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Apollo Debt Solutions BDC (ADS)
Key Statistics
Fund Size
$14,100M
Target Return
N/A
Annualized Return
8.1%
Launch Year
2022
Min. Investment
€2,500
Availability
Open through selected distributors
Structure
Non-Traded BDC
Product Category
Open-end
Domicile
United States
GP Type
Single
Liquidity Level
Semi-liquid
Management Fee
1.25%
Carry
12.5% incentive fee on income over 5% annualized hurdle (100% catch-up to 5.72%), plus 12.5% of cumulative net realized capital gains
Hurdle Rate
5%
Catch-Up Mechanism
100% catch-up (to 1.43% quarterly / 5.72% annualized)
Ticker
ADS
CUSIP
03770D301
Currencies
USD
Investor Eligibility
Retail
Liquidity Options
Quarterly tender offers up to 5% of shares outstanding
Highlights
US Fund Metrics
NAV per Share
$23.83
Market Yield
9.06%
Distribution Frequency
Monthly
Redemption Notice
Quarterly tender deadline, roughly two weeks before the quarter-end repurchase pricing date
Tax Form
1099-DIV
Liquidity Terms
Shares are not listed. The fund intends to conduct quarterly tender offers for up to 5% of shares outstanding (measured against the prior quarter-end) at the quarter-end NAV per share; shares held less than one year are repurchased at 98% of NAV (2% early repurchase deduction). The board may amend or suspend the program, and repurchases are prorated when requests exceed the cap: through 2025 all requests were met in full (Q4 2025: 28.2 million shares, ~$689M), but Q1 2026 requests of 66.9 million shares (~11% of shares outstanding) were prorated at roughly 45%, and Q2 2026 requests of 101.5 million shares (~17% of shares outstanding) at roughly 30%, with $720-723 million repurchased at the 5% cap each quarter.
Allocations
Geographic Focus
Investment Strategy
Industry Focus
Historical Performance
Performance Summary
Class I — Performance from 2022-01-07 to 2026-07-31
NAV: $23.83
Performance Comparison
Year to Date
2.89%
1-Year Return
5.94%
3-Year Return
9.03%
Annualized Since Inception
8.13%
Annual Total Returns
| Year | Total Return |
|---|---|
| 2026 | 2.89% |
| 2025 | 7.93% |
| 2024 | 11.13% |
| 2023 | 16.20% |
| 2022 | -0.34% |
Quarterly NAV Per Share
| Year | Q1 (Mar) | Q2 (Jun) | Q3 (Sep) | Q4 (Dec) |
|---|---|---|---|---|
| 2026 | $23.90 | $23.83 | — | — |
| 2025 | — | — | — | $24.40 |
| 2024 | — | — | — | $24.86 |
| 2023 | — | — | — | $24.63 |
| 2022 | — | — | — | $23.20 |
Class S (0.85% shareholder servicing/distribution fee) — Performance from 2022-02-01 to 2026-07-31
NAV: $23.83
Performance Comparison
Year to Date
2.39%
1-Year Return
5.05%
3-Year Return
8.12%
Annualized Since Inception
7.22%
Annual Total Returns
| Year | Total Return |
|---|---|
| 2026 | 2.39% |
| 2025 | 7.02% |
| 2024 | 10.20% |
| 2023 | 15.23% |
| 2022 | -1.67% |
Quarterly NAV Per Share
| Year | Q1 (Mar) | Q2 (Jun) | Q3 (Sep) | Q4 (Dec) |
|---|---|---|---|---|
| 2026 | $23.90 | $23.83 | — | — |
| 2025 | — | — | — | $24.40 |
| 2024 | — | — | — | $24.86 |
| 2023 | — | — | — | $24.63 |
| 2022 | — | — | — | $23.20 |
Class D (0.25% shareholder servicing/distribution fee) — Performance from 2022-07-01 to 2026-07-31
NAV: $23.83
Performance Comparison
Year to Date
2.74%
1-Year Return
5.68%
3-Year Return
8.76%
Annualized Since Inception
10.37%
Annual Total Returns
| Year | Total Return |
|---|---|
| 2026 | 2.74% |
| 2025 | 7.66% |
| 2024 | 10.86% |
| 2023 | 15.92% |
| 2022 | 5.23% |
Quarterly NAV Per Share
| Year | Q1 (Mar) | Q2 (Jun) | Q3 (Sep) | Q4 (Dec) |
|---|---|---|---|---|
| 2026 | $23.90 | $23.83 | — | — |
| 2025 | — | — | — | $24.40 |
| 2024 | — | — | — | $24.86 |
| 2023 | — | — | — | $24.63 |
| 2022 | — | — | — | $23.20 |
Information about fund
Apollo Debt Solutions at a Glance
Apollo Debt Solutions BDC (ADS) is a perpetual-life, non-exchange traded business development company advised by Apollo Credit Management, LLC. Formed in December 2020, the fund broke escrow on January 7, 2022 and has become one of the largest vehicles in the non-traded BDC category, with its public offering and a private placement to feeder vehicles collectively raising approximately $16.9 billion since inception.
Key Figures (mid-2026)
Net Asset Value
$14.1B
NAV $23.83/share, 31 July 2026
Portfolio
$25.7B
394 companies across 57 industries
First Lien
99.6%
96.1% floating rate; net LTV 41%
Since-Inception Return
8.13%
Class I annualized, Jan 2022 – Jul 2026
Distribution Rate
9.06%
Class I annualized, August 2026
Fees
1.25% + 12.5%
Management + incentive over 5% hurdle
Terms & Eligibility
| Share Classes | Class S (0.85% servicing), Class D (0.25%), Class I (none) — minimum $2,500 all classes ($500 subsequent) |
| Eligibility | Suitability-based: $70,000 income + $70,000 net worth, or $250,000 net worth (stricter in some states) |
| Subscriptions | Monthly at NAV; no upfront sales load (intermediary placement fees up to 3.5% S / 1.5% D) |
| Repurchases | Discretionary quarterly tender for up to 5% of shares; 98% of NAV if held under one year |
| Availability | US only; non-US access via Apollo-sponsored Reg S feeder vehicles |
Through 2025 all repurchase requests were met in full. Pressure emerged in 2026: first-quarter requests reached roughly 11% of shares outstanding against the 5% cap and were prorated at about 45%; second-quarter requests rose to roughly 17% and were prorated at about 30%, with the fund repurchasing $720 million at the 5% cap in each quarter. The board may amend or suspend the program entirely — an investment in ADS is for the long term.
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