# EDGAR Filing Document

**Accession Number:** 0002000597
**File Stem:** 0000950170-25-108339
**Filing Date:** 2025-8
**Character Count:** 264394
**Document Hash:** f73808eda56b772e79c0ef6a8d4fab66
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-108339.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0000950170-25-108339

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 68

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250813

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Apollo Asset Backed Credit Co LLC
- **CENTRAL INDEX KEY:** 0002000597
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 933760466
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56622
- **FILM NUMBER:** 251213870

**BUSINESS ADDRESS:**
- **STREET 1:** 9 WEST 57TH STREET
- **STREET 2:** 42ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-515-3200

**MAIL ADDRESS:**
- **STREET 1:** 9 WEST 57TH STREET
- **STREET 2:** 42ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

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**FORM** 10-Q

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**(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** 000-56622

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Apollo Asset Backed Credit Company LLC

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

------

---

| | |
|:---|:---|
| Delaware | 93-3760466 |
| **(State or other jurisdiction of incorporation or organization)** | **(I.R.S. Employer Identification No.)** |
| 9 West 57th Street**,** 42nd Floor <br>New York**,** NY | 10019 |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Title of each class** | &nbsp;&nbsp;**Trading Symbol(s)** | &nbsp;&nbsp;**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, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

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

---

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 Act). Yes ☐ No ☒

As of August 13, 2025, the registrant had, with respect to Series I limited liability company interests,1,385,269 A-I Shares, 2,627,886 F-I Shares, 110 F-S Shares, 110 P-I Shares, 179,929 P-S Shares, 1,928,288 T-I Shares, 1,896,491 T-S Shares, 40 V Shares and 5,864 E shares outstanding, and with respect to Series II limited liability company interests, 2,218,529 A-I Shares, 8,543,436 F-I Shares, 110 F-S Shares, 51,296 P-I Shares, 5,306,582 P-S Shares, 2,605,595 T-I Shares, 4,092,304 T-S Shares, 160,778 I Shares, 3,282,254 BD Shares, 40 V Shares, and 2,175,616 E Shares outstanding.

------

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| [**<u>Part I.</u>**](#part_i_financial_information) | [<u>Financial Information</u>](#part_i_financial_information) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 1.</u>](#item_1_financial_statements) | [<u>Financial Statements</u>](#item_1_financial_statements) | 1 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Assets and Liabilities as of June 30, 2025 (Unaudited) and as of December 31, 2024</u>](#statement_of_assets_and_liabilities) | 1 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (Unaudited)</u>](#statement_of_operations_unaudited) | 4 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2025 and 2024 (Unaudited)</u>](#statements_of_changes_in_net_assets) | 5 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statement of Cash Flows for the six months ended June 30, 2025 and 2024 (Unaudited)</u>](#statement_of_cash_flows) | 6 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Condensed Schedule of Investments as of June 30, 2025 (Unaudited)</u>](#condensed_schedule_of_investments) | 7 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Condensed Schedule of Investments as of December 31, 2024</u>](#prior_year_soi) | 10 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Notes to Consolidated Financial Statements (Unaudited)</u>](#notes_to_financial_statements) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 2.</u>](#managements_discussion_and_analysis) | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#managements_discussion_and_analysis) | 38<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 3.</u>](#item_3_quantitative_and_qualitative_disc) | [<u>Quantitative and Qualitative Disclosures about Market Risk</u>](#item_3_quantitative_and_qualitative_disc) | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 4.</u>](#item_4_controls_and_procedures) | [<u>Controls and Procedures</u>](#item_4_controls_and_procedures) | 51 |
| [**<u>Part II</u>**<u>.</u>](#part_ii_other_information) | [<u>Other Information</u>](#part_ii_other_information) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 1.</u>](#item_1_legal_proceedings) | [<u>Legal Proceedings</u>](#item_1_legal_proceedings) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 1A.</u>](#risk_factors) | [<u>Risk Factors</u>](#risk_factors) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 2.</u>](#item_2_unregistered_sales_of_equity_secu) | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#item_2_unregistered_sales_of_equity_secu) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 3.</u>](#item_3_defaults_upon_senior_securities) | [<u>Defaults Upon Senior Securities</u>](#item_3_defaults_upon_senior_securities) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 4.</u>](#item_4_mine_safety_disclosures) | [<u>Mine Safety Disclosures</u>](#item_4_mine_safety_disclosures) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 5.</u>](#item_5_other_information) | [<u>Other Information</u>](#item_5_other_information) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 6.</u>](#item_6_exhibits_financial_statement) | [<u>Exhibits</u>](#item_6_exhibits_financial_statement) | 54 |

---

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**Special Note Regarding Forward-Looking Statements**

Some of the statements in this Quarterly Report on Form 10-Q constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), because they relate to future events or our future performance or financial condition. The forward-looking statements contained in this Quarterly Report on Form 10-Q may include statements as to:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our business prospects and the prospects of the Asset-Backed Finance Assets (as defined below) we acquire, control and manage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to raise sufficient capital to execute our acquisition and lending strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of the Operating Manager (as defined below) to source adequate acquisition and lending opportunities to efficiently deploy capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of our Asset-Backed Finance Assets to achieve their objectives;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the timing and amount of cash flows, distributions and dividends, if any, from our Asset-Backed Finance Assets;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•actual and potential conflicts of interest with the Operating Manager or any of its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the dependence of our future success on the general economy and its effect on the industries in which we acquire, control and manage Asset-Backed Finance Assets;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of the Operating Manager to identify, acquire and manage our Asset-Backed Finance Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of the Operating Manager or its affiliates to attract and retain highly talented professionals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to structure acquisitions in a tax-efficient manner and the effect of changes to tax legislation and our tax position; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the tax status of the enterprises through which we acquire, control and manage Asset-Backed Finance Assets.

In addition, words such as "anticipate," "believe," "expect" and "intend" and similar words or variations thereof may indicate a forward-looking statement, although not all forward-looking statements include these words. The forward-looking statements contained in this Quarterly Report on Form 10-Q involve risks and uncertainties, including factors outside of our control. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in "*Item 1A. Risk Factors*" of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the "<u>Annual Report</u>") and elsewhere in this Quarterly Report on Form 10-Q, and in our other filings with the U.S. Securities and Exchange Commission (the "<u>SEC</u>"), including our latest registration statement on Form 10 under the Securities Exchange Act of 1934, as

i

------

amended (the "<u>Registration Statement</u>"). Other factors that could cause actual results to differ materially include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the economy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•risks associated with possible disruption in our operations or the economy generally due to terrorism, natural disasters, epidemics or other events having a broad impact on the economy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•future changes in laws or regulations and conditions in our operating areas.

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 Quarterly Report on Form 10-Q should not be regarded as a representation by us that our plans and objectives will be achieved. These forward-looking statements apply only as of the date of this Quarterly Report on Form 10-Q. Moreover, we assume no duty and do not undertake to update the forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law.

ii

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**Part I. Financial Information**

**Item 1. Financial Statements**

**Apollo Asset Backed Credit Company LLC**

**Consolidated Statements of Assets and Liabilities** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of Dec 31, 2024** | **As of Dec 31, 2024** | **As of Dec 31, 2024** |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |  |  |  |
|  | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** |
| **Assets** |  |  |  |  |  |  |
| Investments at fair value (cost at June 30, 2025 of $174,739; $541,342; $716,081, respectively<br> and at December 31, 2024 of $62,730; $152,686; $215,416, respectively) | $179388 | $556072 | $735460 | $62055 | $151402 | $213457 |
| Derivative assets, at fair value (cost at June 30, 2025 of $10,684; $33,342; $44,026, respectively<br> and at December 31, 2024 of $2,553; $6,448; $9,001, respectively) | 10823 | 33548 | 44371 | 3099 | 7562 | 10661 |
| Cash and cash equivalents | 7554 | 13716 | 21270 | 16817 | 41770 | 58587 |
| Due from Operating Manager | 2347 | 7275 | 9622 | 1767 | 4312 | 6079 |
| Interest receivable | 1102 | 3457 | 4559 | 406 | 948 | 1354 |
| Deferred offering expenses | 602 | 1865 | 2467 | 810 | 1976 | 2786 |
| Capital subscriptions receivable | - | 203 | 203 | 540 | - | 540 |
| Dividends receivable | 1095 | 3393 | 4488 | - | - | - |
| Receivable for investments sold | 4730 | 14661 | 19391 | 5 | 11 | 16 |
| Prepaid expenses and other assets | 5652 | 17285 | 22937 | 1026 | 2364 | 3390 |
| **&nbsp;&nbsp;&nbsp;&nbsp; Total assets** | $213293 | $651475 | $864768 | $86525 | $210345 | $296870 |
| **Liabilities** |  |  |  |  |  |  |
| Derivative liabilities, at fair value (cost at June 30, 2025 of $0; $0; $0, respectively<br> and at December 31, 2024 of $6; $20; $26, respectively) | $2917 | $9043 | $11960 | $38 | $93 | $131 |
| Notes payable | 16635 | 49991 | 66626 | 751 | 751 | 1502 |
| Payable for investments purchased | 1600 | 5738 | 7338 | 1409 | 3436 | 4845 |
| Due to Operating Manager | 2665 | 8262 | 10927 | 2133 | 5205 | 7338 |
| Distributions payable | 2814 | 9448 | 12262 | 741 | 3290 | 4031 |
| Interest payable | 172 | 532 | 704 | 5 | 5 | 10 |
| Performance fees payable | 472 | 1254 | 1726 | 12 | - | 12 |
| Management fees payable | 265 | 676 | 941 | - | - | - |
| Repurchases payable | 1531 | - | 1531 | - | - | - |
| Capital subscriptions received in advance | 250 | - | 250 | - | 450 | 450 |
| Other accrued expenses and liabilities | 1299 | 14 | 1313 | 427 | 903 | 1330 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities** | $30620 | $84958 | $115578 | $5516 | $14133 | $19649 |
| Commitments and contingencies (Note 8) |  |  |  |  |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;Total net assets** | $182673 | $566517 | $749190 | $81009 | $196212 | $277221 |

---

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**Apollo Asset Backed Credit Company LLC**

**Consolidated Statements of Assets and Liabilities** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of Dec 31, 2024** | **As of Dec 31, 2024** | **As of Dec 31, 2024** |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Audited)** | **(Audited)** | **(Audited)** |
|  | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** |
| **Net asset value per share** |  |  |  |  |  |  |
| **A-I Shares:** |  |  |  |  |  |  |
| Net assets | $34066 | $54054 | $88120 | $15638 | $26260 | $41898 |
| Shares outstanding | 1345764 | 2123856 | 3469620 | 621948 | 1042219 | 1664167 |
| &nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share** | $25.31 | $25.45 | $25.40 | $25.14 | $25.20 | $25.18 |
| **A-II Shares:** |  |  |  |  |  |  |
| Net assets | $- | $- | $- | $- | $- | $- |
| Shares outstanding | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share** | $- | $- | $- | $- | $- | $- |
| **BD Shares:** |  |  |  |  |  |  |
| Net assets | $- | $3169.00 | $3169.00 | $- | $- | $- |
| Shares outstanding | - | 122331 | 122331 | - | - | - |
| **&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share** | $- | $25.90 | $25.90 | $- | $- | $- |
| **E Shares:** |  |  |  |  |  |  |
| Net assets | $145 | $54650 | $54795 | $122 | $53584 | $53706 |
| Shares outstanding | 5657 | 2171565 | 2177222 | 4780 | 2144306 | 2149086 |
| &nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share** | $25.64 | $25.17 | $25.17 | $25.52 | $24.99 | $24.99 |
| **F-I Shares:** |  |  |  |  |  |  |
| Net assets | $52076 | $170488 | $222564 | $25232 | $56982 | $82214 |
| Shares outstanding | 2045164 | 6653614 | 8698778 | 997457 | 2250251 | 3247708 |
| &nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share** | $25.46 | $25.62 | $25.59 | $25.30 | $25.32 | $25.31 |
| **F-S Shares:** |  |  |  |  |  |  |
| Net assets | $3 | $3 | $6 | $3 | $3 | $6 |
| Shares outstanding | 110 | 110 | 220 | 110 | 110 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share** | $25.49 | $25.60 | $25.55 | $25.41 | $25.44 | $25.42 |
| **I Shares:** |  |  |  |  |  |  |
| Net assets | $- | $2647 | $2647 | $- | $- | $- |
| Shares outstanding | - | 102311 | 102311 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share** | $- | $25.87 | $25.87 | $- | $- | $- |
| **P-I Shares:** |  |  |  |  |  |  |
| Net assets | $3 | $1336 | $1339 | $3 | $52 | $55 |
| Shares outstanding | 110 | 51176 | 51286 | 110 | 2056 | 2166 |
| **&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share** | $25.10 | $26.11 | $26.10 | $25.03 | $25.47 | $25.45 |
| **P-S Shares:** |  |  |  |  |  |  |
| Net assets | $4153 | $118488 | $122641 | $3 | $42802 | $42805 |
| Shares outstanding | 165442 | 4605260 | 4770702 | 110 | 1679525 | 1679635 |
| **&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share** | $25.10 | $25.73 | $25.71 | $25.03 | $25.48 | $25.48 |

---

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**Apollo Asset Backed Credit Company LLC**

**Consolidated Statements of Assets and Liabilities** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of Dec 31, 2024** | **As of Dec 31, 2024** | **As of Dec 31, 2024** |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Audited)** | **(Audited)** | **(Audited)** |
|  | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** |
| **S Shares:** |  |  |  |  |  |  |
| Net assets | $- | $- | $- | $- | $- | $- |
| Shares outstanding | - | - | - | - | - | - |
| **&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share** | $- | $- | $- | $- | $- | $- |
| **T-I Shares:** |  |  |  |  |  |  |
| Net assets | $48295 | $63145 | $111440 | $23526 | $10186 | $33712 |
| Shares outstanding | 1879619 | 2433869 | 4313488 | 920456 | 398973 | 1319429 |
| **&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share** | $25.69 | $25.94 | $25.84 | $25.56 | $25.53 | $25.55 |
| **T-S Shares:** |  |  |  |  |  |  |
| Net assets | $43931 | $98536 | $142467 | $16481 | $6342 | $22823 |
| Shares outstanding | 1711875 | 3819432 | 5531307 | 645824 | 248807 | 894631 |
| **&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share** | $25.66 | $25.80 | $25.76 | $25.52 | $25.49 | $25.51 |
| **V Shares:** |  |  |  |  |  |  |
| Net assets | $1 | $1 | $2 | $1 | $1 | $2 |
| Shares outstanding | 40 | 40 | 80 | 40 | 40 | 80 |
| **&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share** | $25.70 | $25.60 | $25.65 | $25.70 | $25.60 | $25.65 |

---

See notes to consolidated financial statements.

------

**Apollo Asset Backed Credit Company LLC**

**Consolidated Statements of Operations (Unaudited)**

**(in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended June 30, 2025** | **For the Three Months Ended June 30, 2025** | **For the Three Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Three Months Ended June 30, 2024** | **For the Three Months Ended June 30, 2024** | **For the Three Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** |
|  | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** |
| **Investment income** |  |  |  |  |  |  |  |  |  |  |  |  |
| Interest income | 2011 | 5979 | 7990 | 3428 | 10371 | 13799 | - | 325 | 325 | - | 325 | 325 |
| Dividend income | 874 | 2607 | 3481 | 1125 | 3364 | 4489 | - | - | - | - | - | - |
| **Total investment income** | 2885 | 8586 | 11471 | 4553 | 13735 | 18288 | - | 325 | 325 | - | 325 | 325 |
| **Expenses** |  |  |  |  |  |  |  |  |  |  |  |  |
| General and administration expenses | 689 | 2073 | 2762 | 1189 | 3544 | 4733 | - | 1089 | 1089 | - | 1089 | 1089 |
| Performance fees | 265 | 718 | 983 | 472 | 1254 | 1726 | - | - | - | - | - | - |
| Management fees | 160 | 411 | 571 | 265 | 675 | 940 | - | - | - | - | - | - |
| Deferred offering expenses amortization | 40 | 120 | 160 | 80 | 240 | 320 | - | 100 | 100 | - | 100 | 100 |
| Shareholder servicing fees | 85 | 181 | 266 | 140 | 267 | 407 | - | - | - | - | - | - |
| Director fees | 41 | 120 | 161 | 72 | 215 | 287 | - | 81 | 81 | - | 81 | 81 |
| Organizational expenses | 25 | 77 | 102 | 25 | 77 | 102 | (518) | 984 | 466 | (314) | 1188 | 874 |
| Interest and other debt expenses | 213 | 553 | 766 | 281 | 685 | 966 | - | - | - | - | - | - |
| **Total expenses** | 1518 | 4253 | 5771 | 2524 | 6957 | 9481 | (518) | 2254 | 1736 | (314) | 2458 | 2144 |
| Less: Expense support from Operating Manager | (504) | (1529) | (2033) | (876) | (2665) | (3541) | 518 | (2115) | (1597) | 314 | (2319) | (2005) |
| **&nbsp;&nbsp;&nbsp;&nbsp; Net expenses** | 1014 | 2724 | 3738 | 1648 | 4292 | 5940 | - | 139 | 139 | - | 139 | 139 |
| **Net investment income before taxes** | 1871 | 5862 | 7733 | 2905 | 9443 | 12348 | - | 186 | 186 | - | 186 | 186 |
| Provision for (benefit from) income taxes | 236 | 102 | 338 | 817 | 61 | 878 | - | - | - | - | - | - |
| **Net investment income** | 1635 | 5760 | 7395 | 2088 | 9382 | 11470 | - | 186 | 186 | - | 186 | 186 |
| **Net realized and net change in unrealized gains (losses) on investments and derivatives:** |  |  |  |  |  |  |  |  |  |  |  |  |
| Net realized gain (loss) on investments | 60 | 173 | 233 | 112 | 347 | 459 | - | - | - | - | - | - |
| Net realized gain (loss) on derivatives | 619 | 1794 | 2413 | 412 | 1114 | 1526 | - | - | - | - | - | - |
| Net realized gain (loss) on foreign currency transactions | (568) | (1750) | (2318) | (521) | (1607) | (2128) | - | - | - | - | - | - |
| Net change in unrealized gain (loss) on investments | 2980 | 9072 | 12052 | 5324 | 16014 | 21338 | - | 30 | 30 | - | 30 | 30 |
| Net change in unrealized gain (loss) on derivatives | (2260) | (6780) | (9040) | (3280) | (9838) | (13118) | - | (70) | (70) | - | (70) | (70) |
| Net unrealized gain (loss) on foreign currency translations | 83 | 2 | 85 | 77 | (20) | 57 | - | - | - | - | - | - |
| **Net realized and net change in unrealized gains (losses) on investments and derivatives** | 914 | 2511 | 3425 | 2124 | 6010 | 8134 | - | (40) | (40) | - | (40) | (40) |
| **Net increase (decrease) in net assets resulting from operations** | $2549 | $8271 | $10820 | $4212 | $15392 | $19604 | $- | $146 | $146 | $- | $146 | $146 |

---

See notes to consolidated financial statements.

------

**Apollo Asset Backed Credit Company LLC**

**Consolidated Statements of Changes in Net Assets (Unaudited) (in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended June 30, 2025** | **For the Three Months Ended June 30, 2025** | **For the Three Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Three Months Ended June 30, 2024** | **For the Three Months Ended June 30, 2024** | **For the Three Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** |
|  | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** |
| **Operations** |  |  |  |  |  |  |  |  |  |  |  |  |
| Net investment income | 1635 | 5760 | 7395 | 2088 | 9382 | 11470 | - | 186 | 186 | - | 186 | 186 |
| Net realized gain (loss) on investments | 60 | 173 | 233 | 112 | 347 | 459 | - | - | - | - | - | - |
| Net realized gain (loss) on derivatives | 619 | 1794 | 2413 | 412 | 1114 | 1526 | - | - | - | - | - | - |
| Net realized gain (loss) on foreign currency transactions | (568) | (1750) | (2318) | (521) | (1607) | (2128) | - | - | - | - | - | - |
| Net change in unrealized gain (loss) on investments | 2980 | 9072 | 12052 | 5324 | 16014 | 21338 | - | 30 | 30 | - | 30 | 30 |
| Net change in unrealized gain (loss) on derivatives | (2260) | (6780) | (9040) | (3280) | (9838) | (13118) | - | (70) | (70) | - | (70) | (70) |
| Net unrealized gain (loss) on foreign currency translations | 83 | 2 | 85 | 77 | (20) | 57 | - | - | - | - | - | - |
| **Net increase (decrease) in net assets resulting from operations** | 2549 | 8271 | 10820 | 4212 | 15392 | 19604 | - | 146 | 146 | - | 146 | 146 |
| **Capital Transactions** |  |  |  |  |  |  |  |  |  |  |  |  |
| Proceeds from issuance of shares | 66569 | 184854 | 251423 | 114318 | 369030 | 483348 | 14 | 50014 | 50028 | 14 | 50014 | 50028 |
| Repurchase of shares | (4120) | - | (4120) | (12854) | (574) | (13428) | - | - | - | - | - | - |
| Distributions declared | (2814) | (9448) | (12262) | (4012) | (13543) | (17555) | - | - | - | - | - | - |
| **Net increase (decrease) in net assets from capital transactions** | 59635 | 175406 | 235041 | 97452 | 354913 | 452365 | 14 | 50014 | 50028 | 14 | 50014 | 50028 |
| Net increase (decrease) in net assets during the period | 62184 | 183677 | 245861 | 101664 | 370305 | 471969 | 14 | 50160 | 50174 | 14 | 50160 | 50174 |
| Net assets at beginning of period | 120489 | 382840 | 503329 | 81009 | 196212 | 277221 | 1 | 1 | 2 | 1 | 1 | 2 |
| **Net assets at end of period** | $182673 | $566517 | $749190 | $182673 | $566517 | $749190 | $15 | $50161 | $50176 | $15 | $50161 | $50176 |

---

See notes to consolidated financial statements.

------

**Apollo Asset Backed Credit Company LLC**

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

**(in thousands)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** |
| **Operating activities** |  |  |  |  |  |  |
| Net increase/(decrease) in net assets resulting from operations | $4212 | $15392 | $19604 | $- | $146 | $146 |
| Adjustments to reconcile net increase/(decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |  |  |  |  |  |  |
| Net realized (gain) loss on investments | (112) | (347) | (459) | - | - | - |
| Net change in unrealized (gain) loss on investments | (5324) | (16014) | (21338) | - | (30) | (30) |
| Payments to purchase investments | (220087) | (1005335) | (1225422) | - | (48317) | (48317) |
| Proceeds from sale of investments | 108190 | 617026 | 725216 | - | - | - |
| Net realized (gain) loss on derivatives | (412) | (1114) | (1526) | - | - | - |
| Net change in unrealized (gain) loss on derivatives | 3280 | 9838 | 13118 | - | 70 | 70 |
| Payments to purchase derivatives | (8124) | (26874) | (34998) | - | - | - |
| Proceeds from sale of derivatives | 411 | 1114 | 1525 | - | - | - |
| Changes in operating assets and liabilities: |  |  |  |  |  |  |
| (Increase)/decrease in due from Operating Manager | (580) | (2963) | (3543) | 314 | (2319) | (2005) |
| (Increase)/decrease in interest receivable | (696) | (2509) | (3205) | - | (183) | (183) |
| (Increase)/decrease in deferred offering expenses | 208 | 111 | 319 | 675 | (2354) | (1679) |
| (Increase)/decrease in dividends receivable | (1095) | (3393) | (4488) | - | - | - |
| (Increase)/decrease in receivable for investments sold | (4725) | (14650) | (19375) | - | - | - |
| (Increase)/decrease in prepaid expenses and other assets | (4626) | (14921) | (19547) | (117) | (363) | (480) |
| Increase/(decrease) in payable for investments purchased | 191 | 2302 | 2493 | - | 3714 | 3714 |
| Increase/(decrease) in interest payable | 167 | 527 | 694 | - | - | - |
| Increase/(decrease) in performance fees payable | 460 | 1254 | 1714 | - | - | - |
| Increase/(decrease) in management fees payable | 265 | 676 | 941 | - | - | - |
| Increase/(decrease) in other accrued expenses and liabilities | 872 | (889) | (17) | - | 827 | 827 |
| Increase/(decrease) in offering expenses payable | - | - | - | (675) | 1231 | 556 |
| Increase/(decrease) in organizational expenses payable | - | - | - | (314) | 371 | 57 |
| Increase/(decrease) in Due to Operating Manager | 532 | 3057 | 3589 | - | 2382 | 2382 |
| **Net cash provided by (used in) operating activities** | $**(126993)** | $**(437712)** | $**(564705)** | $**(117)** | $**(44825)** | $**(44942)** |
| **Financing activities** |  |  |  |  |  |  |
| Notes Borrowings | $15884 | $49240 | $65124 | $536 | $536 | $1072 |
| Proceeds from issuance of shares, net of change in capital subscriptions receivable and Capital subscriptions received in advance | 115108 | 368377 | 483485 | - | 50000 | 50000 |
| Repurchases of shares, net of change in repurchases payable | (11323) | (574) | (11897) | - | - | - |
| Distributions declared, net of change in distributions payable | (1939) | (7385) | (9324) | - | - | - |
| **Net cash provided by (used in) financing activities** | $**117730** | $**409658** | $**527388** | $**536** | $**50536** | $**51072** |
| **Cash and cash equivalents** |  |  |  |  |  |  |
| Net increase/(decrease) in cash and cash equivalents | $(9263) | $(28054) | $(37317) | $419 | $5711 | $6130 |
| Cash and cash equivalents at beginning of period | 16817 | 41770 | 58587 | 1 | 1 | 2 |
| **Cash and cash equivalents at end of period** | $**7554** | $**13716** | $**21270** | $**420** | $**5712** | $**6132** |
| **Supplemental disclosure of cash flow information:** |  |  |  |  |  |  |
| Income taxes paid | $434 | $- | $434 | $- | $- | $- |
| Cash paid for interest | $185 | $444 | $629 | $- | $- | $- |

---

See notes to consolidated financial statements.

------

**Apollo Asset Backed Credit Company LLC** 

**Consolidated Condensed Schedule of Investments (Unaudited)**

**June 30, 2025**

**(in thousands)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series I** | **Series I** | **Series I** | **Series II** | **Series II** | **Series II** | **Total** | **Total** | **Total** |
| **Description** | **Principal <br>Amount<br>/Shares** | **Fair<br>Value** | **Fair Value<br>as a % of<br>Net Assets** <sup>(1)</sup> | **Principal <br>Amount<br>/Shares** | **Fair<br>Value** | **Fair Value<br>as a % of<br>Net Assets** <sup>(1)</sup> | **Principal <br>Amount<br>/Shares** | **Fair<br>Value** | **Fair Value<br>as a % of<br>Net Assets** <sup>(1)</sup> |
| **Investments, at fair value** |  |  |  |  |  |  |  |  |  |
| **Asset Backed Debt Securities** |  |  |  |  |  |  |  |  |  |
| **Australia** |  |  |  |  |  |  |  |  |  |
| Structured Finance | - | $2190 | 1.20% | - | $6788 | 1.20% | - | $8978 | 1.20% |
| **Total Australia** | - | 2190 | 1.20 | - | 6788 | 1.20 | - | 8978 | 1.20 |
| **Bermuda** |  |  |  |  |  |  |  |  |  |
| Structured Finance | - | 172 | 0.09 | - | 532 | 0.09 | - | 704 | 0.09 |
| **Total Bermuda** | - | 172 | 0.09 | - | 532 | 0.09 | - | 704 | 0.09 |
| **Cayman Islands** |  |  |  |  |  |  |  |  |  |
| Structured Finance | - | 14013 | 7.67 | - | 43439 | 7.67 | - | 57452 | 7.67 |
| **Total Cayman Islands** | - | 14013 | 7.67 | - | 43439 | 7.67 | - | 57452 | 7.67 |
| **Germany** |  |  |  |  |  |  |  |  |  |
| Structured Finance | - | 1539 | 0.84 | - | 4770 | 0.84 | - | 6309 | 0.84 |
| **Total Germany** | - | 1539 | 0.84 | - | 4770 | 0.84 | - | 6309 | 0.84 |
| **Ireland** |  |  |  |  |  |  |  |  |  |
| Structured Finance | - | 2267 | 1.24 | - | 7026 | 1.24 | - | 9293 | 1.24 |
| **Total Ireland** | - | 2267 | 1.24 | - | 7026 | 1.24 | - | 9293 | 1.24 |
| **Jersey** |  |  |  |  |  |  |  |  |  |
| Structured Finance | - | 1105 | 0.60 | - | 3425 | 0.60 | - | 4530 | 0.60 |
| **Total Jersey** | - | 1105 | 0.60 | - | 3425 | 0.60 | - | 4530 | 0.60 |
| **United States** |  |  |  |  |  |  |  |  |  |
| **Structured Finance** |  |  |  |  |  |  |  |  |  |
| Aqua AssetCo Alternate Trust II - 1.45% - 10/28/2055 | 4796 | 4791 | 2.62 | 14868 | 14850 | 2.62 | 19664 | 19641 | 2.62 |
| Aqua AssetCo Alternate Trust II - 2.65% - 10/28/2055 | 937 | 916 | 0.50 | 2906 | 2839 | 0.50 | 3843 | 3755 | 0.50 |
| Aqua AssetCo Alternate Trust II - 10/28/2055 | 1238 | 1238 | 0.68 | 3837 | 3837 | 0.68 | 5075 | 5075 | 0.68 |
| Aqua AssetCo Borrower Trust C - US Treasury +1.65% - 4/8/2055 | 254 | 254 | 0.14 | 787 | 787 | 0.14 | 1041 | 1041 | 0.14 |
| Aqua AssetCo Borrower Trust C - US Treasury +2.05% - 4/8/2055 | 159 | 159 | 0.09 | 493 | 493 | 0.09 | 652 | 652 | 0.09 |
| Aqua AssetCo Borrower Trust C - US Treasury +2.40% - 4/8/2055 | 60 | 60 | 0.03 | 186 | 186 | 0.03 | 246 | 246 | 0.03 |
| Aqua AssetCo Borrower Trust C - US Treasury +3.00% - 4/8/2055 | 54 | 54 | 0.03 | 168 | 168 | 0.03 | 222 | 222 | 0.03 |
| Aqua AssetCo Borrower Trust C - 4/8/2055 | 378 | 411 | 0.22 | 1173 | 1274 | 0.22 | 1551 | 1685 | 0.22 |
| Aqua AssetCo Borrower Trust G - 6/21/2049 | 125 | 150 | 0.08 | 386 | 466 | 0.08 | 511 | 616 | 0.08 |
| Aqua Borrower Trust I - 5.50% - 11/22/2049 | 535 | 535 | 0.29 | 1657 | 1657 | 0.29 | 2192 | 2192 | 0.29 |
| Aqua Borrower Trust I - 5.90% - 11/22/2049 | 114 | 114 | 0.06 | 353 | 353 | 0.06 | 467 | 467 | 0.06 |
| Aqua Borrower Trust I - 6.90% - 11/22/2049 | 171 | 171 | 0.09 | 529 | 529 | 0.09 | 700 | 700 | 0.09 |
| Aqua Borrower Trust I - 11/22/2049 | 468 | 548 | 0.30 | 1449 | 1698 | 0.30 | 1917 | 2246 | 0.30 |
| Aqua Borrower Trust J - 6.71% - 12/16/2049 | 543 | 543 | 0.30 | 1684 | 1684 | 0.30 | 2227 | 2227 | 0.30 |
| Aqua Borrower Trust J - 7.84% - 12/16/2049 | 204 | 204 | 0.11 | 632 | 632 | 0.11 | 836 | 836 | 0.11 |
| Aqua Borrower Trust J - 12/16/2049 | 553 | 526 | 0.29 | 1713 | 1631 | 0.29 | 2266 | 2157 | 0.29 |
| Other |  | 47052 | 25.77 |  | 145857 | 25.76 |  | 192909 | 25.76 |
| **Total Structured Finance** |  | 57726 | 31.60 |  | 178941 | 31.59 |  | 236667 | 31.59 |
| **Banking, Finance, Insurance & Real Estate** |  | 1541 | 0.84% |  | 4776 | 0.84% |  | 6317 | 0.84% |
| **Real Estate** |  | 2350 | 1.30 |  | 7286 | 1.29 |  | 9636 | 1.29 |
| **Total United States** |  | 61617 | 33.74 |  | 191003 | 33.72 |  | 252620 | 33.72 |
| **Total Asset Backed Debt Securities** |  | 82903 | 45.38 |  | 256983 | 45.36 |  | 339886 | 45.36 |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Bank Loans** |  |  |  |  |  |  |  |  |  |  |
| **Cayman Islands** |  |  |  |  |  |  |  |  |  |  |
| Banking, Finance, Insurance & Real Estate |  | 2063 |  | 1.13 |  | 6395 | 1.13 |  | 8458 | 1.13 |
| **Total Cayman Islands** |  | 2063 |  | 1.13 |  | 6395 | 1.13 |  | 8458 | 1.13 |
| **Luxembourg** |  |  |  |  |  |  |  |  |  |  |
| **Banking, Finance, Insurance & Real Estate** |  |  |  |  |  |  |  |  |  |  |
| Bridgepoint Europe VI Finance S.a.r.l. - 3.5% - 6/25/2030 | 2439 | 2873 | 1.57 | 1.57 | 7561 | 8906 | 1.57 | 10000 | 11779 | 1.57 |
| Bridgepoint Europe VI Finance S.a.r.l. - 3.5% - 6/25/2028 | 10976 | 12929 | 7.08 | 7.08 | 34024 | 40079 | 7.08 | 45000 | 53008 | 7.08 |
| Other |  | 7493 | 4.11 | 4.11 |  | 23225 | 4.10 |  | 30718 | 4.10 |
| **Total Luxembourg** |  | 23295 |  | 12.76 |  | 72210 | 12.75 |  | 95505 | 12.75 |
| **United States** |  |  |  |  |  |  |  |  |  |  |
| Banking, Finance, Insurance & Real Estate |  | 3110 | 1.7 | 1.7 |  | 9640 | 1.70 |  | 12750 | 1.70 |
| **Total United States** |  | 3110 |  | 1.70 |  | 9640 | 1.70 |  | 12750 | 1.70 |
| **Total Bank Loans** |  | 28468 |  | 15.59 |  | 88245 | 15.58 |  | 116713 | 15.58 |
| **Collateralized Loan Obligations - Residual Tranche** |  |  |  |  |  |  |  |  |  |  |
| **Cayman Islands** |  |  |  |  |  |  |  |  |  |  |
| Structured Finance |  | 50 | 0.03 | 0.03 |  | 156 | 0.03 |  | 206 | 0.03 |
| **Total Cayman Islands** |  | 50 |  | 0.03 |  | 156 | 0.03 |  | 206 | 0.03 |
| **United States** |  |  |  |  |  |  |  |  |  |  |
| Structured Finance |  | 317 | 0.17 | 0.17 |  | 982 | 0.17 |  | 1299 | 0.17 |
| **Total United States** |  | 317 |  | 0.17 |  | 982 | 0.17 |  | 1299 | 0.17 |
| **Total Collateralized Loan Obligations - Residual Tranche** |  | 367 |  | 0.20 |  | 1138 | 0.20 |  | 1505 | 0.20 |
| **Collateralized Loan Obligations - Warehouses** |  |  |  |  |  |  |  |  |  |  |
| **Cayman Islands** |  |  |  |  |  |  |  |  |  |  |
| Structured Finance |  | 113 | 0.06 | 0.06 |  | 351 | 0.06 |  | 464 | 0.06 |
| **Total Cayman Islands** |  | 113 |  | 0.06 |  | 351 | 0.06 |  | 464 | 0.06 |
| **Ireland** |  |  |  |  |  |  |  |  |  |  |
| Structured Finance |  | 8619 | 4.72 | 4.72 |  | 26719 | 4.72 |  | 35338 | 4.72 |
| **Total Ireland** |  | 8619 |  | 4.72 |  | 26719 | 4.72 |  | 35338 | 4.72 |
| **United States** |  |  |  |  |  |  |  |  |  |  |
| **Structured Finance** |  |  |  |  |  |  |  |  |  |  |
| ABC Holdings 5 Hollywood, LLC | 15732 | 15732 | 8.61 | 8.61% | 48768 | 48767 | 8.61% | 64500 | 64499 | 8.61% |
| ABC Holdings 7 Wolfman, LLC | 9800 | 9800 | 5.36 | 5.36 | 30377 | 30377 | 5.36 | 40177 | 40177 | 5.36 |
| **Total United States** |  | 25532 |  | 13.97 |  | 79144 | 13.97 |  | 104676 | 13.97 |
| Total Collateralized Loan Obligations - Warehouses |  | 34264 | 18.75 | 18.75 |  | 106214 | 18.75 |  | 140478 | 18.75 |
| **Special Purpose Vehicles** |  |  |  |  |  |  |  |  |  |  |
| **Luxembourg** |  |  |  |  |  |  |  |  |  |  |
| Real Estate |  | 1224 | 0.67 | 0.67 |  | 3795 | 0.67 |  | 5019 | 0.67 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Total Luxembourg** |  | 1224 |  | 0.67 |  | 3795 | 0.67 |  | 5019 | 0.67 |
| **United States** |  |  |  |  |  |  |  |  |  |  |
| **Real Estate** |  | 3954 | 2.16 | 2.16 |  | 12256 | 2.16 |  | 16210 | 2.16 |
| **Structured Finance** |  |  |  |  |  |  |  |  |  |  |
| Mortgage Aggregator Series Trust Administrator, L.P. - Series E <sup>(2)</sup> | 26146 | 28208 | 15.45 | 15.45 | 81048 | 87441 | 15.44 | 107194 | 115649 | 15.45 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Total United States** |  | 32162 |  | 17.61 |  | 99697 | 17.60 |  | 131859 | 17.61 |
| **Total Special Purpose Vehicles** |  | 33386 |  | 18.28 |  | 103492 | 18.27 |  | 136878 | 18.28 |
| **Total Investments, at fair value (cost of $174,739; $541,342; $716,081, respectively)** |  | 179388 |  | 98.20% |  | 556072 | 98.16% |  | 735460 | 98.17% |

---

------

**Apollo Asset Backed Credit Company LLC** 

**Consolidated Condensed Schedule of Investments (Unaudited)**

**June 30, 2025**

**(in thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Derivative Assets, at fair value** | **Derivative Assets, at fair value** | **Derivative Assets, at fair value** | **Derivative Assets, at fair value** | **Derivative Assets, at fair value** | **Derivative Assets, at fair value** | **Derivative Assets, at fair value** | **Derivative Assets, at fair value** | **Derivative Assets, at fair value** |
|  |  |  | **Series I** | **Series I** | **Series II** | **Series II** | **Total** | **Total** |
| **Contract name** | **Type** | **Maturity** | **Fair Value** | **Fair Value as a % of Net Assets** <sup>(1)</sup> | **Fair Value** | **Fair Value as a % of Net Assets** <sup>(1)</sup> | **Fair Value** | **Fair Value as a % of Net Assets** <sup>(1)</sup> |
| GS Bank USA CLO, Notional amount of $10,000; $31,000; $41,000, respectively | Credit Default Swaps | 8/19/2029 | $10042 | 5.50% | $31128 | 5.50% | $41170 | 5.50% |
| GS Bank USA CLO, Notional amount of $732; $2,268; $3,000, respectively | Credit Default Swaps | 10/10/2030 | 743 | 0.41 | 2301 | 0.41 | 3044 | 0.41 |
| American Airlines Group Inc. (AMR Corp), Notional amount of $134; $416; $550, respectively | Credit Default Swaps | 12/20/2029 | 2 | 0.00 | 6 | 0.00 | 8 | - |
| USD Currency, Notional amount of $4,878; $15,122; $20,000, respectively | Interest Rate Swaps | 03/07/2027 | 19 | 0.01 | 59 | 0.01 | 78 | 0.01 |
| USD Currency, Notional amount of $4,878; $15,122; $20,000, respectively | Interest Rate Swaps | 03/11/2027 | 17 | 0.01 | 54 | 0.01 | 71 | 0.01 |
| **Total Derivative Assets, at fair value (cost of $10,684; $33,342; $44,026, respectively)** |  |  | 10823 | 5.93% | $33548 | 5.93% | $44371 | 5.93% |
| **Derivative Liabilities, at fair value** | **Derivative Liabilities, at fair value** | **Derivative Liabilities, at fair value** | **Derivative Liabilities, at fair value** | **Derivative Liabilities, at fair value** | **Derivative Liabilities, at fair value** | **Derivative Liabilities, at fair value** | **Derivative Liabilities, at fair value** | **Derivative Liabilities, at fair value** |
|  |  |  | **Series I** | **Series I** | **Series II** | **Series II** | **Total** | **Total** |
| **Contract name** | **Type** | **Maturity** | **Fair Value** | **Fair Value as a % of Net Assets** <sup>(1)</sup> | **Fair Value** | **Fair Value as a % of Net Assets** <sup>(1)</sup> | **Fair Value** | **Fair Value as a % of Net Assets** <sup>(1)</sup> |
| Forward Currency Contracts | EUR/USD Forward |  | $(988) | (0.54)% | $(3062) | (0.54)% | $(4050) | (0.54)% |
| Futures | SOFR Futures |  | (1929) | (1.06) | (5981) | (1.06) | (7910) | (1.06) |
| **Total Derivative Liabilities, at fair value** |  |  | $(2917) | (1.60)% | $(9043) | (1.60)% | $(11960) | (1.60)% |

---

(1) Fair Value as a percentage of Net Assets shown as a percentage of Net Assets of the respective Series.

(2) Represents an investment in an affiliated entity of the Company.

See notes to consolidated financial statements

------

 **Schedule of Investments Apollo Asset Backed Credit Company LLC** 

**Consolidated Condensed Schedule of Investments** 

**December 31, 2024**

**(in thousands)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series I** | **Series I** | **Series I** | **Series II** | **Series II** | **Series II** | **Total** | **Total** | **Total** |
| **Description** | **Principal <br>Amount<br>/Shares** | **Fair<br>Value** | **Fair Value<br>as a % of<br>Net Assets** <sup>(1)</sup> | **Principal <br>Amount<br>/Shares** | **Fair<br>Value** | **Fair Value<br>as a % of<br>Net Assets** <sup>(1)</sup> | **Principal <br>Amount<br>/Shares** | **Fair<br>Value** | **Fair Value<br>as a % of<br>Net Assets** <sup>(1)</sup> |
| **Investments, at fair value** |  |  |  |  |  |  |  |  |  |
| **Asset Backed Debt Securities** |  |  |  |  |  |  |  |  |  |
| Bermuda |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Structured Finance |  | $205 | 0.25% |  | $499 | 0.25% |  | $704 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Bermuda** |  | 205 | 0.25 |  | 499 | 0.25 |  | 704 | 0.25 |
| **Cayman Islands** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Structured Finance |  | 3278 | 4.05 |  | 7997 | 4.08 |  | 11275 | 4.07 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Total Cayman Islands** |  | 3278 | 4.05 |  | 7997 | 4.08 |  | 11275 | 4.07 |
| Germany |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Structured Finance |  | 1890 | 2.33 |  | 4610 | 2.35 |  | 6500 | 2.35 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Total Germany** |  | 1890 | 2.33 |  | 4610 | 2.35 |  | 6500 | 2.35 |
| Ireland |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Structured Finance |  | 1469 | 1.81 |  | 3584 | 1.83 |  | 5053 | 1.82 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Total Ireland** |  | 1469 | 1.81 |  | 3584 | 1.83 |  | 5053 | 1.82 |
| Netherlands |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Structured Finance |  | 602 | 0.74 |  | 1469 | 0.75 |  | 2071 | 0.75 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Total Netherlands** |  | 602 | 0.74 |  | 1469 | 0.75 |  | 2071 | 0.75 |
| United States |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Structured Finance |  |  |  |  |  |  |  |  |  |
| ABF Structured Securities Sub-Aggregator II, L.P. | 4023 | 4023 | 4.97 | 9815 | 9815 | 5.00 | 13838 | 13838 | 4.99 |
| Aqua AssetCo Borrower Trust C - US Treasury +1.65% - 4/8/2055 | 332 | 332 | 0.41 | 810 | 810 | 0.41 | 1142 | 1142 | 0.41 |
| Aqua AssetCo Borrower Trust C - US Treasury +1.65% - 4/8/2055 | 208 | 205 | 0.25 | 507 | 500 | 0.25 | 715 | 705 | 0.25 |
| Aqua AssetCo Borrower Trust C - US Treasury +1.65% - 4/8/2055 | 79 | 78 | 0.10 | 192 | 190 | 0.10 | 271 | 268 | 0.10 |
| Aqua AssetCo Borrower Trust C - US Treasury +1.65% - 4/8/2055 | 71 | 70 | 0.09 | 173 | 171 | 0.09 | 244 | 241 | 0.09 |
| Aqua AssetCo Borrower Trust C - 4/8/2055 | 496 | 578 | 0.71 | 1211 | 1411 | 0.72 | 1707 | 1989 | 0.72 |
| Aqua AssetCo Borrower Trust G - 6/21/2049 | 196 | 227 | 0.28 | 479 | 553 | 0.28 | 675 | 780 | 0.28 |
| Aqua Borrower Trust I - 5.50% - 11/22/2049 | 776 | 776 | 0.96 | 1892 | 1892 | 0.96 | 2668 | 2668 | 0.96 |
| Aqua Borrower Trust I - 5.90% - 11/22/2049 | 165 | 165 | 0.20 | 403 | 403 | 0.21 | 568 | 568 | 0.20 |
| Aqua Borrower Trust I - 6.90% - 11/22/2049 | 248 | 248 | 0.31 | 604 | 604 | 0.31 | 852 | 852 | 0.31 |
| Aqua Borrower Trust I - 11/22/2049 | 692 | 692 | 0.85 | 1687 | 1687 | 0.86 | 2379 | 2379 | 0.86 |
| Aqua Borrower Trust J - 6.71% - 12/16/2049 | 692 | 692 | 0.85 | 1688 | 1688 | 0.86 | 2380 | 2380 | 0.86 |
| Aqua Borrower Trust J - 7.84% - 12/16/2049 | 260 | 260 | 0.32 | 634 | 634 | 0.32 | 894 | 894 | 0.32 |
| Aqua Borrower Trust J - 12/16/2049 | 806 | 806 | 0.99 | 1965 | 1965 | 1.00 | 2771 | 2771 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other |  | 17775 | 21.95 |  | 43373 | 22.11 |  | 61148 | 22.06 |
| **Total Structured Finance** |  | 26927 | 33.24 |  | 65696 | 33.48 |  | 92623 | 33.41 |
| Real Estate |  | 1534 | 1.90 |  | 3745 | 1.91 |  | 5279 | 1.91 |
| **Total United States** |  | 28461 | 35.14 |  | 69441 | 35.39 |  | 97902 | 35.32 |
| **Total Asset Backed Debt Securities** |  | 35905 | 44.32 |  | 87600 | 44.65 |  | 123505 | 44.56 |
| **Collateralized Loan Obligations - Residual Tranche** |  |  |  |  |  |  |  |  |  |
| Cayman Islands |  |  |  |  |  |  |  |  |  |
| Structured Finance |  | 63 | 0.08 |  | 153 | 0.08 |  | 216 | 0.08 |
| **Total Cayman Islands** |  | 63 | 0.08 |  | 153 | 0.08 |  | 216 | 0.08 |
| United States |  |  |  |  |  |  |  |  |  |
| Structured Finance |  | 413 | 0.51 |  | 1008 | 0.51 |  | 1421 | 0.51 |
| **Total United States** |  | 413 | 0.51 |  | 1008 | 0.51 |  | 1421 | 0.51 |
| **Total Collateralized Loan Obligations - Residual Tranche** |  | 476 | 0.59 |  | 1161 | 0.59 |  | 1637 | 0.59 |
| **Collateralized Loan Obligations - Warehouses** |  |  |  |  |  |  |  |  |  |
| Cayman Islands |  |  |  |  |  |  |  |  |  |
| Structured Finance |  | 27 | 0.03 |  | 67 | 0.03 |  | 94 | 0.03 |
| **Total Cayman Islands** |  | 27 | 0.03 |  | 67 | 0.03 |  | 94 | 0.03 |
| **Total Collateralized Loan Obligations - Warehouses** |  | 27 | 0.03 |  | 67 | 0.03 |  | 94 | 0.03 |
| **Special Purpose Vehicles** |  |  |  |  |  |  |  |  |  |
| Luxembourg |  |  |  |  |  |  |  |  |  |
| Real Estate |  | 1340 | 1.65 |  | 3271 | 1.67 |  | 4611 | 1.66 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Total Luxembourg** |  | 1340 | 1.65 |  | 3271 | 1.67 |  | 4611 | 1.66 |
| United States |  |  |  |  |  |  |  |  |  |
| Structured Finance |  |  |  |  |  |  |  |  |  |
| Mortgage Aggregator Series Trust Administrator, L.P. - Series E <sup>(2)</sup> | 24959 | 24307 | 30.01 | 60895 | 59303 | 30.22 | 85854 | 83610 | 30.16 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Total United States** |  | 24307 | 30.01 |  | 59303 | 30.22 |  | 83610 | 30.16 |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series I** | **Series I** | **Series I** | **Series II** | **Series II** | **Series II** | **Total** | **Total** | **Total** |
| **Description** | **Principal <br>Amount<br>/Shares** | **Fair<br>Value** | **Fair Value<br>as a % of<br>Net Assets** <sup>(1)</sup> | **Principal <br>Amount<br>/Shares** | **Fair<br>Value** | **Fair Value<br>as a % of<br>Net Assets** <sup>(1)</sup> | **Principal <br>Amount<br>/Shares** | **Fair<br>Value** | **Fair Value<br>as a % of<br>Net Assets** <sup>(1)</sup> |
| **Total Special Purpose Vehicles** |  | 25647 | 31.66 |  | 62574 | 31.89 |  | 88221 | 31.82 |
| **Total Investments, at fair value (cost** |  |  |  |  |  |  |  |  |  |
| **of $62,730; $152,686; $215,416, respectively)** |  | $62055 | 76.60% |  | $151402 | 77.16% |  | $213457 | 77.00% |

---

------

 **Schedule of Investments Apollo Asset Backed Credit Company LLC** 

**Consolidated Condensed Schedule of Investments** 

**December 31, 2024**

**(in thousands)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Derivative Assets, at fair value** | **Derivative Assets, at fair value** | **Derivative Assets, at fair value** | **Derivative Assets, at fair value** | **Derivative Assets, at fair value** | **Derivative Assets, at fair value** | **Derivative Assets, at fair value** | **Derivative Assets, at fair value** | **Derivative Assets, at fair value** | **Derivative Assets, at fair value** |
|  |  |  | **Series I** | **Series I** | **Series I** | **Series II** | **Series II** | **Total** | **Total** |
| **Contract name** | **Type** | **Maturity** | **Fair Value** | **Fair Value as a % of Net Assets** <sup>(1)</sup> | **Fair Value as a % of Net Assets** <sup>(1)</sup> | **Fair Value** | **Fair Value as a % of Net Assets** <sup>(1)</sup> | **Fair Value** | **Fair Value as a % of Net Assets** <sup>(1)</sup> |
| Swaps |  |  |  |  |  |  |  |  |  |
| GS Bank USA CLO, Notional amount of $1,744; $4,256; $6,000, respectively | Credit Default Swaps | 8/19/2029 | $1744 | 2.15 | 2.15% | $4256 | 2.17% | $6000 | 2.16% |
| GS Bank USA CLO, Notional amount of $872; $2,128; $3,000, respectively | Credit Default Swaps | 10/10/2030 | 872 | 1.08 | 1.08 | 2128 | 1.08 | 3000 | 1.08 |
| USD Currency, Notional amount of $11,629; $28,371; $40,000, respectively | Interest Rate Swap | 12/2/2027 | 48 | 0.06 | 0.06 | 116 | 0.06 | 164 | 0.06 |
| Forward Currency Contracts | EUR/USD Forward |  | 101 | 0.13 | 0.13 | 246 | 0.13 | 347 | 0.13 |
| Futures | SOFR Futures |  | 334 | 0.41 | 0.41 | 816 | 0.42 | 1150 | 0.41 |
| **Total Derivative Assets, at fair value (cost of $2,553; $6,448; $9,001, respectively)** |  |  | $3099 | 3.83 | 3.83% | $7562 | 3.86% | $10661 | 3.84% |
| **Derivative Liabilities, at fair value** | **Derivative Liabilities, at fair value** | **Derivative Liabilities, at fair value** | **Derivative Liabilities, at fair value** | **Derivative Liabilities, at fair value** | **Derivative Liabilities, at fair value** | **Derivative Liabilities, at fair value** | **Derivative Liabilities, at fair value** | **Derivative Liabilities, at fair value** | **Derivative Liabilities, at fair value** |
|  |  |  | **Series I** | **Series I** | **Series I** | **Series II** | **Series II** | **Total** | **Total** |
| **Contract name** | **Type** | **Maturity** | **Fair Value** | **Fair Value as a % of Net Assets** <sup>(1)</sup> | **Fair Value as a % of Net Assets** <sup>(1)</sup> | **Fair Value** | **Fair Value as a % of Net Assets** <sup>(1)</sup> | **Fair Value** | **Fair Value as a % of Net Assets** <sup>(1)</sup> |
| Swaps |  |  |  |  |  |  |  |  |  |
| American Airlines Group Inc. (AMR Corp), Notional amount of |  |  |  |  |  |  |  |  |  |
| $160; $390; $550, respectively | Credit Default Swaps | 12/20/2029 | $(6) |  | (0.01)% | $(16) | (0.01)% | $(22) | (0.01)% |
| Futures | SOFR Futures |  | (32) |  | (0.04) | (77) | (0.04) | (109) | (0.04) |
| **Total Derivative Liabilities, at fair value (cost of $6; $20; $26, respectively)** |  |  | $(38) |  | (0.05)% | $(93) | (0.05)% | $(131) | (0.05)% |

---

(1) Fair Value as a percentage of Net Assets shown as a percentage of Net Assets of the respective Series.

(2) Represents an investment in an affiliated entity of the Company.

See notes to consolidated financial statements.

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**Apollo Asset Backed Credit Company LLC**

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

**(in thousands, except for share and per share data)**

**1.** **ORGANIZATION**

Apollo Asset Backed Credit Company LLC (the "<u>Company</u>") was formed on September 22, 2023 as a Delaware limited liability company. On September 22, 2023, the Company established two registered series of limited liability company interests, Apollo Asset Backed Credit Company LLC - Series I ("<u>Series I</u>") and Apollo Asset Backed Credit Company LLC - Series II ("<u>Series II</u>"). Series I and Series II are treated as separate entities for U.S. federal income tax purposes with segregated assets and liabilities. Sections 18-215(c) and 18-218(c)(1) of the Delaware Limited Liability Company Act (as amended from time to time, the "<u>LLC Act</u>") provide that a Series established in accordance with Section 18-215(b) or 18-218 of the LLC Act, respectively, may carry on any lawful business, purpose or activity, other than the business of banking, and has the power and capacity to, in its own name, contract, hold title to assets (including real, personal and intangible property), grant liens and security interests, and sue and be sued. The Company intends for each Series to conduct its business and enter into contracts in its own name to the extent such activities are undertaken with respect to a particular Series and title to the relevant property will be held by or for the benefit of, the relevant Series. Under Delaware law, to the extent the records maintained for a Series account for the assets associated with such Series separately from the other assets of the Company or any other Series, the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to such Series are segregated and enforceable only against the assets of such Series and not against the assets of the Company generally or any other Series. Series I is treated as a corporation for U.S. federal income tax purposes, and Series II is treated as a partnership for U.S. federal income tax purposes. The Company conducts its operations so that it does not fall within the definition of an "investment company" under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"). The Company is a holding company that seeks to leverage Apollo Asset Management, Inc.'s (together with its subsidiaries, "<u>Apollo</u>") extensive credit experience investing across credit, as well as the incumbency afforded by the broad reach of Apollo's credit platform, to drive proprietary sourcing and bespoke structuring for specialty asset-backed finance opportunities. By originating, structuring and securitizing these opportunities, the Company intends to offer attractive portfolio diversification through exposure primarily focused on large, diversified pools of hard assets and/or contracted cash flows, further enhanced by platform equity investments ("<u>Asset-Backed Finance Assets</u>").

The Company is conducting a continuous private offering of our shares on a monthly basis to (i) accredited investors (as defined in Regulation D under the Securities Act of 1933, as amended (the "<u>Securities Act</u>")) and (ii) in the case of shares sold outside the United States, to persons that are not "U.S. persons" (as defined in Regulation S under the Securities Act) in reliance on exemptions from the registration requirements of the Securities Act (the "<u>Private Offering</u>"). We currently offer ten types of Investor Shares in Series I and eleven types of Investor Shares in Series II. For Series I, these are: S Shares, I Shares, T-S Shares, T-I Shares, P-S Shares, P-I Shares, F-S Shares, F-I Shares, A-I Shares and A-II Shares (collectively, the "<u>Series I Investor Shares</u>"). For Series II, there are: S Shares, I Shares, T-S Shares, T-I Shares, P-S Shares, P-I Shares, F-S Shares, F-I Shares, BD Shares, A-I Shares and A-II Shares (collectively, the "<u>Series II Investor Shares</u>" and, together with the Series I Investor Shares, (the "<u>Investor Shares</u>")). We may offer additional types of Investor Shares in the future. The share types have different upfront selling commissions and ongoing distribution and shareholder servicing fees.

The Company is sponsored by Apollo and benefits from Apollo's asset-backed finance sourcing and management platform pursuant to the amended and restated operating agreement the Company entered into with Apollo Manager, LLC (the "<u>Operating Manager</u>") to support the Company in managing its portfolio of Asset-Backed Finance Assets with the objective of generating risk-adjusted returns consisting of both current income and capital appreciation for shareholders. The Company commenced operations on May 3, 2024. As such, there is limited comparability to the three and six months ended June 30, 2024.

The purchase of Shares in a Series of the Company is an investment only in that particular Series and not an investment in the Company as a whole. V Shares have special rights and privileges, including entitling the holders thereof to the exclusive right to appoint and remove directors of the Company, increase or decrease the number of directors of the Company and fill any vacancies on the Company's Board of Directors (the "<u>Board</u>"). V Shares do not have economic participation in the Company. V Shares will be held only by Apollo, its affiliates and/or certain Apollo clients, and are not being offered to other investors.

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**2.** **SIGNIFICANT ACCOUNTING POLICIES**

***Basis of Accounting***—The consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America ("<u>U.S. GAAP</u>") and are presented in United States dollars, which is the Company's functional currency. The Company's fiscal year end is December 31.

The Company's financial statements are prepared using the accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification (ASC) 946, Financial Services – Investment Companies.

***Basis of Presentation****—*Series I and Series II are treated as separate entities for U.S. federal income tax purposes with segregated assets, liabilities, and expenses. Allocation to each Series is based on attributable investment activity, Net Asset Value ("<u>NAV</u>"), or other equitable allocation methodologies as determined by the Operating Manager. Series I and Series II reflect their pro rata share of assets and liabilities of the Company's wholly-owned subsidiaries on the Consolidated Statements of Assets and Liabilities. Series I and Series II record their allocable share of profits and losses each month based on their relative ownership of the wholly-owned subsidiaries on the Consolidated Statements of Operations. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

***Basis of Consolidation*** *—* As provided under Regulation S-X and ASC 946, the Company will generally not consolidate its investment in a company other than a wholly owned investment company or controlled operating company whose business consists of providing services to the Company. Accordingly, Series I, Series II and the Company consolidated the results of its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

***Unconsolidated Significant Subsidiaries*** *—* As of June 30, 2025, the Company has an investment in Mortgage Aggregator Series Trust Administrator, L.P. ("MAST"), which is considered an investment company under ASC 946. The objective of the Company's investment in MAST is to gain exposure to residential mortgage loans through participation in MAST's designated Series E. Series I, Series II and the Company uses the equity method to account for its investment in MAST and is required under Regulation S-X to perform significance tests which may trigger additional reporting requirements. As of June 30, 2025, ABC did not trigger the additional reporting requirements with its investment in MAST.

***Use of Estimate*s** — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could materially differ from those estimates.

***Cash and Cash Equivalents*** — As of June 30, 2025 and December 31, 2024, cash and cash equivalents were comprised of cash on hand and money market funds sponsored by a U.S. financial institution. As of June 30, 2025, Series I, Series II and the Company held $948, $4,810 and $5,758, respectively, in money market funds, all of which were held in the State Street Institutional U.S. Government Money Market Fund. As of December 31, 2024, Series I, Series II and the Company held $14,594, $37,189 and $51,783, respectively, in money market funds, all of which were held in the State Street Institutional U.S. Government Money Market Fund.

***Organizational and Offering Expenses*** — Organizational expenses are expensed as incurred. Organizational expenses consist of costs incurred to establish the Company and enable it legally to do business. Series I, Series II and the Company incurred organizational expenses of $25, $77 and $102, respectively, for both the three and six months ended June 30, 2025. Series I, Series II and the Company incurred organizational expenses of $(518), $984 and $466, respectively, for the three months June 30, 2024. Series I, Series II and the Company incurred organizational expenses of $(314), $1,188 and $874, respectively, for the six months ended June 30, 2024.

Offering expenses include registration fees and legal fees regarding the preparation of the initial registration statement. Offering expenses are accounted for as deferred costs until operations begin and then are amortized. Series I, Series II and the Company incurred deferred offering expenses of $40, $120 and $160, respectively, for the three months ended June 30, 2025. Series I, Series II and the Company incurred deferred offering expenses of $80, $240 and $320, respectively, for the six months ended June 30, 2025. Series I, Series II, and the Company incurred deferred offering expenses of $0, $100 and $100, respectively, for each of the three and six months ended June 30, 2024.

------

The Operating Manager may elect to provide expense support for certain organizational and offering expenses which is subject to potential recoupment as described in Note 6.

***Investment Income*** — The Company records dividend income and accrues interest income pursuant to the terms of the respective Asset-Backed Finance Assets, unless, in the case of dividend income, the Company determines that the Asset-Backed Finance Assets do not have positive earnings in which case such dividend income is treated as a return of capital. Payment-in-Kind ("PIK") interest is accrued monthly on PIK fixed income securities in accordance with the contractual terms of those Asset-Backed Finance Assets. In the case of proceeds received from investments in a partnership investment vehicle and limited partnerships, the Company determines the character of such proceeds and record any interest income, dividend income, realized gains or returns of capital accordingly. For both the three and six months ended June 30, 2025 and June 30, 2024, investment income was comprised of interest income from Asset-Backed Finance Assets and cash and cash equivalents.

***Net Realized Gain (Loss) and Net Change in Unrealized Gain (Loss)*** — Without regard to unrealized gain (loss) previously recognized, realized gains or losses will be measured as the difference between the net proceeds from the sale, repayment, or disposal of an asset and the adjusted cost basis of the asset. Net change in unrealized gain (loss) will reflect the change in investment values during the reporting period, including the reversal of any previously recorded unrealized gain (loss) when gains or losses are realized.

***Investments, At Fair Value*** — ASC 820, Fair Value Measurement, defines fair value, establishes a framework for measuring fair value in accordance with U.S. GAAP and expands disclosures about fair value. Series I, Series II and the Company recognizes and accounts for its investments at fair value. The fair value of the investments does not reflect transactions costs that may be incurred upon disposition of investments.

Fair value is 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. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments' complexity for disclosure purposes.

Assets and liabilities recorded at fair value on the Statement of Assets and Liabilities are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined under U.S. GAAP, are directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, are as follows:

Level 1—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 2—Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability.

Level 3—Inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability.

A significant decrease in the volume and level of activity for the asset or liability is an indication that transactions or quoted prices may not be representative of fair value because in such market conditions there may be increased instances of transactions that are not orderly. In those circumstances, further analysis of transactions or quoted prices is needed, and an adjustment to the transactions or quoted prices may be necessary to estimate fair value.

Determining fair value requires that judgment be applied to the specific facts and circumstances of each acquisition while employing a valuation process that is consistently followed. Determinations of fair value involve subjective judgments and estimates.

When making fair value determinations for Asset-Backed Finance Assets that do not have readily available market prices, we will consider industry-accepted valuation methodologies, primarily consisting of an income approach and market approach. The income approach derives fair value based on the present value of cash flows that a business, or security is expected to generate in the future. The market approach relies upon valuations for comparable public companies, transactions or assets, and includes making judgments about which companies, transactions or assets are comparable. A blend of approaches may be relied upon in arriving at an estimate of fair value, though there may be instances where it is more appropriate to utilize one approach. We also consider a range of additional factors that we deem relevant, including a potential sale of the Asset-Backed Finance Assets, macro and local market conditions, industry information and the relevant Asset-Backed Finance Asset's historical and projected financial data.

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At least annually, the Board, including our independent directors, will review the appropriateness of our valuation policy and valuation results. From time to time, the Board, including our independent directors, may adopt changes to the valuation guidelines on occasions in which it has determined or in the future determines that such changes are likely to result in a more accurate reflection of estimated fair value.

***Derivative Instruments*** — The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements. The Company does not utilize hedge accounting with respect to derivative instruments and as such, the Company recognizes its derivative instruments at fair value with changes included in net change in unrealized gain (loss) on derivatives on the Consolidated Statements of Operations.

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

The Company uses SOFR futures to hedge some or all of the Company's fixed rate debt. Depending on the nature of the balance, the fair value of a given SOFR futures contract is either included within derivative assets, at fair value or derivative liabilities, at fair value on the Company's Consolidated Statements of Assets and Liabilities. The change in fair value of the SOFR futures is offset by a change in the fair value of the fixed rate debt. Any cash collateral amounts posted to or received from the counterparty to cover collateral obligations under the terms of the futures contracts are included in prepaid expenses and other assets or other accrued expenses and liabilities, respectively, on the Company's Consolidated Statements of Assets and Liabilities. As of June 30, 2025 Series I, Series II and the Company posted cash collateral to counterparties in amounts of $2,700, $8,615 and $11,315, respectively, against SOFR futures contracts. As of December 31, 2024, Series I, Series II and the Company posted cash collateral to counterparties in amounts of $258, $628 and $886, respectively, against SOFR futures contracts.

The Company uses foreign currency forward contracts to reduce the Company's exposure to fluctuations in the fair value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another at a pre-determined price at a future date. Foreign currency forward contracts are marked-to-market at the applicable forward rate. Depending on the nature of the balance, the fair value of foreign currency forward contracts are recorded within derivative assets, at fair value or derivative liabilities, at fair value on the Consolidated Statements of Assets and Liabilities. Any cash collateral amounts posted to or received from the counterparty to cover collateral obligations under the terms of the foreign currency forward contracts are included in prepaid expenses and other assets or other accrued expenses and liabilities, respectively, on the Company's Consolidated Statements of Assets and Liabilities. As of June 30, 2025 Series I, Series II and the Company posted cash collateral to counterparties in amounts of $2,551, $8,139 and $10,690, respectively, against foreign currency forward contracts. As of December 31, 2024, Series I, Series II and the Company posted cash collateral to counterparties in amounts of $224, $546 and $770, respectively, against foreign currency forward contracts. Purchases and settlements of foreign currency forward contracts having the same settlement date and counterparty are generally settled net and any realized gains or losses are recognized on the settlement date. The Company does not utilize hedge accounting with respect to foreign currency forward contracts and as such, the Company recognizes its foreign currency forward contracts at fair value with changes included in the net change in unrealized gain (loss) on derivatives on the Consolidated Statements of Operations.

The Company uses credit default swap ("<u>CDS</u>") contracts whereby the buyer of the credit default swaps contract agrees to pay a specified fixed charge to the seller of the CDS contract in return for the right to put the debt of the debtor named in the CDS contract to the seller of the CDS contract at par value of the referred debt instrument in the event of a "credit event" as defined by the CDS contract which may include, but is not limited to, bankruptcy of the debtor or when the debtor defaults in payment. The buyer's obligation under the CDS contract is fixed at the date the contract is entered into. The seller's potential liability under the CDS contract is open-ended and can be equal to the entire notional amount of the contract. Depending on the nature of the balance, the fair value of credit default swap contracts are recorded within derivative assets, at fair value or derivative liabilities, at fair value on the Consolidated Statements of Assets and Liabilities. Any cash collateral amounts posted to or received from the counterparty to cover collateral obligations under the terms of the credit default swap contracts are included in prepaid expenses and other assets or other accrued expenses and liabilities, respectively, on the Company's Consolidated Statements of Assets and Liabilities. As of June 30, 2025 Series I, Series II and the Company posted cash collateral to counterparties in amounts of $103, $330 and $433, respectively, against CDS contracts. As of December 31, 2024, Series I, Series II and the Company posted cash collateral to counterparties in amounts of $169, $412 and $581, respectively, against CDS contracts. The Company does not utilize hedge accounting with respect to CDS contracts and as such, the Company recognizes its CDS contracts at fair value with changes included in the net change in unrealized gain (loss) on derivatives on the Consolidated Statements of Operations.

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The Company enters into various swap contracts as part of its investment strategies. Cash flows are exchanged based on the underlying assets or index of the swap. The terms of swap contracts can vary greatly. Swap agreements are carried at fair value in the accompanying Consolidated Statements of Assets and Liabilities and changes in fair value are reflected in the accompanying Consolidated Statements of Operations as net change in unrealized gain (loss) on derivatives. Any cash collateral amounts posted to or received from the counterparty to cover collateral obligations under the terms of the swap contracts are included in prepaid expenses and other assets or other accrued expenses and liabilities, respectively, on the Company's Consolidated Statements of Assets and Liabilities. As of June 30, 2025, Series I, Series II and the Company posted collateral to counterparties in amounts of $117, $373 and $490, respectively, against swap contracts. As of December 31, 2024, Series I, Series II and the Company posted collateral to counterparties in amounts of $142, $348 and $490, respectively against swap contracts. The Company recognizes its swap contracts at fair value with changes included in the net change in unrealized gain (loss) on derivatives on the Consolidated Statements of Operations.

***Income Taxes***—Series I has elected to be taxed as a corporation for U.S. federal income tax purposes. Series I is liable for income taxes, if any, on its net taxable income.

Series II operates so that it will qualify to be treated as a partnership for U.S. federal income tax purposes under the Internal Revenue Code and not a publicly traded partnership treated as a corporation. As such, it will not be subject to any U.S. federal, state and/or local income taxes. In any year, it is possible that Series II will not meet the qualifying income exception, which would result in Series II being treated as a publicly traded partnership taxed as a corporation, rather than a partnership. If Series II does not meet the qualifying income exception, the holders of interest in Series II would then be treated as shareholders in a corporation, and the Series II would become taxable as a corporation for U.S. federal income tax purposes. Series II would be required to pay income tax at corporate rates on its net taxable income. In addition, Series II holds interests in Asset-Backed Finance Assets, through subsidiaries that are treated as corporations for U.S. or non-U.S. tax purposes and therefore may be subject to current and deferred U.S. federal, state and/or local income taxes at the subsidiary level.

Deferred taxes are provided for the effects of potential future tax liabilities in future years resulting from differences between the tax basis of an asset and liability and its reported valuation in the accompanying consolidated financial statements. Income taxes for both Series I and Series II are accounted for under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are determined on the temporary differences in the basis of assets and liabilities for income tax and financial reporting purposes using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the Consolidated Statements of Operations in the period that includes the enactment date. For a particular tax-paying component of an entity and within a particular tax jurisdiction, deferred tax assets and liabilities are offset and presented as a single amount within prepaid expenses and other assets or other accrued expenses and liabilities, as applicable, in the accompanying Consolidated Statements of Assets and Liabilities.

Both Series I and Series II recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Both Series I and Series II review and evaluate tax positions in their major jurisdictions and determines whether or not there are uncertain tax positions that require financial statement recognition. The reserve for uncertain tax positions is recorded in other accrued expenses and liabilities, as applicable, in the accompanying Consolidated Statements of Assets and Liabilities. Based on this review, both Series I and Series II have determined the major tax jurisdictions to be where both Series I and Series II are organized, where both Series I and Series II hold interests in Asset-Backed Finance Assets, and where the Operating Manager is located; however, no reserves for uncertain tax positions were recorded for Series I and Series II for the three and six months ended June 30, 2025 and June 30, 2024. Both Series I and Series II are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Generally, both Series I and Series II's returns may be subject to examination for a period of three to five years from when they are filed under varying statutes of limitations.

***Calculation of NAV***—The NAV per Share of each Series is determined by dividing the total assets of the Company (the value of investments, plus cash or other assets) attributable to such Series less the value of any liabilities of such Series, by the total number of Shares outstanding of such Series.

***Recent Accounting Pronouncements—*** In December 2023, the FASB issued ASU 2023-09, Income Taxes—Improvements to Income Tax Disclosures. The guidance makes amendments to update disclosures on income taxes including rate reconciliation, income taxes paid, and certain amendments on disaggregation by federal, state, and foreign taxes, as relevant. The guidance is

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mandatorily effective for the Company for annual periods beginning in 2025, but early adoption is permitted. The Company is currently evaluating the impact of the new standard.

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

There are no other standards, interpretations or amendments to existing standards that are effective for the first time for the year beginning January 1, 2025, that would be expected to have a material impact on the Company.

**3.** **FAIR VALUE MEASUREMENT AND DISCLOSURES**

The following tables summarize the valuation of the Company's investments and cash and cash equivalents in the fair value hierarchy levels as of June 30, 2025:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series I** | **Series I** | **Series I** | **Series II** | **Series II** | **Series II** | **Total** | **Total** | **Total** |
| **Description** | **Level I** | **Level II** | **Level III** | **Level I** | **Level II** | **Level III** | **Level I** | **Level II** | **Level III** |
| **Investments, at fair value** |  |  |  |  |  |  |  |  |  |
| Asset Backed Debt Securities | $- | $35517 | $47386 | $- | $110096 | $146887 | $- | $145613 | $194273 |
| Bank Loans | - | - | 28468 | - | - | 88245 | - | - | 116713 |
| Collateralized Loan Obligations - Residual Tranche | - | - | 367 | - | - | 1138 | - | - | 1505 |
| Collateralized Loan Obligations - Warehouses | - | - | 34264 | - | - | 106214 | - | - | 140478 |
| **Total Investments, at fair value**<sup>(1)</sup> | $- | $35517 | $110485 | $- | $110096 | $342484 | $- | $145613 | $452969 |
| **Derivative Assets, at fair value** |  |  |  |  |  |  |  |  |  |
| Credit Default Swaps | $- | $2 | $10785 | $- | $6 | $33429 | $- | $8 | $44214 |
| Interest Rate Swaps | - | 36 | - | - | 113 | - | - | 149 | - |
| **Total Derivative Assets, at fair value** | $- | $38 | $10785 | $- | $119 | $33429 | $- | $157 | $44214 |
| **Derivative Liabilities, at fair value** |  |  |  |  |  |  |  |  |  |
| Forward Currency Contracts | $- | $988 | $- | $- | $3062 | $- | $- | $4050 | $- |
| Futures Contracts | 1929 | - | - | 5981 | - | - | 7910 | - | - |
| **Total Derivative Liabilities, at fair value** | $1929 | $988 | $- | $5981 | $3062 | $- | $7910 | $4050 | $- |
| **Total** | $**(1929)** | $**34567** | $**121270** | $**(5981)** | $**107153** | $**375913** | $**(7910)** | $**141720** | $**497183** |

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(1)Investments at fair value at Series I, Series II and the Company totaling $33,386, $103,492 and $136,878, respectively, were measured at NAV per share (or its equivalent) and have not been classified in the fair value hierarchy.

Cash and cash equivalents at Series I, Series II and the Company include money market funds of $948, $4,810 and $5,758, respectively, which are considered Level I assets.

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The following tables summarize the valuation of the Company's investments and cash and cash equivalents in the fair value hierarchy levels as of December 31, 2024:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series I** | **Series I** | **Series I** | **Series II** | **Series II** | **Series II** | **Total** | **Total** | **Total** |
| **Description** | **Level I** | **Level II** | **Level III** | **Level I** | **Level II** | **Level III** | **Level I** | **Level II** | **Level III** |
| **Investments, at fair value** |  |  |  |  |  |  |  |  |  |
| Asset Backed Debt Securities | $- | $17693 | $18212 | $- | $43166 | $44434 | $- | $60859 | $62646 |
| Bank Loans | - | - | 476 | - | - | 1161 | - | - | 1637 |
| Collateralized Loan Obligations - Residual Tranche | - | - | 27 | - | - | 67 | - | - | 94 |
| **Total Investments, at fair value**<sup>(1)</sup> | $- | $17693 | $18715 | $- | $43166 | $45662 | $- | $60859 | $64377 |
| **Derivative Assets, at fair value** |  |  |  |  |  |  |  |  |  |
| Credit Default Swaps | $- | $- | $2616 | $- | $- | $6384 | $- | $- | $9000 |
| Interest Rate Swaps | - | 48 | - | - | 116 | - | - | 164 | - |
| Forward Currency Contracts | - | 101 | - | - | 246 | - | - | 347 | - |
| Futures Contracts | 334 | - | - | 816 | - | - | 1150 | - | - |
| **Total Derivative Assets, at fair value** | $334 | $149 | $2616 | $816 | $362 | $6384 | $1150 | $511 | $9000 |
| **Derivative Liabilities, at fair value** |  |  |  |  |  |  |  |  |  |
| Credit Default Swaps | $- | $6 | $- | $- | $16 | $- | $- | $22 | $- |
| Interest Rate Swaps | - | - | - | - | - | - | - | - | - |
| Forward Currency Contracts | - | - | - | - | - | - | - | - | - |
| Futures Contracts | 32 | - | - | 77 | - | - | 109 | - | - |
| **Total Derivative Liabilities, at fair value** | $32 | $6 | $- | $77 | $16 | $- | $109 | $22 | $- |
| **Total** | $**302** | $**17836** | $**21331** | $**739** | $**43512** | $**52046** | $**1041** | $**61348** | $**73377** |

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(1)Investments at fair value at Series I, Series II and the Company totaling $25,647, $62,574 and $88,221, respectively, were measured at NAV per share (or its equivalent) and have not been classified in the fair value hierarchy.

Cash and cash equivalents at Series I, Series II and the Company include money market funds of $14,594, $37,189 and $51,783, respectively, which are considered Level I assets.

Transfers of investments between levels, if any, shall be recorded at the end of the period. There were no transfers in or out of the Company's investments that are classified as Level III investments for the three months ended June 30, 2025. There were transfers out for $(27), $(67) and $(94) for the Company's investments that are classified as Level III investments for the six months ended June 30, 2025 respectively, for Series I, Series II and the Company. The following tables show changes in the fair value of our Level III investment during the three and six months ended June 30, 2025:

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| | | | |
|:---|:---|:---|:---|
| **Description** | **Series I** | **Series II** | **Total** |
| **Balance as of March 31, 2025** | $51476 | $164242 | $215718 |
| Purchases | 58718 | 169457 | 228175 |
| Sales | (21971) | (67723) | (89694) |
| Net realized gain (loss) | - | (1) | (1) |
| Net change in unrealized gain (loss) | (1217) | 3724 | 2507 |
| Transfers into Level III | - | - | - |
| Transfers out of Level III | - | - | - |
| **Balance as of June 30, 2025** | $**87006** | $**269699** | $**356705** |

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| | | | |
|:---|:---|:---|:---|
| **Description** | **Series I** | **Series II** | **Total** |
| **Balance as of December 31, 2024** | $21331 | $52046 | $73377 |
| Purchases | 92856 | 295471 | 388327 |
| Sales | (26031) | (81192) | (107223) |
| Net realized gain (loss) | (1) | 2 | 1 |
| Net change in unrealized gain (loss) | (1122) | 3439 | 2317 |
| Transfers into Level III | - | - | - |
| Transfers out of Level III | (27) | (67) | (94) |
| **Balance as of June 30, 2025** | $**87006** | $**269699** | $**356705** |

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The net change in unrealized gain (loss) on investments included in the Consolidated Statements of Operations for the three months ended June 30, 2025 attributable to Level III investments still held at June 30, 2025 for Series I, Series II and the Company were $(1,217), $3,724 and $2,507, respectively.

The net change in unrealized gain (loss) on investments included in the Consolidated Statements of Operations for the six months ended June 30, 2025 attributable to Level III investments still held at June 30, 2025 for Series I, Series II, and the Company were $(1,122), $3,439 and $2,317, respectively.

The following tables provide quantitative measure used to determine the fair values of the Level III investments as of June 30, 2025:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Level III Fair Value** | **Level III Fair Value** | **Level III Fair Value** | **Valuation Technique** | **Unobservable Inputs** | **Range** | **Weighted Average** |
| **Asset Type** | **Series I** | **Series II** | **Total** |  |  |  |  |
| Asset Backed Debt Securities | $14729 | $45657 | $60386 | DCF | Discount Rate | 5.00% - 17.00% | 7.75% |
| Asset Backed Debt Securities | 14323 | 44398 | 58721 | Transactional Value | Cost |  |  |
| Asset Backed Debt Securities | 18334 | 56832 | 75166 | Broker Quote | N/A |  |  |
| Bank Loans | 15807 | 48998 | 64805 | Transactional Value | Cost |  |  |
| Bank Loans | 12661 | 39247 | 51908 | DCF | Discount Rate | 6.94% - 8.06% | 7.75% |
| Collateralized Loan Obligations - Residual Tranche | 367 | 1138 | 1505 | Broker Quote | N/A |  |  |
| Collateralized Loan Obligations - Warehouses | 34264 | 106214 | 140478 | Broker Quote | N/A |  |  |
| Credit Default Swaps | 10787 | 33435 | 44222 | Broker Quote | N/A |  |  |
| **Total** | $121272 | $375919 | $497191 |  |  |  |  |

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The following tables provide quantitative measure used to determine the fair values of the Level III investments as of December 31, 2024:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Level III Fair Value** | **Level III Fair Value** | **Level III Fair Value** | **Valuation** | **Unobservable** | **Range** | **Weighted** |
| **Asset Type** | **Series I** | **Series II** | **Total** | **Technique** | **Inputs** |  | **Average** |
| Asset Backed Debt Securities | $3303 | $8061 | $11364 | DCF | Discount Rate | 3.70% - 17.00% | 9.78% |
| Asset Backed Debt Securities | 13019 | 31763 | 44782 | Transactional Value | Cost |  |  |
| Asset Backed Debt Securities | 1890 | 4610 | 6500 | Broker Quote | N/A |  |  |
| Collateralized Loan Obligations - Residual Tranche | 476 | 1161 | 1637 | Transactional Value | Cost |  |  |
| Collateralized Loan Obligations - Warehouses | 27 | 67 | 94 | Transactional Value | Cost |  |  |
| Credit Default Swaps | 2616 | 6384 | 9000 | Broker Quote | N/A |  |  |
| **Total** | $**21331** | $**52046** | $**73377** |  |  |  |  |

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**4.** **DERIVATIVE INSTRUMENTS**

The following table presents the fair value of the derivative liabilities of Series I, Series II and the Company as reflected in the Consolidated Statements of Assets and Liabilities as of June 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Derivative Assets, at Fair Value**<sup>(1),(2)</sup> | **Derivative Assets, at Fair Value**<sup>(1),(2)</sup> | **Derivative Assets, at Fair Value**<sup>(1),(2)</sup> | **Derivative Assets, at Fair Value**<sup>(1),(2)</sup> | **Derivative Assets, at Fair Value**<sup>(1),(2)</sup> |
|  |  | **Fair Value** | **Fair Value** | **Fair Value** |
| **Primary Underlying Risk** | **Derivative** | **Series I** | **Series II** | **Total** |
| Credit Risk | Credit Default Swaps | $10787 | $33435 | $44222 |
| Interest Rate Risk | Interest Rate Swap | 36 | 113 | 149 |
| **Total** |  | $**10823** | $**33548** | $**44371** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Derivative Liabilities, at Fair Value**<sup>(1),(2)</sup> | **Derivative Liabilities, at Fair Value**<sup>(1),(2)</sup> | **Derivative Liabilities, at Fair Value**<sup>(1),(2)</sup> | **Derivative Liabilities, at Fair Value**<sup>(1),(2)</sup> | **Derivative Liabilities, at Fair Value**<sup>(1),(2)</sup> |
|  |  | **Fair Value** | **Fair Value** | **Fair Value** |
| **Primary Underlying Risk** | **Derivative** | **Series I** | **Series II** | **Total** |
| Credit Risk | EUR/USD Forward | $988 | $3062 | $4050 |
| Interest Rate Risk | SOFR Futures | 1929 | 5981 | 7910 |
| **Total** |  | $**2917** | $**9043** | $**11960** |

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(1)See Note 2 for additional information on the Company's purposes for entering into different types of derivatives and how they are recorded.

(2)Approximately $5,471, $17,457 and $22,928 of collateral has been posted as of June 30, 2025 for Series I, Series II and the Company, respectively, with counterparties related to derivative contracts. Approximately $0, $0 and $0 of collateral has been received as of June 30, 2025 for Series I, Series II and the Company, respectively, related to derivative contracts. The Company may be required to post additional collateral in subsequent periods due to unfavorable changes in the fair value of these contracts. The collateral posted and collateral received balances are included in prepaid expenses and other assets and accrued expenses and other liabilities, respectively, in the Consolidated Statements of Assets and Liabilities.

The following table presents the fair value of the derivative liabilities of Series I, Series II and the Company as reflected in the Consolidated Statements of Assets and Liabilities as of December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Derivative Assets, at Fair Value**<sup>(1),(2)</sup> | **Derivative Assets, at Fair Value**<sup>(1),(2)</sup> | **Derivative Assets, at Fair Value**<sup>(1),(2)</sup> | **Derivative Assets, at Fair Value**<sup>(1),(2)</sup> | **Derivative Assets, at Fair Value**<sup>(1),(2)</sup> |
|  |  | **Fair Value** | **Fair Value** | **Fair Value** |
| **Primary Underlying Risk** | **Derivative** | **Series I** | **Series II** | **Total** |
| Credit Risk | Credit Default Swaps | $2616 | $6384 | $9000 |
| Currency Risk | EUR/USD Forward | 101 | 246 | 347 |
| Interest Rate Risk | Interest Rate Swap | 48 | 116 | 164 |
| Interest Rate Risk | SOFR Futures | 334 | 816 | 1150 |
| **Total** |  | $**3099** | $**7562** | $**10661** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Derivative Liabilities, at Fair Value**<sup>(1),(2)</sup> | **Derivative Liabilities, at Fair Value**<sup>(1),(2)</sup> | **Derivative Liabilities, at Fair Value**<sup>(1),(2)</sup> | **Derivative Liabilities, at Fair Value**<sup>(1),(2)</sup> | **Derivative Liabilities, at Fair Value**<sup>(1),(2)</sup> |
|  |  | **Fair Value** | **Fair Value** | **Fair Value** |
| **Primary Underlying Risk** | **Derivative** | **Series I** | **Series II** | **Total** |
| Credit Risk | Credit Default Swaps | $6 | $16 | $22 |
| Interest Rate Risk | SOFR Futures | 32 | 77 | 109 |
| **Total** |  | $**38** | $**93** | $**131** |

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(1)See Note 2 for additional information on the Company's purposes for entering into different types of derivatives and how they are recorded.

(2) Approximately $793, $1,934 and $2,727 of collateral has been posted as of December 31, 2024 for Series I, Series II and the Company, respectively, with counterparties related to derivative contracts. Approximately $0, $0 and $0 of collateral has been received as of December 31, 2024 for Series I, Series II and the Company, respectively, related to derivative contracts. The Company may be required to post additional collateral in subsequent periods due to unfavorable changes in the fair value of these contracts. The collateral posted and collateral received balances are included in prepaid expenses and other assets and accrued expenses and other liabilities, respectively, in the Consolidated Statements of Assets and Liabilities.

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The following tables present the gains (losses) recognized on derivatives, by contract type, included in the Consolidated Statements of Operations for the three and six months ended June 30, 2025:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **For the Three Months Ended June 30, 2025** | **For the Three Months Ended June 30, 2025** | **For the Three Months Ended June 30, 2025** | **For the Three Months Ended June 30, 2025** | **For the Three Months Ended June 30, 2025** | **For the Three Months Ended June 30, 2025** | **For the Three Months Ended June 30, 2025** | **For the Three Months Ended June 30, 2025** | **For the Three Months Ended June 30, 2025** |
|  |  | **Average Notional / Contracts** | **Average Notional / Contracts** | **Average Notional / Contracts** | **Net realized gain (loss) on derivatives** | **Net realized gain (loss) on derivatives** | **Net realized gain (loss) on derivatives** | **Net change in unrealized gain (loss) on derivatives** | **Net change in unrealized gain (loss) on derivatives** | **Net change in unrealized gain (loss) on derivatives** |
| **Primary Underlying Risk** | **Derivative** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** |
| Credit Risk | Credit Default Swaps | $11251 | $33299 | $44550 | $- | $- | $- | $53 | $161 | $214 |
| Currency Risk | EUR/USD Forward | 18432 | 55610 | 74042 | - | - | - | (968) | (2920) | (3888) |
| Interest Rate Risk | Interest Rate Swap | 10102 | 29898 | 40000 | 619 | 1794 | 2413 | (542) | (1562) | (2104) |
| Interest Rate Risk | SOFR Futures | 335835 | 993915 | 1329750 | - | - | - | (803) | (2459) | (3262) |
|  | **Total net gain/(loss) on derivatives** |  |  |  | $**619** | $**1794** | $**2413** | $**(2260)** | $**(6780)** | $**(9040)** |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** |
|  |  | **Average Notional / Contracts** | **Average Notional / Contracts** | **Average Notional / Contracts** | **Net realized gain (loss) on derivatives** | **Net realized gain (loss) on derivatives** | **Net realized gain (loss) on derivatives** | **Net change in unrealized gain (loss) on derivatives** | **Net change in unrealized gain (loss) on derivatives** | **Net change in unrealized gain (loss) on derivatives** |
| **Primary Underlying Risk** | **Derivative** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** |
| Credit Risk | Credit Default Swaps | $8215 | $24668 | $32883 | $- | $- | $- | $60 | $185 | $245 |
| Currency Risk | EUR/USD Forward | 11984 | 36197 | 48181 | (162) | (516) | (678) | (1091) | (3305) | (4396) |
| Interest Rate Risk | Interest Rate Swap | 27270 | 81897 | 109167 | 665 | 1925 | 2590 | (21) | 5 | (16) |
| Interest Rate Risk | SOFR Futures | 351835 | 1046081 | 1397916 | (91) | (295) | (386) | (2228) | (6723) | (8951) |
|  | **Total net gain/(loss) on derivatives** |  |  |  | $**412** | $**1114** | $**1526** | $**(3280)** | $**(9838)** | $**(13118)** |

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The following table presents the gains (losses) recognized on derivatives, by contract type, included in the Consolidated Statements of Operations for the three and six months ended June 30, 2024:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **For the three and six months ended June 30, 2024** | **For the three and six months ended June 30, 2024** | **For the three and six months ended June 30, 2024** | **For the three and six months ended June 30, 2024** | **For the three and six months ended June 30, 2024** | **For the three and six months ended June 30, 2024** | **For the three and six months ended June 30, 2024** | **For the three and six months ended June 30, 2024** | **For the three and six months ended June 30, 2024** |
|  |  | **Average Notional / Contracts** | **Average Notional / Contracts** | **Average Notional / Contracts** | **Net realized gain (loss) on derivatives** | **Net realized gain (loss) on derivatives** | **Net realized gain (loss) on derivatives** | **Net change in unrealized gain (loss) on derivatives** | **Net change in unrealized gain (loss) on derivatives** | **Net change in unrealized gain (loss) on derivatives** |
| **Primary Underlying Risk** | **Derivative** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** |
| Interest Rate Risk | SOFR Futures | - | $51250 | $51250 |  |  |  |  | (70) | (70) |

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The Company has elected not to offset assets and liabilities in the Consolidated Statements of Assets and Liabilities that may be received or paid as part of collateral arrangements, even when an enforceable master netting arrangement or other agreement is in place that provides the Company, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty's rights and obligations. The following tables present the offsetting of financial and derivative assets and liabilities as of June 30, 2025:

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** |  |  |  |
|  | **Gross and Net Amounts Presented in the accompanying Consolidated Statement of Assets and Liabilities** | **Gross and Net Amounts Presented in the accompanying Consolidated Statement of Assets and Liabilities** | **Gross and Net Amounts Presented in the accompanying Consolidated Statement of Assets and Liabilities** | **Financial Instruments** | **Financial Instruments** | **Financial Instruments** | **Collateral Received** | **Collateral Received** | **Collateral Received** | **Net Amount** | **Net Amount** | **Net Amount** |
| **Assets** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** |
| Derivatives, at fair value | $10823 | $33548 | $44371 | $- | $- | $- | $- | $- | $- | $10823 | $33548 | $44371 |
| **Total** | $**10823** | $**33548** | $**44371** | $- | $- | $- | $- | $- | $- | $**10823** | $**33548** | $**44371** |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** |  |  |  |
|  | **Gross and Net Amounts Presented in the accompanying Consolidated Statement of Assets and Liabilities** | **Gross and Net Amounts Presented in the accompanying Consolidated Statement of Assets and Liabilities** | **Gross and Net Amounts Presented in the accompanying Consolidated Statement of Assets and Liabilities** | **Financial Instruments** | **Financial Instruments** | **Financial Instruments** | **Collateral Pledged** | **Collateral Pledged** | **Collateral Pledged** | **Net Amount** | **Net Amount** | **Net Amount** |
| **Liabilities** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** |
| Derivatives, at fair value | $(988) | $(3062) | $(4050) | $- | $- | $- | $988 | $3062 | $4050 | $- | $- | $- |
| **Total** | $**(988)** | $**(3062)** | $**(4050)** | $- | $- | $- | $**988** | $**3062** | $**4050** | $- | $- | $- |

---

------

As of June 30, 2025, the gross amount of derivative assets presented in the Consolidated Statements of Assets and Liabilities in the amount of $0, $0 and $0 for Series I, Series II and the Company, respectively, are not subject to an enforceable master netting agreement. As of June 30, 2025 the gross amount of derivative liabilities presented in the Consolidated Statements of Assets and Liabilities in the amount of $1,929, $5,981 and $7,910 for Series I, Series II and the Company, respectively, are not subject to an enforceable master netting agreement.

The following tables present the offsetting of financial and derivative assets and liabilities as of December 31, 2024:

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** |  |  |  |
|  | **Gross and Net Amounts Presented in the accompanying Consolidated Statement of Assets and Liabilities** | **Gross and Net Amounts Presented in the accompanying Consolidated Statement of Assets and Liabilities** | **Gross and Net Amounts Presented in the accompanying Consolidated Statement of Assets and Liabilities** | **Financial Instruments** | **Financial Instruments** | **Financial Instruments** | **Collateral Received** | **Collateral Received** | **Collateral Received** | **Net Amount** | **Net Amount** | **Net Amount** |
| **Assets** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** |
| Derivatives, at fair value | 2765 | 6746 | 9511 | $- | $- | $- | $- | $- | $- | 2765 | 6746 | 9511 |
| **Total** | $**2765** | $**6746** | $**9511** | $- | $- | $- | $- | $- | $- | $**2765** | $**6746** | $**9511** |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** |  |  |  |
|  | **Gross and Net Amounts Presented in the accompanying Consolidated Statement of Assets and Liabilities** | **Gross and Net Amounts Presented in the accompanying Consolidated Statement of Assets and Liabilities** | **Gross and Net Amounts Presented in the accompanying Consolidated Statement of Assets and Liabilities** | **Financial Instruments** | **Financial Instruments** | **Financial Instruments** | **Collateral Pledged** | **Collateral Pledged** | **Collateral Pledged** | **Net Amount** | **Net Amount** | **Net Amount** |
| **Liabilities** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** |
| Derivatives, at fair value | $(6) | $(16) | $(22) | $- | $- | $- | $6 | $16 | $22 | $- | $- | $- |
| **Total** | $**(6)** | $**(16)** | $**(22)** | $**-** | $**-** | $**-** | $**6** | $**16** | $**22** | $**-** | $**-** | $**-** |

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Amounts in the preceding table have been limited to the liability balance, and accordingly, do not include any excess collateral pledged.

As of December 31, 2024, the gross amount of derivative assets presented in the Consolidated Statements of Assets and Liabilities in the amount of $334, $816 and $1,150 for Series I, Series II and the Company, respectively, are not subject to an enforceable master netting agreement. As of December 31, 2024 the gross amount of derivative liabilities presented in the Consolidated Statements of Assets and Liabilities in the amount of $32, $77 and $109 for Series I, Series II and the Company, respectively, are not subject to an enforceable master netting agreement.

**5.** **NOTES PAYABLE**

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

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Aggregate Principal Committed** | **Aggregate Principal Committed** | **Aggregate Principal Committed** | **Outstanding Principal** | **Outstanding Principal** | **Outstanding Principal** | **Unused Portion** | **Unused Portion** | **Unused Portion** | **Carrying Value** | **Carrying Value** | **Carrying Value** | **Fair Value(1)** | **Fair Value(1)** | **Fair Value(1)** |
|  | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** |
| Promissory Notes | $751 | $751 | $1502 | $751 | $751 | $1502 | $- | $- | $- | $751 | $751 | $1502 | $751 | $751 | $1502 |
| ACMP Holdings, LLC Facility | 23862 | 76138 | 100000 | 15854 | 49145 | 64999 | 8008 | 26993 | 35001 | 15854 | 49145 | 64999 | 15854 | 49145 | 64999 |
| REIT Funding Cumulative Preferred Shares | 30 | 95 | 125 | 30 | 95 | 125 | - | - | - | 30 | 95 | 125 | 30 | 95 | 125 |
| Total | $24643 | $76984 | $101627 | $16635 | $49991 | $66626 | $8008 | $26993 | $35001 | $16635 | $49991 | $66626 | $16635 | $49991 | $66626 |

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

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

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Aggregate Principal Committed** | **Aggregate Principal Committed** | **Aggregate Principal Committed** | **Outstanding Principal** | **Outstanding Principal** | **Outstanding Principal** | **Unused Portion** | **Unused Portion** | **Unused Portion** | **Carrying Value** | **Carrying Value** | **Carrying Value** | **Fair Value(1)** | **Fair Value(1)** | **Fair Value(1)** |
|  | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** |
| Promissory Notes | $751 | $751 | $1502 | $751 | $751 | $1502 | $- | $- | $- | $751 | $751 | $1502 | $751 | $751 | $1502 |

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(1)The carrying amount outstanding under these debt obligations approximate their fair value as of December 31, 2024.

*Promissory Notes*

The promissory notes described above (the "Promissory Notes") are reported at amortized cost and are reflected within notes payable on the Company's Consolidated Statements of Assets and Liabilities. The Promissory Notes pay interest on the principal

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balances at a rate of 12.4% per annum, payable semi-annually in arrears. However, the Company intends to repay the Promissory Notes prior to the legal maturity and is currently amortizing upfront costs associated with the Promissory Notes over a period of three years. Amortized amounts are included within general and administration expenses on the Company's Consolidated Statements of Operations.

The below table reflects the maturity and fair value of our Promissory Notes as of June 30, 2025.

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| | | | |
|:---|:---|:---|:---|
|  | **Fair Value** | **Fair Value** | **Fair Value** |
| **Legal Maturity** | **Series I** | **Series II** | **Total** |
| 6/28/2054 | $536 | $536 | $1072 |
| 11/1/2054 | $215 | $215 | $430 |
|  | $**751** | $**751** | $**1502** |

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The below table reflects the maturity and fair value of our Promissory Notes as of December 31, 2024.

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| | | | |
|:---|:---|:---|:---|
|  | **Fair Value** | **Fair Value** | **Fair Value** |
| **Legal Maturity** | **Series I** | **Series II** | **Total** |
| 6/28/2054 | $536 | $536 | $1072 |
| 11/1/2054 | $215 | $215 | $430 |
|  | $**751** | $**751** | $**1502** |

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*ACMP Holdings, LLC Facility*

The ACMP Holdings, LLC Facility is an uncommitted revolving credit facility which is reported at amortized cost and reflected within notes payable on the Company's Consolidated Statements of Assets and Liabilities. This facility pays interest on the principal balance at SOFR + 300 bps payable on a monthly basis. The legal maturity date of this facility is February 21, 2026.

*REIT Funding Cumulative Preferred Shares*

On January 27, 2025 a wholly owned subsidiary of the Company issued cumulative preferred shares which are reported at amortized cost and reflected within notes payable on the Company's Consolidated Statement of Assets and Liabilities. Interest is payable at 12.0% per annum, payable semi-annually in arrears.

**6.** **RELATED PARTY CONSIDERATIONS**

*Operating Agreement*

The Company has entered into a second amended and restated operating agreement (the "<u>Operating Agreement</u>") with the Operating Manager on October 25, 2024. Pursuant to the Operating Agreement, the Operating Manager is responsible for sourcing, evaluating and monitoring the Company's investment opportunities and making recommendations to the Company related to the acquisition, management, financing and disposition of the Company's assets, in accordance with the Company's investment objectives, guidelines, policies and limitations. The Operating Manager or an affiliate may rebate, waive or reduce the management fee charged to certain shareholders at the sole discretion of the Operating Manager or such affiliate. Any such rebate, waiver or reduction may be effected either by way of purchase of additional Shares by the Operating Manager or such affiliate for the shareholder or by way of rebate to the relevant shareholder's account.

Pursuant to the Operating Agreement, the Operating Manager is entitled to receive a management fee (the "<u>Management Fee</u>"). The Management Fee is payable monthly in arrears in an amount equal to (i) 1.00% per annum of the month-end NAV attributable to S Shares and I Shares, (ii) 0.85% per annum of the month-end NAV attributable to the Founder Shares, (iii) 1.00% per annum of the month-end NAV attributable to the P-S Shares, P-I Shares, T-S Shares, T-I Shares and BD Shares commencing November 1, 2025, (iv) 0.80% per annum of the month-end NAV attributable to the A-I Shares from inception through December 31, 2027 and 0.85% per annum of the month-end NAV attributable to the A-I Shares thereafter and (v) 0.75% per annum of the month-end NAV attributable to the A-II Shares; provided, that this Management Fee will be reduced by any applicable Special Fees (as defined below); provided, however, that this Management Fee will not be reduced for any Other Fees. In calculating the Management Fee, we will use our NAV before giving effect to accruals for the Management Fee, Performance Fee, combined annual distribution fee and shareholder servicing fee or distributions payable on our Shares. We will not pay the Operating Manager a Management Fee on E Shares and V Shares of Series I and Series II (collectively, the "<u>Apollo Shares</u>"), and as a result, it is an expense specific only to

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Investor Shares at the rates specified herein, which will result in the dilution of Investor Shares in proportion to the fees charged to different types of Investor Shares.

100% of any net consulting (including management consulting) or monitoring fees (including any early termination fee or acceleration of any such management consulting fee on a one-time basis that is approved by the Board), advisory fees related to the negotiation of the structuring of an Asset-Backed Finance Asset (other than debt investments or investments with respect to which Apollo does not exercise direct control with respect to the decision to engage the services giving rise to the relevant fees, costs and expenses) and similar fees (including Bridge Financing fees), whether in cash or in kind, including options, warrants and other non-cash consideration paid to the Operating Manager or any of its affiliates or any employees of the foregoing in connection with actual or contemplated acquisitions or investments (and allocable to the Company) (collectively, "<u>Special Fees</u>") that are allocable to those Shareholders who bear Management Fees, will be applied to reduce the Management Fees paid by such management fee-bearing Shareholders.

For the three months ended June 30, 2025 the Operating Manager earned gross Management Fees of $160, $411 and $571 from Series I, Series II and the Company, respectively, with no Special Fees offset. For the six months ended June 30, 2025 the Operating Manager earned gross Management Fees of $265, $675 and $940 from Series I, Series II and the Company, respectively, with no Special Fees offset. For both the three and six months ended June 30, 2024, the Operating Manager earned gross Management Fees of $0, $0 and $0 from Series I, Series II and the Company, respectively, with no Special Fees offset.

The Operating Manager or an affiliate may rebate, waive, or reduce the management fee charged to certain shareholders at the sole discretion of the Operating Manager or such affiliate. Any such rebate, waiver or reduction may be effected either by way of purchase of additional Shares by the Operating Manager or such affiliate for the shareholder or by way of rebate to the relevant shareholder's account. For both the three and six months ended June 30, 2025 and June 30, 2024, there were no rebates or waivers of the management fees.

So long as the Operating Agreement has not been terminated, the Operating Manager will be entitled to receive a performance fee (the "<u>Performance Fee</u>") equal to (i) 10.0% of the total return with respect to S Shares, I Shares, P-S Shares, P-I Shares, T-S Shares, T-I Shares, and BD Shares, (ii) 7.5% of the total return with respect to F-S Shares or F-I Shares, (iii) 5.0% of the total return from inception through December 31, 2027 and 7.5% thereafter with respect to A-I Shares and (iv) 5.0% of the total return with respect to A-II Shares, in each case subject to a 5.0% hurdle amount and a high water mark with respect to such type of Shares, with a catch-up. Such fee will be paid annually and accrue monthly. The Performance Fee will not be paid on Apollo Shares, and as a result, it is an expense specific only to Investor Shares at the rates specified herein, which will result in the dilution of Investor Shares in proportion to the fees charged to different types of Investor Shares and will result in differences in NAV among the types of Shares.

For the three months ended June 30, 2025, the Operating Manager earned Performance Fees of $265, $718 and $983 from Series I, Series II and the Company, respectively. For the six months ended June 30, 2025, the Operating Manager earned Performance Fees of $472, $1,254 and $1,726 from Series I, Series II and the Company, respectively. For both the three and six months ended June 30, 2024, the Operating Manager earned Performance Fees of $-, $-, and $- from Series I, Series II, and the Company, respectively.

The Company incurred certain operating expenses related to services provided by personnel of the Operating Manager and/or its affiliates. For the three months ended June 30, 2025, these expenses were $104, $308 and $412, for Series I, Series II and the Company, respectively. For the six months ended June 30, 2025, these expenses were $178, $533 and $711, for Series I, Series II and the Company, respectively. For both the three and six months ended June 30, 2024, these expenses were $0, $150 and $150, for Series I, Series II and the Company, respectively and are included in general and administration expenses in the Consolidated Statements of Operations.

*Company Expense Support and Conditional Reimbursement of the Operating Manager*

The Operating Manager may elect to pay certain of the Company's expenses, including certain Organizational and Offering Expenses on the Company's behalf (each, an "<u>Expense Support</u>") in accordance with the Expense Support and Conditional Reimbursement Agreement.

Following any calendar month in which the Specified Expenses (as defined below) are below 0.75% of the Company's net assets on an annualized basis, the Company shall reimburse the Operating Manager, fully or partially, for the Expense Supports, but only if and to the extent that Specified Expenses plus any Reimbursement Payments (as defined below) do not exceed 0.75% of the Company's net assets at the end of each calendar month on an annualized basis, until such time as all Expense Supports made by the Operating Manager to the Company within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company in the prior sentence shall be referred to herein as a "<u>Reimbursement Payment</u>."

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"<u>Specified Expenses</u>" is defined to include all expenses incurred in the business of the Company with the exception of (i) the Management Fee, (ii) the Performance Fee, (iii) the combined annual distribution fees and shareholder servicing fees, (iv) the dealer manager fees (including selling commissions), (v) Asset-Backed Finance Asset related expenses, (vi) interest expenses, commitment fees, or other expenses related to any leverage incurred by the Company, (vii) taxes, (viii) certain insurance costs, (ix) Organizational and Offering Expenses, (x) certain non-routine items (as determined in the sole discretion of the Operating Manager) and (xi) extraordinary expenses (as determined in the sole discretion of the Operating Manager).

For the three months ended June 30, 2025, the Operating Manager agreed to provide Expense Support of $(504), $(1,529) and $(2,033) for expenses incurred by Series I, Series II and the Company, respectively. For the six months ended June 30, 2025, the Operating Manager agreed to provide Expense Support of $(876), $(2,665) and $(3,541) for expenses incurred by Series I, Series II and the Company, respectively. For the three months ended June 30, 2024, the Operating Manager agreed to provide Expense Support of $(518), $2,115 and $1,597 for expenses incurred by Series I, Series II and the Company, respectively. For the six months ended June 30, 2024, the Operating Manager agreed to provide Expense Support of $(314) $2,319 and $2,005 for expenses incurred by Series I, Series II and the Company, respectively.

As of June 30, 2025, Series I, Series II and the Company had an outstanding amount payable of $2,665, $8,262 and $10,927, respectively, to the Operating Manager and is included in Due to Operating Manager on the Consolidated Statements of Assets and Liabilities. As of December 31, 2024, Series I, Series II and the Company had an outstanding amount payable of $2,133, $5,205 and $7,338, respectively, to the Operating Manager and is included in Due to Operating Manager on the Consolidated Statements of Assets and Liabilities.

The below table breaks out the year in which expense support provided by the Operating Manager to Series I, Series II and the Company, respectively, expires subject to the three year rolling window.

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Expires December 31, 2025** | **Expires December 31, 2025** | **Expires December 31, 2025** | **Expires December 31, 2026** | **Expires December 31, 2026** | **Expires December 31, 2026** | **Expires December 31, 2027** | **Expires December 31, 2027** | **Expires December 31, 2027** | **Expires December 31, 2028** | **Expires December 31, 2028** | **Expires December 31, 2028** |
| **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** |
| $- | $- | $- | $- | $- | $- | $746 | $5333 | $6079 | $435 | $3107 | $3542 |

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*Dealer Manager Agreement*

On May 1, 2024, the Company entered into a dealer manager agreement (as amended and restated, "<u>Dealer Manager Agreement</u>") with Apollo Global Securities, LLC (the "<u>Dealer Manager</u>"), an affiliate of the Operating Manager. The Dealer Manager is entitled to receive selling commissions of up to 3.0%, and dealer manager fees of up to 0.5%, of the transaction price of each S Share, F-S Share, T-S Share and P-S Share. Any participating broker-dealers are compensated from such amounts by reallowance from the Dealer Manager; provided that the sum of such reallowed amounts and the selling commissions do not exceed 3.5% of the transaction price. The Dealer Manager will receive a combined annual distribution fee and shareholder servicing fee of 0.85% per annum of the aggregate NAV of the Company's outstanding S Shares, T-S Shares and F-S Shares and 0.25% per annum of the aggregate NAV of the Company's outstanding P-S Shares. There will not be a combined annual distribution fee and shareholder servicing fee, upfront selling commission or dealer manager fee with respect to the A-I Shares, A-II Shares, I Shares, P-I Shares, F-I Shares or BD Shares.

The Dealer Manager anticipates that all or a portion of selling commissions and dealer manager fees will be reallowed to participating broker-dealers. The E Shares and V Shares will not incur any upfront selling costs or ongoing servicing costs.

For the three months ended June 30, 2025, Series I, Series II and the Company incurred annual distribution fees and shareholder servicing fees of $85, $181 and $266, respectively. For the six months ended June 30, 2025, Series I, Series II and the Company incurred annual distribution fees and shareholder servicing fees of $140, $267 and $407, respectively. For both the three and six months ended June 30, 2024, neither Series paid the Dealer Manager for any annual distribution fees, shareholder servicing fees, upfront selling commission or dealer manager fees.

*Restricted Stock Grants*

The Company's board of directors approved the Apollo Asset Backed Credit Company LLC Restricted Share Plan for Independent Directors, pursuant to which, the Company's E Shares may be granted to independent directors. Effective September 3, 2024, the Company granted 5,930 shares with a grant date fair value of $150. Effective December 2, 2024, the Company granted 1,934 shares with a grant date fair value of $50. None of the shares have vested or been forfeited as of June 30, 2025.

*Investment Transactions*

------

In connection with its investment activities, the Company may, from time to time, engage in certain transactions including purchases and sales from or with affiliates of the Operating Manager. For the three months ended June 30, 2025, the Company received $35,966 of sales proceeds and deployed $97,523 in purchase payments with affiliates of the Operating Manager. For the six months ended June 30, 2025, the Company received $35,966 of sales proceeds and deployed $179,649 in purchase payments with affiliates of the Operating Manager.

*Capital Solutions Fees*

Various affiliates of the Operating Manager are potentially involved in transactions with the Company's investments in Asset-Backed Finance Assets, and whereby affiliates of the Operating Manager may earn fees in, including but not limited to, structuring, underwriting, arrangement, placement, syndication, advisory or similar services (collectively, "<u>Capital Solution</u>" services).

For the three months ended June 30, 2025, $503 of fees were paid by the Company's Asset-Backed Finance Assets to affiliates of the Operating Manager for Capital Solution services, which has been excluded from Special Fees for Series I, Series II and the Company, respectively. For the six months ended June 30, 2025, $1,041 of fees were paid by the Company's Asset-Backed Finance Assets to affiliates of the Operating Manager for Capital Solution services, which has been excluded from Special Fees for Series I, Series II and the Company, respectively. For both the three and six months ended June 30, 2024, $29 of fees were paid by the Company's Asset-Backed Finance Assets to affiliates of the Operating Manager for Capital Solution services, which has been excluded from Special Fees for Series I, Series II and the Company, respectively.

*Collateral Management Fees*

Certain affiliates of the Operating Manager serve as collateral managers for certain wholly-owned subsidiaries of the Company. Collateral managers perform investment management functions including supervising and directing investments and performing administrative and advisory functions on behalf of the Company. For the three months ended June 30, 2025, the Company paid $424 and €264 in collateral management fees to affiliates of the Operating Manager. For the six months ended June 30, 2025, the Company paid $554 and €264 in collateral management fees to affiliates of the Operating Manager.

In February 2025, the Company engaged Lyra Client Solutions Holdings, LLC ("Lyra"), an end-to-end client service platform affiliated with Apollo. Lyra provides administration, data management, trade operations, investor onboarding and servicing, technology and other similar services for institutional, global wealth, global family office and retail investors. During the three and six months ended June 30, 2025, the Company did not incur any expenses related to Lyra.

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**7.** **SHAREHOLDERS' EQUITY** 

On September 22, 2023, the Company issued 40 V Shares for both Series I and Series II for aggregate consideration of $1 and $1, respectively, to an affiliate of Apollo.

The following table summarizes shareholder transactions in common shares during the three months ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Series I** | **Series I** | **Series II** | **Series II** | **Total** | **Total** |
|  | **Shares** | **Consideration Amount** | **Shares** | **Consideration Amount** | **Shares** | **Consideration Amount** |
| **A-I Shares:** |  |  |  |  |  |  |
| Proceeds from issuance of shares | $341509 | $8670 | $466965 | $11930 | $808474 | $20600 |
| Shares issued under DRIP | - | - | 216 | 5 | 216 | 5 |
| Shares repurchased or exchanged | (3945) | (100) | - | - | (3945) | (100) |
| **Net increase (decrease)** | $**337564** | $**8570** | $**467181** | $**11935** | $**804745** | $**20505** |
| **BD Shares:** |  |  |  |  |  |  |
| Proceeds from issuance of shares | $- | $- | $122331 | $3163 | $122331 | $3163 |
| Shares issued under DRIP | - | - | - | - | - | - |
| Shares repurchased or exchanged | - | - | - | - | - | - |
| **Net increase (decrease)** | $- | $- | $122331 | $3163 | $122331 | $3163 |
| **E Shares:** |  |  |  |  |  |  |
| Proceeds from issuance of shares | $96 | $2 | $6039 | $152 | $6135 | $154 |
| Shares issued under DRIP | 76 | 2 | 2325 | 59 | 2401 | 61 |
| Shares repurchased or exchanged | - | - | - | - | - | - |
| **Net increase (decrease)** | $**172** | $**4** | $**8364** | $**211** | $**8536** | $**215** |
| **F-I Shares:** |  |  |  |  |  |  |
| Proceeds from issuance of shares | $843128 | $21527 | $2487400 | $63981 | $3330528 | $85508 |
| Shares issued under DRIP | 5747 | 146 | 8746 | 224 | 14493 | 370 |
| Shares repurchased or exchanged | (39714) | (1012) | - | - | (39714) | (1012) |
| **Net increase (decrease)** | $**809161** | $**20661** | $**2496146** | $**64205** | $**3305307** | $**84866** |
| **F-S Shares:** |  |  |  |  |  |  |
| Proceeds from issuance of shares | $- | $- | $- | $- | $- | $- |
| Shares issued under DRIP | - | - | - | - | - | - |
| Shares repurchased or exchanged | - | - | - | - | - | - |
| **Net increase (decrease)** | $**-** | $**-** | $**-** | $**-** | $**-** | $**-** |
| **I Shares:** |  |  |  |  |  |  |
| Proceeds from issuance of shares | $- | $- | 102311 | $2642 | 102311 | $2642 |
| Shares issued under DRIP | - | - | - | - | - | - |
| Shares repurchased or exchanged | - | - | - | - | - | - |
| **Net increase (decrease)** | $- | $- | 102311 | $2642 | 102311 | $2642 |
| **P-I Shares:** |  |  |  |  |  |  |
| Proceeds from issuance of shares | $- | $- | $38238 | $1000 | $38238 | $1000 |
| Shares issued under DRIP | - | - | 74 | 2 | 74 | 2 |
| Shares repurchased or exchanged | - | - | - | - | - | - |
| **Net increase (decrease)** | $**-** | $**-** | $**38312** | $**1002** | $**38312** | $**1002** |
| **P-S Shares:** |  |  |  |  |  |  |
| Proceeds from issuance of shares | $165332 | $4160 | $1064897 | $27510 | $1230229 | $31670 |
| Shares issued under DRIP | - | - | 22640 | 584 | 22640 | 584 |
| Shares repurchased or exchanged | - | - | - | - | - | - |
| **Net increase (decrease)** | $**165332** | $**4160** | $**1087537** | $**28094** | $**1252869** | $**32254** |
| **T-I Shares:** |  |  |  |  |  |  |
| Proceeds from issuance of shares | $602919 | $15530 | $1364919 | $35538 | $1967838 | $51068 |
| Shares issued under DRIP | 10269 | 264 | 8807 | 228 | 19076 | 492 |
| Shares repurchased or exchanged | (4460) | (115) | - | - | (4460) | (115) |
| **Net increase (decrease)** | $**608728** | $**15679** | $**1373726** | $**35766** | $**1982454** | $**51445** |
| **T-S Shares:** |  |  |  |  |  |  |
| Proceeds from issuance of shares | $624815 | $16092 | $1450410 | $37568 | $2075225 | $53660 |
| Shares issued under DRIP | 6835 | 176 | 10361 | 268 | 17196 | 444 |
| Shares repurchased or exchanged | (112189) | (2893) | - | - | (112189) | (2893) |
| **Net increase (decrease)** | $**519461** | $**13375** | $**1460771** | $**37836** | $**1980232** | $**51211** |
| **V Shares:** |  |  |  |  |  |  |
| Proceeds from issuance of shares | $- | $- | $- | $- | $- | $- |
| Shares issued under DRIP | - | - | - | - | - | - |
| Shares repurchased or exchanged | - | - | - | - | - | - |
| **Net increase (decrease)** | $**-** | $**-** | $**-** | $**-** | $**-** | $**-** |
| **Total net increase (decrease)** | $**2440418** | $**62449** | $**7156679** | $**184854** | $**9597097** | $**247303** |

---

------

The following table summarizes shareholder transactions in common shares during the six months ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Series I** | **Series I** | **Series II** | **Series II** | **Total** | **Total** |
|  | **Shares** | **Consideration Amount** | **Shares** | **Consideration Amount** | **Shares** | **Consideration Amount** |
| **A-I Shares:** |  |  |  |  |  |  |
| Proceeds from issuance of shares | $727761 | $18435 | $1100971 | $28087 | $1828732 | $46522 |
| Shares issued under DRIP | - | - | 483 | 12 | 483 | 12 |
| Shares repurchased or exchanged | (3945) | (100) | (19818) | (499) | (23763) | (599) |
| **Net increase (decrease)** | $**723816** | $**18335** | $**1081636** | $**27600** | $**1805452** | $**45935** |
| **BD Shares:** |  |  |  |  |  |  |
| Proceeds from issuance of shares | $- | $- | $122331 | $3163 | $122331 | $3163 |
| Shares issued under DRIP | - | - | - | $- | - | 0 |
| Shares repurchased or exchanged | - | - | - | $- | - | 0 |
| **Net increase (decrease)** | $**-** | $**-** | $**122331** | $3163 | $**122331** | $**3163** |
| **E Shares:** |  |  |  |  |  |  |
| Proceeds from issuance of shares | $2136 | $54 | $20271 | $510 | $22407 | $564 |
| Shares issued under DRIP | 100 | 3 | 6989 | 175 | 7089 | 178 |
| Shares repurchased or exchanged | (1359) | (35.00) | - | - | (1359) | (35) |
| **Net increase (decrease)** | $**877** | $**22** | $**27260** | $**685** | $**28137** | $**707** |
| **F-I Shares:** |  |  |  |  |  |  |
| Proceeds from issuance of shares | $1211140 | $30943 | $4390303 | $112560 | $5601443 | $143503 |
| Shares issued under DRIP | 9931 | 252 | 13059 | 333 | 22990 | 585 |
| Shares repurchased or exchanged | (173364) | (4396) | - | - | (173364) | (4396) |
| **Net increase (decrease)** | $**1047707** | $**26799** | $**4403362** | $**112893** | $**5451069** | $**139692** |
| **F-S Shares:** |  |  |  |  |  |  |
| Proceeds from issuance of shares | $- | $- | $- | $- | $- | $- |
| Shares issued under DRIP | - | - | - | - | - | - |
| Shares repurchased or exchanged | - | - | - | - | - | - |
| **Net increase (decrease)** | $**-** | $**-** | $**-** | $**-** | $**-** | $**-** |
| **I Shares:** |  |  |  |  |  |  |
| Proceeds from issuance of shares | $- | $- | $102311 | $2642 | $102311 | $2642 |
| Shares issued under DRIP | - | - | - | - | - | - |
| Shares repurchased or exchanged | - | - | - | - | - | - |
| **Net increase (decrease)** | $**-** | $**-** | $**102311** | $**2642** | $**102311** | $**2642** |
| **P-I Shares:** |  |  |  |  |  |  |
| Proceeds from issuance of shares | $- | $- | $49032 | $1280 | $49032 | $1280 |
| Shares issued under DRIP | - | - | 88 | 2 | 88 | 2 |
| Shares repurchased or exchanged | - | - | - | - | - | - |
| **Net increase (decrease)** | $**-** | $**-** | $**49120** | $**1282** | $**49120** | $**1282** |
| **P-S Shares:** |  |  |  |  |  |  |
| Proceeds from issuance of shares | $165332 | $4160 | $2895995 | $74482 | $3061327 | $78642 |
| Shares issued under DRIP | - | - | 29740 | 765 | 29740 | 765 |
| Shares repurchased or exchanged | - | - | - | - | - | - |
| **Net increase (decrease)** | $**165332** | $**4160** | $**2925735** | $**75247** | $**3091067** | $**79407** |
| **T-I Shares:** |  |  |  |  |  |  |
| Proceeds from issuance of shares | $956997 | $24666 | $2025608 | $52603 | $2982605 | $77269 |
| Shares issued under DRIP | 14454 | 371 | 11230 | 290 | 25684 | 661 |
| Shares repurchased or exchanged | (12288) | (316) | (1943) | (50) | (14231) | (366) |
| **Net increase (decrease)** | $**959163** | $**24721** | $**2034895** | $**52843** | $**2994058** | $**77564** |
| **T-S Shares:** |  |  |  |  |  |  |
| Proceeds from issuance of shares | $1368788 | $35191 | $3559737 | $91820 | $4928525 | $127011 |
| Shares issued under DRIP | 9493 | 243 | 11873 | 306 | 21366 | 549 |
| Shares repurchased or exchanged | (312230) | (8007) | (985) | (25) | (313215) | (8032) |
| **Net increase (decrease)** | $**1066051** | $**27427** | $**3570625** | $**92101** | $**4636676** | $**119528** |
| **V Shares:** |  |  |  |  |  |  |
| Proceeds from issuance of shares | $- | $- | $- | $- | $- | $- |
| Shares issued under DRIP | - | - | - | - | - | - |
| Shares repurchased or exchanged | - | - | - | - | - | - |
| **Net increase (decrease)** | $**-** | $**-** | $**-** | $**-** | $**-** | $**-** |
| **Total net increase (decrease)** | $**3962946** | $**101464** | $**14317275** | $**368456** | $**18280221** | $**469920** |

---

------

The following table summarizes shareholder transactions in common shares during the six months ended June 30, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Series I** | **Series I** | **Series II** | **Series II** | **Total** | **Total** |
|  | **Shares** | **Consideration Amount** | **Shares** | **Consideration Amount** | **Shares** | **Consideration Amount** |
| **A-I Shares:** |  |  |  |  |  |  |
| Balance as of December 31, 2023 | $- | $- | $- | $- | $- | $- |
| Proceeds from issuance of shares | 110 | 3 | 110 | 3 | 220 | 6 |
| Net increase (decrease) | 110 | 3 | 110 | 3 | 220 | 6 |
| **Balance as of June 30, 2024** | $**110** | $**3** | $**110** | $**3** | $**220** | $**6** |
| **E Shares:** |  |  |  |  |  |  |
| Balance as of December 31, 2023 | $- | $- | $- | $- | $- | $- |
| Proceeds from issuance of shares | - | - | 2000000 | 50000 | 2000000 | 50000 |
| Net increase (decrease) | - | - | 2000000 | 50000 | 2000000 | 50000 |
| **Balance as of June 30, 2024** | $**-** | $**-** | $**2000000** | $**50000** | $**2000000** | $**50000** |
| **F-I Shares:** |  |  |  |  |  |  |
| Balance as of December 31, 2023 | $- | $- | $- | $- | $- | $- |
| Proceeds from issuance of shares | 110 | 3 | 110 | 3 | 220 | 6 |
| Net increase (decrease) | 110 | 3 | 110 | 3 | 220 | 6 |
| **Balance as of June 30, 2024** | $**110** | $**3** | $**110** | $**3** | $**220** | $**6** |
| **F-S Shares:** |  |  |  |  |  |  |
| Balance as of December 31, 2023 | $- | $- | $- | $- | $- | $- |
| Proceeds from issuance of shares | 110 | 3 | 110 | 3 | 220 | 6 |
| Net increase (decrease) | 110 | 3 | 110 | 3 | 220 | 6 |
| **Balance as of June 30, 2024** | $**110** | $**3** | $**110** | $**3** | $**220** | $**6** |
| **P-I Shares:** |  |  |  |  |  |  |
| Balance as of December 31, 2023 | $- | $- | $- | $- | $- | $- |
| Proceeds from issuance of shares | 110 | 3 | 110 | 3 | 220 | 6 |
| Net increase (decrease) | 110 | 3 | 110 | 3 | 220 | 6 |
| **Balance as of June 30, 2024** | $**110** | $**3** | $**110** | $**3** | $**220** | $**6** |
| **P-S Shares:** |  |  |  |  |  |  |
| Balance as of December 31, 2023 | $- | $- | $- | $- | $- | $- |
| Proceeds from issuance of shares | 110 | 2 | 110 | 2 | 220 | 4 |
| Net increase (decrease) | 110 | 2 | 110 | 2 | 220 | 4 |
| **Balance as of June 30, 2024** | $**110** | $**2** | $**110** | $**2** | $**220** | $**4** |
| **V Shares:** |  |  |  |  |  |  |
| Balance as of December 31, 2023 | $40 | $1 | $40 | $1 | $80 | $2 |
| Proceeds from issuance of shares | - | - | - | - | - | - |
| Net increase (decrease) | - | - | - | - | - | - |
| **Balance as of June 30, 2024** | $**40** | $**1** | $**40** | $**1** | $**80** | $**-** |
| **Total net increase (decrease)** | $**550** | $**14** | $**2000550** | $**50014** | $**2001100** | $**50028** |

---

The Company did not have any shareholder transactions in common shares during the three months ended June 30, 2024.

*Distribution Reinvestment Plan* 

The Company adopted a distribution reinvestment plan (the "<u>DRIP</u>"), in which cash distributions to shareholders will automatically be reinvested in additional whole and fractional shares attributable to the type of Shares that a shareholder owns unless and until an election is made on behalf of such participating shareholder to withdraw from the DRIP and receive distributions in cash. The number of Shares to be received when distributions are reinvested will be determined by dividing the amount of the distribution, net of any applicable withholding taxes, by the Series' NAV per share as of the end of the prior month. Shares will be distributed in proportion to the Series and types of Shares held by the shareholder under the DRIP. There will be no sales load charges on Shares issued to a shareholder under the DRIP.

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*Distributions* 

The Company will seek to declare, accrue and pay quarterly distributions. However, there is no guarantee that Series I or Series II will pay quarterly distributions consistently and at a specific rate, or at all. For the three months ended June 30, 2025, distributions of $2,814, $9,448 and $12,262, were declared by Series I, Series II and the Company, respectively. For the six months ended June 30, 2025, distributions of $4,012, $13,543 and $17,555, were declared by Series I, Series II and the Company, respectively. The distributions were paid in cash or reinvested in the shares of the Company for shareholders participating in the DRIP. Please refer to the shareholder transactions table above for Shares issued under DRIP for the three and six months ended June 30, 2025. There were no distributions declared for both the three and six months ended June 30, 2024.

The following table reflects the aggregate distributions declared for each applicable share type of the Company for the three months ended June 30, 2025:

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| | | | |
|:---|:---|:---|:---|
|  | **Series I** | **Series II** | **Total** |
|  | **Distributions declared** | **Distributions declared** | **Distributions declared** |
| **A-I Shares:** | $503 | $960 | $1463 |
| **BD Shares:** | - | 18 | 18 |
| **E Shares:** | 3 | 1185 | 1188 |
| **F-I Shares:** | 760 | 2581 | 3341 |
| **F-S Shares:** | - | - | - |
| **I Shares:** | - | 13 | 13 |
| **P-I Shares:** | - | 12 | 12 |
| **P-S Shares:** | 75 | 2260 | 2335 |
| **T-I Shares:** | 837 | 901 | 1738 |
| **T-S Shares:** | 636 | 1518 | 2154 |
| **Total Distributions Declared:** | $2814 | $9448 | $12262 |

---

The following table reflects the aggregate distributions declared for each applicable share type of the Company for the six months ended June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Series I** | **Series II** | **Total** |
|  | **Distributions declared** | **Distributions declared** | **Distributions declared** |
| **A-I Shares:** | $765 | $1399 | $2164 |
| **BD Shares:** | - | 18 | 18 |
| **E Shares:** | 5 | 2029 | 2034 |
| **F-I Shares:** | 1055 | 3631 | 4686 |
| **F-S Shares:** | - | - | - |
| **I Shares:** | - | 13 | 13 |
| **P-I Shares:** | - | 14 | 14 |
| **P-S Shares:** | 76 | 3270 | 3346 |
| **T-I Shares:** | 1193 | 1159 | 2352 |
| **T-S Shares:** | 918 | 2010 | 2928 |
| **Total Distributions Declared:** | $4012 | $13543 | $17555 |

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*Share Repurchases* 

The Company offers a share repurchase plan pursuant to which, on a quarterly basis, shareholders may request that we repurchase all or any portion of their Shares. The Company may repurchase fewer Shares than have been requested in any particular quarter to be repurchased under the Company's share repurchase plan, or none at all, in the Board's discretion at any time. We expect that each Series will conduct quarterly Share repurchases (each, a "Share Repurchase") for up to 5.0% of the aggregate NAV of our outstanding Investor Shares and E Shares of each Series (measured across both Series) at a price based on the NAV per Share as of the last business day of the quarter prior to the commencement of a Share Repurchase.

Please refer to the shareholder transactions table above for Share Repurchases for the three and six months ended June 30, 2025. Share repurchases result in capital outflows from the Company, whereas Share exchanges involve the reinvestment of redemption proceeds from one Series of the Company to another. Both instances are captured in "Shares redeemed or exchanged" line within the Shareholder Transactions table above. There were no Shares redeemed or exchanged for both the three and six months ended June 30, 2024.

**8.** **COMMITMENTS AND CONTINGENCIES**

In the normal course of business, the Company's investment activities involve executions, settlement and financing of various transactions resulting in receivables from, and payables to, brokers, dealers and other counterparties. These activities may expose the Company to risk in the event that such parties are unable to fulfill contractual obligations. The Operating Manager does not anticipate any material losses from counterparties with whom it conducts business. Consistent with standard business practice, the

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Company enters into contracts that contain a variety of indemnifications, and may be engaged from time to time in various legal actions. The maximum exposure of the Company under these arrangements and activities is unknown. However, the Company expects the risk of material loss to be remote.

From time to time, the Operating Manager and its affiliates may commit to an investment on behalf of the entities it manages, including the Company. Certain terms of these investments are not finalized at the time of the commitment and each respective entity'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.

From time to time, the Company may be involved in various claims and legal actions arising in the ordinary course of business. As of June 30, 2025, the Company was not subject to any material litigation nor was the Company aware of any material litigation threatened against it.

As of June 30, 2025, Series I, Series II and the Company had unfunded commitments on Asset-Backed Finance Assets amounting to $16,625, $51,535 and $68,160, respectively, and €0, €0 and €0, respectively.

As of December 31, 2024, Series I, Series II and the Company had unfunded commitments on Asset-Backed Finance Assets amounting to $5,471, $13,347 and $18,818, respectively, and €2,597, €6,337 and €8,934, respectively.

**9.** **INDEMNIFICATIONS**

Under the Company's Second Amended and Restated Limited Liability Company Agreement, dated June 28, 2024 (the "<u>LLC Agreement</u>") and organizational documents, the members of the Board, the Operating Manager, Apollo, and their respective affiliates, directors, officers, representatives, agents and employees are indemnified against all liabilities unless these persons' actions constitute actual fraud or willful misconduct. In the normal course of business, the Company enters into contracts that contain a variety of representations and that provide general indemnifications. The Company's maximum liability exposure under these arrangements is unknown, as future claims that have not yet occurred may be made against the Company.

**10.** **ADMINISTRATION FEES AND OTHER AGREEMENTS WITH AFFILIATES**

*Company Administration Fees*

The Company has entered into an administration agreement with State Street Bank and Trust Company (the "<u>Administrator</u>"), pursuant to which the Administrator maintains the Company's official books and records and provides accounting services and audit support. The Administrator receives customary fees from the Company for such services. The Administrator is also reimbursed by the Company for certain out of pocket expenses.

*Transfer Agency Fees*

SS&C GIDS, Inc. (formerly known as DST Systems, Inc.) serves as transfer, distribution and shareholder servicing agent for the Company and receives customary fees from the Company for such services.

*Custody Fees and Expenses*

State Street Bank and Trust Company serves as the Company's custodian and receives customary fees from the Company for such services.

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**11.** **FINANCIAL HIGHLIGHTS**

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

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** |
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) |
|  | **F-I Shares** | **F-S Shares** | **A-I Shares** | **E Shares** | **P-I Shares** | **P-S Shares** | **TI Shares** | **TS Shares** |
| **Per Share Data:** |  |  |  |  |  |  |  |  |
| Net asset value at beginning of period | $25.30 | $25.41 | $25.14 | $25.52 | $25.03 | $25.03 | $25.56 | $25.52 |
| Distributions declared<sup>(1)</sup> | (0.61) | (0.71) | (0.63) | (0.86) | (0.77) | (0.77) | (0.72) | (0.61) |
| Net investment income<sup>(2)</sup> | 0.37 | 0.34 | 0.38 | 0.55 | 0.41 | 0.55 | 0.45 | 0.34 |
| Net realized and unrealized gain/(loss)<sup>(3)</sup> | 0.40 | 0.45 | 0.42 | 0.43 | 0.43 | 0.29 | 0.40 | 0.41 |
| Net increase (decrease) in net assets resulting from operations | 0.77 | 0.79 | 0.80 | 0.98 | 0.84 | 0.84 | 0.85 | 0.75 |
| **Net asset value at end of period** | $**25.46** | $**25.49** | $**25.31** | $**25.64** | $**25.10** | $**25.10** | $**25.69** | $**25.66** |
| Shares outstanding at end of period | 2045164 | 110 | 1345764 | 5657 | 110 | 165442 | 1879619 | 1711875 |
| Weighted average shares outstanding | 1432018 | 110 | 1060522 | 5444 | 110 | 82776 | 1472900 | 1285097 |
| **Ratio/Supplemental Data:** |  |  |  |  |  |  |  |  |
| Net assets at end of period | $52076 | $3 | $34066 | $145 | $3 | $4153 | $48295 | $43931 |
| Annualized ratio to average net assets<sup>(4)(5)</sup> |  |  |  |  |  |  |  |  |
| Total expenses before expense support and after performance fees | 3.12% | 3.08% | 2.99% | 2.35% | 2.79% | 2.70% | 2.80% | 3.67% |
| Total expenses after expense support and after performance fees | 1.85% | 1.83% | 1.72% | 1.10% | 1.55% | 1.58% | 1.55% | 2.40% |
| Total expenses after expense support and before performance fees | 1.55% | 1.53% | 1.52% | 1.10% | 1.10% | 1.20% | 1.13% | 1.97% |
| Net investment income<sup>(5)(6)</sup> | 4.23% | 4.05% | 4.26% | 4.85% | 4.34% | 5.01% | 4.52% | 3.65% |
| Total return<sup>(7)</sup> | 3.08% | 3.09% | 3.21% | 3.83% | 3.38% | 3.38% | 3.38% | 2.95% |

---

The financial highlights exclude Series I and II class V Shares, which are non-economic and do not represent returns for investors in the economic share classes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transaction (refer to Note 7).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The per share data was derived by using the weighted average shares outstanding during the applicable period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)The amount shown at this caption is the balancing amount derived from the other figures in the table. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in investments for the period because of the timing of sales of Company's shares in relation to fluctuating market value for the portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Actual results may not be indicative of future results. Additionally, an individual shareholder's ratio may vary from the ratios presented for a share class as a whole. For the applicable period, operating expenses are annualized except for organizational expenses, management fees and performance fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)The ratios were derived using the simple average net assets during the applicable period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)For the applicable period, interest income and operating expenses are annualized except for organizational expenses, management fees and performance fees.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)The total return is calculated for each share class as the change in the net asset value for such share class during the period plus any distributions per share declared in the period, and assumes any distributions are reinvested in accordance with our distribution reinvestment plan. Amounts are not annualized and are not representative of total return as calculated for purposes of the Performance Fees as described in Note 6. The Company, Series I and Series II's performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results. Investment performance is presented without regard to sales load that may be incurred by Shareholders in the purchase of the Company, Series I and Series II's shares.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) |
|  | **F-I Shares** | **F-S Shares** | **A-I Shares** | **E Shares** | **P-I Shares** | **P-S Shares** | **TI Shares** | **TS Shares** | **I Shares** | **BD Shares** |
| **Per Share Data:** |  |  |  |  |  |  |  |  |  |  |
| Net asset value at beginning of period | $25.32 | $25.44 | $25.20 | $24.99 | $25.47 | $25.48 | $25.53 | $25.49 | $- | $- |
| Proceeds from issuance of shares | - | - | - | - | - | - | - | - | 25.82 | 25.86 |
| Distributions declared<sup>(1)</sup> | (0.64) | (0.77) | (0.71) | (0.94) | (0.39) | (0.78) | (0.61) | (0.61) | (0.13) | (0.15) |
| Net investment income<sup>(2)</sup> | 0.54 | 0.52 | 0.57 | 0.70 | 0.69 | 0.61 | 0.64 | 0.53 | 0.28 | 0.11 |
| Net realized and unrealized gain/(loss)<sup>(3)</sup> | 0.40 | 0.41 | 0.39 | 0.42 | 0.34 | 0.42 | 0.38 | 0.39 | (0.10) | 0.08 |
| Net increase (decrease) in net assets resulting from operations | 0.94 | 0.93 | 0.96 | 1.12 | 1.03 | 1.03 | 1.02 | 0.92 | 0.18 | 0.19 |
| **Net asset value at end of period** | $**25.62** | $**25.60** | $**25.45** | $**25.17** | $**26.11** | $**25.73** | $**25.94** | $**25.80** | $**25.87** | $**25.90** |
| Shares outstanding at end of period | 6653614 | 110 | 2123856 | 2171565 | 51176 | 4605260 | 2433869 | 3819432 | 102311 | 122331 |
| Weighted average shares outstanding | 4538408 | 110 | 1697546 | 2164233 | 15677 | 3723712 | 1283929 | 2446644 | 34349 | 122331 |
| **Ratio/Supplemental Data:** |  |  |  |  |  |  |  |  |  |  |
| Net assets at end of period | $170488 | $3 | $54054 | $54650 | $1336 | $118488 | $63145 | $98536 | $2647 | $3169 |
| Annualized ratio to average net assets<sup>(4)(5)</sup> |  |  |  |  |  |  |  |  |  |  |
| Total expenses before expense support and after performance fees | 3.05% | 2.97% | 2.89% | 2.24% | 3.10% | 2.71% | 2.82% | 3.61% | 3.53% | 3.12% |
| Total expenses after expense support and after performance fees | 1.75% | 1.73% | 1.62% | 0.99% | 1.46% | 1.46% | 1.46% | 2.31% | 1.47% | 1.07% |
| Total expenses after expense support and before performance fees | 1.45% | 1.42% | 1.43% | 0.99% | 1.04% | 1.03% | 1.04% | 1.89% | 1.25% | 0.99% |
| Net investment income<sup>(5)(6)</sup> | 4.96% | 4.83% | 5.08% | 5.55% | 5.62% | 5.22% | 5.36% | 4.54% | 5.52% | 5.88% |
| Total return<sup>(7)</sup> | 3.73% | 3.73% | 3.86% | 4.48% | 4.03% | 4.03% | 4.04% | 3.59% | 1.44% | 0.75% |

---

The financial highlights exclude Series I and II class V Shares, which are non-economic and do not represent returns for investors in the economic share classes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transaction (refer to Note 7).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The per share data was derived by using the weighted average shares outstanding during the applicable period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)The amount shown at this caption is the balancing amount derived from the other figures in the table. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in investments for the period because of the timing of sales of Company's shares in relation to fluctuating market value for the portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Actual results may not be indicative of future results. Additionally, an individual shareholder's ratio may vary from the ratios presented for a share class as a whole. For the applicable period, operating expenses are annualized except for organizational expenses, management fees and performance fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)The ratios were derived using the simple average net assets during the applicable period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)For the applicable period, interest income and operating expenses are annualized except for organizational expenses, management fees and performance fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)The total return is calculated for each share class as the change in the net asset value for such share class during the period plus any distributions per share declared in the period, and assumes any distributions are reinvested in accordance with our distribution reinvestment plan. Amounts are not annualized and are not representative of total return as calculated for purposes of the Performance Fees as described in Note 6. The Company, Series I and Series II's performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results. Investment performance is presented without regard to sales load that may be incurred by Shareholders in the purchase of the Company, Series I and Series II's shares.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** |
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) |
|  | **F-I Shares** | **F-S Shares** | **A-I Shares** | **P-I Shares** | **P-S Shares** |
| **Per Share Data:** |  |  |  |  |  |
| Net asset value at beginning of period | $- | $- | $- | $- | $- |
| Proceeds from issuance of shares | 25.00 | 25.00 | 25.00 | 25.00 | 25.00 |
| Distributions declared<sup>(1)</sup> |  |  |  |  |  |
| Net investment income<sup>(2)</sup> |  |  |  |  |  |
| Net realized and unrealized gain/(loss)<sup>(3)</sup> |  |  |  |  |  |
| Net increase (decrease) in net assets resulting from operations |  |  |  |  |  |
| **Net asset value at end of period** | $**25.00** | $**25.00** | $**25.00** | $**25.00** | $**25.00** |
| Shares outstanding at end of period | 110 | 110 | 110 | 110 | 110 |
| Weighted average shares outstanding | 110 | 110 | 110 | 110 | 110 |
| **Ratio/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of period | $3 | $3 | $3 | $3 | $2 |
| Annualized ratio to average net assets<sup>(4)(5)</sup> |  |  |  |  |  |
| Total expenses before expense support and after performance fees | -% | -% | -% | -% | -% |
| Total expenses after expense support and after performance fees | -% | -% | -% | -% | -% |
| Total expenses after expense support and before performance fees | -% | -% | -% | -% | -% |
| Net investment income<sup>(5)(6)</sup> | -% | -% | -% | -% | -% |
| Total return<sup>(7)</sup> | -% | -% | -% | -% | -% |

---

The financial highlights exclude Series I and II class V Shares, which are non-economic and do not represent returns for investors in the economic share classes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transaction (refer to Note 7).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The per share data was derived by using the weighted average shares outstanding during the applicable period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)The amount shown at this caption is the balancing amount derived from the other figures in the table. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in investments for the period because of the timing of sales of Company's shares in relation to fluctuating market value for the portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Actual results may not be indicative of future results. Additionally, an individual shareholder's ratio may vary from the ratios presented for a share class as a whole. For the applicable period, operating expenses are annualized except for organizational expenses, management fees and performance fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)The ratios were derived using the simple average net assets during the applicable period.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)For the applicable period, interest income and operating expenses are annualized except for organizational expenses, management fees and performance fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)The total return is calculated for each share class as the change in the net asset value for such share class during the period plus any distributions per share declared in the period, and assumes any distributions are reinvested in accordance with our distribution reinvestment plan. Amounts are not annualized and are not representative of total return as calculated for purposes of the Performance Fees as described in Note 6. The Company, Series I and Series II's performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results. Investment performance is presented without regard to sales load that may be incurred by Shareholders in the purchase of the Company, Series I and Series II's shares.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** |  |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |  |
| (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) |  |
|  | **F-I Shares** | **F-S Shares** | **A-I Shares** | **P-I Shares** | **P-S Shares** | **E Shares** |
| **Per Share Data:** |  |  |  |  |  |  |
| Net asset value at beginning of period | $- | $- | $- | $- | $- | $- |
| Proceeds from issuance of shares | 25.00 | 25.00 | 25.00 | 25.00 | 25.00 | 25.00 |
| Distributions declared<sup>(1)</sup> |  |  |  |  |  |  |
| Net investment income<sup>(2)</sup> |  |  |  |  |  | 0.09 |
| Net realized and unrealized gain/(loss)<sup>(3)</sup> |  |  |  |  |  | (0.02) |
| Net increase (decrease) in net assets resulting from operations |  |  |  |  |  | 0.07 |
| Net asset value at end of period | $25.00 | $25.00 | $25.00 | $25.00 | $25.00 | $25.07 |
| Shares outstanding at end of period | 110 | 110 | 110 | 110 | 110 | 2000000 |
| Simple average shares outstanding | 110 | 110 | 110 | 110 | 110 | 2000000 |
| **Ratio/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period | $3 | $3 | $3 | $3 | $3 | $50146 |
| Annualized ratio to average net assets<sup>(4)(5)</sup> |  |  |  |  |  |  |
| Total expenses before expense support and after performance fees | -% | -% | -% | -% | -% | 17.60% |
| Total expenses after expense support and after performance fees | -% | -% | -% | -% | -% | 1.66% |
| Total expenses after expense support and before performance fees | -% | -% | -% | -% | -% | 1.66% |
| Net investment income<sup>(5)(6)</sup> | -% | -% | -% | -% | -% | 2.24% |
| Total return<sup>(7)</sup> | -% | -% | -% | -% | -% | 0.29% |

---

The financial highlights exclude Series I and II class V Shares, which are non-economic and do not represent returns for investors in the economic share classes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transaction (refer to Note 7).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The per share data was derived by using the weighted average shares outstanding during the applicable period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)The amount shown at this caption is the balancing amount derived from the other figures in the table. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in investments for the period because of the timing of sales of Company's shares in relation to fluctuating market value for the portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Actual results may not be indicative of future results. Additionally, an individual shareholder's ratio may vary from the ratios presented for a share class as a whole. For the applicable period, operating expenses are annualized except for organizational expenses, management fees and performance fees.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)The ratios were derived using the simple average net assets during the applicable period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)For the applicable period, interest income and operating expenses are annualized except for organizational expenses, management fees and performance fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)The total return is calculated for each share class as the change in the net asset value for such share class during the period plus any distributions per share declared in the period, and assumes any distributions are reinvested in accordance with our distribution reinvestment plan. Amounts are not annualized and are not representative of total return as calculated for purposes of the Performance Fees as described in Note 6. The Company, Series I and Series II's performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results. Investment performance is presented without regard to sales load that may be incurred by Shareholders in the purchase of the Company, Series I and Series II's shares.

**12.** **SEGMENT REPORTING**

Series I, Series II and the Company operate as one operating segment and one reporting segment, investment management. Series I, Series II and the Company's chief operating decision maker ("CODM") is the President, who reviews financial information including segment expenses presented on a consolidated basis. Series I, Series II and the Company generate revenues from interest income, net realized gains or losses and net change in unrealized appreciation or depreciation of Asset Backed Finance Assets. The CODM uses net increase (decrease) in net assets resulting from operations within the Consolidated Statements of Operations to assess financial performance and make key strategic decisions, such as identifying attractive Asset Backed Finance Assets to invest in. Segment expenses are disclosed in the Consolidated Statements of Operations and segment assets are disclosed in the Consolidated Statement of Assets and Liabilities.

**13.** **SUBSEQUENT EVENTS**

Management has evaluated subsequent events and determined to disclose the following subsequent events and transactions.

*July Financial Update*

As of July 1, 2025, the Company issued and sold the following unregistered shares of the Company to third party investors for cash:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Series I** | **Series I** | **Series II** | **Series II** |
| **Type** | **Number of Shares Sold** | **Aggregate Consideration** | **Number of Shares Sold** | **Aggregate Consideration** |
| A-I Shares | 39505 | $1000000 | 94298 | $2400000 |
| F-I Shares | 568583 | 14478000 | 1865283 | 47794900 |
| P-S Shares | 11553 | 290000 | 647135 | 16650000 |
| E Shares | 98 | 2500 | 695 | 17500 |
| T-I Shares | 33860 | 870000 | 145849 | 3783962 |
| T-S Shares | 175743 | 4510000 | 239757 | 6185362 |
| I Shares | - | - | 58467 | 1512450 |
| BD Shares | - | - | 3159444 | 81838750 |

---

*\** The above table reflects adjustments to the number of Series I P-S Shares and Series II P-S Shares sold and the corresponding aggregate consideration from the amounts reported on the Company's Current Report on Form 8-K filed with the SEC on July 25, 2025.

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

The following discussion should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q and the Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the "Annual Report"). In addition to historical data, this discussion contains forward-looking statements about our business, operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Our actual results may differ materially from those in this discussion as a result of various factors, including but not limited to those discussed in "*Item 1A. Risk Factors*" in our Annual Report.

**Overview**

Apollo Asset Backed Credit Company LLC ("<u>the Company</u>") was formed as a Delaware limited liability company on September 22, 2023. The Company commenced operations on May 3, 2024 and was formed to acquire, control and manage large, diversified pools of hard assets and/or contracted cash flows, further enhanced by platform equity investments ("<u>Asset-Backed Finance Assets</u>") globally. The Company formed separate Series pursuant to Sections 18-215(c) and 18-218(c)(1) of the Delaware Limited Liability Company Act (as amended from time to time, the "<u>LLC Act</u>"), and although the IRS has only issued proposed regulations relating to series entities, each Series is intended to be treated as a separate entity for U.S. federal income tax purposes. Although the Series are separate legal entities, they are expected to invest, directly or indirectly, in the same Asset-Backed Finance Assets on a *pro rata* basis, with equal voting rights with respect thereto. While it is the Company's intention that the Series will generally hold *pro rata* economic interests in each Asset-Backed Finance Asset, such economic interests may not be *pro rata* in all instances. The Company expects that deviations from this *pro rata* holding intention would be a result of cash flows into the Series and different tax obligations between the Series. The Series will conduct the business of the Company jointly and although they have the ability and intention to contract in their own names, they expect to do so jointly and in coordination with one another. Each Series is overseen by the Company's Board of Directors (the "<u>Board</u>") and managed by Apollo Manager, LLC (the "<u>Operating Manager</u>"). As a Delaware limited liability company with two different series, to the extent the records maintained for a Series account for the assets associated with a Series separately from the assets of the Company or any other Series, the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to such Series are segregated and enforceable only against the assets of such Series and not the assets of the Company generally or of any other Series, as provided under Delaware law. Each of Series I and Series II is intended to be treated as a separate entity for U.S. federal income tax purposes. Series I has elected to be treated as a corporation for U.S. federal income tax purposes and Series II is intended to be treated as a partnership for U.S. federal income tax purposes. The state tax treatment of a limited liability company, and of different series in a series limited liability company, depends on the laws of each state. Although there is no direct authority on point, we generally expect that the vast majority of states will follow the U.S. federal tax treatment. However, it is possible that a state may classify Series I and/or Series II differently than the IRS does for U.S. federal income tax purposes. The state tax treatment of a series limited liability company depends on the laws of each state, and it is possible that a particular state may treat Series I and Series II as a single entity for state tax purposes or may treat Series I or Series II as separate entities but classified differently than the IRS does for U.S. federal income tax purposes.

Consistent with Apollo's broader approach to investing, the Company pursues a disciplined, value-oriented approach to building a portfolio of Asset-Backed Finance Assets. The Company deploys capital across a spectrum of Asset-Backed Finance Assets to maximize relative value and generate attractive risk-adjusted rates of return in all market environments. None of Apollo's results can be attributed to the Company and there is no guarantee of similar results for the Company.

The Company employs an acquisition approach centered around Asset-Backed Finance Assets across five key pillars: (1) consumer finance, (2) residential mortgage loans, (3) commercial real estate, (4) financial assets and (5) hard assets. We believe we can focus on where the best risk-adjusted opportunities lie at any given point in time and consistently execute on compelling opportunities at attractive valuations.

We fund, finance and structure Asset-Backed Finance Assets across our five key pillars. We rely on Apollo Asset Management, Inc.'s (together with its subsidiaries, "<u>Apollo</u>") asset-backed finance platform to source and manage these Asset-Backed Finance Assets. Our executive officers, with the assistance of our Operating Manager, are responsible for making capital allocation decisions proposed by the Operating Manager and overseeing the management of the Company.

We are conducting a continuous private offering of our shares on a monthly basis to (i) accredited investors (as defined in Regulation D under the Securities Act of 1933, as amended (the "<u>Securities Act</u>")) and (ii) in the case of shares sold outside the United States, to persons that are not "U.S. persons" (as defined in Regulation S under the Securities Act) in reliance on exemptions from the registration requirements of the Securities Act (the "<u>Private Offering</u>"). We currently offer ten types of Investor Shares in Series I and eleven types of Investor Shares in Series II. For Series I, these are: S Shares, I Shares, T-S Shares, T-I Shares, P-S Shares, P-I Shares, F-S Shares, F-I Shares, A-I Shares and A-II Shares (collectively, the "<u>Series I Investor Shares</u>"). For Series II, there are: S Shares, I Shares, T-S Shares, T-I Shares, P-S Shares, P-I Shares, F-S Shares, F-I Shares, BD Shares, A-I Shares and A-II Shares (collectively,

------

the "<u>Series II Investor Shares</u>" and, together with the Series I Investor Shares, (the "<u>Investor Shares</u>")). We may offer additional types of Investor Shares in the future. The share types have different upfront selling commissions and ongoing distribution and shareholder servicing fees.

**Basis of Presentation**

Our financial statements are prepared in accordance with U.S. GAAP, which requires the use of estimates, assumptions and the exercise of subjective judgment as to future uncertainties. Our financial statements are prepared using the accounting and reporting guidance in Accounting Standards Codification Topic 946, Financial Services-Investment Companies ("<u>ASC Topic 946</u>").

**Results of Operations**

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

***Comparison of the Three and Six Months Ended June 30, 2025 and 2024***

***Revenues***

We generate revenues primarily from the management of our Asset-Backed Finance Assets held through our subsidiaries and to a lesser extent strategic opportunities in Asset-Backed Finance Assets, which may consist of interest income, net realized gains or losses and net change in unrealized appreciation or depreciation of Asset-Backed Finance Assets.

For the three months ended June 30, 2025, Series I, Series II and the Company generated revenues of $3,799, $11,097, and $14,896, respectively, which includes interest income of $2,011, $5,979 and $7,990, respectively, dividend income of $874, $2,607, $3,481, respectively, $803, $2,294 and $3,097 of net change in unrealized appreciation/(depreciation), respectively, and $111, $217, $328 of net realized gains/(losses), respectively, on Asset-Backed Finance Assets and derivatives over the period. Such revenues were generated from our Asset-Backed Finance Assets, fixed income and debt assets.

For the six months ended June 30, 2025, Series I, Series II and the Company generated revenues of $6,677, $19,745 and $26,422 respectively, which includes interest income of $3,428, $10,371and $13,799, respectively, dividend income of $1,125, $3,364, $4,489, respectively, $2,121, $6,156 and $8,277 of net change in unrealized appreciation/(depreciation), respectively, and $3, $(146), $(143) of net realized gains/(losses), respectively, on Asset-Backed Finance Assets and derivatives over the period. Such revenues were generated from our Asset-Backed Finance Assets, fixed income and debt assets.

For the three months ended June 30, 2024, Series I, Series II and the Company generated revenues of $-, $285, and $285, respectively, which includes interest income of $-, $325 and $325, respectively, dividend income of $-, $-, $-, respectively, $-, $(40) and $(40) of net change in unrealized appreciation/(depreciation), respectively, and $-, $-, $- of net realized gains/(losses), respectively, on Asset-Backed Finance Assets and derivatives over the period. Such revenues were generated from our Asset-Backed Finance Assets.

For the six months ended June 30, 2024, Series I, Series II and the Company generated revenues of $-, $285 and $285 respectively, which includes interest income of $-, $325 and $325, respectively, dividend income of $-, $-, $-, respectively, $-, $(40) and $(40) of net change in unrealized appreciation/(depreciation), respectively, and $-, $-, $- of net realized gains/(losses), respectively, on Asset-Backed Finance Assets and derivatives over the period. Such revenues were generated from our Asset-Backed Finance Assets.

For the three months ended June 30, 2025 Series I revenues increased by $3,799, consisting of an increase of $2,011 of interest income, $874 of dividend income, $803 of net change in unrealized appreciation/(depreciation) and $111 of net realized gains/(losses). Series II revenues increased by $10,812, consisting of an increase of $5,654 of interest income, $2,607 of dividend income, $2,334 of net change in unrealized appreciation/(depreciation) and $217 of net realized gains/(losses). The Company revenues increased by $14,611, consisting of an increase of $7,665 of interest income, $3,481 of dividend income, $3,137 of net change in unrealized appreciation/(depreciation) and $328 of net realized gains/(losses). The net increases were due to the acquisition of asset-backed finance assets, fixed income and debt assets subsequent to June 30, 2024 that are generating revenue.

For the six months ended June 30, 2025 Series I revenues increased by $6,677, consisting of an increase of $3,428 of interest income, $1,125 of dividend income, $2,121 of net change in unrealized appreciation/(depreciation) and $3 of net realized gains/(losses). Series II revenues increased by $19,460, consisting of an increase of $10,046 of interest income, $3,364 of dividend income, $6,196 of net change in unrealized appreciation/(depreciation) and $(146) of net realized gains/(losses). The Company

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revenues increased by $26,137, consisting of an increase of $13,474 of interest income, $4,489 of dividend income, $8,317 of net change in unrealized appreciation/(depreciation) and $(143) of net realized gains/(losses). The net increases were due to the acquisition of asset-backed finance assets, fixed income and debt assets subsequent to June 30, 2024 that are generating revenue.

***Expenses***

The below description of expenses applies with respect to each Series and is the same for each Series unless otherwise indicated.

***Management Fee***

Pursuant to the second amended and restated operating agreement entered into with the Operating Manager on October 25, 2024 ("<u>Operating Agreement</u>"), the Operating Manager is entitled to receive a management fee ("<u>Management Fee</u>"). The Management Fee is payable monthly in arrears in an amount equal to (i) 1.00% per annum of the month-end NAV attributable to S Shares and I Shares, (ii) 0.85% per annum of the month-end NAV attributable to the Founder Shares, (iii) 1.00% per annum of the month-end NAV attributable to the T-S Shares and T-I Shares commencing November 1, 2025, (iv) 1.00% per annum of the month-end NAV attributable to the P-S Shares and P-I Shares commencing November 1, 2025, (v) 1.00% per annum of the month-end NAV attributable to the BD Shares commencing November 1, 2025, (vi) 0.80% per annum of the month-end NAV attributable to the A-I Shares from inception through December 31, 2027 and 0.85% per annum of the month-end NAV attributable to the A-I Shares thereafter and (vii) 0.75% per annum of the month-end NAV attributable to the A-II Shares; provided, that this Management Fee will be reduced by any applicable Special Fees; provided, however, that this Management Fee will not be reduced for any Other Fees. In calculating the Management Fee, we will use our NAV before giving effect to accruals for the Management Fee, Performance Fee, combined annual distribution fee and shareholder servicing fee or distributions payable on our Shares. We do not pay the Operating Manager a Management Fee on the Apollo Shares, and as a result, it is an expense specific only to Investor Shares at the rates specified herein, which will result in the dilution of Investor Shares in proportion to the fees charged to different types of Investor Shares and will result in differences in NAV among the types of Shares. For the three months ended June 30, 2025, the Operating Manager earned Management Fees of $160, $411, and $571 for Series I, Series II, and the Company, respectively. For the six months ended June 30, 2025, the Operating Manager earned Management Fees of $265, $675, and $940 for Series I, Series II, and the Company, respectively. For both the three and six months ended June 30, 2024, the Operating Manager earned Management Fees of $0, $0, and $0 for Series I, Series II, and the Company, respectively.

Management Fees increased by $160, $411 and $571 for Series I, Series II and the Company, respectively, for the three months ended June 30, 2025. Management Fees increased by $265, $675 and $940 for Series I, Series II and the Company, respectively, for the six months ended June 30, 2025. The increase was due to an increase in net asset value subsequent to June 30, 2024, which was primarily driven by capital raises and revenue generated from the Asset backed Finance assets, fixed income and debt assets.

***Selling Commissions and Ongoing Distribution and Servicing Fees***

Apollo Global Securities, LLC (the "<u>Dealer Manager</u>" or "<u>AGS</u>") is entitled to receive selling commissions of up to 3.0%, and dealer manager fees of up to 0.5%, of the transaction price of each S Share, F-S Share, T-S Share and P-S Share. Any participating broker-dealers are compensated from such amounts by reallowance from the Dealer Manager; *provided* that the sum of such reallowed amounts and the selling commissions do not exceed 3.5% of the transaction price. The Dealer Manager will receive a combined annual distribution fee and shareholder servicing fee of 0.85% per annum of the aggregate NAV of the Company's outstanding S Shares, T-S Shares and F-S Shares and 0.25% per annum of the aggregate NAV of the Company's outstanding P-S Shares. There will not be a combined annual distribution fee and shareholder servicing fee, upfront selling commission or dealer manager fee with respect to the Anchor Shares, I Shares, P-I Shares, F-I Shares or BD Shares, which will result in differences in NAV from the types of Shares that do bear such fees. The Dealer Manager anticipates that all or a portion of selling commissions and dealer manager fees will be reallowed to participating broker-dealers.

Apollo Shares will not incur any upfront selling costs or ongoing servicing costs.

For the three months ended June 30, 2025, Series I, Series II and the Company incurred annual distribution fees and shareholder servicing fees of $85, $181 and $266, respectively. For the six months ended June 30, 2025, Series I, Series II and the Company incurred annual distribution fees and shareholder servicing fees of $140, $267 and $407, respectively. For both the three and six months ended June 30, 2024, Series I, Series II and the Company incurred annual distribution fees and shareholder servicing fees of $0, $0 and $0, respectively.

Annual distribution fees and shareholder servicing fees increased by $85, $181 and $266 for Series I, Series II and the Company, respectively, for the three months ended June 30, 2025. Annual distribution fees and shareholder servicing fees increased

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by $140, $267 and $407 for Series I, Series II and the Company, respectively, for the six months ended June 30, 2025. The increase was due to an increase in capital activity subsequent to June 30, 2024.

***Special Fees***

100% of any net consulting (including management consulting) or monitoring fees (including any early termination fee or acceleration of any such management consulting fee on a one-time basis that is approved by the Board), break-up fees (including, if applicable, the portion thereof described in the Annual Report under "*Item 1A. Risk Factors—Additional Risks Related to the Operation of the Company Generally—Our business may be affected by offering Co-Investments or opportunities to provide debt financing to any person*"), directors' fees, closing fees and merger and acquisition transaction advisory services fees related to the negotiation of the structuring of an Asset-Backed Finance Asset (other than debt investments or investments with respect to which Apollo does not exercise direct control with respect to the decision to engage the services giving rise to the relevant fees, costs and expenses) and similar fees (including bridge financing fees), whether in cash or in kind, including options, warrants and other non-cash consideration paid to the Operating Manager or any of its affiliates or any employees of the foregoing in connection with actual or contemplated acquisitions or investments (and allocable to the Company) (collectively, "<u>Special Fees</u>") that are allocable to those shareholders who bear Management Fees, will be applied to reduce the Management Fees paid by such Management Fee-bearing shareholders. As such, the portion of such Special Fees attributable to Apollo's investment or to the investments of shareholders that do not pay Management Fees will be retained by Apollo. In practice, the only fees that are expected to be accrued and would be paid and treated as Special Fees are mergers and acquisition transaction fees payable in connection with an acquisition and management consulting fees payable thereafter.

For both the three and six months ended June 30, 2025 there were no Special Fees allocable to the Company that were received by an affiliate of the Operating Manager.

For both the three and six months ended June 30, 2024 there were no Special Fees allocable to the Company that were received by an affiliate of the Operating Manager.

***Performance Fee***

So long as the Operating Agreement has not been terminated, the Operating Manager is entitled to receive a Performance Fee equal to (i) 10.0% of the Total Return (as defined below) with respect to S Shares, I Shares, P-S Shares, P-I Shares, T-S Shares, T-I Shares or BD Shares (ii) 7.5% of the Total Return with respect to F-S Shares or F-I Shares, (iii) 5.0% of the Total Return from inception through December 31, 2027 and 7.5% thereafter with respect to A-I Shares and (iv) 5.0% of the Total Return with respect to A-II Shares, in each case, subject to a 5.0% Hurdle Amount and a High Water Mark with respect to such type of Shares, with a Catch-Up (each term as defined below) (the "<u>Performance Fee</u>"). Such fee will be paid annually and accrue monthly. The Performance Fee is not paid on E Shares and V Shares of Series I and Series II (collectively, the "<u>Apollo Shares</u>"), and as a result, it is an expense specific only to Investor Shares at the rates specified herein, which will result in the dilution of Investor Shares in proportion to the fees charged to different types of Investor Shares and will result in differences in NAV among the types of Shares.

Specifically, the Operating Manager will be entitled to receive a Performance Fee in an amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•First, if the Total Return with respect to S Shares, I Shares, T-S Shares, T-I Shares, P-S Shares, P-I Shares, F-S Shares, F-I Shares, BD Shares, A-I Shares and A-II Shares for the applicable period exceeds the sum, with respect to such relevant type of Shares, of (i) the Hurdle Amount for that period and (ii) the Loss Carryforward Amount (as defined below) (any such excess, "<u>Excess Profits</u>"), 100% of such Excess Profits until the total amount allocated to the Operating Manager with respect to such type of Shares equals 10.0% (with respect to S Shares, I Shares, T-S Shares, T-I Shares, P-S Shares, P-I Shares or BD Shares), 7.5% (with respect to F-S Shares or F-I Shares), 5.0% from inception through December 31, 2027 and 7.5% thereafter (with respect to A-I Shares) and 5.0% (with respect to A-II Shares) of the sum of (x) the Hurdle Amount with respect to such type of Shares for that period and (y) any amount allocated to the Operating Manager with respect to such type of Shares pursuant to this clause (this is commonly referred to as a "Catch-Up"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Second, to the extent there are remaining Excess Profits (i) with respect to S Shares, I Shares, T-S Shares, T-I Shares, P-S Shares, P-I Shares or BD Shares, 10.0% of such remaining Excess Profits, (ii) with respect to F-S Shares or F-I Shares, 7.5% of such remaining Excess Profits, (iii) 5.0% from inception through December 31, 2027 and 7.5% thereafter with respect of A-I Shares and (iv) 5.0% with respect to A-II Shares.

"Total Return" with respect to any Shares for any period since the end of the prior calendar year shall equal the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)all distributions accrued or paid (without duplication) on such Shares plus; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the change in aggregate NAV of such Shares since the beginning of the year, before giving effect to (w) applicable taxes for the year, (x) changes resulting solely from the proceeds of issuances of additional Shares, (y) any fee/accrual to the Performance Fee and (z) applicable combined annual distribution fee and shareholder servicing fee expenses (including any payments made to us for payment of such expenses) allocable to such Shares.

For the avoidance of doubt, the calculation of Total Return will (i) include any appreciation or depreciation in the NAV of any relevant Shares issued during the then-current calendar year but (ii) exclude the proceeds from the initial issuance of such Shares.

"Hurdle Amount" with respect to any Shares means, for any period during a calendar year, that amount that results in a 5.0% annualized internal rate of return on the NAV of such Shares outstanding at the beginning of the then-current calendar year and such Shares issued since the beginning of the then-current calendar year, taking into account the timing and amount of all distributions accrued or paid (without duplication) on all such Shares and all issuances of any such Shares over the period and calculated in accordance with recognized industry practices. The ending NAV of such Shares used in calculating the internal rate of return will be calculated before giving effect to any fee/accrual to the Performance Fee and applicable combined annual distribution fee and shareholder servicing fee expenses and applicable taxes; provided that the calculation of the Hurdle Amount for any period will exclude any such Shares repurchased during such period, which Shares will be subject to the Performance Fee upon repurchase.

"Loss Carryforward Amount" with respect to any Shares shall initially equal zero and shall cumulatively increase by the absolute value of any negative annual Total Return with respect to such Shares and decrease by any positive annual Total Return with respect to such Shares; provided that each Loss Carryforward Amount shall at no time be less than zero; provided, further, that the calculation of each Loss Carryforward Amount will exclude the Total Return related to any relevant Shares repurchased during such year, which Shares will be subject to the Performance Fee upon repurchase. The effect of the Loss Carryforward Amount is that the recoupment of past annual Total Return losses will offset the positive annual Total Return for purposes of the calculation of the Operating Manager's Performance Fee. This is referred to as a "High Water Mark."

For the three months ended June 30, 2025, the Operating Manager accrued Performance Fees of $265, $718, and $983 for Series I, Series II, and the Company, respectively. For the six months ended June 30, 2025, the Operating Manager accrued Performance Fees of $472, $1,254, and $1,726 for Series I, Series II, and the Company, respectively. For both the three and six months ended June 30, 2024, the Operating Manager accrued Performance Fees of $-, $-, and $- for Series I, Series II, and the Company, respectively.

Performance Fees earned by the Operating Manager increased by $265, $718 and $983 for Series I, Series II and the Company, respectively, for the three months ended June 30, 2025. Performance Fees earned by the Operating Manager increased by $472, $1,254 and $1,726 for Series I, Series II and the Company, respectively, for the six months ended June 30, 2025. The increases were due to an increase in the revenues from the asset-backed finance Assets, fixed income and debt assets.

***Other Fees***

From time to time, the Operating Manager or its affiliates (including Atlas Securitized Products, other service providers affiliated with Apollo and other affiliates and portfolio companies of Apollo, Athene and other Apollo Clients (collectively, "<u>Affiliated Service Providers</u>")) provide services to certain persons or entities, including the Company and the Series, potential and existing Asset-Backed Finance Assets (including with respect to the Company's acquisitions thereof). For example, an insurance company owned by an Apollo Client and/or alternative investment vehicles, could provide insurance products and services to the Company. Fees are retained by, and for the benefit of, the Operating Manager and/or such affiliates and Affiliated Service Providers, and are in most instances not applied to reduce the Management Fee.

For the avoidance of doubt, an Asset-Backed Finance Asset may, on such terms as such Asset-Backed Finance Asset determines to be in its best interest, provide services to another Asset-Backed Finance Asset or Apollo Client (or receive services from another Asset-Backed Finance Asset or Apollo Client), and may pay or receive related compensation, without the approval of the Board or any investor of the Company.

"<u>Other Fees</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)fees, costs and expenses that comprise or constitute Organizational and Offering Expenses or Operating Expenses (defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)salary, fees, expenses or other compensation of any nature paid by an Asset-Backed Finance Asset to any individual (or to the Operating Manager or any of its affiliates with respect to such individual) who acts as an officer of, or in an active management role at, such Asset-Backed Finance Asset (including industry executives, advisors, consultants (including

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operating consultants and sourcing consultants)), operating executives, subject matter experts or other persons acting in a similar capacity engaged or employed by Apollo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)without limiting the foregoing items (i) and (ii), fees, costs or expenses paid to or in respect of Apollo or any industry executives, advisors, consultants (including operating consultants and sourcing consultants), operating executives, subject matter experts or other persons acting in a similar capacity who provide services to the Company or its Asset-Backed Finance Assets (including allocable overhead or other amounts or compensation of Apollo, including all costs and expenses on account of compensation and benefits of its employees);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)payments, fees, costs, expenses and other liabilities, allocable overhead or other amounts or compensation (such as arranger, brokerage, placement, syndication, solicitation, underwriting, agency, origination, sourcing, group purchasing, structuring, collateral management, special purpose vehicle (including any special purpose vehicle of an Asset-Backed Finance Asset), capital markets syndication and advisory fees (including underwriting and debt advisory fees) or subsidiary management or administration, operation, asset service, advisory, commitment, facility, float, insurance or other fees, discounts, retainers, spreads, commissions and concessions or other fees associated with the effectuation of any securities or financing transactions, but not merger and acquisition transaction advisory services fees related to the negotiation of the acquisition of an Asset-Backed Finance Asset) earned by or paid (whether in cash or in kind) to an Affiliated Service Provider, or another person with respect to services rendered by such Affiliated Service Provider or other person; *provided* that if such Affiliated Service Provider is engaged in the relevant activity or service on a for-profit basis, as determined by the Operating Manager in good faith, then, unless approved by the Board, the applicable fees paid to it for such services will be on terms as determined by the Operating Manager which the Operating Manager determines are not materially less favorable to the Company or the applicable Asset-Backed Finance Asset than the fees that could be paid to a third party with commensurate skill, expertise or experience (to the extent applicable), in each case, as determined by the Operating Manager in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)amounts earned by or for the account of any Apollo Client (directly or indirectly through an expense offset mechanism);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)fees, costs and expenses for any and all services whatsoever (including merger and acquisition transaction advisory services fees related to the negotiation of the structuring of an investment) paid or otherwise borne by any Asset-Backed Finance Asset or issuer of any securities or other financial instruments that constitute debt opportunities or opportunities with respect to which the Operating Manager does not exercise control with respect to the decision to engage the services giving rise to such fees, costs and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)fees, costs and expenses or other amounts or compensation earned by any person or otherwise borne with respect to Asset-Backed Finance Assets or transactions that are otherwise consented to or approved by a committee of the Board's independent directors; it being understood that in connection with obtaining such consent or approval, the Operating Manager will furnish or make available to the Board all material information, then actually known and available to the Operating Manager, that the Operating Manager determines in good faith is reasonably necessary for the Board to provide such consent or approval on a reasonably informed basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)any fees, costs or expenses paid to any Affiliated Service Provider, including where such fees, costs or expenses are structured as a performance fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)fees, costs and expenses or other amounts or compensation (including management fees, operating expenses and performance fees) earned by any person or otherwise borne with respect to Asset-Backed Finance Assets managed by the Operating Manager or any of its affiliates that are acquired by the Company in the secondary market; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)any fees, costs or expenses determined by the Operating Manager in good faith to be similar in nature to any of the foregoing.

***Organizational and Offering Expenses***

The Company and the Series incurred and may continue to incur organizational and offering expenses in connection with the formation and organization of the Company and the Series, and the offering of shares to investors, including legal, accounting, printing, mailing and filing fees and expenses, taxes, due diligence expenses of participating broker-dealers supported by detailed and itemized invoices, costs in connection with preparing sales materials, design, website and electronic database expenses, fees and expenses of our escrow agent and transfer agent, fees to attend retail seminars sponsored by participating broker-dealers and reimbursements for customary travel, lodging and meals and other similar fees, costs and expenses but excluding upfront selling

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commissions, dealer manager fees and the combined annual distribution fees and shareholder servicing fees (collectively, the "<u>Organizational and Offering Expenses</u>").

Series I, Series II and the Company incurred organizational expense of $25, $77 and $102, respectively, for each of the three and six months ended June 30, 2025.

Series I, Series II and the Company incurred organizational expense of $(518), $984 and $466, respectively, for the three months ended June 30, 2024.

Series I, Series II and the Company incurred organizational expense of $(314), $1,188 and $874, respectively, for the six months ended June 30, 2024.

Series I, Series II and the Company amortized offering expenses of $40, $120 and $160, respectively, for the three months ended June 30, 2025. Series I, Series II and the Company amortized offering expenses of $80, $240, and $320 respectively, for the six months ended June 30, 2025. The remaining amounts are deferred and reflected on the Consolidated Statements of Assets and Liabilities in the consolidated financial statements of the Company.

Series I, Series II and the Company amortized offering expenses of $0, $100 and $100, respectively, for each of the three and six months ended June 30, 2024.

Amortized offering expenses increased by $40, $20 and $60 for Series I, Series II and the Company, respectively, for the three months ended June 30, 2025. Amortized offering expenses increased increased by $80, $140 and $220 for Series I, Series II and the Company, respectively, for the six months ended June 30, 2025.

***Operating Expenses***

Each Series pays or otherwise bears its proportionate portion of the operating expenses. Operating expenses includes payments, fees, costs and expenses and other liabilities and obligations resulting from, related to, associated with, arising from or incurred in connection with the Company's operations (collectively, the "<u>Operating Expenses</u>"). For all purposes of the definition of "Operating Expenses," references therein to payments, fees, costs, expenses and other liabilities related to, associated with, arising from or incurred in connection with, an Asset-Backed Finance Asset includes all payments, fees, costs, expenses and other liabilities related to, associated with, arising from or incurred in connection with, potential or unconsummated Asset-Backed Finance Assets. Each Series will also bear any other fees, costs and expenses and other liabilities that arise in connection with an unconsummated Asset-Backed Finance Asset but that generally would not arise in connection with a consummated Asset-Backed Finance Asset (such as reverse break-up fees).

The Operating Manager and its affiliates are entitled to reimbursement from each Series, in its proportionate share, for any Operating Expenses or Organizational and Offering Expenses paid or incurred by them on behalf of, or in relation to, such Series.

If any Operating Expenses are incurred for the account or for the benefit of each Series and one or more other Apollo Clients, the Operating Manager will allocate such Operating Expenses among such Series and each such other Apollo Client in proportion to the size of the investment made by each in the activity or entity to which such Operating Expenses relate, to the extent applicable, or in such other manner as the Operating Manager in good faith determines is fair and reasonable.

Series I, Series II and the Company incurred Operating Expenses of $730, $2,193 and $2,923, respectively, for the three months ended June 30, 2025. For the six months ended June 30, 2025, these expenses were $1,261, $3,759 and $5,020, for Series I, Series II and the Company, respectively. These expenses relate to general and administration expenses and director fees.

Series I, Series II and the Company incurred Operating Expenses of $-, $1,170 and $1,170 respectively, for each of the three and six months ended June 30, 2024. These expenses relate to general and administration expenses and director fees.

Operating expenses increased by $730, $1,023 and $1,753 for Series I, Series II and the Company, respectively, for the three months ended June 30, 2025. Operating expenses increased by $1,261, $2,589 and $3,850 for Series I, Series II and the Company, respectively, for the six months ended June 30, 2025. The increase was due to an increase in the net asset value and transaction activity.

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***Company Expense Support and Conditional Reimbursement of the Operating Manager***

The Operating Manager may elect to pay certain of our expenses, including certain Organizational and Offering Expenses on our behalf (each, an "<u>Expense Support</u>").

Following any calendar month in which the Specified Expenses are below 0.75% of the Company's net assets on an annualized basis, the Company shall reimburse the Operating Manager, fully or partially, for the Expense Supports, but only if and to the extent that Specified Expenses plus any "Reimbursement Payments" (as defined below) do not exceed 0.75% of the Company's net assets at the end of each calendar month on an annualized basis, until such time as all Expense Supports made by the Operating Manager to the Company within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company in the prior sentence shall be referred to herein as a "<u>Reimbursement Payment</u>."

"<u>Specified Expenses</u>" is defined to include all expenses incurred in the business of the Company with the exception of (i) the Management Fee, (ii) the Performance Fee, (iii) the combined annual distribution fees and shareholder servicing fees, (iv) the dealer manager fees (including selling commissions), (v) expenses related to any Asset-Backed Finance Asset, (vi) interest expenses, commitment fees, or other expenses related to any leverage incurred by the Company, (vii) taxes, (viii) certain insurance costs, (ix) Organizational and Offering Expenses, (x) certain non-routine items (as determined in the sole discretion of the Operating Manager) and (xi) extraordinary expenses (as determined in the sole discretion of the Operating Manager).

For the three months ended June 30, 2025, the Operating Manager elected to provide Expense Support of $(504), $(1,529) and $(2,033) for expenses incurred by Series I, Series II and the Company, respectively. For the six months ended June 30, 2025, the Operating Manager agreed to provide Expense Support of $(876) , $(2,665) and $(3,541) for expenses incurred by Series I, Series II and the Company, respectively.

For the three months ended June 30, 2024, the Operating Manager elected to provide Expense Support of $(518), $2,115 and $1,597 for expenses incurred by Series I, Series II and the Company, respectively. For the six months ended June 30, 2024, the Operating Manager agreed to provide Expense Support of $(314) , $2,319 and $2,005 for expenses incurred by Series I, Series II and the Company, respectively.

Expense Support provided by the Operating Manager increased by $14, decreased by $3,644 and decreased by $3,630 for Series I, Series II and the Company, respectively, for the three months ended June 30, 2025. Expense Support provided by the Operating Manager decreased by $562, $4,984 and $5,546 for Series I, Series II and the Company, respectively, for the six months ended June 30, 2025.

***Hedging***

The Company and/or its operating subsidiaries may employ hedging in support of financing techniques or that is designed to reduce the risks of adverse movements in interest rates, securities prices, commodities prices and currency exchange rates, as well as other risks. While such transactions may reduce certain risks, such transactions themselves may entail certain other risks, including counterparty default, convergence and other related risks. Thus, while the Company and/or its operating subsidiaries may benefit from the use of these hedging mechanisms, unanticipated changes in interest rates, securities prices, commodities prices or currency exchange rates or other events related to hedging activities could result in a poorer overall performance for the Company and/or its operating subsidiaries than if it or its operating subsidiaries had not entered into such hedging transactions.

The Company uses SOFR futures and interest rate swaps to mitigate interest rate risk associated with the Company's fixed rate debt. The Company uses foreign currency forward contracts to hedge against foreign currency exchange rate risk on its non-U.S. dollar denominated securities. The Company uses credit default swaps to hedge against the risk of counterparty default. See *"Item 1. Consolidated Financial Statements – Notes to Consolidated Financial Statements – Note 2. Significant Accounting Policies", "Item 1. Consolidated Financial Statements – Notes to Consolidated Financial Statements – Note 4. Derivative Instruments"* and our consolidated condensed schedule of investments for additional disclosure regarding our accounting for derivative instruments.

As of June 30, 2025, Series I, Series II and the Company had derivative assets, at fair value of $10,823, $33,548 and $44,371, respectively, and derivative liabilities, at fair value of $2,917, $9,043 and $11,960, respectively, reflected on the Consolidated Statements of Assets and Liabilities. For the three months ended June 30, 2025, Series I, Series II and the Company generated net realized gain (loss) on derivatives of $619, $1,794 and $2,413, respectively, and net change in unrealized gain (loss) on derivatives of $(2,260), $(6,780) and $(9,040), respectively, reflected on the Consolidated Statements of Operations. For the six months ended June 30, 2025, Series I, Series II and the Company generated net realized gain (loss) on derivatives of $412, $1,114 and $1,526, respectively, and net change in unrealized gain (loss) on derivatives of $(3,280), $(9,838) and $(13,118), respectively, reflected on the Consolidated Statements of Operations.

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As of December 31, 2024, Series I, Series II and the Company had derivative assets, at fair value of $3,099, $7,562 and $10,661, respectively, and derivative liabilities, at fair value of $38, $93 and $131, respectively, reflected on the Consolidated Statements of Assets and Liabilities. For both the three and six months ended June 30, 2024, Series I, Series II and the Company generated net realized gain (loss) on derivatives of $-, $- and $-, respectively, and net change in unrealized gain (loss) on derivatives of $-, $(70) and $(70), respectively, reflected on the Consolidated Statements of Operations.

***Liquidity and Capital Resources***

A subsidiary of Apollo has made initial capital contributions of $1,000 in cash, in exchange for 40 Series I V Shares and $1,000 in cash, in exchange for 40 Series II V Shares. On May 3, 2024, a subsidiary of Apollo, for $50,000,000 in cash, purchased 2,000,000 E Shares in Series II. For the three months ended June 30, 2025, the Company issued shares for an aggregate consideration of $65,980,571, $183,484,432, and $249,465,003 for Series I, Series II and the Company, respectively. For the six months ended June 30, 2025, the Company issued shares for an aggregate consideration of $113,448,221, $367,145,966, and $480,594,188 for Series I, Series II, and the Company, respectively. The Company may issue additional Series I and Series II V Shares to Apollo in exchange for one or more capital contributions to facilitate the acquisition of the Company's initial assets. Apollo currently holds all of the Company's outstanding Series I and Series II V Shares. The V Shares may be transferred to an Apollo affiliate or Apollo Client. If an Apollo affiliate or Apollo Client become the holder of a majority of the V Shares, that entity would have majority control over the Company, including the right to vote for the appointment of the Company's directors. While the LLC Agreement permits transfer of the V Shares to a third party, the Company does not currently anticipate that any such transfer would take place. In the event of such a transfer in the future however, if Apollo or its affiliates cease to own a majority of V Shares, any expected benefits derived by the Company and Shareholders from such involvement by Apollo, including access to personnel and other resources, could be lost or otherwise affected.

We expect to generate cash primarily from (i) the net proceeds of our continuous 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. We believe that cash provided by such means will be sufficient to satisfy our anticipated cash requirements for the next twelve months and foreseeable future.

Our primary use of cash is for (i) acquisition of asset-backed finance assets, (ii) the cost of operations (including the Management Fee and Performance Fee), (iii) debt service of any borrowings, (iv) periodic repurchases, including under the Repurchase Plan (as described herein) and (v) cash distributions (if any) to the holders of our Shares to the extent declared by the Board.

The minimum initial purchase amount is $2,500 for S Shares, I Shares, P-S Shares, P-I Shares, T-S Shares, T-I Shares, BD Shares, F-S Shares, F-I Shares, A-I Shares and A-II Shares. The minimum subsequent purchase amount is $500 for each type of Shares, except for additional purchases pursuant to the distribution reinvestment plan ("<u>DRIP</u>"), which are not subject to a minimum purchase amount. The minimum purchase amount for each type of Shares can be modified or waived in the sole discretion of the Company or the Dealer Manager, including for certain financial firms that submit orders on behalf of their customers, our officers and directors and certain employees of Apollo, including its affiliates, and vehicles controlled by such employees and their extended family members. The Company and the Dealer Manager each reserves the right to designate and re-designate the T Share Intermediary, P Share Intermediary, Founder Intermediary or Anchor Intermediary status of financial intermediaries in its sole discretion (as described in further detail in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024).

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**Share Repurchases**

For the three months ended June 30, 2025, the Company repurchased the following Shares:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Series I** | **Series I** | **Series II** | **Series II** | **Total** | **Total** |
|  | **Shares** | **Consideration Amount** | **Shares** | **Consideration Amount** | **Shares** | **Consideration Amount** |
| **A-I Shares:** |  |  |  |  |  |  |
| Repurchase of shares | (3945) | (100) |  |  | (3945) | (100) |
| **BD Shares:** |  |  |  |  |  |  |
| Repurchase of shares | - | - |  |  | - | - |
| **E Shares:** |  |  |  |  |  |  |
| Repurchase of shares | - | - |  |  | - | - |
| **F-I Shares:** |  |  |  |  |  |  |
| Repurchase of shares | (39714) | (1012) |  |  | (39714) | (1012) |
| **F-S Shares:** |  |  |  |  |  |  |
| Repurchase of shares | - | - |  |  | - | - |
| **P-I Shares:** |  |  |  |  |  |  |
| Repurchase of shares | - | - |  |  | - | - |
| **P-S Shares:** |  |  |  |  |  |  |
| Repurchase of shares | - | - |  |  | - | - |
| **T-I Shares:** |  |  |  |  |  |  |
| Repurchase of shares | (4460) | (115) |  |  | (4460) | (115) |
| **T-S Shares:** |  |  |  |  |  |  |
| Repurchase of shares | (112189) | (2893) |  |  | (112189) | (2893) |
| **V Shares:** |  |  |  |  |  |  |
| Repurchase of shares | - | - |  |  | - | - |
| **Total Repurchase of Shares** | (160308) | (4120) |  |  | (160308) | (4120) |

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For the six months ended June 30, 2025, the Company repurchased the following Shares:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Series I** | **Series I** | **Series II** | **Series II** | **Total** | **Total** |
|  | **Shares** | **Consideration Amount** | **Shares** | **Consideration Amount** | **Shares** | **Consideration Amount** |
| **A-I Shares:** |  |  |  |  |  |  |
| Repurchase of shares | (3945) | (100) | (19818) | (499) | (23763) | (599) |
| **BD Shares:** |  |  |  |  |  |  |
| Repurchase of shares | - | - | - | - | - | - |
| **E Shares:** |  |  |  |  |  |  |
| Repurchase of shares | (1359) | (35) | - | - | (1359) | (35) |
| **F-I Shares:** |  |  |  |  |  |  |
| Repurchase of shares | (173364) | (4396) | - | - | (173364) | (4396) |
| **F-S Shares:** |  |  |  |  |  |  |
| Repurchase of shares | - | - | - | - | - | - |
| **P-I Shares:** |  |  |  |  |  |  |
| Repurchase of shares | - | - | - | - | - | - |
| **P-S Shares:** |  |  |  |  |  |  |
| Repurchase of shares | - | - | - | - | - | - |
| **T-I Shares:** |  |  |  |  |  |  |
| Repurchase of shares | (12288) | (316) | (1943) | (50) | (14231) | (366) |
| **T-S Shares:** |  |  |  |  |  |  |
| Repurchase of shares | (312230) | (8007) | (985) | (25) | (313215) | (8032) |
| **V Shares:** |  |  |  |  |  |  |
| Repurchase of shares | - | - | - | - | - | - |
| **Total Repurchase of Shares** | (503186) | (12854) | (22746) | (574) | (525932) | (13428) |

---

We expect that each Series will continue to conduct quarterly Share repurchases (each, a "<u>Share Repurchase</u>") for up to 5.0% of the aggregate NAV of our outstanding Investor Shares and E Shares of each Series (measured collectively across both Series) at a price based on the NAV per Share as of the last business day of the quarter prior to the commencement of a Share Repurchase (the "<u>Repurchase Plan</u>"). Due to tax considerations and other factors, the NAV between each Series will differ and, because of differential

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fees and other factors, the NAV between Share types will differ, but all NAV calculations are expected to be based on the joint underlying economic interests of both Series in the assets underlying its Asset-Backed Finance Assets.

**Distributions**

For the three months ended June 30, 2025, the Company declared distributions on the following types of outstanding shares in the amounts per share set forth below. Distributions are paid in cash or reinvested in shares of the Company for shareholders participating in the Company's distribution reinvestment plan:

---

| | | |
|:---|:---|:---|
| **For the three months ended June 30, 2025** | **For the three months ended June 30, 2025** | **For the three months ended June 30, 2025** |
| **Share Class** | **Series I** | **Series II** |
| A-I Shares | $0.3738 | $0.4521 |
| A-II Shares | $- | $- |
| E Shares | $0.4975 | $0.5458 |
| F-I Shares | $0.3718 | $0.3878 |
| F-S Shares | $0.4317 | $0.4749 |
| I Shares | $- | $0.1296 |
| P-I Shares | $0.4574 | $0.2425 |
| P-S Shares | $0.4563 | $0.4907 |
| S Shares | $- | $- |
| T-I Shares | $0.4446 | $0.3700 |
| T-S Shares | $0.3718 | $0.3975 |
| V Shares | $- | $- |
| BD Shares | $- | $0.1475 |

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**Cash Flows**

The following table summarizes the changes to the Company's cash flows for the six months ended June 30, 2025 ($ in thousands):

---

| | |
|:---|:---|
| **Cash flows from:** | **For the Six Months Ended June 30, 2025<br>(in thousands)** |
| Operating activities | (564705) |
| Financing activities | 527388 |
| Net increase/(decrease) in cash and cash equivalents | (37317) |

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The following table summarizes the changes to the Company's cash flows for the six months ended June 30, 2024 ($ in thousands):

---

| | |
|:---|:---|
| **Cash flows from:** | **For the Six Months Ended June 30, 2024<br>(in thousands)** |
| Operating activities | (44942) |
| Financing activities | 51072 |
| Net increase/(decrease) in cash and cash equivalents | 6130 |

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***Cash used in operating activities***

Our cash flow used in operating activities was $(564,705) for the six months ended June 30, 2025, which mostly relates to the acquisition of Asset-Backed Finance Assets.

***Cash provided by financing activities***

Our cash flow provided by financing activities was $527,388 for the six months ended June 30, 2025, which reflects the proceeds from issuance of shares and notes borrowings.

**Critical Accounting Estimates**

Below is a discussion of the accounting policies that management believes are critical. We consider these policies critical because they involve significant judgments and assumptions and require estimates about matters that are inherently uncertain and because they are important for understanding and evaluating our reported financial results. Our accounting policies have been established to conform with U.S. GAAP. The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to use judgments in the application of such policies. These judgments will affect our reported amounts of assets and liabilities and our disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. With different estimates or assumptions, materially different amounts could be reported in our financial statements. In addition, other companies may utilize different estimates that may impact the comparability of our results of operations to those of companies in similar businesses.

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***Investments, At Fair Value***—ASC 820, Fair Value Measurement, defines fair value, establishes a framework for measuring fair value in accordance with U.S. GAAP and expands disclosures about fair value. The Company recognizes and accounts for its investments at fair value. The fair value of the investments does not reflect transactions costs that may be incurred upon disposition of investments.

Fair value is 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. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments' complexity for disclosure purposes.

Assets and liabilities recorded at fair value in the Consolidated Statements of Assets and Liabilities are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined under GAAP, are directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, are as follows:

Level 1—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 2—Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability.

Level 3—Inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability.

A significant decrease in the volume and level of activity for the asset or liability is an indication that transactions or quoted prices may not be representative of fair value because in such market conditions there may be increased instances of transactions that are not orderly. In those circumstances, further analysis of transactions or quoted prices is needed, and an adjustment to the transactions or quoted prices may be necessary to estimate fair value.

***Valuation Guidelines***

The Company's Asset-Backed Finance Assets are valued at fair value in a manner consistent with U.S. GAAP, including Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure ("<u>ASC Topic 820</u>"), issued by the Financial Accounting Standards Board. ASC Topic 820 defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

There is no single standard for determining fair values of assets that do not have a readily available market price and, in many cases, such fair values may be best expressed as a range of fair values from which a single estimate may be derived in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each acquisition while employing a valuation process that is consistently followed. Determinations of fair value involve subjective judgments and estimates.

When making fair value determinations for Asset-Backed Finance Assets that do not have readily available market prices, we consider industry-accepted valuation methodologies, primarily consisting of an income approach and market approach. The income approach derives fair value based on the present value of cash flows that a business, or security is expected to generate in the future. The market approach relies upon valuations for comparable public companies, transactions or assets, and includes making judgments about which companies, transactions or assets are comparable. A blend of approaches may be relied upon in arriving at an estimate of fair value, though there may be instances where it is more appropriate to utilize one approach. We also consider a range of additional factors that we deem relevant, including a potential sale of the Asset-Backed Finance Assets, macro and local market conditions, industry information and the relevant Asset-Backed Finance Asset's historical and projected financial data.

Asset-Backed Finance Assets are generally valued at the relevant transaction price initially; however, to the extent the Operating Manager does not believe an Asset-Backed Finance Asset's transaction price reflects the current market value, the Operating Manager will adjust such valuation. When making fair value determinations for Asset-Backed Finance Assets, the Operating Manager updates the prior month-end valuations by incorporating the then current market comparables and discount rate inputs, any material changes to the financial performance of the Asset-Backed Finance Assets since the prior valuation date, as well as any cash flow activity related to the Asset-Backed Finance Assets during the month. The Operating Manager values Asset-Backed Finance Assets using the valuation methodology it deems most appropriate and consistent with widely recognized valuation methodologies and market conditions.

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When making fair value determinations for assets that do not have a reliable, readily available market price, which the Company expects to be the case for a significant number of its Asset-Backed Finance Assets, the Operating Manager may engage one or more independent valuation firms to provide positive assurance regarding the reasonableness of such valuations as of the relevant measurement date.

Because assets are valued as of a specified valuation date, events occurring subsequent to that date will not be reflected in the Company's valuations. However, if information indicating a condition that existed at the valuation date becomes available subsequent to the valuation date and before financial information is publicly released, it will be evaluated to determine whether it would have a material impact requiring adjustment of the final valuation.

At least annually, the Board, including our independent directors, will review the appropriateness of Apollo's valuation guidelines as adopted by the Board. From time to time, the Board, including our independent directors, may adopt changes to the valuation guidelines applicable to us on occasions in which it has determined or in the future determines that such changes are likely to result in a more accurate reflection of estimated fair value.

See Notes 2 and 3 to the unaudited consolidated financial statements included herein for additional information regarding the fair value of our investments.

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

Our primary market risk exposure is interest rate risk, credit risk and market risk with respect to our Asset-Backed Finance Assets. Subject to oversight by the Board, the Operating Manager is responsible for the oversight of risks to our business.

**Changes in Market Interest Rates**

With respect to our business operations, general decreases in interest rates over time may cause the interest income associated with our Asset-Backed Finance Assets, fixed income and debt assets to decrease. Conversely, general increases in interest rates over time may cause the interest income associated with our Asset-Backed Finance Assets to increase. General increases or decreases in interest rates over time may have an impact on the value of our Asset-Backed Finance Assets.

The Company's Asset-Backed Finance Assets were comprised of 54% fixed rate investments and 46% floating rate investments, with fair values of $393,510 and $337,022, respectively, as of June 30, 2025. An increase or decrease of 1% in market interest rates would result in an increase or decrease of annual interest income of approximately $3,370 with respect to the floating rate investments.

**Credit Risk**

Credit risk is the failure of the counterparty to perform under the terms of the applicable agreement. If the fair value of an agreement is positive, the counterparty will owe us, which creates credit risk for us. If the fair value of an agreement is negative, we will owe the counterparty and, therefore, do not have credit risk. We will seek to minimize the credit risk in our agreements by entering into transactions with high-quality counterparties. See "*Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations–Hedging*" for a discussion of the Company's hedging transactions.

**Market Risk**

Market risk is the adverse effect on the value of a financial instrument that results from a change in interest rates. The market risk associated with contracts bearing interest rates is managed by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken. With regard to floating rate assets, we will assess our interest rate cash flow risk by continually identifying and monitoring changes in interest rate exposures that may adversely impact expected future cash flows and by evaluating hedging opportunities. We will maintain risk management control systems to monitor interest rate cash flow risk attributable to both our then-existing and expected Asset-Backed Finance Assets as well as our potential offsetting hedge positions. While this hedging strategy will be designed to minimize the impact on our net income and funds from operations from changes in interest rates, the overall returns on your investment may be reduced.

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**Item 4.** **Controls and Procedures**

**Evaluation of Disclosure Controls and Procedures**

The Company and the Series maintain disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in the Company's reports under the Exchange Act 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 the Company's management, including its President and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. An evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q was made under the supervision and with the participation of our management, including our President and Chief Financial Officer. Based upon this evaluation, our President and Chief Financial Officer have concluded that our disclosure controls and procedures (a) are effective to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is timely recorded, processed, summarized and reported within the time periods specified by SEC rules and forms and (b) include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our President and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

**Changes in Internal Controls over Financial Reporting**

There were no changes in our internal control over financial reporting (as such term is defined in Rules 13a–15(f) and 15d–15(f) under the Exchange Act) that occurred during our most recent fiscal period, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

**Certifications**

The Certifications of the Principal Executive Officer and Principal Financial Officer of the Company required by Section 302 and Section 906 of the Sarbanes-Oxley Act, which are filed or furnished as Exhibits 31.1, 31.2, 32.1 and 32.2 to this Quarterly Report on Form 10-Q, are applicable to each Series individually and to the Company as a whole.

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**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 be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our Asset-Backed Finance Assets. We may also be subject to regulatory proceedings.

**Item 1A. Risk Factors**

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

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

During the three months ended June 30, 2025, the Company repurchased Shares in the following amounts:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total Number of Shares Purchased** | **Average Price Paid per Share** | **Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs** | **Maximum Number (or appropriate Dollar Value) of Shares that May yet Be Purchased Under the Plans or Programs** |
| April 1, 2025 to April 30, 2025 | - | - | - | - |
| May 1, 2025 to May 31, 2025 (1)(2) | 43659 | $25.46 | 43659 | - |
| June 1, 2025 to June 30, 2025 |  |  |  | - |
| **Total** | 43659 | $25.46 | 43659 | $- |

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1) The Company offers a share repurchase plan pursuant to which, on a quarterly basis, Shareholders may request that we repurchase all or any portion of their Shares. The Company may repurchase fewer Shares than have been requested in any particular quarter to be repurchased under our share repurchase plan, or none at all, in our discretion at any time. In addition, the aggregate NAV of total repurchases of Investor Shares and E Shares of each Series (measured across both Series) under our share repurchase plan will be limited to no more than 5% of our aggregate NAV of our outstanding Investor Shares and E Shares of each Series (measured across both Series) at a price based on the NAV per Share as of the last business day of the quarter prior to the commencement of the share repurchase plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Shares listed above were repurchased on May 9, 2025. Repurchases above exclude exchanges of Shares between Series. See "Part II, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations–Share Repurchases" in this Quarterly Report on Form 10-Q for a discussion of the Company's share repurchases for applicable share classes during the quarter ended June 30, 2025.

**Item 3. Defaults Upon Senior Securities**

None.

**Item 4. Mine Safety Disclosures**

Not applicable.

**Item 5.** **Other Inf** **ormation**

***Director Resignation***

On August 13, 2025, Wendy K. Modlin resigned as a director on the Board of the Company, effective September 4, 2025. Ms. Modlin's resignation was not related to any disagreement with the Company, its Board, or on any matter relating to the operations, policies or practices of the Company or its affiliates.

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***Director Appointment***

On August 13, 2025, the Board appointed Robert A. Kasdin to the Board as a director, effective September 4, 2025. In addition, the Board determined that Mr. Marano is an independent director as defined by the listing standards of the New York Stock Exchange, and appointed Mr. Kasdin to the audit committee of the Board.

From July 2015 to July 2022, Mr. Kasdin served as Senior Vice President and Chief Operating Officer of Johns Hopkins Medicine and from 2018 to July 2022 also as Chief Financial Officer of Johns Hopkins Medicine. Prior to joining Johns Hopkins Medicine, he served as Senior Executive Vice President of Columbia University from September 2002 to June 2015. Prior to joining Columbia University, he served as the Executive Vice President and Chief Financial Officer of the University of Michigan from 1997 to 2002. Before his service at the University of Michigan, he was the Treasurer and Chief Investment Officer for the Metropolitan Museum of Art in New York City from 1993 to 1997, and, from 1988 to 1992, served as Vice President and General Counsel for Princeton University Investment Company. He began his career as a corporate attorney at Davis Polk & Wardwell LLP. Mr. Kasdin has also served as a director of Apollo Commercial Real Estate Finance, Inc. (NYSE: ARI) since April 2014, a director of the Harbor Funds since January 2014, a trustee of Barnard College since July 2023, and as a member of the Council on Foreign Relations. From February 2008 to March 2014, Mr. Kasdin served as a member of the board of directors of Noranda Aluminum Holding Corporation (NYSE: NOR). Mr. Kasdin earned his A.B. from Princeton University and his J.D. from Harvard Law School.

There are no arrangements or understandings between Mr. Kasin, on the one hand, and the Company or any other persons, on the other hand, pursuant to which Mr. Kasdin was selected as a director. There are no related party transactions between the Company and Mr. Kasdin (or any of his immediate family members) requiring disclosure under Item 404(a) of Regulation S-K. Mr. Kasdin does not have any family relationships with any of the Company's directors or executive officers.

The Company will enter into its standard form of indemnification agreement with Mr. Kasdin.

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**Item 6. Exhibits, Financial Statement Schedules**

(a) (1) Financial Statements

See the accompanying Index to Financial Statement Schedule on page 1.

(a) (2) Financial Statement Schedules

None.

(a) (3) Exhibits

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 3.1 | [<u>Certificate of Formation as Amended (incorporated by reference to Exhibit 3.1 to the Registrant's Form 10 filed with the SEC on February 9, 2024).</u>](https://www.sec.gov/Archives/edgar/data/2000597/000119312523293715/d610620dex31.htm) |
| 3.2 | [<u>Amended Series Agreement of Apollo Asset Backed Credit Company LLC - Series I (incorporated by reference to Exhibit 3.4 to the Registrant's Form 10 filed with the SEC on February 9, 2024).</u>](https://www.sec.gov/Archives/edgar/data/2000597/000119312523293715/d610620dex34.htm) |
| 3.3 | [<u>Amended Series Agreement of Apollo Asset Backed Credit Company LLC - Series II (incorporated by reference to Exhibit 3.5 to the Registrant's Form 10 filed with the SEC on February 9, 2024).</u>](https://www.sec.gov/Archives/edgar/data/2000597/000119312523293715/d610620dex35.htm) |
| 3.4 | [<u>Fourth Amended and Restated Limited Liability Company Agreement (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed with the SEC on March 3, 2025).</u>](https://www.sec.gov/Archives/edgar/data/2000597/000119312524248772/d901750dex31.htm) |
| 4.1 | [<u>Form of Subscription Agreement (incorporated by reference to Exhibit 4.1 to the Registrant's Form 10 filed with the SEC on June 25, 2024).</u>](https://www.sec.gov/Archives/edgar/data/2000597/000119312524167173/d826250dex41.htm) |
| 4.2 | [<u>Distribution Reinvestment Plan (incorporated by reference to Exhibit 4.2 to the Registrant's Form 10 filed with the SEC on June 25, 2024).</u>](https://www.sec.gov/Archives/edgar/data/2000597/000119312524167173/d826250dex42.htm) |
| 4.3 | [<u>Third Amended and Restated Share Repurchase Plan (incorporated by reference to Exhibit 10.3 to the Registrant's Current Report on Form 8-K filed with the SEC on March 3, 2025).</u>](https://www.sec.gov/Archives/edgar/data/2000597/000119312524248772/d901750dex103.htm) |
| 31.1 | [<u>Certification of Principal Executive Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](ck0002000597-ex31_1.htm) |
| 31.2 | [<u>Certification of Chief Financial Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](ck0002000597-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>](ck0002000597-ex32_1.htm) |
| 32.2 | [<u>Certification of Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](ck0002000597-ex32_2.htm) |
| 101.INS | XBRL Instance Document |
| 101.SCH | XBRL Taxonomy Extension Schema Document With Embedded Linkbase Documents |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

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The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

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**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.

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| | |
|:---|:---|
|  | Apollo Asset Backed Credit Company LLC |
|  | /s/ Robert Rossitto |
| Date: August 13, 2025 | Robert Rossitto |
|  | Chief Financial Officer |
|  | (principal financial officer) |

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## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER**

I, Michael Paniwozik, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025 of Apollo Asset Backed Credit Company LLC;

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

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

4. The registrant's other certifying officer 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:

(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;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(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

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

5. The registrant's other certifying officer 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 directors (or persons performing the equivalent functions):

(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

(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 13, 2025

<u>/s/ Michael Paniwozik</u>

Michael Paniwozik

President

(Principal Executive Officer)

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## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

I, Robert Rossitto, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025 of Apollo Asset Backed Credit Company LLC;

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

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

4. The registrant's other certifying officer 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:

(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;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(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

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

5. The registrant's other certifying officer 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 directors (or persons performing the equivalent functions):

(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

(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 13, 2025

<u>/s/ Robert Rossitto</u>

Robert Rossitto

Chief Financial Officer

(Principal Financial Officer)

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## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

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

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

In connection with the Quarterly Report on Form 10-Q of Apollo Asset Backed Credit Company LLC (the "Company") for the quarterly period ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Michael Paniwozik, President of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

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

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 13, 2025

<u>/s/ Michael Paniwozik</u>

Michael Paniwozik

President

(Principal Executive Officer)

*\* The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.*

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## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO**

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

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

In connection with the Quarterly Report on Form 10-Q of Apollo Asset Backed Credit Company LLC (the "Company") for the quarterly period ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Robert Rossitto, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

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

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 13, 2025

<u>/s/ Robert Rossitto</u>

Robert Rossitto

Chief Financial Officer

(Principal Financial Officer)

*\* The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.*

------