Apollo Debt Solutions BDC Files 8-K on Equity Sales

TL;DR

Apollo Debt Solutions BDC filed an 8-K for unregistered equity sales. Watch for dilution.

AI Summary

On November 24, 2025, Apollo Debt Solutions BDC filed an 8-K report detailing unregistered sales of equity securities. The filing also included Regulation FD disclosures and reported other events. The company is registered in Delaware and its principal executive offices are located at 9 West 57th Street, New York, NY 10019.

Why It Matters

This filing indicates potential new equity issuance by Apollo Debt Solutions BDC, which could impact existing shareholders through dilution or signal growth opportunities.

Risk Assessment

Risk Level: medium — Unregistered sales of equity securities can sometimes indicate a need for capital or potential dilution for existing shareholders.

Key Players & Entities

• Apollo Debt Solutions BDC (company) — Registrant
• November 24, 2025 (date) — Date of earliest event reported
• 9 West 57th Street, New York, NY 10019 (location) — Principal executive offices

FAQ

Key Financial Figures

• $24 — net asset value (" NAV ") per share was $24.48, compared to $24.52 as of September
• $24.52 — AV ") per share was $24.48, compared to $24.52 as of September 30, 2025. The Fund's 1-
• $23.3 billion — , 2025, our portfolio was approximately $23.3 billion based on fair market value across 416 p
• $283 m — irectly originated debt investments was $283 million, 3 and our portfolio's overall we
• $2.4 billion — o was 0.58x, 6 and we had approximately $2.4 billion of excess availability under our secure
• $4.2 billion — October 2025, Apollo participated in a $4.2 billion financing to support Thoma Bravo's carv
• $650 million — October 2025, Apollo participated in a $650 million transaction for AE EventsCo as part of
• $14.7 b — 31, 2025, the Fund's aggregate NAV was $14.7 billion, the fair value of its investment
• $9.1 billion — $23.3 billion and it had approximately $9.1 billion of principal debt outstanding, resultin
• $10.0 billion — ly offering on a continuous basis up to $10.0 billion in Shares (the " Offering "). Additiona

Filing Documents

• d819787d8k.htm (8-K) — 59KB
• 0001193125-25-293714.txt ( ) — 160KB
• ck0001837532-20251124.xsd (EX-101.SCH) — 3KB
• ck0001837532-20251124_lab.xml (EX-101.LAB) — 15KB
• ck0001837532-20251124_pre.xml (EX-101.PRE) — 9KB
• d819787d8k_htm.xml (XML) — 3KB

From the Filing

8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): November 24, 2025 Apollo Debt Solutions BDC (Exact name of Registrant as specified in its charter) Delaware 814-01424 86-1950548 (State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.) 9 West 57th Street New York , New York 10019 (Address of principal executive offices) (Zip Code) (Registrant's telephone number, including area code): (212) 515-3200 Not Applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: None Title of each class Trading Symbol(s) Name of each exchange on which registered Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item3.02. Unregistered Sale of Equity Securities As of November 3, 2025, Apollo Debt Solutions BDC (the " Fund ," " ADS ," " we " or " our ") sold unregistered Class I common shares of beneficial interest (" Class I Common Shares ") (with the final number of shares being determined on November 24, 2025) to feeder vehicles primarily created to hold the Fund's Class I Common Shares. The offer and sale of these Class I Common Shares was exempt from the registration provisions of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) and/or Regulation S thereunder (the " Private Offering "). The following table details the shares sold: Date of Unregistered Sale Amount of Class I Common Shares Consideration As of November 3, 2025 (number of shares finalized on November 24, 2025) 4,818,349 $ 117,939,695 Item7.01. Regulation FD Disclosures November 2025 Distributions On November 24, 2025, the Fund declared distributions for each class of its common shares of beneficial interest (the " Shares ") in the amount per share set forth below: Gross Distribution Shareholder Servicing and/or Distribution Fee Net Distribution Class I Common Shares $ 0.1800 $ 0.0000 $ 0.1800 Class S Common Shares $ 0.1800 $ 0.0171 $ 0.1629 Class D Common Shares $ 0.1800 $ 0.0050 $ 0.1750 The distributions for each class of Shares are payable to shareholders of record as of the open of business on November 28, 2025 and will be paid on or around December 29, 2025. These distributions will be paid in cash or reinvested in shares of the Fund for shareholders participating in the Fund's distribution reinvestment plan. Portfolio and Business Commentary (All figures as of October 31, 2025, unless otherwise noted) For the month ended October 31, 2025 the Fund's net asset value (" NAV ") per share was $24.48, compared to $24.52 as of September 30, 2025. The Fund's 1-month, 3-month, year-to-date, 1-year, 3-year and annualized inception-to-date returns through October 31, 2025 for Class I Common Shares were 0.57%, 1.77%, 6.68%, 8.00%, 12.00% and 8.66%, respectively (inception date was January 7, 2022). 1 As of November 24, 2025, the Fund's annualized distribution rate for Class I Common Shares, including the distribution declared on November 24, 2025, was 8.82%. 2 As of October 31, 2025, our portfolio was approximately $23.3 billion based on fair market value across 416 portfolio companies and 59 industries. Our portfolio consisted of approximately 100% first lien debt investments and approximately 97% floating rate debt investments based on fair market value. The weighted average earnings before interest, taxes, depreciation and amortization (" EBITDA ") of our directly originated debt investments was $283 million, 3 and our portfolio's overall weighted-average net loan-to-value, weighted average yield at amortized cost, weighted-average net leverage and interest coverage were 40%, 8.86%, 4 4.8x, and 2.5x,

View Full Filing

View this 8-K filing on SEC EDGAR