Apollo Debt Solutions BDC NAV Slips Again as Aggregate Fund Size Contracts $700M
By Staff
Apollo Debt Solutions BDC, the publicly registered nontraded business development company sponsored by Apollo Global Management, reported a net asset value per share of $23.90 across its Class I, Class S, and Class D shares as of March 31, 2026, a decrease of $0.24, or approximately 1.0%, from $24.14 on Feb. 28, 2026.
Aggregate fund NAV stood at approximately $14.4 billion as of March 31, compared with $15.1 billion at the end of February – a decline of roughly $700 million, or 4.6%, in a single month. The reduction in fund size exceeds what the per-share NAV change alone would suggest, indicating share count contraction during the period. The latest disclosure extends the trajectory described in the firm’s late-March letter to shareholders, in which Apollo said it would fulfill approximately 45% of first-quarter redemption requests after withdrawal demand reached 11.2% of outstanding shares – more than double the fund’s 5% quarterly cap.
The fund’s Class I shares posted a 1-month return of -0.26% through March 31, with year-to-date and 3-month returns of 0.12% each, according to funds most recent filing with the Securities and Exchange Commission. Annualized inception-to-date return for Class I shares was 8.10%.
On April 23, the fund declared April distributions of $0.1800 per share on a gross basis for all three share classes. After shareholder servicing and distribution fees, net distributions amounted to $0.1800 for Class I, $0.1751 for Class D, and $0.1633 for Class S. The distributions are payable to shareholders of record as of April 30, 2026, and will be paid on or around May 28, 2026. The annualized distribution rate for Class I shares as of April 23 was 9.04%.
The fund reported a debt-to-equity leverage ratio of approximately 0.73x as of March 31, with a net leverage ratio of 0.69x. Its investment portfolio held approximately $25.1 billion at fair value across 400 portfolio companies and 56 industries, with 99% in first-lien debt and 96% floating rate. Twelve issuers were on non-accrual status, representing approximately 1.0% of the portfolio at cost and 0.4% at fair market value.
The fund originated approximately $2.4 billion in private debt investments during the first quarter, with a weighted average spread of 472 basis points on new directly originated investments. Approximately 93% of the new originations were first lien and 76% were floating rate. The fund had approximately $5.5 billion of excess availability under its secured funding facilities as of March 31.
Apollo Debt Solutions BDC is currently publicly offering up to $10.4 billion in shares on a continuous basis, with parallel private offerings to feeder vehicles. Total shares issued across the public and private offerings as April 24, 2026 stood at approximately 678.7 million, representing $16.7 billion in total consideration since inception. The public offering included 195,852,401 Class I shares for $4,808.1 million, 124,659,824 Class S shares for $3,062.9 million, and 1,570,782 Class D shares for $38.6 million. The private offering accounted for an additional 356,622,478 Class I shares for $8,802.1 million.
AltsWire previously reported that Apollo Debt Solutions BDC priced an inaugural $500 million private credit collateralized loan obligation in late April 2025, expanding the fund’s financing toolkit through ADL CLO 1.
Apollo Debt Solutions BDC is advised by Apollo Credit Management LLC, a subsidiary of Apollo Global Management.
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