Wealth Enhancement Group |  |  |  |  |  |  |  |  |  |  |
| Wealth Enhancement Group, LLC |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Delayed Draw | S+500, 1.00% Floor | 10/2/2028 |  | 49230 |  | 16443 |  | 16428 | (8)(15)(17) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 10/2/2028 |  | 1219 |  | (5) |  | (5) | (8)(14)(15)(17) |
|  |  |  |  |  |  |  | 16438 |  | 16423 |  |
|  |  |  | Total Financial Services | Total Financial Services | Total Financial Services | $— | 34858 | $— | 34891 |  |

---

See notes to the consolidated financial statements.

------

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

**APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/ Company** | **Investment Type** | **Interest Rate**<sup>(6)</sup> | **Maturity Date** |  | **Par/ Shares**<sup>(3)</sup> | **Par/ Shares**<sup>(3)</sup> | **Cost**<sup>(18)</sup> | **Cost**<sup>(18)</sup> | **Fair Value**<sup>(1)(2)(19)</sup> | **Fair Value**<sup>(1)(2)(19)</sup> |  |
| **Health Care Equipment & Supplies** |  |  |  |  |  |  |  |  |  |  |  |
| Vantive |  |  |  |  |  |  |  |  |  |  |  |
| Spruce Bidco II Inc. |  |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 1/30/2032 |  | $— | 13036 | $— | 12849 | $— | 12841 | (8)(11) |
|  | First Lien Secured Debt - Term Loan | C+500, 0.75% Floor | 1/30/2032 | C$ |  | 2360 |  | 1617 |  | 1708 | (3)(9)(11) |
|  | First Lien Secured Debt - Term Loan | T+525, 0.75% Floor | 1/30/2032 |  | ¥nan | 252358 |  | 1659 |  | 1726 | (3)(10)(11) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 1/31/2032 |  |  | 2938 |  | (42) |  | (44) | (8)(11)(14)(15)(17) |
|  |  |  |  |  |  |  |  | 16083 |  | 16231 |  |
| Zeus |  |  |  |  |  |  |  |  |  |  |  |
| Zeus Company LLC |  |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | S+550, 0.75% Floor | 2/28/2031 |  |  | 8208 |  | 8297 |  | 8228 | (8)(11) |
|  | First Lien Secured Debt - Delayed Draw | S+550, 0.75% Floor | 2/28/2031 |  |  | 1541 |  | 787 |  | 774 | (8)(11)(15)(17) |
|  | First Lien Secured Debt - Revolver | S+550, 0.75% Floor | 2/28/2030 |  |  | 1157 |  | 1 |  |  | (8)(11)(15)(17) |
|  |  |  |  |  |  |  |  | 9085 |  | 9002 |  |
|  |  | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | $— | 25168 | $— | 25233 |  |
| **Health Care Providers & Services** |  |  |  |  |  |  |  |  |  |  |  |
| Advarra |  |  |  |  |  |  |  |  |  |  |  |
| Advarra Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | S+450, 0.75% Floor | 9/15/2031 |  | $— | 11326 | $— | 11272 | $— | 11383 | (8)(11) |
|  | First Lien Secured Debt - Term Loan | S+450, 1.00% Floor | 9/15/2031 |  |  | 28160 |  | 28019 |  | 28300 | (8)(11) |
|  | First Lien Secured Debt - Delayed Draw | S+450, 0.75% Floor | 9/15/2031 |  |  | 2610 |  | (12) |  | 13 | (8)(11)(15)(17) |
|  |  |  |  |  |  |  |  | 39279 |  | 39696 |  |
| Omega Healthcare |  |  |  |  |  |  |  |  |  |  |  |
| OMH-Healthedge Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | S+450, 1.00% Floor | 4/1/2030 |  |  | 30957 |  | 31307 |  | 30802 | (8)(11) |
|  | First Lien Secured Debt - Revolver | S+450, 1.00% Floor | 4/1/2030 |  |  | 3387 |  | 38 |  | (17) | (8)(11)(14)(15)(17) |
|  |  |  |  |  |  |  |  | 31345 |  | 30785 |  |
| Tivity Health |  |  |  |  |  |  |  |  |  |  |  |
| Tivity Health, Inc. |  |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 6/28/2029 |  |  | 34001 |  | 34172 |  | 34001 | (8) |
|  |  |  |  |  |  |  |  | 34172 |  | 34001 |  |
|  |  | Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | $— | 104796 | $— | 104482 |  |

---

See notes to the consolidated financial statements.

------

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

**APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/ Company** | **Investment Type** | **Interest Rate**<sup>(6)</sup> | **Maturity Date** | **Par/ Shares**<sup>(3)</sup> | **Par/ Shares**<sup>(3)</sup> | **Cost**<sup>(18)</sup> | **Cost**<sup>(18)</sup> | **Fair Value**<sup>(1)(2)(19)</sup> | **Fair Value**<sup>(1)(2)(19)</sup> |  |
| **Health Care Technology** |  |  |  |  |  |  |  |  |  |  |
| Suvoda |  |  |  |  |  |  |  |  |  |  |
| Goldeneye Parent, LLC |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 3/31/2032 | $— | 27000 | $— | 26869 | $— | 26866 | (8)(11) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 3/31/2032 |  | 3909 |  | (19) |  | (20) | (8)(11)(14)(15)(17) |
|  |  |  | Total Health Care Technology | Total Health Care Technology | Total Health Care Technology | $— | 26850 | $— | 26846 |  |
| **Household Durables** |  |  |  |  |  |  |  |  |  |  |
| Polywood |  |  |  |  |  |  |  |  |  |  |
| Poly-Wood, LLC |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | S+488, 1.00% Floor | 3/20/2030 | $— | 28239 | $— | 28213 | $— | 27957 | (8)(11) |
|  | First Lien Secured Debt - Delayed Draw | S+575, 1.00% Floor | 3/20/2030 |  | 4215 |  | 7 |  | (42) | (8)(11)(14)(15)(17) |
|  | First Lien Secured Debt - Revolver | S+488, 1.00% Floor | 3/20/2030 |  | 4215 |  | 7 |  | (42) | (8)(11)(14)(15)(17) |
|  |  |  |  |  |  |  | 28227 |  | 27873 |  |
|  |  |  | Total Household Durables | Total Household Durables | Total Household Durables | $— | 28227 | $— | 27873 |  |
| **Insurance** |  |  |  |  |  |  |  |  |  |  |
| Higginbotham |  |  |  |  |  |  |  |  |  |  |
| HIG Intermediate, Inc. |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Delayed Draw | S+475, 1.00% Floor | 11/24/2028 | $— | 3421 | $— | 1747 | $— | 1744 | (8)(15)(17) |
|  | Preferred Equity - Cumulative Preferred | Equity | 12/10/2124 |  | 34 |  | 33 |  | 34 |  |
|  |  |  |  |  |  |  | 1780 |  | 1778 |  |
| Hilb Group |  |  |  |  |  |  |  |  |  |  |
| Thg Acquisition, LLC |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | S+450, 0.75% Floor | 10/31/2031 |  | 14890 |  | 14743 |  | 14785 | (8)(11) |
|  | First Lien Secured Debt - Delayed Draw | S+450, 0.75% Floor | 10/31/2031 |  | 3328 |  | 81 |  | 75 | (8)(11)(15)(17) |
|  | First Lien Secured Debt - Revolver | S+475, 0.75% Floor | 10/31/2031 |  | 1664 |  | 108 |  | 111 | (8)(11)(15)(17) |
|  |  |  |  |  |  |  | 14932 |  | 14971 |  |
| Safe-Guard |  |  |  |  |  |  |  |  |  |  |
| SG Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | S+475, 0.75% Floor | 4/3/2030 |  | 26966 |  | 26986 |  | 26966 | (8)(11) |
|  | First Lien Secured Debt - Revolver | S+475, 0.75% Floor | 4/3/2030 |  | 2664 |  | 2 |  | (13) | (8)(11)(14)(15)(17) |
|  |  |  |  |  |  |  | 26988 |  | 26953 |  |
|  |  |  | Total Insurance | Total Insurance | Total Insurance | $— | 43700 | $— | 43702 |  |

---

See notes to the consolidated financial statements.

------

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

**APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/ Company** | **Investment Type** | **Interest Rate**<sup>(6)</sup> | **Maturity Date** | **Par/ Shares**<sup>(3)</sup> | **Par/ Shares**<sup>(3)</sup> | **Cost**<sup>(18)</sup> | **Cost**<sup>(18)</sup> | **Fair Value**<sup>(1)(2)(19)</sup> | **Fair Value**<sup>(1)(2)(19)</sup> |  |
| **IT Services** |  |  |  |  |  |  |  |  |  |  |
| Vensure |  |  |  |  |  |  |  |  |  |  |
| Vensure Employer Services, Inc. |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | S+500, 0.50% Floor | 9/27/2031 | $— | 28650 | $— | 28396 | $— | 28363 | (8)(11) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.50% Floor | 9/27/2031 |  | 5724 |  | 460 |  | 456 | (8)(11)(15)(17) |
|  |  |  | Total IT Services | Total IT Services | Total IT Services | $— | 28856 | $— | 28819 |  |
| **Life Sciences Tools & Services** |  |  |  |  |  |  |  |  |  |  |
| Cambrex |  |  |  |  |  |  |  |  |  |  |
| Cambrex Corp. |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | S+475, 0.75% Floor | 3/5/2032 | $— | 21468 | $— | 21255 | $— | 21253 | (8)(11) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 0.75% Floor | 3/6/2032 |  | 3204 |  | (32) |  | (16) | (8)(11)(14)(15)(17) |
|  | First Lien Secured Debt - Revolver | S+475, 0.75% Floor | 3/6/2032 |  | 2804 |  | (28) |  | (28) | (8)(11)(14)(15)(17) |
|  |  |  |  |  |  |  | 21195 |  | 21209 |  |
| Curia |  |  |  |  |  |  |  |  |  |  |
| Curia Global, Inc. |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | S+300 Cash plus 3.25% PIK | 12/6/2029 |  | 47062 |  | 45937 |  | 46238 | (8)(11) |
|  |  |  |  |  |  |  | 45937 |  | 46238 |  |
|  |  | Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | $— | 67132 | $— | 67447 |  |
| **Media** |  |  |  |  |  |  |  |  |  |  |
| Gannett |  |  |  |  |  |  |  |  |  |  |
| Gannett Co., Inc. |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | S+500, 1.50% Floor | 10/15/2029 | $— | 47516 | $— | 46862 | $— | 47338 | (4)(8)(11)(13) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 1.50% Floor | 10/15/2029 |  | 3007 |  | 855 |  | 884 | (4)(8)(11)(13)(15)(17) |
|  | First Lien Secured Debt - Convertible Bond | 6.00% | 12/1/2031 |  | 10 |  | 13 |  | 12 | (11)(13) |
|  |  |  | Total Media | Total Media | Total Media | $— | 47730 | $— | 48234 |  |
| **Personal Care Products** |  |  |  |  |  |  |  |  |  |  |
| PDC Brands |  |  |  |  |  |  |  |  |  |  |
| Parfums Holding Company, Inc. |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | S+525, 1.00% Floor | 6/27/2030 | $— | 32015 | $— | 31715 | $— | 31695 | (8)(11) |
|  | First Lien Secured Debt - Revolver | S+525, 1.00% Floor | 6/27/2029 |  | 2005 |  | (18) |  | (20) | (8)(11)(14)(15)(17) |
|  |  |  |  |  |  |  | 31697 |  | 31675 |  |

---

See notes to the consolidated financial statements.

------

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

**APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/ Company** | **Investment Type** | **Interest Rate**<sup>(6)</sup> | **Maturity Date** | **Par/ Shares**<sup>(3)</sup> | **Par/ Shares**<sup>(3)</sup> | **Cost**<sup>(18)</sup> | **Cost**<sup>(18)</sup> | **Fair Value**<sup>(1)(2)(19)</sup> | **Fair Value**<sup>(1)(2)(19)</sup> |  |
| Suave |  |  |  |  |  |  |  |  |  |  |
| Silk Holdings III Corp. |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | S+550, 1.00% Floor | 5/1/2029 |  | 19831 |  | 19688 |  | 19682 | (8)(11) |
|  |  |  |  |  |  |  | 19688 |  | 19682 |  |
|  |  |  | Total Personal Care Products | Total Personal Care Products | Total Personal Care Products | $— | 51385 | $— | 51357 |  |
| **Pharmaceuticals** |  |  |  |  |  |  |  |  |  |  |
| Catalent |  |  |  |  |  |  |  |  |  |  |
| Creek Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | S+525, 0.75% Floor | 12/18/2031 | $— | 38022 | $— | 37387 | $— | 37642 | &nbsp;&nbsp;&nbsp;&nbsp;(8)(11) |
|  | First Lien Secured Debt - Revolver | S+525, 0.75% Floor | 12/18/2031 |  | 5785 |  | (95) |  | (58) | (8)(11)(14)(15)(17) |
|  |  |  | Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | $— | 37292 | $— | 37584 |  |
| **Professional Services** |  |  |  |  |  |  |  |  |  |  |
| BDO USA |  |  |  |  |  |  |  |  |  |  |
| BDO USA, P.A. |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | S+500, 2.00% Floor | 8/31/2028 | $— | 30369 | $— | 30428 | $— | 30287 | (8)(11) |
|  |  |  |  |  |  |  | 30428 |  | 30287 |  |
| Legends |  |  |  |  |  |  |  |  |  |  |
| Legends Hospitality Holding Company, LLC |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | S+275 Cash plus 2.75% PIK, 0.75% Floor | 8/22/2031 |  | 22583 |  | 22090 |  | 22357 | (8)(11) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.75% Floor | 8/22/2031 |  | 1308 |  | (12) |  | (13) | (8)(11)(14)(15)(17) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 8/22/2030 |  | 2748 |  | 1075 |  | 1072 | (8)(11)(15)(17) |
|  |  |  |  |  |  |  | 23153 |  | 23416 |  |
|  |  |  | Total Professional Services | Total Professional Services | Total Professional Services | $— | 53581 | $— | 53703 |  |
| **Semiconductors & Semiconductor Equipment** |  |  |  |  |  |  |  |  |  |  |
| Wolfspeed |  |  |  |  |  |  |  |  |  |  |
| Wolfspeed, Inc. |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Corporate Bond | 12.88% | 6/23/2030 | $— | 17890 | $— | 17301 | $— | 18471 | (13) |
|  |  | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | $— | 17301 | $— | 18471 |  |

---

See notes to the consolidated financial statements.

------

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

**APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/ Company** | **Investment Type** | **Interest Rate**<sup>(6)</sup> | **Maturity Date** | **Par/ Shares**<sup>(3)</sup> | **Par/ Shares**<sup>(3)</sup> | **Cost**<sup>(18)</sup> | **Cost**<sup>(18)</sup> | **Fair Value**<sup>(1)(2)(19)</sup> | **Fair Value**<sup>(1)(2)(19)</sup> |  |
| **Software** |  |  |  |  |  |  |  |  |  |  |
| Alteryx |  |  |  |  |  |  |  |  |  |  |
| Azurite Intermediate Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | S+600, 0.75% Floor | 3/19/2031 | $— | 4533 | $— | 4525 | $— | 4499 | (8) |
|  | First Lien Secured Debt - Delayed Draw | S+600, 0.75% Floor | 3/19/2031 |  | 10303 |  | 10285 |  | 10226 | (8) |
|  | First Lien Secured Debt - Revolver | S+650, 0.75% Floor | 3/19/2031 |  | 1649 |  | (2) |  | (12) | (8)(14)(15)(17) |
|  |  |  |  |  |  |  | 14808 |  | 14713 |  |
| Databricks |  |  |  |  |  |  |  |  |  |  |
| Databricks, Inc. |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | S+450, 0.00% Floor | 1/3/2031 |  | 39368 |  | 39568 |  | 39762 | (4)(8) |
|  | First Lien Secured Debt - Delayed Draw | S+450, 0.00% Floor | 1/19/2031 |  | 8713 |  | 44 |  | 87 | (4)(7)(15)(17) |
|  |  |  |  |  |  |  | 39612 |  | 39849 |  |
| Everbridge |  |  |  |  |  |  |  |  |  |  |
| Everbridge Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 7/2/2031 |  | 25313 |  | 25447 |  | 25439 | (8)(11) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.75% Floor | 7/2/2031 |  | 6348 |  | 2514 |  | 2512 | (8)(11)(15)(17) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 7/2/2031 |  | 2544 |  | 1 |  |  | (8)(11)(15)(17) |
|  |  |  |  |  |  |  | 27962 |  | 27951 |  |
| G2CI |  |  |  |  |  |  |  |  |  |  |
| Evergreen IX Borrower 2023, LLC |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | S+475, 0.75% Floor | 9/30/2030 |  | 16562 |  | 16417 |  | 16562 | (8)(11) |
|  | First Lien Secured Debt - Revolver | S+475, 0.75% Floor | 10/1/2029 |  | 1365 |  | (11) |  |  | (8)(11)(15)(17) |
|  |  |  |  |  |  |  | 16406 |  | 16562 |  |
| Quorum |  |  |  |  |  |  |  |  |  |  |
| QBS Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | S+450, 0.75% Floor | 6/3/2032 |  | 37598 |  | 37411 |  | 37410 | (8)(11) |
|  | First Lien Secured Debt - Delayed Draw | S+450, 0.75% Floor | 6/3/2032 |  | 7529 |  | (37) |  | (38) | (8)(11)(14)(15)(17) |
|  | First Lien Secured Debt - Revolver | S+450, 0.75% Floor | 6/3/2032 |  | 4955 |  | (25) |  | (25) | (8)(11)(14)(15)(17) |
|  |  |  |  |  |  |  | 37349 |  | 37347 |  |
| Redwood |  |  |  |  |  |  |  |  |  |  |
| Runway Bidco, LLC |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | S+500, 0.50% Floor | 12/17/2031 |  | 40629 |  | 40241 |  | 40222 | (8)(11) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.50% Floor | 12/17/2031 |  | 9946 |  | (93) |  | (99) | (8)(11)(14)(15)(17) |
|  | First Lien Secured Debt - Revolver | S+500, 0.50% Floor | 12/17/2031 |  | 4973 |  | (47) |  | (50) | (8)(11)(14)(15)(17) |
|  |  |  |  |  |  |  | 40101 |  | 40073 |  |
|  |  |  | Total Software | Total Software | Total Software | $— | 176238 | $— | 176495 |  |
| **Specialty Retail** |  |  |  |  |  |  |  |  |  |  |
| Tailored Brands |  |  |  |  |  |  |  |  |  |  |
| The Men's Wearhouse, LLC |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | S+650, 0.00% Floor | 2/26/2029 | $— | 14581 | $— | 14704 | $— | 14593 | (4)(8) |
|  |  |  | Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | $— | 14704 | $— | 14593 |  |

---

See notes to the consolidated financial statements.

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

**APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/ Company** | **Investment Type** | **Interest Rate**<sup>(6)</sup> | **Maturity Date** | **Par/ Shares**<sup>(3)</sup> | **Par/ Shares**<sup>(3)</sup> | **Cost**<sup>(18)</sup> | **Cost**<sup>(18)</sup> | **Fair Value**<sup>(1)(2)(19)</sup> | **Fair Value**<sup>(1)(2)(19)</sup> |  |
| **Technology Hardware, Storage & Peripherals** |  |  |  |  |  |  |  |  |  |  |
| Service Express |  |  |  |  |  |  |  |  |  |  |
| Victors Purchaser, LLC |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | S+475, 0.50% Floor | 8/15/2031 | $— | 28402 | $— | 28417 | $— | 28118 | (8) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 0.50% Floor | 8/15/2031 |  | 6789 |  | 1473 |  | 1401 | (8)(15)(17) |
|  | First Lien Secured Debt - Revolver | S+475, 0.50% Floor | 8/15/2031 |  | 3884 |  | (6) |  | (39) | (8)(14)(15)(17) |
|  |  | Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | $— | 29884 | $— | 29480 |  |
| **Transportation Infrastructure** |  |  |  |  |  |  |  |  |  |  |
| Eagle Railcar |  |  |  |  |  |  |  |  |  |  |
| Elk Bidco, Inc |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | S+450, 0.50% Floor | 6/14/2032 | $— | 11318 | $— | 11262 | $— | 11262 | (8)(11) |
|  | First Lien Secured Debt - Delayed Draw | S+450, 0.50% Floor | 6/14/2032 |  | 2358 |  | (12) |  | (12) | (8)(11)(14)(15)(17) |
|  | First Lien Secured Debt - Revolver | S+450, 0.50% Floor | 6/14/2032 |  | 2122 |  | (11) |  | (11) | (8)(11)(14)(15)(17) |
|  |  |  |  |  |  |  | 11239 |  | 11239 |  |
| GSI |  |  |  |  |  |  |  |  |  |  |
| Geotechnical Merger Sub, Inc. |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | S+475, 0.75% Floor | 10/15/2031 |  | 18204 |  | 18030 |  | 18022 | (8)(11) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 0.75% Floor | 10/15/2031 |  | 6742 |  | 2836 |  | 2832 | (8)(11)(15)(17) |
|  | First Lien Secured Debt - Revolver | S+475, 0.75% Floor | 10/15/2031 |  | 2528 |  | 819 |  | 818 | (8)(11)(15)(17) |
|  |  |  |  |  |  |  | 21685 |  | 21672 |  |
|  |  | Total Transportation Infrastructure | Total Transportation Infrastructure | Total Transportation Infrastructure | Total Transportation Infrastructure | $— | 32924 | $— | 32911 |  |
| **Wireless Telecommunication Services** |  |  |  |  |  |  |  |  |  |  |
| Consumer Cellular |  |  |  |  |  |  |  |  |  |  |
| CCI Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 5/13/2032 | $— | 8437 | $— | 8354 | $— | 8352 | (8) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 5/13/2032 |  | 493 |  | (5) |  | (5) | (8)(14)(15)(17) |
|  |  | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | $— | 8349 | $— | 8347 |  |
|  |  | **Total Investments before Cash Equivalents** | **Total Investments before Cash Equivalents** | **Total Investments before Cash Equivalents** | **Total Investments before Cash Equivalents** | $— | **1161562** | $— | **1161257** |  |
| **Money Market Fund** |  |  |  |  |  |  |  |  |  |  |
| Goldman Sachs Financial Square Government Fund Institutional Shares | Goldman Sachs Financial Square Government Fund Institutional Shares | N/A | N/A |  | 27592 |  | 27592 |  | 27592 | (16) |
|  |  | **Total Investments after Cash Equivalents** | **Total Investments after Cash Equivalents** | **Total Investments after Cash Equivalents** | **Total Investments after Cash Equivalents** | $— | **1189154** | $— | **1188849** |  |

---

See notes to the consolidated financial statements.

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

**APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

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

(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) Currently there are no differences for federal income tax purposes as it relates to unrealized gain and loss.

(3) Par amount is denominated in USD unless otherwise noted, Canadian Dollar ("C$") and Japanese Yen ("¥"). Par amount represents funded commitments. See **Note 20** in the Consolidated Schedule of Investments and **Note 7** 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) Other than the investments noted by this footnote, the fair value of the Company's investments is determined using unobservable inputs that are significant to the overall fair value measurement. See **Note 2** to the consolidated financial statements for more information regarding ASC 820, Fair Value Measurements ("ASC 820").

(5) Security is pledged as collateral to our credit facilities (the "AOP II Maple Credit Facility" and the "AOP II Jasmine Credit Facility" as defined in **Note 5** to the financial statements). As such, these securities are not available as collateral to our general creditors.

(6) Unless otherwise indicated, loan contains a variable rate structure, and the terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period which may be subject to interest floors. 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 SOFR, 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. Certain borrowers may elect to borrow Prime Rate on select contracts and switch to an alternative base rate contract in the future.

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

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

(9) The interest rate on these loans is subject to 1 month Canadian Overnight Repo Rate Average ("CORRA"), which as of June 30, 2025 was 2.74%.

(10) The interest rate on these loans is subject to 3 months Tokyo Term Risk Free Rate ("TORF"), which as of June 30, 2025 was 0.48%.

(11) 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.)

(12) 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, non-affiliated.

(13) Investments that the Company has determined are not "qualifying assets" under Section 55(a) of the Investment Company Act of 1940, as amended (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 9.31% of the total assets of the Company.

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

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

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

See notes to the consolidated financial statements.

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

**APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

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

(17) As of June 30, 2025, the Company had the following commitments to fund various revolving and delayed draw senior secured loans. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and there can be no assurance that such conditions will be satisfied. See **Note 7** to our consolidated financial statements in this quarterly report on Form 10-Q for further information on revolving and delayed draw loan commitments related to certain portfolio companies.

---

| | | | |
|:---|:---|:---|:---|
| **Name of Issuer** | **Total Revolving and Delayed Draw Loan Commitments** | **Less: Funded<br>Commitments** | **Total Unfunded<br>Commitments** |
| A&V Holdings Midco, LLC | $10372 | $— | $10372 |
| Advarra Holdings, Inc. | 2610 |  | 2610 |
| AVSC Holding Corp. | 4979 |  | 4979 |
| Azurite Intermediate Holdings, Inc. | 11952 | (10303) | 1649 |
| Cambrex Corp. | 6008 |  | 6008 |
| CCI Buyer, Inc. | 493 |  | 493 |
| Creek Parent, Inc. | 5785 |  | 5785 |
| Databricks, Inc. | 8713 |  | 8713 |
| Elk Bidco, Inc | 4480 |  | 4480 |
| Everbridge Holdings, LLC | 8892 | (2481) | 6411 |
| Evergreen IX Borrower 2023, LLC | 1365 |  | 1365 |
| Gannett Holdings, LLC | 3007 | (896) | 2111 |
| Geotechnical Merger Sub, Inc. | 9271 | (3742) | 5529 |
| Goldeneye Parent, LLC | 3909 |  | 3909 |
| Heritage Environmental Services, Inc. | 3500 |  | 3500 |
| Higginbotham Insurance Agency, Inc. | 3421 | (1744) | 1677 |
| Jensen Hughes, Inc | 8663 |  | 8663 |
| Legends Hospitality Holding Company, LLC | 4055 | (1099) | 2956 |
| LendingTree, Inc. | 6866 | (6866) | - |
| OMH-Healthedge Holdings, Inc. | 3387 |  | 3387 |
| Parfums Holding Company, Inc. | 2005 |  | 2005 |
| Poly-Wood, LLC | 8430 |  | 8430 |
| Protein For Pets Opco, LLC | 1101 | (297) | 804 |
| QBS Parent, Inc. | 12484 |  | 12484 |
| Runway Bidco, LLC | 14919 |  | 14919 |
| SG Acquisition, Inc. | 2664 |  | 2664 |
| Spruce Bidco II Inc. | 2938 |  | 2938 |
| Thg Acquisition, LLC | 4991 | (229) | 4762 |
| Truck-Lite Co., LLC | 11840 |  | 11840 |
| Vensure Employer Services, Inc. | 5724 | (5724) | - |
| Victors Purchaser, LLC | 10672 | (1468) | 9204 |
| Wealth Enhancement Group, LLC | 50449 | (16646) | 33803 |
| Zeus Company LLC | 2698 | (770) | 1928 |
| **Grand Total** | $**242643** | $**(52265)** | $**190378** |

---

See notes to the consolidated financial statements.

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

**APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

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

(18) 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** | **Preferred Equity** | **Total** |
| Aerospace & Defense | $48684 | $— | $48684 |
| Automobile Components | 22325 |  | 22325 |
| Building Products | 685 |  | 685 |
| Commercial Services & Supplies | 140894 |  | 140894 |
| Communications Equipment | 24770 |  | 24770 |
| Construction & Engineering | 34019 |  | 34019 |
| Consumer Finance | 22338 |  | 22338 |
| Consumer Staples Distribution & Retail | 38872 |  | 38872 |
| Financial Services | 34858 |  | 34858 |
| Health Care Equipment & Supplies | 25168 |  | 25168 |
| Health Care Providers & Services | 104796 |  | 104796 |
| Health Care Technology | 26850 |  | 26850 |
| Household Durables | 28227 |  | 28227 |
| Insurance | 43667 | 33 | 43700 |
| IT Services | 28856 |  | 28856 |
| Life Sciences Tools & Services | 67132 |  | 67132 |
| Media | 47730 |  | 47730 |
| Personal Care Products | 51385 |  | 51385 |
| Pharmaceuticals | 37292 |  | 37292 |
| Professional Services | 53581 |  | 53581 |
| Semiconductors & Semiconductor Equipment | 17301 |  | 17301 |
| Software | 176238 |  | 176238 |
| Specialty Retail | 14704 |  | 14704 |
| Technology Hardware, Storage & Peripherals | 29884 |  | 29884 |
| Transportation Infrastructure | 32924 |  | 32924 |
| Wireless Telecommunication Services | 8349 |  | 8349 |
| **Grand Total** | $**1161529** | $**33** | $**1161562** |

---

See notes to the consolidated financial statements.

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

**APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

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

(19) 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** | **Preferred Equity** | **Total** |
| Aerospace & Defense | $48082 | $— | $48082 |
| Automobile Components | 21906 |  | 21906 |
| Building Products | 676 |  | 676 |
| Commercial Services & Supplies | 141132 |  | 141132 |
| Communications Equipment | 24431 |  | 24431 |
| Construction & Engineering | 33574 |  | 33574 |
| Consumer Finance | 22293 |  | 22293 |
| Consumer Staples Distribution & Retail | 38695 |  | 38695 |
| Financial Services | 34891 |  | 34891 |
| Health Care Equipment & Supplies | 25233 |  | 25233 |
| Health Care Providers & Services | 104482 |  | 104482 |
| Health Care Technology | 26846 |  | 26846 |
| Household Durables | 27873 |  | 27873 |
| Insurance | 43668 | 34 | 43702 |
| IT Services | 28819 |  | 28819 |
| Life Sciences Tools & Services | 67447 |  | 67447 |
| Media | 48234 |  | 48234 |
| Personal Care Products | 51357 |  | 51357 |
| Pharmaceuticals | 37584 |  | 37584 |
| Professional Services | 53703 |  | 53703 |
| Semiconductors & Semiconductor Equipment | 18471 |  | 18471 |
| Software | 176495 |  | 176495 |
| Specialty Retail | 14593 |  | 14593 |
| Technology Hardware, Storage & Peripherals | 29480 |  | 29480 |
| Transportation Infrastructure | 32911 |  | 32911 |
| Wireless Telecommunication Services | 8347 |  | 8347 |
| **Grand Total** | $**1161223** | $**34** | $**1161257** |

---

See notes to the consolidated financial statements.

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**APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST**

**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 | 15.20% |
| Commercial Services & Supplies | 12.15% |
| Health Care Providers & Services | 9.00% |
| Life Sciences Tools & Services | 5.83% |
| Professional Services | 4.62% |
| Personal Care Products | 4.42% |
| Media | 4.15% |
| Aerospace & Defense | 4.14% |
| Insurance | 3.76% |
| Consumer Staples Distribution & Retail | 3.33% |
| Pharmaceuticals | 3.24% |
| Financial Services | 3.00% |
| Construction & Engineering | 2.89% |
| Transportation Infrastructure | 2.83% |
| Technology Hardware, Storage & Peripherals | 2.54% |
| IT Services | 2.48% |
| Household Durables | 2.40% |
| Health Care Technology | 2.31% |
| Health Care Equipment & Supplies | 2.17% |
| Communications Equipment | 2.10% |
| Consumer Finance | 1.92% |
| Automobile Components | 1.89% |
| Semiconductors & Semiconductor Equipment | 1.59% |
| Specialty Retail | 1.26% |
| Wireless Telecommunication Services | 0.72% |
| Building Products | 0.06% |
| **Grand Total** | **100.00%** |

---

---

| | |
|:---|:---|
| **Geographic Region** | **Percentage of Total<br>Investments (at Fair Value)<br>as of June 30, 2025** |
| United States | 100.00% |
| **Total** | **100.00%** |

---

See notes to the consolidated financial statements.

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**APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

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

**Note 1. Organization**

Apollo Origination II (Levered) Capital Trust (the "Company," "we," "us" or "our") was organized as a Delaware statutory trust on June 26, 2024. We are a closed-end, externally managed, non-diversified management investment company that elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act") on January 28, 2025. In addition, for tax purposes, we have elected to be treated, and intend to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

Prior to electing to be regulated as a BDC, pursuant to an Agreement and Plan of Reorganization (the "Reorganization Agreement"), the Company merged with AOP II Capital Trust One, a Delaware statutory trust and a wholly-owned subsidiary of Apollo Origination Partnership II (Levered AIV), L.P., a Cayman Islands exempted limited partnership ("Parent"), with the Company continuing as the surviving company and as a wholly-owned subsidiary of Parent (the "Merger"). Following the Merger, and pursuant to the terms of the Reorganization Agreement, the Company acquired all of the membership interests of AOP II Origination Holdings (L), LLC, a Delaware limited liability company that held an investment portfolio (the "Investment Portfolio HoldCo"), from AOP II Intermediate Holdings (DC I), LLC, a Delaware limited liability company (the "Intermediate HoldCo"), which was all of Parent's interest in Intermediate HoldCo (the "Investment Portfolio HoldCo Transfer"). The Investment Portfolio HoldCo Transfer resulted in the Company acquiring an investment portfolio from the Intermediate HoldCo (the "Investment Portfolio"). The Investment Portfolio HoldCo Transfer did not result in the acquisition of all or substantially all of Intermediate HoldCo's assets.

On December 31, 2024, Apollo Capital Management, L.P. purchased 60 common shares of beneficial interest of the Company (the "Shares") at a price of $25.00 per share, as our initial capital. In connection with the Merger, these 60 Shares were cancelled on January 24, 2025. Further, on January 24, 2025, we issued 1 Share of the Company, which was reclassified into 22,533,408 Shares on January 27, 2025 following the Investment Portfolio HoldCo Transfer. Also, on January 21, 2025 we entered into a subscription agreement with an investor for $800 million in capital commitments, providing for the private placement of our Shares.

On March 26, 2025, the Board of Trustees of the Company (the "Board") approved changing the name of the Company from "Apollo Origination II (L) Capital Trust" to "Apollo Origination II (Levered) Capital Trust" (the "Name Change"), the Company's Second Amended and Restated Declaration of Trust and the Amended and Restated Bylaws. On March 27, 2025, the Company filed with the Secretary of State of the State of Delaware a Certificate of Amendment (the "Certificate of Amendment") to its certificate of trust solely to reflect the Name Change.

Apollo Credit Management, LLC (the "Adviser" or "ACM") is our Adviser and is an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries ("AGM"). The Adviser, subject to the overall supervision of our Board, manages the day-to-day operations of the Company and will provide 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 expects to invest, directly or indirectly, globally across private credit opportunities, primarily investing in certain originated, secured loans or similar financial instruments, including bonds, debentures and other debt securities, made to or issued by corporate borrowers and issuers that generally generate on an annual basis $100 million or greater in earnings before interest, taxes, depreciation and amortization ("EBITDA"), and, to the extent applicable, equity-kickers or similar financial instruments issued, received or otherwise purchased in connection with such investment opportunities. 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.

**Note 2. Significant Accounting Policies**

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

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***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 presentation 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.

***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.

As of June 30, 2025, the Company's consolidated subsidiaries were AOP II Origination Holdings (L), LLC, AOP II Funding Maple, LLC, AOP II Funding Jasmine LLC, AOP II Investment Holdings (L DC), LLC, AOP II (L) Alpha SPV, LLC, AOP II (L) Beta SPV, LLC, AOP II (L) Gamma SPV, LLC, and AOP II (L) Lender, LLC.

***Segment Reporting***

The Company adopted Financial Accounting Standards Board ("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.

***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 were $33,041, of which $27,592 is held in money market funds. Cash held as of December 31, 2024 was $2.

***Investment 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 payable for investments purchased and a receivable for investments sold, respectively, in the Consolidated Statements of Assets and Liabilities.

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***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. Even though the Board designated the Adviser as "valuation designee," the Board continues to be responsible for overseeing the processes for determining fair valuation.

Under the Company's valuation policies and procedures, the Adviser values investments, including certain secured debt, unsecured debt and other debt securities with maturities greater than 60 days, for which market quotations are readily available, at such market quotations (unless they are deemed not to represent fair value). We attempt to obtain market quotations from at least two brokers or dealers (if available, otherwise from a principal market maker, primary market dealer or other independent pricing service). We utilize mid-market pricing as a practical expedient for fair value unless a different point within the range is more representative. If and when market quotations are unavailable or 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. In each case, our independent third-party valuation firms consider observable market inputs together with significant unobservable inputs in arriving at their valuation recommendations for such investments. Investments purchased within the quarter before the valuation date and debt investments with remaining maturities of 60 days or less may each be valued at cost with interest accrued or discount accreted/premium amortized to the date of maturity (although they are typically valued at available market quotations), unless such valuation, in the judgment of our Adviser, does not represent fair value. In this case such investments shall be valued at fair value as determined in good faith by or under the direction of the Adviser including using market quotations where available. Investments that are not publicly traded or whose market quotations are not readily available are valued at fair value as determined in good faith by or under the direction of the Adviser. Such determination of fair values may involve subjective judgments and estimates.

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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 six 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, 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.

As of June 30, 2025 and December 31, 2024, the Company did not hold any derivative contracts.

***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 (see **Note 4** to our consolidated financial statements in this quarterly report on Form 10-Q). 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.

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***Investment Income Recognition***

*Interest Income*

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortization 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 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.

*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 on a cash or applied to reduce the principal under the cost recovery method, 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 and December 31, 2024, there were no loans placed on non-accrual status.

***Expenses***

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

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***Organization Expenses*** 

Costs associated with the organization of the Company were expensed as incurred. These expenses consisted primarily of legal fees and other costs of organizing the Company.

***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.

***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.

***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) intends 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 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 gains in the calendar year earned, 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. Distribution 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.

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.

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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.

***Recent Accounting Pronouncements***

In December 2023, the FASB issued Accounting Standards Update ASU No. 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 with early adoption being permitted. The Company is currently evaluating the impact of this guidance and does not expect a material impact to the financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures ("ASU 2024-03"), which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. In January 2025, the FASB issued ASU 2025-01 to clarify ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact to the financial statements. Other than the aforementioned guidance, the Company's management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying financial statements.

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

***Advisory Agreement with ACM***

On January 21, 2025, the Company entered into an Investment Advisory Agreement (the "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.

The Advisory Agreement is 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.

The Company will pay 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.

***Base Management Fee***

The base management fee (the "Management Fee") is accrued monthly and paid quarterly in arrears at an annual rate of 0.70% of the Company's net assets as of the beginning of the first business day of the applicable month. For purposes of the Advisory Agreement, "net assets" means the Company's total assets less liabilities determined on a consolidated basis in accordance with U.S. GAAP.

For the three and six months ended June 30, 2025, the Company recognized $1,090 and $1,830, respectively, of management fees of which $1,127 and $0 was payable as of June 30, 2025 and December 31, 2024, respectively.

***Performance-based Incentive Fee***

The 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:

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*A. Incentive Fee on Pre-Incentive Fee Net Investment 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 the Company's 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 Management Fee, expenses payable under the Administration Agreement, 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.

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 1.500% per quarter (6.000% annualized).

The Company will pay 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 1.500% per quarter (6.000% 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 1.667% (6.667% annualized). This "catch-up" portion is meant to provide the Adviser with approximately 10% of Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.667% in any calendar quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•10% of the dollar amount of Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.667% (6.667% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 10% 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 on Capital Gains*

The second part of the incentive fee will be determined and payable in arrears as of the end of each calendar year in an amount equal to 10% of realized capital gains, if any, on a cumulative basis from inception through the end of each calendar year (or upon termination of the investment advisory management agreement), computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees.

For the three and six months ended June 30, 2025, the Company recognized $1,585 and $2,685, respectively, of incentive fees based on income and $104 and $111, respectively, of incentive fees based on cumulative net realized gains (losses).

As of June 30, 2025 and December 31, 2024, performance-based incentive fees payable were $1,688 and $0 respectively.

***Fees From Affiliates***

From time-to-time various affiliates of the 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 $0 and $350, respectively, in fee rebates from affiliates related to Capital Solution Services.

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***Administration Agreement with ACM***

On January 21, 2025, the Company entered into an Administration Agreement (the "Administration Agreement") with the Administrator. Under the terms of the Administration Agreement, ACM as 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 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 the Advisory Agreement and Administration Agreement.

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. ACM may hire a sub-administrator to assist in the provision of administrative services. A sub-administrator will receive compensation for its sub-administrative services under a sub-administration agreement.

***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 79.90% of the portfolio or $929,350, measured at fair value. On a cost basis, 79.96% of the portfolio or $922,117 were co-investments. The Company had no investment activity, and therefore no co-investment activity, as of December 31, 2024.

**Note 4. Investments**

***Fair Value Measurement and Disclosures***

The table below shows the composition of our investment portfolio as of June 30, 2025, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820. The Company had no investments as of December 31, 2024.

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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 | $1161529 | $1161223 |  | $127771 | $1033452 |
| Preferred Equity | 33 | 34 |  |  | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | $1161562 | $1161257 | $— | $127771 | $1033486 |
| Money Market Fund | 27592 | 27592 | 27592 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Cash Equivalents | 27592 | 27592 | 27592 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments after Cash Equivalents | $1189154 | $1188849 | $27592 | $127771 | $1033486 |

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

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| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
|  |  | **2025** |  |
|  | **First Lien<br>Secured<br>Debt** <sup>(2)</sup> | **Preferred<br>Equity** | **Total** |
| Fair value as of March 31, 2025 | $976267 | 33 | $976300 |
| Net realized gains (losses) | 1190 |  | 1190 |
| Net change in unrealized gains (losses) | (537) | 1 | (536) |
| Net amortization on investments | 740 |  | 740 |
| Purchases, including capitalized PIK <sup>(1)</sup> | 63913 |  | 63913 |
| Sales <sup>(1)</sup> | (8122) |  | (8122) |
| Fair value as of June 30, 2025 | $1033452 | $34 | $1033486 |
| Net change in unrealized gains (losses) on Level 3 investments still held as of June 30, 2025 | $(537) | 1 | $(536) |

---

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,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  |  | **2025** |  |
|  | **First Lien<br>Secured<br>Debt** <sup>(2)</sup> | **Preferred<br>Equity** | **Total** |
| Fair value as of December 31, 2024 | $— |  | $— |
| Net realized gains (losses) | 1276 |  | 1276 |
| Net change in unrealized gains (losses) | (352) | 1 | (351) |
| Net amortization on investments | 949 |  | 949 |
| Purchases, including capitalized PIK <sup>(1)</sup> | 1046568 | 33 | 1046601 |
| Sales <sup>(1)</sup> | (14990) |  | (14990) |
| Fair value as of June 30, 2025 | $1033452 | $34 | $1033486 |
| Net change in unrealized gains (losses) on Level 3 investments still held as of June 30, 2025 | $(352) | 1 | $(351) |

---

(1)Includes reorganizations and restructuring of investments.

(2)Includes unfunded commitments measured at fair value.

The following tables summarize the significant unobservable inputs the Company used to value its investments categorized within Level 3 as of June 30, 2025. 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 tables are 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<br>Techniques/<br>Methodologies** | **Unobservable<br>Input** | **Range** | **Range** | **Weighted<br>Average** <sup>(1)</sup> |
| First Lien Secured Debt | $19587 | Transactional Value | Cost | N/A | N/A | N/A |
|  | 1013865 | Yield Analysis | Discount Rate | 6.8% | 15.6% | 9.3% |
| Preferred Equity | 34 | Yield Analysis | Discount Rate | 11.9% | 11.9% | 11.9% |
| **Total Level 3 Investments** | $1033486 |  |  |  |  |  |

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(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.

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. For certain investments such as warrants, the Company may use an option pricing technique, of which the applicable method is the Black-Scholes Option Pricing Method ("BSM"), to perform valuations. The BSM is a model of price variation over time of financial instruments, such as equity, that is used to determine the price of call or put options. Various inputs are required but the primary unobservable input into the BSM model is the underlying asset volatility.

***Investment Transactions***

As a part of the Merger, a portfolio of investments were transferred to the Company. For the three and six months ended June 30, 2025 purchases of investments on a trade date basis were $66,262 and $1,185,011, 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 $12,077 and $24,160, 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. For the three and six months ended June 30, 2025 PIK income earned was $631 and $804, respectively.

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

---

| | | |
|:---|:---|:---|
|  | **Three Months<br>Ended June 30,** | **Six Months<br>Ended June 30,** |
|  | **2025** | **2025** |
| PIK balance at beginning of period | $100 | $— |
| PIK income capitalized | 598 | 698 |
| Adjustments due to investments exited or written off |  |  |
| PIK income received in cash |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;PIK balance at end of period | $698 | $698 |

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**Note 5. Debt**

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, the Company's asset coverage was 195%. The Company had no debt outstanding as of December 31, 2024.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Date<br>Issued/<br>Amended** | **Total<br>Aggregate<br>Principal<br>Amount<br>Committed** | **Principal<br>Amount<br>Outstanding** | **Carrying<br>Value** | **Fair<br>Value** <sup>(2)</sup> | **Unused<br>Portion**<sup>(1)</sup> | **Final<br>Maturity<br>Date** |
| AOP II Maple Credit Facility | 06/05/2025 | $500000 | $195500 | $195500 | $195500 | $304500 | 07/23/2029 |
| AOP II Jasmine Credit Facility | 04/25/2025 | 550000 | 426498 | 426498 | 426498 | 123502 | 11/14/2028 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Debt Obligations |  | $1050000 | $621998 | $621998 | $621998 | $428002 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred Financing Costs |  |  | (5293) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Debt Obligations, net of Deferred Financing Cost | &nbsp;&nbsp;&nbsp;&nbsp;Total Debt Obligations, net of Deferred Financing Cost |  | $616705 |  |  |  |  |

---

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

(2)The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of June 30, 2025.

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:

---

| | | |
|:---|:---|:---|
|  | **Three Months<br>Ended June 30,** | **Six Months<br>Ended June 30,** |
|  | **2025** | **2025** |
| Average debt outstanding | $596991 | $557906 |
| Maximum amount of debt outstanding | 621998 | 621998 |
| Weighted average annualized interest cost <sup>(1)</sup> | 6.96% | 7.36% |
| Annualized amortized debt issuance cost | 0.25% | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total annualized interest cost | 7.21% | 7.61% |

---

(1)Includes the stated interest expense and commitment fees on the unused portion of the Facility. Commitment fees for the three and six months ended June 30, 2025 were $156 and $289, respectively.

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

---

| | | |
|:---|:---|:---|
|  | **Three Months<br>Ended June 30,** | **Six Months<br>Ended June 30,** |
|  | **2025** | **2025** |
| Borrowing interest expense | $10345 | $18536 |
| Facility unused fees | 156 | 289 |
| Amortization of debt issuance costs | 371 | 645 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total interest expense** | $10872 | $19470 |

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*AOP II Funding Maple Credit Facility* 

On July 23, 2024 (the "AOP II Maple Closing Date"), October 7, 2024, November 14, 2024, December 2, 2024, March 7, 2025, April 30, 2025 and June 5, 2025, AOP II Funding Maple LLC ("AOP II Maple"), a Delaware limited liability company and an indirect subsidiary of the Company entered into, and subsequently amended, a Loan and Servicing Agreement (the "AOP II Maple Loan and Servicing Agreement"), with AOP II Maple, as borrower, AOP II Origination Holdings (L), LLC, a Delaware limited liability company and a subsidiary of the Company, in its capacity as transferor (the "Transferor"), Apollo Origination Management, L.P., as servicer (the "Servicer"), the lenders from time to time parties thereto, Morgan Stanley Senior Funding, Inc., as administrative agent, Citibank, N.A., as the collateral agent and the account bank, and Alter Domus (US) LLC, as collateral custodian.

Proceeds from the AOP II Maple Loan and Servicing Agreement will be used to finance the origination and acquisition of eligible assets by AOP II Maple, including the purchase of such assets from the Transferor. The Transferor retains a residual interest in assets contributed to or acquired by AOP II Maple through our ownership of AOP II Maple. The maximum principal amount of the AOP II Maple Loan and Servicing Agreement as of June 30, 2025 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 AOP II Maple's assets from time to time, and satisfaction of certain conditions, including certain concentration limits.

The AOP II Maple Loan and Servicing Agreement provides for the ability to draw and redraw revolving loans under the AOP II Maple Loan and Servicing Agreement for a period of up to three years after the AOP II Maple Closing Date unless the commitments are terminated sooner as provided in the AOP II Maple Loan and Servicing Agreement (the "AOP II Maple Commitment Termination Date"). Unless otherwise terminated, the AOP II Maple Loan and Servicing Agreement will mature on July 23, 2029, which is five years after the AOP II Maple Closing Date.

Under the AOP II Maple Loan and Servicing Agreement, AOP II Maple is permitted to borrow amounts in U.S. dollars or certain other permitted currencies. As of June 30, 2025 amounts drawn under the AOP II Maple Loan and Servicing Agreement, will bear interest at Term SOFR, Term CORRA, Daily Simple SONIA, EURIBOR, the BBSY Rate or TONA, in each case, plus a margin of (a) prior to the AOP II Maple Commitment Termination Date, 1.95% and (b) after the AOP II Maple Commitment Termination Date, 2.45%.

The AOP II Maple Loan and Servicing Agreement contains customary covenants, including certain limitations on the activities of AOP II Maple, including limitations on incurrence of incremental indebtedness, and customary events of default. The AOP II Maple Loan and Servicing Agreement is secured by a perfected first priority security interest in the assets of AOP II Maple and on any payments received by AOP II Maple in respect of those assets. Assets pledged to the lenders under the AOP II Maple Loan and Servicing Agreement will not be available to pay the debts of the Company.

*AOP II Funding Jasmine Credit Facility* 

On November 14, 2023 (the "AOP II Jasmine Closing Date"), August 14, 2024 and April 25, 2025, AOP II Funding Jasmine LLC ("AOP II Jasmine") (f/k/a AOP II Investment Holdings (L) LLC), a Delaware limited liability company and an indirect subsidiary of the Company, entered into, and subsequently amended, a Loan and Security Agreement (the "AOP II Jasmine Loan and Security Agreement"), with AOP II Jasmine, as borrower, Apollo Origination Management, L.P., as portfolio manager (the "Portfolio Manager"), the lenders from time to time parties thereto, JPMorgan Chase Bank, National Association, as administrative agent, Virtus Group, LP, as collateral administrator, and Citibank, N.A., as the collateral agent and the securities intermediary.

Proceeds from the AOP II Jasmine Loan and Security Agreement will be used to finance the origination and acquisition of eligible assets by AOP II Jasmine, including the purchase of such assets from AOP II Origination Holdings (L), LLC (the "Parent"). The Parent retains a residual interest in assets contributed to or acquired by AOP II Jasmine through our ownership of AOP II Jasmine. The maximum principal amount of the AOP II Jasmine Loan and Security Agreement as of June 30, 2025 is $550 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 AOP II Jasmine's assets from time to time, and satisfaction of certain conditions, including certain concentration limits.

The AOP II Jasmine Loan and Security Agreement provides for the ability to draw and redraw revolving loans under the AOP II Jasmine Loan and Security Agreement for a period of up to three years after the AOP II Jasmine Closing Date unless the commitments are terminated sooner as provided in the AOP II Jasmine Loan and Security Agreement. Unless otherwise terminated, the AOP II Jasmine Loan and Security Agreement will mature on November 14, 2028, which is five years after the AOP II Jasmine Closing Date.

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Under the AOP II Jasmine Loan and Security Agreement, AOP II Jasmine is permitted to borrow amounts in U.S. dollars or certain other permitted currencies. As of June 30, 2025, amounts drawn under the AOP II Jasmine Loan and Security Agreement, will bear interest at the Term SOFR Rate, Daily Simple SONIA, EURIBOR or the AUD Screen Rate, in each case, plus a margin of 2.00%.

The AOP II Jasmine Loan and Security Agreement contains customary covenants, including certain limitations on the activities of AOP II Jasmine, including limitations on incurrence of incremental indebtedness, and customary events of default. The AOP II Jasmine Loan and Security Agreement is secured by a perfected first priority security interest in the assets of AOP II Jasmine and on any payments received by AOP II Jasmine in respect of those assets. Assets pledged to the lenders under the AOP II Jasmine Loan and Security Agreement will not be available to pay the debts of the Company.

As of June 30, 2025, the Company was in compliance with all debt covenants for all outstanding debt obligations.

**Note 6. Net Assets**

The Company is authorized to issue an unlimited number of Shares. On December 31, 2024, Apollo Capital Management, L.P. purchased 60 Shares at a price of $25.00 per share, as our initial capital. In connection with the Merger, these 60 Shares were cancelled on January 24, 2025. Further, on January 24, 2025, we issued 1 Share of the Company, which was reclassified into 22,533,408 Shares on January 27, 2025 following the Investment Portfolio HoldCo Transfer.

Also, on January 21, 2025 we entered into a subscription agreement with an investor for $800 million in capital commitments, providing for the private placement of our Shares. Investors are required to fund their capital commitments to purchase Shares each time the Company delivers a drawdown notice. The price per Share for each drawdown purchase will be equal to the Company's per share NAV as determined within 48 hours of the capital drawdown date, excluding Sundays and holidays.

As of June 30, 2025, the Company had the following capital commitments, pursuant to subscription agreements, and contributions from its shareholders:

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Capital<br>Commitments**<sup>(1)</sup> | **Funded Capital<br>Commitments** | **% of Capital<br>Commitments<br>Funded** |
| Common Shares | $800000 |  | 0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The investor will be released from any obligation to purchase additional Shares on the earlier of (i) the date that such Subscriber's Capital Commitment is fully called and (ii) on August 1, 2027, subject to a one-year extension by the investor's general partner at its sole discretion.

**Note 7. 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:

---

| | | |
|:---|:---|:---|
| **(in thousands)** | **June 30, 2025** | **December 31, 2024** |
| Unfunded revolver obligations <sup>(1)</sup> | $72488 | $— |
| Unfunded delayed draw loan commitments <sup>(2)</sup> | 117890 |  |
| &nbsp;&nbsp;Total Unfunded Commitments <sup>(3)</sup> | $190378 | $— |

---

(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.

(2) 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.

(3) 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.

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**Note 8. Financial Highlights**

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

---

| | |
|:---|:---|
|  | **Six Months<br>Ended June 30,** |
|  | **2025** <sup>(2)</sup> |
| **Per Share Data\*** |  |
| Net asset value beginning of period | $— |
| Net investment income <sup>(1)</sup> | 1.07 |
| Net realized and change in unrealized gains (losses) <sup>(1)</sup> | 0.05 |
| Net increase in net assets resulting from operations | 1.12 |
| Net increase (decrease) in net assets relating to capital share transactions<sup>(6)</sup> | 25.00 |
| Net asset value at end of period | $26.11 |
| Total return <sup>(3)</sup> | 4.45% |
| Shares outstanding at end of period <sup>(1)</sup> | 22533408 |
| Weighted average shares outstanding <sup>(1)</sup> | 22533408 |
| **Ratio/Supplemental Data** |  |
| Net assets at end of period (in thousands) | $588418 |
| Annualized ratio of total expenses to average net assets <sup>(4)</sup> | 14.00% |
| Annualized ratio of net investment income to average net assets <sup>(4)</sup> | 13.82% |
| Portfolio turnover rate | 2.26% |
| Asset coverage per unit <sup>(5)</sup> | $1946 |

---

\* Totals may not foot due to rounding.

(1)Financial highlights are based on the activity and weighted average number of shares outstanding for the period presented.

(2)Amounts have been derived based on the activity and the weighted average number of shares outstanding started on January 24, 2025.

(3)Total return is calculated as the change in NAV per share divided by the beginning NAV per share (which for the purposes of this calculation is equal to the net offering price in effect at the commencement of investment operations). Total return is not annualized.

(4)For the period ended June 30, 2025 amounts are annualized except for organizational costs.

(5)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 June 30, 2025, the Company's asset coverage was 195%.

(6)The amount shown at this caption is the balancing amount derived from the other figures in this schedule. The amount shown for capital share transactions, including share issuances, will fluctuate due to the timing of the share issuances and the weighted average shares over the period.

**Note 9. 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.

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the shareholders and Board of Trustees of Apollo Origination II (Levered) Capital Trust

**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 Origination II (Levered) Capital Trust 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, the consolidated statement of cash flows and financial highlights for the six-month period then ended, and the related notes (collectively referred to as the "interim financial information"). Based on our review, 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 statement of assets and liabilities of the Company as of December 31, 2024, and in our report dated March 7, 2025, we expressed an unqualified opinion on the financial statement. In our opinion, the information set forth in the accompanying statement of assets and liabilities as of December 31, 2024, is fairly stated, in all material respects, in relation to the statement of assets and liabilities 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 review 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 12, 2025

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

The following analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the notes thereto contained elsewhere in this report. Some of the statements in this report constitute forward-looking statements, which relate to future events or our future performance or financial condition. The six months ended June 30, 2025 represents the period from January 1, 2025 to June 30, 2025. The forward-looking statements contained herein involve risks and uncertainties, including statements as to:

&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 our portfolio companies;

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

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

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

&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 expected financings and investments;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the timing of cash flows, if any, from the operations of our portfolio companies.

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 Act, as amended (the "1934 Act").

**Overview**

Apollo Origination II (Levered) Capital Trust (the "Company," "we," "us" or "our") was organized as a Delaware statutory trust on June 26, 2024. We are a closed-end, externally managed, non-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") on January 28, 2025. The Company's investment activities are managed by Apollo Credit Management, LLC (the "Adviser" or "ACM", an investment adviser registered with the U.S. Securities and Exchange Commission (the "SEC") under the U.S. Investment Advisers Act of 1940 (the "Advisers Act"), as amended. 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. We have also elected to be treated, and intend to qualify annually thereafter, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). Assuming we qualify as a RIC, we generally do not pay corporate-level federal income taxes on any income we distribute to our shareholders.

Prior to electing to be regulated as a BDC, pursuant to an Agreement and Plan of Reorganization (the "Reorganization Agreement"), the Company merged with AOP II Capital Trust One, a Delaware statutory trust and a wholly-owned subsidiary of Apollo Origination Partnership II (Levered AIV), L.P., a Cayman Islands exempted limited partnership ("Parent"), with the Company continuing as the surviving company and as a wholly-owned subsidiary of Parent (the "Merger"). Following the Merger, and pursuant to the terms of the Reorganization Agreement, the Company acquired all of the membership interests of AOP II Origination Holdings (L), LLC, a Delaware limited liability company that held an investment portfolio (the "Investment Portfolio HoldCo"), from AOP II Intermediate Holdings (DC I), LLC, a Delaware limited liability company (the "Intermediate HoldCo"), which was all of Parent's interest in Intermediate HoldCo (the "Investment Portfolio HoldCo Transfer"). The Investment Portfolio HoldCo Transfer resulted in the Company acquiring an investment portfolio from the Intermediate HoldCo (the "Investment Portfolio"). The Investment Portfolio HoldCo Transfer did not result in the acquisition of all or substantially all of Intermediate HoldCo's assets.

On December 31, 2024, Apollo Capital Management, L.P. purchased 60 common shares of beneficial interest of the Company (the "Shares") at a price of $25.00 per share, as our initial capital. In connection with Merger, these 60 Shares were cancelled on January 24, 2025. Further, on January 24, 2025, we issued 1 Share of the Company, which was reclassified into 22,533,408 Shares on January 27, 2025 following the Investment Portfolio HoldCo Transfer. Also, on January 21, 2025 we entered into a subscription agreement with an investor for $800 million in Capital Commitments, providing for the private placement of our Shares.

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**Investments**

Our investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. The Company expects to invest, directly or indirectly, globally across private credit opportunities, primarily investing in certain originated, secured loans or similar financial instruments, including bonds, debentures and other debt securities, made to or issued by corporate borrowers and issuers that generally generate on an annual basis $100 million or greater in earnings before interest, taxes, depreciation and amortization, and, to the extent applicable, equity-kickers (i.e., equity received in connection with a debt investment) or similar financial instruments issued, received or otherwise purchased in connection with such investment opportunities. 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. Subject to the limitations of the 1940 Act, we may invest in loans or other securities, the proceeds of which may refinance or otherwise repay debt or securities of companies whose debt is owned by other Apollo funds. From time to time, we may co-invest with other Apollo funds.

Our level of investment activity will vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to corporate borrowers, the level of merger and acquisition activity for such companies, the general economic environment, and the competitive environment for the types of investments we make. As a BDC, we must not acquire any assets other than "qualifying assets" specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions).

**Portfolio and Investment Activity**

Our portfolio and investment activity for the three and six months ended June 30, 2025, were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Three Months<br>Ended June 30,** | **Six Months<br>Ended June 30,** | **Six Months<br>Ended June 30,** |
| **(in thousands)\*** | **2025** | **2025** | **2025** |
| Investments made in portfolio companies | $66262 | $— | 1185011 |
| Investments sold | (12077) |  | (24160) |
| Net investment activity | $54185 | $— | 1160851 |
| Portfolio companies, at beginning of period | 43 |  |  |
| Number of investments in new portfolio companies | 2 |  | 46 |
| Number of exited companies |  |  | 1 |
| Portfolio companies at end of period | 45 |  | 45 |
| Number of investments in existing portfolio companies | 45 | 45 | 45 |

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\* Totals may not foot due to rounding.

Our portfolio composition and weighted average yields as of June 30, 2025 were as follows:

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| | |
|:---|:---|
|  | **June 30, 2025** |
| **Portfolio composition, at fair value:** |  |
| &nbsp;&nbsp;First Lien Secured Debt | 100.0% |
| **Weighted average yields, at amortized cost** <sup>(1)</sup>**:** |  |
| &nbsp;&nbsp;First lien secured debt | 9.2% |
| &nbsp;&nbsp;Total portfolio | 9.3% |
| **Interest rate type, at fair value:** |  |
| &nbsp;&nbsp;Fixed rate amount (in thousands) | $20422 |
| &nbsp;&nbsp;Floating rate amount (in thousands) | $1140801 |
| &nbsp;&nbsp;Fixed rate, as percentage of total | 1.8% |
| &nbsp;&nbsp;Floating rate, as percentage of total | 98.2% |
| **Interest rate type, at amortized cost:** |  |
| &nbsp;&nbsp;Fixed rate amount (in thousands) | $19341 |
| &nbsp;&nbsp;Floating rate amount (in thousands) | $1142187 |
| &nbsp;&nbsp;Fixed rate, as percentage of total | 1.7% |
| &nbsp;&nbsp;Floating rate, as percentage of total | 98.3% |

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\* Totals may not foot due to rounding.

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(1) An investor's yield may be lower than the portfolio yield due to other expenses.

**Results of Operations**

Operating results for the three and six months ended June 30, 2025 were as follows:

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| | | |
|:---|:---|:---|
|  | **Three Months<br>Ended June 30,** | **Six Months<br>Ended June 30,** |
| **(in thousands)\*** | **2025** | **2025** |
| Total Investment Income | $28471 | $49459 |
| Net Expenses | 14385 | 25396 |
| Net Investment Income | 14086 | 24063 |
| Net realized gains (losses) | 1220 | 1369 |
| Net change in unrealized gains (losses) | (185) | (263) |
| Net realized and change in unrealized gains (losses) | $1035 | $1106 |
| Net increase in net assets resulting from operations | $15121 | $25169 |

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\* Totals may not foot due to rounding.

Net increase (decrease) in net assets resulting from operations is due to the commencement of investment operations, purchase of investments, interest income from originations, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio.

***Investment Income***

Investment income, for the three and six months ended June 30, 2025 were as follows:

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| | | |
|:---|:---|:---|
|  | **Three Months<br>Ended June 30,** | **Six Months<br>Ended June 30,** |
| **(in thousands)\*** | **2025** | **2025** |
| Interest income | $27091 | $47320 |
| PIK interest income | 631 | 804 |
| Dividend income | 151 | 387 |
| Other income | 598 | 948 |
| Total investment income | $28471 | $49459 |

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\* Totals may not foot due to rounding.

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For the three and six months ended June 30, 2025, total investment income was $28,471 and $49,459 respectively, primarily driven by interest income from originations. The size of our investment portfolio at fair value was $1,161,257 as of June 30, 2025. Additionally, our weighted average yield on debt was 9.2% for the six months ended June 30, 2025. For the three and six months ended June 30, 2025, payment-in-kind interest income represented 2.2% and 1.6% of total investment income, respectively.

We plan to generate revenue primarily in the form of interest income from the securities we hold. We expect most of our debt investments, in the form of mezzanine or senior secured loans, will generally have a stated term of five to ten years and bear interest at a fixed rate or a floating rate usually determined on the basis of a benchmark, such as the Secured Overnight Financing Rate ("SOFR"), the federal funds rate, or the prime rate. Interest on debt securities is generally payable quarterly or semiannually and while U.S. subordinated debt and corporate notes typically accrue interest at fixed rates, some of our investments may include zero coupon and/or step-up bonds that accrue income on a constant yield to call or maturity basis. In addition, some of our investments may provide for PIK interest or dividends. Such amounts of accrued PIK interest or dividends are added to the cost of the investment on the respective capitalization dates and generally become due at maturity of the investment or upon the investment being called by the issuer. In addition, we may generate revenue in the form of prepayment and other fees in connection with transactions. Loan origination fees, original issue discount and market discount or premium will be capitalized, and we will accrete or amortize such amounts as interest income. We will record prepayment premiums on debt investments as interest income when earned. Dividend income on equity investments will be recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. We may also generate revenue in the form of commitment, origination, structuring fees, fees for providing managerial assistance and, if applicable, consulting fees.

***Expenses***

Expenses for the three and six months ended June 30, 2025 were as follows:

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| | | |
|:---|:---|:---|
|  | **Three Months<br>Ended June 30,** | **Six Months<br>Ended June 30,** |
| **(in thousands)\*** | **2025** | **2025** |
| Management fees | $1090 | $1830 |
| Performance-based incentive fees | 1689 | 2796 |
| Interest and other debt expenses | 10872 | 19470 |
| Administration fees | 171 | 310 |
| Trustee fees | 16 | 68 |
| Other general and administrative expenses | 507 | 817 |
| Organizational fees | 40 | 105 |
| Net expenses | $14385 | $25396 |

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\* Totals may not foot due to rounding.

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 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 Administrator that performs duties for us; and (iii) any personnel of AGM or any of its affiliates providing non-investment related services to us; and (c) all other expenses of our operations, administrations and transactions.

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.

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***Net Realized Gain (Loss)***

Net realized gains (losses) for the three and six months ended June 30, 2025 were comprised of the following:

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| | | |
|:---|:---|:---|
|  | **Three Months<br>Ended June 30,** | **Six Months<br>Ended June 30,** |
| **(in thousands)\*** | **2025** | **2025** |
| Non-controlled/non-affiliated investments | $1220 | $1388 |
| Foreign currency transactions |  | (19) |
| Net realized gains (losses) | $1220 | $1369 |

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\* Totals may not foot due to rounding.

For the three and six months ended June 30, 2025, we generated total net realized gains of $1,220 and $1,369, driven by net realized gains of $1,220 and $1,388 respectively, from non-controlled/non-affiliated investments due to full or partial sales and/or restructuring and repayments of debt investments. Net realized gains on non-controlled/non-affiliated investments were partially offset by net realized losses of $0 and $(19) respectively, from foreign currency transactions, as a result of fluctuations primarily in the Canadian Dollar and Japanese Yen exchange rates.

***Net Unrealized Gain (Loss)***

Net unrealized gains (losses) for the three and six months ended June 30, 2025 were comprised of the following:

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| | | |
|:---|:---|:---|
|  | **Three Months<br>Ended June 30,** | **Six Months<br>Ended June 30,** |
| **(in thousands)\*** | **2025** | **2025** |
| Non-controlled/non-affiliated investments | $(255) | $(305) |
| Foreign currency transactions | 70 | 42 |
| Net unrealized gains (losses) | $(185) | $(263) |

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\* Totals may not foot due to rounding.

For the three months ended June 30, 2025, we recognized gross unrealized gain on investments of $1,482 and gross unrealized loss on investments of $1,667, resulting in net change in unrealized loss of $(185) for the second fiscal quarter of 2025. For the six months ended June 30, 2025, we recognized gross unrealized gain on investments of $1,901 and gross unrealized loss on investments of $2,164, resulting in net change in unrealized loss of $(263) for the second fiscal quarter of 2025. The fair value of our debt investments as a percentage of principal as of June 30, 2025 was 99%.

**Liquidity and Capital Resources**

We expect to generate cash primarily from (i) the net proceeds of the private offering, (ii) cash flows from our operations, (iii) any financing arrangements we may enter into in the future and (iv) any future offerings of our equity or debt securities. Our primary uses of cash will be for (i) investments in portfolio companies and other investments, (ii) the cost of operations (including paying the Adviser and the Administrator), (iii) cost of any borrowings or other financing arrangements and (iv) cash distributions to the holders of our Shares.

We have entered and may seek to enter into one or more credit facility or other financing arrangements on at least customary and market terms; however, we cannot assure you we will be able to do so. Any such incurrence 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. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock if, immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock is at least 150%.

We may enter into investment commitments through signed commitment letters that may ultimately become investment transactions in the future. We regularly evaluate and carefully consider our unfunded commitments for the purpose of planning our capital resources and ongoing liquidity, including our financial leverage.

We believe that our current cash and cash equivalents on hand, our short-term investments, proceeds from our credit facility, unfunded capital commitments and our anticipated cash flows from operations will be adequate to meet our cash needs for our daily operations for at least the next twelve months.

**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. Payments for investment advisory services under the Advisory Agreement and

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reimbursements under the Administration Agreement are described in **Note 3** to our consolidated financial statements in this quarterly report on Form 10-Q.

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 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.

**Related-Party Transactions**

We entered into a number of business relationships with affiliated or related parties, including through the Advisory Agreement and the Administration 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 **Note 3** to our consolidated financial statements in this quarterly report on Form 10-Q for more information.

***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 our consolidated financial statements in this quarterly report on Form 10-Q for more information. 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 the AOP II Maple Loan and Servicing Agreement and/or the AOP II Jasmine Loan and Security Agreement, as we deem appropriate.

***Debt***

See **Note 5** to our consolidated financial statements in this quarterly report on Form 10-Q for information on the Company's debt.

The following table shows the contractual maturities of our debt obligations as of June 30, 2025:

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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 thousands)** | **Total** | **Less than<br>1 Year** | **1 to 3<br>Years** | **3 to 5<br>Years** | **More than<br>5 Years** |
| AOP II Maple Credit Facility | 195500 | $— | $— | $195500 | $— |
| AOP II Jasmine Credit Facility | 426498 |  |  | 426498 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Debt Obligations | $621998 | $— | $— | $621998 | $— |

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***Net Assets***

See **Note 6** to our consolidated financial statements in this quarterly report on Form 10-Q for information on the Company's Shares and related capital activities.

***Distributions***

For income tax purposes, distributions made to shareholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof. Tax characteristics of all distributions will be reported to shareholders on Form 1099 after the end of the calendar year. Our quarterly distributions, if any, will be determined by the Board of Trustees of the Company (the "Board").

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,

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we may in the future decide to retain such capital gains for investment. Currently, we have substantial net capital loss carryforwards and consequently do not expect to generate cumulative net capital gains in the foreseeable future.

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 revolving credit facility may limit our ability to declare dividends 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.

***PIK Income***

For the three and six months ended June 30, 2025, PIK income totaled $631 and $804 on total investment income of $28,471 and $49,459, respectively. In order to maintain the Company's status as a RIC, this non-cash source of income must be paid out to shareholders annually in the form of distributions, even though the Company has not yet collected the cash. See **Note 4** to our consolidated financial statements in this quarterly report on Form 10-Q for more information on the Company's PIK income.

**Critical Accounting Estimates**

Our discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, gains and losses. Changes in the economic environment, financial markets, credit worthiness of portfolio companies and any other parameters used in determining such estimates could cause actual results to differ materially. In addition to the discussion below, our significant accounting policies are further described in the notes to the consolidated financial statements.

***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 Board continues to be responsible for overseeing the processes for determining fair valuation.

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.

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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.

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 six 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.

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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 our 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.

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 consolidated financial statements in this quarterly report on Form 10-Q 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 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, 98.2% 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.The AOP II Maple Loan and Servicing Agreement will bear interest at Term SOFR, Term CORRA, Daily Simple SONIA, EURIBOR, the BBSY Rate or TONA and the AOP II Jasmine Loan and Security Agreement will bear interest at the Term SOFR Rate, Daily Simple SONIA, EURIBOR or the AUD Screen Rate.

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 | 13.0 | 0.6 |
| Up 150 basis points | 9.8 | 0.4 |
| Up 100 basis points | 6.5 | 0.3 |
| Up 50 basis points | 3.3 | 0.1 |
| Down 50 basis points | (3.3) | (0.1) |
| Down 100 basis points | (6.5) | (0.3) |
| Down 150 basis points | (9.8) | (0.4) |
| Down 200 basis points | (13.0) | (0.6) |

---

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.

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

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

**PART II—OTHER INFORMATION**

**Item 1. Legal Proceedings.**

We are not currently subject to any material legal proceedings, nor, to our knowledge are any material legal proceedings threatened against us. From time to time, we may become involved in various investigations, claims and legal proceedings that arise in the ordinary course of our business. Furthermore, third parties may try to seek to impose liability on us in connection with the activities of our portfolio companies. While we do not expect that the resolution of these matters if they arise would materially affect our business, financial condition or results of operations, resolution will be subject to various uncertainties and could result in the expenditure of significant financial and managerial resources.

**Item 1A. Risk Factors.**

In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in "*Item 1A. Risk Factors*" in Amendment No. 1 to our Registration Statement on Form 10, 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.

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

None.

**Item 3. Defaults Upon Senior Securities.**

None.

**Item 4. Mine Safety Disclosures.**

Not applicable.

**Item 5. Other Information.**

None.

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

**Item 6. Exhibits.**

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 3.1 | [<u>Second Amended and Restated Agreement and Declaration of Trust, dated March 26, 2025 (1)</u>](https://www.sec.gov/Archives/edgar/data/2052152/000119312525065612/d880406dex31.htm) |
| 3.2 | [<u>Bylaws, dated March 26, 2025 (1)</u>](https://www.sec.gov/Archives/edgar/data/2052152/000119312525065612/d880406dex33.htm) |
| 10.1 | [<u>Second Amendment to the AOP II Funding Jasmine Credit Facility Loan and Security Agreement (2)</u>](https://www.sec.gov/Archives/edgar/data/2052152/000119312525109945/d40226dex101.htm) |
| 10.2 | [<u>Fifth Amendment to the AOP II Funding Maple Credit Facility Loan and Security Agreement (3)</u>](https://www.sec.gov/Archives/edgar/data/2052152/000119312525111667/d932909dex101.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>](none-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>](none-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>](none-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>](none-ex32_2.htm) |
| 101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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\* Filed herewith.

(1)Incorporated by Amendment No. 1 to the Registrant's Registration Statement on Form 10 (File No. 000-56722) filed on March 27, 2025.

(2)Incorporated by reference to the Registrant's Current Report on Form 8-K (File No. 000-56722) filed on May 1, 2025.

(3)Incorporated by reference to the Registrants Current Report on Form 8-K (File No. 000-56722) filed on May 2, 2025.

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

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST** | **APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST** |
| Date: August 12, 2025 | By: | /s/ Earl Hunt |
|  |  | Name: Earl Hunt |
|  |  | Title: Chief Executive Officer (Principal Executive Officer) |
| Date: August 12, 2025 | By: | /s/ John Rhee |
|  |  | Name: John Rhee |
|  |  | Title: Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |

---

------

## 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 Origination II (Levered) Capital Trust (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(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;b.[Reserved];

&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;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(s) 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 functions):

&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;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.

---

| | |
|:---|:---|
| Date: August 12, 2025 |  |
|  | /s/ Earl Hunt |
|  | Earl Hunt |
|  | Chief Executive Officer |

---

------

## 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, John Rhee, Chief Financial Officer of Apollo Origination II (Levered) Capital Trust (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(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;b.[Reserved];

&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;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(s) 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 functions):

&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;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.

---

| | |
|:---|:---|
| Date: August 12, 2025 |  |
|  | /s/ John Rhee |
|  | John Rhee |
|  | 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 Origination II (Levered) Capital Trust (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.

---

| | |
|:---|:---|
| Date: August 12, 2025 |  |
|  | /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 Origination II (Levered) Capital Trust (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.

---

| | |
|:---|:---|
| Date: August 12, 2025 |  |
|  | /s/ John Rhee |
|  | John Rhee |
|  | Chief Financial Officer |

---

------