Apollo Debt Solutions BDC Pays $723M in Q1 Tender as Demand Doubles 5% Cap

Apollo Debt Solutions BDC, the publicly registered nontraded business development company sponsored by Apollo Global Management, repurchased approximately $723 million of its shares in a tender offer that drew redemption requests for more than twice the shares the fund was willing to repurchase under its 5% quarterly cap.

Investors tendered 66.9 million shares in the offer, which expired March 16, 2026, but the fund accepted only 30.3 million shares on a pro-rata basis – approximately 45% of the shares tendered, and the maximum allowed under the offer’s 5% repurchase cap.

Shares were repurchased at $23.90 each, equal to the fund’s net asset value as of March 31, 2026.

The fund paid approximately $722.6 million to tendering shareholders on or about April 30 via non-interest-bearing, non-transferable promissory notes rather than immediate cash.

As of the end of March 2026, the fund’s portfolio totaled approximately $25.1 billion in fair market value across roughly 400 portfolio companies. Aggregate fund NAV stood at approximately $14.4 billion at the end of March 2026, down from $15.1 billion a month earlier – a decline of roughly $700 million, or 4.6%, in a single month.

The BDC is currently offering up to $10.4 billion in shares on a continuous basis, with parallel private offerings to feeder vehicles. As of April 24, 2026, the fund had issued approximately 678.7 million shares across the public and private offerings, representing $16.7 billion in total consideration since inception. The public offering accounted for roughly $7.9 billion of that total across Class I, S, and D shares; the private offering accounted for the remaining $8.8 billion in Class I shares to feeder vehicles.

Apollo Debt Solutions BDC is a nontraded business development company advised by Apollo Credit Management LLC, a subsidiary of Apollo Global Management.

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