Apollo Debt Solutions BDC received third-quarter share-repurchase requests representing approximately 14.7% of its outstanding shares, substantially exceeding the nontraded BDC’s quarterly limit. The fund expects to repurchase shares equal to 5% of those outstanding, valued at approximately $700 million.
Based on the preliminary figures, participating investors would receive approximately 34% of the liquidity requested. Apollo said repurchase demand declined sequentially among both U.S. onshore and offshore investors, and it estimates that most requests represent shareholders retendering amounts that were not fulfilled in previous quarters.
The fund received approximately $200 million in gross subscriptions during the quarter, bringing year-to-date inflows to $1.3 billion, or approximately 9% of NAV. After accounting for the anticipated repurchases, Apollo expects approximately $500 million of third-quarter net outflows, equal to roughly 3% of NAV.
Apollo estimates that investors who began seeking liquidity during 2026 will have received approximately 75% of their requested capital after the third-quarter payments, assuming they continued retendering unfulfilled shares. The fund reported $4.8 billion of immediately available liquidity and approximately 0.8 times net leverage.
As of August 31, Apollo Debt Solutions had a $25.9 billion portfolio across 386 companies and an aggregate NAV of $14.2 billion. Approximately 99% of its portfolio consisted of first-lien debt investments.
Sources
- Apollo Debt Solutions BDC Form 8-K and Shareholder Update
- Apollo Debt Solutions August NAV and Portfolio Filing
