Apollo Debt Solutions Expands Private Offering

With over $14.9 billion raised to date, the Fund continues to strengthen its floating rate loan portfolio.

September 25, 2025

New distributions reinforce yield profile

Apollo Debt Solutions BDC (ADS) has expanded its private capital activity with a fresh injection of equity. As of September 24, the Fund finalized the sale of more than 13.1 million Class I Common Shares, raising over $323 million. These unregistered shares were sold to feeder vehicles created specifically to hold the Fund’s Class I shares, following standard exemptions under U.S. securities law.

On the same day, the Fund declared monthly distributions across all common share classes. Shareholders will receive payments around October 28, either in cash or as part of the Fund’s reinvestment plan. Net distributions range from $0.1828 to $0.2000 per share, depending on the share class. This includes the final installment of a special distribution program announced in June, totaling $0.06 per share across three months.

For shareholders, the latest payout pushes annualized distribution rates higher. Class I shares now offer a 9.78% annualized rate when factoring in the current and special distributions. Class D and Class S shares sit at 9.53% and 8.93%, respectively.

A closer look at portfolio positioning

As of August 31, ADS reported a $21 billion investment portfolio spread across 382 companies and 60 industries. The Fund continues to favor first lien and floating rate debt, which make up nearly all of its holdings. The average yield on amortized cost is 9.31%, while the net loan-to-value ratio remains at a conservative 40%.

The Fund’s NAV per share across all classes was $24.55 at month-end, slightly lower than the prior month. Aggregate NAV stood at $14.1 billion, with $7 billion in principal debt outstanding. Net leverage remained steady at 0.48x, supported by approximately $3.9 billion in excess funding availability across its secured facilities.

Recent activity in European and global credit

ADS also participated in two sponsor-backed transactions during August. The Fund took part in a €1.3 billion deal supporting the buyout of Karo Healthcare, a European consumer healthcare company. ADS also joined a £366 million refinancing for Busy Bees, a global operator of childcare centers. In both cases, Apollo led the transactions, leveraging sponsor relationships to structure and execute the deals.

These investments reflect a focus on scale, sponsor alignment, and industry diversification. Both transactions were completed alongside other Apollo-managed funds.

Momentum across fundraising channels

The Fund is raising capital through both public and private offerings on a rolling basis. To date, ADS has issued over 606 million shares, with total consideration approaching $15 billion. The majority of this capital—more than $8.1 billion —has come through the private placement of Class I shares.

Here’s how the total issuance breaks down:

• Public Offering:
  
  
  
  • Class I: 162.1 million shares for $4.0 billion
  
  
  • Class S: 111.6 million shares for $2.7 billion
  
  
  • Class D: 1.4 million shares for $35.4 million
  
  
  
  


• Private Offering:
  
  
  
  • Class I: 331.0 million shares for $8.2 billion
  
  
  
  

As the offering continues, the Fund remains positioned to deploy capital into first lien, floating rate credit, with a focus on direct origination and sponsor-led deals. Investors can expect monthly updates on performance, distributions, and portfolio activity, in line with the Fund’s disclosure cycle.