Apollo Debt Solutions Reports $352M Private Share Sale

The firm bolsters portfolio performance with key credit transactions and $18.5B in assets under management.

May 23, 2025

$352M in New Capital, Delivered Through a Private Offering

In May, Apollo sold over 14 million unregistered Class I shares, bringing in $352.2 million. These shares were placed in feeder vehicles tied to the fund’s private capital program. The transaction was exempt from SEC registration and finalized on May 22. The raise strengthens the fund’s liquidity position and supports ongoing deal activity.

Distributions Remain Consistent Across Share Classes

ADS declared monthly distributions on all share classes, with a total of $0.20 per share going to Class I shareholders. The payout combines a base distribution of $0.18 with a special distribution of $0.02. Class S and Class D shares also received the same gross distribution, though fees for servicing and distribution brought their net payouts slightly lower.

All distributions apply to shareholders of record as of May 31 and are set to be paid around June 27. For investors enrolled in the distribution reinvestment plan, the funds will be reinvested automatically.

This update is part of a broader three-month special distribution program announced in March. Shareholders will receive a $0.02 special distribution each month through June.

Stable NAV, Strong Yields

As of April 30, the NAV per share stood at $24.58 for all classes. The fund’s annualized distribution rate—based on both the May base and special distributions—was 9.77% for Class I shares. The rate reflects the Fund’s income generation and supports the attractiveness of its yield-driven strategy.

The fund reported a total NAV of $12.1 billion and $5.8 billion in outstanding debt. That puts the debt-to-equity leverage ratio at 0.48x, while net leverage came in at 0.51x. Cash and facility availability added up to $2.7 billion.

Portfolio Overview: Broad, Liquid, and Performing

The Fund’s portfolio remains sizable and well-diversified. As of April 30, assets under management totaled $18.5 billion, spread across 347 companies and 53 sectors. About 96% of the portfolio is floating-rate debt, and nearly all investments are secured by first-lien positions.

The fund continues to keep credit risk in check. Just 0.2% of the portfolio, by fair value, was in non-accrual status. Borrowers showed a weighted average EBITDA of $265 million, while the average loan-to-value was 39%. The portfolio’s interest coverage and leverage metrics reflect a sound borrower base.

Recent Transactions: Lending at Scale

In April, Apollo deployed capital into three new transactions—each one led or co-led by its platform:

Omega Healthcare: Apollo was the sole lender on a $725 million refinancing for Omega, a revenue cycle management firm. The deal expanded an existing $600 million facility and supported the company’s full-suite RCM operations.

MRO Holdings: Apollo also served as sole lead on a $790 million refinancing for MRO, the largest airframe maintenance provider for narrow-body aircraft in North America. The transaction included a term loan repricing, extended maturity, and a new revolving credit line.

Grant Thornton UK: Apollo participated in a £500 million loan for Grant Thornton, a major audit and advisory firm in the UK. The financing was driven by the firm’s underwriting scale and existing sponsor relationship.

All three investments included capital from ADS alongside other Apollo-managed funds.

Fundraising Status

The Fund continues its $10 billion public share offering while expanding through private placements. As of this update, ADS had issued roughly $13 billion in common shares across both channels, with figures adjusted for any transfers between classes. These numbers exclude distributions reinvested through the DRIP.

Taken together, these developments point to a fund that’s active in the market, supported by a strong balance sheet, and maintaining a consistent approach to investor returns.