# EDGAR Filing Document

**Accession Number:** 0001837532
**File Stem:** 0001193125-26-230744
**Filing Date:** 2026-5
**Character Count:** 14381
**Document Hash:** efd5488c7ee2060e724fdb606ce55da8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-230744.hdr.sgml**: 20260519

**ACCESSION NUMBER**: 0001193125-26-230744

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20260519

**ITEM INFORMATION**: Unregistered Sales of Equity Securities

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**FILED AS OF DATE**: 20260519

**DATE AS OF CHANGE**: 20260519

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01424
- **FILM NUMBER:** 26998633

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

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

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): May 19, 2026

## Apollo Debt Solutions BDC

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

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| | | |
|:---|:---|:---|
| **Delaware** | **814-01424** | **86-1950548** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

---

| | |
|:---|:---|
| **9 West 57th Street**<br> **New York, New York** | **10019** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

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

#### Not Applicable

#### (Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

#### Securities registered pursuant to Section 12(b) of the Act: None

---

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

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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.☐

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| | |
|:---|:---|
| **Item 3.02.** | **Unregistered Sale of Equity Securities**  |

---

As of May 1, 2026, Apollo Debt Solutions BDC (the "**Fund**," "**ADS**," "**we**" or "**our**") sold unregistered Class I common shares of beneficial interest ("**Class I Common Shares**") (with the final number of shares being determined on May 19, 2026) to feeder vehicles primarily created to hold the Fund's Class I Common Shares. The offer and sale of these Class I Common Shares was exempt from the registration provisions of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) and/or Regulation S thereunder (the "**Private Offering**"). The following table details the shares sold:

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| | | |
|:---|:---|:---|
| **Date of Unregistered Sale** | **Amount of Class I**<br>**Common Shares** | **Consideration** |
|  As of May 1, 2026 (number of shares finalized on May 19, 2026) | 384867 | $9204625 |

---

---

| | |
|:---|:---|
| **Item 7.01.** | **Regulation FD Disclosures**  |

---

#### May 2026 Distributions
On May 19, 2026, the Fund declared distributions for each class of its common shares of beneficial interest (the "**Shares**") in the amount per share set forth below:

---

| | | | |
|:---|:---|:---|:---|
|  | **Gross Distribution** | **Shareholder**<br>**Servicing and/or**<br>**Distribution Fee** | **Net Distribution** |
|  Class I Common Shares | $0.1800 | $0.0000 | $0.1800 |
|  Class S Common Shares | $0.1800 | $0.0173 | $0.1627 |
|  Class D Common Shares | $0.1800 | $0.0051 | $0.1749 |

---

The distributions for each class of Shares are payable to shareholders of record as of the open of business on May 31, 2026 and will be paid on or around June 29, 2026. These distributions will be paid in cash or reinvested in shares of the Fund for shareholders participating in the Fund's distribution reinvestment plan.

#### Portfolio and Business Commentary
*(All figures as of April 30, 2026, unless otherwise noted)* 

For the month ended April 30, 2026, the Fund's net asset value ("**NAV**") per share was $23.92, compared to $23.90 as of March 31, 2026. The Fund's 1-month, 3-month, year-to-date, 1-year, 3-year and annualized inception-to-date returns through April 30, 2026 for Class I Common Shares were 0.84%, 0.50%, 0.96%, 6.73%, 9.81% and 8.15%, respectively (inception date was January 7, 2022).<sup>1</sup> As of May 19, 2026, the Fund's annualized distribution rate for Class I Common Shares, including the distribution declared on May 19, 2026, was 9.03%.<sup>2</sup>

As of April 30, 2026, our portfolio was approximately $25.7 billion based on fair market value across 404 portfolio companies and 57 industries. Our portfolio consisted of approximately 100% first lien debt investments and approximately 96% floating rate debt investments based on fair market value. The weighted average earnings before interest, taxes, depreciation and amortization ("**EBITDA**") of our directly originated debt investments was $304 million,<sup>3</sup> and our portfolio's overall weighted-average net loan-to-value, weighted average yield at amortized cost, weighted-average net leverage and interest coverage were 41%, 8.51%,<sup>4</sup> 4.9x, and 2.5x, respectively.<sup>5</sup>

As of April 30, 2026, the Fund's net leverage ratio was 0.75x,<sup>6</sup> and we had approximately $4.2 billion of excess availability under our secured funding facilities.<sup>7</sup>

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#### Select Recent Transaction Highlights

#### Sabre
In April 2026, Apollo-managed direct lending funds supported TPG Inc.'s $3.5 billion acquisition of Sabre Industries ("**Sabre**") with a non-fungible incremental term loan. Apollo provided a fully bought solution while preserving portability of the existing syndicated deal. The investment secured additional exposure in a high-conviction credit for Apollo funds. Sabre is a manufacturer of utility poles and transmission towers. ADS participated in the transaction alongside other Apollo-managed investment funds.

#### Qualus
In April 2026, Apollo served as lead lender on a $1.0 billion credit facility for Qualus Corporation ("**Qualus**") as part of a leveraged buy-out financing. Qualus is a provider of advisory, engineering and field services to the power industry with 1,900+ employees across the U.S. and Canada. ADS participated in the transaction alongside other Apollo-managed investment funds.

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1. **Past performance is not indicative of future results.** Total returns for periods greater than one year are annualized. For Class S common shares of beneficial interest ()"**Class S Common Shares** "), excluding maximum upfront placement fees, ADS generated returns of 0.77%, 0.29%, 0.68%, 5.83%, 8.89%, and 7.23% for the 1-month, 3-month, year-to-date, 1-year, 3-year and annualized inception-to-date periods through April 30, 2026 (inception date is February 1, 2022), respectively. For Class S Common Shares, including maximum upfront placement fees, ADS generated returns of -2.73%, -3.22%, -2.83%, 2.16%, 7.61%, and 6.33% for the 1-month, 3-month, year-to-date, 1-year, 3-year, and annualized inception-to-date periods through April 30, 2026 (inception date is February 1, 2022), respectively. For Class D common shares of beneficial interest ()"**Class D Common Shares** "), excluding maximum upfront placement fees, ADS generated returns of 0.82%, 0.44%, 0.88%, 6.47%, 9.54%, and 10.55% for the 1-month, 3-month, year-to-date, 1-year, 3-year and annualized inception-to-date periods through April 30, 2026 (inception date is July 1, 2022), respectively. For Class D Common Shares, including maximum upfront placement fees, ADS generated returns of -0.68%, -1.07%, -0.63%, 4.89%, 8.99%, and 10.13% for the 1-month, 3-month, year-to-date, 1-year, 3-year, and annualized inception-to-date periods through April 30, 2026 (inception date is July 1, 2022), respectively. Class S Common Shares and Class D Common Shares listed as including the upfront maximum placement fees reflect the returns after the maximum upfront placement fees. No upfront sales load will be paid to the Fund with respect to Class S Common Shares, Class D Common Shares or Class I Common Shares, however, if a shareholder buys Class S Common Shares or Class D Common Shares through certain financial intermediaries, they may directly charge transaction or other fees to shareholders, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that selling agents limit such charges to a 1.5% cap on NAV for Class D Common Shares and 3.5% cap on NAV for Class S Common Shares. Class I Common Shares do not have upfront placement fees.

2. The annualized distribution rate is as of May 19, 2026, and is calculated by multiplying the sum of the month's stated base distribution per share by twelve and dividing the result by the prior month's NAV per share. The annualized distribution rate, including the distribution declared on May 19, 2026, was 8.16% for Class S Common Shares and 8.78% for Class D Common Shares.

3. Based on latest information tracked on our portfolio companies and excludes certain portfolio companies for which these metrics are not meaningful (for instance, portfolio companies with negative EBITDA).

4. Excludes investments on non-accrual status.

5. Based on latest information tracked on our portfolio companies and excludes certain portfolio companies for which these metrics are not meaningful (for instance, portfolio companies with negative EBITDA). Net loan-to-value is net debt through the respective loan tranche in which the Fund has invested divided by the estimated enterprise value of the portfolio company.

6. The Fund's net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.

7. Includes borrowing base availability under secured financing facilities, cash and net receivables from investments.

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| | |
|:---|:---|
| **Item 8.01.** | **Other Events**  |

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#### Net Asset Value and Portfolio Update
The NAV per share of each class of the Fund's Shares as of April 30, 2026, as determined in accordance with the Fund's valuation policy, is set forth below.

---

| | |
|:---|:---|
|  | **NAV as of<br>April 30, 2026** |
|  Class I Common Shares | $23.92 |
|  Class S Common Shares | $23.92 |
|  Class D Common Shares | $23.92 |

---

As of April 30, 2026, the Fund's aggregate NAV was $14.5 billion, the fair value of its investment portfolio was approximately $25.7 billion and it had approximately $11.8 billion of principal debt outstanding, resulting in a debt-to-equity leverage ratio of approximately 0.81x. The Fund's net leverage ratio as of April 30, 2026 was approximately 0.75x.<sup>1</sup>

1. The Fund's net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.

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#### Status of Offering
The Fund is currently publicly offering on a continuous basis up to $10.4 billion in Shares (the "**Offering**"). Additionally, the Fund has sold unregistered shares as part of the Private Offering. The following table lists the Shares issued and total consideration for both the Offering and the Private Offering as of the date of this filing, reflective of transfers between share classes. The table below does not include Shares sold through the Fund's distribution reinvestment plan. The Fund intends to continue selling Shares in the Offering and the Private Offering on a monthly basis.

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| | | |
|:---|:---|:---|
|  | **Common<br>Shares Issued** | **Total<br>Consideration** |
|  **Offering:** | **Offering:** | **Offering:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I Common Shares | 187634431 | $4605844280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S Common Shares | 124887122 | $3068321314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class D Common Shares | 1586462 | $38960681 |
|  **Private Offering:** | **Private Offering:** | **Private Offering:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I Common Shares | 366526824 | $9044732487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S Common Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class D Common Shares |  |  |
|  **Total Offering and Private Offering \*** | **680634839** | $**16757858763** |

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\* Amounts may not sum due to rounding. 

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#### SIGNATURE
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 hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | APOLLO DEBT SOLUTIONS BDC | APOLLO DEBT SOLUTIONS BDC |
| Date: May 19, 2026 | By: | /s/ Kristin Hester |
|  | Name: | Kristin Hester |
|  | Title: | Chief Legal Officer and Secretary |

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