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Private company

Apollo Debt Solutions BDC

Company based in New York1

In its 2026 annual report the company says: “Apollo Debt Solutions BDC is a Delaware statutory trust formed on December 4, 2020. The Company is a diversified, closed-end management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company is externally managed by Apollo Credit Management, LLC.”11

Last updated Oct 21, 2026.

Overview

$991.2MNet income, fiscal 20252
  • HeadquartersNew York, New York1
  • Business address9 West 57Th Street, New York, Ny 100193
  • Filer categoryNon-accelerated filer3

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

6.7%Return on equity2
0.64×Debt to equity2

Financial statements

Net income42$991.2M in 2025+35798% since 2022
0$250.0M$500.0M$750.0M$1.0B2022: $2.8M$2.8M20222023: $425.5M$425.5M2023+15312%2024: $711.2M$711.2M2024+67%2025: $991.2M$991.2M2025+39%
Fiscal year2022202320242025
Operating expenses$122.6M4$273.1M2$531.4M2$853.3M2
Interest$69.7M8$172.7M8
Income tax$08$04$02
Net income$2.8M4$425.5M2$711.2M2$991.2M2

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What it owns

What Apollo Debt Solutions BDC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$498.6M2 Dec 31, 2025$392.9M2 Dec 31, 2024+26.9%

Properties, in its own words

As of December 31, 2025, we did not own any real estate or other physical properties materially important to our operations. Our administrative and principal executive offices are located at 9 West 57th Street, New York, NY 10019, respectively. We believe that our office facilities are suitable and adequate for our business as it is currently conducted.

Item 2 of the 10-K filed Mar 11, 2026.11

Leadership

Who has led Apollo Debt Solutions BDC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Earl Hunt2023–now

Chief financial officer

  1. Amit Joshi2021–2022
  2. Eric Rosenberg2023–now

Chief operating officer

  1. Adam Eling2023–2024
2025
Board members and other officers (5)

Timeline

  1. Sep 22, 20268-K Unregistered sale of shares; Regulation FD disclosure; Other events21
  2. Sep 22, 20268-K Regulation FD disclosure22
  3. Aug 19, 20268-K Unregistered sale of shares; Regulation FD disclosure; Other events23
  4. Aug 18, 20268-K Entered a material agreement; New debt or obligation24
  5. Aug 7, 20268-K Entered a material agreement; New debt or obligation25
  6. Jul 23, 20268-K Unregistered sale of shares; Regulation FD disclosure; Other events26
  7. Jun 30, 20268-K Entered a material agreement; New debt or obligation27
  8. Jun 25, 20268-K Other events28
  9. Jun 23, 20268-K Shareholder vote29
  10. Jun 22, 20268-K Unregistered sale of shares; Regulation FD disclosure; Other events30
  11. Jun 22, 20268-K Regulation FD disclosure31
  12. May 19, 20268-K Unregistered sale of shares; Regulation FD disclosure; Other events32
  13. May 1, 2023New chief executive Earl Hunt becomes CEO12

Filings

362 filings to the SEC since October 2021: 6 annual reports, 16 quarterly reports, 139 major events, 30 insider forms, 171 other. The latest 20:

  1. Oct 14, 2026N-14 8C/A EDGAR
  2. Oct 9, 2026N-2/A EDGAR
  3. Oct 1, 2026424B3 EDGAR
  4. Sep 22, 20268-K EDGAR
  5. Sep 22, 20268-K EDGAR
  6. Sep 11, 2026N-2/A EDGAR
  7. Sep 9, 2026N-14 8C EDGAR
  8. Aug 19, 20268-K EDGAR
  9. Aug 19, 202640-17G EDGAR
  10. Aug 18, 20268-K EDGAR
  11. Aug 14, 2026SC TO-I EDGAR
  12. Aug 14, 2026N-2/A EDGAR
  13. Aug 10, 2026424B3 EDGAR
  14. Aug 10, 202610-Q EDGAR
  15. Aug 7, 20268-K EDGAR
  16. Aug 6, 2026SC TO-I/A EDGAR
  17. Jul 23, 20268-K EDGAR
  18. Jul 17, 2026POS EX EDGAR
  19. Jul 17, 2026424B3 EDGAR
  20. Jul 17, 2026N-2/A EDGAR

The 362 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

15 open-market trades by officers, directors and large owners since October 2021: 15 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 22, 2026Hunt EarlCEOBuy12,566$23.87$300.0KForm 4
Apr 22, 2025Rosenberg EricChief Financial OfficerBuy1,014$24.65$25.0KForm 4
Oct 23, 2024Eling AdamChief Operating OfficerBuy441$24.94$11.0KForm 4
Aug 21, 2024Gallagher ChristineBuy301$24.90$7.5KForm 4
Jan 23, 2024Gallagher ChristineBuy406$24.63$10.0KForm 4
Jun 26, 2023Gallagher ChristineBuy627$23.91$15.0KForm 4
Sep 23, 2022Gallagher ChristineBuy637$23.55$15.0KForm 4
Aug 1, 2022Hunt EarlCEOBuy4,268$23.43$100.0KForm 4
Mar 2, 2022Coffey MeredithBuy3,495$25.04$87.5KForm 4
Jan 7, 2022Hunt EarlCEOBuy40,000$25.00$1.0MForm 4
Jan 7, 2022Hester KristinGC / Assistant SecretaryBuy600$25.00$15.0KForm 4
Jan 7, 2022Joshi AmitCFOBuy2,000$25.00$50.0KForm 4
Jan 7, 2022Porter Michael AnthonyBuy600$25.00$15.0KForm 4
Jan 7, 2022RICKERTSEN CARL JBuy4,000$25.00$100.0KForm 4
Jan 7, 2022Gallagher ChristineBuy100$25.00$2.5KForm 4

From Forms 4 filed with the SEC.

SEC filer profile

How Apollo Debt Solutions BDC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARApollo Debt Solutions BDC1
  • CIK0001837532
  • Employer ID (EIN)86-195054811
  • Filer statusNon-accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company11
  • Incorporated inDelaware11
  • Fiscal year endsDecember 311
  • Business address9 West 57Th Street, New York, NY 100191
  • Phone212-515-32001
  • Shares outstanding122,299,106 Common Class S shares; 1,642,000 Common Class D shares; 502,885,581 Common Class I shares as of Mar 11, 202611
  • Public float$0 as of Dec 31, 20252
  • AuditorDeloitte & Touche LLP, New York, New York PCAOB ID 34; no auditor attestation of internal control over financial reporting11
  • On EDGAR sinceFeb 5, 20211
  • Filings380 in all: 8-K (139), 424B3 (56), POS EX (33), SC TO-I (18), SC TO-I/A (17), 3 (15), 4 (15), 10-Q (14)1
    All 29 form types

    40-APP/A (10), N-2/A (8), 40-17G (6), CORRESP (6), 10-K (5), DEF 14A (5), EFFECT (4), N-14 8C (4), N-14 8C/A (4), 40-APP (3), 486BPOS (3), N-2 (3), 10-Q/A (2), ARS (2), DRS/A (2), 10-K/A (1), 8-A12G (1), DRS (1), N-2MEF (1), N-54A (1), N-6F (1)

  • Latest filingsAnnual report (10-K) Mar 11, 2026
    Quarterly report (10-Q) Aug 10, 2026
    Proxy statement (DEF 14A) Apr 30, 2026
    Latest 8-K (8-K) Sep 22, 2026

Risk factors and legal proceedings

The risks Apollo Debt Solutions BDC names in Item 1A of its 10-K filed Mar 11, 2026: 76 risks under these headings, as written.11

  • Risks Related to the Current Environment
  • Capital markets may experience periods of disruption and instability. Such market conditions may materially and adversely affect the debt and equity capital markets in the United States and abroad, which may have a negative impact on our business and operations.
  • Cybersecurity risks and cyber incidents may adversely affect our business by causing a disruption to our operations, a compromise or corruption of our confidential information, a misappropriation of funds, and/or damage to our business relationships, all of which could negatively impact our financial results.
  • We are exposed to risks associated with changes in interest rates.
  • Inflation may adversely affect our business.
  • Economic and trade sanctions could make it more difficult or costly for us to conduct our operations or achieve our business objectives.
  • The ongoing armed conflicts as a result of the Russian invasion of Ukraine and the conflict in the Middle East may have a material adverse impact on us and our portfolio companies.
  • Trade negotiations and related government actions may create regulatory uncertainty for our portfolio companies and our investment strategies and adversely affect the profitability of our portfolio companies.
  • Price declines in the medium- and large-sized U.S. corporate debt market may adversely affect the fair value of our portfolio, reducing our NAV through increased net unrealized depreciation.
  • The current state of the economy and volatility in the global financial markets could have a material adverse effect on our business, financial condition and results of operations.
  • We are subject to risks associated with artificial intelligence, including the application of various forms of artificial intelligence such as machine learning technology.
  • Certain of our portfolio companies’ businesses could be adversely affected by the effects of health pandemics or epidemics, which could have a negative impact on our and our portfolio companies’ businesses and operations.
The other 65 risks
  • We and/or our portfolio companies may be materially and adversely impacted by global climate change.
  • Risks Related to Our Business and Structure
  • Our Board may change our operating policies and strategies without prior notice or shareholder approval, the effects of which may be adverse to our results of operations and financial condition.
  • Our Board may amend our Declaration of Trust without prior shareholder approval.
  • Our ability to achieve our investment objective depends on the ability of the Adviser to manage and support our investment process. If the Adviser or Apollo were to lose any members of their respective senior management teams, our ability to achieve our investment objective could be significantly harmed.
  • Because our business model depends to a significant extent upon relationships with private equity sponsors, investment banks and commercial banks, the inability of the Adviser to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.
  • The failure of major financial institutions, namely banks, or sustained financial market illiquidity, could adversely affect our and/or our portfolio companies’ businesses and results of operations.
  • We may face increasing competition for investment opportunities, which could delay deployment of our capital, reduce returns and result in losses.
  • As required by the 1940 Act, a significant portion of our investment portfolio is and will be recorded at fair value as determined in good faith and, as a result, there is and will be uncertainty as to the value of our portfolio investments.
  • There is a risk that investors in our shares may not receive distributions or that our distributions may decrease over time.
  • The amount of any distributions we may make is uncertain. Our distributions may exceed our earnings, particularly during the period before we have substantially invested the net proceeds from our public offering. Therefore, portions of the distributions that we make may represent a return of capital to you that will lower your tax basis in your shares and reduce the amount of funds we have for investment in targeted assets.
  • Our distributions to shareholders may be funded from expense reimbursements or waivers of investment advisory fees that are subject to repayment pursuant to our Expense Support and Conditional Reimbursement Agreement.
  • We have not established any limit on the amount of funds we may use from available sources, such as borrowings, if any, or proceeds from our offering, to fund distributions (which may reduce the amount of capital we ultimately invest in assets).
  • Although we have commenced a share repurchase program, we have discretion to not repurchase your shares or to suspend the program.
  • The timing of our repurchase offers pursuant to our share repurchase program may be at a time that is disadvantageous to our shareholders.
  • Changes in interest rates may affect our cost of capital and net investment income.
  • A lack of liquidity in certain of our investments may adversely affect our business.
  • As a public reporting company, we are subject to regulations not applicable to private companies, such as provisions of the Sarbanes-Oxley Act. Efforts to comply with such regulations will involve significant expenditures, and noncompliance with such regulations may adversely affect us.
  • We may experience fluctuations in our quarterly results.
  • Our ability to enter into transactions with our affiliates is restricted.
  • General economic conditions could adversely affect the performance of our investments.
  • It may be difficult to bring suit or foreclosure in non-U.S. countries.
  • The nature of bankruptcy proceedings may impact the value of the Company’s investments.
  • The insolvency of a portfolio company and related proceedings there may be a materially adverse effect on the performance of the Company.
  • The Company may invest in portfolio companies whose capital structures may have significant leverage, which may impair these companies’ ability to finance their future operations and capital needs.
  • Any unrealized losses we experience on our portfolio may be an indication of future realized losses, which could reduce our income available for distribution.
  • Terrorist attacks, acts of war, global health emergencies or natural disasters may adversely affect our operations.
  • Force majeure events may adversely affect our operations.
  • The current period of capital markets disruption and economic uncertainty may make it difficult to obtain indebtedness and any failure to do so could have a material adverse effect on our business, financial condition or results of operations.
  • We may not be able to obtain all required state licenses or in any other jurisdiction where they may be required in the future.
  • We are subject to risks related to ESG matters.
  • Compliance with the SEC’s Regulation Best Interest may negatively impact our ability to raise capital in our offering, which would harm our ability to achieve our investment objectives.
  • Risks Related to Our Investments
  • Our investments in portfolio companies are risky, and we could lose all or part of our investment.
  • Risk Associated with Unspecified Transactions; No Assurance of Investment Return.
  • Distressed Investments; Restructurings.
  • Distressed/Defaulted Securities.
  • Nature of Mezzanine Debt and Other Junior Unsecured Securities.
  • Investing primarily in large private U.S. borrowers may limit the Company’s ability to achieve high growth rates during times of economic expansion.
  • Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies.
  • There could be circumstances in which the Company may not be able to control the modification, waiver or amendment of the terms and conditions of a loan agreement if a sufficient number of the other lenders act contrary to the Company’s preferences.
  • There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to, among other things, lender liability or fraudulent conveyance claims.
  • We generally will not control our portfolio companies and, due to the illiquid nature of our holdings in our portfolio companies, we may not be able to dispose of our interests in our portfolio companies.
  • Any inaccuracy or incompleteness by a portfolio company or breach of covenants may adversely affect the valuation of the collateral underlying the loans or the ability of the lenders to perfect or effectuate a lien on the collateral securing the loan or the Company’s ability to otherwise realize on or avoid losses in respect of the investment.
  • Second priority liens on collateral securing debt investments that we make to our portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us.
  • The portfolio investments in which the Company invests and Apollo’s portfolio companies will be subject to various laws for the protection of creditors in the jurisdictions of the portfolio companies concerned.
  • Limited amortization requirements may extend the expected weighted average life of the investment.
  • Economic recessions or downturns could impair our portfolio companies and harm our operating results.
  • Implementation of the Company’s strategy is dependent in part on market dislocation impacting the global credit markets.
  • A covenant breach or other default by our portfolio companies may adversely affect our operating results.
  • Our portfolio companies may be highly leveraged.
  • Loans to private companies involve risks that may not exist in the case of more established and/or publicly traded companies.
  • We may not realize gains from our equity investments.
  • An investment strategy focused primarily on privately-held companies presents certain challenges, including, but not limited to, the lack of available information about these companies.
  • Our investments in securities or assets of publicly-traded companies are subject to the risks inherent in investing in public securities.
  • Our investments may include original issue discount and payment-in-kind instruments.
  • The prices of the debt instruments and other securities in which we invest may decline substantially.
  • We may enter into a TRS agreement that exposes us to certain risks, including market risk, liquidity risk and other risks similar to those associated with the use of leverage.
  • We may enter into repurchase agreements.
  • We may enter into securities lending agreements.
  • We may from time to time enter into credit default swaps or other derivative transactions which expose us to certain risks, including credit risk, market risk, liquidity risk and other risks similar to those associated with the use of leverage.
  • We may acquire various financial instruments for purposes of "hedging" or reducing our risks, which may be costly and ineffective and could reduce our cash available for distribution to our shareholders.
  • Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity.
  • Technological innovations and industry disruptions may negatively impact us.
  • Syndication of Co-Investments.
  • To the extent we invest in middle market companies, investments in middle market companies involves a number of significant risks, any one of which could have a material adverse effect on our operating results.
  • Risks Related to the Adviser and Its Affiliates; Conflicts of Interest
  • The Adviser and its affiliates, including our officers and some of our Trustees, face conflicts of interest caused by compensation arrangements with us and our affiliates, which could result in actions that are not in the best interests of our shareholders.

Legal proceedings

From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. While the outcome of any such future legal or regulatory proceedings cannot be predicted with certainty, we do not expect that any such future proceedings will have a material effect upon our financial condition or results of operations.

The opening of Item 3, Legal Proceedings.11

Sources

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    SEC EDGAROther events
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