Apollo Debt Solutions BDC Reports Unregistered Equity Sales

TL;DR

**Apollo Debt Solutions BDC just sold new shares privately, potentially diluting existing stock.**

AI Summary

Apollo Debt Solutions BDC filed an 8-K on March 23, 2026, reporting unregistered sales of equity securities under Item 3.02 and providing Regulation FD Disclosure and Other Events under Items 7.01 and 8.01. This indicates the company likely raised capital by selling new shares directly to investors without a public offering, which could dilute existing shareholders' ownership percentage. For current or prospective shareholders, this matters because while it provides the company with capital, it could also impact the per-share value if the new shares were sold at a discount or if the market perceives the dilution negatively.

Why It Matters

This filing signals that Apollo Debt Solutions BDC has raised capital through private share sales, which can dilute existing shareholders but also provides the company with funds for operations or investments.

Risk Assessment

Risk Level: medium — The sale of unregistered equity securities can lead to dilution for existing shareholders, impacting per-share metrics.

Analyst Insight

An investor should investigate the details of the unregistered equity sales to understand the extent of dilution and the terms of the sale, as well as any information disclosed under Regulation FD, before making investment decisions.

Key Players & Entities

• Apollo Debt Solutions BDC (company) — the filer of the 8-K
• March 23, 2026 (date) — the filing date and period of report
• 0001837532 (company) — the CIK of the filer

FAQ

Key Financial Figures

• $24 — net asset value (" NAV ") per share was $24.14, compared to $24.34 as of January 31
• $24.34 — AV ") per share was $24.14, compared to $24.34 as of January 31, 2026. The Fund's 1-mo
• $25.0 billion — , 2026, our portfolio was approximately $25.0 billion based on fair market value across 406 p
• $258 m — irectly originated debt investments was $258 million, 3 and our portfolio's overall we
• $4.5 billion — o was 0.63x, 6 and we had approximately $4.5 billion of excess availability under our secure
• $15.1 b — 28, 2026, the Fund's aggregate NAV was $15.1 billion, the fair value of its investment
• $10.7 billion — $25.0 billion and it had approximately $10.7 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

• d94947d8k.htm (8-K) — 59KB
• 0001193125-26-119933.txt ( ) — 160KB
• ck0001837532-20260323.xsd (EX-101.SCH) — 3KB
• ck0001837532-20260323_lab.xml (EX-101.LAB) — 15KB
• ck0001837532-20260323_pre.xml (EX-101.PRE) — 9KB
• d94947d8k_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): March 23, 2026 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 March 2, 2026, Apollo Debt Solutions BDC (the " Fund ," " ADS ," " we " or " our ") sold unregistered Class I common shares of beneficial interest (" Class I Common Shares ") (with the final number of shares being determined on March 23, 2026) to feeder vehicles primarily created to hold the Fund's Class I Common Shares. The offer and sale of these Class I Common Shares was exempt from the registration provisions of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) and/or Regulation S thereunder (the " Private Offering "). The following table details the shares sold: Date of Unregistered Sale Amount of Class I Common Shares Consideration As of March 2, 2026 (number of shares finalized on March 23, 2026) 2,225,060 $ 53,711,829 Item7.01. Regulation FD Disclosures March 2026 Distributions On March 23, 2026, the Fund declared distributions for each class of its common shares of beneficial interest (the " Shares ") in the amount per share set forth below: Gross Distribution Shareholder Servicing and/or Distribution Fee Net Distribution Class I Common Shares $ 0.1800 $ 0.0000 $ 0.1800 Class S Common Shares $ 0.1800 $ 0.0174 $ 0.1626 Class D Common Shares $ 0.1800 $ 0.0051 $ 0.1749 The distributions for each class of Shares are payable to shareholders of record as of the open of business on March 31, 2026 and will be paid on or around April 29, 2026. These distributions will be paid in cash or reinvested in shares of the Fund for shareholders participating in the Fund's distribution reinvestment plan. Portfolio and Business Commentary (All figures as of February 28, 2026, unless otherwise noted) For the month ended February 28, 2026, the Fund's net asset value (" NAV ") per share was $24.14, compared to $24.34 as of January 31, 2026. The Fund's 1-month, 3-month, year-to-date, 1-year, 3-year and annualized inception-to-date returns through February 28, 2026 for Class I Common Shares were -0.07%, 0.99%, 0.39%, 7.02%, 10.44% and 8.34%, respectively (inception date was January 7, 2022). 1 As of March 23, 2026, the Fund's annualized distribution rate for Class I Common Shares, including the distribution declared on March 23, 2026 was 8.95%. 2 As of February 28, 2026, our portfolio was approximately $25.0 billion based on fair market value across 406 portfolio companies and 56 industries. Our portfolio consisted of approximately 100% first lien debt investments and approximately 96% floating rate debt investments based on fair market value. The weighted average earnings before interest, taxes, depreciation and amortization (" EBITDA ") of our directly originated debt investments was $258 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 41%, 8.57%, 4 4.9x, and 2.5x, respectively. 5 As of Februar

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View this 8-K filing on SEC EDGAR