Apollo Debt Solutions BDC Files Q2 2025 10-Q

TL;DR

Apollo Debt Solutions BDC filed its 10-Q for Q2 2025. No registered securities.

AI Summary

Apollo Debt Solutions BDC filed its quarterly report for the period ended June 30, 2025. The company, incorporated in Delaware with IRS ID 86-1950548, is headquartered at 9 West 57th Street, New York, NY 10019. Its principal executive offices can be reached at (212) 515-3450. The filing indicates no securities are registered under Section 12(b) of the Act.

Why It Matters

This filing provides investors with an update on Apollo Debt Solutions BDC's financial performance and operational status for the second quarter of 2025.

Risk Assessment

Risk Level: low — This is a standard quarterly filing with no immediate red flags or significant new information presented in the provided excerpt.

Key Players & Entities

• Apollo Debt Solutions BDC (company) — Registrant
• June 30, 2025 (date) — Quarterly period end date
• Delaware (location) — State of incorporation
• 86-1950548 (identifier) — IRS Employer Identification No.
• 9 West 57th Street (address) — Principal executive offices
• New York, New York (location) — Principal executive offices location
• 10019 (zip_code) — Principal executive offices zip code
• (212) 515-3450 (phone_number) — Registrant's telephone number

FAQ

Key Financial Figures

• $0.01 — ares of the Registrant's Common Shares, $0.01 par value per share, outstanding as of

Filing Documents

• ck0001837532-20250630.htm (10-Q) — 37918KB
• ck0001837532-ex10_10.htm (EX-10.10) — 45KB
• ck0001837532-ex31_1.htm (EX-31.1) — 18KB
• ck0001837532-ex31_2.htm (EX-31.2) — 17KB
• ck0001837532-ex32_1.htm (EX-32.1) — 9KB
• ck0001837532-ex32_2.htm (EX-32.2) — 8KB
• 0000950170-25-105984.txt ( ) — 88215KB
• ck0001837532-20250630.xsd (EX-101.SCH) — 3550KB
• ck0001837532-20250630_htm.xml (XML) — 26555KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1. Consolidated Financial Statements Consolidated Statements of Assets and Liabilities as of June 30, 2025 (Unaudited) and December 31, 2024 3 Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (Unaudited) 4 Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2025 and 2024 (Unaudited) 5 Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024 (Unaudited) 6 Consolidated Schedule of Investments as of June 30, 2025 (Unaudited) 7 Consolidated Schedule of Investments as of December 31, 2024 71

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 129 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 172 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 193 Item 4.

Controls and Procedures

Controls and Procedures 194

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 195 Item 1A.

Risk Factors

Risk Factors 195 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 196 Item 3. Defaults Upon Senior Securities 197 Item 4. Mine Safety Disclosures 197 Item 5. Other Information 197 Item 6. Exhibits 198

Signatures

Signatures 199 Table of Contents

FINANCIAL INFORMATION

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

Consolidated Financial Statements

Item 1. Consolidated Financial Statements APOLLO DEBT SOLUTIONS BDC CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (In thousands, except share and per share data) June 30, 2025 December 31, 2024 (Unaudited) Assets Investments at fair value: Non-controlled/non-affiliated investments (cost — $ 19,670,193 and $ 14,609,338 at June 30, 2025 and December 31, 2024, respectively) $ 19,896,145 $ 14,555,535 Cash and cash equivalents 1,238,310 392,894 Foreign currencies (cost — $ 20,586 and $ 19,951 at June 30, 2025 and December 31, 2024, respectively) 20,758 19,946 Receivable for investments sold 407,414 99,697 Interest receivable 171,219 106,825 Unrealized appreciation on foreign currency forward contracts — 34,954 Other assets 86,901 25,537 Total assets $ 21,820,747 $ 15,235,388 Liabilities Debt (net of deferred financing costs and unamortized original issue discount of $ 47,922 and $ 40,544 at June 30, 2025 and December 31, 2024, respectively) $ 7,056,677 $ 4,932,183 Payable for investments purchased 1,071,785 455,314 Payable for share repurchases (Note 7) 207,141 62,447 Distributions payable 106,656 75,842 Interest payable 114,766 104,284 Management fees payable 13,734 10,204 Performance-based incentive fees payable 37,660 28,523 Accrued administrative services expense payable 580 115 Unrealized depreciation on foreign currency forward contracts 66,506 — Other liabilities and accrued expenses 4,329 19,980 Total liabilities $ 8,679,834 $ 5,688,892 Commitments and contingencies (Note 8) Total Net Assets $ 13,140,913 $ 9,546,496 Net Assets Common shares, $ 0.01 par value ( 534,094,204 and 384,043,002 shares issued and outstanding, respectively) $ 2,758 $ 3,840 Capital in excess of par value 12,810,751 9,449,937 Accumulated distributed earnings (losses) 327,404 92,718 Total Net Assets $

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View this 10-Q filing on SEC EDGAR